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  • Building Computing to Promote Innovation:Computing Infrastructure Investment and New Quality Productivity of Enterprises
    WANG Hua, TAN Xinyu
    2025, 0(4): 5-23.
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    This paper takes A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as a research sample to empirically test the impact of computing infrastructure investment on the new quality productivity of enterprises.The results show that the increase in regional computing infrastructure investment can significantly improve the level of new quality productivity of enterprises, and the improvement of the level of digital intelligence and internal control quality of enterprises is an important mechanism to improve the level of new quality productivity of enterprises.Further analysis shows that the coordination and combination of promising government, effective market and aspiring enterprises can strengthen the promotion effect of computing infrastructure investment level on the new quality productivity of enterprises, that is, enterprises with more government subsidies and tax incentives, enterprises in areas with fierce market competition and high degree of market integration, and enterprises with strategic management vision and CEO information technology background can make full use of computing infrastructure to improve their new quality productivity level.In addition, the role of computing infrastructure investment in promoting the new productivity of enterprises is particularly significant in high-tech industries and strategic emerging industries.This paper is helpful to understand the mechanism and effect of computing infrastructure investment, and provides empirical evidence and policy enlightenment for local governments to promote the development of new quality productivity of enterprises through computing infrastructure investment.
  • Research on the Network Connectivity and Risk Contributions of China's Systemically Important Banks: A Perspective of Extreme Event Shocks
    ZHANG Xiu, ZHOU Yaoting, LI Yueshan
    2025, 0(4): 24-40.
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    The banking industry constitutes the primary segment of China's financial industry, and the reliable functioning of systemically significant banking institutions is imperative for financial security and social stability.Using the TENET approach, we investigate the network characteristics of China's systemically important banking and their risk contributions under extreme event shocks by incorporating a nonlinear connectivity function.The findings indicate that the tail risk network of systemically important banks exhibits distinct dynamic correlation and network centrality attributes.During extreme events, large state-owned banks exhibit heightened network correlation strength and dominate risk contribution, while joint-stock commercial banks progressively augment their risk absorption capacity.The enlightenment derived from this paper is that, against the backdrop of China's accelerated efforts in building a financial powerhouse, regulatory authorities ought to fully consider the time-varying characteristics of the tail risk network.In this way, strengthen the identification and determination of systemically important banks during crisis periods, and firmly safeguard the bottom line of preventing systemic risks from occurring.
  • Research on the Impact of House-purchasing Behavior of Financially Vulnerable Households on Consumption: Micro Evidences from CHFS
    XIE Mianbi, ZHAO Yingying
    2025, 0(4): 41-60.
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    The phenomenon of“low consumption and high savings”among Chinese residents has not been fundamentally improved.Based on China Household Finance Survey(CHFS)data from 2013 to 2019, we comprehensively discuss how household financial vulnerability and house-purchasing behavior affect household consumption.The results show that the household financial vulnerability index significantly negatively affects household consumption, and household house-purchasing behavior shows a significant negative moderating effect.The stickiness of household consumption in China can weaken the negative moderating effect of house-purchasing behavior on household consumption.The mediating effect of different types of credit constraints on financial vulnerability, house-purchasing behavior, and consumption show obvious heterogeneity.Specifically, the house-purchasing behavior of financially vulnerable households mitigates the declining trend in household consumption by decreasing asset-based credit constraints.On the contrary, it exacerbates vulnerability-based credit constraints, leading to further reduction in consumption.In addition, the impact of household financial vulnerability and house-purchasing behavior on consumption has obvious heterogeneity characteristics from the perspectives of polarization level of social security expenditures and urban-rural differences.Therefore, to effectively promote household consumption and alleviate the phenomenon of“low consumption”in economic development, great importance should be attached to improving the financial health of households and taking effective measures to alleviate the heavy debt burden of households brought about by the“mortgage slave”effect.
  • Board Faultlines and Audit Opinion Shopping
    CAO Feng, CHENG Jiaming, ZHANG Xueyan
    2025, 0(4): 61-77.
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    Audit opinion shopping, as a form of information manipulation that undermines the efficiency of capital markets, has garnered significant attention from academics and regulators.Using a sample of A-share listed companies from 2007 to 2021, this study investigates the impact of board faultlines on managerial audit opinion shopping behavior.The findings reveal that the presence of board faultlines significantly increases the propensity of management to engage in audit opinion shopping.This effect is particularly pronounced when management has stronger incentives for opinion shopping, the board's formal hierarchy is higher while its informal hierarchy is lower, internal and external supervision is weaker, management holds a higher proportion of board seats, and in non-state-owned enterprises.Further analysis shows that while board faultlines do not significantly impair the board's advisory functions, they markedly weaken its supervisory effectiveness, leading to an increase in opportunistic behaviors, such as earnings management and higher audit fees.However, this behavior does not significantly increase the likelihood of obtaining non-standard audit opinions, indirectly validating the existence and motivations behind audit opinion shopping.This study not only enriches the theoretical understanding of the factors influencing audit opinion shopping but also provides critical insights into the mechanisms by which board composition affects corporate governance functions.
  • Parent-subsidiary Geographic Dispersion and Group Audit Quality: Evidence from High-speed Railway Opening
    GUO Ziming, CHEN Zhaoyu, HU Tao, WANG Muzhi
    2025, 0(4): 78-91.
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    Based on the data of A-share group companies in China, we examine the relationship between parent-subsidiary geographic dispersion and group audit quality from the perspective of whether the listed companies' off-site subsidiaries have opened high-speed rail.We find that the strengthen of the geographical dispersion of subsidiaries of listed companies will lead to the decrease of audit quality of the group, while the opening of high-speed railways in the locations of the subsidiaries in different places, especially the opening of high-speed railways in the locations of important subsidiaries in different places, can significantly improve audit quality of the group.Through cross-sectional analysis, the result shows that the higher the proportion of off-site subsidiaries, the greater the impact of the opening of high-speed rail in off-site subsidiaries on the manipulated accruals (DACC). At the same time, when the management performance forecast error is large, the internal control is defective, and the average distance between the parent company and the remote subsidiary is long, the opening of high-speed rail in the city where the subsidiary is located is more conducive to promote the incremental effect of internal information transmission within the enterprise and to improve the quality of financial reporting and auditing of listed companies our research not only broadens the literature of information transmission, but also enriches the research related to the opening of high-speed railway and group auditing, which has certain enlightenment significance.
  • The Impact of Land Finance on Local Financial Sustainability: A Study of Mechanism and Effect
    XIAO Peng, MU Peiyu
    2025, 0(4): 92-111.
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    In the current climate of economic slowdown and tight fiscal balances, the topic of fiscal sustainability has captured the attention of society at large.Land finance, a crucial revenue-generating mechanism for local governments, presents a double-edged sword.While it broadens local revenue streams, it concomitantly heightens potential fiscal risks.This study utilizes prefecture-level city data from 2011 to 2021 to investigate the impact of land finance on local fiscal sustainability and its underlying mechanisms.The findings reveal that land finance significantly contributes to fiscal sustainability, exerting its influence through two key channels: population size and infrastructure development.Moreover, the impact varies across different locations and population demographics.The author contends that when engaging in land transfer, local governments must holistically account for aspects such as residents' livelihoods, population policies, and urban construction. This approach ensures that land transfer aligns with regional economic development strategies and urban planning, thereby achieving a win-win scenario of augmenting fiscal revenue and driving urban growth.
  • Shadow Business Expansion, Operating Performance and Risk-taking of Commercial Banks
    YANG Yuanyuan, JIA Pengfei, WANG Jianjun
    2025, 0(4): 112-128.
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    By constructing a three-period dynamic theoretical model and panel models, we explores how shadow banking activities affect banks' operating performance and risk-taking.Theoretical research finds that the shadow banking activities of banks are conducive to the improvement of operating performance, but will lead to excessive risk-taking.The empirical results show that the expansion of banks' shadow business can promote the improvement of business performance and aggravate risk taking, and both effects are characterized by an“inverted U-shape”.The sub-sample regression results show that the impacts of shadow business expansion on banks have obvious heterogeneity.The inflection point value of the nonlinear effect of urban banks is the largest, the national joint-stock banks are in the middle, and the large state-owned banks are the smallest.In view of this, we believes that shadow banking activities of banks should be recognized dialectically, and shadow banking activities are not“all harms and no benefits”. Regulatory authorities should explore the establishment of a shadow banking supervision system that combines macro-prudence and micro-prudence, guide the sustainable evolution of shadow banking compliance, and promote the shadow banking system to better serve the development of the real economy.In addition, shadow banking supervision should follow the principle of classified and differentiated supervision, especially focusing on strengthening shadow banking risk monitoring and compliance supervision of urban banks.
  • Dynamic Estimation and Mechanism Analysis of China's Potential Economic Growth Rate:A New Interpretation from the Perspective of Technology-capital Mismatch
    XU Ning, DING Yibing
    2025, 0(4): 129-143.
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    In recent years, China has been under enormous economic downward pressure, and the trend of economic growth has become increasingly ambiguous and difficult to judge.Therefore, this paper constructs a time-varying mixed-frequency dynamic factor model with stochastic volatility, calculates the potential growth rate of China's economy in real time, and decomposes it based on C-D production function. We find that the systematic decline of potential economic growth rate is caused by the decrease of labor input, the slowdown of capital deepening and the decline of technological progress.This economic appearance is complicated, including both repairable and irreparable factors.However, from the perspective of impact intensity, the main cause of the decline of potential economic growth rate is the decline of total factor productivity, which is a phased phenomenon caused by the technology-capital mismatch in the short term and can be corrected through appropriate policy guidance.Therefore, to guide the future economic development, we should not only pay attention to technological progress and independent innovation, but also focus on the matching relationship between technology and capital, so that achieve the integration of capital and technology, and help China's economy back to the medium-to-high speed growth pattern.
  • An Empirical Study on the Impact Mechanism of Enterprise Digital Transformation on Performance: The Mediating Effect of Transaction Cost and Investment Benefit
    ZHENG Yu, SHI Dan
    2025, 0(4): 144-160.
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    Enterprise digital transformation affects the performance of enterprises in achieving goal and result under a certain resource, condition, and environment in the process of enterprise operation through transaction cost and investment benefit.Based on the production process and factor allocation theory of economic production theory, the author constructs a research model on the impact mechanism of enterprise digital transformation on performance, and empirically tests the structural relationship between enterprise digital transformation and enterprise performance through two basic mediating variables, transaction cost and investment benefit, and its operation mode constrained by changes in the direction and degree of other related factors, using relevant valid data of China A-share listed companies from 2007 to 2022.The empirical test results confirm that enterprise digital transformation is positively correlated with performance; the impact of enterprise digital transformation on performance is achieved through transaction cost and investment benefit, and is also regulated by factors such as intellectual property protection, high-tech enterprise qualifications, and labor intensity.This study follows the basic principle that enterprises achieve output growth and efficiency improvement through combinative factor and innovative technology, empirically studies the mechanism that enterprise digital transformation affects performance.This research expands the application boundary of economic production theory, enriches the existing literature on enterprise investment and cost management, and provides theoretical basis for accelerating digital transformation to improve enterprise performance.