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  • Government Responsiveness from the Perspective of Fiscal System Reform: Theoretical Origins, Mechanism of Action, and Historical Evolution
    ZHANG Jianan, GU Cheng, HAN Xinru
    2025, 0(8): 5-17.
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    Timely and effective responses to the public demands of societal members constitute a critical function of modern states.The Third Plenary Session of the 20th Central Committee of the Communist Party of China made a series of major decisions and deployments to further comprehensively deepen reforms and promote the Chinese path to modernization.Among them, it repeatedly mentioned the need to deepen the reform of the fiscal and taxation system and improve the institutional system for safeguarding and improving people's livelihood.Since the founding of the People's Republic of China, the nation's fiscal system has evolved through multiple transformations, progressing from a highly centralized system of unified revenue and expenditure to a tax-sharing regime and subsequent phases of comprehensive reform. Each institutional shift has been closely aligned with the political, economic, and social development needs of its era, aiming to optimize fiscal resource allocation, incentivize governance initiatives at all levels, and ultimately propel economic growth while advancing social equity.Through the construction of a tripartite “central government-local government-societal members” responsiveness framework, this study reveals two critical findings: the revenue distribution relationship between central and local governments shapes local governments' response capacity, while the division of administrative responsibilities between them influences their response incentives.Constrained by these dual factors, local governments increasingly exhibit patterns of “selective responsiveness”.Consequently, the scientific formulation of a modern fiscal and taxation system bears significance that extends beyond ensuring local governments' accountability and responsiveness to the livelihood needs of their constituents.It fundamentally determines whether local governments can fully leverage their proactive role in driving economic growth and revenue generation. This constitutes both a linchpin for transitioning toward high-quality national economic development and steadily enhancing public well-being, as well as an inherent requirement for advancing the modernization of the national governance system and capabilities.
  • Can Confucian Cultural Traditions Curb Local Government Debt Expansion?
    WANG Hongmei, SHU Yongkang, CUI Xinyu
    2025, 0(8): 18-40.
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    In recent years, the massive expansion of debt has become one of the core issues of local government fiscal risk.It is crucial to correctly understand and properly defuse local government debt risks.Based on the financial data and historical data of 277 prefecture level cities in China, this paper systematically investigates the impact of Confucian cultural tradition on the local government debt governance. It is found that the Confucian cultural tradition exerts“risk aversion effect”and“moral restraint effect”, which produces“debt suppression effect”on local governments.Based on the conflict driving of foreign culture on local culture, as well as the mutual substitution of formal system and informal system, the“debt suppression effect”is more prominent in regions less affected by foreign culture and weaker regulated regions, and the effect is mainly dominated by the Confucian cultural tradition of prefecture level cities, while the Confucian cultural background of government officials is in a subordinate position.This paper deepens the theoretical understanding of impact on government behavior of Confucian culture, and provides an empirical reference for preventing and resolving the risk of local government debt, promoting the sustainable development of finance and high-quality economic development.
  • Investor Online Interaction, Emotional Contagion, and Stock Market Crashes
    WU Yanran, QI Lili, WU Shan, JIANG Jie
    2025, 0(8): 41-57.
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    This study employs social network analysis to construct an investor interaction network and investigates how retail investors' engagement on social financial platforms influences stock price crash risk.We find that investor interactions on stock forums significantly elevate crash risk, and the mechanism analysis confirms that the emotional effects induced by such interactions are a key contributing factor.Furthermore, the impact of social interaction on crash risk is asymmetric across different macroeconomic conditions, with stronger effects observed during bear markets, economic downturns, and periods of heightened policy uncertainty.Additional empirical evidence suggests that analyst coverage can effectively mitigate the crash risk associated with social interaction, whereas news media coverage tends to amplify it.This study contributes to the literature by offering novel insights into the role of collective irrationality in the digital economy.It also provides theoretical and practical guidance for regulators aiming to manage financial sentiment, shape investor behavior, and contain systemic market risk.
  • Legal Construction and Stock Market Manipulation
    LI Zhihui, HU Jinzhan, LI Mengyu
    2025, 0(8): 58-73.
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    In 2019, China promulgated the new Securities Law to further promote the high-quality development of the capital market.The specific impact of the implementation of the new Securities Law on stock market manipulation has not yet received attention.Taking A-share listed companies in Shanghai and Shenzhen from 2015 to 2022 as samples, this paper empirically tests the effectiveness of the implementation of the new Securities Law in curbing stock market manipulation by using the difference-in-differences method.It is found that the implementation of the new Securities Law can significantly curb stock market manipulation in companies with poor information disclosure quality, and this conclusion still holds after a series of robustness tests.The mechanism analysis shows that the new Securities Law curbs stock market manipulation by increasing the transparency of corporate information and increasing the risk of enterprises' lawsuit.The heterogeneity analysis shows that the impact of the new Securities Law on curbing stock market manipulation is mainly concentrated in listed companies with non-state-owned, lower internal control level, higher information complexity and lower litigation costs.This paper tests the effectiveness of the legal construction of China's capital market in curbing stock market manipulation and explores its influence mechanism, which provides a policy reference for promoting high-quality development of capital market.
  • Government Environment Audit and Manufacturing Agglomeration
    WANG Biaohua, TANG Xuan, TANG Kaitao, CHEN Zhenling
    2025, 0(8): 74-91.
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    Environmental auditing is an important way of environmental regulation, which can affect the spatial distribution of manufacturing industries by influencing policy implementation and alleviating information asymmetry.The article explores the role of environmental auditing in the degree of manufacturing agglomeration in 286 cities in China during 2011-2022.The findings show that environmental auditing plays a significant positive role in promoting local manufacturing agglomeration.Mechanism analysis shows that environmental auditing influences regional manufacturing agglomeration through green credit and green innovation.Heterogeneity analysis shows that environmental auditing can promote manufacturing agglomeration through the two paths of influencing green credit and green innovation.The promotion effect of environmental auditing on manufacturing agglomeration is more obvious in regions with weaker resource and environmental carrying capacity, in central and western regions, with fierce competition among local governments, higher intensity of environmental regulation, lower degree of virtual agglomeration and lower degree of agglomeration of productive service industries.In the expansive analysis, the spatial spillover effect of environmental auditing on manufacturing agglomeration is examined by constructing a spatial econometric model, which shows that environmental auditing not only significantly promotes manufacturing agglomeration within the region, but also has a negative spatial spillover effect on neighboring regions. These findings provide an important decision-making basis for the government to optimize environmental audit strategies and formulate industrial policies.
  • Institutional Investors' On-site Research and Corporate “Greenwashing” Behavior:Perspectives on Information Constraints and Internal Governance
    LIU Xinghua, LI Wenzhen, WEN Jie
    2025, 0(8): 92-107.
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    Enterprises play a pivotal role in fulfilling environmental and social responsibilities and are essential for promoting a green transformation of development modes, thereby contributing significantly to high-quality economic development.Drawing on the theories of information asymmetry and internal governance, this study selects the period from 2012-2022 and utilizes panel data of A-share listed companies on the Shenzhen Stock Exchange to explore the effect of institutional investors' on-site research on the “greenwashing” behavior of enterprises.The empirical results find that on-site research by institutional investors can effectively mitigate the “greenwashing” behavior of enterprises.Mechanism tests indicate that on-site research by institutional investors suppresses “greenwashing” by reducing information asymmetry and enhancing the quality of corporate internal controls.Further analyses show that the depth of on-site research and the involvement of institutions such as brokerages and funds contribute to restraining corporate “greenwashing”.Moreover, as public attention and regulatory scrutiny increase, the green governance effect of institutional investors' on-site visits is further strengthened.The governance effect is especially pronounced among non-state-owned enterprises, firms in non-heavily polluting industries, and those led by short-sighted management.
  • Research on the Evolutionary Game Equilibrium of the Participating Subjects of Green and Low-carbon Development and Its Influencing Factors
    LUO Qingtian, ZHU Zongyuan
    2025, 0(8): 108-125.
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    In order to analyze the evolutionary stabilization strategy of each subject participating in green low-carbon development, and explore the evolutionary game path of green low-carbon development, consumers are included in the game model, and a four- subject evolutionary game model is established of government departments-financial institutions-enterprises-consumers.We find that: green low-carbon development is a multi-party complex game process, the government actively guides the green transformation of the economy, financial institutions provide green services, enterprises engage in green production, and consumers select green consumption is the optimal mode of green low-carbon development; the government's policy incentives for financial institutions and subsidies for green enterprises have an inverted U-shaped relationship with the government's willingness to promote the green transformation of the economy, excessive green subsidies and policy incentives bring about financial pressures that will reduce the government's willingness to promote the green transformation of the economy; raising the financing costs of polluting enterprises will impede the cooperation and communication between financial institutions and polluting enterprises, which in turn inhibits the willingness of the two to green transformation; pollution subsidies issued by the government do not promote green consumption by consumers, on the contrary, the enhancement of consumers' environmental awareness not only stimulates the government's willingness to promote the green transformation of the economy, but also positively helps the green transformation of financial institutions and enterprises.These new findings further enrich the relevant empirical conclusions and contribute to the formulation and improvement of green and low-carbon development policies.
  • Quantitative Research on the Maturity Measurement of NMDs Model Specification and Empirical Analyses based on Regulatory Rules
    YAN Rujia, ZHENG Xiaoya, JIN He, WANG Lei
    2025, 0(8): 126-141.
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    As a specific type of risk under the comprehensive risk management system of commercial banks, IRRBB has attracted widespread attention from the industry and academia during the Western banking crisis around 2020.By analyzing the collapse of Silicon Valley Bank, this paper depicts the current regulatory rules on IRRBB regarding the sedimentation period of NMDs, constructs multiple models based on data types for multi-modal comparison, and selects representative models to conduct empirical research.Research has shown that the strong stability of NMDs is a common characteristic of the sample banks studied; NMDs of large commercial banks have stronger stability comparing with small or medium sized banks.Under the regulatory constraints, selecting different modeling methods results in significant differences in the measurement of sedimentation period and interest rate risk indicators.It is recommended that regulatory policies further strengthen international rules or provide clear guidance on modeling methods, to enhance the comparability of model outputs from regulated objects; at the policy implementation level, promoting differentiated regulatory, implement classified management based on the heterogeneous risk characteristics of different groups of banks.
  • The Effect of Internet on the Diversification of Enterprises' Imported Products
    LI Ruiqin, FENG Rui, CHEN Lili, MIAO Zhuang
    2025, 0(8): 142-160.
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    This study investigates the impact of the Internet on the diversification of enterprises' imported products and its underlying mechanisms through theoretical modeling and empirical analysis.The theoretical model suggests that the effect of reduced information costs brought by the internet on firms' import product diversification exhibits nonlinear characteristics across different stages of its development: In the early stages, improved accessibility to information facilitates and enhances firms' import product diversification.However, as internet development continues to advance, firms gain more comprehensive information access, enabling them to more easily identify and target the most suitable imported products, which may instead reduce their import diversification.Nevertheless, the productivity-enhancing effect of the internet consistently contributes to promoting firms' import product diversification.Using matched data from China Wind database and China Customs database from 2011-2016, the empirical analysis shows that Internet development increases both the variety and dispersion of products imported by enterprises, as this period represents the early stage of Internet adoption.This effect is particularly evident among non-foreign-funded enterprises, high-tech firms, and enterprises located in eastern regions.The reduction in information costs and the improvement of productivity of enterprises are identified as the primary mechanism driving these effects.