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  • Evolution Dynamics of Regional Financial Stability in China and the Effect of“Double Pillar”Policy Regulation
    DENG Chuang, YANG Chenlong, XIE Jingxuan
    2026, 0(2): 5-21.
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    The Fourth Plenary Session of the 20th Central Committee of the CPC emphasized“We should promote more coordinated regional development, boost interconnected development between regions”. Regional financial stability, as an important foundation for financial support of coordinated regional development, is closely related to people's well-being and macro stability.This paper employs the mixed-frequency dynamic factor model to conduct a measurement of the financial stability across 31 provinces. Based on this, the Dagum Gini coefficient and its decomposition method are utilized to depict regional heterogeneity characteristics, while the panel Markov regime switching model and Moran index capture the spatio-temporal evolution dynamics.Subsequently, a PVAR model is constructed to empirically test the regulatory effect of the“double pillar”policy framework on regional financial stability.The findings indicate that regional financial stability in China exhibits significant spatial differentiation and cross-regime stickiness, with inter-regional heterogeneous differentiation and cross-overlapping effects being the primary sources of differences.Furthermore, the combination of price-based monetary policy and macroprudential policy can effectively maintain regional financial stability, with a relatively more pronounced regulatory effect observed in the eastern region.The findings provide useful policy insights for effectively safeguarding regional financial stability and promoting cross-border financial governance.
  • Descriptive Evidence, Institutional Origins, and Policy Responses to Tax-source Misalignment in the Digital Economy
    LI Taiqi, XU Bo, YAO Dongmin
    2026, 0(2): 22-35.
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    Against the backdrop of the rapid development of the digital economy, emerging economic activities have promoted industrial upgrading and high-quality regional economic growth, while at the same time posing challenges to traditional tax systems that are based on an industrial economy.The mismatch between the digital economy and China's existing tax system has intensified tax-source misalignment, thereby hindering the advancement of coordinated regional development.Based on data at the provincial, county, and firm levels, this paper finds that tax-source misalignment is a widespread phenomenon under China's current institutional framework and is closely related to the development of the digital economy.In terms of underlying causes, the main reason lies in the existing tax allocation principles, under which corporate income tax is assigned to firms' places of registration while value-added tax is attributed to production locations, resulting in cross-regional mismatches between tax revenues and tax sources.On this basis, insufficient adaptability of the vertical tax-sharing mechanism, excessive competition for digital tax sources, and lagging tax administration capacity further affect tax inflows and outflows across regions, thereby exacerbating tax-source misalignment among regions.Accordingly, this paper proposes a set of systematic institutional optimization measures from four aspects: restructuring tax allocation principles to better adapt to new digital business models; establishing a scientific and refined vertical tax-sharing mechanism; regulating excessive competition among local governments to support the development of a unified national market; and building a collaborative tax administration framework based on digital platforms.These measures aim to construct a tax system and related institutional arrangements that are better suited to the digital economy, while mitigating the adverse effects of tax-source misalignment on coordinated regional development.
  • Research on the Downward Trend of Land Finance and Spillover of Risks from Financing Platforms
    LI Yihua, ZHU Jie
    2026, 0(2): 36-54.
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    Based on the data of local financing platforms in China from 2015 to 2022, we study the impact of the downward trend of land finance on the debt risks of local financing platforms and its spillover effects.We found that the decline in land revenue will promote the expansion of the debt rollover scale of financing platforms, and this effect shows heterogeneity due to the characteristics of financing platforms and regions.Mechanism analysis shows that the decline of land revenue mainly affects the debt rollover of financing platforms by reducing the fiscal subsidies obtained by financing platforms and interest coverage ratio.In Further analysis we found the decline of land revenue will weaken the market's implicit guarantee expectations for financing platforms, thus increasing the debt rollover cost of financing platforms, resulting in increased potential risks for financing platforms.Spillover effect analysis shows the expansion of the debt rollover scale of the financing platform will lead to the transfer of fiscal risks to financial sector, prompting city commercial banks to raise their liquidity hoarding levels.The study provides an empirical footnote for the central government to launch a package debt policy, and also provides policy inspiration for preventing the spillover of local implicit debt risks and dealing with the risks of small and medium-sized financial institutions.
  • Promotion of Common Prosperity with Health Insurance: Theory and Empirical Evidences
    LIAO Pu, HUANG Qijun
    2026, 0(2): 55-69.
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    This paper establishes an overlapping-generations model to theoretically analyze the impact of health insurance on common prosperity.Using provincial panel data for China from 2011 to 2022, it constructs a common prosperity indicator system from the perspective of consumption, and empirically analyzes the impact of health insurance on common prosperity by taking the degree of health insurance coverage as a proxy variable for the level of regional health insurance.The theoretical results show that health insurance can promote residents' consumption and narrow the consumption gap of heterogeneous residents.The empirical analysis shows that health insurance promotes the“affluence”and“commonality”of each province, thereby effectively advancing common prosperity.Heterogeneity analysis further reveals that the positive effect of health insurance on common prosperity is more pronounced in regions with lower health status and lower levels of population aging.Moreover, mechanism analysis reveals that health insurance fosters common prosperity by reducing precautionary savings.
  • The Impact of Bank Competition on Intergenerational Income Upward Mobility
    DUAN Zhimin, DING Yiwen
    2026, 0(2): 70-85.
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    Harnessing the banking sector's pivotal role in China's financial system and household financial services is crucial for advancing distributive justice and achieving common prosperity.This paper uses georeferenced banking institution branch data and China Family Panel Studies(CFPS) data to analyze how bank competition affects intergenerational income upward mobility.Findings show that bank competition significantly promotes intergenerational income upward mobility.This effect demonstrates notable inclusivity, as it is particularly strong for households with limited resource endowments and those in less developed regions. Mechanism analysis reveals that on the demand side, bank competition enhances credit availability, thereby increasing human capital investment in the next generation and facilitating intergenerational advancement.On the supply side, competitive pressures promote more inclusive credit allocation, effectively easing financing constraints for entrepreneurship among the younger generation.Further analysis shows that bank competition helps reduce income inequality and narrow the income gap among descendants.Additionally, fintech innovation and digital finance development exhibit significant synergistic effects with banking competition in fostering upward intergenerational mobility.Furthermore, the competitive effects of joint-stock banks, city commercial banks, and rural commercial banks are substantially stronger than those of state-owned commercial banks.From an equal opportunity perspective, this paper highlights the critical role of the banking sector in promoting common prosperity and offers valuable insights for developing an inclusive financial ecosystem.
  • Internal Promotion or External Appointment? Chairman Appointment Channels and Operational Efficiency in State-owned Enterprises
    HU Yuanyuan, SUN Guangguo
    2026, 0(2): 86-101.
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    As the paramount decision-maker in state-owned enterprises(SOEs), the chairman's selection and appointment mechanism is a critical institutional arrangement for driving high-quality development. Drawing on a hand-collected dataset of chairman career histories to characterize selection methods, this study utilizes a sample of Chinese A-share listed SOEs from 2007 to 2021 to systematically investigate the differential impact of internal promotion versus external appointment on corporate efficiency. The findings reveal that internally promoted chairs significantly enhance corporate efficiency compared to their externally appointed counterparts.This effect is primarily attributed to the information advantage inherent in internal promotion, which mitigates information asymmetry within the management team, thereby improving resource allocation by reducing excessive overstaffing and enhancing managerial initiative.Further analysis demonstrates that the positive effect of internal promotion is more pronounced when chairs possess stronger incentives to perform(e.g., being younger, not approaching retirement, and facing high promotion and compensation incentives) or exhibit greater execution capability(e.g., being promoted from non-CEO positions, having dual experience on the board and in the management team, and holding fewer external directorships).This study not only contributes incremental evidence to the theoretical debate on the “selection method-firm performance” paradigm but also offers a practical optimization path for talent management in key SOE positions: adapting selection methods to the specific governance context.
  • Steady Progress Ensures Enduring Prosperity: Research on Intergenerational Succession and Investment Efficiency in Family Enterprises
    XU Qian, FAN Hao, XIE Shouhong
    2026, 0(2): 102-116.
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    With Chinese private family enterprises gradually transitioning into the second-generation succession phase, intergenerational succession has become a critical issue for both sustained corporate development and capital markets.This study empirically examines the impact and mechanisms of intergenerational succession and succession modes on investment efficiency in family enterprises, using data from family-owned publicly listed companies on the Shanghai and Shenzhen A-share markets between 2003 and 2022. The results indicate that intergenerational succession significantly enhances investment efficiency, with gradual succession modes being more effective in improving investment efficiency than radical ones. Further analysis reveals that the positive effect of intergenerational succession on investment efficiency is influenced by both internal organizational resilience and external clan culture.Specifically, enterprises with low organizational resilience and a strong clan culture experience more pronounced improvements in investment efficiency during intergenerational succession.Moreover, intergenerational succession enhances investment efficiency by reducing corporate strategic aggressiveness.In particular, with gradual succession, companies tend to adopt more conservative strategies and exercise greater caution in investment decisions, thereby achieving more substantial efficiency improvements.This study highlights the heterogeneous effects of intergenerational succession and expands our understanding of the transmission mechanisms through which intergenerational succession influences investment efficiency.The findings enhance our understanding of intergenerational succession in family enterprises and provide theoretical support for the selection of succession modes in family enterprises.
  • Specialized Courts and Enterprise Innovation: From the Perspective of Insider Restraint and Incentive
    YING Zhanyu, BI Yanlu
    2026, 0(2): 117-132.
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    We analyze the relationship between specialized courts and corporate innovation from the insider perspective.The theoretical framework demonstrates that the judicial environment improvement constrains managerial expropriation and enhances contractual incentives, thereby promoting innovation.Empirical evidence using bankruptcy court establishment shows specialized courts stimulates innovation through dual channels, reducing insider expropriation from restraint side, stimulating the innovative consciousness of insiders and optimizing salary promoting from incentive side.The role of the bankruptcy court varies with the sensitivity of the enterprise's bankruptcy judicial system and its business conditions.We prove that the judicial reform has brought about a self-driven innovative incentive paradigm, providing a useful reference for the innovation incentive path under the innovation-driven development strategy.
  • A Study of the Impact of Childcare Costs on Women's Fertility Intentions
    GUO Jianjun, HUANG Qian, DONG Changrui
    2026, 0(2): 133-143.
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    In recent years, the total fertility rate of China's population has shown a declining trend, which is closely related to women's low fertility intentions.Women often bear the main responsibility of raising children in the family, and the cost burden associated with childcare services may have a certain negative impact on women's fertility intentions.Based on data from the 2017 National Fertility Status Sampling Survey data, we innovatively use the Heckman two-stage method to deal with sample selection bias and empirically analyzes the impact of childcare costs on women's fertility intentions.We find that, after correcting for sample selection bias, an increase in childcare costs significantly reduces women's fertility intentions.Heterogeneity analyses show that the negative effect of increased childcare costs on fertility intentions is more pronounced for women who are rural, higher-educated, under-35, and in lower-middle-income households.Against the backdrop of declining fertility intentions, building the universal childcare service system, creating a fertility-friendly society and advocating that couples share the responsibility of childcare are important measures to improve women's fertility intentions in China.
  • Data Factor Allocation, Mitigation of Supply Chain Disruption Risks, and Firms' Shock Response Capability
    SHI Benye, HAO Naomin
    2026, 0(2): 144-160.
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    This study examines how data capabilities help firms mitigate supply chain disruption risks amid rising global uncertainty.Using data on Chinese A-share listed companies from 2000 to 2023, we find that stronger data capabilities significantly lower firms' exposure to supply chain interruptions. They operate through several mechanisms, including easing financing constraints, improving supply chain transparency, and enhancing inter-firm coordination.The effects are more pronounced in technology-intensive firms and manufacturing enterprises with higher levels of digitalization and supply-chain efficiency. Additional analyses show that data capabilities also strengthen firms' recovery and restructuring after disruptions, particularly in regions with more supportive institutional environments.These findings highlight the importance of advancing the market-based allocation and regulated circulation of data, while enhancing firms' ability to acquire, integrate, and apply data.Strengthening these capabilities can improve firms' preparedness for supply chain risks and bolster China's resilience in the evolving global economic landscape.