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  • New Quality Productivity and Investor Protection: A Perspective Based on Stock Price Crash Risk
    WANG Kai, WEI Yixuan
    2026, 0(8): 5-19.
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    Focusing on A-share listed companies from 2010 to 2023,this paper employs text analysis to construct the new quality productivity index in an innovative way and empirically test its impact on the stock price crash risk and the mechanisms involved.We find that the enhancement of new quality productivity significantly suppresses the stock price crash risk,in which the sub-indices of new labor objects and new scenarios play an important role.Mechanism analysis indicates that new quality productivity mitigates stock price crash risk through improved innovation output,enhanced information environment,and increased stock liquidity.Further analysis reveals that the effect of new quality productivity on suppressing stock price volatility is more pronounced in enterprises facing weaker financing constraints,poorer information disclosure,weaker internal supervision,and those located in regions with better market conditions and legal systems.Our findings provide a new perspective for theoretically exploring the development of new quality productivity and the protection of investor interests.
  • The Carbon Unlocking Efficiency and Its Driving Forces of Resource-based Cities in China
    CHEN Peirong
    2026, 0(8): 20-35.
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    Based on the carbon unlocking dynamics theory,this paper establishes a framework for regional carbon unlocking efficiency under the “technology-institution” dual-driving mechanism.It integrates the meta-frontier DEA approach with the additive Luenberger productivity index to analyze the dynamic evolution characteristics and driving forces of carbon unlocking efficiency in China's resource-based cities from 2006 to 2023.The findings indicate that the carbon unlocking efficiency of these cities has exhibited a trend of initial decline,subsequent rise and eventual stabilization.Among the classified types of resource-based cities,regenerative cities have recorded the highest average efficiency,while recessionary ones have shown the lowest.From the perspective of improvement mechanisms,the inter-group transformation effect serves as the primary channel for efficiency enhancement in regenerative and recessionary cities,whereas growing and mature cities mainly rely on the intra-group catch-up effect.In terms of driving forces,technological and institutional factors synergistically promote the carbon unlocking efficiency of resource-based cities,with technological factors playing an increasingly crucial role. Specifically,government science and technology expenditure,enterprise green R&D,and informal environmental regulation constitute the main contributing factors for improving carbon unlocking efficiency,and the contribution varies among different types of cities.This research framework provides a theoretical basis and policy guidance for resource-based cities to break free from the predicament of deep carbon lock-in and further achieve differentiated low-carbon transition and development.
  • Digital Input Dependence and the Dynamic Evolution of Global Value Chain Risk Structure
    WANG Jinming, ZHANG Xin
    2026, 0(8): 36-52.
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    Against the backdrop of profound restructuring of global value chains (GVCs) and rising frequency of external economic and geopolitical shocks,accurate identification of how digital input dependence affects GVC risks is crucial for safeguarding the stability and security of global value chain operations.Based on the multi-regional input-output tables released by the Asian Development Bank covering the period from 2007 to 2024,this paper conducts a systematic empirical analysis on the dynamic impacts and structural heterogeneous characteristics of digital input dependence on GVC risks.The core empirical results are summarized as follows.First,reliance on digital inputs exerts a significant and sustained boosting effect on the overall risk level of global value chains.In terms of risk structural decomposition,such boosting impact is far more pronounced on the supply side than on the demand side,and single-cross-border production activities constitute the dominant source of its cumulative risk effects. Second,the risk implications of digital input dependence feature are contingent on national development levels,presenting evident threshold effects.Equipped with well-established institutional frameworks and robust technology absorption capabilities,high-income economies can leverage digital input deployment to mitigate GVC risks over the medium and long run.In contrast,trapped by the global digital divides,low-income economies suffer from continuous accumulation of deep-seated demand-side GVC risks.Third,an economy's network position in the GVC system plays a critical moderating role in the risk transmission of digital input dependence.The risk amplification coefficients of economies occupying core positions in GVC networks are statistically insignificant,whereas peripheral economies suffer from pronounced risk magnification.In such peripheral regions,adverse shocks propagate sequentially along value chain linkages,eventually leading to comprehensive systemic risk exposure.Fourth,only technology-intensive manufacturing generate a significant rise in GVC risks,which is primarily driven by shallow-level operational risks.Other industrial sectors remain statistically insensitive to rising digital input reliance,largely due to their limited digital adaptability and relatively compact value chain structures.
  • The Impact of Digital Finance on Monetary Policy Transformation: A TANK-DSGE Approach
    PENG Anxing
    2026, 0(8): 53-68.
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    The rise of digital finance has reshaped household financial behavior.Digital credit facilitates payments and reduces money demand,while digital wealth management offers more flexible investment instruments with lower interest rate stickiness than traditional deposits.This paper proposes a TANK-DSGE(Two Agents New Keynesian Dynamic Stochastic General Equilibrium)model that integrates digital and traditional finance sectors.In this model,we studying the impact of digital finance on the transition of monetary policy from McCallum Rules to Taylor Rules in China.Digital credit weakens McCallum rules but does not affect Taylor rules; digital wealth management strengthens Taylor rules but does not affect McCallum rules.The rise of digital finance not only enables but also demands the shift of monetary policy from quantity-based to price-based.The monetary policy framework must evolve with digital finance,harnessing its benefits while mitigating potential drawbacks.
  • Digital Economy,Family Time Allocation,and Gender Division of Labor: Analysis from the Perspective of Urban-rural Differences
    JIA Ruoqi, GAO Yichen
    2026, 0(8): 69-83.
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    The digital economy has profoundly transformed the production and lifestyles of urban and rural residents,and its impact on the gender division of labor within urban and rural households cannot be ignored.This study uses microdata from the 2014-2020 China Family Panel Studies(CFPS)and the city-level digital economy index to explore the heterogeneous effects and underlying mechanisms of the digital economy on family time allocation and gender division of labor in urban and rural areas.The results indicate that the digital economy promotes a more gender-balanced pattern of time allocation in urban households,but exacerbates gender inequality in rural households,thereby widening the welfare gap between urban and rural families.Specifically,the adoption of intelligent technologies helps narrow the gender gap in working time across urban and rural households,while improvements in daily-life convenience and access to online entertainment enlarge the urban-rural disparity in the allocation of housework and leisure time.Moreover,traditional gender norms and Confucian culture reinforce the tendency of the digital economy to consolidate conventional gender roles in rural households.This study provides empirical evidence for understanding the evolution of gendered time allocation in urban and rural household,narrowing the urban-rural living gap,and achieving equitable social welfare and common prosperity.
  • Research on the Impact of Green Factory Certification on Enterprise Capacity Utilization
    ZHOU Yang
    2026, 0(8): 84-98.
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    This paper takes the certification of green factories under the establishment of China's green manufacturing system as a quasi-natural experiment and constructs a multi-period difference-in-differences model to empirically test the impact of green factory certification on manufacturing enterprise capacity utilization.The research results indicate that green factory certification can significantly improve enterprise capacity utilization,and this conclusion is still supported by a series of robustness tests.The mechanism tests reveal that green factory certification enhances enterprise capacity utilization by improving technological innovation and restraining excessive investment.Heterogeneity analysis shows that the effect of green factory certification on enhancing capacity utilization is more significant in firms that have been recognized as green factories multiple times,disclose separate environmental reports after certification,and face higher financing constraints.The economic consequences analysis shows that green factory certification significantly enhances corporate value.This paper not only provides empirical evidence on how voluntary environmental regulations can resolve corporate overcapacity but also provides policy implications for advancing the establishment of the green manufacturing system.
  • SRDI Qualification Certification and Corporate Innovation
    LUO Yonggen, WEI Siyu, CUI Huijie
    2026, 0(8): 99-114.
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    This paper focuses on the selection and cultivation policy of “Specialized,Refined,Unique,and Innovative” (SRDI) Little Giant enterprises,and deeply discusses the policy effects of qualification recognition on corporate technological innovation.Based on the data of A-share listed companies from 2012 to 2022,this study employs a multi-period difference-in-differences (DID) model to systematically examine the impact of SRDI Little Giant qualification recognition on corporate innovation investment.The research results show that SRDI Little Giant qualification recognition can improve the level of corporate innovation investment.Heterogeneity analysis indicates that,at the macro level,the positive promoting effect of qualification recognition on corporate innovation investment is more significant in enterprises in eastern regions and enterprises with high marketization degrees; at the industry level,qualification recognition can better promote corporate innovation investment in technology-intensive enterprises and industrial policy-supported enterprises; at the corporate level,the promoting effect of qualification recognition on innovation investment is more significant in small-scale enterprises,non-state-owned enterprises,and high-financing-constraint enterprises.This study supplements the micro-evidence of the research on the economic consequences of the SRDI Little Giant selection and cultivation policy,provides a decision-making basis for market entities to promote their own innovation and development,and provides new evidence support for optimizing policy resource allocation and promoting industrial upgrading and economic development.
  • A Study on the Impact of Tax Burden on Urban Economic Resilience
    YANG Lin, ZHAO Yaxin, CUI Yuhu
    2026, 0(8): 115-130.
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    Urban economic resilience is a crucial prerequisite and practical foundation for responding to urban emergencies and for enhancing the government's governance capacity.In theory,optimizing the tax system can create a favorable policy environment by strengthening cities' resistance,adaptability,and developmental capacity in the face of external shocks.But how effective they are in practice remains to be considered.Using panel data from city-level in China from 2008 to 2023,we examine the impact of the tax burden on urban economic resilience and identify the underlying mechanisms.We find that a lower tax burden significantly improves urban economic resilience.This conclusion is supported by a series of endogeneity and robustness tests.Mechanism tests,grounded in the core elements of new quality productive forces,indicate that tax burden reduction enhances economic resilience by stimulating urban innovation,improving the efficiency of factor allocation,and promoting industrial structure upgrading.Heterogeneity analysis shows that the positive effect of reducing the tax burden is stronger in the middle and western regions,in areas with relatively lower levels of economic development,and in regions where local governments face tighter fiscal constraints.These findings broaden the literature on building urban economic resilience by highlighting the role of new quality productive forces,and they offer technical support for the next round of financial and tax system reform.
  • Research on the Impact of Independent Director Networks of Listed Companies on Stock Market Manipulation
    LI Zhihui, HU Jinzhan, LI Mengyu
    2026, 0(8): 131-143.
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    Existing research has extended the economic impact of independent director networks to the stock market,yet the literature on stock market manipulation pays insufficient attention to the role of independent director networks.We empirically analyze the impact and mechanism of independent director network on stock market manipulation by taking A-share non-financial,non-ST listed companies from 2010 to 2024 as the research object.We find that the network centrality of independent directors of listed companies can significantly inhibit stock market manipulation,and this conclusion still holds after a series of endogeneity tests and robustness tests.We also find that the network centrality of independent directors can alleviate corporate information asymmetry and enhance corporate governance quality,and thus inhibit stock market manipulation.Heterogeneity analysis shows that the inhibitory effect of network centrality of independent directors on stock market manipulation is mainly reflected in companies with a high proportion of independent directors,high concentration of equity,and high market competition intensity.Moreover,we find that the inhibitory effect of independent directors' network centrality on market manipulation exists within same-industry networks rather than cross-industry networks.These findings contribute to optimizing the independent director system,improving the corporate governance system,and promoting the healthy development of the capital market.
  • From Algorithmic“Black Boxes” to Consumer Trust: How Do AI-Generated Review Summaries Influence Purchase Intention?
    ZHANG Peng, WANG Xiaochen
    2026, 0(8): 144-160.
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    AI-Generated Review Summaries (AIGRS) powered by generative AI have become a standard feature of e-commerce platforms; however,trust concerns arising from their algorithmic black-boxes nature continue to hinder consumer conversion.Drawing on the Elaboration Likelihood Model (ELM) and two-dimensional trust theory,this study employs three sequential experiments to identify the matching mechanisms between AIGRS content types and Explainable Artificial Intelligence (XAI) explanation modes.The results show that attribute-based content paired with feature-based explanations and experience-based content paired with example-based explanations significantly enhance consumers' purchase intentions.Mediation analysis reveals that cognitive trust mediates the effect of the attribute-based content-feature-based explanation match,whereas emotional trust mediates the effect of the experience-based content-example-based explanation match.Moderation analysis further demonstrates that product involvement significantly influences these matching effects:the attribute-based content-feature-based explanation combination is more effective in high-involvement contexts,whereas the experience-based content-example-based explanation combination performs better in low-involvement contexts.By developing a content-explanation fit framework,this study not only enriches research on AIGRS and explainable AI but also provides practical implications for e-commerce platforms seeking to optimize AIGRS functions and mitigate algorithmic trust concerns.Furthermore,it offers valuable guidance for policymakers aiming to promote the scenario-specific deployment of trustworthy AI technologies in consumer markets and support the high-quality development of the digital economy.