Stabilizing the real estate market and advancing the digital transformation of enterprises are two key tasks that governments at all levels in China are striving to promote. Based on data from Chinese Shanghai and Shenzhen A-share listed companies from 2008 to 2019, this paper systematically examines the impact of housing price changes on corporate digital transformation and its underlying mechanisms. The research results indicate that changes in housing prices have asignificant positive impact on corporate digital transformation. Specifically, rising housing prices not only encourage enterprises to undertake digital transformation but also enhance the depth of their digital transformation efforts. This positive effect is primarily achieved through two mechanisms: promoting corporate financing and substituting labor. Furthermore, the impact exhibits notable heterogeneity based on factors such as firm size, growth potential, skill requirements, and technological characteristics. The findings of this study suggest that while urban governments work to stabilize the real estate market and prevent declines, they should also pay attention to leveraging policy synergies to both stabilize the real estate market and promote corporate digital transformation, thereby accelerating the optimization and upgrading of the economic structure.

On the basis of theoretical and institutional background analysis, this article establishes evaluation index systems for the performance of central transfer payments to local governments and high-quality economic development. The entropy method is used to calculate the performance index of central transfer payments to local governments and the high-quality economic development index.The dynamic panel model is used to empirically test the impact of fiscal transfer payments and budget performance evaluation on high-quality economic development.The results show that, firstly, the central government's transfer payments to local finance and budget performance evaluation have a significant positive promoting effect on high-quality economic development.Secondly, fiscal transfer payments promote high-quality economic development by optimizing industrial structure, while budget performance evaluation promotes high-quality economic development by optimizing the allocation of fiscal resources.Thirdly, budget performance evaluation has a moderating effect on promoting high-quality economic development through fiscal transfer payments. This means that the role of central government transfer payments in promoting high-quality local economic development is influenced by budget performance evaluation.To meet the requirements of high-quality economic development, strengthen the macro performance evaluation of local fiscal transfer payments by the central government, establish incentive and restraint mechanisms for transfer payments to promote high-quality economic development, and promote high-quality development of local economy.

Dual policy rates have long been an important feature of China's monetary policy framework. Against the backdrop of a strengthened focus on short-term policy rates, it is crucial to accurately assess the distinct macroeconomic effects of each rate and to explore avenues for improving the policy rate system.This paper introduces an innovative approach by integrating a news-driven economic cycle theory into a time-varying parameter and stochastic volatility vector autoregression(TVP-SV-VAR) model.By orthogonalizing the news shocks of the dual policy rates, the study provides a detailed examination of their net macroeconomic impact.The results indicate that a positive news shock in the medium-term policy rate effectively reduces both the output gap and price level, with this effect intensifying over time, whereas a positive news shock in the short-term policy rate leads to an increase in both.Moreover, during significant economic shocks such as financial crises and the COVID-19 pandemic, the influence of these news shocks on the output gap and prices become even more pronounced.In comparison with the conventional TVP-SV-VAR model, the analysis of dual policy rates news shocks reveals marked differences, underscoring the necessity of this research.The proposed methodology not only evaluates policy effectiveness but also offers valuable empirical insights for enhancing China's price-based monetary policy framework.

Mutual funds serve as“gatekeepers”of societal wealth.However, the long-standing focus on scale and intensive marketing has its adverse influence.We examine the impact of marketing spend by channel on mutual funds from 2008 to 2023.We find that marketing expenditure negatively affects fund flow.For a fund with higher volatility, longer establishment period, and smaller size, increasing marketing effort prove effective in attracting investors.Fund with strong market timing ability and high-performance ranking boosts fund flow through marketing, while stock-picking abilities does not influence flow by marketing channel.Within the same asset management company, funds cooperate in marketing, though competition persists.Controlling the size of fund family reduces the negative impact of marketing expenditure on fund flow.Channel marketing tends to maintain relationships with institutional investors, although agency problems may arise.The paper contributes to the literature on fund marketing and fund flow, offering recommendations for improving fund governance and operational standards.

In the dual context of the intensified crackdown on capital market financial fraud and the accelerated reform of supply chain management systems, investigating whether accounting supervision can exert an influence on supply chain financing from the perspective of the inspected enterprise's stakeholders holds both practical and theoretical significance.Based on the setting of the Ministry of Finance's random inspection of accounting information quality, this study finds that accounting supervision reduces suppliers' screening, negotiation, and supervision costs by improving the quality of accounting information, Increasing supply chain financing demand, and enhancing the intensity of external supervision.This cost reduction further strengthens suppliers willingness to provide trade credit, thereby promoting enterprise supply chain financing.The cross-sectional analysis conducted in this study on the aforementioned three types of costs provides supporting evidence for the role of transaction cost reduction in facilitating supply chain financing through accounting supervision.The study further examines suppliers' information processing behaviors, and finds that they can identify the differences among enterprises in the severity of existing problems and their attitude towards rectification, and are more inclined to provide trade credit to enterprises with fewer and less severe problems, and to those with a proactive rectification approach.This paper finds a supply chain financing enhancement effect of accounting supervision from the perspective of transaction cost reduction mechanisms, which provides insights for the “strict continuous supervision of listed companies” emphasized in the new “Nine National Rules”, and for the “efforts to enhance the resilience and security level of industrial chain and supply chain” put forward by the Third Plenary Session of the 20th Central Committee of the CPC.

By mining text information data from “E-Interaction” platform and “Easy Interactive” platform, this paper constructs the degree index of irrelevant answers, and empirically studies the relationship between it and fraudulent behavior.The results show that there is a significant positive correlation between the degree of irrelevant answers and fraudulent behavior of listed companies, that is, the higher the degree of irrelevant answers, the greater the likelihood of corporate fraud.Further research has found that differences in institutional environment, industry competition, and the nature of property rights have important regulatory effects on the above relationship and reduced information transparency is an important mechanism by which irrelevant answers affect fraudulent behavior of listed companies.This article uses text analysis methods to explore the early warning and identification effect of the degree of irrelevant answers of listed companies on fraudulent behavior, providing reference and reference for regulatory authorities to strengthen the management of emerging social media platforms such as internet interactive platforms.

The rapid development of digital finance in China provides new ideas for promoting the opportunity fairness represented by intergenerational mobility of education.This paper clarifies how digital finance affects intergenerational mobility of education through a classical model and empirical data from the China Family Panel Studies (2012-2020). Findings show that a 10% increase in digital finance levels boosts educational mobility by around 3%, which significantly promotes the intergenerational mobility of education in China.Mechanism analysis shows digital finance can alleviate household credit constraints and improve human capital investment in children.Further analysis shows that digital finance has an opportunity-gaining effect, an opportunity-sharing and a digital divide-bridging effect, which not only boosts the upward mobility of education intergenerational, increasing development opportunities, but also promotes the intergenerational mobility of education in vulnerable groups, disadvantaged families and backward areas, reducing inequality in development opportunities.At the same time, as internet access expands, digital finance has significantly improved the intergenerational mobility of education in areas with lagging digital economy, helping to bridge the digital divide.This paper provides a theoretical and empirical framework for understanding the inclusive effect of digital finance, and provides policy references for promoting the high-quality development of the digital economy that facilitates common prosperity.

Related-party transactions serve as a significant channel through which controlling shareholders influence corporate earnings management mechanisms.Based on principal-agent theory and information asymmetry theory, this study examines Chinese A-share listed companies from 2004 to 2022 as research samples.Using the mediation effect testing method, we empirically investigate the mediating role of related-party transactions in the relationship between controlling shareholders' control and earnings management, along with its heterogeneity across different ownership types, internal governance levels, and external governance environments.The findings confirm that: The control level of major shareholders is positively correlated with earnings management; Increased control by major shareholders elevates earnings management through expanded related-party transactions, demonstrating the mediation effect of such transactions; The mechanism through which controlling shareholders affect earnings management via related-party transactions exhibits heterogeneity across different ownership types, internal governance levels, and external governance environments.This research introduces related-party transactions into the analysis of how controlling shareholders influence corporate earnings management mechanisms, empirically revealing the operational pathways between controlling shareholders' control and earnings management, thereby expanding corporate agency theory and financial management theory.The conclusions provide theoretical foundations for enhancing corporate governance and regulating related-party transactions and earnings management practices in China's capital markets.