In the context of risk globalization, the logic of economic growth and fiscal and financial policies has undergone significant changes.Take Japan as an example, after the foam economy burst, the direct reason for Japan's economy to stagnate for a long time was that the unstable asset valuation led to a sharp decline in asset value, and the superposition of policy mistakes led to the continued recession of its balance sheet.In the later stage, it was through targeted governance reform measures and effective fiscal and financial coordination measures that Japan reversed the downward trend of asset prices and balance sheet contraction, gradually getting rid of the long-term stagnation of the economy.From the perspective of risk governance, analyzing the economic growth process of Japan in the past 30 years provides us with important insights.It is necessary to take stable asset valuation as the core goal, improve national governance capacity through reform internally, and enhance global governance capacity and balance the global risk distribution pattern externally through great country fiscal thinking.At the same time, we should strengthen the coordination of fiscal and monetary policies, and build a mechanism for stabilizing asset valuation and stabilizing economic smooth flow.

Selecting the“province-enterprise-year”panel data from 2009 to 2021, with the leap in total factor productivity as the core indicator, this paper explores the mechanism of factor agglomeration for the development of new quality productivity under the fiscal system.Empirical evidence shows that both fiscal revenue decentralization and the improvement of fiscal autonomy significantly promote the development of new quality productivity in enterprises.Since 2012, the gradual matching of local fiscal powers and expenditure responsibilities, as well as the supply-side structural reform that began in 2015, have played a significant supporting role.Market-oriented and coordinated reforms are more conducive to enhancing the enthusiasm of less developed regions in developing new quality productivity.Mechanism tests reveal that it is necessary to grasp the significant regional differences in fiscal revenue decentralization and fiscal autonomy, and to clarify the heterogeneous bias of public expenditure structures towards supply in various regions.The fiscal mechanism focuses on optimizing the expenditure structure and improving efficiency. Fiscal decentralization significantly develops new quality productivity through an expenditure structure biased towards science and technology and education, while an expenditure structure biased towards infrastructure has a weak effect on the leap in new quality productivity.To improve the fiscal system and mechanism for developing new quality productivity in a way that suits local conditions, policies should be refined to optimize the local fiscal expenditure structure and achieve the most efficient allocation of resources; strengthen strengths and make up for weaknesses to expand the spillover effect of new quality productivity; optimize the fiscal decentralization system to create regional growth poles and accelerate the development of strategic emerging industries, digital and green industries.

Based on a Smooth Transition Vector Autoregressive(STVAR) model, this paper treats geopolitical risk as a regime-switching variable, integrates the Diebold & Yilmaz risk spillover index for network topology analysis, and explores the asymmetric contagion effect of tail risk among industries in the China's stock market from January 2003 to June 2024 within a nonlinear framework.Furthermore, it analyzes the factors influencing the contagion effect of tail risk among industries under geopolitical risk. The study reveals that there is asymmetry in the contagion effect of tail risk among industries in the China's stock market, with heightened geopolitical risk significantly enhancing the contagion effect.The energy and materials industries are identified as stable net spillers under different geopolitical risk.Under the impact of geopolitical risk, the contagion effect of tail risk primarily follows the path of“energy→materials→industrials→downstream industries”.Major unexpected public events and industry cyclicality have a significant positive impact on the contagion effect of tail risk among industries. Additionally, in order to minimize the contagion effect, this paper provides tailored investment portfolio recommendations under different geopolitical risk through the Minimum Connectedness Portfolio.

In order to further improve the bottom-up, universal, and diversified elderly care service system and consolidate the fundamental role of family-based elderly care, it is particularly urgent to examine the implementation effect of the existing social pension system from the perspective of intergenerational transfer.This paper takes the basic pension insurance for urban and rural residents and intergenerational transfer as its research objects, and empirically examines the impact of this insurance scheme on the bidirectional and multidimensional intergenerational transfer between children and parents within families by using the fuzzy regression discontinuity(FRD)method based on the 2015 and 2018 CHARLS data.It is found that the implementation of the basic pension insurance for urban and rural residents indeed has a certain bidirectional intergenerational transfer effect: specifically, it increases the duration of intergenerational care provided by elderly parents to their grandchildren, enhances the economic transfer from children to parents, and reduces the time transfer from children to parents.Further analysis of the study reveals that the economic and time transfers from children to parents, as well as the intergenerational care services from parents to their grandchildren, can improve the life satisfaction of elderly parents; the upward intergenerational transfer from children to parents can increase elderly parents' satisfaction with their children and spouses; and intergenerational transfer within families is a form of relay transmission across generations.The findings of this paper provide certain reference value for optimizing the social pension insurance system and proactively addressing population aging.

The phenomenon of sudden changes in the annual report auditing firms of listed companies occurs frequently, arousing market concern, and its underlying logic is an important issue worthy of study. Based on the samples of listed companies from 2010 to 2024, this paper examines the information content of sudden changes in auditing firms.The results show that: compared with enterprises that do not disclose the reasons for sudden changes, those that disclose the reasons for sudden changes are more able to release bad news, thereby reducing the risk of stock price crashes.Compared with reasonable sudden changes, unreasonable sudden changes have a more significant effect.Mechanism analysis reveals that the rationality of sudden changes in auditing firms affects the risk of stock price crashes by influencing the attention of external investors.The above effects are more prominent in enterprises with higher analyst attention and those subject to inquiry letter supervision.Further analysis finds that active disclosure of the reasons for sudden changes will trigger a negative market reaction, but the duration is relatively short; unreasonable sudden changes will also trigger a negative market reaction in the short term.The direction of the change in auditing firms does not affect the risk of stock price crashes, while changes under external pressure will significantly reduce the risk of stock price crashes.This paper enriches the relevant research on the change of auditing firms and also provides empirical evidence for the development of a high-quality capital market.

As an important mechanism, how the anti-takeover provisions affect the corporate fraud has not yet received full attention.Using a sample of A-share listed firms in China, this paper examines the impact of anti-takeover provisions in the articles of association on corporate fraud.we find the anti-takeover provisions increase the probability of corporate fraud.The anti-takeover provisions increase fraud propensity and reduce fraud detection.Distinguishing the types of corporate frauds, we find the anti-takeover provisions have promoting effect on disclosure fraud and operating fraud.Distinguishing the severity of corporate frauds, anti-takeover provisions have a significant promoting effect on severe fraud.The share restrictions of shareholder nomination rights have the strongest impact on the corporate fraud.As an external governance mechanism, the legal environment effectively inhibits the promotion of anti-takeover provisions on corporate fraud.Additional mechanism analysis indicates that anti-takeover provisions increase the likelihood of violations by facilitating tunneling by major shareholders.From the perspective of upstream mechanism of firms, our paper provides empirical evidences based on a large sample for regulators and investors to identify and govern corporate fraud.

This paper analyzes the equilibrium product quality, social welfare, and the impact of the Minimum Quality Standards(MQS)policy in a vertically differentiated mixed duopoly model.We prove that for the policy makers who aim to increase social welfare:no matter whether the MQS is set at the socially optimal level, letting the public firms produce the products with lower quality is not worse than letting the private firms do so;when the MQS is set to be lower than the socially optimal level, letting the public firms produce products is better than letting the private firms do so;when it is difficult to know the MQS at the socially optimal level, a safe way to increase social welfare is to set the MQS at levels low enough and meanwhile to let the public firms produce the products with lower quality.

We define common prosperity as higher incomes and lower income inequality, and we comprise health insurance development in three key aspects: improved risk management, enhanced security, and reduced market monopoly.We first apply a heterogeneous agent model in continuous time to assess health insurance's impact on common prosperity.Simulations reveal that reducing health risks, moderately increasing deductibles, and lowering market monopoly boost individual incomes but slightly increase the overall Gini coefficient.To augment our theoretical results, we analyze CHFS microdata and provincial macrodata.At the micro level, reducing household health risks and purchasing commercial health insurance both increase income and decrease income inequality.At the macro level, reducing health insurance market monopoly raises income but may worsen income inequality.We explain these differences by analyzing underlying causes and propose targeted policy recommendations to promote common prosperity by optimizing health insurance.

The mechanism through which algorithmic price discrimination influences consumer retaliatory behavior represents an organic psychological response, initiated by negative emotional reactions when firms employ algorithmic systems to systematically identify, segment, and apply differentiated pricing strategies across consumer groups.Grounded in social exchange theory and supported by prior empirical research, this study develops aresearch model to elucidate the underlying pathways linking algorithmic price discrimination to consumer retaliatory intentions.Using a simulated experimental design with participants drawn from college students and enterprise employees, the research empirically investigates the relational dynamics between algorithmic price discrimination and retaliatory behaviors, focusing on the sequential mediating role of consumers' relative deprivation and anger. Results confirm that algorithmic price discrimination exerts a significant positive effect on consumer retaliatory behavior.Furthermore, the findings demonstrate that relative deprivation and anger sequentially mediate this relationship, while consumers' subjective socioeconomic status moderates the strength of these effects.By extending the applicability of social exchange theory into algorithm-driven market environments, this study provides robust empirical evidence on the psychological mechanisms underlying consumer responses to perceived pricing unfairness.The findings offer actionable theoretical insights for organizations seeking to implement fairer pricing practices and support the sustainable development of market supply-demand relationships.