China's fiscal practice has demonstrated distinctive governance effectiveness and institutional resilience.Yet,over a prolonged period,the theoretical development of public finance has remained marked by path dependence on the Western“market failure”paradigm,leaving explanatory capacity lagging far behind practical innovation.A deeper cause lies in the fact that,in terms of problem-setting,conceptual categories,and evaluative standards,existing studies have not effectively connected Marxism with China's concrete realities,nor have they organically incorporated the value resources of China's fine traditional culture.The“Two Integrations”provide the fundamental guideline for resolving this disciplinary challenge.First,taking Marxism as the analytical starting point,public finance is re-situated within the macro framework of production relations,distributive structure,and national governance.Second,China's national conditions and fine traditional culture are established as the institutional premises and evaluative yardsticks,enabling the modern fiscal system to internalize such cultural foundations as a people-centered orientation,mutual assistance and balancing across groups and regions,and disciplined use consistent with due measure.Under the guidance of the“Two Integrations”,this paper advances“public finance for national governance” as a signature concept,promotes a paradigmatic shift in fiscal research from“mending market failures” to “grounding national governance”,and around the core proposition,constructs a corresponding conceptual system and explanatory framework,with the aim of building an indigenous knowledge system for Chinese public finance that combines explanatory power,normative coherence,and cumulative potential.

The accrual-based comprehensive government financial reporting system is a foundational element for fiscal transparency and modernization.As a cornerstone of government accounting reform,it directly affects market perceptions of local government credit and their financing costs.Analyzing hand-collected data on 10 945 sub-national government bond spreads from 2015 to 2023,this study examines how the pilot policy for these reports influences financing costs.Results show the policy significantly reduces costs,primarily through improved disclosure and boosted investor confidence.However,this effect fades after the first year,indicating a temporary confidence shock rather than sustained improvement.The reduction is more pronounced in fiscally weaker,higher-debt regions and for special-purpose bonds.These findings offer logical evidence on how financial reporting affects bond pricing and inform policy on improving government reporting and pricing mechanisms.

Corporate income tax incentives are critical to support the development of small and micro enterprises(SMEs)in China.In the new era,this policy exhibits two prominent characteristics: continuous optimization of applicable tax rates and gradual expansion of eligible entities.However,existing research has paid limited attention to the economic effects associated with the expanding scope.To address this gap,this study employs the 2017 adjustment in the annual taxable income threshold for SMEs(expansion policy)as a quasi-natural experiment.Utilizing tax data spanning 2016 to 2020,this research empirically examines the impact of the expanded tax incentives on SMEs' total factor productivity(TFP).We find that the expansion policy effectively reduces SMEs' tax burdens and alleviates their financing constraints,significantly enhancing their TFP.On the one hand,expanded tax incentives improve labor resource allocation efficiency and fixed asset investment among the sampled enterprises.On the other hand,these incentives indirectly promote SMEs' productivity through strengthened linkages within supply chains and enhanced specialization and cooperation.Further analysis reveals that the expansion policy contributes positively to the overall business performance of SMEs.Our conclusions offer empirical evidence and policy insights for further optimizing and refining tax incentives for SMEs.

Against the macro-policy backdrop of “structural deleveraging”,the rise of financial technology(FinTech)provides a new pathway for optimizing credit resource allocation and reducing corporate hidden debt.Using data from Chinese A-share listed firms during 2007-2020,this study empirically examines the impact and underlying mechanisms of FinTech on corporate leverage manipulation. The results show that FinTech significantly curbs leverage manipulation by alleviating information asymmetry,easing corporate financing constraints,and strengthening financial regulation.These findings remain robust after a series of rigorous tests.Further analysis reveals that the restraining effect of FinTech is more pronounced in financially underdeveloped regions,small and private firms,companies with stronger debt-servicing capacity,and those with lower analyst coverage,highlighting the “complementary” and “inclusive” features of FinTech.In terms of economic consequences,FinTech not only reduces firms' debt and equity financing costs but also lowers default risk and enhances firm value.Overall,this study deepens the theoretical understanding of FinTech in the domain of corporate governance and offers important policy implications for regulators seeking to leverage emerging technologies to mitigate hidden debt risks and promote the stable functioning of the financial system.

Centered on information disclosure,the registration-based IPO reform aims to reduce administrative intervention,enhance the market information environment,and reinforce full-cycle supervision. Previous studies have primarily focused on the impact of registration-based IPO reform on capital market and the IPO process,with relatively limited attention paid to the implications for the operational management of listed companies.Based on the background of China's incremental reform toward a registration-based system,this study takes corporate ESG performance as the research entry point and selects A-share listed companies from 2018 to 2024 as the sample to explore the policy effects of the registration-based reform on corporate sustainable development.The empirical results demonstrate that:The registration-based IPO reform significantly enhances listed companies' ESG performance,with more pronounced effects observed in companies with higher institutional ownership ratios,intense industry competition,and those located in regions with lower marketization levels;Mechanism analysis reveals that the reform improves ESG performance through strengthened external monitoring and enhanced internal control systems;Further analysis reveals that companies listed under the registration-based system perform better in substantive ESG practices such as charitable donations and green patents.This study provide theoretical guidance for enterprises to enhance their ESG performance,while also offering insights for China to refine the registration-based IPO system and improve corporate ESG management frameworks.

This paper incorporates central bank conservatism into the classical Barro-Gordon model and investigates the optimal degree of conservatism to solve inflation bias in repeated games based on both utility function and loss function,respectively.The results show that,in a repeated game based on a utility function,there is no optimal conservatism to maximize the discounted value of the expected utility of the whole society,regardless of whether there is a supply shock,and the minimum sustainable inflation rate is greater than zero.In a repeated game based on a loss function,there exists an optimal conservatism to minimize the discounted value of the expected loss of the whole society,regardless of whether there is a supply shock,and the minimum sustainable inflation rate is zero under this conservatism.Accordingly,this paper argues that the loss function is a more suitable objective function for the central bank,and the government can appoint the central banker with appropriate conservatism to eliminate inflation bias.

This paper shows that the growth effect of monetary expansion in a monetary Schumpeterian growth model depends critically on how seigniorage revenues are allocated.We are the first to incorporate seigniorage distribution into a monetary Schumpeterian model with wealth preferences and inelastic labor supply.Our analysis yields the following findings.When seigniorage is used to subsidize entrepreneurs, monetary expansion has a stronger positive effect on economic growth than in the benchmark case where seigniorage is rebated to households.Relative to a model without wealth preferences, the growth-enhancing effect of monetary expansion is also stronger, because wealth preferences raise savings, reduce financing costs, and thereby stimulate R&D and innovation.In contrast, when seigniorage finances non-productive government spending, monetary expansion has a weaker growth-promoting effect than when seigniorage is rebated to households.The reason is that labor is diverted from the R&D sector to the government sector, partially offsetting the growth-enhancing role of wealth preferences.Compared with a model without wealth preferences, the growth-reducing effect of monetary expansion is less pronounced, because the increase in savings induced by wealth preferences lowers financing costs and partially counteracts the labor reallocation away from R&D.Overall, this study provides a new perspective for understanding how monetary expansion and monetary policy influence long-run economic growth.

Enhancing supply chain resilience is essential for enterprises to withstand external shocks. Drawing on the resource-based view,this study empirically examines the impact of digital technology innovation on supply chain resilience using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2023.The findings reveal that digital technology innovation significantly bolsters supply chain resilience,and this conclusion remains robust after extensive validity checks. Mechanism analysis indicates that this positive effect is mediated by improved market competitiveness and strengthened supply chain integration.Further analysis shows that favorable internal and external financial conditions reinforce the impact of digital innovation.The resilience-enhancing effect is particularly pronounced for firms in the growth stage,those with high supply chain efficiency,and companies facing high information asymmetry.Additionally,the study finds that enhanced supply chain resilience fosters high-quality development and improves corporate risk-taking capacity.These findings provide valuable insights for policymakers and managers aiming to leverage digital technologies for secure and stable supply chain governance.

Environmental regulation is a key policy instrument for promoting green economic transformation,and its effectiveness depends critically on the enforcement capacity and governance quality of local governments.Using Chinese industrial and commercial enterprise registration data from 2007 to 2020,this paper exploits the Low-carbon City Pilot policy as a quasi-natural experiment and applies a difference-in-differences framework combined with an event-study design to examine the impact of environmental regulation on the entry and exit behavior of highly polluting industrial firms and on industrial green transformation.The results show that environmental regulation significantly discourages the entry of highly polluting firms while accelerating their exit.Heterogeneity analysis indicates that these effects are stronger in prefecture-level cities with greater multitask governance capacity,lower fiscal pressure,and a higher share of state-owned enterprises.Mechanism tests suggest that environmental regulation primarily operates by reshaping the allocation of land resources,thereby influencing the entry and exit of highly polluting firms,while also promoting industrial green upgrading,ultimately leading to reductions in carbon emissions and improvements in environmental quality.This study deepens the theoretical understanding of how environmental regulation affects firm behavior and industrial structure,and provides policy-relevant insights for improving the environmental governance framework.