The Third Plenary Session of the 20th Central Committee of the CPC emphasized the development of technology-driven and digital finance, and the improvement of mechanisms for preventing systemic financial risks, providing strong policy support for fintech innovation and risk management.The rise of fintech has enriched the financial sector but also increased the complexity of risk spillovers.This paper uses the high-order moment GARCHSK model and generalized forecast error variance decomposition to study the risk spillover paths across financial industries and institutions, especially between the fintech industry and other financial industries, from the four dimensions of mean, volatility, skewness, and kurtosis.The results show that the financial market exhibits significant higher-order moment risk spillover effects.The securities industry is the main risk transmitter under lower-order moments, while fintech shifts from a risk absorber at lower moments to a strong risk transmitter under higher moments, particularly affecting cross-business financial sectors.The multi-financial and cross-business financial industries mainly absorb risk.The spillover effects have significant differences and stage characteristics, and are sensitive to extreme financial events.Some institutions with high centrality exhibit strong spillover capabilities and extensive interconnections, highlighting the need for enhanced regulatory attention.

Since its birth a century ago, the VAT system has been rapidly popularised worldwide by virtue of its unique advantages such as ease of collection, avoidance of double taxation and tax neutrality, and has had an extremely far-reaching impact on the depth and breadth of the national tax system. This paper combs through many VAT literatures published in mainstream journals at home and abroad in recent years, systematically summarises the results and features of existing studies, and deeply elaborates the important role of VAT in promoting social and economic development. At the same time, this paper also summarises the practice of VAT application in specific scenarios and the various problems highlighted. By refining the research problems, it is found that VAT still possesses large reform space in restructuring the distribution system among governments, improving the deduction chain, curbing false invoicing, and simplifying the tax rate. Finally, this paper points out the shortcomings of the existing literature in terms of research perspectives and policy implementation, and tries to outline the future development direction and expansion areas of VAT research, hoping to provide useful reform ideas for the continuous improvement of the VAT system based on the experience of the literature.

The Third Plenary Session of the 20th CPC Central Committee made further deployment on deepening the reform of the fiscal and taxation system, with the establishment of a sound budget system as an important link in the macroeconomic governance system.The baseline budgeting proposed in this paper is expected to be a powerful method and procedure for improving China's budget system.Compared with the base approach, the baseline budget distinguishes current policy and policy change in a medium-term perspective.By measuring and determining the policy costs in the early stages of the budget process and constraining various macroeconomic variables to equilibrium levels, it enhances the consistency of macroeconomic policy orientation and fiscal discipline.By treating current policy as a feasible reference point, it guides people to pay more attention to policy change, improving the efficiency and performance of budget allocation.By separating the net effects of policy change, it enhances budget transparency.In addition, the baseline clarifies the expectations of future available resources, which is conducive to reducing interest conflicts and thus improving the reform of zero-based budgeting.After analyzing the conditions required for the baseline budget, it is found that the feasibility of implementing the baseline budgeting in China is relatively high.In terms of practical conversion, it should follow the order of macro budget, allocation budget, and operational budget, starting from the top down to initiate the budget process, and combine the budget application process from the bottom up and repeated refinement, while clarifying the responsibilities of relevant departments.

The Treasury Yield Curve has important reference value for the asset allocation and risk management of financial institutions.However, in academic research, it remains a gap to study the impact of economic policy uncertainty on China's national debt yield curve and its fluctuations.This paper uses the Economic Policy Uncertainty Index and the Dynamic Nelson-Siegel(DNS) term structure of interest rates model to conduct research on this issue for the first time.Firstly, this paper introduces economic policy uncertainty into the traditional DNS term structure of interest rates model to analyze its impact on the yield curve.It is found that an increase in economic policy uncertainty has a significant negative impact on the level factor.As economic policy uncertainty rises, the yield curve declines.When economic policy uncertainty increases, the decline in the far end of the yield curve exceeds that of the near end, and the yield curve becomes flatter.Secondly, this paper innovatively uses the score-driven time-varying parameter modeling method to introduce a common time-varying volatility factor into the DNS model to examine the impact of economic policy uncertainty on the volatility of the national debt yield curve.The results show that an increase in economic policy uncertainty significantly reduces the volatility of the yield curve, indicating that China's national debt has the characteristic of “the rougher the waves, the steadier the voyage”.

As a competition policy to correct the market order, the Anti-monopoly Law has also played a governance role to a certain extent.Based on the background that the Anti-monopoly Law promotes the development of market competition, this study examines the impact of the implementation of the Anti-monopoly Law on the executive perquisites.The results show that after the implementation of the Anti-monopoly Law, compared to their counterparts with lower monopoly power, the executive perquisites of the enterprises with high monopoly power decreased significantly.Mechanism tests show that the competition policy affects executive perquisites through firms' market power, free cash flow, and quality of information. At the same time, the Anti-monopoly Law's inhibitory effect on the executive perquisites is mainly more significant in the enterprises with high ownership concentration, auditors from the top ten non-domestic firms and enterprises with high operating risks.Further analysis shows that after the implementation of the Anti-monopoly Law, compared with the enterprises with low monopoly power, the monetary private income of the executives of the enterprises with high monopoly power also shows a significant decline trend.New Anti-monopoly Law also produces certain governance effects.This study quantifies the microeconomic consequences of the implementation of the Anti-monopoly Law, and provides micro evidence for evaluating the implementation effect of competition policy.It is instructive for constructing the institutional system of competition policy.

Green innovation is an important factor influencing China's ability to maintain high-quality and sustainable economic growth.While most studies have focused on the impact of external market environment regulations on green innovation, it is worth exploring whether business groups, which are widely existed in emerging markets, can promote proactive green innovation in group affiliated firms. Based on the data of Chinese A-share listed firms from 2008 to 2022, we find that business groups are able to promote green technological innovation in group affiliated firms, in particular, they are able to promote substantive green innovation rather than strategic green innovation.When group affiliated firms are confronted with higher environmental risks, group headquarter can promote affiliated firm's green innovation more.Business group can promote the green innovation of the group company by improving risk-taking, internal control, and digital transformation.Expanded research shows that business group can promote affiliated firm's green innovation more when the property rights is state-owned, the degree of industrial competition and analyst attention is lower, and the firm does not belong to the key environmental monitoring units.The economic consequence shows that business group's promotion of green innovation also improves the environmental ranking, total factor productivity and firm value.

The formation of asset bubbles is an inevitable phenomenon under market conditions, exhibiting complex mechanisms in its impact on corporate innovation and economic development.Based on practical experience and pulse analysis, we find that, on the one hand, asset bubbles can distort resource allocation, stifle corporate innovation, and trigger deep economic recessions upon bursting; on the other hand, asset bubbles can enhance corporate financing capacity, and moderate bubbles effectively“lubricate”the economy, significantly boosting both corporate innovation investment and overall economic performance. Regarding the“dual-pillar”regulatory framework, we also find tight macroprudential policies under complex economic conditions may paradoxically exacerbate bubble expansion, whereas monetary tightening, though effective in curbing bubbles, simultaneously reduces innovation expenditure and aggregate social welfare.Consequently, a “dual-easing”policy mix is currently more suitable for China to maintain appropriate bubble vitality.This paper provides insights for advancing research on asset bubbles and for optimizing the“dual-pillar”regulatory framework.

Urbanization of rural residents is an important part of China's modernization drive and an effective means to achieve common prosperity and high-quality development of urban and rural areas.This paper uses household survey data to empirically analyze how urbanization affects consumption inequality of rural residents.The results show that the transformation of rural residents' household registration status significantly reduces consumption inequality.Further analysis shows that household registration status conversion can alleviate consumption inequality mainly by reducing income inequality, broadening the channels of consumption smoothing, and improving the diversity of residents' consumption.Heterogeneity analysis shows that the change of household registration status of rural residents is more sensitive to the consumption inequality of households with high age, low education level, low income and low wealth.This study confirms that the urbanization of registered population can effectively alleviate the consumption inequality of residents and provide useful references for relevant departments to promote the reform of the household registration system, and better share the development achievements and promote social equity.

China's current“green factory”designation is a mode of operation in which the government guides enterprises with a series of policy measures and standards to enhance organisational resilience and realise the greening of the production process through resource integration.Based on the theory of dynamic capabilities of enterprises and the theory of enterprise innovation, the author empirically examines the correlation between the identification of“green factories”and the enhancement of organisational resilience of enterprises based on the empirical evidence of quasi-natural experiments on the identification of“green factories”in China by using the multi-period double-difference method.The results confirm that“green factory”recognition positively affects the enhancement of organisational resilience, and that the integration of human, technological, managerial and financial resources mediates the association between“green factory”recognition and the enhancement of organisational resilience; The relationship between“green factory”accreditation and enterprises' enhanced organisational resilience is subject to the positive and negative regulation of the number of“green factories”accredited and the environmental violations of the accredited“green factories”, respectively.Moderation.This study extends the application of the principles of corporate innovation and dynamic capabilities to empirically demonstrate the mechanism by which“green factory”recognition affects the organisational resilience of enterprises, enriching the existing literature on the relationship between government macro-policies and micro-development of enterprises, and providing a basis for the government to stimulate the endogenous motivation of enterprises to engage in green manufacturing, and for enterprises to improve their organisational resilience through resource integration.The findings of the study help to provide a theoretical basis for the government to stimulate the endogenous motivation of enterprises' green manufacturing and for enterprises to improve organisational resilience through resource integration.