The Third Plenum of the 20th Central Committee of the Communist Party of China proposed to promote revolutionary breakthroughs in technology,innovative allocation of production factors,and deep transformation and upgrading of industries.As a gathering place and growth pole of technological innovation,innovation hubs have formed spatial structural characteristics of urban agglomerations that are different from economic center cities.This article constructs an innovation hub index for 208 cities in China's 19 urban agglomerations,and analyze the spatial structure and impact of innovation hubs in urban agglomerations.The research findings are as follows:(1)The more the spatial structure based on innovation hubs tends to be a single-center structure,the more conducive it is to industrial collaboration within urban agglomerations.(2)The spatial structure based on innovation hubs promotes industrial collaboration within urban agglomerations by enhancing the level of collaborative inclination and industrial specialization within these agglomerations.(3)Heterogeneity analysis shows that the spatial structure based on innovation hubs has a significant impact on industrial collaboration in urban agglomerations located in the western region,with weak development foundations,and fewer numbers of innovative cities.Therefore,it is necessary to further accelerate the construction of innovation hubs and leverage their innovative growth pole effects to promote high-quality development of urban agglomerations.

Fiscal sustainability has a bearing on the financial security of the country and the fulfillment of government functions,which in turn affects the achievement of national strategic objectives and economic and social development.There is an urgent need to study the linkage mechanisms among the factors affecting fiscal sustainability and further explore effective ways to achieve a high level of fiscal sustainability.Based on a configurations perspective,this paper examines the linkage mechanisms of factors affecting fiscal sustainability and the driving paths to achieve a high level of fiscal sustainability through the Fuzzy-set Qualitative Comparative Analysis(fsQCA)method using 30 provincial local governments in China as case studies.The main conclusions are as follows:(1)Any single factor does not constitute the necessary condition for a high level of fiscal sustainability.This is a strong indication that the level of fiscal sustainability is the result of the linkage action of factors.(2)Three paths exist to achieve a high level of fiscal sustainability.This reflects significant differences in the driving mechanisms of achieving a high level of fiscal sustainability by different provincial local governments.(3)Two of three paths to a high level of fiscal sustainability include high population aging.This suggests that at this stage,population aging plays an important role in contributing to achieving a high level of fiscal sustainability compared to other factors.

Fully leveraging public procurement to support green development is crucial for achieving the“Dual Carbon”goals and advancing the green transition of the economy and society.This study examines the impact of Green Public Procurement(GPP)on enterprise green transition using A-share listed companies from 2015 to 2022.The findings reveal that GPP positively incentivizes enterprise green transition.Mechanism analysis reveals that enhancing green innovation capacity,strengthening executives' green awareness,and intensifying market competition are key factors in promoting enterprise green transition.The heterogeneity analysis reveals that the positive effect is more pronounced in regions with strong environmental governance,non-polluting industries,and firms with lower financing constraints and higher governance levels.Thus,the government should implement more targeted green procurement policies to promote enterprise green transition,while enterprises should actively engage in these activities to align their transition with national green development goals.

Based on the theoretical analysis and model derivation, this paper uses the provincial panel data from 2008 to 2021 in China to conduct an empirical analysis to study the“income increase effect”and transmission mechanism of agricultural insurance. The results show that agricultural insurance can promote the growth of farmers' operating income, wage income and disposable income, and agricultural insurance has a direct, indirect and generalized“income increase effect”.The study on the mechanism of“income increase effect”finds that agricultural scale and mechanization are effective transmission channels for the direct“income increase effect”and indirect“income increase effect”of agricultural insurance, respectively. Agricultural insurance promotes the growth of farmers' disposable income by serving agricultural production.

The sustainable growth of agricultural economy is the inevitable requirement of the high-quality development of agriculture, and the continuous improvement of agricultural total factor productivity is the fundamental path of the sustainable growth of agricultural economy.Based on the panel data of 30 provinces from 2010 to 2022 combined with the intermediary effect model, this paper systematically interprets the function mechanism of agricultural insurance that can effectively allocate labor resources and then promote the improvement of agricultural total factor productivity.The study shows that agricultural insurance has the allocation effect of labor force factors and the universal effect of production.The guarantee of agricultural insurance shows risk diversification, change of farmers' production expectations, improving the economic efficiency of labor force and the flexibility of production activities, promoting the rational allocation of labor resources, and forming the allocation effect of labor factors.The policy of agricultural insurance is to reduce the burden of farmers, promote agricultural production investment and technological innovation, optimize the allocation of labor resources and enhance market vitality, promote the development of agricultural total factor productivity, and form the universal effect of production.The allocation of labor resources is the intermediary mechanism for agricultural insurance to promote the development of agricultural total factor productivity.At the same time, further expansion analysis found that the impact of agricultural insurance on agricultural total factor productivity was heterogeneous due to the degree of integration of modern rural industries, the level of rural human capital and the degree of rural natural endowment:In addition, through the research on the multi-dimensional production universal effect of agricultural insurance, it is found that agricultural insurance has an important impact on the progress of agricultural technology, the citizenization of rural migrant population, the standardization of agricultural products market and the greening of agricultural production.

In the context of the rush return of overseas talents and the rapid development of digital industry in China,this paper chooses data from Shanghai and Shenzhen A-share companies from 2008 to 2022 to empirically test the impact of executives' overseas experience on the digital technology application. The main empirical result shows that executives' overseas experience significantly promotes the digital adoption,and this finding passes endogeneity and robustness tests.Mechanism analysis shows that executives' overseas experience promotes the digital technology application through distinct mechanisms such as the knowledge and technology spillover effect,the strategic decision-making ability improvement effect,the corporate governance improvement effect,and the business internationalization effect. Heterogeneity analysis finds that managers with overseas work experience have more positive effects on the digital technology application.Meanwhile,executives' overseas experience plays a more prominent role in enterprises with big internal and external salary gaps,and in areas with low level of marketization and bad business environment.The relevant findings provide new evidence on the motivations of enterprises to apply digital technology from the perspective of human capital,and also provide policy recommendations for relevant departments and enterprises to promote the digital technology application from the perspective of corporate governance.

This paper studies the impact of participating in the Hometown-based Business Association(HBA)on corporate digital transformation with a panel data of Chinese listed firms during the 2011-2022.The results show that participating in HBA can significantly promote corporate digital transformation,and HBA can exert the“supervision”and“resource”effect,which helps the corporate digital transformation through reducing the principal-agent conflict,easing the financing constraints,reducing the uncertainty of decision-making information and improving the information technology ability of executives.The expansion research shows that HBA can effectively make up for the shortcomings of government and market functions.The specific performance is that when the level of government digital attention and marketization in the region where the enterprise is located is lower,the promotion effect of HBA on digital transformation is stronger.In addition,the informal governance mechanism formed by Confucian culture and social trust has a substitutive effect with HBA in enabling the digital transformation of enterprises.This paper not only reveals the specific path for Chamber of commerce to participate in social governance from the perspective of promoting the deep integration of digital economy and real economy,but also provides useful references for driving enterprises' digital transformation,promoting the healthy development of Chamber of commerce,and improving the social governance system.

For the purpose of building a multi-level capital market,China has successively launched a series of systems such as the Shanghai Hong Kong Stock Connect.On the one hand,it has strengthened the interconnectivity of domestic and foreign stock markets,on the other hand,it has also attracted cross-border capital flows,which may affect the stability of the RMB exchange rate.This paper constructs an expanded portfolio model including Shanghai stock market,Shenzhen stock market,Hong Kong stock market and foreign exchange market,and identifies the risk spillover effect of internal and external stock market fluctuations on RMB exchange rate through time-varying spillover index.We found that the interconnection mechanism enhances risk spillovers in the stock market,and the RMB exchange rate market is the net recipient of risk spillovers.In addition,both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect have strengthened the risk spillover of the mainland stock market towards the RMB exchange rate in the short term,while the IPO reform of Hong Kong stocks in 2018 attracted mainland enterprises to list in Hong Kong,which also enhanced the risk spillover impact of Hong Kong stocks to the RMB exchange rate.From the mechanism of action,the scale changes of northbound funds and southbound funds under interconnection will directly enhance the risk spillover of domestic and foreign stock markets to foreign exchange markets,while geopolitical risks and stock market panic will strengthen the risk impact through information channels.In addition,the tight liquidity in the capital market and the rising unemployment rate in the real economy will also exacerbate the risk spillover of the stock market towards the RMB exchange rate.Finally,we propose relevant suggestions to reduce stock market risk spillovers and maintain the stability of the RMB exchange rate.

Under the background of“dual carbon”,more and more consumers are accepting the concept of low-carbon products.Enterprises need to produce low-carbon products through carbon reduction transformation to meet consumer low-carbon preferences and gain a larger consumer market.Most small and medium-sized enterprises in our country require a large amount of funds for carbon reduction transformation,which requires financing to achieve carbon reduction.In response to the different situations of two symmetric competitive manufacturers investing in carbon reduction through internal and external financing,four models were constructed: single enterprise bank lending financing,single enterprise internal equity financing,two enterprise bank lending financing,and two enterprise internal equity financing.The effects of consumer low-carbon preferences,lending interest rates,and dividend ratios on various decision variables were explored,and the optimal pricing and financing decisions of supply chain members were obtained through comparative analysis of the four situations.The research has found that:(1)an increase in lending rates does not always harm corporate profits.When two companies borrow and finance from banks,an increase in interest rates actually sets up a“protective barrier”for the company,avoiding excessive carbon reduction investment and achieving an increase in profits for both companies.(2)For retailers,internal equity financing is not necessarily the optimal choice.When two companies finance for carbon reduction,a single internal equity financing model may damage the overall profits of the supply chain.(3)Consumer low-carbon preferences are unrelated to financing models and are related to corporate carbon reduction investment strategies.A single enterprise's carbon reduction financing is easy to form a benign low-carbon circular economy,and the carbon reduction financing of two companies may experience“carbon reduction failure”.(4)Internal equity financing is more likely to motivate enterprises to reduce carbon emissions than bank lending models,and single enterprise financing is more likely to stimulate carbon reduction.Adopting internal equity financing is optimal,the two companies adopt bank lending financing as the optimal approach.

The relationship between organizational team motivational climate and employees' proactive innovation behavior reflects a dynamic that operates through employees' harmonious work passion,moderated by the team leader's political skills.Based on the Conservation of Resources Theory,we develop a research model examining the mechanism of the impact of organizational team motivational climate on employees' proactive innovation behavior.Using 478 valid responses collected from a survey of team leaders and employees across various organizations,the study employs hierarchical regression analysis and Bootstrap methods to empirically examine the relationship and variations between organizational team motivational climate and employees' proactive innovation behavior from two dimensions: mastery motivational climate and performance motivational climate.The results confirm that:(1)team mastery climate positively affects employees' proactive innovation behavior,whereas team performance climate negatively affects with it;(2)employees' harmonious work passion mediates the relationship between both team mastery and performance climates and employees' proactive innovation behavior,respectively;(3)team leader's political skills positively moderate the relationship between team mastery climate and proactive innovation behavior,while negatively moderating the relationship between performance climate and proactive innovation behavior.This study contributes to the empirical literature by applying the Conservation of Resource Theory to examine the mechanism of the impact of organizational team motivational climate on employees' proactive innovation behavior,enriching existing research on internal corporate governance.The conclusions offer a theoretical basis for organizations seeking to stimulate employees' proactive innovation by cultivating a supportive team motivational climate.