As the degree of population aging in our country continues to deepen,the balance of social security contributions and expenditures is facing increasingly severe challenges.Based on the gradual retirement extension policy to be implemented in 2025,this paper constructs an actuarial model to simulate and predict the changes in the revenue,expenditure,surplus and fiscal burden of the basic old-age insurance for urban enterprise employees from 2026 to 2050,and analyzes the dynamic impact and regulatory effect of this policy on the balance of the basic old-age insurance for urban enterprise employees. The results show that the gradual retirement extension has a positive impact on the fund balance and the changes in the growth rate of revenue and expenditure,and presents a phased evolution pattern.The study further finds that the core value of this policy lies in enhancing the resilience of the income end.During the forecast period,the average annual growth rate of the income of the basic old-age insurance for urban enterprise employees increases by approximately 0.56%,the average annual growth rate of expenditure increases by approximately 0.16%,and the net improvement effect is approximately 0.4%.Even with the implementation of the gradual retirement extension policy,the basic old-age insurance fund for urban enterprise employees is expected to first experience a deficit in 2029,and the gap size will gradually expand.At the same time,the increase in the proportion of flexible employment will exacerbate the imbalance in the revenue and expenditure of old-age insurance,weakening the policy's effect of reducing the deficit.In brief,relying solely on the gradual retirement extension is difficult to fundamentally alleviate the structural pressure of the old-age insurance system.In the future,it is still necessary to promote complementary reforms to ensure the stable operation of the old-age insurance system.

Despite the increasing integration of generative artificial intelligence(AI) in organizational settings, empirical evidence on how different forms of AI-employee collaboration influence employee performance and thd psychological mechanisms underlying this relationship.Drawing on social cognitive theory and regulatory focus theory, this study examines the effects of employee-led vs.AI-led collaboration on employee performance, the mediating role of AI self-efficacy, and the moderating role of employees' work regulatory focus.Two scenario-based experimental studies indicate that employee-led collaboration is associated with higher levels of employee performance compared with AI-led. AI self-efficacy is found to mediate the relationship between collaboration and performance. Furthermore, regulatory focus moderates these effects: individuals with a promotion focus report higher AI self-efficacy and performance in employee-led collaboration, whereas those with a prevention focus demonstrate better outcomes in AI-led collaboration.This study not only further enriches the theoretical system of human-AI collaboration in the workplace, but also provides management insights for enterprises to optimize the AI-employee collaboration and its effectiveness in the workplace.

Against the backdrop of the rapid development of the digital economy, emerging economic activities have promoted industrial upgrading and high-quality regional economic growth, while at the same time posing challenges to traditional tax systems that are based on an industrial economy.The mismatch between the digital economy and China's existing tax system has intensified tax-source misalignment, thereby hindering the advancement of coordinated regional development.Based on data at the provincial, county, and firm levels, this paper finds that tax-source misalignment is a widespread phenomenon under China's current institutional framework and is closely related to the development of the digital economy.In terms of underlying causes, the main reason lies in the existing tax allocation principles, under which corporate income tax is assigned to firms' places of registration while value-added tax is attributed to production locations, resulting in cross-regional mismatches between tax revenues and tax sources.On this basis, insufficient adaptability of the vertical tax-sharing mechanism, excessive competition for digital tax sources, and lagging tax administration capacity further affect tax inflows and outflows across regions, thereby exacerbating tax-source misalignment among regions.Accordingly, this paper proposes a set of systematic institutional optimization measures from four aspects: restructuring tax allocation principles to better adapt to new digital business models; establishing a scientific and refined vertical tax-sharing mechanism; regulating excessive competition among local governments to support the development of a unified national market; and building a collaborative tax administration framework based on digital platforms.These measures aim to construct a tax system and related institutional arrangements that are better suited to the digital economy, while mitigating the adverse effects of tax-source misalignment on coordinated regional development.

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.

The reform of budget performance management at sub-national level aims to achieve the policy goal of optimizing the allocation of financial resources.This article is based on data from 280 prefecture level cities from 2007 to 2021, and uses a multi period double difference method to explore the fiscal resource allocation effect of budget performance management reform at sub-national level.The research finds that the reform of budget performance management at sub-national level has the effect of adjusting the structure of financial expenditure and improving the quality of public services.Mechanism analysis found that the reform mainly exerts the effect of fiscal resource allocation by controlling the scale of administrative costs, improving the level of livelihood expenditures, and suppressing investment driven tendencies.In addition, the reform of the reform has a more prominent effect on the allocation of financial resources in coastal areas, regions with high economic and legal levels.At the same time, under the“dual linkage”mechanism, the growth levels of expenditures in different key areas have led to different impact effects of the reform on the allocation of financial resources.It is of great significance to fully utilize the fiscal resource allocation effect of reform, streamline the mechanism path for reforming and enhancing the efficiency of financial resource allocation, and reduce the imbalance of the fiscal resource allocation effect of reform, in order to better exert the fiscal resource allocation effect of reform.

The phenomenon of the“real to virtual”transformation of real enterprises is detrimental to the healthy stability of the capital market and the high-quality development of the economy, and it also has many adverse effects on corporate operations.We use data from A-share listed companies from 2009 to 2024 to examine the relationship between corporate financialization and stock mispricing.The results indicate that the financialization of listed companies significantly increases the level of stock mispricing, by exacerbating information asymmetry and triggering investor irrationality.ESG performance, internal control quality, analyst coverage, and investors' attention have negative moderating effects.Further research reveals that investors hold a favorable attitude towards corporate financialization, and management exploits this attitude to engage in market value management using financial assets while simultaneously engaging in concealment behaviors such as avoiding choosing the Big Four auditors and shunning institutional research.We demonstrate the causal relationship and influencing mechanism between corporate financialization and stock mispricing, providing certain guidance for the regulation of corporate financialization, rational pricing of stocks, and formulation of investment decisions.

Improving the distribution system is an inevitable means to properly address the issue of income disparity and promote common prosperity.To explore the impact of the tax-advantaged third pillar individual pension policy on income distribution, this paper, from the perspective of common prosperity, distinguishes middle and high-income groups and low-income groups, and constructs a two-period dynamic general equilibrium model to discuss the impact of the individual pension policy on income disparity.We find that an increase in the contribution rate of the third pillar individual pension, and the yield rate will worsen the income distribution and redistribution situation; while appropriately increasing the tax rate for withdrawal may improve the income redistribution situation.Further research reveals that among the three factors' influence on income distribution, the contribution rate of the individual pension has the greatest impact, followed by the yield rate.Based on the above conclusions, policy recommendations such as differentiated tax models are proposed, aiming to reduce the tax burden on low-income groups when they withdraw their pensions, while maintaining moderate regulation on the pension income of high-income groups.This approach seeks to enhance the fairness of the system while also taking into account fiscal sustainability.

Faced with the current contradiction between fiscal revenue and expenditure, can fiscal digitalization represented by the integrated budget management reform play a role in improving the efficiency of government budget expenditure? Using prefecture-level city data from 2015 to 2022, this paper explores the impact of budget digitalization on fiscal expenditure efficiency based on the quasi-natural experiment of the integrated budget management reform.The results show that:The integrated budget management reform can significantly increase fiscal expenditure efficiency by 2.89%.Mechanism tests reveal that the“vertical centralization”and“horizontal integration”characteristics of the reform help alleviate information asymmetry between superior and subordinate departments and integrate fiscal resources horizontally, thereby improving fiscal expenditure efficiency.Heterogeneity analysis finds that budget digitalization has more significant policy effects in regions with the“subcontracting construction”model, strong construction implementation capabilities, and backward fiscal expenditure efficiency before the policy implementation.Extended analysis shows that the integrated budget management reduces local governments' demand for borrowing and eases fiscal pressure, but has no significant impact on budgetary tax and non-tax revenues.This study provides policy implications for promoting fiscal budget reform and supporting the construction of budget digitalization.

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.

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.

Taking the constituent stocks of the CSI 300 Index from 2020 to 2024 as the research sample,this paper collects user posts and comment data from Eastmoney Guba via web crawler technology,and constructs a micro-level database containing more than 175 million records.Based on the Heuristic-Systematic Model(HSM),we accurately classify posts into fundamental analysis driven by systematic processing and technical analysis driven by heuristic processing,using a targeted fine-tuned FinBERT model adapted to the financial domain.On this basis,we construct metrics for measuring investors' information processing modes from the dual post-level and user-level dimensions,and empirically analyze their impact on stock idiosyncratic risk.The empirical results show that the proportion of the systematic processing mode is significantly and negatively correlated with stock idiosyncratic risk.This inhibitory effect is more pronounced at the user level,and exhibits a stronger magnitude in the high idiosyncratic risk interval.Mechanism tests reveal that systematic processing inhibits idiosyncratic risk through the dual channels of the information learning effect and the information transmission effect.Specifically,the former reduces disagreement among investors,while the latter shortens the average propagation path of information in the network.Together,the two effects mitigate disorderly market fluctuations triggered by irrational information processing and noise trading.The research findings enrich the behavioral finance explanations for the formation of idiosyncratic risk from the perspective of investors' information processing modes,and provide empirical evidence for improving market information efficiency and preventing stock market risks.

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.

This study investigates the impact of corporate green investment on capital structure through the non-debt tax shield effect, using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges in China between 2007 and 2022.The findings reveal that corporate green investment exhibits a significant negative correlation with interest-bearing debt levels.Moreover, when firms are in a“tax exhaustion state”,the non-debt tax shield effect of green investment is further strengthened, leading to a more pronounced reduction in debt financing.Additionally, industry heterogeneity analysis indicates that firms in the mining industry demonstrate greater sensitivity in debt levels to changes in green investment, while sectors such as electricity, heating, gas, and water production remain relatively stable.Tests on debt maturity structure heterogeneity show that the tax shield effect of green investment more significantly influences short-term debt, particularly under the“tax exhaustion state”,where firms exhibit stronger motivation to reduce short-term debt through green investment.On one hand, this study integrates green investment with the non-debt tax shield effect for the first time, thereby enriching the scope of research on non-debt tax shields.On the other hand, within the context of China's“dual-carbon”strategy, it proposes specific recommendations for optimizing green tax incentive policies to foster high-quality development of corporate green investment.

In contrast to prior research that has predominantly focused on the efficacy of inquiries and regulatory letters, this paper centers on the governance effects of self-regulation by stock exchanges. Drawing on empirical data from insider trading in market-value-management-oriented share buybacks, the study demonstrates that the“Share Repurchase Implementation Rules”introduced by the Shanghai and Shenzhen Stock Exchanges in January 2019(which were both revised to“Self-regulatory Guidelines for Listed Companies”in January 2022)have exhibited favorable governance impacts.These effects are specifically manifested in the mitigation of potential insider selling following the announcement of market-value-management-driven share buybacks.Furthermore, this impact is more pronounced in contexts with ineffective dispersed ownership supervision and weaker external governance, highlighting a complementary effect between the self-regulation of stock exchanges and internal governance structures as well as external governance environment.The research conclusions provide empirical evidences to support the shift in regulatory paradigms, the vigorous promotion of industry self-regulation, and the enhancement of the role of self-regulatory oversight by stock exchanges.

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.

With Chinese private family enterprises gradually transitioning into the second-generation succession phase, intergenerational succession has become a critical issue for both sustained corporate development and capital markets.This study empirically examines the impact and mechanisms of intergenerational succession and succession modes on investment efficiency in family enterprises, using data from family-owned publicly listed companies on the Shanghai and Shenzhen A-share markets between 2003 and 2022. The results indicate that intergenerational succession significantly enhances investment efficiency, with gradual succession modes being more effective in improving investment efficiency than radical ones. Further analysis reveals that the positive effect of intergenerational succession on investment efficiency is influenced by both internal organizational resilience and external clan culture.Specifically, enterprises with low organizational resilience and a strong clan culture experience more pronounced improvements in investment efficiency during intergenerational succession.Moreover, intergenerational succession enhances investment efficiency by reducing corporate strategic aggressiveness.In particular, with gradual succession, companies tend to adopt more conservative strategies and exercise greater caution in investment decisions, thereby achieving more substantial efficiency improvements.This study highlights the heterogeneous effects of intergenerational succession and expands our understanding of the transmission mechanisms through which intergenerational succession influences investment efficiency.The findings enhance our understanding of intergenerational succession in family enterprises and provide theoretical support for the selection of succession modes in family enterprises.

Previous studies have shown that controlling shareholders' share pledging will increase the scale of trade credit financing of Chinese companies, but the impact on trade credit mode is rarely discussed. Taking A-share listed companies from 2010 to 2021 as the research sample, this paper investigates whether controlling shareholders' share pledging will affect the mode of trade credit from the perspective of the relationship between suppliers and companies.It is found that, compared with the companies without controlling shareholders' share pledging,the companies with controlling shareholders' share pledging will use more trade credit modes with higher transaction costs in their relations with suppliers.Further research reveals that:controlling shareholders' share pledging affects the mode of trade credit between companies and suppliers by increasing the tunneling and earnings management of controlling shareholders;only when the share pledging funds are invested in the controlling shareholders or the third parties, controlling shareholders' share pledging will play a role in the mode of trade credit between companies and suppliers;more media reports,higher analyst's attention and higher internal control quality will reduce the impact of the pledge of controlling shareholders' share on the adoption of high cost trade credit modes.This paper not only enriches the literature about the controlling shareholders' share pledging and the trade credit mode, but also provides reference for the rational use of trade credit and the effective supervision of relevant institutions on the companies with controlling shareholders' share pledging and the trade credit market environment.

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.

Based on the data of local financing platforms in China from 2015 to 2022, we study the impact of the downward trend of land finance on the debt risks of local financing platforms and its spillover effects.We found that the decline in land revenue will promote the expansion of the debt rollover scale of financing platforms, and this effect shows heterogeneity due to the characteristics of financing platforms and regions.Mechanism analysis shows that the decline of land revenue mainly affects the debt rollover of financing platforms by reducing the fiscal subsidies obtained by financing platforms and interest coverage ratio.In Further analysis we found the decline of land revenue will weaken the market's implicit guarantee expectations for financing platforms, thus increasing the debt rollover cost of financing platforms, resulting in increased potential risks for financing platforms.Spillover effect analysis shows the expansion of the debt rollover scale of the financing platform will lead to the transfer of fiscal risks to financial sector, prompting city commercial banks to raise their liquidity hoarding levels.The study provides an empirical footnote for the central government to launch a package debt policy, and also provides policy inspiration for preventing the spillover of local implicit debt risks and dealing with the risks of small and medium-sized financial institutions.

Urban ecological resilience is the key to supporting ecological civilization construction and urban sustainable development.Based on the panel data of 285 prefecture-level cities in China from 2007 to 2023, this paper uses the progressive difference-in-difference model, double machine learning and a series of robustness tests to study the effect, transmission mechanism and heterogeneity of the pilot policy of“comprehensive demonstration city of energy-saving and emission-reduction fiscal policy”on urban ecological resilience.The study found that:the“energy conservation and emission reduction”policy can significantly improve the urban ecological resilience, and the positive impact of the policy remains robust after multiple tests.The policy effect is transmitted through the three-level path of“central-local coordination, government-enterprise linkage, and government internal drive”,the central-local coordination has the greatest impact, followed by government-enterprise linkage, while the government internal drive is limited by local financial constraints and traditional performance appraisal orientation, and the effect is relatively weak.In the heterogeneity analysis, the policy empowerment effect of cities south of the Hu Huanyong Line, key environmental protection cities and cities with a net population inflow is more prominent.The research provides theoretical support and practical reference for improving the fiscal policy system, optimizing regional ecological collaborative governance, and formulating ecological resilience improvement strategies that adapt to different urban characteristics.