笔者以2008—2020年294个地级市和A股上市公司为研究样本，实证检验了财政竞争策略对企业税负粘性的影响及作用机制。研究发现，税收竞争会缓解企业税负粘性，且这一作用在国有企业和高成长性企业中表现更为明显；财政支出竞争会缓解企业税负粘性，且这一作用在高市场化水平地区、国有企业、高成长性企业中表现更为明显。作用机制表明，税收竞争会通过给予企业税收优惠和降低税收努力的方式降低企业税负粘性；财政支出竞争会通过促进企业融资行为和投资行为的方式降低企业税负粘性，同时会通过提高税收努力来强化企业税负粘性，后者会产生部分遮掩效应。策略互动效应分析表明，财政支出竞争缓解企业税负粘性的作用略大于税收竞争，且两者存在一定的策略替代关系。

混合所有制改革是当下我国经济体制改革的主要任务，在防范化解重大金融风险和促进金融与实体经济良性循环的时代背景下，其能否缓解民营企业的投融资期限错配问题，不仅关乎着民营企业能否做强做大，更影响着经济的高质量发展。本文基于民营企业参与混合所有制改革的“逆向混改”视角，以2009—2020年我国A股民营上市公司为样本，研究了国有资本参股对民营企业投融资期限错配的影响。研究发现，国有资本参股显著降低了民营企业投融资期限错配程度，且这一作用在国有资本参与度高、地方层级国有资本参股以及经济政策不确定性较大时更为明显。机制检验的结果显示，国有资本参股通过发挥“资源效应”和“监督治理效应”缓解民营企业的投融资期限错配。本文的研究为民营企业如何通过混合所有制改革来完善其投融资行为和防范化解金融风险提供了有益借鉴和政策启示。

新质生产力是经济高质量发展的内在要求，是实现中国式现代化和共同富裕的重要支撑。“发展新质生产力，必须进一步全面深化改革，形成与之相适应的新型生产关系。”税收属于生产关系范畴，税制改革是经济体制改革的重要内容，是新质生产力生成和发展的重要催化剂。笔者以马克思、恩格斯生产力理论和习近平经济思想为理论基础，分别从三次产业革命的历史视角和新质生产力的生成视角，探讨了税制改革赋能生产力的历史作用和生成机制，并以完善社会主义基本经济制度为基本原则，从建立新型举国体制、建设现代产业体系和高标准市场体系三个维度提出税制改革赋能新质生产力的实践路径，为当前和未来阶段开展税制改革和发展新质生产力提供新的参考。

人口老龄化加剧使延迟退休呼声不断。本文将延迟退休纳入内生增长理论模型框架中，综合考虑延迟退休的资本积累效应、技术进步效应和生育效应，分析强制延迟退休和弹性退休两种退休模式对经济增长的影响。研究发现：预期寿命延长对生育率和经济增长具有抑制作用，但实施延迟退休政策能够抵消此负面作用，预期寿命延长会使老年人愿意提供更多工作时间；尽管延迟退休会使储蓄下降，但延迟退休对生育率和技术进步的正向作用超过了储蓄下降的负向作用，表明延迟退休有利于经济增长；弹性退休模式下的生育率和人均产出增长率均高于强制延迟退休对应数值，表明弹性退休模式更有利于促进生育率和经济增长。因此，建议中国应推行允许个人可以在一定年龄范围内自主选择退休年龄的弹性退休政策，这将有利于促进生育率回升和经济增长。本文在一定程度上丰富了延迟退休与经济增长的理论研究，并为实施弹性退休政策提供了理论借鉴。

笔者基于手动搜集全国区县的预决算公开数据，构建了2018年与2019年区县级政府的财政收支数据库。通过分析区县级政府各项财政收支的典型事实，研究发现：区县级政府税收收入占一般公共预算支出比值的全国中位数不到20%；货物和劳务税类收入占区县级政府税收收入比重的中位数约60%；来自上级（各级）政府的转移性收入占一般公共预算支出占比中位数约为80%；土地三项与一般公共预算支出比值的全国中位数约为10%。因此，从更长时期看，考虑增加区县级政府财产类课税如房地产税收入占比，增加财政收入的稳定性；房地产税本身的税制设计中，需要结合本国国情更多考虑有利于收入稳定的元素；应进一步减少对转移支付的依赖程度，提高自有收入占比，提高财政资金使用效率；应减少对土地出让的依赖程度，逐步调整区县财政的运行模式，服务于现代财政制度的构建。

Article 25 of the Opinions on Promoting the Development and Growth of the Private Economy issued by the Party Central Committee and the State Council in July 2023 proposed to“comprehensively establish close and clean government-business relationship.”At present, the establishment of close and clean government-business relationship has become a major theoretical and policy innovation to promote the high-quality development of the private economy.Therefore, this paper takes the digital transformation of private enterprises as an entry point.Based on the data of A-share private listed companies from 2011 to 2022, the study finds that: government-business relationship can significantly promote the digital transformation of private enterprises; the positive impact of government-business relationship on digital transformation is more significant in private enterprises with state-owned enterprises' shareholding. The heterogeneity tests of all dimensions of digital transformation show that: firstly, close and clean relationships have significant positive impacts on strategic leadership, environmental support and digital outcomes, repectively.Secondly, close releases significant effects in technology drive, organizational empowerment and digital application, while close has no significant effect.Further research also finds that government-business relationship can enhance private enterprises' motivation for digital transformation by incentivizing them to bring in R&D personnel, increase R&D investment, and alleviate financing constraints. The research provides policy inspiration and practical guidance for local governments to build a new type of government-business relationship to promote the high-quality development of private economy.

加快发展新质生产力，是扎实推进高质量发展的要求，是推动中国式现代化的必由之路。加快发展新质生产力，需要准确把握新质生产力概念和新理念。加快发展新质生产力需要注意的主要问题包括：做到传统生产力和新质生产力的有机结合；处理好产学研关系；处理好市场与政府的关系；正确处理好短期和中长期的关系；立足各地不同的基础条件；全面深化改革开放。加快发展新质生产力，关键在科技创新。文章从企业科技创新、人才政策和教育发展三个方面分析了加快发展新质生产力的财政力量。

21世纪以来，伴随着经济的发展，我国房价快速增长，住房财富成为家庭财富中最主要的部分之一，是家庭储蓄的重要影响因素。党的二十大报告中明确指出：“要着力扩大内需，增强消费对经济发展的基础性作用。”如何降低家庭储蓄，进而增进家庭消费，已成为学界和政府关注的重大课题。2006年起，政府陆续颁布了一系列住房政策，面积小于或等于90平方米住房的首付比例及税负大幅下降，造成住房价值增长率在90平方米左右出现间断。本文利用住房政策冲击造成的不连续性设计断点回归，使用中国家庭金融调查（CHFS）数据，探究了住房财富对城镇居民家庭储蓄的影响。研究发现，意外的住房财富增加显著提高了居民的家庭总储蓄，这一影响在中年群体、背负债务的群体以及工作不稳定的群体中更加显著。因此，政府在进行住房政策改革的时候要密切关注政策对不同群体产生的影响。本文的实证发现对于扩大国内需求，培育更多经济增长动力源，实现高质量发展有着重要的意义。

明晰需求端政策调控对二手房和新房市场的影响效应具有重要的现实意义。本文以“认房认贷”政策作为研究对象，运用时间断点回归模型，分析2022年部分二三线城市“认房认贷”政策放松对二手房和新房成交量价的影响以及两个子市场的联动规律，并进一步检验政策放松的空间挤出效应。研究发现，“认房认贷”政策放松显著增加了二手房的成交量，并减缓了二手房成交价格的下行趋势，但政策生效存在1~2个月的时滞。然而，二手房市场流动性增强挤出了新房市场的改善性住房需求，使得大户型新房成交量显著减少，并带来当期新房成交价格的下降。此外，高能级城市“认房认贷”政策的放松对周边低能级城市住房交易有较强的挤出效应，对小中大户型的新房交易均有持续显著的抑制效果。据此提出要因城施策引导刚性和改善性购房者分流。

党的二十届三中全会《决定》提出“完善城乡融合发展体制机制”。县域作为城乡融合发展的基本单元，其土地要素空间配置对县域经济发展具有重要作用。城乡建设用地增减挂钩政策是国家促进城乡土地要素空间流动和优化配置的举措之一，但其对社会经济发展的价值和贡献往往被忽视，且存在争议。本文使用全国2006—2022年县域内增减挂钩项目数据，采用双向固定效应模型评估了县域内实施城乡建设用地增减挂钩对经济增长的影响。研究结果表明，县域内增减挂钩政策的实施显著提高了地区生产总值水平，在推动县域经济增长方面具有正向政策效应。县域内增减挂钩通过优化城乡土地资源配置和充实地方政府财政收入，推动了县域经济发展。在东部沿海地区和邻近中心城市的地区、财政自给率较高的地区以及市场化水平较高的地区，增减挂钩对县域经济增长的促进作用更大。研究结论对进一步完善和改进城乡建设用地增减挂钩政策，建设统一的土地资源要素市场提供了有益参考。

The mechanism by which organizational resilience affects innovation efficiency in enterprises exhibits heterogeneity.Based on the theory of dynamic capabilities, the author used effective data from“specialized, refined, differential, and innovative”(SRDI)companies listed on the A-share market in China from 2013 to 2022 as research samples.Using data envelopment analysis, the author empirically tested the correlation and heterogeneity between organizational resilience and corporate innovation efficiency from two dimensions: performance growth and financial volatility.The test results confirm that financial fluctuations in enterprises are negatively correlated with innovation efficiency, while performance growth is positively correlated with innovation efficiency; The impact of partial intermediary organizational resilience on enterprise innovation efficiencyby alleviating financing constraints and enhancing their dynamic capabilities; The mechanism by which organizational resilience affects innovation efficiency in enterprises is reflected in heterogeneity across different regions, ownerships, industries, and levels of innovation efficiency.This study empirically tests the correlation between the performance growth and financial volatility of two dynamic capability indicators of Chinese SRDI enterprises and their core competitiveness-innovation efficiency.It expands the application boundaries of dynamic capability theory and enriches the existing literature on strategic management theory.The research conclusions help provide a theoretical basis for enterprises to enhance organizational resilience and improve innovation efficiency in dynamic, complex, and uncertain environments.

With the rapid development of digital economy in China, the pursuit of common prosperity is accelerating, concerns arise as to whether the artificial intelligence(AI)will widen the wage gap? By incorporating skill training into the task model, we analyze the impact of AI on wage gap and the mechanism by which skill training can help reduce this gap.We finds AI can increase workers' wages significantly, but it also enlarges the wage gap between the high-skilled and low-skilled workers.Skill training, by enhancing workers' professional abilities and their skills-job match, helps reduce the wage gap.We also find AI widens the wage gap between the middle-aged and the younger or older workers, the formal and informal workers, as well as the wage gap between big and small cities, AI developed and AI less-developed cities, while skill training helps disadvantaged workers and regions gain a higher pay, narrow the wage gap.The research finding reveals skills training helps workers share the benefits of AI and accelerates the achievement of common prosperity.

This paper investigates the impact of housing price appreciation on corporate leverage through the change of collateral value, verifying the collateral channel.Based on the theoretical model, this paper empirically tests how collateral value volatility affects the corporate leverage with public listed companies data and housing price data of 35 big cities in China from 2003-2020.We find that real estate assets hold by a corporate has a significantly positive impact on its debt-asset ratio.Besides, housing price appreciation directly influences the collateral value and then affects firm's debt financing behavior as well as leverage ratio, namely, through the collateral channel.Collateral value increase brought by housing price appreciation make firms willing and able to take on more debt, with increasing leverage.

Global climate change has raised concerns among governments and investors about the transmission of climate risks to the stock market, further driving the demand for effective financial tools. This paper analyzes climate risks in global stock markets to support China in developing green finance policies, enhancing the resilience of the financial system, accelerating innovation in green financial products, and promoting the sustainable transformation of capital markets.The study, based on daily return data from the Climate Change Index and nine stock industry indices from 2013 to 2023, uses the Copula-CoVaR model to explore the contagion effects of extreme climate risks on industry tail risks.The results show that climate change significantly impacts the stock market, particularly in energy-related industries such as electricity, fossil fuels, and renewable energy.To effectively mitigate climate risks, the paper constructs a GARCH hedging model based on the contagion risk model, calculates the optimal hedging ratios between the Climate Change Index and each industry index, and evaluates their risk-hedging effects.The findings indicate that the Climate Change Index has a significant risk-hedging effect across all industries.This research provides valuable insights for market participants in managing market risks, formulating investment strategies, and asset pricing, effectively reducing the impact of climate change risks on investors.

Financial resources, as the most liquid factor of production, exhibit distinctive spatial non-equilibrium distribution patterns, consistently clustering in central cities.In contrast, the manufacturing sector, which is increasingly relocating to peripheral cities, faces significant financing challenges due to limited access to financial resources.This study employs a new economic geography model to conduct multidimensional numerical simulations, utilizes artificial neural networks to quantify financial agglomeration, and applies spatial SARAR models for empirical analysis.The findings reveal that:(1) financial resource agglomeration in cities enhances local manufacturing financing, with the effect being particularly pronounced in urban agglomerations;(2) in underdeveloped regions, central cities exert a siphoning effect on peripheral manufacturing financing, whereas in developed regions, this relationship manifests as a radiation effect;(3) spatial spillover patterns vary across regions as distance increases: nationwide trends display an inverted U-shape, underdeveloped regions exhibit linear decay, and developed regions follow a distinctive pattern;(4) key factors such as information transmission efficiency, transportation accessibility, functional division of labor within urban agglomerations, and market segmentation significantly influence the spatial spillover of financial agglomeration.Based on these findings, the study advocates for promoting rational division of labor and coordinated development among cities, harnessing the financial radiation effects of central cities, and encouraging cross-regional bank operations as critical policy measures.

新质生产力强调颠覆性技术革命、产业转型升级与生产要素的创新配置。新质生产力不仅重塑了产业链与供应链的格局，也带来了前所未有的挑战。在这一变革的浪潮中，颠覆性技术革命引领产业转型升级，深度融合的新业态推动产业链形态向网络化演进，新型要素的应用促进供应链智能化转型。数字平台等新兴模式的崛起，进一步催生了供应链组织形式的深刻变革。与此同时，新质生产力也从主体、结构、环境三层面对产业链供应链安全提出了新要求。新质生产力的加快发展，以及产业链供应链的安全与稳定，都依赖于财政的坚实基础与有力支撑。在此背景下，笔者探讨了财税政策在促进产业协调发展、推动企业创新融合、保障链条循环畅通、构建统一大市场、优化营商环境以及吸引新型要素流入等多方面的着力点，并对当前财税政策存在的问题和不足进行了系统分析。为此，应从新阵地、新转换、新基础、新格局、新循环、新环境和新协同七个方面谋划财税政策，以期达到产业链供应链安全与发展新质生产力协同共进的战略目标。

非税收入作为税费改革的重点，是深化供给侧结构性改革中降成本的核心与关键。纵观世界各国税收收入和非税收入的演变，尽管比例不同，但都有一个共同特点，就是经济增长与税收呈现同向关系，与非税收入呈现反向关系。2018年以来我国经济下行压力加大，税收收入增长缓慢，地方政府倾向于寻求新的财源，使得非税收入规模呈现异常增长态势。笔者利用省级预算审查监督条例立法的准自然实验，借助1999—2019年省级面板数据研究人大预算监督对地方政府非税收入的影响。研究发现：（1）在已实施省级预算审查监督条例的地区，非税收入预决算规模均有所下降；（2）异质性分析表明，在新《预算法》实施后和财政分权度更高的地区该效应更强；（3）机制分析表明，地方人大主要是通过加强对行政事业性收费的监督，进而压缩非税收入规模。本文结论进一步丰富了税费政策相关的研究，而且对更好权衡减税降费政策与地方财政可持续之间的关系，完善非税收入和人大预算监督体系构建提供了实证证据和经验借鉴。

This paper takes A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as a research sample to empirically test the impact of computing infrastructure investment on the new quality productivity of enterprises.The results show that the increase in regional computing infrastructure investment can significantly improve the level of new quality productivity of enterprises, and the improvement of the level of digital intelligence and internal control quality of enterprises is an important mechanism to improve the level of new quality productivity of enterprises.Further analysis shows that the coordination and combination of promising government, effective market and aspiring enterprises can strengthen the promotion effect of computing infrastructure investment level on the new quality productivity of enterprises, that is, enterprises with more government subsidies and tax incentives, enterprises in areas with fierce market competition and high degree of market integration, and enterprises with strategic management vision and CEO information technology background can make full use of computing infrastructure to improve their new quality productivity level.In addition, the role of computing infrastructure investment in promoting the new productivity of enterprises is particularly significant in high-tech industries and strategic emerging industries.This paper is helpful to understand the mechanism and effect of computing infrastructure investment, and provides empirical evidence and policy enlightenment for local governments to promote the development of new quality productivity of enterprises through computing infrastructure investment.

本文研究在应对贸易一体化时我国不同技能劳动者之间的工资差距和技能分布如何作出相应的反应。利用2010—2020年期间中国家庭追踪调查（CFPS）数据、联合国贸易数据（UNComtrade）等构造面板，在控制内生性问题的基础上，估计结果表明贸易对以所受教育为基准的中级和初级技能劳动者之间的工资差距有负面影响，对高级和中级技能组间的工资差距则有积极影响。且前者对于劳动技能的均值和分布具有负向作用，后者则有正向作用。因此，外贸活动会诱发技能极化，而工资差距解释了由贸易导致技能极化作用的50%。此外，在中年工人组以及高技术密集型行业中，收入差距特别是高中级技能组间的收入差距所带来的技能极化问题更为突出。鉴于一国的技能分配会长远地影响到未来的经济增长和不平等，因此，了解工资收入分配的变化并在政策设计中予以充分考虑至关重要，本文在劳动保障和教育支持等方面提出了相关的政策建议。

The digital economy has an increasingly far-reaching impact on the inter-governmental financial relations, which provides a new opportunity to stimulate the initiative and creativity of local governments.Based on the research perspective of local government's“competitive advantage”development strategy, this paper constructs a quasi-natural experiment with the pilot policy of“Broadband China”, and uses a dual machine learning model to investigate the impact of digital economy on regional tax competitiveness and its internal mechanism.It is found that the digital economy can release the fiscal incentive effect by reducing the vertical fiscal imbalance and strengthening the horizontal tax competition, and effectively improve the level of local tax competitiveness, and this effect is more significant in the cities that pay more attention to new quality productivity, receive more transfer payments, and provide better basic public services.Furthermore, the development of digital economy can also promote the improvement of the tax competitiveness of surrounding cities through the spatial spillover effect, and the spillover effect is the best in 200~400km.In addition, despite the increasingly fierce tax competition among local governments in the digital economy environment, this competitive behavior is no longer the traditional“race to the bottom”, but has turned to the benign competition aimed at improving regional tax competitiveness.Therefore, we should actively promote the development of digital economy, further release the fiscal incentive effect under the decentralization system, enhance the economic enthusiasm and autonomous ability of local governments, and guide local governments to regulate competition through the construction of a scientific and reasonable tax competitiveness evaluation system, so as to spontaneously achieve inter-regional tax coordination.