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.

Enterprise digital transformation affects the performance of enterprises in achieving goal and result under a certain resource, condition, and environment in the process of enterprise operation through transaction cost and investment benefit.Based on the production process and factor allocation theory of economic production theory, the author constructs a research model on the impact mechanism of enterprise digital transformation on performance, and empirically tests the structural relationship between enterprise digital transformation and enterprise performance through two basic mediating variables, transaction cost and investment benefit, and its operation mode constrained by changes in the direction and degree of other related factors, using relevant valid data of China A-share listed companies from 2007 to 2022.The empirical test results confirm that enterprise digital transformation is positively correlated with performance; the impact of enterprise digital transformation on performance is achieved through transaction cost and investment benefit, and is also regulated by factors such as intellectual property protection, high-tech enterprise qualifications, and labor intensity.This study follows the basic principle that enterprises achieve output growth and efficiency improvement through combinative factor and innovative technology, empirically studies the mechanism that enterprise digital transformation affects performance.This research expands the application boundary of economic production theory, enriches the existing literature on enterprise investment and cost management, and provides theoretical basis for accelerating digital transformation to improve enterprise performance.

Higher education plays a crucial role in enhancing upward social mobility.However, whether the rapid expansion of higher education in China has undermined its function in promoting social mobility has yet to be thoroughly examined from both theoretical and empirical perspectives.This study examines the changing role of higher education in fostering social mobility in the context of university enrollment expansion.Theoretically, the study underscores the diminishing marginal returns of higher education as a driver of social mobility.Empirically, using four waves of cross-sectional data from the Chinese General Social Survey(CGSS)and employing an IV-Probit model, the study examines the medium-and long-term effects of enrollment expansion on social mobility.We find that higher education significantly enhances individual social mobility, but this effect follows an inverted U-shaped trajectory as enrollment expansion progresses, peaking when the college admission rate reaches 57%.Moreover, the role of higher education in social mobility is heterogeneous.Bachelor's degrees contribute more to upward mobility than associate degrees, and institutions under central administration exhibit significantly stronger effects than ordinary universities.Furthermore, enrollment expansion has widened disparities in the social mobility effects of different tiers of higher education.

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.

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.

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.

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.

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.

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.

This study employs social network analysis to construct an investor interaction network and investigates how retail investors' engagement on social financial platforms influences stock price crash risk.We find that investor interactions on stock forums significantly elevate crash risk, and the mechanism analysis confirms that the emotional effects induced by such interactions are a key contributing factor.Furthermore, the impact of social interaction on crash risk is asymmetric across different macroeconomic conditions, with stronger effects observed during bear markets, economic downturns, and periods of heightened policy uncertainty.Additional empirical evidence suggests that analyst coverage can effectively mitigate the crash risk associated with social interaction, whereas news media coverage tends to amplify it.This study contributes to the literature by offering novel insights into the role of collective irrationality in the digital economy.It also provides theoretical and practical guidance for regulators aiming to manage financial sentiment, shape investor behavior, and contain systemic market risk.

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.

The development of supply chain finance is a key strategy for improving the financing environment for SMEs and enhancing the modern financial system with Chinese characteristics.This paper empirically examines the impact of supply chain digitization, under policy guidance, on the adoption of supply chain finance by firms, using data from A-share listed companies in Shanghai and Shenzhen between 2011 and 2021.The study finds that supply chain digitization significantly incentivizes firms to engage in supply chain finance.Mechanism analysis shows that supply chain digitization promotes the adoption of supply chain finance by improving access to financial resources and controlling financing costs.Heterogeneity analysis indicates that the incentivizing effect is more pronounced when financial technology development is low, banking competition is high, and for firms with a strong reputation and low industry competition.Additionally, engaging in supply chain finance improves corporate performance and enhances supply chain efficiency.The paper provides practical guidance for advancing the development of supply chain finance and offers empirical evidencs for understanding the micro-effects of supply chain digitization and promoting supply chain stability.

The phenomenon of“low consumption and high savings”among Chinese residents has not been fundamentally improved.Based on China Household Finance Survey(CHFS)data from 2013 to 2019, we comprehensively discuss how household financial vulnerability and house-purchasing behavior affect household consumption.The results show that the household financial vulnerability index significantly negatively affects household consumption, and household house-purchasing behavior shows a significant negative moderating effect.The stickiness of household consumption in China can weaken the negative moderating effect of house-purchasing behavior on household consumption.The mediating effect of different types of credit constraints on financial vulnerability, house-purchasing behavior, and consumption show obvious heterogeneity.Specifically, the house-purchasing behavior of financially vulnerable households mitigates the declining trend in household consumption by decreasing asset-based credit constraints.On the contrary, it exacerbates vulnerability-based credit constraints, leading to further reduction in consumption.In addition, the impact of household financial vulnerability and house-purchasing behavior on consumption has obvious heterogeneity characteristics from the perspectives of polarization level of social security expenditures and urban-rural differences.Therefore, to effectively promote household consumption and alleviate the phenomenon of“low consumption”in economic development, great importance should be attached to improving the financial health of households and taking effective measures to alleviate the heavy debt burden of households brought about by the“mortgage slave”effect.

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.

In the current climate of economic slowdown and tight fiscal balances, the topic of fiscal sustainability has captured the attention of society at large.Land finance, a crucial revenue-generating mechanism for local governments, presents a double-edged sword.While it broadens local revenue streams, it concomitantly heightens potential fiscal risks.This study utilizes prefecture-level city data from 2011 to 2021 to investigate the impact of land finance on local fiscal sustainability and its underlying mechanisms.The findings reveal that land finance significantly contributes to fiscal sustainability, exerting its influence through two key channels: population size and infrastructure development.Moreover, the impact varies across different locations and population demographics.The author contends that when engaging in land transfer, local governments must holistically account for aspects such as residents' livelihoods, population policies, and urban construction. This approach ensures that land transfer aligns with regional economic development strategies and urban planning, thereby achieving a win-win scenario of augmenting fiscal revenue and driving urban growth.

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.

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.

Promoting high-level financial openness constitutes a critical strategic task in constructing a new development pattern.As China's financial market integration with global markets intensifies, the transmission channels for external risk shocks have become increasingly diverse.Based on micro-level cross-country panel data from 6 168 global equity funds across 26 countries from 2004 to 2020, this paper develops an international asset pricing model incorporating dual transmission mechanisms of geopolitical risk to examine the impact of country-specific geopolitical risk on cross-border equity capital flows.Empirical results demonstrate that country-specific geopolitical risk generates an inverted U-shaped nonlinear effect on cross-border equity capital flows by influencing global equity funds' risk premium pursuit and risk-averse behaviors.When risk remains below a critical threshold, it promotes capital inflows and triggers capital outflows once exceeding this threshold.This effect is more pronounced among passive funds, emerging markets, and countries with low capital account openness.By constructing a fund network spillover index, this study further identifies significant positive spillover effects whereby geopolitical risk in one country affects cross-border equity capital flows in other countries through global equity fund networks.This research enriches cross-border capital flow theory and provides theoretical foundations and policy implications for mitigating cross-border capital flow disruptions precipitated by geopolitical risks, with significant implications for national financial security.

The development of digital economy has reshaped the demand structure of labor skills and challenged the traditional human capital theory.Based on the job task model and the assumption that cognitive skills and noncognitive skills are inseparable, we construct a general equilibrium model, and use the CFPS data of 2018 to explore the impact of digital economy on the return to different types of skills and how it affects the gender wage gap in the Chinese labor market.We find that the development of digital economy leads to the increase of employment in non-routine work tasks and the increase of wage return on noncognitive skills, so that workers with higher noncognitive skills can get higher wage return, which is mainly realized by promoting the increase of career choice probability of non-routine work tasks and the increase of social capital investment.We also find that the development of digital economy helps to narrow the gender wage gap, but due to the gender difference in the return to noncognitive skill, the gender wage gap in routine work tasks is constantly widening.Therefore, while promoting the development of the digital economy, government departments should focus on the development and cultivation of workers' noncognitive skills in order to adapt to the reshaping of the structure of labor skills demanded by the development of the digital economy and to promote wage growth.

The banking industry constitutes the primary segment of China's financial industry, and the reliable functioning of systemically significant banking institutions is imperative for financial security and social stability.Using the TENET approach, we investigate the network characteristics of China's systemically important banking and their risk contributions under extreme event shocks by incorporating a nonlinear connectivity function.The findings indicate that the tail risk network of systemically important banks exhibits distinct dynamic correlation and network centrality attributes.During extreme events, large state-owned banks exhibit heightened network correlation strength and dominate risk contribution, while joint-stock commercial banks progressively augment their risk absorption capacity.The enlightenment derived from this paper is that, against the backdrop of China's accelerated efforts in building a financial powerhouse, regulatory authorities ought to fully consider the time-varying characteristics of the tail risk network.In this way, strengthen the identification and determination of systemically important banks during crisis periods, and firmly safeguard the bottom line of preventing systemic risks from occurring.