With the development of the digital economy, commercial banks are actively engaging in the wave of digital transformation.This paper explores how digital transformation influences the non-interest income of commercial banks.It elaborates on the mechanisms through which digital transformation affects non-interest income.Based on data from 135 commercial banks from 2011 to 2021, the study examines the impact of digital transformation on non-interest income and analyzes the moderating roles of banking industry competition and net interest margin in this relationship.The results show that digital transformation significantly increases the level of non-interest income in commercial banks.Both banking competition and net interest margin serve as moderators: the positive effect of digital transformation on non-interest income is more pronounced in regions with higher banking competition, and the effect is also enhanced as the net interest margin declines.Heterogeneity analysis reveals that the impact of digital transformation on non-interest income is more significant for state-owned banks.Banks with lower capital adequacy ratios are more affected by digital transformation in terms of non-interest income, and the effect is particularly evident in fee and commission income.Therefore, banks should seize the opportunities brought by digital transformation and leverage digital technologies to promote diversified business development.

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.

As a critical fiscal policy instrument, local government special bonds play a vital role in strengthening infrastructure, shoring up weak links, benefiting the people, and expanding investment. Under the background of China's implementation of a comprehensive debt resolution package for local government liabilities, large-scale swaps of implicit liabilities, and the planning of a new round of fiscal and taxation system reforms, further deepening the reform of the special bond system holds significant implications for mitigating local debt risks, enhancing the efficiency of special bond fund utilization, and promoting sustainable development of Chinese-style modernization.This paper systematically reviews the evolution of China's local government special bond system across three phases: the pilot phase in 2009, the formal issuance stage in 2015, and the standardization phase post-2017. It analyzes the problems existing in the current special bond system from the perspectives of bond issuance velocity, maturity structures, investor composition, project repayment mechanisms, issuance documentation, and project management practices.Furthermore, it dissects the root causes of these issues through lenses of institutional design, exceptional period, interdepartmental coordination, and intermediary agency. Building on this analysis, the paper proposes policy recommendations, including modifying the basic system of special bonds to better align with China's socio-economic realities, substantially scaling down special bond issuance while expanding general bond issuance, and establishing a new debt risk control mechanism to maintain liability-to-GDP and debt-to-revenue ratios within a reasonable range.

Establishing a promotion assessment system for local officials that aligns with the main theme of economic and social development is of great significance for improving the incentive and restraint mechanisms for promoting high-quality development.This is an effective measure to help high-quality regional development through institutions, and also an important reform task set out at the Third Plenary Session of the 20th Central Committee of the Party of China.Therefore, we first quantitatively measures the level of high-quality regional development using a hierarchical dynamic factor model, and then introduces it into the study of official promotion, deeply explaining the objective change rules of the official promotion assessment system.We find that remarkable achievements have been made in high-quality economic development in recent years, showing a trend of“steady progress”.We also find that high-quality development has become the core indicator in the promotion evaluation for officials at this stage.Besides, the“GDP championship”type of official promotion system has disappeared, replaced by high-quality development goals.At the same time, healthy competition aimed at high-quality development does not lead to the phenomenon of“beggar-thy-neighbor”.Although the“high-quality development competition”is a healthy competition, it may lead to some contradictions.According to these findings, governments at all levels should rationally pursue high-quality development goals, anchor the continuous promotion of high-quality economic development, and comprehensively assist in the construction of a modern socialist powerful country.

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.

Firms' financing constraints are influenced by the external environment.Whether government digital transformation can improve the local market environment and thereby alleviate firms' financing constraints is an issue worthy of attention.This paper uses the county-level e-government pilot program which launched at the end of 2011 as a quasi-natural experiment and employs the difference-in-differences(DID) method to examine the impact of local governmental digital transformation on enterprises' financing constraints.Our findings indicate that government digital transformation significantly alleviates firms' financing constraints.Mechanism analysis suggests that corruption reduction and regional financial development are key channels.Moreover, the mitigation effect is more pronounced for firms receiving industrial policy support.Further investigation reveals that government digital transformation facilitates corporate access to financing through multiple channels, such as commercial credit, and leads to an increase in the proportion of long-term loans.This study extends the literature on the microeconomic consequences of government digital transformation from the perspective of corporate financing constraints and provides valuable insights into the deepening of digital government construction and administrative system reform.

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.

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.

In the context of deep integration between financial markets and the real economy, building effective economic risk monitoring and early warning indicators is of great practical significance for maintaining financial market stability and promoting high-quality economic development.This article first uses data containing financial text emotions to construct China's Financial Condition Index(FCI) based on a time-varying parameter multi-layer factor augmented vector autoregression(TVP-MFAVAR) model, and then incorporates it into the research framework of Economic Growth at Risk(GaR) to measure China's GaR.Finally, a Markov regime transition skewed normal model containing FCI is constructed to identify its warning information for economic risks.Research has found that: Firstly, FCI containing financial textual emotions can more timely and accurately reflect the time-varying characteristics of financial markets, and has stronger foresight and stability compared to traditional FCI.Secondly, based on the perspective of financial markets, GaR can effectively capture the dynamic evolution characteristics of economic risks under the impact of major events.Especially under the impact of extreme events, the influence of financial markets on economic risks has significantly increased.Thirdly, the probability distribution of China's economic growth presents two states: high-risk and low-risk, with significant“inertia”characteristics and“ratchet”effects.As the risk state shifts from high to low, economic growth expectations increase, the fluctuation range narrows, and downward pressure decreases.Fourthly, FCI's early warning capability for economic risks has a state dependent characteristic, exhibiting stronger warning effects in high-risk areas.This study constructs a new paradigm for economic risk measurement and early warning based on the perspective of financial markets, providing a theoretical basis for preventing financial risks and maintaining macroeconomic stability.

Using the“two modernizations”integration and standard implementation pilot of the Ministry of industry and information technology as the exogenous impact of enterprise digital transformation, we construct a difference in difference model to explores the impact of customer digital transformation on auditors' allocation in CPA firms, based on data of China's A-share manufacturing listed companies during 2010-2020.The results show that the probability of assigning auditors with IT background to customers is significantly increased after the digital transformation of customers, especially auditors from the headquarters and less busy.The effect is more pronounced in companies that undergo financial or management digital transformation, locate in regions with weaker digital environment, and in accounting firms with better quality management.Further research reveals that assign IT background auditors to digitally transformed enterprises can not only improve audit quality, but also increase disclosure of key audit matters and enhance client-auditor relationship.This study reveals digital audit risk response strategies of accounting firms from the perspective of human resource allocation, providing decision-making references for firms to address digital technology disruptions and cultivate digital audit talents.

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.

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.

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.

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 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.

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.

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.

The State Council Document No.20 〔2022〕articulates the proposition of“adjusting the inter-governmental revenue division among provincial and sub-provincial governments in a timely and steady manner”.Currently, the division of sub-provincial tax revenues presents a fundamental structure characterized by“two major models with province-specific policies”.The first model adopts the tax category-based sharing approach, while the second encompasses total tax revenue sharing, incremental tax revenue sharing, and total (incremental) general public budget revenue sharing.The primary operational distinction between the two models lies in the fact that the first model exhibits a significantly higher degree of provincial fiscal centralization compared to the second.Such a discrepancy arises from the interplay of multiple factors, among which the balance of economic and fiscal development within provincial jurisdictions and differences in resource endowments stand out as prominent determinants influencing provinces' adoption of distinct sharing models(specifically reflected in the varying degrees of provincial fiscal concentration). This paper conducts an average-level test utilizing provincial panel data, and the empirical findings indicate that the greater the disparity in fiscal and economic development within a jurisdiction, the higher the degree of provincial fiscal concentration; furthermore, the more favorable a province's resource endowments and the larger the proportion of resource tax in local tax revenues, the higher the provincial fiscal concentration.In light of the aforementioned differentiated sharing models and their key influencing factors, it is imperative to take the State Council Document No.20〔2022〕as the guiding principle, integrate the differentiated economic foundations, resource endowments, and fiscal revenue and expenditure situations of each province, and construct a systematic reform framework from four dimensions: regional equilibrium, green transformation, matching of powers and responsibilities, and governance effectiveness. This will facilitate the formation of a modern sub-provincial tax revenue sharing mechanism characterized by“classified implementation, dynamic adjustment, and incentive compatibility”.