This study explores the moderating role of management autonomy in the relationship between Top Management Team(TMT)heterogeneity and organizational resilience.Drawing on upper echelons theory and information processing theory, we construct a research model where management autonomy moderates the impact of TMT heterogeneity on organizational resilience.Utilizing a sample of effective data from Chinese A-share listed companies from 2007 to 2021, we employ multiple linear regression analysis to empirically test the relationship between TMT heterogeneity and organizational resilience from two dimensions: identity-related heterogeneity and task-related heterogeneity.The study examines how this relationship changes in direction, magnitude, and heterogeneity under the moderation of environmental autonomy and organizational autonomy.The results confirm that both identity-related and task-related heterogeneity of TMT are positively correlated with organizational resilience.Environmental autonomy positively moderates the relationship between task-related heterogeneity and organizational resilience, while organizational autonomy positively moderates the relationships between both identity-related and task-related heterogeneity with organizational resilience.This research introduces elements of TMT heterogeneity and management autonomy into the discussion of the mechanisms influencing organizational resilience.Through empirical testing, it reveals the internal workings of the relationship between TMT heterogeneity and organizational resilience under the moderation of management autonomy.The study extends the application boundaries of upper echelons theory and information processing theory, enriches the existing literature on strategic management, and provides a theoretical basis for enterprises to enhance organizational resilience through the configuration of TMT.

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 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.

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.

With the continuous deepening of population aging and the further application of new technologies, the demand for silver hair economy is showing a new trend, and the silver hair economy is experiencing greater development.Based on the new situation of population aging, China has proposed the strategic goal of developing the silver economy, and taxation, as a tool for macroeconomic regulation, playing an important role in promoting the development of the silver economy.Although the tax policy system for promoting the development of the silver economy in China has initially taken shape and played a certain role in promoting the development of the silver economy, there are still problems such as limited coverage of tax preferential policies, lack of tax incentives for supporting products of elderly care services, weak targeting of the tax system for home-based elderly care, and incomplete tax system for innovative community elderly care services, which are still lagging behind developed countries.Based on this, China should learn from the advanced experience of developing the silver economy abroad, focus on high-quality development of the silver economy, expand the coverage of tax incentives, establish and improve tax incentives for coordinated supporting products in the elderly care service industry, increase tax support for home-based elderly care, and enhance tax incentives for community elderly care services.

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.

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。

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.

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.

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。

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.

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。

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.

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.

Various prefecture-level cities in China have actively carried out the comprehensive performance evaluation of fiscal operations since 2018, forming multiple systems and models in practice. The impact of these evaluations, however, requires empirical research.Based on panel data from 2012 to 2021 for prefecture-level cities across the country, we empirically examine the effect of the comprehensive performance evaluation on the efficiency of local government fiscal expenditures using a multi-period difference-in-differences fixed-effects model.The results show that the comprehensive performance evaluation significantly improves the efficiency of local government fiscal expenditures, and this conclusion holds after robustness tests.Mechanism tests reveal that the comprehensive performance evaluation primarily works through enhancing fiscal transparency and reducing government administrative costs.Further research explores the impact of fiscal pressure levels and the degree of fiscal competition on the relationship between the comprehensive performance evaluation and fiscal expenditure efficiency.The results indicate that the comprehensive performance evaluation has a greater impact on improving fiscal expenditure efficiency under higher levels of fiscal pressure and fiscal competition.The study provides theoretical evidence for understanding how the comprehensive performance evaluation enhances fiscal expenditure efficiency in different contexts and offers policy insights for further expanding and improving these evaluations.

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.

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.

高房价和人口流动是萦绕中国城镇化进程中的两个重要问题，也是城镇化后半程实现城镇化高质量发展亟需关注的政策着力点。本文从户籍地房价入手，利用2016年CLDS调查数据，使用Probit模型从个体层面考察了户籍地房价对流动人口跨省流动决策的影响。研究发现，户籍地房价越高，流动人口跨省流动的意愿越低，户籍地房价对流动人口跨省流动决策存在阻滞效应。相较于沿海区域和城市人口，户籍地高房价对内陆区域和农村户籍人口的跨省流动阻滞效应更强。根据研究结果，本文得出应当从优化房地产市场调控政策、扩大流动人口公共服务覆盖面、提升农村转移人口技能素质三个角度提高城镇化发展质量。