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.

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.

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.

This study examines how digital finance reduces the risk of rural households falling back into poverty in post-absolute-poverty China.Using microdata from the China Household Finance Survey(CHFS), we measure poverty vulnerability and empirically analyze the impact of digital finance.Our analysis reveals that digital finance usage significantly lowers the risk of slipping into poverty, with mobile payment services playing a dominant role due to their high accessibility.The poverty-reduction effect remains robust across alternative poverty line definitions, though its magnitude varies depending on contextual factors.Mechanism analyses demonstrate that digital finance mitigates poverty risks through three pathways: fostering entrepreneurship, easing credit constraints, and reducing precautionary savings. However, households of poverty registration benefit less from these mechanisms due to their economic disadvantages.Heterogeneity tests further indicate stronger poverty-alleviation effects for non-minority regions, high-unemployment-risk households, higher-income groups, and families with extensive social networks.These findings underscore the potential of digital finance as a policy tool to prevent large-scale of falling back into poverty, particularly when tailored to address disparities among vulnerable groups.

Since its birth a century ago, the VAT system has been rapidly popularised worldwide by virtue of its unique advantages such as ease of collection, avoidance of double taxation and tax neutrality, and has had an extremely far-reaching impact on the depth and breadth of the national tax system. This paper combs through many VAT literatures published in mainstream journals at home and abroad in recent years, systematically summarises the results and features of existing studies, and deeply elaborates the important role of VAT in promoting social and economic development. At the same time, this paper also summarises the practice of VAT application in specific scenarios and the various problems highlighted. By refining the research problems, it is found that VAT still possesses large reform space in restructuring the distribution system among governments, improving the deduction chain, curbing false invoicing, and simplifying the tax rate. Finally, this paper points out the shortcomings of the existing literature in terms of research perspectives and policy implementation, and tries to outline the future development direction and expansion areas of VAT research, hoping to provide useful reform ideas for the continuous improvement of the VAT system based on the experience of the literature.

Financial frictions not only have the potential to cause an inefficient allocation of capital, but also make monetary policy via credit channel affect real output.Thus, to explore how monetary policy via credit channel affects output and the allocation of capital across production units, this paper proposes a highly tractable DSGE model featuring double financial frictions and heterogeneous entrepreneurs in production efficiency.We find that under the circumstances of double financial frictions,the counter-cyclical credit spreads of entrepreneurs have been affected by the pro-cyclical balance sheets of banks and firms,thus monetary policy has double financial accelerator effects on investment and output.We also find that due to the sectoral heterogeneity in financial frictions on the credit demand side, contractionary monetary policy has a greater impact on private-owned enterprises, and further raises their external financing costs through the financial accelerator of credit supply side, so the credit allocation fails to match enterprises' production efficiency with their borrowing costs, finally reducing efficiency of capital allocation.According to these findings,the government should consider the double financial accelerator effects for the conduct of monetary policy; to alleviate the financing difficulty of private-owned enterprises, besides improving the financial frictions heterogeneity, the government should stabilize the bank balance sheets, thereby increasing capital allocation efficiency.

Employees' adoption intentions toward chatbots are influenced by the emotional-functional characteristics of chatbots and their resultant psychological responses.Grounded in the Stimulus-organism-Response (SOR) framework, this study establishes a research model examining the mechanisms through which chatbots' emotional characteristic and functional characteristic influence employee acceptance intention, utilizing a sample of 305 employees from 5 internet companies.By employing partial least squares structural equation modeling (PLS-SEM) and artificial neural network (ANN) methodologies, the results demonstrate that: (1) employees perceived emotional value mediates the relationship between chatbots' emotional expression and acceptance intention; (2) the mediating effect of perceived functional value between chatbots' customized response and acceptance intention is not statistically significant.Moderation analyses reveal: (1) the mediating effect of perceived emotional value is more significant among employees with high need for human interaction; (2) employees exhibiting high need for uniqueness derive greater perceived functional value from chatbots' customized response characteristic.This research elucidates the mechanisms underlying chatbots' emotional-functional characteristics' impact on adoption intention, extending the application scope of the SOR framework and perceived value theory.The findings provide practical insights for organizational managers to optimize human-AI collaborative environments, enhance employee productivity in machine-augmented workplaces, while offering strategic pathways for building human-AI co-creative ecosystems.

Exploring the response mechanism of fiscal and tax policies driven by digitalization and uncovering the complex interactions between policy incentives and firm behaviors in a digital context have significant practical implications.Taking the accelerated depreciation policy for fixed assets as its research focus, this paper utilizes data from Chinese A-share listed manufacturing firms from 2011 to 2017 and constructs a difference-in-differences model to analyze the impact of this policy on corporate investment.It particularly examines how firms' digitalization levels affect the differential effectiveness of the policy.The findings reveal that, on the one hand, the accelerated depreciation policy generally promotes investment among manufacturing enterprises; on the other hand, the positive influence of the policy on investment is more pronounced among firms with higher levels of digitalization.Further analysis indicates that this policy exerts a stronger stimulating effect on investment for firms with abundant investment opportunities, state-owned enterprises, firms with ample cash flow, and firms facing lower effective corporate income tax rates.After considering digitalization factors, the study finds that for firms with fewer investment opportunities, non-state-owned status, constrained cash flow, and higher effective tax rates, a high level of digitalization significantly enhances the policy's stimulative effect on corporate investment, highlighting the critical role digitalization plays in amplifying firms' responsiveness to policy incentives.These results emphasize the necessity for policymakers to account for firms' digitalization levels when designing and implementing fiscal and tax incentive policies to ensure optimal policy outcomes.

The effectiveness of expectation management policies depends on how the public interpret economic shocks and adjust their expectations accordingly.Is the Chinese public“lack-awareness”or“well-informed”about macroeconomic shocks? To this end, we use SVAR model with sign restriction identification to investigate the Chinese public's understanding of macroeconomic shocks and their expectation formation.Our results show that:(1) the public can correctly distinguish among supply shocks, demand shocks, and monetary policy shocks, and their expectations adjustments are consistent with macroeconomic theory predictions.(2) The public is more concerned about changes in prices and interest rates rather than employment, so inflation and interest rate expectations exhibit higher volatility than employment expectations across all shock scenarios.(3) Expectation formation follows adaptive patterns rather than incorporating forward-looking rational assessments.The findings indicate that governments can enhance the effectiveness of macroeconomic policies by improving policy transparency and forward guidance, thereby proactively guiding the public to adjust toward rational expectations.

The Third Plenary Session of the 20^th Central Committee of the CPC emphasized“Deepen actions to improve urban safety and resilience”,which put forward basic requirements for improving urban construction, operation and management.Green infrastructure is composed of three elements: natural ecosystem,man-made ecosystem and environment-friendly municipal engineering facilities, which provides the direction for supporting urban resilience and promoting green and low-carbon development. The resilience of green infrastructure is reflected in three aspects of structural optimization, functional improvement and threshold broadening.The spatial resilience,ecological resilience and engineering resilience of cities are enhanced through ecological restoration and municipal facilities renovation, so as to enhance the overall risk resistance, self-control and self-adaptation ability of urban complex ecosystems, and support broader social resilience and economic resilience.The coupling degree of artificial facilities and ecosystems should match the level of urban risk, forming a green infrastructure spectrum of dark green, medium green and light green.To strengthen multi-dimensional urban resilience through green infrastructure, it is necessary to pay attention to resilience assessment planning, collaborative governance of artificial and natural means, and natural capital management.Comprehensive evaluation of long-term and short-term benefits, ecological and economic benefits, investment costs and hedge value, innovative investment and financing mechanisms, so as to achieve inclusive green infrastructure services.

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.

Climate warming has become one of the major challenges mankind facing, and it has a significant impact on corporate development.In order to identify the causal relationship between climate warming risks and corporate profits, this paper systematically examines the impact mechanism of climate warming risks on corporate profits and how to deal with it based on the sample of listed companies from 2001 to 2021.It's found that the risks of climate warming significantly suppress corporate profits, and the conclusion remained valid after a series of robustness tests.The mechanism analysis shows that the risks of climate change suppress corporate profits by reducing revenue and increasing costs.Further analysis shows that digital transformation, greening transformation and ESG rating can help mitigate the negative impact of climate risk.This paper expands the relevant research on the microeconomic consequences of climate risk, and shows important practical implications for taking effective adaptive actions to cope with the profit inhibiting effect of climate risks and help enterprises develop in high quality.

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.

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.

Urbanization of rural residents is an important part of China's modernization drive and an effective means to achieve common prosperity and high-quality development of urban and rural areas.This paper uses household survey data to empirically analyze how urbanization affects consumption inequality of rural residents.The results show that the transformation of rural residents' household registration status significantly reduces consumption inequality.Further analysis shows that household registration status conversion can alleviate consumption inequality mainly by reducing income inequality, broadening the channels of consumption smoothing, and improving the diversity of residents' consumption.Heterogeneity analysis shows that the change of household registration status of rural residents is more sensitive to the consumption inequality of households with high age, low education level, low income and low wealth.This study confirms that the urbanization of registered population can effectively alleviate the consumption inequality of residents and provide useful references for relevant departments to promote the reform of the household registration system, and better share the development achievements and promote social equity.

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.

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.

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.

The Treasury Yield Curve has important reference value for the asset allocation and risk management of financial institutions.However, in academic research, it remains a gap to study the impact of economic policy uncertainty on China's national debt yield curve and its fluctuations.This paper uses the Economic Policy Uncertainty Index and the Dynamic Nelson-Siegel(DNS) term structure of interest rates model to conduct research on this issue for the first time.Firstly, this paper introduces economic policy uncertainty into the traditional DNS term structure of interest rates model to analyze its impact on the yield curve.It is found that an increase in economic policy uncertainty has a significant negative impact on the level factor.As economic policy uncertainty rises, the yield curve declines.When economic policy uncertainty increases, the decline in the far end of the yield curve exceeds that of the near end, and the yield curve becomes flatter.Secondly, this paper innovatively uses the score-driven time-varying parameter modeling method to introduce a common time-varying volatility factor into the DNS model to examine the impact of economic policy uncertainty on the volatility of the national debt yield curve.The results show that an increase in economic policy uncertainty significantly reduces the volatility of the yield curve, indicating that China's national debt has the characteristic of “the rougher the waves, the steadier the voyage”.

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.