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.

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.

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.

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.

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.

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.

Enterprises play a pivotal role in fulfilling environmental and social responsibilities and are essential for promoting a green transformation of development modes, thereby contributing significantly to high-quality economic development.Drawing on the theories of information asymmetry and internal governance, this study selects the period from 2012-2022 and utilizes panel data of A-share listed companies on the Shenzhen Stock Exchange to explore the effect of institutional investors' on-site research on the “greenwashing” behavior of enterprises.The empirical results find that on-site research by institutional investors can effectively mitigate the “greenwashing” behavior of enterprises.Mechanism tests indicate that on-site research by institutional investors suppresses “greenwashing” by reducing information asymmetry and enhancing the quality of corporate internal controls.Further analyses show that the depth of on-site research and the involvement of institutions such as brokerages and funds contribute to restraining corporate “greenwashing”.Moreover, as public attention and regulatory scrutiny increase, the green governance effect of institutional investors' on-site visits is further strengthened.The governance effect is especially pronounced among non-state-owned enterprises, firms in non-heavily polluting industries, and those led by short-sighted management.

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.

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.

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.

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.

China's current“green factory”designation is a mode of operation in which the government guides enterprises with a series of policy measures and standards to enhance organisational resilience and realise the greening of the production process through resource integration.Based on the theory of dynamic capabilities of enterprises and the theory of enterprise innovation, the author empirically examines the correlation between the identification of“green factories”and the enhancement of organisational resilience of enterprises based on the empirical evidence of quasi-natural experiments on the identification of“green factories”in China by using the multi-period double-difference method.The results confirm that“green factory”recognition positively affects the enhancement of organisational resilience, and that the integration of human, technological, managerial and financial resources mediates the association between“green factory”recognition and the enhancement of organisational resilience; The relationship between“green factory”accreditation and enterprises' enhanced organisational resilience is subject to the positive and negative regulation of the number of“green factories”accredited and the environmental violations of the accredited“green factories”, respectively.Moderation.This study extends the application of the principles of corporate innovation and dynamic capabilities to empirically demonstrate the mechanism by which“green factory”recognition affects the organisational resilience of enterprises, enriching the existing literature on the relationship between government macro-policies and micro-development of enterprises, and providing a basis for the government to stimulate the endogenous motivation of enterprises to engage in green manufacturing, and for enterprises to improve their organisational resilience through resource integration.The findings of the study help to provide a theoretical basis for the government to stimulate the endogenous motivation of enterprises' green manufacturing and for enterprises to improve organisational resilience through resource integration.

The Third Plenary Session of the 20th Central Committee of the CPC emphasized the development of technology-driven and digital finance, and the improvement of mechanisms for preventing systemic financial risks, providing strong policy support for fintech innovation and risk management.The rise of fintech has enriched the financial sector but also increased the complexity of risk spillovers.This paper uses the high-order moment GARCHSK model and generalized forecast error variance decomposition to study the risk spillover paths across financial industries and institutions, especially between the fintech industry and other financial industries, from the four dimensions of mean, volatility, skewness, and kurtosis.The results show that the financial market exhibits significant higher-order moment risk spillover effects.The securities industry is the main risk transmitter under lower-order moments, while fintech shifts from a risk absorber at lower moments to a strong risk transmitter under higher moments, particularly affecting cross-business financial sectors.The multi-financial and cross-business financial industries mainly absorb risk.The spillover effects have significant differences and stage characteristics, and are sensitive to extreme financial events.Some institutions with high centrality exhibit strong spillover capabilities and extensive interconnections, highlighting the need for enhanced regulatory attention.

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”.

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.

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.

Green innovation is an important factor influencing China's ability to maintain high-quality and sustainable economic growth.While most studies have focused on the impact of external market environment regulations on green innovation, it is worth exploring whether business groups, which are widely existed in emerging markets, can promote proactive green innovation in group affiliated firms. Based on the data of Chinese A-share listed firms from 2008 to 2022, we find that business groups are able to promote green technological innovation in group affiliated firms, in particular, they are able to promote substantive green innovation rather than strategic green innovation.When group affiliated firms are confronted with higher environmental risks, group headquarter can promote affiliated firm's green innovation more.Business group can promote the green innovation of the group company by improving risk-taking, internal control, and digital transformation.Expanded research shows that business group can promote affiliated firm's green innovation more when the property rights is state-owned, the degree of industrial competition and analyst attention is lower, and the firm does not belong to the key environmental monitoring units.The economic consequence shows that business group's promotion of green innovation also improves the environmental ranking, total factor productivity and firm value.