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.

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.

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

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 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.

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

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

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.

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.

Audit opinion shopping, as a form of information manipulation that undermines the efficiency of capital markets, has garnered significant attention from academics and regulators.Using a sample of A-share listed companies from 2007 to 2021, this study investigates the impact of board faultlines on managerial audit opinion shopping behavior.The findings reveal that the presence of board faultlines significantly increases the propensity of management to engage in audit opinion shopping.This effect is particularly pronounced when management has stronger incentives for opinion shopping, the board's formal hierarchy is higher while its informal hierarchy is lower, internal and external supervision is weaker, management holds a higher proportion of board seats, and in non-state-owned enterprises.Further analysis shows that while board faultlines do not significantly impair the board's advisory functions, they markedly weaken its supervisory effectiveness, leading to an increase in opportunistic behaviors, such as earnings management and higher audit fees.However, this behavior does not significantly increase the likelihood of obtaining non-standard audit opinions, indirectly validating the existence and motivations behind audit opinion shopping.This study not only enriches the theoretical understanding of the factors influencing audit opinion shopping but also provides critical insights into the mechanisms by which board composition affects corporate governance functions.

Based on the data of A-share group companies in China, we examine the relationship between parent-subsidiary geographic dispersion and group audit quality from the perspective of whether the listed companies' off-site subsidiaries have opened high-speed rail.We find that the strengthen of the geographical dispersion of subsidiaries of listed companies will lead to the decrease of audit quality of the group, while the opening of high-speed railways in the locations of the subsidiaries in different places, especially the opening of high-speed railways in the locations of important subsidiaries in different places, can significantly improve audit quality of the group.Through cross-sectional analysis, the result shows that the higher the proportion of off-site subsidiaries, the greater the impact of the opening of high-speed rail in off-site subsidiaries on the manipulated accruals (DACC). At the same time, when the management performance forecast error is large, the internal control is defective, and the average distance between the parent company and the remote subsidiary is long, the opening of high-speed rail in the city where the subsidiary is located is more conducive to promote the incremental effect of internal information transmission within the enterprise and to improve the quality of financial reporting and auditing of listed companies our research not only broadens the literature of information transmission, but also enriches the research related to the opening of high-speed railway and group auditing, which has certain enlightenment significance.

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.

By constructing a three-period dynamic theoretical model and panel models, we explores how shadow banking activities affect banks' operating performance and risk-taking.Theoretical research finds that the shadow banking activities of banks are conducive to the improvement of operating performance, but will lead to excessive risk-taking.The empirical results show that the expansion of banks' shadow business can promote the improvement of business performance and aggravate risk taking, and both effects are characterized by an“inverted U-shape”.The sub-sample regression results show that the impacts of shadow business expansion on banks have obvious heterogeneity.The inflection point value of the nonlinear effect of urban banks is the largest, the national joint-stock banks are in the middle, and the large state-owned banks are the smallest.In view of this, we believes that shadow banking activities of banks should be recognized dialectically, and shadow banking activities are not“all harms and no benefits”. Regulatory authorities should explore the establishment of a shadow banking supervision system that combines macro-prudence and micro-prudence, guide the sustainable evolution of shadow banking compliance, and promote the shadow banking system to better serve the development of the real economy.In addition, shadow banking supervision should follow the principle of classified and differentiated supervision, especially focusing on strengthening shadow banking risk monitoring and compliance supervision of urban banks.

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.

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.

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.

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.

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.