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.

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.

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.

Fully leveraging public procurement to support green development is crucial for achieving the“Dual Carbon”goals and advancing the green transition of the economy and society.This study examines the impact of Green Public Procurement(GPP)on enterprise green transition using A-share listed companies from 2015 to 2022.The findings reveal that GPP positively incentivizes enterprise green transition.Mechanism analysis reveals that enhancing green innovation capacity,strengthening executives' green awareness,and intensifying market competition are key factors in promoting enterprise green transition.The heterogeneity analysis reveals that the positive effect is more pronounced in regions with strong environmental governance,non-polluting industries,and firms with lower financing constraints and higher governance levels.Thus,the government should implement more targeted green procurement policies to promote enterprise green transition,while enterprises should actively engage in these activities to align their transition with national green development goals.

For the purpose of building a multi-level capital market,China has successively launched a series of systems such as the Shanghai Hong Kong Stock Connect.On the one hand,it has strengthened the interconnectivity of domestic and foreign stock markets,on the other hand,it has also attracted cross-border capital flows,which may affect the stability of the RMB exchange rate.This paper constructs an expanded portfolio model including Shanghai stock market,Shenzhen stock market,Hong Kong stock market and foreign exchange market,and identifies the risk spillover effect of internal and external stock market fluctuations on RMB exchange rate through time-varying spillover index.We found that the interconnection mechanism enhances risk spillovers in the stock market,and the RMB exchange rate market is the net recipient of risk spillovers.In addition,both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect have strengthened the risk spillover of the mainland stock market towards the RMB exchange rate in the short term,while the IPO reform of Hong Kong stocks in 2018 attracted mainland enterprises to list in Hong Kong,which also enhanced the risk spillover impact of Hong Kong stocks to the RMB exchange rate.From the mechanism of action,the scale changes of northbound funds and southbound funds under interconnection will directly enhance the risk spillover of domestic and foreign stock markets to foreign exchange markets,while geopolitical risks and stock market panic will strengthen the risk impact through information channels.In addition,the tight liquidity in the capital market and the rising unemployment rate in the real economy will also exacerbate the risk spillover of the stock market towards the RMB exchange rate.Finally,we propose relevant suggestions to reduce stock market risk spillovers and maintain the stability of the RMB exchange rate.

Fiscal sustainability has a bearing on the financial security of the country and the fulfillment of government functions,which in turn affects the achievement of national strategic objectives and economic and social development.There is an urgent need to study the linkage mechanisms among the factors affecting fiscal sustainability and further explore effective ways to achieve a high level of fiscal sustainability.Based on a configurations perspective,this paper examines the linkage mechanisms of factors affecting fiscal sustainability and the driving paths to achieve a high level of fiscal sustainability through the Fuzzy-set Qualitative Comparative Analysis(fsQCA)method using 30 provincial local governments in China as case studies.The main conclusions are as follows:(1)Any single factor does not constitute the necessary condition for a high level of fiscal sustainability.This is a strong indication that the level of fiscal sustainability is the result of the linkage action of factors.(2)Three paths exist to achieve a high level of fiscal sustainability.This reflects significant differences in the driving mechanisms of achieving a high level of fiscal sustainability by different provincial local governments.(3)Two of three paths to a high level of fiscal sustainability include high population aging.This suggests that at this stage,population aging plays an important role in contributing to achieving a high level of fiscal sustainability compared to other factors.

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.

Based on the theoretical analysis and model derivation, this paper uses the provincial panel data from 2008 to 2021 in China to conduct an empirical analysis to study the“income increase effect”and transmission mechanism of agricultural insurance. The results show that agricultural insurance can promote the growth of farmers' operating income, wage income and disposable income, and agricultural insurance has a direct, indirect and generalized“income increase effect”.The study on the mechanism of“income increase effect”finds that agricultural scale and mechanization are effective transmission channels for the direct“income increase effect”and indirect“income increase effect”of agricultural insurance, respectively. Agricultural insurance promotes the growth of farmers' disposable income by serving agricultural production.

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.

In the context of the rush return of overseas talents and the rapid development of digital industry in China,this paper chooses data from Shanghai and Shenzhen A-share companies from 2008 to 2022 to empirically test the impact of executives' overseas experience on the digital technology application. The main empirical result shows that executives' overseas experience significantly promotes the digital adoption,and this finding passes endogeneity and robustness tests.Mechanism analysis shows that executives' overseas experience promotes the digital technology application through distinct mechanisms such as the knowledge and technology spillover effect,the strategic decision-making ability improvement effect,the corporate governance improvement effect,and the business internationalization effect. Heterogeneity analysis finds that managers with overseas work experience have more positive effects on the digital technology application.Meanwhile,executives' overseas experience plays a more prominent role in enterprises with big internal and external salary gaps,and in areas with low level of marketization and bad business environment.The relevant findings provide new evidence on the motivations of enterprises to apply digital technology from the perspective of human capital,and also provide policy recommendations for relevant departments and enterprises to promote the digital technology application from the perspective of corporate governance.

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.

The sustainable growth of agricultural economy is the inevitable requirement of the high-quality development of agriculture, and the continuous improvement of agricultural total factor productivity is the fundamental path of the sustainable growth of agricultural economy.Based on the panel data of 30 provinces from 2010 to 2022 combined with the intermediary effect model, this paper systematically interprets the function mechanism of agricultural insurance that can effectively allocate labor resources and then promote the improvement of agricultural total factor productivity.The study shows that agricultural insurance has the allocation effect of labor force factors and the universal effect of production.The guarantee of agricultural insurance shows risk diversification, change of farmers' production expectations, improving the economic efficiency of labor force and the flexibility of production activities, promoting the rational allocation of labor resources, and forming the allocation effect of labor factors.The policy of agricultural insurance is to reduce the burden of farmers, promote agricultural production investment and technological innovation, optimize the allocation of labor resources and enhance market vitality, promote the development of agricultural total factor productivity, and form the universal effect of production.The allocation of labor resources is the intermediary mechanism for agricultural insurance to promote the development of agricultural total factor productivity.At the same time, further expansion analysis found that the impact of agricultural insurance on agricultural total factor productivity was heterogeneous due to the degree of integration of modern rural industries, the level of rural human capital and the degree of rural natural endowment:In addition, through the research on the multi-dimensional production universal effect of agricultural insurance, it is found that agricultural insurance has an important impact on the progress of agricultural technology, the citizenization of rural migrant population, the standardization of agricultural products market and the greening of agricultural production.

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.

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.

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.

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.