Table of Content

15 June 2025, Volume 0 Issue 6

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Theoretical Economics

Is There a Halo of Prestigious Schools in the Job Market? From the Perspective of Employer Learning

Wang Yue-long, Cai Yu-long

2025, 0(6):  3-16. 

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Based on the data of Chinese Household Income Project that contains rich personal work experiences, a study is conducted under the employer learning framework. The findings show that the “211 Project”university degree has a significant dynamic impact on the income changes of college students. This phenomenon of prestigious schools’ prestige is mainly manifested in the fact that the initial salary of“211 Project”university graduates in their first job is on average 24.9% higher than that of non“211 Project”university graduates, but the wage gap shows a clear convergence trend during their first job period. If the salary at the end of the first job is used as a measure of one’s true ability, the difference in initial salary for the second job will also significantly decrease. The heterogeneity analysis reveals that the halo effect of prestigious universities is more prevalent in industries and departments where recruitment, promotion, and salary increases lack clear criteria and rely mainly on subjective judgments from employers. At the same time, the halo effect of prestigious universities on the initial salary of the first job is more significant among the group of“985 Project”college students with higher educational quality. The research results indicate that the phenomenon of prestigious universities still exists widely in the labor market, but with the accumulation of work experience, the signal transmission function of“211 Project”universities will be weakened. Therefore, establishing standardized recruitment procedures and improving employee information disclosure systems may help alleviate the phenomenon of prestigious universities in the job market.

How Economic Uncertainty Affects Labor Matching

Feng Fan, Dai Jin-ping, Hua Pan, Li Jin-yong

2025, 0(6):  17-29. 

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Economic uncertainty has far-reaching impacts on both macroeconomic fluctuations and household decisions. In the complex international and domestic environment of increasing uncertainty in economic policies, geopolitics, and public events, how to maintain stability in the job market under the impact of uncertainty is of great significance. Based on the consideration of price stickiness and labor market friction, a dynamic stochastic general equilibrium model is constructed to introduce labor intensity and endogenous selection mechanisms for enterprises in response to China’s economic facts. From the perspectives of actual data and equilibrium models, the impact of economic uncertainty on the labor market and macroeconomic fluctuations is effectively identified and analyzed. The research results indicate that economic uncertainty shocks have significant negative impacts on macroeconomics, labor market matching, and job search success rates. Rising uncertainty is an important source of job market volatility, both wage stickiness and high unemployment insurance levels can amplify the impact of uncertainty. Further analysis reveals that labor market friction is a key factor affecting the magnitude of uncertainty shocks, and that adopting policies to stabilize the unemployment rate can alleviate the impact of uncertainty, but at the same time, it may also put the government in a dilemma of stabilizing the labor unemployment gap and promoting real output growth.

Public Economics & Administration

The Internal Logic and Practical Path of Fiscal and Tax Policies to Help the Integrated Development of Education, Science and Technology, and Talents

Xie Jia-hui, Wang Wei-tong

2025, 0(6):  30-42. 

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Education, science and technology, and talents are the basic and strategic support for comprehensively building a modern socialist country. The Third Plenary Session of the 20th Central Committee of the Communist Party of China requires that we must comprehensively promote the integrated reform of the system and mechanism of education, science and technology, and talents, and improve the overall efficiency of the national innovation system. As the foundation and important pillar of national governance, finance is an important medium linking the fields of education, science and technology, and talents, and a policy guarantee to help the integrated development. To implement the Party’s strategic deployment of the 20th National Congress and The Third Plenary Session of the 20th Central Committee, we should well position the integration in the process of Chinese-style modernization development, dialectically understand the relationship between the whole and the individual in the integration content, and deeply analyze the implied economic significance of the integrated development. From the internal logic point of view, the integrated and coordinated development should follow the leadership of the Party and leverage the policy logic of fiscal and tax regulation. In practice, the fiscal and tax policies to help the integrated development of education, science and technology, and talents still face such challenges as less financial input, lower efficiency of expenditure, and insufficient incentive of tax policies. Thus, we should continue to increase financial input to consolidate the material support foundation for the integrated development, improve the efficiency of fiscal expenditure and improve the quality and effectiveness of the use of funds for the integrated development, improve the precision of tax policies and give play to the role of tax incentives for the integrated development.

Does the Land Streamline Administration Reform Promote Urban Green Renewal: Evidences from Delegated Authority of Land Use Approvals

Wang Ming-yue, Mao Hui

2025, 0(6):  43-57. 

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Land is an important resource for local governments to promote urban renewal. The land streamline administration reform is of great significance for the implementation of the new urbanization strategy and the promotion of green and high-quality development of cities. Taking the decentralization of construction land approval authority as the starting point, based on the vegetation cover raster data, the micro data of land transactions, and the characteristic data of prefecture level cities from 2007 to 2019, this paper empirically analyzes the impact and mechanism of the land “decentralization, management, and service”reform on urban green renewal. The findings show that the decentralization of land use approval can significantly reduce urban industrial sulfur dioxide emissions, increase the degree of urban plant coverage, and accelerate urban green renewal. The mechanism test indicates that after the decentralization of approval authority, the number and area of land grants for local high-pollution industries decreased, while the number of land grants for urban green areas and parks increased, thus improving the level of urban green renewal. However, the decentralization of land use approvals has had a greater impact on“visible environmental protection”in urban construction. The extensibility analysis shows that the decentralization of land use approvals has not exacerbated the“land for profit”behavior of local governments. Therefore, in the future we should continuously deepen the reform of land administration, incentivize local governments to optimize their land operating strategies, and realize“both internal and external improvement”in environmental infrastructure construction, so as to promote green urban renewal.

Modern Finance

Research on the Identification of Importance and Vulnerability and the Contagion Effect of Systemic Financial Risks

Liu Chao, Li Yu-ying

2025, 0(6):  58-71. 

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The purpose of finance is to serve the real economy. As the complexity of the relationship between finance and real industries increases, it is more difficult to prevent and resolve systemic financial risks. For this regard, this paper builds an endogenous bank-enterprise credit network risk contagion model, takes the listed enterprises from 2013 to 2022 as research samples, identifies the systemic importance and vulnerability under the“finance-entity”dual dimension, and evaluates the role of the banks and the entity industry with heterogeneous ownership in the cross-institutional, cross-industry and cross-sector contagion of systemic financial risks, so as to provide a new micro perspective for preventing and solving systemic financial risks. The findings are as follows: first, state-owned banks and joint-stock banks are of great importance, while urban commercial banks and rural commercial banks show high vulnerability. Second, the stronger the contagion and infectivity of banks and physical industries, the stronger their susceptibility to infection, showing the overall “spiral accumulation rise”characteristics. Thirdly, the cross sectoral transmission of systemic financial risks between physical industries and heterogeneous ownership banks exhibits an asymmetric effect of “positive same order, reverse different order”. Fourthly, since 2020, the impact of the banking sector on systemic financial risk has been less than 50%, and the importance of the physical sector in systemic financial risk has increased. Therefore, in the process of preventing systemic financial risks, it is necessary to attach importance to the differences in the ownership of banks, pay attention to the positive feedback mechanism between risk absorption and contagion, focus on the disorder of reverse contagion of risks, and include the real sector in the scope of supervision of systemic financial risks.

Can Urban Commercial Banks’ Rural Outreach Balance the Performance of Supporting Agriculture and the Bank’s Business Performance? Evidences From Guilin Bank’s Four-Level Service Network

He Li, Wang Xiu-hua

2025, 0(6):  72-84. 

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Improving a multi-level and sustainable financial service system can help break through the financial difficulties in rural areas. However, under the current approach, the performance of financial institutions in supporting agriculture and their operational performance exhibit a“seesaw effect”. Based on this, using the monthly data from 364 township small and micro branches and 6581 rural inclusive finance comprehensive service points of Guilin Bank clustered into 59 counties from 2020 to 2023, and taking the construction of a“city-county-township-village”four level service network as a symbol of Guilin Bank’s sinking into rural areas, this paper examines the social responsibility and commercial sustainability of urban commercial banks going to rural areas. The results indicate that the four-level service network can simultaneously improve both agricultural support performance and business performance, and rural elites have strengthened the effectiveness of agricultural support. The mechanism analysis shows that alleviating information asymmetry, effectively controlling costs, and improving risk sharing mechanisms are important paths to enhance the dual performance. Further analysis shows that the four-level service network can achieve dual improvements in agricultural support performance and business performance in underdeveloped counties and non-agricultural counties, but for the developed counties and agricultural counties, it can only improve their agricultural support performance. Therefore, financial institutions should strengthen the exploration of the potential of rural elites, establish sound incentive and restraint mechanisms, promote the development of county-level industries through multi-party linkage, and leverage the poverty reduction effect of the four-level service network. Government departments can provide more policy support to reduce the cost of going to rural areas and guide more non-traditional agricultural financial institutions to serve rural areas.

Business Administration

Research on the Influence of Artificial Intelligence Application Degree on Enterprise Digital Technology Innovation

Tian Hui-min, Li Hai-lin, Zhou Wen-hao, Zhang Li-ping

2025, 0(6):  85-98. 

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Artificial intelligence is one of the key digital technologies driving the progress and development of enterprises, and has had a profound impact on their innovation models. Based on the “Technology-Organization-Environment”(TOE) framework, this paper explores in depth the synergistic effects of artificial intelligence application level, industry concentration, and dynamic capabilities on digital technology innovation in enterprises. By selecting the A-share manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2020 to 2022 as research samples, this paper conducts a study with a data-driven approach. Through the cluster analysis, it is found that the sample enterprises can be divided into three types: strong adaptive enterprises, intelligent flexible enterprises, and weak capability enterprises. Among them, intelligent flexible enterprises have shown the most outstanding performance in promoting high-level digital technology innovation. The decision tree analysis results show that in highly adaptive enterprises, the degree of artificial intelligence application, industry concentration, innovation ability, and absorption ability all have a positive impact on digital technology innovation. Moderately improving the level of these factors can increase the probability of enterprises achieving high-level digital technology innovation. In intelligent flexible enterprises, the degree of application of artificial intelligence, industry concentration, and adaptability also have a positive impact on digital technology innovation, but in specific contexts, absorptive capacity may have a inhibitory effect on digital technology innovation. In weakly capable enterprises, there is an inverted U-shaped relationship between industry concentration and digital technology innovation. When industry concentration is at a moderate level, moderate adaptability can promote the improvement of digital technology innovation. Therefore, enterprises should comprehensively improve the application level of artificial intelligence and the government should actively create a favorable environment for the development of digital innovation and fully stimulate the digital innovation potential of enterprises.

Research on the Growth Path and Mechanism of the Brand Ecosystem of Latecomers: From a Collaborative Perspective Based on Resource Action and Organizational Change

Zhang Yao, Hu Ren-jie, Zhang Guang-yu, Yang Shi-wei

2025, 0(6):  99-111. 

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The construction of a brand ecosystem is of great strategic significance for latecomer enterprises to enhance their competitiveness and achieve catch-up and surpassing. However, the existing researches lack a systematic exploration of the process and mechanism of building a brand ecosystem for latecomer enterprises. From the perspective of resource action and organizational change synergy, this study conducts a longitudinal case analysis of the growth process of the Mingdao brand ecosystem, and delves into the theoretical logic and development laws behind it. The research results indicate that the growth of the brand ecosystem of latecomer enterprises has gone through the stages of constructing the core brand circle of the main product, cultivating the brand industry circle of cross-border innovation, and forming a diversified symbiotic brand ecosystem. In this process, driven by different motives, resource actions and organizational changes work together to promote the advancement of enterprise capabilities, which is the core mechanism for accelerating the formation of a brand ecosystem. The goal of building a brand ecosystem for latecomer enterprises has gradually expanded from strengthening the competitiveness of core products to breaking through industry boundaries, accelerating the collaborative empowerment of multiple entities and brand co-creation, and ultimately forming a systematic competitive advantage. Based on the above research conclusions, latecomer enterprises should attach great importance to the selection of opportunity windows and maintain a keen perception of external situations. They should assess the situation and promote the iteration and sustainable development of the brand ecosystem. Attention should also be paid to the adaptability of resource actions and organizational changes to ensure the efficient construction of the brand ecosystem.

Industry & Trade

A Study on the Impact of the Establishment of National Big Data Comprehensive Pilot Zone on Enterprises’ Cross-Regional Cooperative Innovation

Cao Qing-feng

2025, 0(6):  112-124. 

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As a new type of production factor, the development of big data is reshaping enterprises’ innovation behavior and promoting more cross-regional cooperative innovation. Using the number of cross city cooperative patent applications by enterprises to measure their level of cross regional cooperative innovation, and based on the data of Chinese A-share listed companies from 2010 to 2021, this study systematically investigates the impact of the establishment of national big data comprehensive experimental zones on cross regional cooperative innovation of enterprises by applying the new method of stacked double difference. The findings reveal that the establishment of national big data comprehensive experimental zones has significantly improved the level of cross regional cooperation and innovation among enterprises. This conclusion still holds true after such robustness tests as parallel trend testing, placebo testing, and instrumental variable regression. The establishment of the National Big Data Comprehensive Experimental Zone mainly enhances the level of cross regional cooperation and innovation among enterprises by promoting digital technology innovation, strengthening innovative“star enterprises”, and improving business environments. The establishment of the National Big Data Comprehensive Experimental Zone has significantly improved the level of cross regional cooperation and innovation between enterprises and new partners, and has a greater promoting effect on high-quality and cross regional cooperation and innovation between enterprises. Therefore, it is essential to seize the current opportunities presented by big data and fully harness the promoting effect of the establishment of NBDPZ on enterprises’ cross-regional cooperative innovation. By leveraging big data to empower social governance, a more open and integrated regional collaborative innovation system will be established.

Supply Chain Digitalization and Enterprise Capacity Utilization Rate

Zhu Guo-yue, Tao Feng

2025, 0(6):  125-138. 

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Effectively resolving overcapacity is of great significance for China to promote supply side structural reform and achieve high-quality economic development. Based on the pilot work of supply chain innovation and application and using the data from Chinese listed companies from 2013 to 2021 as research samples, this study empirically examines the impact of supply chain digitization on enterprise capacity utilization rate and its underlying mechanism with the difference in differences method. The research results show that digitalization of the supply chain significantly improves the utilization rate of enterprise capacity and effectively resolves the problem of overcapacity. After a series of robustness tests such as parallel trend testing and placebo testing, the conclusion still holds true. The mechanism verification results indicate that supply chain digitization mainly has a positive impact on enterprise capacity utilization rate through two ways: alleviating information asymmetry and enhancing product competitiveness. The heterogeneity analysis shows that for non high-tech enterprises, enterprises with low financing constraints, enterprises with high supply chain relationships, and enterprises with good regional supply chain operating environments, the role of supply chain digitization in improving enterprise capacity utilization is more prominent. Therefore, it is necessary to strengthen the embedding and application of digital technology in traditional supply chains, increase investment in finance, education, and technology, create a new type of digital supply chain collaboration platform, fully leverage the driving role of pilot enterprises, and guide enterprises to use multiple paths to resolve idle production capacity.

Modern Accounting

Study of the Value Creation Effect of the Interaction between Enterprise Data Resources and Human Capital

Yu Xiang, Niu Biao

2025, 0(6):  139-149. 

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The interaction between data resources and human capital enables enterprises to break the“data sleeping dilemma”. So, can enterprises break the“data sleeping dilemma”to create value? Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2023, this paper studies the value creation effect of the interaction between corporate data resources and human capital. The findings show that the interaction between enterprise data resources and human capital can create value. The mechanism analysis reveals that the interaction between data resources and human capital can improve labor productivity, capital allocation efficiency and innovation efficiency, so the interaction between data resources and human capital can create value. The heterogeneity analysis reveals that the value creation effect of the interaction between data resources and human capital is more significant in non-high-tech enterprises, enterprises located in the areas with high local government attention to digital economy or with high regional education level. Therefore, it is necessary to improve the interactive relationship between data resources and human capital, so as to encourage enterprises to create more values.

Strategic Interactive Q&A during IPO Online Roadshow of Companies Listed on STAR Market and IPO Returns: Evidences Based on Deep Learning

Zhang Sheng-peng, Li Yao-kuang, Liang Rui-xin

2025, 0(6):  150-164. 

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Under the registration system with information disclosure at its core, the quality of information disclosure by listed companies and its economic consequences have attracted significant attention. On the basis of using deep learning models to construct interactive Q&A indicators for measuring IPO online roadshow strategies, this study empirically tests the impact and mechanism of template based Q&A and non-question based strategic interactive Q&A in the interactive communication section of IPO online roadshows on stock returns on the first day of listing. The findings show that strategic interactive Q&A has a negative impact on stock returns on the first day of listing. The mechanism analysis reveals that strategic interactive Q&A can generate negative emotions among investors, thus reducing stock returns on the first day of listing. Further analysis reveals that strategic interactive Q&A sessions related to the issuance overview, basic information of the issuer, corporate governance, and investor protection themes are more likely to generate negative emotions among investors, thereby having a negative impact on stock returns on the first day of listing. There is no significant difference in market reactions caused by strategic interactive Q&A of listed companies on the main board and the science and technology innovation board, indicating that compared to the main board market that implemented the approval system at the same time, the quality of information disclosure for IPO online roadshows of listed companies on the STAR market that implemented the registration system has not improved. To this end, the regulatory authorities need to carry out multi link and full chain supervision before, during, and after the event. The companies planning to go public need to establish a new type of investor relationship.