Contemporary Finance & Economics

The Spontaneous Mechanism and Institutional Guarantee for the Catching up Practice of China's Digital Industry

Jing Wen-jun, Huang Qun-hui

2026, 0(1): 3-17.

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The theoretical interpretation of China's digital industry catch-up practice can help clarify the general laws of China's digital industry development, form a theoretical framework based on the“Chinese experience”, and further guide the rapid and healthy development of China's digital industry. Starting from typical facts of the development of the digital industry, this paper constructs a theoretical framework of the spontaneous mechanism of“technological conditions -- endogenous driving force -- factor endowment”to explain the rapid development of China's digital industry. On this basis, it is proposed that the institutional system composed of the industrial policies and the competition policies plays a positive role in maintaining the spontaneous mechanism of the digital industry, including: The spillover effect of the institutional system consolidates the infrastructure support position under the background of multi technology linkage, the phased evolution of the system stimulates the endogenous driving force of the development of the digital industry, and the coordination between the institutional environment and technological order takes into account the development and standardization of the digital industry. The current development of the digital industry still faces new challenges: The spontaneous mechanisms and the institutional maintenance are not sufficient conditions for improving the efficiency of the digital industry, and spontaneous mechanisms are prone to creating“institutional gaps”at the governance level. These two aspects constrain the role of spontaneous mechanisms in the digital industry. Therefore, policy recommendations have been put forward to reshape the spontaneous mechanism of the digital industry, including adhering to the transformation of industrial policies towards functional directions, optimizing competition policies through responsive regulation, and introducing the“gatekeeper”function of platform enterprises.

Classified Governance of Industrial Internet Enterprises from the Perspective of Transaction Costs

Yang Ji-dong, Wu Hai-jun, Yang Deng-yu

2026, 0(1): 18-27.

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The governance effectiveness of industrial internet enterprises is a core factor constraining the release of their values. However, the existing research literature primarily focuses on the economic contributions of industrial internet enterprises and lacks micro-level theoretical analysis of their governance mechanisms. Based on the transaction cost theory and by analyzing the transaction characteristics of industrial internet enterprises, this paper examines the governance structures and development models of different types of industrial internet enterprises. The findings reveal that the heterogeneous transaction characteristics of industrial internet enterprises determine their diverse governance logics: the infrastructure operation enterprises with high asset specificity, strong uncertainty, and high transaction frequency are more suited to a relational contract governance mechanism; the platform enterprises with lower asset specificity, weaker uncertainty, and lower transaction frequency are better adapted to a market contract mechanism; for the enterprises that combine the characteristics of both infrastructure operation and platform businesses, a hybrid mechanism serves as a more optimal governance mechanism. Furthermore, different governance structures require differentiated development models. The relational contract governance mechanism is more suitable for a development model led by leading enterprises, while a joint development model involving various enterprises under market contracts proves more effective. For the industrial Internet enterprises under a hybrid model, an ecological development model can be adopted in the industrial internet park, fostering an interdependent ecosystem within the park. Based on these findings, the government should improve the legal and standard systems, strengthen intellectual property and data-security protection, promote collaborative innovation among industries, academia and research institutions, and enhance talent development, thereby building an institutional and innovative ecosystem that supports the coordinated development of infrastructure operators, platform enterprises, and networked industrial enterprises.

The Impact of Market-Oriented Land Allocation on Enterprises' Low-Carbon Innovation

Han Feng, Huang Min, Li Chen-hua

2026, 0(1): 28-42.

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Optimizing the allocation of land resources and realizing the market-oriented reform of land elements is an inevitable requirement and due meaning for promoting the green and low-carbon industrial transformation then to achieve high-quality economic development. This paper conducts an empirical study based on the land transaction data of China Land Market Network from 2008 to 2022 and the data of industrial enterprises listed on China's Shanghai and Shenzhen A-shares stock exchanges. The findings show that, firstly, market-oriented allocation of land can significantly promote low-carbon innovation of enterprises and promote their green transformation and development. Secondly, strengthening R&D investment, increasing investment in green environmental protection, optimizing resource allocation, and enhancing agglomeration effects are important mechanisms for promoting low-carbon innovation in enterprises through market-oriented land allocation. Thirdly, the implementation and promotion of pilot policies for land auditing will help ensure the standardized, orderly, and rational operation of the land trading market, thereby strengthening the low-carbon innovation effect of market-oriented land allocation. Fourthly, the impact of market-oriented land allocation on low-carbon innovation exhibits significant heterogeneity, as it significantly promotes low-carbon technological innovation in capital intensive industries, state-owned enterprises, non high-tech enterprises, and heavily polluting enterprises, but does not have a significant impact on labor-intensive and technology intensive industries, non-state-owned enterprises, high-tech enterprises, and non heavily polluting enterprises.

Spatial Knowledge Spillovers from Universities and Enterprises High Quality Innovation

Liang Qi-long, Qi Ying-fei, Wang Bi-xue

2026, 0(1): 43-56.

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Accelerating the knowledge spillovers from universities to firms to leverage the pivotal role of universities in technological innovation is of great significance for the high-quality development of China's economy. Based on the data from Chinese industrial enterprises from 1998 to 2013 and using the transformation reform of scientific and technological achievements in universities as a quasi natural experiment, this paper conducts an empirical research. The findings show that knowledge spillovers from universities have significantly increased innovation in enterprises within a 10 kilometer radius of them. The mechanism testing reveals that universities mainly influence corporate innovation through two channels: patent technology information disclosure and promoting knowledge sharing among regional enterprises. The heterogeneity analysis shows that when a company has strong innovation capabilities and its neighboring universities are“211 Project”universities or have national technology transfer centers, the promotion effect of university knowledge on the innovation of surrounding companies is stronger. Further expansion analysis reveals that university knowledge only has a significant promoting effect on enterprise innovation in non overlapping technology fields, and this effect is mainly reflected in driving the breakthrough innovation in enterprises, rather than incremental innovation. The above conclusion reveals the crucial role of university knowledge in the innovation process of enterprises, indicating that universities provide key knowledge support for enterprises to expand the boundaries of innovative technology.

A Study of the Fiscal Management Effects of the Synergistic Supervision of Local Government Budgets: From the Perspective of Synergy between Budget Supervision of the People's Congress and Audit Supervision

Fan Li-ming, Qu Jing-ya, Shi Xiao-qin

2026, 0(1): 57-71.

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Strengthening the synergy between the budget supervision of the People's Congress and the audit supervision in the new era is an important measure to improve the modern budgetary system and realize the modernization of budgetary governance and even the modernization of national governance. Based on a quasi-natural experiment of the reporting system for rectification of prominent issues identified in audits to the standing committees of people's congresses, this study employs the municipal panel data from 2012 to 2022 to empirically examine the impact and mechanism of coordinated budget oversight by the people's congress and the audit supervision on enhancing the scientific and standardized management of government budgets. The findings reveal that the synergy between these two oversight mechanisms can achieve complementary advantages, exert robust supervisory effects, and significantly reduce deviations in government expenditure budgets and final accounts. The mechanism analysis reveals that the synergy between the NPC's budget supervision and audit supervision can enhance the scientific and standardized management of government budgets by promoting budget information sharing and strengthening oversight accountability. The heterogeneity analysis finds that in regions with lower economic development levels, greater fiscal pressure, and weaker public external oversight, the synergy between NPC budget supervision and audit supervision can exert a stronger budget governance effect. Therefore, it is necessary to strengthen the top-level design, further establish and improve the collaborative system of NPC budget supervision and audit supervision, enhance information sharing to fully leverage the empowering role of informatization, and strengthen oversight accountability to promote the sharing and application of collaborative supervision outcomes.

Performance-Oriented Zero-Based Budgeting Reform: Inherent Logic, Practical Dilemmas, and Deepening Paths

Li Hong-xia, Chen Yi-ning, Zhuang Peng

2026, 0(1): 72-85.

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The Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed“deepening zero-based budgeting reform”, providing strong support for the high-quality development and improving the macro-economic governance system. However, the advancement of zero-based budgeting reform faces multiple practical challenges, such as the inertia of traditional mindsets, difficulties in coordinating departmental interests, weak technical support systems, and lagging legal safeguards. In the process of the new era, the development of a modern budgeting system must anchor its transformation to the coordinates of the principal social contradictions, the logic of government governance, and the objectives of Chinese modernization. Theories of modern state governance, the Marxist perspective on the state, and the practical requirements of balancing development and security collectively shape the political attributes and mission-oriented nature of the budgeting system. As an important vehicle for modern budgeting systems, zero-based budgeting reform must adhere to the leadership of the Party as its fundamental principle and prioritize the interests of the people as its core objective. By breaking away from baseline dependencies, allocating resources precisely, and strengthening performance constraints, it not only provides financial support for high-quality development but also fortifies safeguards against fiscal risks. In terms of specific pathways, it is essential to integrate whole-process people's democracy into the construction of a modern budgeting system. Reforms in zero-based budgeting should be deepened through conceptual innovation, interest coordination, technological upgrades, and legal safeguards, ultimately establishing a zero-based budgeting system with Chinese characteristics that is compatible with Chinese modernization.

Technology Finance Empowering the Structural Upgrading of the Manufacturing Industry: From the Perspective of Financial Structure

Hu Jin-yan, Guo Tai-ran

2026, 0(1): 86-99.

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The upgrading of the manufacturing industry structure is crucial for stimulating economic endogenous dynamism, shaping a nation's long-term competitive advantage, and promoting high-quality economic development. The organic integration of technology and finance serves as the core engine for deepening the supply-side structural reform of finance and promoting the structural upgrading of the manufacturing industry. By leveraging the quasi-natural experiment of the“Pilot Program for Promoting the Integration of Technology and Finance”and employing the triple difference method, an empirical analysis is conducted to examine the impact of technology finance on the output value share of internally segmented industries with varying technological complexities. The findings show that the development of technology finance can significantly drive the structural upgrading of the manufacturing industry. The mechanism testing shows that the development of technology finance promotes the upgrading of manufacturing structure by expanding the relative scale of financial structure, enhancing the relative vitality of financial structure, and improving the relative efficiency of financial structure. The heterogeneity analysis shows that in cities with higher levels of marketization or in non resource-based cities, the role of technology finance in upgrading the manufacturing industry structure is more significant. Therefore, the government should deepen the development of technology finance, optimize the financial structure, work together from both the supply side and demand side, and build a strong financial support system for the upgrading of the manufacturing industry structure, from the multidimensional perspectives such as scale, vitality, and efficiency. At the same time, the principles of differentiation and gradual development should be followed, and a cross regional collaborative mechanism should be established to form a new industrial pattern of coordinated development.

Digital Inclusive Finance and the Modernization of High-Tech Manufacturing Industry Chain

Cheng Zu-song, Dai Lu, Rong Chen

2026, 0(1): 100-113.

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Improving the modernization level of China's high-tech manufacturing industry chain is an urgent need to accelerate the construction of modern industrial system. The research results of systematically examining the effects and mechanisms of digital inclusive finance on the modernization of the high-tech manufacturing industry chain indicate that digital inclusive finance can significantly improve the modernization level of the high-tech manufacturing industry chain. The mechanism test has found that digital inclusive finance indirectly promotes the modernization of the high-tech manufacturing industry chain through industrial structure upgrading, technology market development, and consumption demand stimulation. The heterogeneity test results show that the promoting effect of digital inclusive finance is more pronounced in enterprises located in the eastern region and regions with lower financial regulatory intensity. In addition, digital inclusive finance has not only significant spatial spillover effects and nonlinear impacts on the modernization of the high-tech manufacturing industry chain, but also can promote the development of new quality productivity. Therefore, it is necessary to improve the service mechanism of digital inclusive finance, promote the coordinated development of regional digital inclusive finance, and provide comprehensive financial support for the modernization of the high-tech manufacturing industry chain.

Identifying the Governance Role of Large Institutional Investors in China: From the Earnings Management Perspective

Wu Xiao-hui, Yang Jing, Guo Xiao-dong

2026, 0(1): 114-126.

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Identifying the governance role of large institutional investors plays an important role in the governance role of listed companies and the stability of the capital market. The existing researches paid less attention to the large institutional investors in China. Based on the data from A-share listed companies from 2004 to 2023, this paper examines the impact of large institutional investors on corporate earnings management. The findings reveal that large institutional investors in China's capital market exacerbate corporate earnings management, exhibiting a“granularity”effect and generating a “granularity phenomenon”. The channeling effect test results indicate that large institutional investors facilitate earnings management among the key holding companies and the non-key holding companies within the key holding industries by leading the establishment of“collusive alliances”among portfolio firms. This exacerbates information asymmetry within investment industries, thickens information barriers, distorts investment decisions of non-key holding companies in key holding industries, and helps key holding companies become industry leaders, thereby maximizing portfolio value. In contrast, a group of smaller independent institutions with a scale comparable to that of large institutional investors mitigates corporate earnings management through pre-investment selection and post-investment “exit threat”deterrence supervision. Based on the above findings, the regulators should strengthen oversight of large institutional investors to prevent“collusive alliances”and the“granularity effect”brought by large investors. Meanwhile, policymakers should reserve sufficient room for survival and development for smaller independent institutions when formulating policies, enabling them to counterbalance corporate controlling shareholders, management, and large institutional investors.

The Double-Edged Sword Effect of Perceived Non-Compliant Tasks on Employees' Job Crafting Behavior

Yu Jiang, Xu Sheng

2026, 0(1): 127-139.

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The negative effects of non-compliant task perception are widely concerned within organizations, but with the increasing blurring of job boundaries, the phenomenon of employees actively coping with challenges posed by non-compliant tasks has also drawn growing interest. According to the cognitive stress appraisal theory, non-compliant task perception, as a novel stress source, exhibits duality in its impact mechanisms on employees' job crafting behaviors — specifically, it induces negative emotions through emotional rumination and triggers positive cognition through problem-solving contemplation. The empirical results based on 651 employee self-assessment data from three time points indicate that the perception of non-compliant tasks can both trigger emotional rumination, thereby inhibiting employees' job crafting behavior, and activate problem-solving reflection, thereby promoting employees' job crafting behavior. The constructive change responsibility plays a negative moderating role between the perception of non-compliant tasks and emotional rumination, while it exerts a positive moderating effect between the perception of non-compliant tasks and problem-solving reflection. Based on this, managers should comprehensively understand the dual path mechanism of non compliant task perception through work rumination, which has a“double-edged sword”impact on employees' work reshaping. They should optimize communication methods for task allocation, cultivate a sense of constructive change responsibility, and encourage work reshaping to provide conditions for their transformation into positive results.

Inter-Provincial Government Services and Capital Cross-Regional Mobility: From the Perspective of Enterprise Investment in Different Locations

Hu Zhong-ping, Bu Dan-lu

2026, 0(1): 140-152.

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The“inter-provincial online service”for government affairs can connect inter-provincial administrative service chains, enabling cross-provincial handling of public services. Meanwhile, corporate cross-regional investment can facilitate capital flows between regions. Using the data from A-share listed companies in Shanghai and Shenzhen stock exchanges from 2016 to 2023, this study examines the impact of“inter-provincial online service”on capital cross-regional flows. The findings reveal that“inter-provincial online service”significantly promotes corporate cross-regional investment, with investment directions primarily from economically developed regions to underdeveloped ones, and from central cities to peripheral cities. The capital flow facilitated by the“inter-provincial access”in government services has promoted industrial structure upgrading and economic growth in the receiving regions. The mechanism analysis reveals that the“inter-provincial access”in government services enhances cross-regional corporate investment by improving government service efficiency, increasing corporate satisfaction and trust in the government, and reducing institutional transaction costs. The heterogeneity analysis indicates that the“inter-provincial access”in government services has a more pronounced effect on cross-regional investment for non-state-owned enterprises, firms in highly competitive industries, and small-scale enterprises. Therefore, it is essential to further deepen the reform of“inter-provincial access”in government services, streamline the process, and reduce processing times.

Corporate Data Asset Information Disclosure and Supply Chain Configuration

Chen Yan-li, Zou Yu-he

2026, 0(1): 153-164.

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Adequate information disclosure is essential for the effective functioning of capital markets, while disclosure of corporate data assets is a crucial component in the information disclosure of listed companies. Taking Chinese A-share listed companies from 2007 to 2023 as samples, this paper investigates the effects and mechanisms of corporate data asset disclosure on firms' supply chain configurations. The findings reveal that data asset disclosure can improve a company's reputation, alleviate financing constraints, and promote technological innovation. Therefore, data asset information disclosure can reduce the concentration of a company's supply chain and promote the diversified development of its supply chain. The heterogeneity analysis shows that in companies with high analyst attention and companies in regions with good levels of financial technology development, data asset information disclosure is more effective in promoting the diversified development of enterprise supply chains. The economic consequence analysis shows that because data asset information disclosure promotes the diversified development of enterprise supply chains, it reduces the cash flow risk of enterprises. To this end, it is necessary to improve the system of data asset information disclosure and guide enterprises to actively fulfill their obligations of data asset information disclosure.

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