Against the backdrop of the rapid development of global digital currencies and the coordinated promotion of RMB internationalization, it is of great significance to evaluate the macroeconomic impact of the innovative mechanism of digital RMB. Based on the dynamic stochastic general equilibrium model of the open economies of the two countries and considering the digital RMB as a digital legal tender tool that combines payment convenience and liquidity services, this paper conducts a study. The findings show that the innovative mechanism of digital RMB can promote the linkage between trade and capital flow by reducing payment friction and optimizing asset portfolio. The cross-border operation of the innovative mechanism of digital RMB may still be affected by liquidity constraints, settlement frictions, and fluctuations in overseas acceptance, which will amplify the transmission of external shocks to exchange rates and cross-border capital flows, and weaken the cross-border settlement efficiency of digital RMB. The policy simulation results show that the dual objective Taylor rule under the traditional monetary policy framework has limited effectiveness; in contrast, targeted interest rate spread subsidies can stabilize expected returns and reduce external imbalances and exchange rate overshoots. The above conclusion indicates that a dynamic monitoring and information disclosure system covering clearing arrangements, liquidity support, and risk management should be established, supplemented by targeted macroprudential tools for the digital RMB market, and coordinated with monetary policy and capital account management, in order to effectively control macroeconomic fluctuations while improving cross-border efficiency.

How artificial intelligence drives high-quality development of enterprises has become an important topic in the digital economy era. The existing studies have paid insufficient attention to the differences in the effects of different types of artificial intelligence and their transmission mechanisms. From the perspective of technological heterogeneity and techno-economic characteristics, artificial intelligence can be classified into saving technologies, characterized by substituting for and collaborating with production labor, and enhancing technologies, characterized by empowering R&D labor. An empirical research based on the data of Chinese A-share listed firms from 2010 to 2023, together with two artificial intelligence indicators constructed through patent text analysis, shows that both types of artificial intelligence technologies can significantly improve firms’ operating revenue and total factor productivity. The mechanism analysis shows that saving technologies mainly promote the improvement of firms’ labor skill levels and resource allocation efficiency by substituting for low-skilled production labor and collaborating with high-skilled production labor, whereas enhancing technologies mainly strengthen firms’ R&D innovation capability by empowering R&D activities and improving knowledge creation efficiency. Further analysis shows that different types of artificial intelligence technologies differ significantly in their internal application links, transmission mechanisms, and economic consequences within firms. These findings suggest that governance should be implemented according to the functional attributes of artificial intelligence, and that the potential of artificial intelligence in promoting high-quality enterprise development can be better released by optimizing talent structure and the allocation of technology application scenarios.

Improving resource allocation efficiency is a key pathway to achieving high-quality economic development. VAT reform, by optimizing the tax burden structure and guiding factor flows, plays an important institutional role in mitigating resource misallocation among enterprises. Based on the data from the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2014 to 2024, this study empirically analyzes the impact and mechanisms of the VAT rate simplification policy on corporate resource misallocation from the perspective of makeup rate distribution. The results show that this policy has significantly reduced the dispersion of firms’ markup rates, narrowed tax burden differences, and effectively mitigated resource misallocation. The mechanism analysis reveals that, from the perspective of production factors, the extent of input tax deduction is a key factor in weakening the factor wedge caused by tax burdens. The VAT rate simplification policy affects upstream firms’ tax burdens and alters downstream firms’ input tax deduction space, thereby influencing the resource allocation of the downstream firms. From an efficiency perspective, improving the supply chain efficiency helps reduce the adverse effects of the efficiency wedge and promotes the optimal reallocation of resources along the industrial chain. In the future, China should continue to improve the input VAT deduction mechanism to enhance corporate resource allocation efficiency, optimize supply chain efficiency by addressing efficiency wedges from the supply side to effectively alleviate corporate resource misallocation, and rationally configure the VAT tax burden structure to enhance the integrity and neutrality of the tax system.

The construction of a rule-of-law government aims to coordinate the relationships between the government and the market, as well as between administration and judicial authority, which is of profound significance for dismantling local protectionism and promoting enterprises to fulfill their social responsibilities. Taking rule-of-law inspections as the entry point, this paper conducts a theoretical and empirical analysis of the impact and mechanism of law-based government construction on corporate social responsibility governance. The findings reveal that law-based government construction is conducive to promoting enterprises to fulfill their social responsibilities, and this positive impact is more significant for non-state-owned enterprises, enterprises in regions with a higher degree of opening-up, manufacturing enterprises, high-tech industry enterprises, and enterprises in regions governed by provincial leaders with backgrounds in economics, management and law. The mechanism tests show that law-based government construction promotes enterprises to fulfill their social responsibilities mainly through three channels: enhancing the government’s deterrence effect, fostering the entrepreneurial spirit effect, and optimizing the business environment effect. Further analysis reveals that under the background of law-based government construction, enterprises’ fulfillment of social responsibilities will help realize the unification of social equity and enterprise efficiency. Therefore, we should continuously promote the construction of a law-based government, focus on strengthening administrative law enforcement capabilities, optimizing the business environment and cultivating outstanding entrepreneurial spirit, and constantly promote enterprises to fulfill their social responsibilities on the basis of balancing efficiency and equity.

Developing banking fintech to reduce the scale of non-standard debt of local financing platforms and optimize the debt structure of financing platforms is a long-term mechanism for preventing the risks of implicit government debt. Based on the sample data of 282 cities from 2010 to 2023, this study explores the impact of banking fintech development on the non-standard debt of local financing platforms. The results show that the development of banking financial technology can significantly reduce the proportion of non-standard debts of local financing platforms, and this effect is particularly pronounced in the cities with a relatively higher proportion of land transfer revenues, a higher level of new digital infrastructure construction, and a better-developed financial sector. As for the impact mechanism, the development of banking fintech not only alleviates the reliance of urban development on the non-standard debts of local financing platforms by enhancing financial inclusiveness, but also reduces the reliance of bank credit issuance on the financial momentum of financing platforms, thereby curbing the disorderly expansion of non-standard debt in these platforms. In the future, it is necessary to vigorously develop banking fintech to facilitate the transformation of local financing platforms. We should strengthen the monitoring and supervision of the operation of financing platforms through the development of banking fintech, promote the conversion of non-standard debts of local financing platforms into standard ones, reduce the proportion of non-standard debts of financing platforms, optimize the structure of local government debts, and guard against and defuse the risks of local governments’ implicit debt risks.

Bank fintech can enhance banks’ service efficiency and quality. However, the existing studies have primarily focused on the direct impact of bank fintech on the credit market, while overlooking its potential spillover effects on the bond market. Based on this, this study examines the relationship between bank fintech and bond credit spreads by taking the issuance data of listed companies as samples. The results indicate that bank fintech can effectively reduce bond credit spreads, revealing the spillover effect of bank fintech on the bond market. The mechanism and heterogeneity analyses show that bank fintech reduces bond credit spreads by lowering information asymmetry between enterprises and investors and improving the credit ratings of bond issuers, with greater effects observed in samples where bond issuers have higher default expectations, weaker bond liquidity, no bond guarantees, lower external audit quality, or weaker corporate repayment capacity. Further analysis reveals that bank fintech has the effect of real economy, and can expand the scale of enterprises’ fixed assets investment by reducing the bond credit spread. Therefore, banks should further increase their investment in financial technology, improve their ability to collect information and identify risks, and strengthen their role as external governance of enterprises. Enterprises should proactively adapt to the external regulatory environment under the background of financial technology, actively improve the quality of information disclosure, and thereby reduce financing costs.

How the digital development of enterprises affects the decision-making behavior of managers is a hot issue in the field of corporate governance at this stage. Based on the data from A-share listed companies from 2009 to 2022, this study empirically examines the impact and mechanism of digital transformation on managers’ irrational decision-making by using myopia as a starting point. The study finds that the digital transformation can significantly inhibit the short-sighted tendency of managers’ decision-making, having a governance effect. The mechanism analysis reveals that digital transformation can produce a visual incentive effect and a governance synergy effect, which can restrain managerial myopia. The heterogeneity analysis shows that the differences in the governance environment, resource environment, and business environment of enterprises will affect the effect of digital transformation in alleviating the short-sightedness of managers. In addition, the governance effect of digital transformation on the short-sightedness of managers can bring about the improvement of the sustainable development ability of enterprises and the expansion of capital expenditure, with long-term value enhancement effects. To this end, enterprises should fully grasp the governance dividends brought by digital transformation, systematically promote digital transformation work, so as to improve the quality of managers’ decision-making and achieve the long-term sustainable development of the enterprises.

Customers have conflicting experience demands, so customer managers need to explore the dialectical relationship in customer experience management from a dual perspective. However, there is a relative lack of research in the academic community on the duality of customer experience. In the context of short video platforms, customer experience duality has become the primary issue facing in-depth research on customer experience. To conduct in-depth research on the dual structure of customer experience in the context of short video platform consumption, a grounded research method is adopted in this paper to explore the dual structure of customer experience. Based on this, a dual scale of customer experience is developed to further examine the impact of recommendation systems (diversity×agility×novelty) and the content features (entertainment×information×credibility) on customer experience duality, as well as the effect of customer experience duality on customer satisfaction and continued use intention. The findings show that the customer experience duality of short video platforms includes the consistency and diversity experience duality, as well as the hedonic and functional experience duality. The recommendation system and content features have a significant impact on the customer experience duality, and the customer experience duality affects the willingness to continue using through customer satisfaction. Therefore, short video platforms can configure a recommendation system that considers both diversity, novelty, and agility algorithm indicators, and emphasize entertainment, information, and trustworthy features in the content provided by the platform, thereby forming a dual capability of customer experience and addressing the problem of low experience quality caused by conflicting customer experience demands in a targeted manner.

Enhancing the resilience and efficiency of the industrial chain and supply chain is an important issue for the high-quality development of the economy. Against the backdrop of the deepening of institutional opening-up, free trade pilot zones, as the core carriers for aligning with international high-standard trade and economic rules, urgently need to be tested for their impact on the supply chains of enterprises. Based on the data of A-share listed companies from 2010 to 2023, using a difference-in-differences model, this study systematically examines the reshaping effect of the policy of free trade pilot zones on enterprises’ supply chains. The findings show that this policy has significantly improved the turnover efficiency of enterprises’ supply chains, promoted the spatial concentration of domestic supply chains and the extension of international supply chains, and effectively enhanced the resilience of supply chains. The heterogeneity analysis shows that enterprises with cross-border experience and better digital foundation benefit more significantly. The mechanism testing reveals that trade facilitation, investment liberalization, and financial opening and innovation constitute the three transmission channels within the framework of institutional opening-up, which respectively drive supply chain transformation by reducing transaction costs, optimizing factor allocation, and alleviating financing constraints. Further analysis reveals that the level of digital economic development strengthens the policy effect, while the dynamic response ability of enterprises is the key to converting institutional advantages into supply chain efficiency. Therefore, a systematic and integrated policy system should be constructed, with precise empowerment, to strengthen digital-driven and regional collaboration, and continuously release the benefits of institutional opening-up.

Against the backdrop of global intensifying geopolitical uncertainty and increasingly frequent extreme climate events, the stability and security of energy systems have gradually become a central concern of national strategic security. Based on the energy supply and demand data from 2013 to 2023, this study focuses on the energy supply network covering coal-fired power, wind power, and photovoltaic power generation. It comprehensively uses complex network models, Dagum Gini coefficient decomposition, and kernel density estimation methods to conduct in-depth analysis around the three dimensions: multiple disturbance response simulation, regional heterogeneity analysis, and structural evolution. The results show that there are significant differences in the system function retention rate and resilience index of different regions under different types of disturbances. Traditional energy production areas are more likely to exhibit high-frequency disturbance characteristics in multiple scenarios, while regions with a high proportion of renewable energy show stronger anti-interference ability. The overall Gini coefficient of the resilience of the national energy supply network has significantly decreased, and regional differences remain the main source of spatial imbalance in the resilience of the energy supply network. The energy structure presents a dynamic evolution feature of“decreasing coal and increasing wind and solar energy”. Based on this, it is suggested to accelerate the construction of a“coal-wind-solar”collaborative multi energy regulation mechanism, promote complementary interconnection of infrastructure between regions, and optimize the transformation path of energy structure, so as to promote the evolution of China’s energy supply network towards a more resilient and orderly high-quality development direction.

With the increasing value of data, corporate data asset information disclosure has become an important basis for stakeholders to make decision. This paper takes A-share non-financial listed companies from 2016 to 2022 as the research samples to explore the impact of date asset information disclosure on corporate commercial credit financing. The results show that date asset information disclosure can facilitate enterprises’ access to trade credit financing from suppliers, and this positive effect is mainly achieved by enhancing corporate reputation and improving the transparency of corporate information. The heterogeneity analysis shows that when the level of supplier data asset information disclosure is high, the concentration of suppliers in the enterprise is low, and the level of financial development in the region where the enterprise is located is low, the promotion effect of data asset information disclosure on enterprise commercial credit financing is more significant. The economic consequence analysis shows that data asset information disclosure can enhance the stability of enterprise supply chain and promote cooperation and innovation between upstream and downstream enterprises in the supply chain by promoting enterprise commercial credit financing. Therefore, enterprises should actively and standardly disclose data asset information, while the government should strengthen supervision of enterprise data asset information disclosure.

Digital mergers and acquisitions are an important way for enterprises to carry out digital transformation, but the rapid development of digital technology has increased the difficulty of valuing digital target enterprises. Taking the non-financial listed companies on the A-share market from 2013 to 2023 as samples, this study investigates the impact of digital M&As on digital M&A premiums and the reasons behind it. The findings show that compared to non digital M&A, digital M&As have higher premiums. The mechanism analysis shows that the reason for the high premium of digital M&As is that digital M&As increase the premium of unconfirmed net assets and the premium of confirmed net assets. The heterogeneity analysis shows that when the acquiring company belongs to a non digital industry and its executives do not have an information technology background, the premium for digital M&As is higher. The economic consequences test shows that despite the high premium of digital M&As, the acquiring company can still improve its M&A performance. To this end, the government should provide policy support for digital M&As, while strengthening the regulation of digital M&As.