The profound application of big data and algorithms has changed the traditional pricing methods. A variety of rental methods and pricing methods in the housing rental market have provided a scenario for studying the pricing behavior and mechanism of algorithms. The empirical research based on the micro-data of the housing rental market in X city reveals that: compared with traditional pricing methods, the algorithmic pricing significantly reduces the rental price, that is, the leasing enterprises can reduce the labor cost to alleviate the rental pressure of tenants, which increases the welfare of tenants through algorithmic pricing. After subdividing the samples on the supply side, it is found that the specialized housing rental enterprises do not take advantage of data and technology to deprive tenants of their welfare through algorithmic pricing. After subdividing the samples on the demand side, it is found that the algorithm pricing has differential pricing behaviors based on the domicile and age of the tenants. The dynamic effect of algorithmic pricing indicates that the algorithm will improve in favor of tenants over time and adjust the price according to changes of the external market environment. This means that supporting the application of digital technologies such as algorithms in the housing rental market, regulating the unreasonable differential pricing behavior driven by algorithm and vigorously cultivating professional and high-quality real estate brokers are of great significance to the sustainable development of the housing rental market.

According to the development thought of the Communist Party of China on common prosperity and the summary of Xi Jinping’s important exposition on common prosperity, common prosperity can be embodied in four sub-dimensions: development adequacy, development balance, fairness and sharing. Through further analysis of the four sub-dimensions, we can construct an index system of common prosperity that conforms to China’s characteristics, and conduct a concrete measurement and analysis of the common prosperity index concretely. The measurement results of national level data from 1992 to 2021 show that the national common prosperity index has been increasing since 1992, at a low level from 1992 to 2001, and accelerated after 2002. The changes of the four sub-dimensions of common prosperity are quite different. The development adequacy and sharing level are greatly improved, the development balance presents a inverted U-shaped tendency, and the fairness growth is tortuous and overall slow. However, the coupling and coordination of the four sub-dimensions of common prosperity are constantly improving, which means that the four sub-dimensions tend to develop synergistically. The measurement results of provincial data from 2012 to 2021 show that the regional heterogeneity of common prosperity development is significant; the common prosperity index in the eastern region is higher than that in other regions, which plays a leading role, while the common prosperity index in the central and western regions has great room for growth. The above conclusions show that to further promote the realization of common prosperity, it is necessary to pay more attention to the balanced development and fairness, and maintain the promotion of sharing and ensure the sustainable growth of development adequacy.

The Third Plenary Session of the 20th CPC Central Committee has made the deepening of the reform of the fiscal and taxation system an important part of the macroeconomic governance system, which is not only a continuation of the historical reform of the fiscal and taxation system since 1994, but also a new chapter in the era of the advancement of the Chinese-style modernization. At present, China is in a situation of great changes not seen in a century, facing more complicated and severe domestic and international situations, the financial difficulties of local governments have intensified, the re-distributive regulatory function of the fiscal and taxation system has weakened, and the public risks of economic operation still have a tendency to expand. Against this background, China has proposed to further“comprehensively push forward the reforms in key areas such as fiscal, taxation and finance”and continue to “deepen the reform of the fiscal and taxation system”, requesting that the new round of reform of the fiscal and taxation system should be oriented to solving the major problems, and deal with the fiscal relationship between the central and local governments, so as to maintain the long-term governance of the country. Thus, deepening the reform of the fiscal and taxation system is an important means to enhance national governance capacity and promote Chinese-style modernization. In terms of specific paths, China should reasonably delineate the inter-governmental authority and expenditure responsibility, further clarify the division of authority between the central and local governments; promote the construction of the local tax system to broaden the local financial resources; improve the transfer payment system and optimize the transfer payment structure; and steadily push forward the reform of the provincial and sub-provincial tax-sharing system to enhance the sustainability of the local finances, so as to realize the goal of the new round of fiscal and taxation system reform.

A fair distribution of fiscal subsidies plays a significant role in promoting the rule of law in finance and motivating firms to participate in environmental governance. From the perspective of organizational justice theory, this paper conducts an empirical analysis of the impact of fiscal subsidy distribution on corporate environmental investment based on the sample data of Chinese A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021. The findings suggest that the higher the concentration of local fiscal subsidies, the lower the environmental investment expenditure of enterprises within the jurisdiction; when the concentration of fiscal subsidies is caused by the subsidies that comply with procedural fairness or interactive fairness, the negative impact of fiscal subsidy concentration on corporate environmental investment disappears, indicating that the allocation of fiscal subsidies will affect corporate environmental investment by affecting their perception of fairness. Further research reveals that the the negative impact of concentrated fiscal subsidies on corporate environmental investment is greater when the industry in which the enterprise operates is not heavily polluting, the environmental regulations in the region are weak, and the corporate governance is poor. This indicates that the perception of fairness caused by fiscal subsidy allocation is substitutable with formal systems. Therefore, in the future, China should strengthen the rule of law management of fiscal subsidy allocation and enhance the procedural fairness of the fiscal subsidy allocation process, intensify the disclosure of information on the allocation of fiscal subsidies and enhance the fairness and interaction of fiscal subsidy allocation, and establish a specialized social supervision and feedback platform, fully leveraging the advantages of social supervision.

Based on the “quasi natural experiment”scenario of the step-by-step pilot and gradual opening up of the margin-trading and short-selling (MTSS) program in China’s capital market, this study conducts an unstructured text analysis on the Q&A text data of the negative questions from investors in Shenzhen Stock Exchange Interactive Easy and Shanghai Stock Exchange e-Interactive, and explores the impact of MTSS on investor questioning characteristics and response strategies of listed companies. The findings show that after listed companies become the subject of MTSS, the number of negative questions from investors on online interactive platforms significantly increases. However, the number of responses from listed companies to these questions significantly decreases, and the similarity of texts also significantly decreases. The responses are characterized by simplicity and ambiguity. This is because, on the one hand, in the context of MTSS, the negative questions from investors pose a risk of stock price decline for companies, prompting the companies with higher levels of operational risk and greater uncertainty to respond more vaguely. On the other hand, MTSS bring higher compliance risks to information disclosure for listed companies, prompting the companies with higher proprietary costs and relatively weak internal controls to be more cautious in information disclosure. Therefore, it is necessary to further optimize the regulatory scheme for investor-company interactions on online interactive platforms, and create a more transparent and high-quality investor relationship for listed companies in the context of MTSS.

The community lockdown and home office caused by COVID-19 have had a significant impact on organizations and employees. As resilience plays a key role in resisting risks and resolving crises, research on resilience has received great attention from academia and industry. Based on the internal communication data of a listed company from 2017 to 2021, this study analyzes and evaluates the impact of intra-organizational social capital on employee resilience during the COVID-19 pandemic. The findings show that social capital has a positive impact on employee resilience by helping employees share knowledge and seek organizational support. This impact varies across different factors such as job position, experience, gender, and marital status. Further research reveals that employee communication behavior is also closely related to organizational support they received. If employees talk more to others or have stronger emotional expression skills, they can attract more attention and support, and achieve better performance in dealing with adversity. Therefore, companies can use these strategies to improve the working environment, build a culture of corporate resilience, provide support and resources, and encourage employees to adapt to changes and challenges, so as to help the Chinese economy achieve high quality development.

The relationship between mixed-ownership reform and the ESG performance of state-owned enterprises (SOEs) have become a focus of scholars and are increasingly drawing the attention of stakeholders. Based on panel data of A-share listed state-owned companies from 2010 to 2022, this paper conducts an empirical study. The findings indicate that enhancing strategic aggressiveness and improving governance level are two pathways in this process. Further analysis shows that in terms of ESG practices, the mixed ownership reform has enhanced the performance of SOEs in terms of labor employment and compensation, board meeting frequency, and green innovation. The heterogeneity analysis shows that the above effects are more significant in the enterprises with stronger informal environment regulations or with public welfare nature. In addition, the non-state-owned shareholders participating in the mixed ownership reform, especially private and foreign shareholders, play a more significant role in improving the ESG performance of SOEs. Therefore, in the process of mixed ownership reform of SOEs, policy makers should open up public supervision channels, increase the weight of ESG performance in SOEs performance evaluation, fully mobilize stakeholders’ continuous supervision of mixed ownership reform of SOEs, achieve internal and external collaborative governance, and promote the high-quality development of SOEs.

Compliance management of family firms is a necessary condition for ensuring the long- term development of the corporate and achieving high-quality development. Taking the listed family firms from 2004 to 2020 as samples, this paper focuses on the reputation dimension of extended social emotional wealth, investigates the impact and mechanism of family social emotional wealth protection motivation on corporate compliance management, and conducts an empirical test to identify the reputation maintenance motivation of the enterprises through family naming. The findings show that family naming can significantly reduce the probability of business violations, which means that family naming highly overlaps the reputation of the corporate with that of the family, thereby making the family pay more attention to the compliance management and avoiding the damage to the family’s social and emotional wealth caused by the corporate’s violations. In addition, the higher the level of family involvement in management or the presence of second-generation involvement, the stronger the restraining effect is. Further analysis reveals that family naming mainly reduces information disclosure violations and operation violations. It also has a more significant inhibitory effect on serious violations. The mechanism analysis reveals that the enterprise named after the family can achieve compliance management through efficient corporate governance and high-quality internal controls. The economic consequence test reveals that the enterprise named after the family can not only enjoy lower debt financing costs, but also have easier access to long-term debt and bank loans. Therefore, guiding family firms to operate in compliance with regulations cannot unilaterally demand the elimination of family imprints but should encourage families to establish long-term orientation and promote them to actively implement the sustainable development concepts.

Fully exploiting the quality upgrading effect of export products of the internal and external two-way value chain division and interaction is of great significance to enhance the endogenous power of domestic circulation and improve the quality of international circulation. From the perspective of vertical specialized division of labor, using the multi-regional non-competitive input-output table of 30 provinces in China from 2002 to 2017, the data of China Industrial Economic Statistical Yearbook, the Customs database and the data of China Industrial Enterprise Database, this paper empirically studies the impact of internal and external two-way value chain division and interaction on the quality of China’s manufacturing export products. The results show that participation in global and domestic value chain division of labor can both significantly promote the quality improvement of China’s manufacturing exports, but there is a substitution relationship between the two promoting effects. After conducting endogeneity and robustness analysis, the conclusion still holds true. The promotion effect and interactive substitution effect of global and domestic value chain division of labor on the quality of China’s manufacturing exports are more significant in coastal areas. The division of labor in global and domestic value chains can significantly improve the quality of export products in knowledge intensive industries, and there is a substitution relationship between the two in terms of the improvement effect of export product quality, while the impact on capital and labor-intensive industries is the opposite. The impact of different division of labor and interaction modes in the global and domestic value chains on the quality of China’s manufacturing exports exhibits asymmetric characteristics, and the interaction of non aligned division of labor modes in the global and domestic value chains is the main way to improve the quality of export products.

Improving green economic efficiency is an essential step toward achieving sustainable development goals. In the context of China’s ongoing push for high-level opening-up, it is of significant practical importance to study the impact of trade liberalization on green economic efficiency. Based on the city-level data from 2006 to 2016, and using analytical tools such as word frequency statistics, instrumental variables, and threshold effect models, this study empirically explores the effects and mechanisms through which trade liberalization influences green economic efficiency. The findings show that trade liberalization has a significant positive effect on green economic efficiency, and this effect still holds true after robustness testing. The mechanism test shows that the green technological innovation and the agglomeration of producer services are key channels through which trade liberalization enhances green economic efficiency. The heterogeneity analysis reveals that the impact of trade liberalization varies significantly across regions. The expansion analysis indicates that the effect of trade liberalization on green economic efficiency exhibits non-linear characteristics, and high-level human capital and digital construction can provide guarantees for the release of positive effects of trade liberalization. Based on the above conclusion, while continuously promoting the process of trade liberalization, the government should accelerate digital construction, eliminate barriers to information flow, attach importance to the cultivation of high-quality talents, strengthen external knowledge absorption capabilities, so as to achieve a win-win situation between economic growth and green development through trade liberalization.

Public data openness empowers enterprises with new development momentum, then, can this help them improve their product market performance? Based on the samples of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2021, this paper conducts a quasi-natural experiment with the online public data openness platform. The findings show that public data openness can significantly enhance the product market performance of enterprises. The mechanism test finds that public data openness can help firms improve their performance in the product markets through the cost advantage, the financial advantage, and the strategic advantage. Further, when firms’ financing ability is weaker or the quality of public data openness is higher, the effect of public data openness on firms’ performance in the product market will be stronger. To this end, the government should actively launch public data open platforms and continuously improve the quality of public data openness; while enterprises and other market entities should strengthen the development and utilization of public data, and establish market competitive advantages.

Deeply implementing the innovation driven development strategy is the key to promoting Chinese path to modernization. Taking local state-owned listed companies as research objects, this paper conducts a quasi-natural experiment to explore the impact of the audit supervision of local audit institutions on the innovation ability of local state owned enterprises based on the human, financial and material management reform pilots of audit institutions below the provincial level. The findings show that the reform of personnel, financial and material management in audit institutions below the provincial level can significantly enhance the innovation capability of local state-owned enterprises. The impact mechanism test reveals that the reform can curb the short-sighted behaviors of local state-owned enterprise management and reduce rent-seeking activities of local state-owned enterprises. Therefore, the reform can improve the innovation capability of local state-owned enterprises. Further research has found that the reform has a more significant effect on improving the innovation capabilities of local state-owned enterprises in areas with high audit reform intensity, low institutional investor shareholding ratios, and low media supervision. Due to the reform, the innovation capability of local state-owned enterprises has been improved, allowing them to gain a competitive advantage in the market. Consequently, it is essential to establish and improve a long-term mechanism for the audit and supervision of state-owned capital, and continuously promote the reform of combining “active government” and “efficient market”.