Table of Content

15 July 2025, Volume 0 Issue 7

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Theoretical Economics

Optimization of Regional Environment with the Help of New Infrastructure Construction: Based on the Study of UHV Transmission Project

Qian Fei-fei, Wei Shou-hua

2025, 0(7):  3-15. 

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As an important part of new infrastructure construction, the UHV transmission project not only undertakes the important responsibility of regulating energy supply and demand, but also the historical mission of regional environmental optimization. Based on the panel data of 1,625 counties and districts from 2003 to 2020, this paper conducts a study by employing the staggered double-difference method. The results show that the UHV transmission project can significantly reduce regional PM concentrations, thus contributing to the optimization of the regional environment. Specifically, counties and districts that commissioned UHV transmission projects reduced their PM concentrations by about 1.51 percentage points on average compared to those that did not. UHV transmission helps optimize the regional environment through three mechanisms: optimizing resource allocation, promoting cleaner production and facilitating green innovation. There is significant spatial heterogeneity in the environmental effects of UHV transmission projects. On the one hand, UHV transmission project significantly suppresses PM concentrations in power importing places, the eastern regions and the regions with relatively scarce energy resources; on the other hand, it exacerbates the environmental pressure in power exporting places, the western regions and the regions with abundant energy resources to varying degrees. Therefore, in the construction of UHV transmission projects, the state should focus on the welfare of the residents and the ecological environment issues in the power exporting areas, the western areas and the resource-rich counties, and establish a sound system of ecological compensation and technical support to realize a two-way balance between economic development and environmental protection.

Analysis of China’s Economic Fluctuations and Stabilization Policies under Environmental Regulations

Chen Li-feng

2025, 0(7):  16-29. 

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Previous studies have regarded environmental regulation as a“job killer”in terms of its impact on employment and economic cycle fluctuations. By constructing a dynamic stochastic general equilibrium model that includes environmental pollution, environmental protection, and labor market friction, and considering the destructive effects of environmental pollution on production, the impact of environmental regulations on the labor market and macroeconomy can be examined. Based on the calibration of model parameters, the results of the second-order moment matching indicate that the dynamic stochastic general equilibrium model that takes into consideration the destructive effects of environmental pollution on production can fit the real data in China well. The impulse response analysis of the impact of environmental taxes shows that the reverse shock caused by the increase in environmental tax rates leads to a tightening of the labor market, and the increase in environmental tax rates exacerbates macroeconomic fluctuations. However, if the government uses environmental taxes as employment subsidies for enterprises, it will help alleviate the labor market tightening and macroeconomic fluctuations caused by the imposition of environmental taxes, thereby reducing the cost of smoothing the economic cycle for the government. The simulation results of stabilizing monetary policy design show that environmental policies have significantly changed the implementation effect of monetary policy, and this change has a particularly significant impact on unemployment. The results of social welfare analysis indicate that, while regulating the environment, the policy combination of monetary policy mechanisms targeting unemployment and employment subsidies has the effect of balancing environmental protection, employment, and macroeconomic stability.

Public Economics & Administration

Chinese-Style Transfer Payment: Dual Objectives, Ternary Subjects and Diversified Means of Implementation

Zhou Shao-dong, Ai Xin

2025, 0(7):  30-43. 

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The Third Plenary Session of the 20th CPC Central Committee proposed the establishment of a mechanism for incentivizing and constraining transfer payments to promote high-quality development. As a social income redistribution mechanism, transfer payment is an important economic governance tool to enhance regional development balance and achieve social equity and justice. The purpose of Western transfer payments is limited to controlling regional polarization, often exposing issues of government financial constraints and reverse incentives. Chinese style transfer payments have the dual goals of balancing regional development and promoting economic growth. They leverage the collaborative functions of the government, market, and society, rooted in the demand orientation of people, finance, and services in the recipient areas, and adopt diverse policy implementation methods to form a composite intergovernmental redistribution mainly in the form of fund allocation and cadre exchange. The 1.5 time distribution of“Party-government leading -- market allocation”between initial distribution and redistribution, and the 2.5 time distribution of“Party-government guidance -- social participation”between redistribution and the third distribution, thus shaping a broad redistribution with distinct Chinese characteristics. The process of summarizing and refining the experience and theory of this“economic problem -- political solution”approach is also a positive attempt to build an independent knowledge system of Chinese economics.

The Optimization of Tax Business Environment and Corporate Digital Transformation: A Quasi-Natural Experiment Based on the Reform of Tax“De-Regulation, Supervision, and Service”

Cao Qian-wen, Zeng Jun-ping

2025, 0(7):  44-57. 

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Optimizing the tax business environment is a strong driving force for stimulating market vitality and promoting enterprise transformation and upgrading. Taking the reform of tax“de-regulation, supervision, and service”in taxation as the starting point, based on the data from Chinese A-share listed companies in Shanghai and Shenzhen stock exchanges from 2014 to 2022, this paper empirically analyzes the impact and mechanism of the reform on the digital transformation of enterprises. The findings show that the tax reform of“de-regulation, supervision, and service”has significantly promoted the digital transformation of enterprises. Further analysis shows that the tax“de-regulation, supervision, and service”reform has a stronger promoting effect on the digital transformation of the lower financing constrained enterprises, the high-tech enterprises, and the enterprises in the central and western regions. The mechanism analysis reveals that the tax“de-regulation, supervision, and service”reform, through the implementation of a data-driven tax management model, has forced enterprises to engage in digital technology innovation, injecting digital innovation vitality into their digital transformation. By simplifying the tax declaration process and reducing the administrative approval process, the tax cost of enterprises has been reduced, providing financial support for their digital transformation. By improving the quality of tax services, the institutional transaction costs of enterprises have been reduced, providing policy guarantees for their digital transformation. Therefore, it is necessary to comprehensively deepen the reform of tax“de-regulation, supervision, and service”, in order to create a favorable tax business environment for promoting the digital transformation of enterprises. It is also necessary to improve financial and tax system arrangements to promote digital transformation of enterprises, to fully leverage the demonstration effect, investment effect, and service effect of the tax“de-regulation, supervision, and service”reform to assist enterprises in smoothly achieving digital transformation.

Modern Finance

New Quality Productivie Forces Empowered by Finance: Theoretical Foundations, Strategic Layout, and Path Choice

Tan Xiao-fen, Wang Rui-xian

2025, 0(7):  58-72. 

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Under the backdrop of the new round of industrial revolution, developing new quality productive forces constitutes an inherent requirement for implementing the new development philosophy and advancing high-quality development. Based on the general principles of financial support for productivity, the cultivation of new quality productive forces imposes higher standards on the financial system. The nurturing process of new quality productive forces exhibits both synergistic effects and structural contradictions with the operational mechanisms of the financial system. Currently, China’s financial system has significantly enhanced its support for productive forces, yet there remains no systematic framework for financial support of new quality productive forces development. The supply of financial services still fails to match the financing needs across various stages of technological innovation, and the financial structure requires further optimization. Therefore, in promoting the development of new quality productivie forces in the financial field, it is necessary to firmly grasp the main contradiction of financial support for technological revolutionary breakthroughs, advance the development of technology finance, strengthen the coordination between the financial system and the national innovation system, and at the same time, achieve the matching of supply and demand of financial resources in different stages of innovation, such as basic research, applied research, technology development, and technology commercialization, deepen the reform of the financial system and improve the financial system that is compatible with the cultivation of new quality productivie forces.

The Impact of Financial Decentralization on Local Small and Medium-Sized Banks’ Liquidity Creation: A Perspective of Industrial Upgrading

Ai Si-jing, Hong Zheng, Xiao Rui

2025, 0(7):  73-87. 

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The liquidity creation of local small and medium-sized banks (LSMBs) is crucial for regional industrial upgrading and economic development. However, how financial decentralization (FD), a key institutional arrangement, affects their liquidity creation remains further in-depth investigation. From an industrial upgrading perspective, this study utilizes the data from Chinese city commercial banks and rural commercial banks spanning 2010-2022 to systematically examine the impact of FD on the liquidity creation of LSMBs and its transmission mechanisms. The findings indicate that, overall, FD promotes the liquidity creation of LSMBs, with its primary transmission mechanism being an increase in banks’ corporate loan share. This promoting effect is particularly prominent in regions with slower industrial upgrading. Nevertheless, the deepening of FD is not entirely beneficial: in regions with slower industrial upgrading, the increase in liquidity of LSMBs brought about by financial decentralization is often accompanied by an increase in medium-term maturity mismatch risk of LSMBs, which may lead to short-term credit allocation and a“lack”of support for the manufacturing industry, which is not conducive to regional industrial upgrading. Therefore, local governments should timely adjust the control rights structure of LSMBs to optimize the scale and efficiency of their liquidity creation, thereby better serving the regional industrial upgrading while effectively preventing local financial risks.

Business Administration

A Study of the Impact of Digital Technology Application on Team Adaptive Performance

Qian Zhi-chao, Wen Xiao-yi

2025, 0(7):  88-99. 

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The application of digital technology has become a foundation to drive the improvement of the new quality productivie forces in enterprises, while team adaptive performance serves as a key to achieving the team and organizational effectiveness. At present, however, few studies have systematically explored the effectiveness of digital technology applications at the team level. Based on this, according to the team process model, a mechanism model of the impact of digital technology application on team adaptability performance is constructed, and the mediating role of team work prosperity and the moderating role of team learning goal orientation are discussed in detail. The empirical test results based on the two-stage paired data of 97 team leaders and 291 subordinates show that the application of digital technology has significantly improved team adaptability performance, and team work prosperity is the key transmission mechanism for the positive impact of digital technology application on team adaptability performance. Team learning goal orientation has strengthened the promoting effect of digital technology application on team work prosperity, that is, the higher the team learning goal orientation, the stronger the promoting effect of digital technology application on team work prosperity. Therefore, enterprises should introduce digital technology, create a supportive team culture, and strengthen learning goal orientation to enhance team work prosperity and adaptive performance, so as to consolidate the foundation of long-term competitiveness.

A Study of the Psychological Mechanism of Uncertain Gains in Enhancing the Effect of Blind Box Promotion

Liu Ting-ting, Lu Chang-bao

2025, 0(7):  100-116. 

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Uncertain gain is a key factor in promoting blind box consumption. Based on the classification of blind boxes into experience version and koi version, this study explores the psychological mechanism of uncertain gain in enhancing the promotional effect of blind boxes through four psychological experiments. Experiments 1a and 1b compare the promotion effects of the experience version, control group, and koi version blind box, and reveal that the koi version blind box can induce a stronger purchase intention, while the difference between the control group and the experience version is not significant. This indicates that uncertain returns can stimulate strong purchase intention, thereby improving promotional effectiveness. The result of Experiment 2 shows that the expected surprise and purchase intention induced by the Koi version blind box are higher than those induced by the experience version blind box, and the expected surprise plays a mediating role in the influence of blind box form on purchase intention, indicating that the expected surprise caused by uncertainty is an important driving emotion affecting blind box purchase intention. Experiment 3 studies the mechanism by which expected surprise and purchase intention are regulated by uncertainty perception and luck belief. The following conclusions are drawn: firstly, the stronger the uncertainty perception contained in the blind box, the stronger the positive regulatory effect on expected surprise and purchase intention; secondly, the stronger the consumer’s belief in luck, the more significant the positive moderating effect on expected surprises. In order to better protect consumers’ rights and interests, it is suggested that enterprises should strengthen the construction of business ethics while focusing on the design of blind box promotion with the characteristics of uncertain gains, the consumers should correctly understand the value of blind box promotion and learn to consume rationally, and the government should strengthen the supervision of blind box promotion and regulate the behavior of enterprises.

Industry & Trade

Investment Attraction Effects of Regional Trade Agreement Networks: A Perspective of Additional Foreign Investment

Yang Zhi-hao

2025, 0(7):  117-128. 

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Making greater efforts to attract foreign investment is an important manifestation of a high-level opening up. In recent years, while the total amount of foreign investment has steadily increased, the additional investment by foreign investors has been somewhat weak, becoming a weak link for China to attract foreign investment. Based on this, this study explores how to promote additional foreign investment from the perspective of regional trade agreement networks. The findings show that increasing the centrality of regional trade agreement networks in enterprises can help promote additional foreign investment. The mechanism research has found that improving the centrality of regional trade agreement networks for enterprises can help fill the supply gap in the host country’s supply chain, enhance international supply chain resilience and enterprise technological innovation levels, thereby promoting additional foreign investment. The expanding analysis reveals that the stronger the internal and external financing capabilities of enterprises, the more conducive it is to promoting foreign investment by increasing the centrality of regional trade agreement networks. The additional investment by domestic investors can further promote the additional investment by foreign investors. Therefore, we should accelerate the enhancement of China’s position in the global regional trade agreement network, improve the supply capacity of domestic supply chains and the resilience of international supply chains, promote the construction of commercial credit systems, and actively explore joint investment mechanisms between domestic enterprises and foreign investors.

How Export Trade Digitization Affects Enterprise Labor Employment?

Li Zi-xuan, Liu Jian

2025, 0(7):  129-142. 

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As a new form of export trade, digital trade not only promotes the development of foreign trade, but also profoundly affects the labor employment behavior of enterprises. Based on the merged“enterprise-product”level data from the customs database and the listed company database, this study empirically analyzes the impact of digitalization of export trade on labor employment in enterprises from three perspectives: effectiveness, mechanism, and heterogeneity. The findings show that digitalization of export trade significantly increases labor employment in enterprises, and in the long run, there is a non-linear inverted U-shaped relationship between the two. From the perspective of the impact mechanism, digitalization of export trade has a scale creation effect on enterprise labor employment by reducing costs and increasing efficiency, and increasing enterprise output demand. Although some enterprises face competition substitution effects and platform substitution effects, overall, the creation effect is greater than the substitution effect. The digitalization of export trade has a positive net creation effect on enterprise labor employment. The heterogeneity analysis shows that the positive impact of digitalization of export trade on labor employment is more significant for high-tech industries, capital intensive and highly competitive enterprises, skilled workers, and the central and western regions with greater potential for labor employment growth. Further analysis reveals that compared to general products, the export of digital products has a significant positive effect on enterprise labor employment, and the digital product exports and the digitalization of export trade have a synergistic positive effect on enterprise labor employment. To this end, we must vigorously support the digital development of export trade, empower enterprises to optimize their labor structure, promote China’s high-level opening-up to the outside world, and ensure high-quality and full employment.

Modern Accounting

The Impact of Digital Mergers and Acquisitions on Enterprise New Quality Productivie Forces: From the Dual Perspectives of Technology Acquisition and Integration Upgrades

Zhou Shao-ni, Yan Yi-jun

2025, 0(7):  143-152. 

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Mergers and acquisitions, as a key means of corporate strategic layout, have always been highly valued by enterprises. This paper conducts an empirical research on mergers and acquisitions of Chinese A-share listed companies from 2012 to 2022. The findings show that digital mergers and acquisitions can promote the development of new quality productivie forces in enterprises. The mechanism analysis shows that digital mergers and acquisitions can not only increase the digital knowledge stock of the acquiring companies, but also enhance their innovation, absorption, and adaptation capabilities. Therefore, digital mergers and acquisitions can promote the development of new quality productivie forces in the acquiring companies. The heterogeneity analysis shows that in companies with extremely high tone of accumulation in merger and acquisition announcements and those with good digital foundations, digital mergers and acquisitions have a more significant promoting effect on the development of new quality productivie forces in enterprises. To this end, the government should encourage companies to engage in digital mergers and acquisitions. Enterprises should attach importance to the organizational integration and resource coordination after digital mergers and acquisitions, and leverage the value creation potential of digital mergers and acquisitions through knowledge transfer and technology integration, so as to promote the development of new quality productivie forces in enterprises.

Can Supply Chain Finance Curb Corporate Tax Avoidance?

Ma Yong, Wu Xing-yu

2025, 0(7):  153-164. 

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Supply chain finance has such positive effects as alleviating corporate financing constraints, promoting cooperation between enterprises and their upstream and downstream partners, and stabilizing the supply and demand relationships of enterprises. This paper conducts an empirical study using the non-financial listed companies on China’s A-share market from 2010 to 2023 as samples. The findings show that engaging in supply chain finance business can suppress corporate tax avoidance. The mechanism testing shows that supply chain finance can alleviate the financing constraints of enterprises, reduce their operational risks, and improve their information transparency. Therefore, supply chain finance can suppress tax avoidance by enterprises. The heterogeneity testing reveals that in enterprises located in regions with strong tax collection and management, as well as in enterprises with high supplier concentration, low supply chain transparency, and high degree of specialization, the inhibitory effect of supply chain finance on tax avoidance is more significant. To this end, the government should further promote the development of supply chain finance and deepen tax reform, and explore the establishment of a governance mechanism that coordinates supply chain finance with tax collection and management. Financial institutions and core enterprises in the supply chain should continuously optimize the supply chain finance business system and enhance the tax compliance level of all enterprises in the supply chain.