Table of Content

15 October 2025, Volume 0 Issue 10

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Theoretical Economic

Artificial Intelligence Technology Application and Labor Investment Efficiency

Zhang Meng, Zhang Yong-shen

2025, 0(10):  3-14. 

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Artificial intelligence is the core driving force for promoting high-quality economic development. The application of artificial intelligence technology has a significant impact on the labor market. Based on the data of the listed companies on the Shanghai and Shenzhen A-share markets from 2007 to 2022, this paper conducts an empirical study from the perspective of labor demand side. The findings show that the application of artificial intelligence technology can significantly improve labor investment efficiency of enterprises, mainly by reducing redundant employment. From the perspective of the impact mechanism, artificial intelligence enhances the efficiency of corporate labor investment through three pathways: improving the level of human capital, inhibiting irrational decision-making by managers, and strengthening external supervision. The heterogeneity analysis indicates that in regions with abundant labor supply, low labor mismatch, and a favorable institutional environment, the application of artificial intelligence technology in enterprises has a stronger promoting effect on labor investment efficiency. Therefore, we should promote the deep integration of artificial intelligence with the real economy and improve the infrastructure for AI applications. AI technology should be leveraged to drive employment, optimize the skill structure of existing employees, and enhance the efficiency of labor utilization by enterprises. We should strengthen the construction of AI application channels, activate human capital, optimize decision-making, and enhance the effectiveness of external supervision.

Informatization of Government Services and High-Quality Economic Development

Wang Xue, Xiang Hou-jun, Zhou Xiong

2025, 0(10):  15-29. 

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The construction of government services informatization is not only an inherent requirement for the modernization of the national governance system and governance capacity, but also a crucial lever for ensuring high-quality economic development in the new development stage. Using the national pilot cities for information-based public services as a quasi-natural experiment, this paper conducts an empirical study based on the panel data from 287 prefecture-level cities in China from 2003 to 2021. The findings show that the implementation of the national pilot city policy for information-based public services has significantly enhanced the total factor productivity(TFP) level of pilot cities compared to non-pilot cities, indicating that the informatization of government services promoted by the pilot policy has a promoting effect on high-quality economic development. The heterogeneity analysis results show that the role of informatization of government services is stronger in cities located in the eastern region, with larger scales, more advanced information infrastructure, and higher levels of human capital. The channel tests reveal that the informatization of government services reduces institutional transaction costs and improves public service levels, which can promote high-quality economic development by enhancing urban technological innovation and stimulating entrepreneurial vitality. The above conclusions imply that accelerating the informatization of government services and formulating development policies tailored to local conditions are key to further leveraging the driving role of government governance in high-quality economic development.

Public Economics & Administration

Some Thoughts on Promoting the Steady and Far-Reaching Development of Tax Practices with Chinese Modernization

Deng Li-ping, Wu Xin-ni, Chen Li

2025, 0(10):  30-41. 

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In 2025, the National Tax Work Conference proposed “insisting on integrity and innovation, strengthening fundamentals, and promoting the steady and far-reaching development of tax practices with Chinese modernization,”which enriched the new strategic theme for tax work. Under the guidance of Xi Jinping's economic thought, understanding this new main thread requires both grasping the latest theoretical advancement of“one overarching consensus and five essential coordinations”and comprehending the series of high standards and high-level requirements centered on high-quality development.“Upholding fundamental principles and breaking new ground”represents the essential characteristic of the new main thread in tax practice. It should be elaborated through four dimensions: from fundamental institutions to national governance, from institutional strengths to governance effectiveness, from governance effectiveness to tax efficacy, and through continuous advancement and enhancement, to explain the theoretical foundations and practical pathways of performance-oriented taxation.“Consolidating the foundation”constitutes the key support for implementing the new main thread of tax practice. It entails a profound understanding of the seven interrelated pairs within performance-oriented taxation: economy and taxation, legal fairness and development efficiency, overall interests and local interests, tax governance based on the law and tax tasks, law-based tax collection and administration and tax service, tax governance based on data and tax consultation for government, and strict tax governance and strict team management.“Pursuing steady and long-term progress”embodies the contemporary requirement of the new main thread in taxation work. On the new journey, China's taxation sector must continuously elevate its position, always focusing on its primary business. It should not only promote its own steady and long-term development, but also make taxation contributions to help the Chinese economic ship sail through the wind and waves and achieve steady and long-term progress.

Expenditure of Financial Science and Technology, Construction of Modernized Industrial System and Development of New-Quality Productive Forces

Zhang Guang-yu, Ma Wen-tao, Sun Qun-li

2025, 0(10):  42-56. 

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The development of new quality productivity is the inherent requirement and important support for promoting high-quality development, in which financial expenditure on science and technology plays a key role. Based on the panel data of 258 cities in China from 2010 to 2022, this paper empirically analyzes the impact of financial S&T expenditures on the development of new quality productivity and its mechanism. It is found that financial S&T expenditures can significantly enhance the development level of new quality productivity. The mechanism analysis reveals that financial expenditure on science and technology can promote the development of new productivity through promoting the deep transformation of traditional industries, leading the development of strategic emerging industries and future industries, and optimizing the industrial structure. The heterogeneity analysis reveals that the promotion effect of fiscal S&T expenditures on new quality productivity is more significant when the scale of the cities is larger, the urbanization and marketization levels are higher, and the business credit environment is better. While this promotion effect is more obvious in regions with less fiscal pressure, greater promotion assessment pressure and larger fiscal decentralization. Therefore, we should continue to increase financial investment in science and technology to strengthen the scientific and technological support for the development of new productive forces, improve the industry innovation effect of financial expenditure on science and technology to speed up the construction of a modernized industrial system, and implement a strategy of regionally differentiated financial expenditure on science and technology to promote the development of new productive forces tailored to the local conditions.

Modern Finance

Financial Market Discipline and Local Government Special Debt Earning Capacity

Miao Xiao-lin, Chen Yin-rui

2025, 0(10):  57-70. 

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Along with China's increasing economic downward pressure and the transformation of the land finance model, there exists a hidden risk of insufficient debt earning capacity behind the continuously expanding local government special debt. In this context, strengthening the financial market discipline is an important breakthrough. Based on the data on China's local government special debt from 2015 to 2023, this study innovatively constructs indicators for price deviation and fund income driving effects, analyzing and examining the impact of financial market discipline on the earning capacity of local government special debt and its underlying mechanisms from the perspective of debt management behavior. The study finds that financial market discipline has significantly increased local government special debt earning capacity, and this effect is more significant in areas with perfect information disclosure and stronger supervision by the National People's Congress (NPC). From the perspective of the impact transmission in the full lifecycle management of special debt, covering borrowing, utilization, and repayment, financial market discipline has a notably positive effect on both debt borrowing and utilization. In the borrowing phase, they significantly enhance the quality of debt projects, while in the utilization phase, they markedly accelerate fund usage progress and improve project operational efficiency. However, the influence on debt repayment behavior is not significant. Therefore, it is recommended to improve the financial market discipline mechanism and strengthen the incentive of debt behavior, optimize the full lifecycle management of special debt to enhance the effectiveness of debt operation, and strengthen the support and reform of the tripartite coordination among public finance, financial market and NPC.

The Dynamic Impact of Digital Finance on Corporate Continuous Innovation: Also on the Role of Business Environment

Hu Bing, Qi Yu-dong

2025, 0(10):  71-84. 

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Technological innovation is the core element of developing new productive forces and a major force driving social progress. In recent years, China has placed great emphasis on the development of digital finance and the construction of a business environment. Therefore, studying the relationship between digital finance and corporate continuous innovation is of great significance. Taking Chinese A-share listed companies from 2011 to 2022 as research samples, this paper employs a dynamic panel threshold model to examine the relationship between digital finance and corporate continuous innovation capabilities, while also exploring the potential of the business environment. The results show that developing digital finance can effectively enhance corporate continuous innovation capabilities, but this effect tends to diminish over time. By improving the business environment, however, it can stimulate the promotional effect by digital finance on the continuous innovation of enterprises. This conclusion is particularly evident in samples of non-state-owned enterprises and those located outside coastal areas. The mechanism test indicates that the current impact of digital finance on corporate continuous innovation mainly comes through enhancing industrial chain resilience and improving the level of financial technology. Therefore, government departments should further promote the deep integration of digital technology, financial services and the real economy by creating high-level digital and technological business environments, thereby strengthening the governance of financial data and improving the service efficiency for corporate continuous innovation.

Business Administration

Over-Raised IPOs on the STAR Market and Corporate Innovation Output

Yang Bao, Yi Biao, Xiang Xue-man

2025, 0(10):  85-97. 

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Over-raised funds have become a common phenomenon in the initial public offering (IPO) process of the Science and Technology Innovation Board (STAR Market). However, can excessively raised funds alleviate the financial constraints faced by technology innovation enterprises in their innovation activities, thereby enhancing their innovation performance? Based on the data of listed companies on the STAR Market as of the end of 2023, this paper examines the impact of IPO over-raising on innovation output. The findings show there is a significant negative correlation between the IPO over-raising rate and the innovation output of technology innovation enterprises. The mechanism test results indicate that when the agency problem between corporate executives and controlling shareholders is more severe, the inhibitory effect of IPO over-raising on innovation output is stronger, suggesting that agency problems may lead to inefficient allocation of excessively raised funds. The heterogeneity analysis shows that the negative relationship between IPO over-raising and innovation output is more significant in enterprises with weaker technological innovation attributes, stronger motivation for sudden dividends, higher levels of R&D manipulation, and lower quality of information disclosure. In addition, governance mechanisms such as equity checks and balances, equity incentives, and media supervision can weaken the above-mentioned impact. Therefore, while strengthening the supervision of high over-raising phenomena and guiding the rational use of excessively raised funds, it is necessary to further improve the identification standards for“hard technology”of technology innovation enterprises, refine the information disclosure requirements for the use of excessively raised funds and R&D activities, and enhance the efficiency of resource allocation and the quality of enterprise innovation.

Research on the Impact of Intergenerational Knowledge Sharing among Older Employees on Job Flourishing: From the Perspective of Self-Determination Theory

Wan Yi, Zhan Xiao-jun, Han Xue

2025, 0(10):  98-112. 

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With the increasing aging of the workforce, how to stimulate the work vitality and learning motivation of older employees in the later stages of their careers to promote their job prosperity has become an important issue in organizational management in the context of population aging. Based on the self-determination theory, this study explores the impact of intergenerational knowledge sharing among older employees on their job prosperity, as well as its mechanism and boundary conditions. Data analysis is conducted on 330 valid questionnaires collected across three stages. The results show that intergenerational knowledge sharing among older employees can promote their job prosperity, that psychological needs satisfaction plays a mediating role, and that perceived knowledge absorption ability of younger employees not only positively moderates the relationship between intergenerational knowledge sharing among older employees and psychological needs satisfaction, but also positively moderates the indirect effect of intergenerational knowledge sharing among older employees on their job prosperity through psychological needs satisfaction. Therefore, organizations should encourage older employees to actively participate in intergenerational interactions, emphasize the important role of individual psychological needs satisfaction in achieving job prosperity among older employees, and pay attention to and enhance the knowledge absorption ability of younger employees.

Industry & Trade

Enterprise Green Technology Network Position and Total Factor Productivity

Wu Zhen, Yan Zhong-xiao

2025, 0(10):  113-126. 

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Inter-firm networks serve as crucial channels for enterprises to acquire information and technology. The position of green technology networks determines the quality and quantity of green technology resources that enterprises can access, which is of great significance for enterprises to achieve high-quality development. Based on the theoretical analysis of the impact of enterprises' green technology network position on total factor productivity, this paper conducts an empirical test using the data from the listed manufacturing companies in China from 2007 to 2022. The research results show that an advantageous position in the green technology network of enterprises is conducive to improving total factor productivity, that an advantageous position in the green technology network of enterprises enhances total factor productivity by enhancing enterprises' green technology innovation capabilities and optimizing resource allocation, that enterprises' absorptive capacity and digital transformation can strengthen the enhancing effect of advantageous position in the green technology network on total factor productivity, and that an advantageous position in the green technology network helps enterprises achieve a win-win situation between environmental performance and economic performance. According to the research conclusions, it is necessary to build a green technology network with closer connections and more efficient operations to promote information sharing and resource integration, encourage enterprises to utilize the green technology network to improve total factor productivity, and empower high-quality development.

Human Capital, Carbon Productivity and Quality of Green Product Exports

Ni Yi-ning, Ma Ye-qing, Meng Ning

2025, 0(10):  127-139. 

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The enhancement of human capital stock in China is a crucial guarantee for firms to achieve improvements in carbon productivity and, subsequently, to elevate the quality of green product exports. This study explores how the dynamic changes in the structure of human capital and its synergistic effects with carbon productivity facilitate the enhancement of firms' green product export quality. The findings indicate that the synergistic effect between human capital and carbon productivity significantly improves the quality of green product exports. Moreover, the conclusion remains robust after conducting a series of tests for robustness and endogeneity. Additionally, the positive influence of the synergistic effect on the quality of green product exports is particularly pronounced among private firms, processing trade firms, firms with a high degree of differentiated product, and firms exporting to high-income countries. The synergistic interaction between human capital and carbon productivity enhances the export quality of green products in firms through two mechanisms: research and development facilitation and technological absorption capacity building. Further research reveals that the advanced human capital structure synergistically interacts with carbon productivity across temporal and spatial dimensions, which serves as a critical driver in enhancing the export quality of green products at the firm level. Consequently, firms should prioritize the improvement and synergistic development of human capital and carbon productivity to provide sufficient impetus for enhancing the quality of green product exports.

Modern Accounting

Fair Competition Review System and Enterprise Cost Management Decision

Hong Jiao, Wang Jian-xin, Zhou Zhi-yuan

2025, 0(10):  140-152. 

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The fair competition review system is an important measure to accelerate the construction of a national unified large market. This paper takes the fair competition review system as a quasi-natural experiment, and selects the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021 as research samples to test the influence of the fair competition review system on the cost stickiness of enterprises. The findings show that the fair competition review system has effectively reduced the cost stickiness of enterprises. The mechanism test shows that the fair competition review system has effectively reduced the stickiness of enterprise costs by reducing the adjustment cost of enterprises, alleviating the agency problem of enterprises and adjusting the management's optimistic expectations. The heterogeneity analysis shows that when an enterprise belongs to a monopolistic industry and is located in an area where the implementation of fair competition review system is stronger, the fair competition review system can better reduce the cost stickiness of the enterprise. To this end, it is necessary to further strengthen the enforcement of the fair competition review system and enhance the construction of its supervision mechanism.

Group Wisdom or Individual Wisdom: Question Leaders on Interactive Platforms and the Risk of Stock Price Collapse

Sun Hao-ran, Ma Lian-fu, Xie Yan-xiang

2025, 0(10):  153-164. 

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The individual wisdom of highly active users in social media plays a crucial role in breaking the“spiral of silence”. By making use of the data from non-financial listed companies on the Shanghai and Shenzhen A-share markets from 2013 to 2023, this study investigates the relationship between question leaders on interactive platforms and the risk of stock price collapse. The results indicate that question leaders on interactive platforms can significantly reduce the risk of stock price collapse, breaking the“spiral of silence”. The mechanism analysis reveals that questions posed by question leaders on interactive platforms can reduce information asymmetry and strengthen external supervision, thereby enabling question leaders to mitigate the risk of stock price collapse. The higher the concentration of attention from question leaders on a company, the greater the reduction in the risk of stock price collapse; however, the extensive attention from question leaders to listed companies would increase the risk of stock price collapse. An analysis of the response strategies of listed companies reveals that increasing the similarity of response texts, expanding the number of response words, and shortening the response time can reduce the risk of stock price collapse. Conversely, excessive bias towards question leaders in responses from listed companies would increase the risk of stock price collapse. The analysis of the complementary effect reveals a regulatory complementary effect between the supervision of regulatory authorities and the questions posed by question leaders on interactive platforms. Therefore, it is necessary to fully leverage the positive role of question leaders on interactive platforms, while also regulating their behaviors.