Contemporary Finance & Economics

The Logic of Institutional Openness in Enhancing the Resilience of Industrial Chain and Supply Chain

Dai Xiang

2026, 0(2): 3-14.

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While the global value chain division of labor enhances efficiency, it also raises issues of security and stability in industrial and supply chains. Therefore, how to improve the resilience of industrial and supply chains and balance openness with security is a common challenge faced by countries worldwide. Theoretical analysis shows that the resilience of industrial and supply chains involves the three dimensions: Distortion level, recovery level, and recovery speed, all of which are related to the smooth flow of intermediate goods. In other words, the availability, efficiency and quality of intermediate goods largely determine the three dimensions of industrial and supply chain resilience. The endogenous requirement of the global value chain division of labor for“seamless integration”across different production stages necessitates a more stable, transparent, and predictable institutional environment for the smooth flow of intermediate goods. Institutional openness, characterized by“domestic openness, rule orientation, policy coordination, and two-way integration”, constructs an institutional framework to ensure the smooth flow of intermediate goods, thereby systematically addressing the three dimensions of industrial and supply chain resilience and achieving dynamic stability from shock resistance to rapid recovery. This is precisely the underlying logic behind China’s continuous emphasis and vigorous promotion of institutional openness in recent years. It should be further emphasized that, with the evolution of economic forms and international division of labor, the connotation and extension of intermediate goods are also undergoing profound changes. Hence, to enhance the resilience of China’s industrial and supply chains, a path system should be constructed in terms of specific countermeasures and measures, which includes vertical deepening, horizontal expansion, systematic coordination, and differentiated implementation.

Institutional Openness and the Dynamic Development of Export Enterprises: From the Perspective of Standard Coordination

Liao Liang-gui, Li You-shu

2026, 0(2): 15-30.

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The use of standard coordination to accurately assess market demand is the key to the stable development of export enterprises in overseas markets, and is of great significance for building more world-class export enterprises. Based on Bayesian learning model, an analysis framework for the dynamic development of export enterprises is constructed. Using the matching data between China Customs database and industrial enterprise database from 2000 to 2014, the impact and mechanism of institutional openness on the dynamic development of export enterprises are analyzed from the perspective of standard coordination. Research has found that standard coordination reduces the adjustment range of expected demand for export enterprises and improves the accuracy of demand learning by reducing market signal noise. Standard coordination significantly improves the efficiency of demand learning for export enterprises, enabling them to identify and adapt to changes in market demand more quickly. The dynamic improvement of productivity is the core transmission mechanism, and standard coordination optimizes the demand learning ability of export enterprises by promoting their productivity improvement. Further analysis shows that the impact of standard coordination increases with the cumulative number of coordination times and the age of overseas markets, but this enhancement effect has an effective boundary, and the impact of standard coordination also varies depending on the industry and standards, as well as whether foreign investors hold shares. Standard coordination can also significantly reduce the probability or risk of export enterprises exiting the market. Based on this, the government should continue to expand institutional openness, promote the internationalization process of Chinese standards, guide Chinese export enterprises to deeply participate in the formulation of international standards, and improve the dynamic monitoring and policy support system for standard coordination to help export enterprises develop steadily in overseas markets.

Does the Phillips Curve Have Regional Connectivity? An Analysis Based on Quantile Time-Frequency Connectivity Method

Chen Wan-ying, Liu Da-yu, Wang Bo-qi

2026, 0(2): 31-45.

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Clarifying the connectivity of the Phillips curve is of great significance for early warning of local economic risks, preventing cross-region risk transmission, and promoting regional coordinated development. Based on the provincial data from China from 2005 to 2024, an empirical study is conducted to estimate the regional Phillips curve and identify its connectivity features by using quantile time-frequency connectivity methods. The results show that, firstly, the Phillips curve in China exhibits multiple features, including a flat eastern region, a reverse sloping central western region, and a conventional shape in the Northeast region. Secondly, in terms of the time dimension, the connectivity between curves exhibits a typical time-varying characteristic of being higher during crisis periods and lower during stable periods. After 2014, the eastern, central and western regions have become net risk transmitters. Thirdly, in terms of the frequency dimension, the short-term connectivity of Phillips curve has always dominated, but after the epidemic of COVID-19 infection, the contribution of long-term connectivity has been improved. Fourthly, in terms of the quantile dimension, the tail of the Phillips curve has higher risk, and the central region is a net transmitter of shocks at all quantile levels. In the coming period, it is necessary to focus on the short-term volatility spillover risks under low output and low inflation conditions. Therefore, it is urgent to establish a differentiated regional risk monitoring and early warning system, and continuously improve and innovate the risk management toolbox to ensure the steady recovery of the economy in a relatively safe state.

Can Administrative Decentralization Improve Enterprise Performance? Empirical Evidence from the Reform of “Expanding Power and Strengthening Counties”

Lu Wen-juan1, Guo Ying³

2026, 0(2): 46-57.

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County governance can ensure peace throughout the country. Whether the reform of “expanding power and strengthening counties”can improve the performance of enterprises in county-level areas is a theoretical issue that needs to be explored in the process of new-stage urban-rural integration and smoother domestic circulation. Based on the quasi-natural experiment of the “expanding power and strengthening counties”reform in 2002 and the progressive difference- in-differences model, this paper conducts an empirical study to examine the impact of administrative decentralization on enterprise performance. The results show that the reform of“expanding power and strengthening counties”has significantly improved the performance of enterprises. The mechanism test shows that the reform of“expanding power and strengthening counties”improves enterprise performance mainly by reducing the effective tax rate of enterprises and easing the financial constraints of enterprises. Further heterogeneity analysis reveals that the“expanding power and strengthening counties”reform has a significant impact on improving enterprise performance, especially in the enterprises located in areas with higher economic development levels or with a higher enterprise density, and in large-scale enterprises, as well as in capital-intensive industries. The above research indicates that it is necessary to deepen the reform of the division of powers, further promote the modernization of the national governance system, improve governance capabilities, promote the improvement of enterprise quality and efficiency, and promote county-level economic growth.

Coordinated Allocation of Fiscal Funds and the Prevention and Mitigation of Financing Platform Debt Risks: A Perspective Based on the Scale of Urban Investment Bond Issuance

Jia Shao-meng, Zheng Chun-rong

2026, 0(2): 58-71.

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Strengthening the coordination of fiscal resources and budgets is an important part of improving the budget system and also an important strategy for preventing and resolving the debt risks of local governments under the new economic normal. Taking the reform of fiscal funds coordination as the starting point, based on the data at the prefecture-level city level from 2010 to 2023, this paper conducts an empirical analysis of the impact of the reform of fiscal funds coordination on the issuance of debt by financing platforms. The findings show that fiscal funds coordination can effectively reduce the issuance scale of urban investment bonds and play a role in preventing and resolving the debt risks of financing platforms. The mechanism analysis reveals that fiscal funds coordination can effectively revitalize the existing funds and optimize the allocation of funds, which not only ensures the intensity of fiscal expenditure but also improves the efficiency of fiscal expenditure. These measures provide the government with more available funds, reduce its reliance on external borrowing, and thereby play a role in preventing and resolving debt risks. The heterogeneity analysis reveals that the policy effect of fiscal funds coordination is more significant in regions with low economic growth pressure and high auditing intensity. Therefore, it is necessary to continuously optimize the fiscal funds coordination policy, improve the efficiency of fund use, accelerate the resolution of the debt risks of financing platforms, promote the transformation of financing platforms in a forceful, orderly and effective manner, strengthen the synergy and coordination between fiscal funds coordination and debt management, and accelerate the establishment of a long-term mechanism for preventing and resolving debt risks of local governments.

The Responsibility Implication, Problem Revelation and Path Optimization of Special Bond Governance

Yao Yan-ping

2026, 0(2): 72-85.

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Special bonds are an important tool for counter cyclical regulation, which can effectively broaden government financing channels, expand effective investment, and promote local economic development. The operation of special bonds should prevent and control debt risks caused by confusion of responsibilities and ineffective governance. The Third Plenary Session of the 20th Central Committee of the Communist Party of China called for the improvement of the government debt management system. Special bonds should be managed with a coordinated approach to development and safety, emphasizing the responsibility implications of dividing responsibilities, regulating rights with responsibilities, and promoting governance with responsibilities. At present, there are some problems in the governance of special bonds, such as unclear responsibility for debt repayment, too light responsibility for internal debt default, and inadequate responsibility for project supervision. The governance of special bonds needs to shift from a power based to a responsibility based governance logic, its governance efficiency improvement must return to compliance with the underlying logic of borrowing, and harden constraints in safeguarding creditors’ rights and reinforcing democratic supervision. Under this guidance, all levels of government implement an accountability system: clarify the role of municipal and county governments in assuming debt repayment responsibilities and provincial governments in performing guidance and supervision responsibilities, implement a dynamic supervision and response mechanism, and strengthen accountability for violations through technology. At the same time, collaborative governance should be carried out at the social level. The“gatekeeper”responsibility of professional institutions should be strengthened with the aim of protecting investors, and the public’s social supervision role should be leveraged through the investigation system of the National People’s Congress. Only in this way can local governments establish debt management mechanisms that are compatible with high-quality development, and effectively enhance the governance system and capacity of special bonds.

A Research on the Impact of Fintech on the Construction of Digital Silk Road from the Symbiosis Perspective

Du Lin-feng, Yang Rong-hai

2026, 0(2): 86-99.

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As both an extension of the Belt and Road Initiative (BRI) in the digital domain and a digital bridge for the new globalization, the Digital Silk Road holds significant implications for exploring new paradigms of international cooperation in the digital economy era. Based on this premise, this study employs the symbiosis theory as an analytical framework and utilizes the annual data from 97 countries along the Belt and Road from 2017 to 2023 to investigate the impact of fintech on the construction of the Digital Silk Road. The findings reveal that fintech has significantly improved the level of construction of the Digital Silk Road, with the impact of fintech business showing a trend of first increasing and then decreasing, while the impact of fintech regulation is not significant. Financial symbiosis, technological symbiosis, and integration symbiosis are important paths for the impact of financial technology on the construction of the Digital Silk Road. Fintech can promote the digital economy development level, network infrastructure construction and globalization development capacity of the countries jointly building the Belt and Road. Therefore, China needs to consolidate its leading position in“the Belt and Road”initiative, and build“the Belt and Road”into a road of capital agglomeration, a road of digital innovation, and an institutional road for China to participate in global rule making by building a financial technology system, encouraging scientific and technological innovation, and innovating the paradigm of digital governance.

Blade in Advance: Can Government Financial Accounting Supervision Prevent the Spread of Commercial Credit Risks?

Wang Zhen-jie, Yang Yi, Wang Zhu-quan, Zhang Jie-wei

2026, 0(2): 100-113.

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Government financial accounting supervision is an essential component of the national regulatory system, playing a critical role in maintaining market order and promoting the virtuous cycle of the market economy. However, the existing studies primarily focus on its ex-post error-correcting functions, while overlooking its potential preventive governance effects. Taking the random sampling of accounting information quality as a quasi-natural experiment, this study employs a multi-period difference-in-differences model to examine the preventive effect of government financial supervision on the contagion of commercial credit risk, based on A-share listed companies from 2010 to 2023. The results indicate that government fiscal and accounting supervision has a risk warning function and can effectively curb the contagion of trade credit risks. The mechanism analysis reveals that government financial supervision primarily blocks the contagion of commercial credit risks by revealing genuine financial risks of enterprises and correcting inefficient capital inflation behaviors. Further research has found that in state-owned firms, high-risk firms, enterprises in growth or decline periods, and firms with high concentration of suppliers or customers, government financial and accounting supervision has a stronger preventive effect on the transmission of commercial credit risks. Therefore, efforts should be made to further strengthen the implementation of governmental fiscal and accounting supervision, improve relevant governance measures, and fully leverage the role of the proactive government in correcting market failures and preventing and resolving systemic financial risks.

The Impact of Innovative City Pilot Policy on Corporate Technology M&A Efficiency and Its Spillover Effect

Wang Cai-ping1, Huang Zhi-hong3

2026, 0(2): 114-126.

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How to improve the resource allocation efficiency of enterprise technology M&As and enhance their ability to realize value is the core issue under the current innovation driven development strategy. The implementation of the national innovation city pilot policy as an exogenous shock event is used to empirically test the impact of innovation policies on the efficiency of enterprise technology M&As. The research results show that policy implementation has reduced the probability of listed companies initiating technology M&As, but significantly improved the financial performance and innovation output of M&As, presenting a high-quality technology M&A feature of few but refined. The alleviation of information asymmetry, the reduction of M&A premium costs, and the improvement of collaborative integration efficiency are the core mechanisms for policy implementation to enhance the efficiency of technology M&As. Based on the manually collected regional information of both parties involved in M&As, this paper carries out an innovative exploration of the spillover effects of innovation policies in non pilot cities within the same province. The findings show that policies can increase the probability of corporate technology M&As in non pilot cities, and enterprises are more inclined to choose the companies with policy support as targets for M&As. The best M&A performance can be achieved when both parties have policy support. The impact of innovation policies on corporate technology M&As is more significant in the cities with higher levels of innovation endowments and in the non-state-owned enterprises. Based on this, the deepening of innovation policies should further promote the establishment of a pre-information filing and due diligence system covering innovation activities such as technology M&As, and establish a special fund for transaction cost subsidies or intellectual property evaluation for technology M&A enterprises, in order to systematically improve the efficiency of technology element allocation and enhance the integration performance after M&As.

Consistency of Enterprise Digitalization Words and Actions and Market Value

Fan He-jun, Yan Hao-yu

2026, 0(2): 127-140.

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Digital transformation is a hot topic pursued by the capital market, and the mismatch between the words and actions of enterprises in digital transformation has increasingly highlighted its impact on market value. Based on the signal theory and the cognitive dissonance theory and taking the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2022 as samples, this study empirically examines the relationship between digital information disclosure, actual actions, and consistency of words and deeds with the corporate market value. The results show that both digital information disclosure and practical actions can significantly enhance the market value of enterprises, and the latter has a stronger enhancement effect; the higher the consistency between digital words and actions, the higher the market value of the enterprise. The lower or higher the degree of multi word and few action matching in digital speech and action, the higher the market value, and there is a substitution effect between the two types of signals,“word”and“action”, with the latter having better signal quality than the former. In the context of high-quality internal control and high analyst attention, the higher the consistency between a company’s digital words and actions, the higher its market value, reflecting the high-quality corporate identity brought by high-quality internal control and the signal recognition effect brought by high analyst attention. Therefore, enterprises should improve the consistency of digital words and deeds, transmit more high-quality signals, alleviate the cognitive bias impact faced by investors, so as to help enhance market value.

Patient Capital and Corporate Information Advantages: Evidences from Supplier Networks

Li Yang, Ji Ding-yun, Shi Xiao-jie

2026, 0(2): 141-151.

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In an information asymmetric environment, patient capital is crucial to reinforce a firm’s information advantage in its supplier network. On the basis of theoretical analysis by using the game theory, this paper takes China’s listed companies in non-financial industries from 2007 to 2023 as samples to study the impact of patient capital on the network information advantages of corporate suppliers. The findings show that patient capital can improve the information advantage of a company on its supplier network. The mechanism analysis shows that patient capital can reduce the uncertainty of corporate strategy and improve the quality of corporate internal control. Therefore, patient capital can improve the company’s information advantage in the supplier network. The heterogeneity analysis reveals that the patient capital from matching and mission-oriented institutional investors can better improve the company’s supplier network information advantage. Further research found that patient capital can enhance the company’s customer network information advantage and rectify the imbalance in information governance between upstream and downstream enterprises in the supply chain. Moreover, the information advantages of enterprises in both the upstream and downstream directions of the supply chain can help improve the company’s voice in the supply chain. To this end, it is necessary to give full play to the governance role of patient capital and guide institutional investors to help enterprises enhance the information advantages of the supply chain network.

Research on the Impact of Review Inquiries under the Registration-Based System on IPO Underpricing

Wang Xue-feng, Li Yao

2026, 0(2): 152-164.

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Under the registration system, the issuance of new shares adopts a review and inquiry system with information disclosure as the core, aiming to improve regulatory transparency and reduce the degree of information asymmetry in the review of new share issuance. Taking the companies successfully listed on the Science and Technology Innovation Board from July 2019 to December 31, 2023 as the research object, this study analyzes the impact and mechanism of review inquiries on IPO underpricing rate from the perspectives of the exchange review inquiry intensity, the issuing company’s response intensity to review inquiry letters, the exchange review inquiry attitude, and the issuing company’s response attitude to review inquiry letters. Research has shown that the intensity of exchange review inquiries, the strength of issuing companies’ responses to review inquiry letters, the attitude of exchange review inquiries, and the attitude of issuing companies towards review inquiry letters have reduced the IPO underpricing rate. The mechanism research has found that the intensity of exchange review inquiries, the strength of issuing companies’ responses to review inquiry letters, the attitude of exchange review inquiries, and the attitude of issuing companies towards review inquiry letters can promote risk information disclosure by companies, thus review inquiries can reduce IPO underpricing rates. Further research has found that the effect of review inquiries on reducing IPO underpricing is mainly reflected in reducing the primary market discount rate. In the medium to long term, the stronger the intensity of exchange review inquiries and the more negative the attitude, the lower the medium to long-term holding yield for investors and the higher the efficiency of stock price pricing. To this end, issuing companies should actively disclose information, regulatory agencies should pay attention to the impact of the number of questions, topic distribution, and text sentiment in inquiry letters on IPO inhibition rates, and investors should deeply analyze the exchange’s inquiry letters and the issuing companies’ responses to the inquiry letters.

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