Contemporary Finance & Economics

Does Digital Industrial Agglomeration Expand Labor Skill Premiums?

Zhao Fang, Song Jian

2026, 0(8): 3-16.

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As the development of digital industry clusters progresses, clarifying the theoretical logic underlying the impact of digital industry agglomeration on labor skill premiums is a key issue for optimising income distribution and promoting high-quality economic development. Empirical research based on data from Shanghai and Shenzhen A-share listed companies in China from 2011 to 2023, which incorporates digital industry agglomeration into the framework for analysing labor skill premiums, indicates that digital industry agglomeration can significantly expand firms’ labor skill premiums. Mechanism tests indicate that improving firms’ labor investment efficiency and enhancing their innovation activity are key mechanisms through which digital industry agglomeration drives the expansion of labor skill premiums. Further heterogeneity analysis reveals that the impact of digital industry agglomeration on labor skill premiums is stronger in capital- and technology-intensive firms, high-tech firms, firms in southern regions, and firms located within artificial intelligence innovation and development pilot zones. Accordingly, it is necessary to balance the innovation-stimulating effects of digital industry agglomeration with the potential risks to income distribution, thereby establishing a firm foundation for equitable development; simultaneously, a differentiated support system tailored to enterprise types and locational conditions should be established to facilitate the expansion of the digital dividend from agglomeration hubs to the wider economy.

How Does Land Resource Misallocation Affect Functional Networks in Urban Agglomerations?

Li Shun-cheng, Liu Zhao-sheng

2026, 0(8): 17-29.

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Although land resource misallocation is widely acknowledged to impede spatial optimization and high-quality regional economic growth, its influence on the configuration and developmental trajectories of functional networks within urban agglomerations has received comparatively little scholarly attention. Based on panel data from 148 cities within 9 major Chinese urban agglomerations spanning from 2010-2022, the analysis reveals three principal findings. Firstly, urban land resource misallocation stemming from suboptimal governmental land allocation practices exerts a detrimental effect on the formation and evolution of urban agglomeration functional networks. This misallocation operates through two distinct mechanistic channels: the“governmental role”pathway and the“market effectiveness”pathway. Secondly, within the“governmental role”dimension, these adverse effects primarily manifest through mechanisms such as obstructing market integration, undermining specialized labor division, and intensifying urban spatial sprawl; within the“market effectiveness”dimension, the impediments predominantly operate through restricting innovative allocation of productive resources, and hindering the diffusion of technological innovations. Thirdly, the impact of urban land resource misallocation on urban agglomeration functional networks demonstrates significant heterogeneity across Locational Development Milieu and regional development strategies. Notably, adverse effects on functional network evolution become particularly pronounced when land misallocation occurs in coastal cities lacking metropolitan policy overlays. Therefore, in order to better leverage the network function of urban agglomerations, it is necessary to innovate the mechanism of land resource allocation, establish and improve a land management system that efficiently connects with regional development strategies; further clarify the relationship between the government and the market, and achieve the organic integration of a proactive government and an effective market; dynamically implement differentiated land resource allocation strategies based on the location development environment and regional development policies of cities and urban agglomerations.

The Impact of the Entry-Exit Mechanism of the Rural Minimum Living Standard Guarantee on Household Economic Resilience

Li Chun-gen, Zhang Chang-zhu

2026, 0(8): 30-42.

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The Rural Minimum Living Standard Guarantee (Rural Dibao) System is both a core component of China’s normalized mechanism for preventing poverty relapse and new poverty onset, and a key pillar for delivering stratified and categorized assistance to rural low-income groups. To systematically examine how the Rural Dibao System affects household economic resilience, this paper exploits the system’s entry-exit mechanism as a quasi-natural experiment. Using four waves of the China Household Finance Survey (CHFS) data from 2013, 2015, 2017 and 2019, the empirical analysis demonstrates that Dibao enrollment significantly enhances household economic resilience. Mechanism tests reveal that health security, education security and housing security are the primary channels through which Dibao participation boosts household economic resilience. Heterogeneity analysis finds that the improvement effect of Dibao enrollment exhibits significant regional and household heterogeneity, being more pronounced in eastern China and among lower-income households. The moderation analysis reveals that the subsidy level positively moderates the effect of Dibao access on household economic resilience, such that a higher subsidy amount is associated with a stronger positive effect. Further analysis indicates that Dibao exit does not induce a statistically significant decline in household economic resilience, and the positive effect of the health security channel persists over time. Accordingly, policy efforts should focus on three key dimensions: refining Dibao entry criteria, instituting a tailored exit support mechanism, and enhancing the synergy of stratified and categorical assistance. Such an approach would help steer the Dibao system beyond mere subsistence protection toward a resilience-building governance model, thereby reinforcing the institutional bulwark against poverty recurrence.

How Can Industry-Finance Cooperation Foster Patient Capital in Enterprises

Deng Fu-hua, Zhang Han-bin, Chen Yi

2026, 0(8): 43-56.

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The pilot policy of industry-finance cooperation improves the quality and efficiency of financial services to the real economy, thereby providing an institutional support for cultivating patient capital in enterprises. Using this pilot policy as a quasi-natural experiment, this study employs data on Chinese A-share listed firms from 2012 to 2023 and applies a staggered difference-in-differences model to empirically examine the impact and transmission mechanisms of industry-finance cooperation on patient capital. The findings reveal that the policy significantly promotes the accumulation of patient capital. Mechanism analysis suggests that this policy strengthens patient capital through the channels of maturity structure optimization, signaling-based credit enhancement, and cost barrier-breaking. Further heterogeneity analysis shows that the policy’s impact is more pronounced for firms in the growth and maturity stages, for those whose top management teams possess financial expertise, and for non-state-owned enterprises. Policy implications include improving the institutional design to expand the effectiveness of the pilot program, adopting differentiated support strategies to empower highly responsive enterprises, and fostering a comprehensive patient capital ecosystem to consolidate the institutional foundation for cultivating patient capital.

The Impact of Patient Capital on Firms’ Continuous Innovation Slump

Zhang Shuai-hua, Xie Jie

2026, 0(8): 57-70.

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Unlike traditional capital, which is primarily driven by short-term profit maximization, patient capital is characterized by a long-term orientation, high risk tolerance, and strong strategic stability, making it particularly important for mitigating innovation uncertainty and supporting long-term innovative activities. Using a panel of Chinese A-share listed firms over the period 2012-2023, this paper examines the impact of patient capital on continuous innovation slump. The results show that patient capital significantly reduces both the likelihood of continuous innovation slump and the duration of consecutive periods of innovation stagnation. Heterogeneity analysis indicates that this effect is more pronounced for firms in the growth stage, firms operating in highly competitive industries, and firms located in regions with more favorable business environments. Further analysis suggests that patient capital mitigates continuous innovation slump by enhancing firms’ strategic stability and strengthening corporate reputation. These findings highlight the importance of fostering the development of patient capital, broadening long-term funding sources, promoting differentiated capital allocation across firms, industries, and regions, and improving corporate governance and property rights protection to help firms overcome continuous innovation slump.

Digital Mergers and Acquisitions of Listed Companies and Supply Chain Efficiency

Wang Wei, Li Ming

2026, 0(8): 71-80.

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Enhancing supply chain efficiency is essential for smoothing the domestic and international dual circulation and promoting high-quality economic development. Drawing on a sample of A-share listed firms on the Shanghai and Shenzhen stock exchanges, this paper examines the impact of digital mergers and acquisitions (M&A) on supply chain efficiency. The findings indicate that digital M&A significantly improves supply chain efficiency. Mechanism analysis reveals that this improvement is achieved through optimizing supply-demand matching and stabilizing supply chain cooperative relationships. Heterogeneity analysis further shows that the positive effect is more pronounced when the acquiring firm is a non-digital enterprise or when it extends a high level of trade credit, as well as when the M&A is a mixed digital deal and the target is a digital technology application firm. Accordingly, a combination of differentiated guidance and targeted support should be adopted to strengthen policy backing for digital M&A and improve market mechanisms, thereby fully unleashing the potential of digital M&A in enhancing supply chain efficiency.

Can Patient Capital Ownership Strengthen Corporate Digital Technology Risk Governance Capabilities?

Zhang Si-han, Chen Zhi-bin, Wang Kong-wen, Zhang Chang-jiang

2026, 0(8): 81-97.

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Ensuring the steady and sustainable development of the digital economy requires coordinating digital economic development and security. Therefore, while fully tapping the value of digital technologies, firms should also enhance their capabilities to govern digital technology risks. Using Chinese A-share listed companies from 2008 to 2024 as the research sample, this study constructs an evaluation indicator of corporate digital technology risk governance capabilities by applying large language model-enabled textual analysis, and empirically examines the impact of patient capital ownership on corporate digital technology risk governance capabilities. The results show that patient capital ownership can encourage firms to appoint executives with digital expertise and enable them to concentrate investment in key digital technologies. Consequently, patient capital ownership strengthens corporate digital technology risk governance capabilities. Further analysis of economic consequences shows that, after patient capital ownership strengthens firms' digital technology risk governance capabilities, firms' market value increases and stock price crash risk decreases. Therefore, government departments should attach importance to the impact of digital technologies on overall national security, and regard optimizing the capital market policy system and cultivating and expanding patient capital as important levers for promoting the healthy development of the digital economy.

Theoretical Logic and Practical Effects of“the Belt and Road Initiative”in Promoting Globalizationunder the Background of high-standard opening-up

Wang Qing, Yang Quan

2026, 0(8): 98-111.

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The Belt and Road Initiative (BRI) has contributed Chinese wisdom to the development of globalization and construction of a more balanced and inclusive globalization model. Interpreting the effective exertion of its functionsfrom a global perspective is conducive to providing practical evidence for the high-quality development and steady progress of the BRI. From both theoretical and empirical dimensions, this paper systematically explores the mechanism and effect of the BRI on the process of globalization. It reveals that the BRI has a significant globalization promotion effect. Heterogeneity analysis reveals that the globalization promotion effect of the BRI is more significant in countries with high and medium-high income, high level of financial development, current account deficit, and those situated along the Land Silk Road. Mechanism research demonstrates that the BRI has a positive effect on the global participation of countries along the route through connectivity in policy, infrastructure and trade. Therefore, China should continue to adhere to the major strategy of high-standard opening up, deepen high-quality development of the BRI, further promote“the Five Channels”, construct mechanisms for sustainable development cooperation, benefit distribution, and support systems. This will help solve the real-world dilemma of globalization and advance the building of a community with a shared future for mankind.

Cost Reduction and Efficiency Improvement: How Does the Unified National Market Enhance Firms’ Total Factor Productivity

Tang Xiao-bing, Zeng Xiang-yan

2026, 0(8): 112-124.

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Exploring how the unified national market affects corporate total factor productivity (TFP) is essential for deepening its construction and revitalizing microeconomic entities. Using data from Chinese A-share listed firms and provincial-level observations from 2010 to 2023, this paper empirically examines the TFP-enhancing effect of the unified national market. The results show a significant positive effect. Mechanism analysis indicates that this effect operates through two channels: reducing production costs and improving supply-demand matching efficiency--a“cost reduction and efficiency improvement”pathway. Heterogeneity analysis reveals that the effect is significant in the eastern and western regions and in areas with low administrative monopoly. It is particularly pronounced in labor-intensive industries and among firms facing high financing constraints, with high leverage ratios, or with high director network centrality. Accordingly, we propose unwavering efforts to advance the unified national market, remove hidden barriers in regions with severe administrative monopolies, smooth the transmission channels of cost reduction and efficiency gains, and enhance firms’ ability to align with and integrate into the national market. This will help translate the advantages of China’s mega-market into tangible TFP growth.

Environmental Information Embellishment Behavior and Capital Market Pricing Efficiency--Evidence from Corporate Social Responsibility Reports of A-Share Listed Companies

Tan Huan, Li Qing-yuan, Wang Zhi, Luo Yun-lei

2026, 0(8): 125-137.

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The transparency and authenticity of corporate environmental information exert a significant impact on capital market pricing efficiency. However, environmental information embellishment behavior may adversely affect capital market pricing efficiency. Drawing upon comprehensive data from A-share listed companies that have published corporate social responsibility reports between 2008 and 2023, this study examines the impact and mechanism of environmental information embellishment behavior on capital market pricing efficiency. Research indicates that environmental information embellishment behavior significantly undermines capital market pricing efficiency. Mechanism analysis reveals that environmental information embellishment behavior reduces corporate information quality and amplifies investors’ irrational sentiment, thereby diminishing capital market pricing efficiency. The heterogeneity analysis reveals that this negative effect is more pronounced when environmental regulation intensity is weak and in firms with high analyst coverage. Therefore, regulators should promote a shift in environmental information disclosure from quantitative compliance to quality credibility, adopt differentiated regulatory strategies, and enhance the precision and deterrence of supervision.

National E-commerce Demonstration Base and Corporate Collaborative Innovation

Xu Chen-xi, Zhao Wen-jing, He Hong

2026, 0(8): 138-150.

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Accelerating the development of e-commerce is an important direction for promoting high-quality economic growth. Based on the data of Chinese A-share listed companies from 2007 to 2023, this paper explores the impact of national e-commerce demonstration bases on enterprise collaborative innovation. The results show that the establishment of national e-commerce demonstration bases promotes enterprise collaborative innovation. Mechanism tests reveal that the positive effect of national e-commerce demonstration bases on enterprise collaborative innovation is achieved by accelerating industrial agglomeration, enhancing enterprise cooperation willingness, and leveraging technological advantages, which is in line with the original intention of the state in designating e-commerce demonstration bases. The extended tests indicate that when an enterprise is located in a region with a better business environment and is categorized as a high-tech or state-owned enterprise, the enhancing effect of the national e-commerce demonstration bases on its collaborative innovation is notably stronger. In addition, the economic consequence tests show that e-commerce demonstration bases help enterprises improve total factor productivity and operational performance. Therefore, the government should continuously strengthen the establishment and creation of e-commerce demonstration bases, enhance the radiation and driving effect of e-commerce platforms on regional development, and improve the level of collaborative innovation of local enterprises.

The Impact of Data Assetization on Enterprise Growth: Icing on the Cake or Help in Need

Peng Zheng-yin, Meng Si-yuan, Luo Guan-qing

2026, 0(8): 151-164.

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In the era of the digital economy, data assets have increasingly become a critical factor influencing enterprise growth. By constructing a text dictionary of data assetization from four dimensions—facility layer, personnel layer, technology layer and application layer, and selecting China's A-share listed companies from 2011 to 2023 as the research sample, this paper empirically examines the impact of data assetization on enterprise growth. The research results indicate that data assetization significantly promotes enterprise growth, and this promoting effect tends to be icing on the cake rather than help in need. Further analysis reveals significant differences in the effects of the four dimensions on enterprise growth. Specifically, facility layer, technology layer and application layer all show a significant positive impact, with the technology layer having the most pronounced effect. In contrast, the personnel layer does not demonstrate a significant impact at the current stage. In addition, mechanism testing suggests that data assetization facilitates enterprise growth by alleviating information frictions and reducing supply-demand coordination costs. Therefore, enterprises should enhance investment and optimization across multiple dimensions—such as infrastructure, technology, and talent—while promoting the deep integration of data assets with real-world application scenarios to fully unlock the value of data assets and drive growth. Governments, in turn, should foster a safe, efficient, and transparent data environment, encourage data openness and sharing, and provide strong support for enterprise development.

The Logic and Path for High-quality Development of China’s Film Industry: A Review of High-quality Development of China's Film Industry

Liu Cai-xia

2026, 0(8): 165-166.

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