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15 July 2025, Issue 04 (237) Previous Issue   

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How Digital Transformation Can Improve the Resilience of High-tech Manufacturing Enterprises -Mediating Effect Based on Dynamic Capabilities ZHANG Hongchang, DING Rui 2025 (04):  1-11.  Abstract ( 135 )   PDF (1313KB) ( 54 )   Creating new competitive advantages through digital transformation is an important means for my country to enhance the resilience and security of its industrial chain and supply chain.Based on the panel data from 2011 to 2022, this paper empirically analyzes the impact and mechanism of digital transformation on the resilience of high-tech manufacturing enterprises.The study shows that: First, digital transformation has a positive effect on the resilience of high-tech manufacturing enterprises. The conclusion still holds after using the instrumental variable method to solve the endogeneity problem and conducting a robustness test, and there are certain differences for different enterprises, regions, and industries. Second, the industrial chain association plays a positive regulatory role between digital transformation and the resilience of high-tech manufacturing enterprises; absorptive capacity, adaptability, and innovation capacity play a mediating role in digital transformation and the resilience of high-tech manufacturing enterprises. Third, there is a threshold effect between digital transformation and the resilience of high-tech manufacturing enterprises. The research conclusions help to clarify the relationship between digital transformation and the resilience of high-tech manufacturing enterprises, and provide important theoretical support and policy guidance for formulating reasonable digital policies, revealing the mechanism of digital transformation in enhancing the resilience of high-tech manufacturing enterprises, and promoting the resilience of high-tech manufacturing enterprises. References | Related Articles | Metrics

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The Logical Motivation, Internal Mechanism, and Practical Path of Empowering the High-Quality Development of the Tourism Industry through New Quality Productive Forces LI Jinhong, LI Wenbo 2025 (04):  12-20.  Abstract ( 52 )   PDF (1751KB) ( 82 )   The new quality productive forces represent a new development of Marxist productive force theory in China and are an important theoretical contribution to Xi Jinping's economic thought. With the continuous advancement of the new wave of technological and industrial revolutions, the development of the tourism industry has shifted to relying on technological innovation and high-efficiency new quality productive forces. In the era of digital intelligence, the self-renewal of digital-intelligent elements, creative elements, ecological elements, and talent elements is driving the transformation of traditional tourism productive forces toward digitalization, intelligence, and sustainability. This evolution creates new forms of tourism labor materials, labor objects, and laborers, fostering innovation in new tourism business models, the reform of traditional models, and the enhancement of service capabilities. Accordingly, it is essential to deepen supply-side structural reforms in the tourism industry, optimize the allocation of productive elements, and strengthen the cultivation of versatile talent. By leveraging creativity and technology as driving forces, service quality and industrial efficiency can be improved, thereby promoting the high-quality development of tourism. This provides policy guidance for achieving fundamental changes in the quality, efficiency, and driving forces of the tourism industry and for building a modern tourism industrial system. References | Related Articles | Metrics

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Intellectual property protection and economic resilience -A quasi-natural experiment based on the construction of national demonstration cities HUO Chunhui, PAN Haodong, PANG Ming 2025 (04):  21-29.  Abstract ( 52 )   PDF (1424KB) ( 32 )   In the context of complex and volatile global economic situation and insufficient growth drivers, exploring how to enhance economic resilience has become an important issue. The existing literature mostly focuses on the impact of traditional economic stimulus policies on short-term economic fluctuations, but pays less attention to the role of institutional innovation in cultivating long-term economic resilience. Based on the panel data of 276 prefecture-level cities in China from 2008 to 2021, this paper empirically tests the impact of the construction of intellectual property demonstration cities on economic resilience by using the multi-period DID method. The study finds that the policy has significantly promoted the urban economic resilience, and the conclusion is still valid after a series of robustness tests. The mechanism analysis shows that the construction of intellectual property demonstration cities not only directly promotes the economic resilience by strengthening the government's innovation leading role and optimizing the talent magnetic field effect, but also further synergize with the regional digital level and business credit environment to form a more effective policy effect. Heterogeneity analysis shows that sub-provincial level and super megacities are more likely to play a role in promoting policy implementation. This paper provides a new idea for understanding the formation mechanism of economic resilience, and provides a basis for decision-making to enhance the regional adaptability of intellectual property policies. References | Related Articles | Metrics

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Focus on Production or Public Welfare? -The Impact of Fiscal Expenditure Structure on Common Prosperity HE Jia, LI Xinjiang, DING Liangchen 2025 (04):  30-39.  Abstract ( 32 )   PDF (1223KB) ( 13 )   Common prosperity is a significant characteristic of Chinese-style modernization and an essential requirement of socialism with Chinese characteristics. The allocation of fiscal expenditure between 'productive' and 'livelihood-oriented' spending significantly influences the degree of common prosperity. Existing studies primarily focus on the impact of individual types of fiscal expenditure on economic growth or income inequality, with limited research integrating productive expenditure, livelihood-oriented expenditure, and common prosperity into a unified analytical framework. Based on provincial panel data from 2000 to 2022, this study employs theoretical analysis, a fixed-effects model, a threshold effects model and a chain mediation model to explore the relationship between fiscal expenditure structure and common prosperity. The findings reveal that increasing the proportion of livelihood-oriented fiscal expenditure is more conducive to promoting common prosperity, a conclusion that remains robust across a series of sensitivity tests. The impact of fiscal expenditure structure on common prosperity exhibits heterogeneity across factors such as geographical location, fiscal self-sufficiency, and fiscal transparency.Further analysis shows that the effect of increasing the proportion of livelihood-oriented fiscal expenditure on common prosperity displays a nonlinear marginal increment. The optimal proportion of livelihood-oriented expenditure at the current stage is estimated to be approximately 64.04%. Mechanism tests indicate that raising the proportion of livelihood-oriented fiscal expenditure significantly enhances labor productivity and enterprise performance, thereby advancing common prosperity. These findings provide empirical evidence and policy recommendations for optimizing fiscal expenditure structures and advancing common prosperity. References | Related Articles | Metrics

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The Fair Competition Review System and the "Return from Virtual to Real" of Real Enterprises YANG Xingquan, GONG Hongxi 2025 (04):  40-50.  Abstract ( 28 )   PDF (1456KB) ( 20 )   Guiding real enterprises to return to the real world is a key path to prevent and resolve systemic economic risks and to build a modern industrial system. Unlike existing studies that focus on government regulation and intervention, this paper examines the impact of the fair competition review system on real enterprises from the perspective of regulating administrative monopolies, using a double-difference model with a sample of A-share listed companies from 2010 to 2022. It is found that the system can significantly inhibit the financialisation of enterprises in administrative monopoly industries. The mechanism test finds that the fair competition review system suppresses financialisation by curbing excessive government subsidies, optimising the allocation of credit resources, intensifying market competition and mitigating agency conflicts. The heterogeneity test finds that the inhibitory effect of the system on corporate financialisation is more significant in SOEs, especially in functionally specific SOEs, and that the system’s inhibitory effect on financialisation is more effective when the government’s self-censorship is more stringent in the region where the firms are located, or when the level of marketisation is poorer. In addition, the fair competition review system significantly increases the scale of industrial investment and R&D investment while suppressing the financialisation of enterprises, which positively guides the real enterprises to 'return to the real world from the virtual world’. This study not only expands the research on the micro-governance effects of the fair competition review system but also provides valuable insights and practical references for government departments to suppress the economic trend of "shifting from real to virtual" from a macro-control perspective. References | Related Articles | Metrics

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Fund news text emotions, style drift, and fund performance LI Zhendong, DENG Hui, LIU Linlong 2025 (04):  51-60.  Abstract ( 34 )   PDF (1285KB) ( 20 )   Fund news text is an important carrier of market information. Unlike existing research that focuses on the one-way impact of traditional financial indicators on fund performance, this study combines text analysis techniques with mediation effect models to systematically explore the impact path of fund news text emotions on fund performance through style drift,and test the asymmetric characteristics of mediation effects in different market contexts. Empirical research has found that compared to the direct correlation commonly studied in existing studies, fund style drift exhibits a significant mediating effect in the influence of textual emotions on fund performance; Compared with negative news text emotions, positive emotions have differential transmission characteristics in the pathway of accelerating style drift to improve performance. When fund returns are negative, the mediating effect of style drift on performance is significantly enhanced, and excessive style drift will reduce performance stability. The research has expanded the application boundaries of behavioral finance theory in the field of textual information, providing a new monitoring dimension for regulatory agencies to identify the risk of fund style alienation. References | Related Articles | Metrics

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The Peer Effect of Corporate ESG Performance under the Network of Common Ownership YUAN Pengwei, LI Jiao, DONG Xiaoqing 2025 (04):  61-70.  Abstract ( 40 )   PDF (1291KB) ( 21 )   Existing studies on the determinants of corporate ESG (Environmental, Social, and Governance) performance are primarily based on the assumption of independent decision-making among firms, overlooking potential peer effects embedded in shared ownership networks. Based on this, a sample of Chinese A-share firms in Shanghai and Shenzhen from 2012 to 2022 is selected to examine the existence and mechanisms of peer effects in ESG performance within common ownership networks. The empirical results show that corporate ESG performance exhibits significant peer effects in such networks, and the findings remain robust after a series of endogeneity and robustness tests. Mechanism analysis reveals that these peer effects are mainly driven by information transmission, exit threat, and resource acquisition mechanisms—that is, peer effects are more pronounced when the information transparency of peer firms are lower, when the threat of co-shareholder exit is stronger, and when the demand for firms’ resource acquisition is higher. Further heterogeneity analysis indicates that peer effects are more significant when the common shareholders are institutional investors or hold controlling stakes. Moreover, ESG peer effects are stronger within industry- and region-based common ownership networks. This study enriches the literature on the determinants of corporate ESG performance and provides theoretical implications for listed companies, common shareholders, and policymakers. References | Related Articles | Metrics

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The Impact of Climate Risk on The Degree of Corporate Real Earnings Management and Its Mechanism: Empirical Evidence from Chinese A-share Listed Companies SU Weizhou, DENG Haiyang, GUO Sidai 2025 (04):  71-81.  Abstract ( 63 )   PDF (1296KB) ( 27 )   Climate risk has become one of the major risks affecting the sustainable development of enterprises, and enhancing the risk-resistant capacity of enterprises is an important strategy to ensure their sound operation and promote resilient economic growth. Existing studies have mostly focused on the impact of climate risk on macroeconomics and supply chain, and few have explored the micro-level mechanism of corporate financial activities. Taking A-share listed companies from 2007 to 2022 as the research sample, we empirically examined the impact of climate risk on the degree of corporate real earnings management and the mechanism of its role. The study finds that (1) climate risk significantly reduces the degree of corporate real earnings management, and this conclusion still holds after a series of robustness tests. (2) Mechanism analysis shows that climate risk can inhibit the degree of corporate real earnings management by increasing corporate financing constraints; media attention can strengthen the inhibitory effect of climate risk on the degree of corporate real earnings management. (3) Heterogeneity analysis reveals that transition risk has a more pronounced inhibitory effect on the degree of corporate real earnings management compared to severe risk and chronic risk; climate risk has a more pronounced inhibitory effect on the degree of corporate real earnings management that are more marketized and in the growth period. The findings reveal the intrinsic link between climate risk and corporate real earnings management, provide new empirical evidence on how to curb corporate real earnings management, and emphasize the importance of strengthening external monitoring to improve corporate governance. References | Related Articles | Metrics

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The Rice-Wheat Divide: Cultivation Structure Disparities and Rural Human Capital Accumulation MA Kewei, WANG Lili, YOU Liang 2025 (04):  82-89.  Abstract ( 45 )   PDF (1287KB) ( 56 )   The pattern of "southern rice and northern wheat" constitutes the most distinctive regional characteristic of China’s grain cultivation structure, exerting profound and enduring impacts on rural human capital accumulation. Utilizing CFPS data as the research sample and focusing on the post-60s and post-70s rural labor force cohorts, this study investigates the effects of grain cultivation structure on rural human capital accumulation through multiple regression models. The results indicate that rural human capital accumulation levels in rice-growing regions are significantly lower than those in wheat-growing regions. Economic development can mitigate the significant negative impact of rice cultivation on human capital accumulation. Furthermore, the influence of grain cultivation structure on rural human capital accumulation demonstrates heterogeneity across different age cohorts, particularly showing more pronounced effects on laborers born between 1960-1964 and 1975-1979. Notably, the synergistic effect of improved educational attainment among farmers and the expansion of rice cultivation areas enhances their willingness to engage in agricultural work. References | Related Articles | Metrics

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How can New Farmers’ Short Videos "Effectively Present" and Empower High-Quality Agricultural Development? -FsQCA Analysis Based on Short Video of Douyin New Farmers XIAO Han, LU Cuiping 2025 (04):  90-100.  Abstract ( 57 )   PDF (1226KB) ( 41 )   Short videos have become a new tool for empowering agricultural high-quality development for new farmers. However, existing literature lacks sufficient exploration on the complex influencing mechanisms of the dissemination effects of new farmers' short videos and the enabling mechanisms for agricultural development. Based on a multi-dimensional analysis framework of "identity-situation-emotion",the fsQCA method was used to analyze 890 short videos of new farmers on Douyin, exploring the complex dynamic paths of the dissemination effects of new farmer-related short videos and their positive logic for the high-quality development of agriculture. The research found that none of the eight antecedent conditions such as media image, video theme, and emotional resonance could be a necessary condition for high communication effect alone, and three "hot presentation" shaping paths of "identity support", "situation supremacy", and "emotion assistance" were summarized. At the same time, taking the spillover value as the driving window, it was found that short videos of new farmers with high communication effect can shape and consolidate the identity, situation and emotional community needed for high-quality agricultural development through relationship production, interest traction and value mobilization. This provides methodological inspiration for the communication and empowerment mechanism of new farmers’ short videos and injects new impetus into effectively promoting high-quality agricultural development. References | Related Articles | Metrics

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The Application Breadth and Depth of Industrial Robots and the Green Transformation of Enterprises FAN Hejun, PAN Ningning 2025 (04):  101-110.  Abstract ( 39 )   PDF (1287KB) ( 40 )   Robot is an important grasp to seize the highland of scientific and technological innovation in our country, whether the robot can release the green dividend has become an important research topic. The existing literature on the relationship between industrial robot application and green transformation has not yet reached an agreement. Based on the different choices of industrial robot application modes, this study divides the industrial robot application into two dimensions: application breadth and application depth, explores its impact and mechanism on the green transformation of enterprises. The results show that, firstly, the wider the application of industrial robots, the higher the level of green transformation of enterprises. The higher the application depth of industrial robots, the higher the level of green transformation of enterprises. Compared with the application breadth, the green promotion effect of the application depth of industrial robots is stronger. Secondly, the application breadth and depth of industrial robots achieve green transformation by promoting enterprise factor input intensification and output structure optimization. Thirdly, the higher the environmental attention of enterprises, the stronger the role of the breadth and depth of application of industrial robots in promoting the green transformation of enterprises. Fourthly, the promotion effect of the breadth and depth of application of industrial robots on the green transformation of enterprises exists for a long time, but the duration of the breadth of application is longer. This paper provides some policy implications for how industrial robots and other AI technologies can enable the green development of China's economy. References | Related Articles | Metrics