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2025 Vol. 40, No. 6

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Feature Article
The Transformation of Social Insurance Agency Investment System in China: The Shift from the Financial Budget System to the Cost Budget System
ZHENG Bingwen, DAI Xi
2025, 40(6): 4-14.
[Abstract](68) [FullText HTML] (48) [PDF 1368KB](0)
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The long-term implementation of the financial budget system for social insurance agency fees in China is difficult to adapt to the inherent requirements of the actuarial system for the accuracy of cost accounting and the stability of funds, which restricts the digital transformation and integrated coordinated development of the national social insurance agency, and does not meet the reform requirements of the actuarial system of social insurance. Based on the construction practice of the financial insurance project, this paper systematically analyzes the realistic predicaments of the financial budget system in the perspective of the sustainability of handling investment, the release of scale effect and international comparison. On this basis, with the actuarial balance theory as the core support, this study demonstrates the advantages of the cost budgeting system by internalizing the handling expenses into the legal cost of the fund and establishing a scientific accounting system; on the other hand, it explains the inevitability of constructing the social insurance actuarial system. The research shows that promoting the transformation of social insurance agency investment system to a cost budgeting system is the fundamental path to break through the bottleneck of social insurance agency investment and ensure its digital transformation. The transformation is not only the concrete embodiment of the implementation of "improving the actuarial system of social insurance" at the Fourth Plenary Session of the 20th CPC Central Committee, but also the main contents of social security system reform in the 15th Five-Year Plan period.
Economic Theory and Exploration
Data Empowerment: Data Element Sharing and the Integration of Digital and Real Economy Technologies in Enterprises
FENG Haibo, WANG Jiaojiao
2025, 40(6): 15-30.
[Abstract](45) [FullText HTML] (61) [PDF 1323KB](0)
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The deep integration of the digital economy and the real economy is characterized by significant data-driven features. Public data opening, as an important channel for the supply of data elements, lays a crucial data foundation for enterprises to achieve the integration of digital and real economy technologies. This study constructs a quasi-natural experiment based on the public data opening platforms of various prefecture-level cities in China and uses a multi-period difference-in-differences method to examine the impact of public data opening on the integration of digital and real economy technologies in enterprises. The results show that public data opening can promote the integration of digital and real economy technologies in enterprises, mainly through the mechanisms such as reducing transaction costs, promoting digital transformation, and enhancing innovation efficiency. Heterogeneity analysis reveals that public data opening has a more significant promoting effect on the integration of digital and real economy technologies in small-scale enterprises, non-high-tech enterprises, and enterprises located in cities with low levels of digital infrastructure construction and high economic development levels. Based on the research on the quality dimensions of opening, it is found that the overall quality of public data opening, data quality, and platform construction quality play a major role in the integration of digital and real economy technologies in enterprises, while the role of policy guarantee strength has not yet been highlighted, and the intensity of policy supply in digital economy plays a reverse regulatory role in this process. The conclusions of this study provide empirical evidence for improving data empowerment policies and realizing the dividend effect of public data opening in promoting the integration of digital and real economy technologies.
The Impact of Financial Regulatory Information Sharing on Corporate Mergers and Acquisitions: Empirical Evidence from Joint Credit System
WANG Caiping, DING Haoke, HUANG Zhihong
2025, 40(6): 31-42.
[Abstract](51) [FullText HTML] (44) [PDF 1118KB](0)
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Comprehensively strengthening financial regulation is a crucial measure for implementing high-quality development of the financial sector in serving the real economy. Promoting the sharing of financial regulatory information is of great significance for enhancing the effectiveness of financial supervision. Based on the joint credit pilot policy implemented in 2018 by the former China Banking and Insurance Regulatory Commission as a quasi-natural experiment, this study examines the impact of financial regulatory information sharing on corporate mergers and acquisitions (M&A). The findings show that joint credit significantly increases the probability and frequency of M&A for firms included in the pilot program. Mechanism tests indicate that joint credit promotes corporate M&A decisions primarily through two channels: curbing corporate financialization and strengthening creditor governance. Heterogeneity analysis reveals that the promoting effect of joint credit on corporate M&A decisions is more pronounced when pilot firms have more investment opportunities, belong to high-tech industries, have highly active internal capital markets, or are audited by non-Big Four accounting firms. Tests on economic consequences demonstrate that the implementation of joint credit significantly improves the performance of corporate M&A, indicating that the real economic effects induced by joint credit contribute to resource allocation optimization. This study not only provides empirical evidence for improving the modern financial regulatory system but also offers important policy implications for fully leveraging the power of robust financial regulation to promote high-quality development of the real economy.
New Quality Productivity Empowering New Drivers of Marine Economic Growth
HUANG Xiaofeng, JIAN Qiwei, ZHANG Ji
2025, 40(6): 43-55.
[Abstract](65) [FullText HTML] (47) [PDF 1349KB](0)
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Driven by climate change, geoeconomic competition and the "Blue Engine" strategy, the ocean has become a new frontier in the global resource game, and the marine economy is emerging as a new engine for economic growth in coastal countries and regions. Based on the panel data from 53 coastal prefecture-level cities in China from 2004 to 2022, this study constructs a dual machine learning model to investigate the impact and mechanism of new quality productivity on marine economic growth. The results show that the level of new quality productivity in China's coastal areas is on the rise, and that new quality productivity positively empowers marine economic growth by promoting the innovative allocation of production factors. Heterogeneity analysis indicates that new quality productivity has a more significant impact on marine economic growth in the southern marine economic zone and regions with low talent endowments. Therefore, China should accelerate the development of new quality productivity, innovatively allocate production factors to traditional, emerging, and future industries in the ocean, promote the coordinated development of new quality productivity in the northern, eastern, and southern marine economic zones. These measures aim to comprehensively empower new drivers of marine economic growth with new quality productivity and promote the construction of a maritime power.
Management and Corporate Performance
Driving Innovation, Empowering Service: How Carbon Emission Trading Policy Spurs Green Transformation in Manufacturing Enterprises
ZHANG Hailing, YAN Yixin
2025, 40(6): 56-68.
[Abstract](49) [FullText HTML] (29) [PDF 1405KB](0)
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Driven by the "dual carbon" strategic goals and the low-carbon restructuring of global industrial chains, green transformation has become a critical pathway for China's manufacturing industry to gain competitive advantages. Using the carbon emission trading pilot launched in 2013 as a quasi-natural experiment and leveraging data from A-share listed manufacturing companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2022, this study systematically examines the impact mechanism of carbon emission trading policies on the green transformation of manufacturing enterprises from a value chain perspective. The findings reveal that the pilot policy for carbon emission trading significantly drives manufacturing enterprises to achieve green transformation through dual pathways that not only promote enterprises to ascend to upstream green innovation segments in the value chain but also facilitates their expansion into downstream service business segments. Mechanism analysis indicates that increased R&D funding and deepened customer engagement are the core pathways driving green innovation and service extension respectively, while the application of digital technologies and executives' overseas experience play positive moderating roles. Heterogeneity analysis shows the policy effects are more pronounced in equipment manufacturing enterprises, high-tech manufacturing enterprises, and state-owned manufacturing enterprises. This research provides important theoretical support and empirical evidence for optimizing policy design for carbon emission trading, and promoting the green and high-end development of the manufacturing industry.
How Can Data Assets Facilitate Enterprise Green Innovation
YUAN Zeming, HUANG Can, XIE Meiling
2025, 40(6): 69-81.
[Abstract](56) [FullText HTML] (48) [PDF 1305KB](0)
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Against the backdrop of green and low-carbon development, the enabling mechanism of data assets for enterprise green innovation urgently requires in-depth research. Leveraging the data of A-share listed firms from 2008 to 2023, this study explores the impact of data assets on enterprise green innovation and its mechanism. The findings show that data assets significantly promote enterprise green innovation via three pathways: attracting patient equity capital, facilitating strategic resource reorganization, and strengthening internal green governance. Heterogeneity analysis indicates the driving effect of data assets on collaborative green innovation is more significant than on the independent green innovation, while enterprise supply chain collaboration mechanisms and industry-university-research practices both enhance this promotion effect. Analysis of economic consequences reveals data assets drive enterprises' green innovation to reduce carbon intensity and increase green patent citations. The conclusions provide a theoretical perspective for enterprise data-empowered green transformation, and offer insights for governments to foster and expand green innovation entities.
Green Economy and "Three Rural Issues"
The Impact of Participation Depth of Contract Chain and Digital Chain on Farm Household Income
PENG Yuanyuan, ZHOU Yueshu
2025, 40(6): 82-96.
[Abstract](52) [FullText HTML] (48) [PDF 1130KB](0)
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Against the backdrop of digitalization and organizational transformation driving China's agricultural transition, how to achieve income growth among farmers has become a research concern. Using microdata from the 2020 China Rural Revitalization Survey (CRRS), this study constructs multidimensional indicators measuring farmers' participation depth in contract and digital chains, and employs a Conditional Mixed Process (CMP) model to empirically examine the structural effects of the dual-chain participation on household income. The results show that deeper participation in both contract and digital chains significantly increases farmers' income levels, with the marginal income effect of contract chain participation being stronger. Mechanism analysis reveals that contract chain participation primarily enhances income through greater use of socialized services and improved access to credit, while digital chain participation increases income mainly by improving digital literacy and facilitating credit acquisition. The income effects of the dual-chain participation vary substantially across groups: crop farmers benefit more from the the participation than livestock farmers; contract chain participation has a stronger effect on the small-scale and less-educated farmers, whereas digital chain participation is more advantageous for large-scale and better-educated households. Furthermore, the income gains from the dual-chain participation are more pronounced among higher-income groups, exhibiting a clear Matthew effect that may exacerbate income disparities among farmers. The findings reveal the internal mechanisms through which rural industrial upgrading affects income structures, and provide policy insights for promoting high-quality agricultural and rural development.
Mechanisms and Spatial Differentiation Effects of Seed Industry Innovation in Driving Rural Industrial Integration
LI Linfeng, LIU Yang, YANG Yimin
2025, 40(6): 97-109.
[Abstract](43) [FullText HTML] (48) [PDF 1218KB](1)
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Seed industry innovation drives agricultural resource reallocation and value chain reconstruction through biotechnology breakthroughs and system integration, and becomes the core engine for breaking through the boundaries of rural industries and realizing multi-dimensional integration. This paper constructed a multidimensional evaluation index system of seed industry innovation level and rural industry integration level, and conducted empirical tests based on the provincial panel data of China from 2012 to 2022. The study finds that seed industry innovation can significantly promote rural industrial integration, and achieve differentiated driving through the vertical technological penetration of breeding patents, the vertical synergistic innovation in variety markets and the scale-driven industrial chain integration. The mechanism test suggests that seed industry innovation promotes rural industrial integration through the dual mechanism of technological innovation penetration and entrepreneurial resource integration. Heterogeneity analysis shows that the driving efficiency of seed industry innovation is subject to the interaction of geographic location, factor agglomeration and digital infrastructure, and shows significant spatial differentiation in the main grain producing areas, agricultural big data test areas and large-scale operation areas. The threshold effect test confirms that the promotion effect of seed industry innovation on rural industrial integration is featured with nonlinear enhancement after the level of farmers' scientific and technological quality exceeds a single threshold value. The study aims to analyze the complex mechanism of seed industry innovation driving rural industrial integration, and provide theoretical support and practical guidance for the optimization of seed industry innovation resource allocation and the precise formulation of regional industrial policies.
Law and Economics
Incentive-based Legal Regulation for the Training Data Supply in Large-scale Artificial Intelligence Models
XIE Xiao, LUO Shijie
2025, 40(6): 110-119.
[Abstract](43) [FullText HTML] (48) [PDF 1084KB](0)
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The high-quality supply of training data plays a decisive role in promoting the development of large-scale model technology. However, the current legal regulation for large-scale model training data in China focuses primarily on security control and risk constraints, relatively neglecting the incentive function of the supply side. This has led to a structural dilemma of triple failure in source generation, market regulation, and government intervention. To promote the continuous and stable supply of the high-quality training data, based on the symbiotic logic of "effective market" and "active government", incentive-based legal regulation can be introduced into the legislation on the supply of large-scale model training data. This can transform behavioral constraints into behavioral incentives through incentive-compatible mechanisms. Specifically, the principles of incentive-based legal regulation featured with value balance, hierarchical coordination, and appropriate proportion should be established. The scope of subjects and objects of incentive-based regulation should be broadened to form a diversified and collaborative incentive mechanism, and incentive-based regulatory tools such as rights-granting, benefit-cost, and qualification-honoring types should be improved, strengthening legislative support and application coordination. Simultaneously, under the premise of incentive-based regulation that respects market rules, appropriate mandatory regulation should be supplemented to achieve a balance between market regulation and government intervention.
Application Scenarios, Hierarchical Nesting, and Regulation of Algorithmic Administration
WANG Yi, CAO Shiquan
2025, 40(6): 120-128.
[Abstract](57) [FullText HTML] (43) [PDF 1077KB](0)
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Algorithmic administration has a great empowering effect in the field of digital government construction, which can drive efficient and precise administrative decision-making, benefit personalized and convenient government services, and promote the integration of administrative supervision throughout the entire process. The application of algorithmic administration presents a multi-level, nested and complex structure. The three nested structures of "conceptual level, organizational level and technical level" are coupled with each other, emphasizing the close connection and interaction between algorithmic technology and social value, organizational structure, and technological innovation, providing a comprehensive perspective and framework for the application of algorithmic administration. As technology empowers, the potential risks and challenges behind algorithmic administration are becoming increasingly prominent. It is necessary to establish a algorithmic ethical framework of value-rationality at the conceptual level, build a collaborative system for public participation at the organizational level, clarify technical standards to determine the operating boundaries of algorithms at the technical level, in order to seek benefits and avoid harm, and integrate the institutional effectiveness of algorithmic administration into the legal track.

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