Service oriented manufacturing is a new industrial form that integrates manufacturing and service development in the process of industrialization. In the era of digital economy, developing service-oriented manufacturing is an important way to strengthen the core competitiveness of the manufacturing industry, an important measure to expand domestic demand strategy, and an inevitable requirement to reshape the manufacturing value chain, enhance the resilience of the industrial chain, and promote the transformation of the manufacturing industry from large to strong. The article elaborates on the driving force for enterprises to carry out service-oriented manufacturing, which comes from fierce market competition, customer heterogeneity, and customer demand for complete solutions; Analyzed the mechanism and path of service-oriented manufacturing in the digital economy era, pointed out that digital empowers the transformation of the manufacturing industry, and promotes the global value chain climb of China's manufacturing industry; The article points out that changing from B2C to C2B is a fundamental disruption to the operational logic of the manufacturing industry; Analyzed the new characteristics and trends of service-oriented manufacturing such as personalized customization and product lifecycle management, and elaborated that lifecycle management is the high-end of the manufacturing value chain in the digital economy era. Chinese manufacturing enterprises should accelerate their transformation and strive to climb towards the high-end of the manufacturing value chain; Introduced the practices of companies such as Rolls Royce, Siemens, General Electric, and Sany Group in product lifecycle management. It is pointed out that adding high-quality, efficient, and differentiated services to industrial products is of great significance for enterprises to achieve differentiated competition and climb the global value chain of China's manufacturing industry.

Based on the connectedness time-frequency domain decomposition method are adopted in this paper. With the help of network topology for visualization, the characteristics and transmission path of financial risks in the time-frequency domain under major emergencies are studied. The results show that after the occurrence of MPEs, the level of risk spillover in China's financial market usually decreases in the short term, medium term and long term. When the policy has a long time lag or the market reaction is not timely, the medium term risk spillover will be higher than the short term risk spillover.

A relatively mild form of government failure - for example, bureaucrats can count but do not differentiate quality - can significantly affect the efficacy of industrial policy. We investigate this idea in the context of China's largest pro-innovation industrial policy using a structural model. We find that the return to the subsidy program is -19.7\% (but would be 7.8\% if the mild government failure can be removed). Furthermore, the welfare loss is exacerbated by patent trade.

We investigate the role of evidence-based information in shaping individuals’preferences for trade policies through a series of survey experiments that contain randomized information treatments. Each treatment provides a concise statement of economics research findings on how openness to trade has affected labor market outcomes or goods prices. Across annual surveys from 2018-2022, each administered to a representative sample of the U.S. general population, we find that information influences trade policy preferences in complex ways. Information highlighting the link between trade and manufacturing job losses significantly raises expressed preferences for more limits on trade. Strikingly, information on the price benefits of trade (or the cost of tariffs) also induces protectionist policy choices, indicating that these preferences do not respond symmetrically to information on the gains versus losses from trade. We find evidence that these expressed preferences are driven in part by how the received information interacts with one's political identity, resulting in prior-biased belief updating, as well as by pre-existingconcerns over the impact on American jobs and over trade with China. Information that solely communicates the benefits of trade is thus unlikely to succeed unless it addresses these prior beliefs and concerns.

Hukou, China’s household registration system, affects access to public services and signals the strength of a person’s local social network, guanxi. We use a collective model and data on household consumption and spouses’ hukou status to show that hukou plays a crucial role in determining within-family bargaining power. Wives who bring the family more lucrative hukou enjoy significantly higher bargaining power than other wives. Still, these wives have less bargaining power than their husbands. Large differences in preferences between husbands and wives, especially regarding alcohol, tobacco, and clothing, allow us to identify these disparities.

本文构建理论模型分析金融不确定性与经济下行风险之间的关系，并结合实证研究进行检验。理论模型基于风险积累渠道描述了金融不确定性通过干扰银行部门正确预期的形成，影响其主动风险承担水平，并最终影响经济下行风险的传导机制。实证部分基于 Jurado et al（2015）的大数据方法构建金融不确定性指数，并使用分位数回归从宏观层面进行研究，结果表明扩张波动期的金融不确定性对中长期经济增长左尾分布有显著的负面影响，这是由于扩张波动期的金融不确定性会使银行部门预期向好偏差，银行部门将提高其主动风险承担水平，从而增加中长期经济下行风险；紧缩波动期的金融不确定性将使银行部门预期向坏偏差，进而导致其主动风险承担水平下降，但该风险积累渠道发挥的作用较弱，此机制下金融不确定性对中长期经济下行风险的抑制作用不明显。

We examine the economics of independent directors’ resignation decisions by taking advantage of a natural setting: The revised Securities Law of the People’s Republic of China, which took effect on March 1, 2020 (hereafter New Securities Law or NSL), and the first successful class-action securities lawsuit on November 12, 2021. We argue that by increasing 18-fold the penalties to directors of firmsthat misreport, NSL reduces by the same factor the maximum probability of getting caught at which director positions remain economically viable. We predict and find that in the short run when director compensation is fixed, NSL leads to more frequent voluntary resignations, particularly in firms that have a higher ex-ante likelihood of financial misreporting, and in firms where director compensation is lower. We also find that independent director dissent that arises primarily as a result of directors’ inability to establish whether their firms’ financial reports are reliable is a significant antecedent to voluntary resignations post NSL. Finally, analyzing the fraction of Chinese publicly traded firms that purchase director and officer liability (D&O) insurance, we find that independent directors are less likely to resign pre NSL but more likely to resign post NSL. Thisfinding suggeststhat firms with higher misreporting risk self-select pre NSL into such contracts. Given directors’ valuable monitoring role, we expect to observe in the long run both increased independent director compensation and increased D&O insurance coverage.

Direct experience of a peer’s punishment might have a sobering effect above and beyond deterrence (information about punishments). We test this mechanism in China studying the reactions to listed state-owned enterprises’ (SOEs) punishments for fraudulent loan guarantees by firms in the same location or industry (peers) and non-peer firms, across SOEs and non-SOEs. After experiencing SOEs’ punishments, peer SOEs cut their loan guarantees by more than non-peer SOEs and peer non-SOEs, even if information is common to all firms. The reaction is stronger for peer SOEs whose CEOs have higher career concerns or face lower costs of cutting guarantees.

This paper dissects the lottery-like anomaly in Chinese A-share stocks by decomposing total stock returns into overnight and intraday returns. Our findings indicate that the negative overnight returns are concentrated among lottery-like stocks, and the lottery-like anomaly is mainly driven by the overnight returns component. Considering the unique Chinese institutional features, our mechanism analysis reveals that the overnight returns induced lottery-like anomaly is more pronounced in stocks with high retail investors' gambling preference and high limits of arbitrage. Overall, our results suggest that investors optimism and trading constraints have a substantial impact on market efficiency in China.

This paper examines how globalization process shapes the corporate ESG efforts in emerging markets. Using a staggered difference-in-difference model based on the gradual inclusion of China's A-shares in the MSCI index, we find that public companies improved their ESG performance and disclosure quality after being included. The results are robust to propensity score matched sample. Notably, the impact on ESG disclosure was significantly greater than on ESG performance, and the effect is more pronounced for non-SOEs and firms with weak governance. The inclusion also leads to significant increasesin foreign holdings, the proportion of women directors, and analyst attention, which have promoting effects on corporate ESG performance and disclosure ratings. This study sheds light on the macro-level determinants of corporate ESG engagement.