Capital market internationalization is widely regarded as an important pathway to improving resource allocation efficiency and enhancing governance quality, while simultaneously imposing higher requirements on corporate sustainability and social responsibility. However, its impact on firms’ internal income distribution remains subject to academic debate. This study treats the inclusion of China’s A-shares in the MSCI Emerging Markets Index as a landmark exogenous shock of capital market internationalization. Based on a sample of Chinese A-share listed firms from 2014 to 2022, we manually compile firm-level MSCI inclusion data and construct a multi-period difference-in-differences model for empirical testing. The results indicate that firms’ inclusion in the MSCI Index significantly increases their labor income share. The mechanism analysis reveals that this promoting effect operates mainly through three channels: alleviating financing constraints, fostering innovative development, and strengthening investor governance. Further heterogeneity analysis shows that the effect is more pronounced among technology-intensive firms, firms under greater competitive pressure, and firms with higher degrees of internationalization. By incorporating income distribution outcomes into the framework of capital market internationalization, this paper enriches the evidence on the economic and social effects of internationalization and provides policy implications for emerging economies to advance high-level capital market opening and optimize income distribution.

In the context of digital transformation, artificial intelligence (AI) has emerged as a pivotal driver for enhancing tourism resource allocation efficiency and promoting the high-quality development of the tourism industry. Grounded in the Technology–Organization–Environment (TOE) framework, this study constructs a multidimensional indicator system by integrating heterogeneous data sources, including Baidu search indices, corporate annual reports, and policy documents. Using a balanced panel dataset covering 31 provincial-level regions in China from 2015 to 2023, we empirically examine the mechanisms through which AI penetration affects the efficiency of tourism resource allocation. The super-efficiency SBM-DEA model is employed to measure allocation efficiency, while the spatial Durbin model (SDM) and geographically weighted regression (GWR) are used to identify spatial spillover effects and regional heterogeneity. Furthermore, tourist satisfaction is quantified using a natural language processing (NLP)-based sentiment index derived from online reviews. The results indicate that AI penetration significantly improves tourism resource allocation efficiency, with stronger effects observed in regions with advanced technological infrastructure. Smart tourism pilot policies demonstrate significant spatial spillover effects, positively influencing scenic areas within a 100-kilometer radius. However, diminishing marginal returns are evident, highlighting capacity absorption thresholds and institutional constraints. Based on the empirical findings, the study proposes targeted policy recommendations, including the establishment of provincial tourism data hubs, promotion of AI toolkit systems, enhancement of scenic area evaluation mechanisms, and reinforcement of collaborative governance between government and enterprises. These insights aim to provide both theoretical and practical guidance for the intelligent transformation and coordinated regional development of China’s tourism industry.

Strengthening disclosure regulation and improving disclosure quality are central to China's transition to a full registration system and crucial for preventing capital market risks. Using prospectuses disclosed by IPOs on the STAR Market, ChiNext, and the Beijing Stock Exchange from 2019 to 2023, this study constructs four textual indicators from prospectuses—length, sentence complexity, technical term density, and uncertainty—and examines how they affect resource allocation efficiency under the registration system. We find that text length and sentence complexity improve resource allocation efficiency, consistent with an information effectiveness effect. In contrast, technical term density and uncertainty reduce efficiency, reflecting information redundancy. Further analysis shows that the registration system reform enhances the comprehensiveness and complexity of disclosures, but its net effect on efficiency depends on the balance between information effectiveness and redundancy. This study contributes to the international literature on “institutional environment—disclosure—resource allocation” with evidence from an emerging market, while also extending theories of information asymmetry and impression management. Our findings support Chinese regulators in optimizing prospectus standards and strengthening review oversight, and provide policy insights for other emerging markets seeking to improve capital allocation through more effective disclosure design.

This research examines the impact of short selling on the financing cost of corporate bonds using panel data from Chinese A-share listed companies spanning the period from 2007 to 2022. The study aims to investigate the potential cross-market information spillover effects within the short selling system. The findings indicate that short selling significantly reduces the financing cost of corporate bonds, with a more pronounced effect observed under greater short selling forces. The robustness of the results is confirmed by controlling for various potential influencing factors and addressing the endogeneity issue through Propensity Score Matched Difference in Differences (PSM-DID) methodology. Moreover, the research reveals that the alleviation of information asymmetry serves as the primary mechanism through which short selling exerts its impact, particularly in regions with well-developed financial markets and favorable legal environments. This study offersa novel perspective of short selling in China and it sheds light on its cross-market spillover effects. By effectively enhancing resource allocation efficiency in capital markets, short selling emerges as a potent tool for mitigating information disparities between bond investors and enterprises.

The level of corporate risk-taking impacts debt default as a crucial investment decision. Hence, this must be examined considering resource allocation. This study uses A-share listed companies from 2007 to 2021 as samples to empirically explore the impact and mechanism of corporate risk-taking level on debt default risk. The results show that corporate risk-taking can significantly inhibit debt default and the risk of debt default by promoting total factor productivity. Further, the higher the level of enterprise financialization of the firm, the higher the stock liquidity, and the higher the level of managerial confidence, the stronger the inhibitory effect of corporate risktaking on debt default. The heterogeneity analysis reveals that the inhibitory effect of corporate risk-taking on debt default is more significant in large-scale enterprises, enterprises with lower regulatory shareholdings, and enterprises with standard unqualified audit opinions. The study provides guidance for enterprises to improve the level of risk-taking and resource allocation efficiency effectively. Moreover, it provides empirical support for regulators to effectively prevent "waves of defaults" and even "waves of bankruptcies" in the real economy.