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To better understand the government’s role in corporate social responsibility (CSR), we use the relocation of local governments in China as an exogenous shock to examine how geographic distance from the government affects corporate charitable donations. The Difference-in-Differences (DiD) analysis indicates that firms reduce charitable donations when local governments move closer. This effect is more pronounced for non-state-owned enterprises and for firms located in cities with lower fiscal pressure. The results remain consistent to a series of robustness tests, including alternative sample specifications, different measures of donations, and various estimation methods. We do not observe a corresponding increase in donations when governments move farther away. Additional analysis indicates that when the government relocates closer, firms may reallocate resources away from traditional charitable donations toward CSR activities that involve more active engagement.

With the digital transformation of the capitalist economy, some contemporary scholars have put forward the Techno-Feudalism narrative of the digital economy. This narrative emphasizes that digital platform enterprises, as emerging market entities in the digital economy, have many practices that are highly similar to those of feudal lords. For example, digital platform enterprises plundering user data is similar to feudal lords plundering land; digital platform enterprises collecting digital rent is similar to feudal lords collecting land rent; digital platform enterprises controlling users and workers is similar to feudal lords controlling slaves. However, this narrative has many theoretical fallacies. Marx's theory of surplus value shows that the above phenomena are essentially still the contemporary form of capital seizing surplus value through technological innovation. The techno-feudalism narrative ignores the internal logic of capital using technological iteration to reconstruct the exploitation mechanism and falls into a superficial misjudgment. In contrast, the Chinese governance practice of digital economy breaks the monopoly of platforms on data elements through the innovation of the separation of three rights of data property rights; promotes fair competition and optimal allocation of resources in the digital economy by strengthening anti-monopoly supervision and promoting the construction of digital infrastructure; proves that the socialist system can break the capital proliferation cycle and achieve "people-centered" development by building a labor rights protection system to promote the creation and sharing of value and transcending the techno-feudalism phenomenon of the digital economy.

This paper examines the impact of Chinese local government hidden debt on corporate ESG greenwashing. Extending fraud theory, we reveal that hidden debt shifts the boundary between government and market that drives the factors behind ESG greenwashing. Using the ESG greenwashing indicator of listed firms in the A-share market and the hidden debt-to-GDP ratio of 31 provinces from 2012 to 2023, we find that local government hidden debt is positively correlated with corporate ESG greenwashing. The impact is more significant for firms that are state-owned, without active primary-level Party organizations, or not on China’s key pollution supervisory list. Mechanism analysis indicates that expansion of local government hidden debt brings firms with higher LGFVs’ share-holding for the SOEs, heavier environmental tax burden, and less social responsibility preference, all of which are related with ESG greenwashing. Reducing local government special debt and improving tax compliance can help alleviate this impact. These findings highlight the necessity of fiscal risk management in achieving genuinely sustainable corporate development.

Following the 18th National Congress of the Communist Party of China, the central government elevated the construction of ecological civilization to a central position within national strategy and introduced environmental governance indicators as mandatory criteria for evaluating officials, alongside GDP. These indicators served as an additional "threshold" for performance assessments. In the context of changes in the central government's development ideology and policies, this study utilizes matched data on the turnover of municipal party secretaries and local enterprise carbon emissions from 293 prefecture-level cities in China between 1990 and 2021. The research finds that turnovers of municipal party secretaries after the 18th National Congress have led to a significant reduction in carbon emissions from local enterprises, a trend that was not evident prior to the congress. This effect is more pronounced in situations where official turnover is primarily driven by promotion incentives, and less influenced by collusive behavior between the government and enterprises. Further analysis reveals that the decline in carbon emissions is more significant for private enterprises, non-heavy polluting enterprises, those located in the eastern region, and those in general prefecture-level cities, before and after municipal party secretary turnovers. This study enhances understanding of the relationship between the promotion incentives of Chinese officials and the carbon emissions of local enterprises, offering valuable insights for improving the official promotion assessment system and advancing local carbon reduction efforts.

Exploring the relationship between government subsidies, market competition, and the digital transformation of cultural and tourism enterprises (CTEs) will provide inspiration for upgrading and promoting the digitization development of China’s cultural and tourism industry. This paper theoretically and empirically evaluates the effect of government subsidies on digital transformation of CTEs by developing an evolutionary game combined with Hotelling model, and meanwhile using the econometric model. The theoretical model demonstrates that different subsidy scale will affect the evolutionary efficiency of the system under different market competition intensities. And the empirical model shows that the relationship between government subsidies and the digital transformation of CTEs is a U-shaped curve and the market competition exerts the flattening moderation on the U-shaped relationship. The findings provide guidance to both policymakers and managers.

We empirically examine how institutional investors react to adjustments in environmental policies in China. We observe a seemingly counterintuitive phenomenon: when environmental policies intensify, fund managers do not increase their holdings in high ESG-rated firms as might typically be expected; instead, they significantly divest from these firms. This behavior stems from the fact that, under stringent environmental policies, maintaining a high level of ESG investing leads to financial losses and fund outflows, especially in the short term, which impair fund managers’ compensation and raise career concerns. Further, within the context of environmental policy adjustments, our heterogeneity analysis tries to disentangle the true motivations behind institutional investors' ESG adoptions. We demonstrate that both pro-social preferences and financial incentives play pivotal roles, and that fund managers do not tolerate unlimited financial losses when ESG investing underperform. Our findings reveal the economic impact of environmental policies on institutional investors and shed light on the contentious and complex nature of the ESG concepts.

The co-holding of mutually interdependent pairs of heterogeneous blocks can provide firms with stable financial support. The interdependence of heterogeneous blockholders’ investment decision has become an important frontier in the financial literature on large shareholders. In this paper, we study the interdependence of heterogeneous blocks in China. We find significant positive interdependence among blockholders of the same type. In heterogeneous block pairs, the financial–private pair shows positive interdependence. The findings are in contrast to those observed in the US. Under the mixed-ownership reform in China, our findings suggest the potential for cooperation among multiple blocks of the same type rather than between heterogeneous strategic partners.

聚焦全球老龄化背景下的银发经济需求，分析人工智能、物联网等智能化技术在养老服务、健康管理、消费场景中的应用实践，总结 “技术 + 服务” 的创新模式，并提出适配老年群体需求的优化路径，为银发经济高质量发展提供参考。

本文以某大型销售平台推出旨在引导个人投资者科学投资的优选基金服务为场景，探讨数字时代的投顾服务对基金价值创造的影响。研究发现，优选服务推出后，优选基金的资金净流入显著增加，平均每季度较配对基金高11.3%。然而，优选基金的价值创造却显著下降，以Jensen Alpha度量的超额收益平均每季度较配对基金低1.2%，考虑管理规模后的价值增量低4339万。而且，服务推出半年内，资金净流入越多的优选基金，业绩下降幅度越大。进一步地，本文从基金经理调仓能力、管理积极性、交易冲击成本三个维度探讨了优选基金业绩下降的机制表现。本文的研究表明，在数字时代的海量用户情境下，投顾服务易产生网络负外部性，导致其投资策略出现非预期的收益衰减。这一发现对探索投顾服务数字化的规律具有重要启示。