【刊出新闻】《上海财经大学学报》2026年第3期目录
本期共 10 篇文章
数字资本积累的流通偏向与价值创造阻滞——兼论平台经济“内卷式”竞争的政治经济学本质
摘要 · ABSTRACT
当前平台经济中普遍出现的“内卷式”竞争，标志着数字资本早期的粗放扩张模式面临增长瓶颈，深入整治该现象已成为完善社会主义市场经济体制的重大命题。文章基于马克思资本循环理论，构建“流通偏向—价值阻滞”的政治经济学分析框架，旨在揭示“内卷”背后的资本积累逻辑异化。研究发现，这种被表象化为流量博弈的竞争形态，本质上是数字资本积累重心由生产性获利向流通性获利的结构性偏移。在这一异化模式下，纯粹流通费用从价值扣除项异化为具有刚性约束的资本积累壁垒。平台垄断资本利用数字地租机制强制吸纳实体产业的剩余价值，并依靠算法对流通领域的劳动进行“实际吸纳”，不仅导致了微观层面的实体利润流失与劳动透支，更引发了宏观层面积累基金耗散与有效需求不足的社会再生产阻滞。因此，治理“内卷”的关键在于矫正资本循环的路径依赖，应通过建设全国统一大市场破除数据割据，引导人工智能等技术从流量变现转向赋能实体生产，并辅以初次分配机制的矫正，在重塑生产与流通的动态均衡中培育新质生产力。
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Abstract
The prevalent “involutionary” competition in the current platform economy indicates that the early extensive expansion model of digital capital is facing growth bottlenecks. Deeply rectifying this alienated phenomenon has become a major proposition for improving the socialist market economic system and promoting high-quality development. Based on Marx’s theory of the circuit of capital, this paper transcends the single perspective of technological critique and ex-post antitrust to construct a political economic analytical framework of “circulation bias-value blockage”. It aims to profoundly reveal the alienated logic of capital accumulation behind “involution” and its structural blockage mechanism on the national economic circulation. The study finds that this competitive form, superficially manifested as a zero-sum game for traffic and price wars, is essentially a structural shift in the center of gravity of digital capital accumulation from productive profitability to circulation-based profitability. Under this alienated model, capital operation presents three major characteristics at the micro level: First, pure costs of circulation have broken away from their elastic marketing attributes, mutating from a simple deduction of value into a capital entry threshold with rigid binding force. Second, platform monopoly capital utilizes its monopoly power over market access and algorithmic traffic distribution to construct a digital rent mechanism, forcefully intercepting and absorbing the surplus profit and even the average profit of real industries. Third, platforms rely on algorithmic systems to impose strict spatio-temporal discipline on the labor process in the circulation sphere, achieving the “real subsumption” of labor and leading to severe digital labor alienation and physical exhaustion. Based on this, the key to governing platform “involution” lies in rectifying the path dependence of the circuit of capital and reshaping the dynamic equilibrium between production and circulation. This paper proposes the following: Break down data segregation and “walled gardens” among platforms by building a unified national market, thereby reducing the friction costs of total social capital operation; guide digital technologies and capital to withdraw from the overcrowded traffic monetization segments and turn towards empowering real production, thereby cultivating and expanding new quality productive forces; restrict the excessive deprivation of real profits by digital rent in primary distribution, while strengthening the protection of labor rights and interests in new forms of employment. This will repair the chain of labor reproduction and consolidate the foundation of macroeconomic demand, ultimately realizing the high-quality development of the digital economy.
公平竞争审查制度与国有企业创新架构
摘要 · ABSTRACT
公平竞争审查制度是破除行政垄断的重要举措，其通过重塑市场竞争和治理环境深刻影响了企业创新活动的组织方式。文章以2012—2022年中国国有上市公司为研究对象，从创新决策权配置的视角考察公平竞争审查制度对企业创新架构的影响。研究发现，公平竞争审查制度能够显著促进国有企业采用分散式创新架构，并且当企业融资约束低、异地子公司数量多、研发背景高管占比低以及高管业绩压力大时，这种创新架构分散化趋势尤为显著。机制检验表明，公平竞争审查制度通过增强市场竞争强度、改善公司内外部治理环境影响企业创新架构选择。经济后果检验表明，公平竞争审查制度推动的分散式创新架构有助于提升企业创新质量。文章探究了影响企业创新架构的前因，为国有企业在制度变革背景下优化创新组织模式、提升创新质量提供了实践参考。
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Abstract
Innovation structure, which refers to how innovation decision-making authority is allocated between the parent and subsidiary companies, has a profound impact on corporate innovation performance. However, as a major participant in technological innovation, state-owned enterprises (SOEs) often overlook the significance of innovation structure optimization. The implementation of the Fair Competition Review System provides an ideal research setting to examine how changes in the external institutional environment drive the transformation of SOE innovation structures. From a theoretical perspective, this policy may affect SOE innovation structures in three ways: First, it strengthens market competition faced by SOEs and increases information costs under centralized innovation structures. Second, it enhances external supervision and promotes improvements in internal governance, reducing agency costs. Third, it reduces government subsidies and decreases the resources available for R&D. On this basis, this paper takes SOEs from 2012 to 2022 as the research sample and examines the impact of the Fair Competition Review System on SOE innovation structures. The results show that the policy significantly promotes the adoption of decentralized innovation structures in SOEs. This effect is stronger when firms face lower financing constraints, have more geographically dispersed subsidiaries, have a lower proportion of executives with R&D backgrounds, and when executives face higher performance pressure. Mechanism testing shows that the policy affects innovation structures through two channels: increasing market competition intensity and improving the internal and external governance environments of SOEs. In addition, the decentralized innovation structures promoted by the policy help improve SOEs’ innovation quality. The possible contributions of this paper are as follows: In terms of the research perspective, starting from the Fair Competition Review System, it explores the antecedents that affect SOE innovation structures; in terms of the research content, it examines whether the Fair Competition Review System can fundamentally reshape SOE innovation structures, expanding the research boundary of its impact on corporate innovation behavior; in terms of the research conclusion, it provides SOE managers with feasible guidance for optimizing innovation structures in a constantly changing external environment.
数据政策协同如何驱动企业数字创新网络嵌入？——基于数据交易与数据开放双重视角
摘要 · ABSTRACT
以数据交易平台与数据开放平台为载体的数据政策协同是推动数据要素市场化配置的重要抓手，也是驱动高质量数字创新网络构建的关键支撑。文章基于数据交易和数据开放双重视角，采用2009—2023年中国A股上市公司数据，实证探究数据政策协同对企业数字创新网络嵌入的影响效应。研究发现，相较于单一的数据要素政策，政策协同对企业数字创新网络嵌入的驱动效应更为突出。机制分析表明，数据政策协同通过“文化—信息—技术”三重媒介促进企业的数字创新网络嵌入，即数据政策协同增强了企业合作文化、推动了企业信息共享并提高了企业间的技术关联度。异质性分析表明，对于自身治理能力和声誉水平较高、行业壁垒较低和技术更迭较快以及所在地区市场分割较弱和产权保护力度较强的企业，数据政策协同的驱动效应更加显著。拓展分析表明，数据交易和开放平台协同建设可以与国家超算中心建设、创新型城市建设等政策产生互补共促效应。文章不仅为深化数据要素市场化改革提供了现实依据，也为推进数字技术创新体系建设提供了政策启示。
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Abstract
Driven by the new round of scientific and technological revolution, innovation competition among enterprises presents higher organizational network complexity. It is difficult for enterprises to meet the rapidly iterating market demand through closed innovation relying merely on internal resources, and the innovation model needs to evolve toward open network cooperation. Especially in the context of the digital economy, the embedding of digital innovation networks helps enterprises build multi-agent innovation collaboration relationships integrating the digital and real economy, thereby reshaping their competitive advantages in products and technologies. Meanwhile, the network embedding theory holds that data factors are the key to driving the construction of digital innovation networks. Government-led data trading and data opening platforms focus on the transaction and circulation of commercial data and the opening and sharing of government data respectively. They exert synergistic and complementary effects in unlocking the value of data factors and have a significant impact on driving enterprises to embed in digital innovation networks. From the dual perspectives of data trading and data opening, this paper empirically examines the impact of data policy synergy on the embedding of corporate digital innovation networks using data of China’s A-share listed companies from 2009 to 2023. The results show that, compared with single data factor policies, policy synergy has a stronger driving effect on the embedding of corporate digital innovation networks. Mechanism testing indicates that data policy synergy promotes the embedding through three channels: culture, information, and technology. Specifically, policy synergy strengthens corporate culture of cooperation, facilitates information sharing, and improves technological correlation between enterprises. Heterogeneity analysis shows that the driving effect of data policy synergy is more significant for enterprises with higher internal governance capacity and reputation, lower industrial barriers, faster technological iteration, weaker regional market segmentation, and stronger property rights protection. Further analysis reveals that the coordinated construction of data trading and data opening platforms can generate a mutually reinforcing effect with policies such as the construction of national supercomputing centers and innovative cities. This paper not only provides empirical evidence for deepening the market-oriented reform of data factors, but also offers policy implications for advancing the construction of digital technology innovation systems.
数据要素应用同群效应与企业绿色技术扩散
摘要 · ABSTRACT
数字经济背景下，企业数据要素应用的同群模仿特征日趋显著。同群企业的数据要素应用行为能否向绿色技术创新活动延伸，并对绿色技术的推广与应用产生影响，是一个亟待深入探讨的议题。文章基于2011—2024年中国上市公司数据，聚焦数据要素应用的同群效应，系统考察其对企业绿色技术扩散的影响。研究发现：数据要素应用存在显著的行业同群效应，该效应能有效加速企业绿色技术扩散进程。异质性分析显示，对于拥有较强市场势力或享有完善数字基础设施条件的企业，数据要素应用同群效应对绿色技术扩散的促进作用更为显著。机制检验表明，数据要素应用同群效应通过提升研发合作水平、增强创新吸收能力以及畅通技术信息渠道三条路径加速绿色技术扩散。调节效应检验显示，技术要素市场化、绿色产业集群和知识产权保护均能正向调节数据要素应用同群效应对企业绿色技术扩散的促进作用。研究结论不仅拓展了绿色技术扩散驱动机制的理论视角，也为企业通过应用数据要素加速绿色技术扩散提供实践指引。
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Abstract
In the context of a booming digital economy, data factor has emerged as a new factor of production driving enterprise transformation. Meanwhile, enterprises exhibit pronounced peer behavior in their application of data resources. How this peer effect affects corporate green technology diffusion represents a research topic worthy of in-depth exploration. Based on data from China’s listed companies from 2011 to 2024, this paper focuses on the peer effect of data factor application and systematically examines its impact on corporate green technology diffusion. The findings indicate that there is a significant industry peer effect in data factor application, which can effectively accelerate corporate green technology diffusion. Heterogeneity analysis reveals that for enterprises with stronger market power or with more developed digital infrastructure, the peer effect of data factor application more significantly enhances the promotion of corporate green technology diffusion. Mechanism testing indicates that this peer effect accelerates green technology diffusion through three pathways: enhancing R&D collaboration levels, boosting innovation absorption capacity, and facilitating the flow of technical information channels. The moderation effect analysis indicates that the marketization of technological factors, green industrial clusters, and intellectual property protection all exert positive moderating effects on the relationship between the peer effect of data factor application and corporate green technology diffusion. This paper examines the behavioral consequences of the peer effect of data factor application and deepens the theoretical understanding of how external environments affect corporate green innovation decisions. It not only expands the theoretical perspective on the driving mechanisms of green technology diffusion, but also provides valuable practical guidelines for enterprises to accelerate green technology diffusion through data factor application.
自由贸易协定条款深化与中国企业海外直接投资效率——基于企业—东道国—年份三维面板数据的实证检验
摘要 · ABSTRACT
参与全球规则重构与国际经济治理，是应对地缘政治冲击、推动高质量海外直接投资的关键举措。文章先基于全球并购数据库（Zephyr）、全球绿地投资数据库（FDI Markets）和国泰安数据库（CSMAR），获得了2007—2022年涵盖117个东道国、630家中国企业、共 1763 条投资记录的非平衡三维面板数据；然后基于深度贸易协定数据库（DTAs），构建了中国与27个东道国签订的双边自由贸易协定（FTA）面板数据。在此基础上，利用条款异质性测度FTA深化程度，并采用Richardson扩展模型测算企业海外直接投资效率，进而系统检验FTA深化对中国企业海外直接投资效率的影响。研究结果表明，FTA水平和垂直深化均显著促进了中国企业海外直接投资效率的提升，东道国投资环境优化与企业融资约束缓解是主要作用机制，垂直条款类型、东道国制度质量和双边政治关系会影响FTA深化，进而促进海外直接投资效率提升效应的发挥。文章为政府部门通过创新制度合作助推高质量海外直接投资提供了有益的政策启示。
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Abstract
Against the backdrop of a sluggish global economic recovery and intensifying international trade frictions, high-quality overseas direct investment (ODI) has become an important path for Chinese firms to restructure industrial and supply chains and serve the new “dual circulation” development strategy. However, as geopolitical competition intensifies, developed countries have imposed stricter access restrictions and security screening on Chinese investment in key sectors. Coupled with institutional differences limiting corporate resource integration, the resource allocation of Chinese firms’ ODI falls short of Pareto optimality. As an important instrument for promoting institutional cooperation, the signing of Free Trade Agreements (FTAs) and the deepening of FTA provisions have become crucial policy tools for governments to guide firms in their global expansion. This paper integrates data from the Zephyr global M&A database, the FDI Markets greenfield investment database, and the CSMAR listed company financial database to construct an unbalanced panel dataset covering 117 host countries and 630 Chinese firms from 2007 to 2022. It measures FTA deepening by provision heterogeneity and employs the Richardson extended model to estimate Chinese firms’ ODI efficiency, systematically examining the impact of FTA deepening on Chinese firms’ ODI efficiency. The findings reveal that both horizontal and vertical FTA deepening significantly enhance Chinese firms’ ODI efficiency. The optimization of host-country investment environments and the alleviation of corporate financing constraints serve as the main mechanisms. Furthermore, the types of vertical provisions, host-country institutional quality, and bilateral political relations exert heterogeneous effects on the effectiveness of FTA deepening. The main innovations of this paper are twofold: First, it breaks away from the assumption of FTA provision homogeneity by meticulously measuring FTA deepening from two dimensions—horizontal (increase in effective WTO+ and WTO-X provisions) and vertical (increase in ODI-related provisions)—based on the deep provision catalog released by the World Bank. Second, from the perspective of institutional innovation in regional economic cooperation, it effectively identifies the direction and mechanisms of FTA deepening’s impact on ODI efficiency, providing valuable policy insights for clarifying the directions and priorities of FTA deepening and enhancing Chinese firms’ ODI efficiency.
内外贸一体化：设施联通与制度开放双轮驱动——基于中欧班列与自贸试验区的准自然实验
摘要 · ABSTRACT
中欧班列与自贸试验区是我国设施联通与制度开放的重要引擎，是助力企业实现内外贸一体化发展的强大支撑。文章将中欧班列与自贸试验区双试点视为准自然实验，以2012—2022年 1615 家A股上市企业为研究样本，采用多期双重差分模型检验“硬联通”与“软联通”叠加对企业内外贸一体化发展的影响效应及作用机制。研究发现，中欧班列与自贸试验区均能显著促进企业内外贸一体化发展，且二者具有叠加效应。异质性检验结果表明，中欧班列与自贸试验区叠加对国有企业、劳动密集型企业内外贸一体化发展的促进作用明显，且在企业生命周期呈U形特征。机制检验结果表明，中欧班列与自贸试验区既能提升国内市场一体化水平和强化国际市场联结，又能降低企业成本黏性和缓解融资约束，进而促进企业内外贸一体化发展。拓展分析发现，企业数字化转型是中欧班列与自贸试验区共同促进企业内外贸一体化发展的“催化剂”，且在西部地区的催化效果最好。因此，中欧班列与自贸试验区共同推进“软”“硬”联通，助力企业内外贸一体化发展，对我国构建新发展格局具有重要意义。
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Abstract
The China-Europe Railway Express (CRE) and Pilot Free Trade Zones (FTZs) are pivotal engines of China’s infrastructure connectivity and institutional openness, as well as robust pillars for enterprises to achieve integrated development of domestic and international trade. Taking the CRE and FTZs as a quasi-natural experiment, and 1615 A-share listed enterprises from 2012 to 2022 as the research sample, this paper employs a multi-period DID model to empirically test the impact and mechanism of the superposition of “hard connectivity” and “soft connectivity” on the integrated development of domestic and international trade. The findings are as follows: First, both the CRE and FTZs can significantly boost the integrated development of domestic and international trade, with a notable superposition effect between them. Second, under the combined effect of the CRE and FTZs, state-owned enterprises exert a demonstration effect in the integrated development of domestic and international trade; the promotion effect is most pronounced for labor-intensive enterprises; and from the perspective of enterprise life cycle, their combined effect exhibits a U-shaped characteristic. Third, from the perspective of the market integration mechanism, the CRE and FTZs can enhance domestic market integration and strengthen international market linkage, thereby facilitating the integrated development of domestic and international trade; while from the perspective of the market expansion mechanism, they can reduce cost stickiness and alleviate financing constraints, thus boosting the integrated development of domestic and international trade. Fourth, the digital transformation of enterprises acts as a catalyst for the CRE and FTZs to jointly promote the integrated development of domestic and international trade, with the most prominent catalytic effect observed in the western regions of China. In conclusion, advancing the integration of “hard connectivity” and “soft connectivity” through the collaborative development of the CRE and FTZs to support the integrated development of domestic and international trade is of great significance for fostering a new development paradigm.
环保垂直管理改革如何提升企业绿色全要素生产率？
摘要 · ABSTRACT
环保垂直管理改革（以下简称“环保垂改”）作为中国环境治理体系的关键性制度创新，通过重构政府层级间环境治理权责关系与激励机制，为构筑企业绿色转型内生动力提供突破口。文章基于2008—2023年中国A股制造业上市公司数据，系统考察环保垂改对企业绿色全要素生产率的影响及作用机制。研究发现：环保垂改显著提升企业绿色全要素生产率；环保垂改通过提高地方政府环境治理意愿、激发企业优化资源配置以及强化公众的环境治理关注，推动建立“政府—企业—公众”多主体协同共治路径，从而提升企业绿色全要素生产率；环保垂改对企业绿色全要素生产率的提升作用，因企业面临的外部环境及其内在属性特征等约束性条件的不同而呈现异质性，对市场化水平高、经济增长压力小、重点污染行业、国有企业和县域企业的影响更大；环保垂改推动政府环境治理意愿与企业绿色转型发展具有协同互促效应。研究结论为构建环境治理长效机制、激发企业绿色转型内生动力以及推进环境治理能力现代化具有重要的决策参考价值。
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Abstract
The environmental vertical management reform (EVMR), as a pivotal institutional innovation in China’s environmental governance system, has established a breakthrough for fostering endogenous momentum in corporate green transformation by restructuring intergovernmental power-responsibility relationships and incentive mechanisms in environmental governance. This paper constructs a staggered DID model and systematically investigates the impact and mechanisms of EVMR on corporate green TFP using data from China’s A-share listed manufacturing companies from 2008 to 2023. The findings suggest that EVMR significantly enhances corporate green TFP. Mechanism testing indicates that, at the government level, by breaking local protectionism and strengthening regulatory authority, EVMR increases local governments’ willingness to govern the environment, forcing enterprises to respond with green production through “hard constraints” of environmental regulations and thus stimulating their motivation for green production. At the firm level, stringent regulations driven by the reform encourage enterprises to optimize resource allocation and increase R&D and environmental protection investment, thereby effectively raising their green TFP. At the public level, the reform increases local governments’ willingness to govern the environment and raises public attention to environmental governance, forming a binding and supervisory mechanism that compels enterprises to pursue green transformation. Accordingly, EVMR effectively promotes the establishment of a multi-agent collaborative governance path involving “government-enterprise-public” to enhance corporate green TFP. Heterogeneity analysis indicates that the policy effect varies depending on enterprises’ external environments and internal attributes, with a more pronounced impact observed in enterprises with a higher level of marketization and lower economic growth pressure, enterprises in key pollution-intensive industries, state-owned enterprises, and county-level enterprises. Furthermore, this positive effect is more significant in the context of higher corporate green TFP, demonstrating a synergistic interaction effect between institutional innovation and corporate green transformation. This paper provides critical decision-making insights for building a long-term mechanism for environmental governance, stimulating the endogenous driving force of corporate green transformation, and advancing the modernization of environmental governance capabilities.
银行监管处罚与企业人力资本结构升级：来自新三板挂牌公司的证据
摘要 · ABSTRACT
人力资本作为创新驱动发展的关键生产要素，不仅是实现中国式现代化的核心支撑，也是践行党的二十届四中全会“投资于人”理念的关键抓手。文章使用2012—2023年新三板挂牌公司数据，分析银行受到的监管处罚对企业人力资本结构升级的影响及其作用机制。研究发现，银行受到的监管处罚有利于促进企业人力资本结构升级。机制分析表明，银行监管处罚能够通过提高企业信贷融资的可得性、引导企业增加固定资产投资和研发创新支出来促进企业人力资本结构升级。异质性分析表明，银行监管处罚对企业人力资本结构升级的促进作用在非国有企业、中小企业、高新技术企业、低信息透明度的企业以及金融发展水平较低的地区中更显著；轻度处罚以及与银行信贷行为相关的处罚对企业人力资本结构升级的促进作用更明显。经济后果分析表明，银行监管处罚引发的企业人力资本结构升级有助于提高企业全要素生产率和创新产出。研究结论为提升金融服务实体经济质效、推动经济高质量发展提供了经验证据。
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Abstract
Human capital, as a key production factor driving innovation-driven development, serves not only as a core pillar for achieving the Chinese path to modernization, but also as a critical lever for implementing the concept of “investing in people” outlined in the Fourth Plenary Session of the 20th CPC Central Committee. Based on administrative penalty information released by the National Financial Regulatory Administration, this paper systematically compiles all penalty records imposed on banking institutions from 2012 to 2023, matches the data on NEEQ-listed companies with the bank regulatory penalty data of cities where the companies are located, and constructs a city-level panel dataset of bank regulatory penalties. Using this dataset, this paper further examines the impact of bank regulatory penalties on the upgrading of corporate human capital structure, as well as the underlying mechanisms. The study finds that bank regulatory penalties significantly promote the upgrading of human capital structure. In China’s bank-dominated financial system, banks serve as the primary channel for firms to obtain external financing. On the one hand, regulatory penalties effectively correct bank lending behaviors by standardizing credit order, improving financing environments, and reducing financing costs, thereby enhancing firms’ access to credit. Adequate financial support, in turn, provides a direct guarantee for the upgrading of human capital structure. On the other hand, regulatory penalties also optimize the allocation of funds by guiding firms to increase investment in fixed assets and R&D innovation, which indirectly promotes the upgrading of human capital structure. Heterogeneity analysis shows that the above effects are more pronounced in non-SOEs, SMEs, high-tech firms, firms with lower information transparency, and regions with lower levels of financial development. In terms of penalty types, lighter penalties and penalties related to bank lending behaviors exhibit stronger effects in promoting the upgrading of human capital structure. Economic consequence analysis further indicates that the upgrading of human capital structure induced by bank regulatory penalties contributes to higher TFP and greater innovation output. This paper not only enriches the literature on bank regulatory penalties and corporate human capital investment, but also provides empirical evidence for enhancing the effectiveness of financial services to the real economy and promoting high-quality economic development.
人才补贴政策、异质性劳动力流动与经济福利
摘要 · ABSTRACT
如何构建适配不同城市发展禀赋的差异化引才政策，是充分释放劳动力技能红利、优化技能空间配置结构以及加快实现共同富裕亟须解决的重要问题。文章构建了包含异质性劳动力跨地区流动的量化空间一般均衡模型，揭示了城市人才补贴政策对异质性劳动力空间供给弹性和技能空间分布的作用机制，并利用2020年城市数据对理论模型进行拟合，对各城市最优人才补贴比例的制定、不同人才补贴政策方案带来的异质性劳动力福利改善以及技能空间分布和经济增长进行反事实分析。结果表明，劳动力流动对人才补贴的反应存在空间异质性，具体的流动规模、技能结构的空间重置由城市最优发展目标、异质性劳动技能互补共同决定。此外，过度进行全国范围内的人才补贴、“抢人”竞争未必有利于提升劳动力技能的空间配置效率，新一线城市实施人才补贴政策更有利于实现经济增长、异质性劳动力福利的提升以及区域经济协调发展这三个政策目标之间的和谐相融。
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Abstract
Against the backdrop of demographic structural shifts and the diminishing infinite elasticity of labor supply, the intense “talent war” among cities competing for high-skilled labor has escalated. However, decentralized talent subsidy decisions based on local interests often overlook cross-regional externalities and the global efficiency of spatial skill allocation, easily leading to public resource distortion and functional factor misallocation. How to design differentiated talent attraction policies adapted to various city endowments to fully unleash skill dividends and promote coordinated regional development has become a major practical issue. This paper develops a quantitative spatial equilibrium model incorporating cross-regional migration of heterogeneous labor to illuminate how municipal talent subsidies shape the spatial elasticity of heterogeneous labor supply and reconfigure skill distribution. It calibrates the model using 2020 city-level data in China and conducts counterfactual simulations to quantify the optimal talent subsidy rate, the improvement of heterogeneous labor welfare brought by different talent subsidy policy schemes, spatial skill distribution, and economic growth. The results show that labor migration responsiveness to subsidies exhibits significant spatial heterogeneity, jointly determined by municipal development objectives and skill complementarity. Critically, it demonstrates that excessive nationwide subsidy competitions impose net welfare losses by distorting spatial allocation efficiency. Instead, talent subsidies in emerging first-tier cities uniquely achieve synergy among three policy goals: stimulating economic growth, enhancing welfare for both skilled and unskilled workers, and promoting regional convergence, highlighting their pivotal role in efficient spatial policy design. The policy implication is to establish differentiated subsidy strategies matching the city tier. First-tier and new first-tier cities should focus on targeted subsidies to leverage agglomeration spillovers, while third- and fourth-tier cities should avoid blindly imitating high-monetary subsidies and instead enhance city attractiveness by improving infrastructure, increasing urban amenities, and reducing migration barriers to prevent resource misallocation risks.
法偿性存款：论数字人民币法律地位的再造
摘要 · ABSTRACT
新时期的数字人民币作为法律意义上的存款，满足“账户持有”与“本息待付”的形式要件，以及“货币创造”的实质要件。数字人民币用户作为存款人，与商业银行之间构成存款法律关系，用户的基础财产权利包括转移数字人民币至收款人的结算权，以及凭相同面额兑为其他货币形态的赎回权，二者均受存款准备金与存款保险制度的保障。新时期的数字人民币仍属国家发行的法定货币，具有法偿性，这一“法偿性存款”地位不仅可维护数字时代货币发行权的统一，还有助于明晰数字人民币在多层次货币体系中的定位。此外，该地位对存款保险与法偿效力的同时适用具有可行性。为保障数字人民币的法偿性存款地位，应在认可钱包限额、交易场景、收款条件等“使用权限”限制的前提下，重构数字人民币的法偿效力，并确立存款保险优先、法偿制度补充的危机救助顺序。同时，应构建以防范道德风险为导向的数字人民币监管职责配置，包括确立以央行为主、银行业监管机构协同的行政监管机制，建立由运营管理中心组织的自律管理体系，并要求参与数字人民币运营的商业银行履行监督义务。
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Abstract
As a deposit in the legal sense, Digital Yuan (e-CNY) in the new phase meets the formal requirements of “holding by account” and “payment with principal and interest”, as well as the substantive requirements of “monetary creation”, and therefore can be protected by the deposit reserve and deposit insurance system. As depositors, the users of Digital Yuan constitute a deposit legal relationship with commercial banks, and their basic property rights include the “settlement right” to request the transfer of Digital Yuan to the recipient, as well as the “redemption right” to exchange the same denomination for other monetary forms. This status of “deposit as legal tender” can not only maintain the unity of monetary power in the digital era, but also help clarify the positioning of Digital Yuan in the multi-level monetary system, and it is feasible in the compatibility of deposit insurance and the legal tender system. To further protect the legal status of Digital Yuan, firstly, the legal tender effect of Digital Yuan should be reconstructed on the premise of recognizing “access” restrictions, and the crisis relief order of priority for deposit insurance and supplementation by the legal tender system should be established; under the premise of satisfying the “access”, the legal tender effect of Digital Yuan is embodied in the effectiveness of administrative acceptance, civil repayment, and rescue in banking crises. Secondly, the legal means for the crisis relief of Digital Yuan operating institutions should be established. When the operating institutions face a repayment crisis, the law should stipulate that bank customers should be provided with rescue through deposit insurance first; if the deposit insurance cannot repay all the Digital Yuan of customers, bank customers may obtain the supplementary assistance through the legal tender system. Finally, the allocation of Digital Yuan regulatory responsibilities oriented to the prevention of moral hazard should be established. It includes the administrative supervision mechanism dominated by the central bank, the self-discipline management mechanism implemented by the operation management center, and the supervision obligations by commercial banks designated to participate in the operation of Digital Yuan.