【刊出新闻】《财经研究》2026年第9期目录
本期共 11 篇文章
中国情境下可持续信息鉴证风险评估体系构建及其应用研究
摘要 · ABSTRACT
文章立足于中国促进人与自然和谐共生的制度背景，构建了契合中国情境的可持续信息鉴证风险评估体系及其应用方案。文章依据《企业可持续披露准则——基本准则（试行）》和《可持续信息鉴证业务准则第6101号——基本准则（试行）》，融合ISSA 5000鉴证标准和双重重要性原则，系统剖析了可持续信息鉴证风险评估的基本原则、模型构建与指标设置及后续应对措施。文章首先提出了披露层次与披露认定层次相协同的风险评估基本原则，然后构建了基于双重重要性原则的F-PSR模型及风险评估象限矩阵的综合评估工具，最后基于风险评估结论并结合中国可持续信息鉴证实践，设计了兼具原则性与可操作性的应对程序及鉴证证据收集方案。进一步地，文章选取上海石化、中国神华、宁德时代和万华化学四家企业进行了案例验证，实现了国际鉴证标准与中国制度情境的有机融合，为提升可持续信息鉴证质量、向利益相关方提供真实完整的可持续信息、推动资本市场可持续发展提供了理论依据与实践参考。
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Abstract
In the process of sustainability information assurance, risk assessment serves as a core component providing a critical foundation for forming final assurance conclusions. Constructing a scientifically robust risk assessment indicator system enhances the operability of sustainability information assurance, promotes the expansion of the assurance scope from financial materiality to impact materiality, and ultimately achieves a holistic evaluation of an enterprise’s sustainable development. Drawing on the Corporate Sustainability Disclosure Standard—Basic Standard (Trial) and the Sustainabi- lity Information Assurance Services Standard No. 6101—Basic Standard (Trial), and integrating the ISSA 5000 assurance standard with the dual materiality principle, this paper systematically analyzes the fundamental principles, model construction, indicator configuration, and subsequent response measures for risk assessment in sustainability information assurance. First, it proposes a fundamental risk assessment principle that synergizes the disclosure level with the disclosure assertion level. Second, it constructs a comprehensive evaluation tool comprising an F-PSR model based on the dual materiality principle and a risk assessment quadrant matrix. Building on the risk assessment conclusions and incorporating China’s sustainability information assurance practices, it designs response procedures and evidence collection plans that are both principled and operable. Furthermore, the study selects four case enterprises for empirical validation, achieving an organic integration of international assurance standards within China’s institutional setting. The innovations of this paper are as follows: First, it systematically analyzes the fundamental principles, model construction, indicator setting, and subsequent response measures for risk assessment in sustainability information assurance, thereby enhancing the logical rigor and practical guidance of the risk assessment system. Second, it transcends the limitations of traditional audit risk models in their applicability to sustainability information assurance and, to a certain extent, expands the application boundaries of the existing PSR model at the micro-enterprise level and within the assurance field. Third, it constructs an assurance risk assessment system suited to China’s local institutional environment and developmental stage, and responds to the practical challenge of the lack of a systematic framework for assurance methods during the current transition of sustai- nability information from voluntary to mandatory disclosure, achieving an organic integration of international assurance standards with China’s institutional context.
政府财会监督的网络溢出效应研究
摘要 · ABSTRACT
政府财会监督是维护资本市场稳定、提升会计信息质量的重要制度安排。当前，监督对象规模庞大与监督资源有限之间的矛盾较为突出。在此背景下，如何借助市场力量放大政府监督效能，是国家监督体系设计中需要关注的重要问题。文章将市场监督视角引入财会监督治理效应研究中，考察了政府财会监督能否通过机构投资者共同所有权网络向未被检查企业外溢。研究发现，政府财会监督的治理效应能够通过共同所有权网络实现溢出，显著改善未被检查企业的会计信息质量，具体表现为异常应计水平下降。机制分析结果显示，机构投资者的主动监督是溢出效应产生的重要推动因素，当机构投资者具有较强的监督意愿和监督能力时，该溢出效应更加显著。进一步研究发现，溢出效应主要通过机构投资者派驻董事并参与公司治理实现，且更倾向于出现在市场化程度较高、政府干预较弱、交通基础设施完善的地区，这说明监督成本会对溢出效应的方向和强度产生影响。文章拓展了政府财会监督研究的理论边界，揭示了政府监督与市场监督协同治理的潜力，为完善国家监督体系提供了经验证据和政策启示。
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Abstract
Governmental financial supervision is an important mechanism for improving accounting information quality and maintaining capital market order. Yet the large number of regulated firms and the limited scope of direct inspections raise a critical question: Will the governance effects of financial supervision extend beyond inspected firms through market-based channels? Taking the quality inspections of accounting information by the Ministry of Finance as the research setting, this paper examines whether governmental financial supervision spills over to non-inspected firms through common ownership networks formed by institutional investors. Using manually-collected inspection data, institutional ownership data, and financial information on A-share listed companies from 2008 to 2024, this paper constructs a novel measure of firms’ exposure to financial supervision spillovers through common ownership. The results show that non-inspected firms more closely connected to inspected firms through common institutional investors exhibit significantly lower abnormal accruals, indicating improved accounting information quality. Further analysis shows that the spillover effect is mainly driven by institutional investors’ active monitoring, especially when they have stronger moni- toring incentives and longer holding horizons. The effect operates through active governance engagement, as higher exposure is associated with a greater likelihood of institutional investors appointing directors or senior governance personnel. It is also stronger in regions with higher marketization, weaker government intervention, and better transportation infrastructure, suggesting that monitoring costs shape the direction and strength of the spillover effect. This paper extends research on governmental financial supervision from direct regulatory effects to network-based external spillovers and identifies common institutional investors as collaborative governance actors linking public supervision with market monitoring. Unlike studies emphasizing information intermediaries, this paper highlights how institutional investors transform regulatory signals and cross-firm comparisons into governance actions. The findings suggest that regulators can improve supervisory efficiency by considering firms’ network positions, enhancing inspection-result disclosure, and encouraging institutional investors’ gover- nance participation, thereby amplifying the effects of limited regulatory resources and improving information quality in the capital market.
注册制改革与企业环境信息披露*
摘要 · ABSTRACT
企业环境信息披露对推动生态环境治理体系和治理能力现代化具有重要意义。文章研究了以信息披露为核心的注册制改革是否会因为注册上市公司信息披露的改善而产生溢出效应，进而带动同行业其他上市公司提升环境信息披露水平。文章以2013—2024年沪深A股上市公司为样本，通过构建交错双重差分模型分析发现：注册制改革显著提升了同行业上市公司的环境信息披露水平，并更大程度地提升了上市公司实质性而非策略性环境信息的披露。机制分析发现，注册制改革能通过增加媒体报道、提高投资者实地调研的外部压力、促使企业自身增加绿色投资和改善绿色绩效的内部治理机制发挥作用。调节效应表明，该溢出效应在行业竞争压力更强、政府环境治理压力更大以及企业聘任环保背景高管的情境下更为显著。经济后果分析发现，注册制改革引致的环境信息披露水平提升促进了企业绿色创新并抑制了绿色代理冲突。文章的研究在一定程度上填补了注册制改革对企业环境信息披露溢出效应的研究空白，同时研究结论为通过资本市场深化改革推动实体经济绿色转型提供了经验证据和政策启示。
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Abstract
Corporate environmental information disclosure reflects the outcomes of corporate environmental governance, and is also an important basis for investors to assess firms’ environmental performance. As a fundamental institutional arrangement for deepening the market-oriented reform and improving capital market functions, the registration system reform (RSR) is centered on information disclosure. As an important component of corporate information disclosure, environment-related matters have gradually been incorporated into the whole process of IPO due diligence, prospectus disclosure, and exchange review in the context of the RSR. Against this background, a question worth discussing is whether the disclosure constraints strengthened by the RSR will affect peer firms’ environmental information disclosure behavior through industry spillover effects, thereby generating broader environmental governance effects. Using data from China’s A-share listed companies from 2013 to 2024, this paper takes the first appearance of a registration-based listed firm in an industry as the RSR shock, constructs a staggered DID model, and examines the impact of the RSR on peer firms’ environmental information disclosure and its underlying mechanisms from the perspective of information spillover. The results show that the RSR significantly improves the environmental information disclosure level of listed companies in the same industry, and increases substantive rather than strategic environmental information disclosure of listed companies to a greater extent. Mechanism testing shows that the RSR works through the external pressures arising from increased negative media cove-rage and investor on-site visits, and the internal governance channels involving increased green investment and improved green performance. Moderating effects show that the spillover effects are more significant when industry competition pressure is stronger, government environmental governance pressure is greater, and firms employ executives with environmental backgrounds. The analysis of economic consequences shows that the improvement in environmental information disclosure induced by the RSR promotes corporate green innovation and mitigates green agency conflicts. This paper partially fills the gap in the literature on the spillover effects of the RSR on corporate environmental information disclosure. Meanwhile, the findings provide empirical evidence and policy implications for promoting the green transformation of the real economy through deepening the capital market reform.
基于金融风险防范视角的股份回购适用性研究
摘要 · ABSTRACT
文章以股份回购的实施作为准自然实验冲击，通过构建倾向得分匹配双重差分模型，探讨了股份回购经济后果的状态依存现象，为合理、适度运用这一财务工具提供了决策参考。研究发现，在融资融券市场中，股份回购实施完成后，发起回购的公司承受了较大的卖空压力。这一结果在各类因果识别与稳健性检验中均成立。分阶段分析显示，2018年《公司法》修订之后，股份回购引致卖空压力的效应更加明显。异质性分析表明，过度负债、财务困境程度较高以及面临较强融资约束的公司承受的卖空压力更大。文章的研究为我国股份回购的政策制定和企业财务实践提供了有益参考。
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Abstract
The revision of the Company Law in 2018 has spurred the rapid development of share repurchases among A-share listed companies in China. However, existing research, both domestically and internationally, has yet to find evidence that repurchases in China create long-term value for shareholders, instead only demonstrating short-term market reactions. Stimulated by these short-term effects, share repurchases may potentially harm stakeholders by triggering opportunistic behaviors. Therefore, understanding the economic consequences of share repurchases, deciphering their mechanisms, clarifying applicable scenarios, and subsequently employing this financial tool reasonably are of significant theoretical and practical relevance. This paper examines A-share listed companies included in the margin trading and short selling (MTSS) program from 2010 to 2021, using the period from the repurchase announcement date to the completion date as an interval shock. By constructing a PSM-DID model, it tests the causal relationship between share repurchases and short-selling pressure. The results indicate that: (1) After the completion of repurchases, short-selling pressure on target companies significantly increases compared to the pre-announcement period. This suggests that share repurchases do not necessarily convey “good news”, as traders seek to hedge against future price risks, thereby increasing short-selling pressure. (2) A phased analysis reveals that the market’s short-selling behavior in response to share repurchases primarily emerged after the 2018 revision of the Company Law, indicating that the policy relaxation on repurchases did not fully achieve the goal of preserving market value. Instead, the potential risks of repurchasing companies were captured by forward-looking traders. (3) Heterogeneity analysis at the firm level shows that companies with excessive debt, high financial distress, and significant financing constraints bear greater short-selling pressure after repurchases. The potential contributions of this paper are as follows: First, it emphasizes that share repurchases, as a financial instrument, do not inherently possess positive or negative attributes; their outcomes vary under diffe- rent conditions. This provides a theoretical basis for the reasonable and moderate use of this tool. Second, it reveals investors’ reactions to share repurchases, offering supplementary empirical evidence on the impact of short-selling mechanisms on pricing efficiency. Third, it addresses market noise caused by technical operations during the repurchase execution period by constructing an interval shock model. Fourth, it characterizes the potential long-term risks in share repurchases from the perspective of MTSS transactions, identifying possible risk spillover effects. This provides insights for policymakers to implement necessary and appropriate regulatory measures following the relaxation of repurchase policies.
面值退市制度对企业高送转行为的治理效应研究
摘要 · ABSTRACT
文章基于面值退市的视角考察监管制度改革对企业股票送转行为的治理作用。文章研究发现，在面值退市制度颁布实施后，该制度出台前股票送转比例较高的企业送转比例明显减小，实施高送转的概率显著下降。导致上述结果的内在机制在于：第一，企业通过减少高送转行为以避免股票价格的大幅度除权调整，从而降低面值退市风险；第二，在低股价的情形下，风险较高的企业因股价过度波动触发面值退市的可能性更高，因此上市公司有更强烈的意愿抑制送转行为；第三，面值退市制度促使投资者更为理性地看待高送转行为，从而降低了高送转公告的正向超额收益，弱化了企业实施高送转的动机。基于股权特征的进一步研究显示，面值退市制度对高送转行为的抑制作用在大股东与机构投资者持股比例较高的企业、非国有企业与进行定向增发的企业中更为显著。文章的结论为检验面值退市制度的实施效果及其对高送转行为的治理成效提供了经验证据。
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Abstract
High stock dividend plans are widely adopted by listed firms in China and are often met with favorable market reactions. When undertaken to cater to investors’ irrational preferences, high stock dividend plans may not only mislead investors but also adversely affect firms’ long-term performance. Focusing on the disciplining role of regulation, this paper employs a DID design to examine how the par-value delisting rule affects corporate stock dividend decisions. It thereby provides evidence on both the effectiveness of the par-value delisting policy and its governance effect on the “high stock dividend” phenomenon. The results show that firms with higher pre-policy stock dividend ratios become significantly less likely to undertake high stock dividend plans following the introduction of the par-value delisting rule. The study further investigates the mechanisms through which the rule affects corporate stock dividend decisions. First, high stock dividends result in substantial downward ex-rights adjustments in share prices, thereby increasing exposure to par-value delisting risks and directly inducing listed firms to modify their stock dividend strategies. Second, when high stock dividend plans result in low share prices, firms with greater risks may experience more pronounced stock price volatility and are therefore more likely to breach the par-value delisting threshold. These firms consequently have stronger incentives to reduce high stock dividend practices. Finally, the par-value delisting rule weakens investors’ favorable expectations regarding high stock dividends and significantly reduces the positive abnormal returns associated with their announcements, which diminishes firms’ incentives to implement such plans. This paper makes the following contributions: First, it extends the literature on the determinants of high stock dividend practices from the perspective of delisting system reform. Second, whereas prior studies have primarily focused on how financial delisting criteria affect corporate behavior, this paper investigates the par-value delisting rule and thus offers a new perspective on the economic consequences of delisting regulation. Third, it provides useful implications for securities regulators, listed firms, and investors seeking a deeper understanding of the governance effects of the par-value delisting rule.
产业用地弹性出让如何助推企业进入？
摘要 · ABSTRACT
党的二十大报告强调，要把发展实体经济作为战略重点，而土地要素市场化改革是深化供给侧结构性改革的核心环节，能够为实体经济发展提供要素支撑。文章聚焦产业用地弹性出让这一关键的土地要素市场化改革，从企业微观层面切入，基于交易成本理论解析弹性出让政策通过直接出让与间接出让两类实践模式对企业进入行为所产生的影响以及影响机制，并以2008—2022年全国277个地级市面板数据为样本，构建多时点双重差分模型进行实证检验。研究发现，弹性出让政策平均使每百人工商企业注册数量增加0.129家。机制分析表明，弹性合约的灵活设计缓解了企业前期资金约束与长期再谈判成本，从而能够降低企业资产专用性风险和不确定性风险，进而增强企业进入意愿。异质性分析表明，政策效果对小企业、服务业以及高经济水平城市更为显著，而对大型企业和第二产业的作用相对有限。根据研究结论文章建议推行差异化供地策略并完善配套制度，以提升政策精准性与区域协同性。文章的研究拓展了土地要素市场化改革微观作用的研究维度，对于企业优化用地策略和政府完善改革方案都具有重要意义。
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Abstract
Under China’s current land institutional framework, local governments predominantly allo-cate industrial land through long-term transfers at maximum statutory terms, imposing high upfront costs on firms and limiting entry flexibility. To address these constraints, China has progressively explored flexible industrial land transfer models. However, existing studies largely focus on policy design and macro-level outcomes, lacking micro-level empirical evidence on how flexible transfers affect firm entry and its underlying mechanisms. Using panel data from 277 prefecture-level cities from 2008 to 2022 and a staggered DID model, this paper examines the impact of flexible industrial land transfer reform on firm entry from a micro-level perspec-tive. The results show that the reform significantly promotes firm entry, increasing newly registered firms by 0.129 per 100 people on average. Mechanism testing shows that flexible contracts reduce upfront land acquisition costs, investment intensity, and asset specificity risks, and this effect is stronger in cities with higher economic uncertainty, confirming the uncertainty-mitigation channel. Heterogeneity analysis further reveals that the effect of the reform is concentrated among small firms, service industries, and high-income cities, whereas the impact on large firms and secondary industries is relatively limited. The reform also significantly promotes the entry of formal corporate entities while suppressing that of rural professional cooperatives, reflec-ting a “land institution substitution” effect. This paper makes the following marginal contributions: First, moving beyond the intuitive logic in exis-ting literature that flexible transfers merely lower land costs, it constructs a dual-dimensional micro-analytical framework of “asset specificity—uncertainty” and explains from the perspective of contract structure how the flexible land transfer reform affects firm entry, as well as its underlying mechanisms. Second, it incorporates the contract structure of land, a foundational element in the real economy, into the analytical framework of entrepreneurial decision-making, offering direct implications for designing inclusive and adaptable “entrepreneurship-friendly” land policies in various regions. Third, it provides robust causal evidence on the effect of the reform, overcoming the limitations of prior case-based studies and offering more direct and precise empirical support for the effectiveness of flexible transfer policies.
同乡网络如何促进资本跨地区流动？
摘要 · ABSTRACT
文章基于全国人口抽样调查数据与企业工商注册登记数据，构建区县之间人口流动与资本流动的双重网络，考察同乡网络对资本跨地区流动的影响。实证结果表明，同乡网络能够显著促进跨地区投资，具体表现为异地新设企业数量和出资金额的增加。进一步分析发现，户籍制度改革强化了同乡网络对跨地区投资的促进作用。机制分析表明，同乡网络通过弥补市场信息供给不足和目的地市场主体对来源地信任不足，从而促进跨地区投资。异质性分析发现，从事高技能或管理型职业、受教育程度较高、迁移经历较长以及具有社会型迁移特征的同乡群体在促进跨地区投资中发挥了更大作用；同乡网络在市场摩擦较大行业以及由较发达地区流向欠发达地区的异地投资中发挥了更强的促进作用。事后绩效分析表明，同乡网络有助于提高跨地区投资企业的资产回报率，并降低破产风险。文章结论为理解中国特色乡土籍贯观念在经济社会运行中的作用提供了经验证据，也为构建全国统一大市场背景下促进劳动与资本要素联动、提高要素配置效率提供了启示。
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Abstract
Although market-oriented reforms have reduced institutional barriers to factor mobility, regional market segmentation continues to constrain the efficient allocation of capital across regions. Population mobility provides an important perspective for understanding capital allocation. Existing studies mainly emphasize how population mobility affects capital flows through changes in labor supply and local market conditions. However, it also facilitates the formation of geographically-based social ties that connect regions. Hometown networks provide channels for information exchange, trust building, and resource sharing, potentially reducing information constraints and intergroup trust deficits faced by investors entering unfamiliar markets. Using the 2010 National 1% Population Sample Survey and business registration records, this paper constructs county-pair measures of hometown networks and firms’ cross-regional investment to examine how hometown networks affect capital allocation across regions. The results show that hometown networks significantly increase cross-regional investment. Exploiting the household registration reform as a shock that relaxed migration constraints, this paper finds that the investment-promoting effect of hometown networks becomes stronger after migration barriers are reduced. Mechanism testing indicates that hometown networks facilitate investment by improving access to destination-market information and strengthening intergroup trust. Consistent with these mechanisms, the effects are stronger in industries with greater market frictions, among migrants with higher human capital, longer migration experience, and social-migration motives, and in investment flows from more developed to less developed regions. This paper makes the following contributions: First, it extends research on factor-market integration by identifying a social-network channel through which population migration affects capital allocation. Second, it extends the literature on hometown networks from migration and trade linkages to capital allocation, enriching research on how social networks shape regional economic connections. Third, it uncovers how hometown networks alleviate information frictions and intergroup trust deficits in cross-regional investment, deepening our understanding of how informal institutions facilitate capital flows across regions.
中国基础设施援助的女性赋权效应
摘要 · ABSTRACT
文章以联合国2030年可持续发展目标中“性别平等和增强妇女权能”为背景，考察了中国援助对撒哈拉以南非洲女性赋权的影响。文章利用AidData中国基础设施援助地理信息，将其与26个受援国的37万余名女性样本进行空间匹配，基于此构建微观层面识别框架，比较已受援地区、即将受援地区与未受援地区女性的赋权差异。研究发现，与其居住地附近存在即将落地的援助项目的女性相比，居住地附近50千米范围内已有中国援助项目的女性，其综合赋权指数会提高0.0256个标准差。机制分析表明，中国援助通过改善女性劳动力市场表现、缓解其时间贫困以及拓宽其信息获取渠道来推动女性赋权提升。进一步分析结果显示，上述赋权效应在不同基础设施类型、援助密度以及个体特征下存在显著异质性。文章从女性赋权视角丰富了中国援助的社会效应研究，并为评估南南合作在促进包容性发展和性别平等方面的作用提供了新的经验证据。
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Abstract
Achieving gender equality and empowering all women and girls are a core target of the 2030 Sustainable Development Goals (SDG 5). Over the past two decades, China has rapidly expanded its development cooperation with the Global South and become a major bilateral partner for Sub-Saharan Africa (SSA), with infrastructure construction as the defining feature of its aid. While existing studies have identified the effects of China’s aid on economic growth, poverty reduction, and conflict mitigation, systematic evidence on whether and how it affects women’s empowerment in recipient countries remains scarce. This paper matches the geo-referenced data of 336 completed infrastructure projects implemented between 2001 and 2023, from the latest AidData’s Geospatial Global Chinese Development Finance Dataset (Version 3.0), with micro-level Demographic and Health Survey (DHS) samples of over 370,000 women aged 15–49 across 26 SSA countries. Employing a DID-style design that uses “about-to-be-treated” clusters as the counterfactual, it identifies the effect from the timing of project completion relative to survey dates. The results show that after completion, women within 50 km experience a 0.0256 standard-deviation increase in a composite empowerment index. This effect persists over a relatively long horizon, decays with distance, and approaches zero beyond 100 km. Mechanism testing reveals that aid shifts women toward year-round, non-agricultural, high-skill, and self-employed work, thereby raising their income and bargaining power; it improves access to electricity and clean cooking fuel, alleviating time poverty; and it broadens information access, moving gender norms toward greater equality. Heterogeneity analysis indicates that economic and productive infrastructure exerts a stronger effect than social infrastructure. This effect increases with aid density, and less-educated, rural, and poorer women benefit the most, pointing to an inclusive dividend. This paper makes the following contributions: First, it extends research on the social effects of China’s aid from the perspective of women’s empowerment, offering new micro-level evidence for the study of South-South cooperation. Second, it draws on the most recent geocoded aid data and the latest DHS rounds, and upgrades exposure measurement from a point-to-point to a “face-to-face” spatial-intersection approach. Third, its micro-identification framework, which combines the latest geocoding, face-to-face exposure measurement, and the comparison between already-treated and about-to-be-treated areas, can be transferred to studies of other social effects of China’s aid and of other donors.
政府赋能企业“出海”：国家海外知识产权纠纷应对指导中心与企业对外直接投资
摘要 · ABSTRACT
母国支持如何驱动企业对外直接投资，是国际商务领域的重要命题；然而，现有研究对母国跨国知识产权制度适配支持这一关键路径关注不足。文章将我国自2020年起分批设立国家海外知识产权纠纷应对指导中心作为准自然实验，采用双重差分法系统考察母国知识产权“靶向性”支持对企业对外直接投资水平的影响及其内在机制。研究发现，国家海外知识产权纠纷应对指导中心的设立显著提升了所在地企业对外直接投资水平。机制分析表明，国家海外知识产权纠纷应对指导中心一方面推动企业通过主动性制度适配实现海外专利布局，另一方面增强企业应对性制度运用能力以提高其海外知识产权诉讼胜率，进而提升企业对外直接投资水平。进一步研究发现，国家海外知识产权纠纷应对指导中心对高技术密度企业、开展逆向投资的企业以及向制度距离较远国家投资的企业具有更强的推动效应，并且推动企业拓展了对外直接投资的广延边际。文章从知识产权纠纷视角阐释了政府支持对企业对外直接投资的重要作用，深化了对政府“靶向性”支持的内在逻辑及政策功能的认知，为推动企业国际化发展和高水平对外开放提供了经验证据与政策启示。
关键词 · KEYWORDS
Abstract
Outward foreign direct investment (OFDI) is a core strategic path for firms to integrate global value chain resources and expand international market boundaries, and a critical channel for emerging economies to achieve industrial upgrading and technological catch-up. However, as Chinese firms accelerate their global expansion, overseas intellectual property (IP) disputes have remained persistently frequent, evolving into a major constraint on OFDI. The essence of these disputes is the institutional friction arising from cross-border IP institutional differences: When entering unfamiliar institutional environments, firms encounter conflicts because they struggle to adapt to host-country IP institutions, which ultimately impedes OFDI. How home-country governments can support firms to adapt to overseas IP institutions and facilitate their global expansion has thus become a pressing theoretical and practical issue. Taking the establishment of the National Guidance Center for Overseas Intellectual Property Dispute Resolution as a quasi-natural experiment, this paper uses data of Shanghai and Shenzhen A-share listed companies from 2018 to 2023 to systematically investigate the impact of “targeted” IP support by governments on firms’ OFDI. The results show that the establishment of the Center significantly increases the OFDI level of local firms. Mechanism testing reveals that the Center promote firms’ proactive institutional adaptation by facilitating overseas patent deployment, while simultaneously strengthening the firms’ responsive institutional utilization by improving their win rates in overseas IP litigation. Heterogeneity analysis further indicates that the policy effects are more pronounced for technology-intensive firms, for reverse investment targeting developed countries, and for investment directed toward host countries with greater institutional distance. Moreover, the Center significantly expands the extensive margin of OFDI by facilitating first-time investment and the diversification of investment destinations. This paper makes the following marginal contributions: First, unlike prior studies focusing on generic home-country support including fiscal subsidies, tax incentives, and bilateral investment treaties, it identifies targeted IP support as a new policy tool and clarifies the dual-path of cross-border IP institutional adaptation, advancing theories on government-backed corporate internationalization. Second, shifting from a focus on host-country IP protection, it adopts an institutional friction lens centered on firms’ micro adaptation behaviors, filling a critical research gap. Third, it pins down policy boundary conditions covering technological intensity, destination types, institutional distance, and investment margin, supplying micro evidence for differentiated regional overseas IP public service optimization.
数据要素如何影响消费韧性？
摘要 · ABSTRACT
在外部不确定性上升和扩大内需战略深化推进的双重背景下，数据要素正深刻改变消费模式与运行机制，为增强消费韧性发挥了重要作用。文章基于2009—2023年全国252个城市面板数据，实证探究了数据要素对消费韧性的影响及作用机制，并分析不同政策环境下数据要素的边际影响效应。文章利用城市面对外部不确定时消费的波动程度测度消费韧性，并结合数据要素供给基础与利用能力，采用省级数据要素发展水平与市级数据要素利用指数的交互项测度城市数据要素发展水平，并以此表示城市数据要素发展状况。实证结果表明，数据要素能够显著增强消费韧性，该结论在经过一系列稳健性检验后仍然成立。机制分析表明，数据要素通过两条路径增强消费韧性：一是通过提升收入水平增强居民消费倾向，进而增强消费韧性；二是通过优化消费结构增强消费韧性。进一步分析表明，不同政策下数据要素的作用效果存在差异：“宽带中国”政策显著削弱数据要素的边际影响，公共数据开放政策提升数据要素的边际影响，而数据交易平台政策并未改变数据要素的边际影响。异质性分析表明数据要素对消费韧性的作用在非省会城市、外贸依存度较低、数据应用吸收能力强的城市更明显。文章的结论对数据要素供给体系建设、政策协同转化以及城市差异化治理等方面提供了政策参考。
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Abstract
As the digital economy advances, data factors are becoming more deeply embedded in household consumption through digital platforms, mobile payments, and related applications, making the extent to which their value can be translated into stronger consumption resilience a key issue in current efforts to promote consumption and expand domestic demand. A systematic examination of the effects and mechanisms of data factors on consumption resilience not only deepens the theoretical understanding of the relationship between data factors and household consumption, but also provides empirical evidence for strengthening consumption resilience and reinforcing domestic economic circulation. Using panel data from 252 Chinese cities from 2009 to 2023, this paper examines the impact of data factors on consumption resilience. The results show that data factors significantly enhance consumption resilience. Mechanism testing identifies two principal channels: One is to raise residents’ income levels and average propensity to consume; the other is to promote the upgrading of the consumption structure. The effect varies across policy environments, as the Broadband China policy weakens the marginal effect of data factors, public data openness strengthens it, and data trading platform policies generate no significant moderating effect. The contributions of this paper are as follows: First, it measures consumption resilience by the fluctuation of consumption relative to external uncertainty, providing a more comprehensive representation of its theoretical meaning. Second, it combines provincial data-factor development with municipal utilization capacity, capturing both the supply foundation of data factors and the process through which they are absorbed and transformed into economic value. Third, it clarifies the mechanisms through which data factors enhance consumption resilience from the perspectives of income and consumption structure. Fourth, it examines policy environments related to digital infrastructure, public data sharing, and data-factor marketization, further revealing the institutional conditions under which data factors exert their effects.
供应链信息隐藏如何影响企业创新：基于专有化成本的解释
摘要 · ABSTRACT
作为资本市场健康发展的基石，高质量信息披露的重要性已成共识，然而近些年来我国上市公司供应链信息透明度呈现下降态势，这一现象的原因和经济影响值得关注。文章基于专有化成本理论，探究上市公司隐藏供应链交易方的名称信息如何影响企业创新。研究发现，供应链信息隐藏对于企业实质性创新具有显著正向影响，而对于策略性创新无显著影响。机制分析发现，这种供应链信息的隐藏会通过加强技术信息保护、提高市场议价能力和降低声誉风险而促进企业实质性创新。异质性分析发现，供应链信息隐藏对企业实质性创新的促进效应在债务融资成本较低、外部监督水平较高、技术背景高管比例较高，以及交易金额占比较低、研发信息披露程度较低、知识产权司法保护较弱的样本中更为显著。进一步分析发现，供应商信息隐藏对于关键核心技术创新的促进作用更显著，客户信息隐藏对非关键核心技术创新的促进作用更显著。文章的研究揭示了供应链信息隐藏的创新经济效果，也为监管部门实施差异化的供应链信息披露准则提供了启示。
关键词 · KEYWORDS
Abstract
As a cornerstone for the healthy development of the capital market, the significance of high-quality information disclosure has become a consensus. However, in recent years, the transparency of supply chain information of listed companies in China has shown a downward trend, and the economic impact resul-ting from this phenomenon deserves attention. Under the policy context of strengthening the quality of infor-mation disclosure and supporting the protection of business secrets simultaneously, this study explores the impact of supply chain information concealment on corporate innovation based on the theory of proprietary costs. The results show that supply chain information concealment has a significant positive impact on the substantive innovation, but has no significant impact on strategic innovation. The mechanism analysis reveals that supply chain information concealment promotes substantive innovation by strengthening the protection of technical information, enhancing market bargaining power, and reducing negative reputation risks. The heterogeneity analysis finds that the promoting effect of supply chain information concealment on the substantive innovation is more significant in samples with lower debt financing costs, stronger external supervision, a higher proportion of executives with technical backgrounds, smaller transaction shares, lower R&D information disclosure levels, and weaker intellectual property judicial protection. Further analysis reveals that the promoting effect of supplier information concealment on key core technological innovation is more obvious, while customer information concealment has a more significant impact on non-core technological innovation. The contributions are as follows: First, it shows that supply chain information concealment is beneficial to substantive innovation, providing a new perspective for understanding the economic consequences of supply chain information concealment. Second, it reveals that supply chain information disclosure can also signifi-cantly affect corporate innovation, in addition to financial information and R&D information, supplementing the research content of information disclosure and corporate innovation. Third, it suggests that listed compa-nies need to make a trade-off between the benefits and the proprietary costs of information disclosure, provi-ding theoretical explanations and empirical evidence for government to implement differentiated regulatory standards of supply chain information disclosure.