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20 July 2026, Volume 01 Issue 04 Previous Issue   

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From“Historical Retrospect” to “ Categorical ReconstructionWang Yanan's Implications for the Construction of China'sIndependent Knowledge System in Economics YANG Hutao, TANG Yu 2026, 01 (04):  1.  Abstract ( 48 )   PDF (615KB) ( 28 )   Abstract: The construction of China’s independent knowledge system of economics is both a mission of the times and an academic challenge. This paper takes Wang Yanan’s economic research as its subject, and systematically reviews his academic approach to applying Marxist political economy to China’s economic reality, focusing on how to grasp reality systematically, how to extract indigenous categories from reality, and how to support these two processes with methodological self-awareness. Taking the “specificity of categories” as his starting point, Wang Yanan revealed the structural characteristics of the semi-colonial and semi-feudal economy through the negative identification of Chinese forms of commodities, capital, rent, wages, and so on. He achieved a fundamental shift from mechanically applying existing theories to extracting original categories and discovering inherent laws. The combined use of the comparative, comprehensive, and developmental methods he advocated is inherently consistent with the retroductive analysis of critical realism at a deep methodological level. Furthermore, his emphasis on and integrated application of the “trinity” of political economy, economic historiography, and China’s economic history established a research paradigm of “theory-history-reality”, which transcends the opposition between “historical detail studies” and “persistence studies” in contemporary economics and historical studies. Wang Yanan’s methodological legacy still provides important insights for the contemporary construction of China’s independent knowledge system of economics. Related Articles | Metrics

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Wang Yanan’s Economic Thought and the Construction of the Autonomous Knowledge System of Chinese Economics: In Commemoration of the 125th Anniversary of Wang Yanan’s Birth GE Yang, WEI Weijia 2026, 01 (04):  14.  Abstract ( 34 )   PDF (617KB) ( 24 )   Constructing the autonomous knowledge system of Chinese economics is a contemporary imperative for guiding Chinese modernization. Wang Yanan was the first to systematically advocate and dedicate himself to the construction of “Chinese economics.” He established an autonomous academic stance of conducting research “in the capacity of a Chinese person,” expanding political economy to a generalized scope; by dissecting the productive forces and the relations of production and reconstructing localized economic categories, he applied the theoretical paradigm of Marxist economics to analyze the economic formation of old China. His academic explorations laid a solid foundation for the contemporary construction of the autonomous knowledge system of Chinese economics. In the new era, it is essential to carry forward his academic spirit, ground research in the core practice of Chinese modernization, and adhere to Xi Jinping Economic Thought as the fundamental guideline, thereby propelling Chinese economics from academic autonomy to academic confidence. Related Articles | Metrics

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The Resource Allocation Effects of VAT Rate Consolidation and Its Spillovers Across Production Networks DENG Ming, CUI Jinzhan, CHENG Yuan 2026, 01 (04):  27.  Abstract ( 42 )   PDF (1045KB) ( 22 )   This paper studies the impact of value-added tax (VAT) rate consolidation on corporate resource allocation efficiency using data from Chinese A-share listed firms on the Shanghai and Shenzhen stock exchanges between 2014 and 2020. Leveraging the 2017 VAT rate simplification reform, which consolidated multiple tax brackets into a streamlined structure, as a quasi-natural experiment, we employ a difference-in-differences (DID) design to identify causal effects. Empirical results demonstrate that VAT rate simplification leads to a statistically significant reduction in resource misallocation distortions, a finding robust to a battery of sensitivity checks, including placebo tests and alternative model specifications. Heterogeneity analyses reveal that the efficiency-enhancing effects are concentrated in non-state-owned enterprises (non-SOEs), with no significant impact on state-owned enterprises (SOEs). Furthermore, the distortion-mitigating effects are more pronounced among firms in upstream industries of the value chain and those with larger operational scales. Mechanism tests indicate that VAT rate consolidation improves resource allocation efficiency through lowering the effective VAT rate and fostering productive specialization. Extension of the analysis highlights asymmetric spillover effects across value chains: upstream VAT reforms significantly reduce resource misallocation in downstream industries, whereas downstream reforms exhibit no comparable influence on upstream sectors. This finding underscores the pivotal role of upstream tax policy design in optimizing inter-industry resource allocation. Related Articles | Metrics

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Income Effects of Peer Ability in Competitive Environment: Theoretical and Empirical Analysis Based on Incentive and Pressure Mechanisms GUO Fengming, WEN Xiaobin 2026, 01 (04):  43.  Abstract ( 46 )   PDF (561KB) ( 24 )   This paper constructs a theoretical model of workers’ effort selection under peer incentive and pressure mechanisms, and discusses the influence of peer ability on workers’ effort and income in a competitive environment, while a panel data model is established to simultaneously address the endogeneity and reflection problems of peer characteristic variables for empirical testing. The theoretical analysis indicates that an increase in peer ability can impact workers’ income through incentives and pressures. Incentives bring positive effects by increasing the output of effort, while the pressure effect will increase the effort of workers, which in turn will lead to an increase in income. However, excessive pressure will have a frustration effect, which will make individuals reduce their efforts and income. The empirical results show that in the low-skilled flexible employment group, an increase in peer ability mainly leads to the improvement of workers’ efforts through the pressure effect, which in turn leads to the improvement of income; low-skilled flexible employment groups with younger age, lower ability and fewer peers are more sensitive to peer pressure; there is a frustration effect in low-skilled traditional employment groups with low job satisfaction. Therefore, governments and enterprises should pay attention to the role of incentive and pressure effects among workers to avoid frustration effects. Moderate incentives and pressures help to improve the quality of employment of workers. Related Articles | Metrics

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Judicial Efficiency, Patent Disputes, and Corporate Innovation: Evidence from the Reform of Differentiated Case Management XUE Qihang, LIU Hongyang, ZHANG Xianfeng, WEI Jian 2026, 01 (04):  58.  Abstract ( 39 )   PDF (941KB) ( 25 )   This study uses the reform of the simplified and complex civil litigation procedures as a quasi-natural experiment and constructs a difference-in-differences model to examine the impact of improved judicial efficiency on corporate innovation behavior. The results show that the simplified and complex procedures significantly increased the number of invention patent applications from enterprises and demonstrated a positive effect on facilitating the commercialization of collaborative and value-based patents, but their impact on the commercialization of self-developed patents was not significant. Mechanism analysis indicates that the simplified and complex procedures significantly optimized the “litigation - non-litigation separation” system in judicial procedures, improving the efficiency and quality of the adjudication of patent-related disputes, thereby promoting corporate innovation output and the commercialization of results. Further analysis reveals that the simplified and complex procedures had a more significant incentive effect on patent applications and commercialization for non-state-owned enterprises and enterprises with higher technological complexity. Related Articles | Metrics

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Momentum Spillover Effects among Related Stocks in China’s A-Share Market: Evidence from the BGE Semantic Embedding Model CHEN Meilan, WANG Xin, ZHANG Qiuyan, ZHENG Haiyang 2026, 01 (04):  73.  Abstract ( 45 )   PDF (600KB) ( 31 )   This paper constructs a stock momentum spillover factor using the BGE semantic embedding model. Analyst reports are transformed into high-dimensional vectors, and stock-level semantic similarity is measured through mixed pooling to build a stock association matrix. The momentum spillover factor is then obtained by weighting these associations with past one-week returns. Empirical results show that the factor effectively captures momentum spillovers among related firms and significantly predicts target firms’ returns in the following week, with the corresponding long-short portfolio generating significant annualized excess returns. Further analysis shows that the BGE-based factor outperforms the co-coverage factor, and that spillover effects are stronger when stock associations are derived from reports issued by non-star analysts. The findings suggest that large language models have strong potential in financial text analysis and asset pricing. Related Articles | Metrics

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The Leadership Effect on Corporate Environmental Investment Behavior in a Dynamic Public Bad Experiment WU Zhiwei, YIN Ming, MIAO Miao 2026, 01 (04):  88.  Abstract ( 37 )   PDF (710KB) ( 21 )   We conduct a laboratory experiment with a dynamic public bad game to investigate the leadership effect on corporate environmental investment behaviors. The main treatment variable is the type of leadership, categorized into no leader, unconstrained leader, constrained leader and recommended leader. For each leadership mechanism, we characterize the Markov perfect equilibrium and compare it with the social optimum outcome. The results indicate that the leadership does not always have a positive impact on stimulating environmental investments. Specifically, compared to the no-leader mechanism, both constrained leaders and recommended leaders significantly enhance the level of environmental investment in a group, whereas the presence of an unconstrained leader tends to diminish it. Therefore, implementing binding constraints or providing clear recommendations for leaders can both effectively promote corporate environmental investments and contribute to ecological protection. Related Articles | Metrics

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Can the Technology Convergence of Digital and Real Economy Industries Enhance Corporate Innovation Persistence? ZHANG Rao, ZHANG Xinhui 2026, 01 (04):  103.  Abstract ( 43 )   PDF (625KB) ( 28 )   Innovation persistence is a key driver for enterprises to maintain competitive advantages, adapt to market changes, and achieve long-term sustainable development. This paper employs a sample of Chinese A-share listed companies covering the years 2008 to 2023 to empirically analyze the actual effects and transmission pathways of technology convergence of digital and real economy industries on corporate innovation persistence. The results show that: (1) Technology convergence of digital and real economy industries significantly promotes the level of corporate innovation persistence. (2) Mechanism tests indicate that such convergence promotes corporate innovation persistence through three paths: broadening knowledge breadth, enhancing risk-taking level, and improving collaborative innovation efficiency. (3) Further analysis shows that the positive effect is more pronounced in industries with higher competition, companies with lower levels of managerial myopia, and high-growth enterprises. This study makes up for the deficiencies in research on corporate innovation persistence from the perspective of technology convergence of digital and real economy industries, provides new empirical evidence and practical implications for cultivating enterprises’ sustainable innovation capabilities, and also offers a scientific basis for government departments to improve innovation policies and promote the in-depth integration of digital and real industries at the technical level, thereby enhancing the overall efficiency of the national innovation system in the era of digital economy. Related Articles | Metrics

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Can the Use of Data Elements Curb the Shift from Real to Fictitious Economy: Evidence from Manufacturing Firms XIAO Xia, HUANG Liangxiong, XU Chengming. 2026, 01 (04):  119.  Abstract ( 39 )   PDF (600KB) ( 20 )   In the digital economy era, the use of data elements has become a key driving force for firms to reduce excessive financialization, strengthen core competitiveness, promote digital transformation, and achieve high-quality development. Using a sample of A-share listed non-financial firms from 2011 to 2024, this paper employs Python-based textual analysis to construct an indicator of firm-level data element utilization and systematically examines the impact of data element use on corporate financialization. The results show that the effective use of data elements significantly restrains firms’ tendency toward “shifting from the real economy to the virtual economy”. The underlying mechanism lies in the role of data elements as a new factor of production, which enhances factor productivity, facilitates technological breakthroughs, and alleviates operational risks and financing constraints. Further heterogeneity analysis reveals substantial differences across managerial backgrounds, firm characteristics, and geographic locations. Compared with large-scale and state-owned enterprises, the inhibitory effect of data element use on corporate financialization is more pronounced among non-state-owned firms and smaller firms. This effect is also evident in firms whose management teams possess digital backgrounds and in firms holding shares in financial institutions. From a geographic perspective, the restraining effect of data element use on corporate financialization is significantly stronger in eastern China than in central and western regions. This study provides important theoretical and practical implications for guiding manufacturing firms back toward the real economy and promoting high-quality economic development. Related Articles | Metrics

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The Promotional Effects of Digital Village Construction on the Upward Mobility of Low-income Groups CHEN Zongsheng, YANG Xile 2026, 01 (04):  134.  Abstract ( 38 )   PDF (742KB) ( 26 )   This paper focuses on rural low-income groups, analyzes the impact and the mechanisms of digital village construction on the income mobility of low-income groups, and verifies it using data from the China Family Panel Studies (CFPS) matched with the Peking University Digital Rural Index at the county level. The results show that digital village construction significantly increases the probability of upward mobility for rural low-income groups. Improving the digital skills of rural low-income groups, expanding economic activity opportunities, and enhancing agricultural production efficiency are the main mechanisms through which digital rural construction enhances the income mobility of rural low-income groups. However, this impact exhibits significant regional imbalance, with a greater effect on improving the income class of rural low-income groups in the eastern region than in the central and western regions. In non-broadband pilot cities where digital infrastructure is relatively underdeveloped, digital rural construction can better promote the upward mobility of low-income groups. For low-income groups themselves, digital rural construction has a greater impact on the income mobility of families with higher education levels and higher digital skill levels. This study provides empirical evidence of the impact of digital rural construction on residents’ income distribution pattern, offering a reference for further expanding the middle-income group and improving the residents’ income distribution patterns. Related Articles | Metrics

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Does Industrial Robot Adoption Widen Income Inequality: Evidence from a Meta-Analysis with Publication-Bias Correction ZHU Jialiang, CHEN Feng 2026, 01 (04):  149.  Abstract ( 42 )   PDF (2409KB) ( 20 )   The widespread application of industrial robots has profoundly reshaped economic development and labor market structures, making it essential to clarify their true impact on income distribution to promote technological transformation and inclusive growth. Drawing on 453 estimates from 32 studies, this paper conducts a meta-regression analysis to systematically examine the effects of industrial robot adoption on income inequality and to identify publication bias and heterogeneity in the existing literature. The results show that industrial robots generally widen income disparities, particularly across urban-rural areas, income groups, and genders, while exhibiting a narrowing effect on inter-industry income gaps. Moreover, significant publication bias is detected, with high-quality journals more inclined to publish studies reporting statistically significant findings. Heterogeneity analysis further indicates that the type of income inequality examined, measurement approaches, robot exposure indicators, and sample sizes all exert substantial influence on reported estimates. By applying advanced meta-regression techniques from economics to the study of industrial robots and income inequality, this paper highlights the sensitivity of research conclusions to measurement choices and sample characteristics, offering valuable methodological guidance for future research. Related Articles | Metrics

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County-to-District Reforms, Policy Attention Allocation and the Income Gap between Urban and Rural Residents WEI Suhao, SUN Ming 2026, 01 (04):  165.  Abstract ( 52 )   PDF (1319KB) ( 22 )   Based on county-level panel data from 2003 to 2020, this paper examines the impact of the county-to-district reforms on the income gap between urban and rural residents and its mechanism of action. The research finds that the county-to-district reforms significantly widen the income gap between urban and rural residents, indicating that the reforms have produced an income distribution effect. Moreover, the widening effect is more pronounced in cities with lower administrative levels, or those that were county-level cities prior to the reform, and it is more fully manifested when the assessment of work related to agriculture, rural areas, and farmers is weaker. The mechanism analysis reveals that the county-to-district reforms disrupt the previously balanced allocation of policy attention between urban and rural areas within the original county, strengthen the urban-biased policy support, and thereby induce the widening of the income gap between urban and rural residents. Therefore, policymakers should be vigilant about the adverse impact of the county-to-district reforms on the income gap between urban and rural residents and mitigate their income distribution effect. Related Articles | Metrics

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Cybersecurity Supervision and Enterprise Innovation: Quasi-natural Experimental Evidence from the Implementation of the Cybersecurity Law MA Congwen, ZHAN Yong 2026, 01 (04):  181.  Abstract ( 42 )   PDF (625KB) ( 27 )   The Cybersecurity Law focuses on cybersecurity governance and risk prevention and control, and creates a safe and stable cyber environment for enterprises to carry out innovation activities. This paper regards the implementation of the Cybersecurity Law as a quasi-natural experiment, and selects the data of Shanghai and Shenzhen A-share listed companies to explore the impact of the implementation of the Cybersecurity Law on enterprise innovation. The study finds that the implementation of the Cybersecurity Law promotes enterprise innovation. The analysis of the mechanism of action shows that the Cybersecurity Law affects enterprise innovation by improving enterprise risk-taking and optimizing human capital structure. Further research finds that the promoting effect of the Cybersecurity Law on enterprise innovation is more obvious in areas with strong legislative ability, areas with a high degree Confucian cultural influence, private enterprises and enterprises with more senior executives with information technology backgrounds. The conclusion of this study provides policy references for China to improve network security supervision and achieve self-reliance in science and technology. Related Articles | Metrics