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25 August 2025, Volume 0 Issue 4 Previous Issue   

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Opening Up to the Outside World, Financial Stability and High-quality Economic Development LIU Yu, HE Jian, ZHU Lin 2025, (4):  5-14.  doi: 10.16716/j.cnki.65-1030/f.2025.04.001 Abstract ( )   HTML ( )   PDF (3134KB) ( )   Save Opening-up and economic security are important relationships that must be well balanced in the new era. This paper uses the SV-TVP-SVAR model to dynamically identify the time-varying and temporal impacts among opening up to the outside world, financial stability, and high-quality economic development, and details the economic and financial effects of different opening modes. The research shows that different forms of openness have heterogeneous impacts on high-quality economic development and financial stability. Trade openness can significantly promote high-quality economic development in the short and medium term, while investment openness has a positive and negative alternating effect on high-quality economic development in the short term, and a certain positive effect in the medium term. The long-term effect mechanisms of both openness modes are unclear. There are significant differences in the impact of trade openness and investment openness on financial stability, and the role of financial stability in the transmission channels of opening up to the outside world has not been effectively played. Therefore, efforts should be made to improve the level and quality of opening up to the outside world, coordinate high-quality development and high-level security to help China’s economy and finance to achieve stability and long-term development. Figures and Tables | References | Related Articles | Metrics

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Evolutionary Characteristics and Driving Mechanism of the Global Trade Network of New Energy Vehicles LIU Zhuo, LAI Minting, ZHOU Limei 2025, (4):  15-25.  doi: 10.16716/j.cnki.65-1030/f.2025.04.002 Abstract ( )   HTML ( )   PDF (1113KB) ( )   Save This paper uses the trade data of new energy vehicles from 2017 to 2022 in the United Nations Trade Statistics Database to explore the evolutionary characteristics and driving mechanisms of the global trade network of new energy vehicles. The research finds that the scope of the global trade network of new energy vehicles is increasingly complex, with trade connections becoming closer and more efficient. Cooperation within regions has significantly increased and shows a diversified development trend. However, there are still asymmetrical trade relations, and non-closed-loop motifs account for a large proportion. In recent years, China’s position and influence in the global trade network of new energy vehicles have significantly improved, with its trade participation mode mainly being exports. Endogenous mechanisms such as the reciprocal effect, agglomeration effect, transmission effect, and time structure effect, as well as exogenous mechanisms such as economic development level and business freedom, complement each other and jointly promote the evolution of the trade network of new energy vehicles. Based on this, in the future, China’s new energy vehicles should continuously strengthen the importance of nodes, optimize the security of the trade network, and enhance the connectivity of the trade network, this will promote the high-quality development of China’s new energy vehicle trade. Figures and Tables | References | Related Articles | Metrics

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Under the Halo: Can Tax Credit Ratings Boost Digital Transformation? NIU Biao 2025, (4):  26-36.  doi: 10.16716/j.cnki.65-1030/f.2025.04.003 Abstract ( )   HTML ( )   PDF (828KB) ( )   Save Comprehensively promoting the digital transformation of enterprises is not just an important prerequisite for achieving high-quality development of enterprises, it is a key driver of building a digital China. This paper takes A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2015 to 2021 as the research object, empirically analyzes the impact and mechanism of the tax credit rating system on the digital transformation of enterprises, and examines the moderating role of the external environment in which enterprises are located. The research results show that the tax credit rating system can significantly promote the digital transformation of enterprises. The mechanism analysis indicates that the tax credit rating system can promote the digital transformation of enterprises through incentive mechanisms and governance mechanisms. The incentive mechanism includes alleviating the financing constraints of enterprises and improving the reputation of enterprises, while the governance mechanism includes enhancing the internal control level and information transparency of enterprises. The heterogeneity analysis reveals that when the external environment uncertainty is low, the social trust level is high, the economic development level is high, and the technological market environment is good, the promoting effect of the tax credit rating system on the digital transformation of enterprises is more significant. In the future, government departments should continuously innovate the management model for micro enterprises and encourage the digital transformation of enterprises through a robust and effective policy package. Enterprises should pay taxes in good faith, regard tax credit as the credit asset of the enterprise, and give full play to its driving role in digital transformation. Figures and Tables | References | Related Articles | Metrics

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Commercial Banks' Revenue Diversification、Digital Transformation and Operational Stability PAN Chao, ZHANG Bo 2025, (4):  37-46.  doi: 10.16716/j.cnki.65-1030/f.2025.04.004 Abstract ( )   HTML ( )   PDF (796KB) ( )   Save This paper based on panel data from 38 commercial banks from 2013 to 2022, empirically analyzes the impact of digital transformation of Chinese commercial banks on bank stability, and further clarifies the relationship between digital transformation and stability of commercial banks under the impact of revenue diversification. The research has found that digital transformation of commercial banks is beneficial for improving banking operational stability, the mechanism test shows that this promoting effect is achieved primarily by lowering management costs, enhancing banks' competitiveness and improving operational efficiency. The heterogeneity analysis reveals that this promoting effect is even more pronounced among city commercial banks, banks in the central and western regions, and those with lower staffing redundancy. In addition, revenue diversification can weaken the positive impact of digital transformation on banking operational stability. In the future, we should actively promote the digital transformation of the banking industry, increase investment in digital resources, explore differentiated transformation paths, and pay attention to the differentiated impact of diversified revenue transformation, providing a solid foundation for financial stability and high-quality economic development. Figures and Tables | References | Related Articles | Metrics

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Impact of Strengthening the Rule of Law on Enterprises' Green Innovation — Evidence from the Experience of Establishing Environmental Courts in China ZHOU Zhuofan, TANG Liang, ZHAO Hengkai, LIU Xuyang 2025, (4):  47-58.  doi: 10.16716/j.cnki.65-1030/f.2025.04.005 Abstract ( )   HTML ( )   PDF (843KB) ( )   Save The paper is based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2004 to 2022, and uses a progressive difference in differences model to examine the impact and mechanism of environmental courts on corporate green innovation. The research findings indicate that the establishment of environmental courts can significantly improve the level of green innovation in enterprises; Environmental courts can promote corporate green innovation through a dual approach of increasing external financing constraints and increasing media attention; When listed companies are located in areas with a high level of rule of law and are technology intensive, highly digitized, and non-state-owned enterprises, the driving role of environmental courts in promoting green innovation in enterprises is more prominent; The environmental background of executives, as an internal contextual factor of the enterprise, strengthens the promoting effect of environmental courts on green innovation in the enterprise. The establishment of environmental courts has significant spillover effects on green innovation of enterprises in adjacent cities. In the future, relevant departments should deepen the specialized reform of environmental justice to empower green innovation in enterprises. Listed companies should actively respond to policies, pay attention to the importance of environmental protection knowledge among executives, and achieve synchronous promotion of economic stability and ecological governance. Figures and Tables | References | Related Articles | Metrics

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On Influence of Patient Capital on Enterprise Resilience LI Jipeng, SHI Jiaxiang 2025, (4):  59-69.  doi: 10.16716/j.cnki.65-1030/f.2025.04.006 Abstract ( )   HTML ( )   PDF (803KB) ( )   Save Against the backdrop of increasingly fierce global competition and a complex, volatile economic environment, corporate resilience has become the core driver enabling Chinese firms to withstand risk shocks and achieve long-term sustainable development. In China's rapidly developing economic environment, corporate resilience has become a key element to meet the challenges of globalization and achieve long-term growth. Based on the data of China's A-share listed companies from 2010 to 2023, this paper empirically examines the impact of patient capital on corporate resilience and its mechanism. The results show that patient capital can significantly enhance enterprise resilience, the mechanism test shows that patient capital enhances firm resilience by improving innovation ability and reputation. Heterogeneity analysis shows that the enhancement effect of patient capital on enterprise resilience is more significant in enterprises with growth and decline, high-tech enterprises and enterprises with better corporate governance. In the future, patient capital should be actively fostered, capital-market oversight strengthened, and robust incentive and restraint mechanisms for patient capital institutionalized. A full spectrum of policy instruments including tax incentives and targeted subsidies, should be deployed to comprehensively enhance corporate resilience. Figures and Tables | References | Related Articles | Metrics

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An Analysis of the Evolution and Driving Factors of the Trade Network of Value Added in the Financial Services Industry Under "the Belt and Road Initiative" from the Perspective of Global Value Chains HE Wenbin, WANG Nian 2025, (4):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2025.04.007 Abstract ( )   HTML ( )   PDF (6038KB) ( )   Save This paper takes the financial services industry of 39 countries participating in the Belt and Road Initiative as the research object. Based on the perspective of the global value chain, it depicts the participation degree and division of labor position of the financial services industry of the participating countries in the global value chain, analyzes the forms of global value chain cooperation and bilateral interdependence of the financial services industry of the participating countries, and uses the QAP analysis method to accurately measure the driving mechanism between the relationship data. The research finds that there are significant differences among the participating countries in terms of their participation in the global value chain and their dependence on international resources. The correlation of financial services cooperation among different countries with different economic and financial development levels gradually shows a random state in terms of economic distance. SNA analysis shows that there are different core countries in the DVA, RDV, and FVA networks, and the PDC network is decentralized and forms an Eurasian faction. Spatial location, economic development differences, financial openness differences, and financial scale differences are the main driving factors of the value-added trade network of the financial services industry of the participating countries. In the future, the development mode of the financial services industry of the countries participating in the Belt and Road Initiative should be optimized, the structure of international resource dependence should be adjusted, and efficient financial cooperation should be promoted. Figures and Tables | References | Related Articles | Metrics