Digitalization has injected key impetus into the development of the cultural industry and profoundly changed its development pattern This paper starts from two characteristic facts in the cultural industry field First, in terms of efficiency transformation, the cultural industry has witnessed rapid development in the digital age, with both technological efficiency and scale efficiency improving Second, in terms of innovation upgrade, the cultural industry has achieved remarkable results in innovation and is showing a gradually upgrading trend in terms of breakthrough and diversification levels Based on this, this paper empirically examines the causal relationship and mechanism of action between digitalization and the highquality development of the cultural industry by using data from macro cities, micro enterprises and families, as well as cultural industry patents Taking smart city pilot policy as a quasinatural experiment of digitalization, the benchmark results of the multitime point differenceindifferences model show that digitalization can drive the cultural industry towards highquality development This conclusion still holds true after a series of robustness tests Moreover, the auxiliary examination of microdata indicates that digitalization can promote the improvement of total factor productivity in cultural enterprises and the expansion of the quantity and scope of household cultural consumption Mechanism analysis indicates that in the process of digitalization promoting the highquality development of the cultural industry, breakthrough innovation in the cultural industry plays an important mediating role Multifaceted innovation has failed to play an effective regulatory role The reason for this phenomenon lies in that the innovation spillover between regions has effectively replaced this function, achieving innovation exchanges and technological complementarity among neighboring regions Heterogeneity analysis indicates that in cities with relatively low levels of traditional cultural resources and high policy support, digitalization can significantly play a role in promoting the highquality development of the cultural industry On this basis, it is proposed to consolidate the digital foundation and intensify the application and promotion of digitalization in the cultural industry;stimulate the innovative vitality of the cultural industry and promote innovative cooperation and resource sharing; implement targeted support policies to achieve differentiated development of the cultural industry

This study examines the information benefits of geographic proximity and the cognitive homogeneity brought about by media aggregation from the standpoint of media geographical structure. It empirically investigates the effects of the geographic distance between media and companies and the density of media on the green governance of companies, using the longitude and latitude distance between the office locations of listed companies and the locations of media institutions as the measurement basis and the computation data from the open platform of Autonavi Map.
The study finds that geographical proximity enhances media supervision. By alleviating information asymmetry, it significantly increases the probability of media coverage of a companys environmental protection and violations, effectively correcting the environmental violations of the company. Particularly, the increase in media density significantly improves the environmental protection quality of companies and enhances their green governance performance. Media density affects a companys green governance performance through three channels: expanding regulatory punishment deterrence, promoting the shaping of green cognition, and strengthening the reputation effect of management. When the institutional environment in the region where a company is located is not ideal, transportation is underdeveloped, the company has a higher proportion of local executives, and its products are mainly sold in the local market, the positive effect of media density on the corporate green governance is more pronounced.
The main contributions of this paper are as follows:Firstly of all, this study extends the research on how geographical factors affect the behavior of economic entities to the media field, revealing the distance attenuation effect and regional agglomeration effect of media supervision, transforming the abstract concept of media supervision into quantifiable spatial variables, and filling the cognitive gap regarding spatial factors in informal institutional literature. Second, this study identifies new spatial drivers and mechanisms of action for corporate green governance behaviors by thoroughly examining the distinct effects of mediacompany distance and media density on corporate environmental decisions from the perspective of media geographical structure. Finally, the data from Autonavi Map is used to precisely construct the regional media density indicators and the geographical distance between media and companies. This adds new empirical evidence and theoretical insights to the research on media supervision behavior and its governance effects, and it provides a reliable measurement basis for the influence of the spatial relationship between media and companies on corporate environmental decisionmaking.

US monetary policy exerts significant spillover effects on global financial stability Since 2024, major economies such as Canada, the Eurozone, the United Kingdom, and the United States have initiated interest rate reductions, generating substantial impacts on global financial markets In this context, ensuring the independence of Chinas monetary policy and effectively utilizing its role have become pressing practical challenges
Over the past two decades, China's monetary policy framework has progressively transitioned from a quantitybased to a pricebased approach This study constructs indices to measure the independence of quantitybased and pricebased monetary policies from both perspectives The results reveal that: (1) Shared economic and inflation cycles between China and the US, along with the global common factor (VIX), significantly influence Chinas pricebased monetary policy formulation After incorporating these factors, the independence of Chinas pricebased monetary policy markedly improves (2) During the global financial crisis, Chinas monetary policy exhibited a high degree of nonindependence Since 2022, while the independence of quantitybased monetary policy has declined, the independence of pricebased monetary policy has significantly increased
Building on these findings, this paper examines the applicability of the“trilemma” and “dilemma” frameworks to China The analysis shows that since the “811 exchange rate reform” in 2015, there has been no significant correlation between the independence of Chinas quantitybased monetary policy and exchange rate stability In contrast, the impact of RMB/USD exchange rate stability on the independence of pricebased monetary policy follows an inverted Ushaped pattern, initially increasing and then decreasing Between August 2015 and December 2024, the turning point for the effect of exchange rate stability is approximately 075, below the current exchange rate stability value of 0857 When the Federal Reserve lowers interest rates, this turning point drops below 06, indicating that greater exchange rate flexibility can absorb external shocks and enhance monetary policy independence
The study's conclusions carry significant policy implications First, the People's Bank of China should engage in timely communication to accurately guide market perceptions of monetary policy independence, thereby enhancing confidence in its policy operations Second, China should accelerate the transformation of its monetary policy framework, continuing to prioritize independent pricebased monetary policy Third, policymakers should further increase RMB exchange rate flexibility to leverage its role as an automatic stabilizer for the macroeconomy and international balance of payments, thereby safeguarding monetary policy independence

The transfer of labor force between urbanrural and interregions has provided necessary labor supply for economic growth, but China is facing major challenges such as the gradual decrease of the working population, the deterioration of the labor market supply and demand, and the continuous increase of labor costs due to demographic changes such as aging and low birth rate The growth effect released by the accumulation of human capital factors is weakening, and the reconfiguration of human capital factors will become a new driving force for the sustained and healthy development of the economy in the future In addition, as the migration pattern gradually changing from individual migration to family migration, the motivation of migrants is no longer limited to the pursuit of employment opportunity and income, but also a growing demand for public services and infrastructure The differentiated access to basic public services, represented by the school enrollment policy of migrant children, affects the tradeoffs made by migrants between current earnings from their own employment and future earnings from their childrens education, as well as between monetary economic benefits and nonmonetary public services
Based on the above background, we have integrated the implementation of the employment priority strategy with the promotion of educational equity development from the perspectives of migrants and migrant children Focused on the education access of migrant children as a quasinatural experiment, we match the micro data of China Laborforce Dynamics Survey (CLDS) and the macro data of prefecturelevel cities to evaluate the impact of the school enrollment policy of migrant children on the employment decision of migrants, and further analyze the heterogeneous policy effects on employment quality of different groups The study finds that: First, the restriction of the school enrollment policy can increase the probability of human capital mismatch of migrants by 1281%, especially for the labor force engaged in lowerlevel occupations such as office type, service type and production type Second, the mechanism analysis shows that hindering occupational mobility and narrowing social network are the dual mechanism underlying the mismatch effect of the school enrollment policy Furthermore, after the mismatch of labor supply and demand, the school enrollment policy has a significant negative impact on the employment quality of the vulnerable migrants, including employment remuneration, employment security, employment environment and employment feeling The above conclusions explain the possible causes of the current mismatch between education and occupation, and provide important policy insights for adjusting the multilevel school enrollment policy, giving full play to the advantages of human capital, and gradually improving the employment quality of migrants

The largescale application of industrial robots not only replaces labor and greatly improves productivity, but also inevitably has a profound impact on changes in working hours. At the theoretical level, this paper constructs a theoretical analytical framework for the application of industrial robots and changes in working hours.  At the empirical level, this paper uses matched data from the International Federation of Robotics (IFR) database and the China Laborforce Dynamics Survey (CLDS) database to estimate the effect of industrial robot application on changes in working hours.
The benchmark results show that as the application of industrial robots increases, workers working hours increase rather than decrease, and this effect is particularly pronounced in the manufacturing industry. The analysis of the mechanism revealed that the use of industrial robots reduces workers autonomy in making choices, thereby extending their working hours. Heterogeneous results show that, compared with nonagricultural household registration, higher education levels, ages 45~50, and stateowned enterprise workers, the impact of industrial robot applications on longer working hours is more pronounced among agricultural household registration, lower education levels, ages 16~30 and 30~45, and nonstateowned enterprise workers. Extended analysis found that governmentprovided worker skills training and employment security can significantly mitigate the effect of industrial robot application on the extension of working hours.
The contributions of this paper are as follows. First, from the perspective of employers labor practices, we useindicators such as workers autonomy over work progress, content, and intensity to conduct an indepth study of the impact of industrial robot applications on changes in working hours. Second, by incorporating individual worker characteristics and employer unit types, we identified group heterogeneity in the impact of industrial robot application on working hours across aspects such as household registration differences, educational structure, age differences, and employer unit types, providing microlevel evidence to understand labor differentiation phenomena under the backdrop of technological change. Third, the mitigating effects are identified in two areas: labor skills training and employment security provided by the government, which offer channels to mitigate the impact of longer working hours caused by the impact of industrial robots.

Narrative disclosure has emerged as a powerful tool through which corporate managers shape market perceptions Such strategic use of language, particularly in the Management Discussion and Analysis (MD&A) section, can influence both rational assessments and emotional reactions of investors Building on narrative economics and behavioral finance, this study develops an integrated framework that accommodates both rational and irrational investor responses The central research question is whether managerial strategic disclosure affects investor sentiment To investigate this, the study analyzes abnormal tone in MD&A disclosures of Chinese Ashare listed firms and links them to sentiment expressed in posts by retail investors on Eastmoney stock forums between 2011 and 2023 
The empirical results demonstrate that abnormal positive tone in MD&A disclosures significantly increases investor optimism Mechanism tests reveal that the effectiveness of strategic disclosure is influenced by external information consistency and investor trust Specifically, when a firm receives positive media coverage, strategic disclosure exerts stronger influence on investor sentiment; conversely, if the firm received regulatory inquiry letters in the previous year,this effect is significantly weakened Further analysis indicates that investor sentiment mediates the impact of strategic disclosure on market outcomes: abnormal tone not only drives shortterm market returns but also creates opportunities for managerial opportunism, particularly in equity refinancing contexts Additional tests reveal heterogeneous effects across disclosure topics: abnormal narratives about digital transformation significantly boost investor sentiment, while narratives about green transformation have limited impact
This study makes contribution in three ways First, it moves beyond prior work that assumed fully rational investors Instead, it introduces a narrative perspective to accounting and finance, offering a framework that explains both rational and emotional investor reactions to managerial disclosure Second, it shows the direct effect of disclosure on investor sentiment, rather than inferring it indirectly from market outcomes Using largescale forum post data, the study provides detailed evidence of retail investors emotional responses to managerial disclosure Third, it expands sentiment research by identifying disclosure tone as an important but overlooked driver of investor sentiment, and by tracing how it affects market outcomes such as stock returns and equity financing The policy implication is clear: regulators should tighten oversight of subjective narrative disclosure and promote transparency to better protect retail investors, who are more easily swayed by sentiment

Large Ecommerce platforms, serving both thirdparty sellers and their own products, have attracted regulatory attention due to selfpreferencing behaviors that may distort competition This study develops a theoretical model to analyze the motivations behind selfpreferencing under the platforms “dual role” and its impact on consumer choice The model incorporates heterogeneous consumer preferences, introduces a “nopreference consumer” type, and examines how platforms achieve selfpreferencing through optimized rankings and promotional signals within nonextreme pricing Information costs and expected utility are included to capture how platforms reduce search costs and raise expected utility, while also exploring implications for competition and brand diversity
Empirically, the study uses search ranking data and product characteristics from a major Ecommerce platform, covering 50 keywords and 11 categories Data were collected via Python simulations of user searches, recording prices, sales, reviews, and advertising flags; after filtering anomalies, the sample spans May 1June 18, 2024 Fixedeffects models estimate the ranking advantage of platformowned products, and mediation analysis examines the roles of title optimization and discount signals Robustness checks control for keywords and use alternative dependent variables, while heterogeneity analysis assesses variations across product types The study also examines how selfpreferencing affects brand diversity to validate implications for consumer welfare
Results indicate that platformowned products possess a significant ranking advantage, which remains robust under additional controls Heterogeneity analysis finds stronger selfpreferencing in nondurable and essential goods markets, but weaker in durable and nonessential goods Mechanism analysis identifies two key pathways: lowering information entropy via title optimization and enhancing expected utility through discount signals Welfare effects are mixed: overall, selfpreferencing promotes brand diversity and consumer welfare, but in durable and essential goods markets, when brand share is very high or low combined with high prices, opportunities for rival brands may be crowded out; moreover, high negative review rates weaken benefits Theoretically, the study extends selfpreferencing research by revealing implicit mechanisms Practically, it informs algorithmic transparency, information disclosure, and regulation Platforms dual role in ranking manipulation affects consumer choice and welfare while raising fairness concerns Clarifying conditions, mechanisms, and heterogeneous effects enables case identification, riskbenefit balancing, and targeted regulatory design

In recent years, there has emerged an interesting phenomenon: Some sellers (thirdparty companies) on digital platforms disclose their private information regarding product demand, such as clickthrough rates, purchase intentions, and order volumes For example, Uber and its competitor DiDi Global routinely discloses the number of users in Latin American regionThis  raises two key questions: Why do sellers on the platform proactively report the information about demand to the outside world? Does information disclosing always benefit sellers?
This paper examines issues in a market consisting of one platform, two sellers (thirdparty companies), and N consumers, mainly focusing on the platforms twosided pricing structure and whether sellers with partial private demand information will share each other's information The findings are as follows:
First, when the platform can charge consumers a membership fee (access fee), there is no incentive to collect a pertransaction usage fee The usage fee merely shifts both the platforms marginal cost and the consumer demand curve by the same magnitude and direction, without affecting the total market surplus Moreover, the profits the platform earns through usage fees can always be equivalently extracted through a membership fee
Second, when sellers on the platform have private information about demand influenced by network externalities, if the correlation effect of the private information exceeds the substitutability effect of the goods, a prisoner's dilemma may arise: Both sellers prefer to withhold information despite mutual benefits from information disclosure In this case, the platform can coordinate sellers informationsharing decisions through designing the membership and usage fees, without requiring direct access to sellers private information This coordination eliminates inefficient equilibria, prevents informationsharing dilemmas, and maximizes social welfare generated from transactions on the platform
This paper makes three key contributions: First, it proposes a unified framework linking contract theory, interfirm information disclosure, and twosided market pricing to analyze seller behavior on platforms Second, it provides theoretical explanations for when and why sellers may or may not share demand information with competitors, and how such decisions are shaped by the platforms pricing mechanism Third, it offers a new explanation for platforms to adopt membership feesA monopolistic platform can use the structure and timing of fees to resolve the seller coordination problem, steering them toward equilibrium outcomes that are privately and socially optimal