The 14th Five-Year Plan and the report of the 20th National Congress of the Communist Party of China (CPC) put forward the need to pay attention to the modernization of industrial and supply chains, and strive to improve the resilience and security of supply chains. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2022, the impact of executive overconfidence on corporate supplier strategic decision-making were explored from the two perspectives of "for the benefit of company" and " for the benefit of oneself". It is found that enterprises with overconfident executives tend to have more centralized supplier relationships, and the impact of executive overconfidence on supplier relationships is dominated by a "for the benefit of oneself" perspective. And centralized supplier relationships are the inevitable consequence of overconfident executives' earnings management behavior. In addition, it is found that resource constraints can negatively regulate the influence of executive overconfidence on supplier concentration. And financing constraints, economic policy uncertainty, and industry competition can positively regulate the impact of executive overconfidence on supplier concentration. The above research expands the research of influencing factors of supplier relationships and clarify the internal mechanism of high concentration of supplier.

Human capital, as one of the important factors for firms to gain competitive advantage, can have a significant impact on the behaviour of firms. A sample of Chinese A-share listed firms from 2009 to 2020 was used to explore the impact of human capital and senior human capital structure on corporate cash dividend distribution. It is found that human capital investment and advanced human capital structure significantly reduce corporate cash dividend distribution. The findings still hold after a series of robustness tests. Further analysis reveals that cash dividends are distributed less frequently or are less likely to be distributed by firms that are more human capital intensive, and that both the financing constraint and Corporate Accounting Standard No. 9-Employee Compensation reinforce the negative relationship between human capital and senior human capital structure and cash dividend distribution. By combining labor economics theory with corporate finance, the mystery of the "low dividend" phenomenon of Chinese enterprises is discovered from the "positive" perspective of human capital.

E-CNY is an important carrier to reshape China's new payment pattern and accelerate the digital economy process, but there are still many obstacles to user promotion. It is of great significance to explore the factors affecting the intention to use e-CNY from the perspective of users. Based on the UTAUT2 model and the characteristics of e-CNY, a theoretical model of e-CNY usage intention was constructed. Then, taking the user data of the first pilot cities of e-CNY as a sample, the PLS-SEM and SEM-ANN methods were used to empirically analyze the influencing factors of the intention to use e-CNY. The results show that the model of intention to use e-CNY based on SEM has good interpretation and prediction ability. Trust, habit, price value, and social influence have a significant positive impact on the intention to use e-CNY, while performance expectation, effort expectation, and innovation awareness have no significant impact on the intention to use e-CNY. In addition, the relationship between the price value and the intention to use the e-CNY is regulated by gender factors in terms of personal characteristics as an adjusting variable. Experience can regulate the relationship between price value, habit, social influence, trust and user's intention to use. The combination of structural equation model and artificial neural network can improve the prediction accuracy of the model, and the importance of influencing factors has changed. Habit is the most important, followed by trust, followed by social impact, and price value.

Under the background of the dual carbon goals, it is of strategic significance for enterprises to practiceESGconcepts and improveESGperformance for national green development goals. Anchoring on the imprinting theory, the A-share listed companies in Shanghai and Shenzhen in China from 2012 to 2022 was taken as a research sample, and the impact of party member CEOs on the performance ofESGresponsibilities was discussed. The results show that party member CEOs significantly promote theESGimplementation. Party organizations have a positive moderate effect on the performance of Party member CEOs andESGresponsibilities through political and cognitive embeddedness. Under the coercive institutional pressure, normative institutional pressure and mimetic institutional pressure, party member CEOs are more willing to promoteESGresponsibility performance, and this promotion in the companies with a high degree of embeddedness of party organizations is more significant. Mechanism analysis indicates that party member CEOs play an indirect role in theESGimplementation through information disclosure channels; Heterogeneity analysis reveals that the improvement is more significant in state-owned and low-carbon enterprises. Further analysis reveals that party member CEOs have improved the high-quality development level of enterprises by promotingESGimplementation, in both state-owned and non-state-owned enterprises, party member CEOs have significantly promoted the high-quality development of enterprises. It enriches the research on the effectiveness of party member CEOs participating in corporate governance, and provides reference for improving corporateESGperformance and helping enterprises in green transformation, provides new evidence for the high-quality party building to lead and drive the high-quality development of enterprises.

"Developing a new model of service-oriented manufacturing and promoting the high-quality development of manufacturing industry" is an important deployment made by the CPC Central Committee and the State Council. Taking Chinese manufacturing listed companies from 2011 to 2021 as the research sample, the impact of manufacturing servitization on corporate investment efficiency was empirically examined. It is found that manufacturing servitization can significantly improve the investment efficiency of enterprises, the main mechanism is that servitization helps to improve the organizational effectiveness of the company, alleviate over-investment, and improve the investment efficiency. Reducing organizational redundancy and improving asset management efficiency are important paths to improve investment efficiency. And the promotion effect of servitization on investment efficiency is more significant in enterprises with high level of corporate governance and enterprises in important industries and key areas related to national security and the lifeline of national economy. It provides new empirical evidence and theoretical explanations for the microeconomic effects of manufacturing servitization transformation, which is conducive to promoting manufacturing enterprises to further explore the value potential of servitization, and promoting the transformation and upgrading of China's manufacturing servitization to achieve high-quality development.

The existence of ESG rating disagreement brings certain decision-making problems to creditors, but it also prompts enterprises to "self-help". This "self-help" behavior may alleviate the information asymmetry between enterprises and creditors, enhance the development potential of enterprises, and thus reduce the cost of enterprise debt financing. Based on the panel data of Chinese listed companies from 2009 to 2022 the impact of ESG rating disagreement on debt financing costs and their mechanism was explooed. The results show that ESG rating disagreement sgnificantly reduces the cost of corporate debt financing, which is still established after a series of robustness tests and endogeneity treatments, such as double clustering, subsample regression, PSM propensity score matching, quasi natural experiments, etc. Mechanism analysis shows that ESG rating disagreement reduces debt financing costs by forcing enterprises to improve the quality of ESG information disclosure, green innovation level and attract the attention of analysts. Heterogeneity analysis founds that ESG rating disagreement has a more obvious effect on reducing the debt financing costs of high-polluting enterprises and enterprises with poor regional financial ecological environment. The economic consequences shows that ESG rating disagreement increases the market value of enterprises, resulting in higher market development capabilities for enterprises. It reveals the economic consequences of ESG rating disagreement from the perspective of debt financing costs, enriches the connotation of ESG rating disagreement, and is of great significance for the urgent need to unify ESG rating standards and how to unify them.

Building a high-quality China Free Trade Pilot Zone is of milestone significance in China's reform and opening up process. On the basis of analyzing the representative models and institutional characteristics of typical global free trade zones, summarizes the overall deepening characteristics and trends of China's pilot free trade zones, as well as the differences in institutional innovation of each pilot free trade zone was systematically summarized, and the role that China should play in the construction and reform of pilot free trade zones was clarified. Through analysis, it is found that there are four main problems in the development of China's pilot free trade zones, including new challenges brought about by the complex global situation, deviation in the focus of pilot free trade zone construction, lack of legislative guarantees for institutional innovation, and insufficient support for high-level opening. Subsequently, targeted institutional innovation measures have been proposed to better leverage pilot free trade zones as the basis for high-level opening. It is hoped that this opportunity will be used to improve the internal linkage mechanism of the national pilot free trade zones, eliminate differences in domestic and foreign economic and trade rules as soon as possible, and provide useful experience and inspiration for China to accelerate the construction of high-quality pilot free trade zones and the realization of high-level opening.

Financial management is an important way to achieve inter-period smoothing of residents' consumption, and internet financial management, with its convenience and universality, has rapidly penetrated into residents' households and exerted an important influence on their consumption behavior. A theoretical model of the impact of internet finance on residents' consumption has been constructed and the relationship between internet finance and households' residential consumption has been tested by using data from the 2017 and 2019 China Household Finance Survey (CHFS). It is found that, first, internet finance can significantly promote household residential consumption, and the use of instrumental variables, replacing the explanatory variables and changing the sample do not affect the robustness of the findings. Second, internet finance has an impact mainly through three mechanisms, such as obtaining interest returns, providing payment convenience and alleviating credit constraints. Again, heterogeneity analysis finds that this consumption-promoting effect is more pronounced in the east-central region, the lower middle-income and low-education households. In particular, if there are unmarried sons in the family, internet finance has no significant effect on consumption. Finally, the impact of Internet finance on consumption upgrading is further investigated in two dimensions: consumption level enhancement and consumption structure optimization, and it is found that internet finance significantly increases the proportion of development and enjoyment-oriented consumption, while significantly decreasing the proportion of survival-oriented consumption. Therefore, the development of internet finance helps to expand domestic demand and achieve the upgrading of residents' consumption, thus promoting the formation of a large domestic cycle pattern.

The key to achieving common prosperity for all lies in the common prosperity of farmers, and digital rural construction is an important channel to achieve common prosperity for farmers. Based on panel data from 30 provinces (Due to the lack of data, the statistical data mentioned here do not include the Tibet Autonomous Region, the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan Province.) in China from 2012 to 2022, it innovatively incorporates digital rural construction, migrant workers returning to their hometowns for entrepreneurship, and common prosperity among farmers into the same development framework to empirically test the relationship between the three. The research results show that the construction of digital rural areas helps to promote the return of migrant workers to their hometowns for entrepreneurship and the common prosperity of farmers. The construction of digital rural areas has a positive impact on the common prosperity of farmers through the return of migrant workers to their hometowns for entrepreneurship, and this conclusion has a certain degree of robustness. The promotion effect of digital rural construction has heterogeneity in education level and agricultural labor productivity, specifically manifested as a stronger promotion effect on lower and middle education levels, as well as common prosperity with farmers in areas with low agricultural labor productivity. Based on the research findings, it proposes key directions for promoting common prosperity among farmers by comprehensively accelerating the construction of digital rural areas, taking multiple measures to promote the return of migrant workers to their hometowns for entrepreneurship and employment, and promoting regional coordinated development according to local conditions.

Producer services are regarded as significant intermediate inputs in the value-added creation process, exerting a crucial impact on the integration of agriculture into the global value chain (GVC). Grounded in OECD AMNE input-output data, the influence of producer services on the position in agricultural GVC was examined using a systematic GMM model. Mechanism tests demonstrate that producer services, through the effects of resource allocation and economies of scale, were utilized to enhance production efficiency and reduce trade costs, thereby promoting the elevation of the agricultural GVC position. Concerning segmented producer services, inputs such as professional and scientific-technical services, as well as financial and insurance services, significantly elevate the position in the agricultural GVC. Additionally, transportation and storage services exert a certain positive influence. However, information and communication services have a negative impact on forward participation and a positive impact on backward participation in the agricultural GVC. Hence, there is a need to strengthen the utilization of agricultural information technology in the upstream of the agricultural industry chain. The findings provide worthwhile policy insights for promoting agricultural competitiveness of developing economies, including China.