Title：Can Formal and Informal Institutions Spontaneously Combine?
Abstract：Human society exists on the basis of cooperation, but cooperation cannot be successfully achieved due to the conflict between individual and social interests that each individual face before almost every act. What is the relationship between formal and informal systems, the two institutional options for human beings to get out of the dilemma of social cooperation? Are they independent of each other, mutually exclusive or mutually reinforcing? Yao et al.(2021) confirmed the existence of mutual complementarity and mutual promotion between the two institutional combinations under the rational construction of institutions based on behavioral experiments. However, direct institutional comparisons can only indicate the advantages and disadvantages between existing institutions, not this institution to be selected by society in the course of historical evolution. A study based on the perspective of institutional evolution is necessary. In this paper, we construct an experiment based on a public goods game from the perspective of spontaneous institutional evolution to explore whether the combination of formal and informal institutions can spontaneously form and promote social cooperation in the development of society. The findings of the study show that in a social context where the formal institutions of society already exist, the informal institutions will combine with the formal institutions along with the social process，thus forming a new social institution that is more favorable for the advancement of social cooperation; furthermore, based on the comparison of exogenously imposed and endogenously chosen institutions, this paper also verifies the existence of a democratic dividend.
Key Words：formal system；informal system ；institutional evolution；punishment；public goods experiment
Title：Consignment Auction for Carbon Markets: Equilibrium Strategy and Allocation Efficiency
Abstract：The consignment auction mechanism combines the traditional free allocation (i.e., grandfathering) and the open-market auction approaches. In the first stage, firms receive carbon emission allowances through free allocation, which serve as their initial endowments. In the second stage,they participate in a uniform price auction to purchase additional allowances beyond their initial endowments, or sell surplus allowances to generate revenue. Based on the assumption that the value of permits is correlated and marginally non-increasing, we first characterize the firms’ equilibrium strategy,clearing price, and equilibrium allocation under the consignment auction mechanism. By comparing with free allocation and uniform price auction, we find that both allocation efficiency and price discovery of the consignment auction depend on the presence of sufficiently many market participants, which echoes with the recent establishment of the world's largest single carbon emission trading market system in China. Finally,this paper discusses the partial consignment auction mechanism applied in the California cap-and-trade program, and finds that firms' equilibrium strategy is a linear combination of their respective equilibrium strategies under the consignment auction and the uniform price auction. This paper reveals the triple advantages of consignment auction mechanism in alleviating the burden of emission reduction for firms, improving resource allocation efficiency, and flexibly adjusting market supply-demand relationships, which provide a theoretical foundation for introducing the consignment auction into the regulation practice of the China's carbon emission trading market.
Key Words：Carbon emissions trading；Consignment auction；Correlated value；Ex-post efficiency；Price discovery
Title：Common Belief and the Rule of Law:Perspective from Game Theory
Abstract：The rule of law means， first and foremost, that enacted laws are actually obeyed. Belief determines a player's behavior in the game, and actually obedience to the law can only be achieved when players form a common belief that others will obey the law actually. The mixed-strategy Nash equilibrium of the Rule of Law Assurance Game demonstrates what “actually obeyed”is and its potential instability.“ Actually obeyed”is a stable state of the common belief that requires the law to have the ability to create a focal point in the game, and its instability requires limits on power. The content, form, and implementation of the law meet certain conditions that will help the law to create a focal point and limit power. The game-theoretic answer to the question of how“actually obeyed” is possible not only provides a better picture of the practice of the rule of law but also provides a framework for integrating the classical theory of the rule of law, which is a coherent understanding of the rule of law.
Key Words：Actually Obeyed Rule of Law；Common Belief；Focal Point；Limitation of Power
Title：Will Registered Residence Affect Sentencing?—Empirical evidence from Beijing and Shanghai
Abstract：Sentencing faimess is the proper meaning in the field of criminal justice. In order to realize the idea of the rule of law of the same case and the same sentence， the Supreme People's Court has carried out the standardization reform of sentencing for many times, trying to regulate the macro-guiding principles and microoperation rules of sentencing. However, due to the incompleteness of case information， the orientation of the judicial environment and the discretion of judges, some extrajudicial factors may still have a subtle and significant impact on sentencing. Taking 8,534 judicial judgment documents on the crime of intentional injury in Beijing and Shanghai from 2014 to 2022 as the analysis object, the study found that there is a correlation between the punishment intensity and the criminal's household registration status，and the punishment intensity of foreigners is significantly higher than that of local residents. Further analysis shows that, compared with the criminals with low penalty intensity, the household registration status has a greater impact on the criminals with high penalty intensity. With the passage of time, the influence of the household registration status on the penalty intensity also has a trend change. The household registration status enters the sentencing decision-making process in a secret way and leads to unfair sentencing decisions. The household reg-istration system is closely related to people's daily life, and to a certain extent also reflects the social structure of criminals. Its impact on sentencing is difficult to eliminate. By increasing the strength of reasoning and using quantitative tools such as big data and algorithms to measure the impact of household registration status on sentencing decisions,scientific identification and control can be carried out.
Key Words：sentencing；household registration；incomplete information；discretion
Title：Enterprise,Contract and Social Network -Empirical Evidence from the Complex Contract of Bavarian
Abstract： The investigation found that the Bavarian estate as an enterprise with capital to the countryside, not only developed a unique cultural and tourism industry, but also assumed a number of social functions，the“estate society" as the creator of public institutions and providers of social public goods. This paper clarifies the complex contracting structure within the estate from both the economic and sociological levels, exploring the economic logic of the formation of complex contracts, and also analyzing the “economic and sociological logic”of the “enterprise run society” on this basis. From an economic point of view, Bavaria and its industrial entities have jointly “created” an efficient industrial cluster; From a social point of view, the Bavarian estate also naturally and inadvertently “created” a dynamic, functional and well-managed society by entering into economic contracts with other industrial actors. The paper argues that this is at least a formal reversal of the “classical teachings” of neoclassical and neo-liberal economics that “business and society are different in nature”and that “business-run society leads to a distorted allocation of resources”. The research in this paper will become a hybrid framework of political economy and economic sociology, providing a new comparable and verifiable“ textual revelation” for rural revitalization and agricultural and rural modernization from the level of policy analysis.
Key Words：Enterprise-run Society；Contracting Structure；Economic and Social Network；Institutional Change
Title：Research on Supply and Demand Matching Mechanism of Food Safety Governance under the Background of Digital Economy
Abstract：The deep integration of digital economy and food industry brings new challenges to the food safety governance in China. This paper uses data mining to crawl the consumer review data of Jingdong and Taobao, and LDA theme modeling was conducted by using the consumer review data to extract the information of consumers' demand for food safety governance. Meanwhile, text mining is carried out for food safety-related policies and detailed implementation rules for business entry requirements,etc. from Jingdong and Taobao to summarize and refine the supply information of food safety governance. The policy supply and demand matching model is adopted to analyze the supply and demand matching of food safety management. The main findings show that: the governance demand is concentrated in the two main bodies of merchants and platforms, and the governance supply has different emphasis in different regions. The matching mechanism is general for supply and demand of food safety governance on the whole, with the dislocation of supply and demand in direct governance and insufficient supply in indirect governance. Based on this, in order to improve the food safety management system under the background of digital economy,this paper puts forward some countermeasures to promote the digitalization of food safety management.
Key Words：Food Safety Governance；Supply and Demand Matching Mechanism；Digital Economy；LDA Model
Title：Human Capital Allocation and Innovation Growth Between the Public and Private Sectors -A Perspective Based on the Nature of Public Sector Production
Abstract：As the first factor of science and technology innovation production, the allocation of human capital between the public and private sectors is related to innovation growth. Based on this, this paper divides the public sector into non-productive public sectors ( government departments) and productive public sectors that provide products and services for private sector R&D activities. And the paper studies the relationship between the allocation of human capital between government departments and productive public sectors, and between the private sector and the growth of innovation. Through constructing a three-sector endogenous growth model and empirical analysis using provincial panel data from 2004 -2019，it is found that the allocation of redundant human capital in the government sector as non-productive suppresses regional innovation growth, while the relationship between the allocation of human capital and innovation growth between the productive public sector and the private sector presents a non-linear inverted U-shape. When the human capital of the productive public sector is at a relatively low point, increasing the human capital of the productive sector can promote the growth of innovation. Conversely if the private sector has relatively little human capital，adding more human capital to the productive public sector will reduce innovation growth. And it is also confirmed that the relative human capital of the productive public sector has not been over-allocated, and it is on the left side of the inflection point of the inverted U-shaped curve. In addition， the degree of technology factor marketization has a significant moderating effect on the inverted U-shaped relationship. And a high degree of technology factor marketization makes the inverted U-shaped curve flatter. It also compensates for the negative effect of human capital in the government sector on innovation growth. In addition, the relationship between human capital allocation and innovation growth between he productive public sector and the private sector in regions with high external openness is still inverted U-shaped. But increasing the relative human capital allocation of the productive public sector in regions with low openness can promote innovation growth. Additionally，regions with strong IPR regimes weaken the negative impact of human capital in the government sector on innovation, and the effect of the productive public sector relative to private sector human capital on innovation growth is also an inverted U-shaped relationship consistent with the benchmark regression. However, the relationship is not significant in regions with weak IPR protection. This study provides empirical analysis and technological innovation ideas to address the current lack of innovation dynamics especially for China's innovation-driven policies.
Key Words：Public Sector；Private Sector；Human Capital Allocation；Innovation Growth；Inverted U Shape
Title：Is it Really Effective to Break Down Information Silos?一Research on the Effect of Integrated Government Services on Corporate Innovation
Abstract：It is very important to promote the high-quality development of enterprises by promoting the construction of digital government and break down the “information silos" among government departments. This paper analyzes the theoretical mechanism of local government integrated government service affecting corporate innovation behavior from the perspective of digital government construction. Furthermore, this paper empirically tests the corporate innovation effect and influence mechanism of local government integrated government service, by using province level integrated government service data and A-share listed corporate data in Shanghai and Shenzhen. The results show that, the integration of local government services significantly enhance corporate innovation level. The mechanism tests show that the integrated government service of local government promotes the innovation input and output of corporate mainly by reducing the financial cost and leverage of corporate and improving the operational efficiency of corporate. In addition，the corporate innovation effect of integrated government service shows some heterogeneity. That is, the positive effect is stronger for non-state-owned enterprises,enterprises in low technology industries and low marketization areas. Through the robustness check, the research conclusion of this paper is still valid. This paper provides empirical support for improving the level of integrated government service to promote corporate innovation activities.
Key Words：Integrated Government Services; Corporate Innovation; Financial Cost; Financial Leverage;Corporate Operational Efficiency
Title：Can Social Responsibility Institution Reduce the Level of Enterprise Financialization? -Evidence from Chinese A-Share Listed Companies
Abstract：This paper gives an empirical research on influence of corporate social responsibility on corporate financialization and its mechanism by using annual data of Chinese A-share listed companies from 2010 to 2019. The research shows:(1)Social responsibility helps to reduce the level of enterprise financialization.Compared with non-state-owned, low competitive areas and undervalued enterprises, social responsibility has a greater restraining effect on the financialization of state-owned, high competitive areas and overvalued enterprises.(2) Inefficient investment and risk-taking play an intermediary role in the relationship between corporate social responsibility and corporate financialization. Corporate social responsibility reduces the level of corporate financialization through the dual channels of improving inefficient investment and reducing risk-taking. The transmission channel of “corporate social responsibility-inefficient investment/risk-taking-corporate financialization” is effective. (3) Executive financial connection has a negative regulatory effect on the relationship between corporate social responsibility and corporate financialization. The improvement of executive financial connection will weaken the inhibitory effect of corporate social responsibility on corporate financialization. (4) The independence of the board of directors has a positive regulatory effect on the relationship between corporate social responsibility and corporate financialization. The improvement of the independence of the board of directors will aggravate the inhibitory effect of corporate social responsibility on corporate financialization.
Key Words：Corporate Social Responsibility；Enterprise Financialization；Inefficient Investment；Risk-taking；Executive Financial Connection
Title：An Analysis of the Impact of China's Housing Provident Fund System on Income Distribution and Benefit Equity—Empirical Analysis Based on China Household Finance Survey
Abstract：This paper is based on China Household Finance Survey data(CHFS). Using the redistribution effect decomposition and Heckman selection model analyses the impact of housing provident fund system on income redistribution from the perspective of individual and family. The income redistribution effect is divided into vertical, horizontal and reordering effects. The results show that:(1)From the participant individual perspective,the contribution factors of the housing provident fund payment system to the horizontal， vertical and reordering effects of income redistribution are negative, and the reordering effect has the greatest impact. Although the horizontal redistribution effect of the provident fund withdrawal policy narrows the income gap of the participants，the improvement effect of the horizontal income distribution is counteracted by the vertical and reordering effects. There is still reverse redistribution effect in the withdrawal system of provident fund.(2) Although the Housing Provident Fund from the family perspective has obviously promoted the purchase intention of each income class, but the benefit of the low-income group participating in the Housing Accumulation Fund is far inferior to the middle-and high-income group.
Key Words：Housing Provident Fund System；Income Redistribution；Benefit Equity Decomposition
Title：Debates on Mercantilism:Historical Retrospection and Enlightenment
Abstract：In terms of both the evolution of the theory itself and its influence on reality, mercantilism has shown its tenacious vitality and enduring popularity. However, for a long time, there has been a debate on the view of mercantilism in the economic circle, and the study of this debate has become an important topic that can't be ignored in the study of mercantilism. This paper reviews,compares and analyzes the representative views of mercantilism and their mutual responses in the field of economics by focusing on the three themes of the theoretical connotation, historical function and profit motive of mercantilism. The debate mainly presents three research lines: First, the general explanation of economic liberalism laid down by Smith; The second is the nationalistic research tradition of mercantilism represented by List; The third is the Marxist view of mercantilism. Although the former two cognitive traditions are diametrically opposed to each other, forming a longstanding debate between economic liberalism and state interventionism in western economic circles,they are still limited to bourgeois economics in essence. The Marxist view of mercantilism is the synthesis，criticism and transcendence of the first two cognitive traditions, which is a historical materialist interpretation with both theoretical and historical characteristics, class and national characteristics. The diachronic and national difference of mercantilism itself and the duality of the practical effect of mercantilism policy are the objective basis of the dispute. The more critical subjective factors are the research standpoint，starting point, research methods and evaluation criteria of different economic systems in examining mercantilism. Through the debates about mercantilism and follow the Marxist interpretation on mercantilism, we can better understand the historical truth and development status of mercantilism, and better grasp the dialectical relationship between mercantilism and liberalism,trade protection and free trade.
Key Words：Mercantilism；Economic liberalism；Economic nationalism；Marxism