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20 July 2026, Volume 47 Issue 4
    

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  • Cracking the Mystery of the Century-Old Transformation Problem: A Proof of the Simultaneous Establishment of Total Value Equals Total Production Price and Total Surplus Value Equals Total Profit
    SONG Xianwei　CUI Baomin　GONG Tongyao
    New Economy. 2026, 47(4): 5-25.
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    In Capital, Marx, under the assumption that constant capital does not undergo transformation, demonstrates that the total value of all commodities equals the total price of production, while total surplus value equals total profit. However, in the early twentieth century, Bortkiewicz, after relaxing this assumption, found that the two aggregate equalities cannot hold simultaneously. For over a century, a vast body of literature has attempted, using various methods, to resolve the compatibility of the two aggregates once constant capital is transformed, but none have succeeded. This paper first constructs a minimal economic model to clarify, in the most essential sense, the logical content of the value transformation problem. The essence of the transformation process is the redistribution of a given total value and total surplus value. As long as the aggregate accounting covers all the value and surplus value that participate in the redistribution, the two equalities must hold simultaneously. Next, we introduce vertical division of labor into the production process, showing that the roundaboutness and increasing complexity of production do not alter the inner logic of transformation; even when the transformation of constant capital is taken into account, the two aggregate equalities still hold simultaneously. Finally, we build a transformation model based on input-output relations, demonstrating that, even after further considering intertemporal issues, the two aggregate equalities continue to hold. The study shows that the dilemma of the transformation problem lies in the fact that existing transformation methods do not cover all the surplus value and profit that participate in the redistribution. Under the premise of a constant total rate of exploitation, as long as the aggregate accounting covers all the surplus value and profit participating in the redistribution, the two aggregate equalities can and necessarily must hold simultaneously.
  • An Analysis of the Mechanism of Corporate Social Responsibility Fulfillment by State-Owned Enterprises: From the Perspective of Public Property Rights, Multitask Agency，and Embedded Governance
    ZHANG Yu
    New Economy. 2026, 47(4): 26-44.
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    How state-owned enterprises (SOEs) can sustainably fulfill their social responsibility is an important theoretical question in the current action for deepening and upgrading SOE reform. A review of existing literature reveals a scarcity of theoretical analyses that integrate property rights foundations, incentive structures, and governance mechanisms to specifically address the issue of “performance mechanisms”. This paper aims not only to engage in a paradigmatic dialogue with mainstream Western corporate social responsibility theories, but also to align with the policy frameworks of the new round of state-owned enterprise reforms. Centering on this question, this paper adopts the analytical perspective of “public property rights, multi-task agency, and embedded governance” to advance three interconnected propositions. First, the social responsibility of SOEs is not an externally imposed moral burden but an endogenous unfolding of the nature of public property rights, which calls for shifting the theoretical foundation of responsibility fulfillment from the contractual paradigm to the public property rights paradigm. Second, the dual principal-agent structure and the multitask setting jointly constitute the incentive dilemma of SOE managers; under purely market-based incentives, the undersupply of effort on social responsibility is an inherent outcome, and the evolution of the “One Profit and Five Ratios” assessment system can be read as an institutional response at the incentive level. Third, embedded governance supplements the incompleteness of incentive contracts through organizational procedures; the modern enterprise system with Chinese characteristics can be understood as the threefold synergy of Party leadership embedding, stakeholder embedding and market-constraint embedding, and the complementarity between incentives and governance constitutes the key institutional logic for the sustainable fulfillment of SOE social responsibility. The property rights determine the direction of reform; agency structures define incentive designs; and governance embeddedness dictates organizational arrangements. The key to deepening SOE reform lies not in assigning SOEs more responsibilities, but in continuously improving the institutional system that carries these responsibilities.
  • The Path of Emotional Value Driving Consumption Upgrading：Taking Pop Mart as An Example
    ZHAN Yong　WEI Yi
    New Economy. 2026, 47(4): 66-86.
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    In the period of experience economy, it is of great practical importance to explore how emotion value influences consumption upgrade. To overcome the limitations of existing static analysis frameworks and traditional value theories, using Pop Mart—a representative company in the collectible toy industry—as the case study, this paper establishes an evolutionary pathway of “emotional engagement→ emotional interaction→ emotional internalization”. It conducts a longitudinal single-case analysis of its development from 2016 to 2024, deciphers the progressive creation mechanism of emotional value, and reveals the underlying logic evolution and the comprehensive empowerment mechanisms enabled by digital technology. The results indicate that the creation of emotion value follows a stepwise progression from “emotional symbol system” to “emotional interaction network” , and to “emotional ecosystem”, supported by three mechanisms: individual emotion arousal, group emotion association, and self-identity internalization, which facilitate consumption to make a hierarchical progress; the dominant principle of enterprise value creation iteratively changes at different stages, eventually moving from product emotionalization to relational emotionalization and system emotionalization, thus transforming single-point emotional stimulation into the establishment of a complete emotional ecosystem; digital technology plays a significant role in the entire process by constructing seamless emotional contact points, providing precise data intelligence supply and building online emotional communities, thereby decreasing the cost of emotion transmission and enhancing the matching efficiency between supply and demand. This driving mechanism shows remarkable effects in the trendy toy sector where the Generation Z is mainly concentrated and characterized by distinct emotional features, successfully resolving the industry problems of low consumption stickiness and difficulty in realizing value, and helping new consumption enterprises to achieve sustainable development and consumption upgrade.
  • Digital Technology Empowers the High-Quality Development of the Consumer Finance Market in the Guangdong-Hong Kong-Macao Greater Bay Area
    OU Xia　SU Lichuan
    New Economy. 2026, 47(4): 87-102.
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    As an important strategic region for China’s economic development, the Guangdong-Hong Kong-Macao Greater Bay Area (the Greater Bay Area, GBA) is an important engine for promoting the construction of a modern national economic system. At the same time, as one of the regions with the highest degree of openness and economic vitality in China, through digital technology, the Greater Bay Area promotes new ways of consumption and enhances the transformation and upgrading of consumption, which can not only achieve the high-quality development of the consumer finance market, but also an important path to achieve the high-quality economic development Given the current scarcity of research focusing specifically on the Guangdong-Hong Kong-Macao Greater Bay Area(GBA) regarding how digital technologies empower consumer finance development, coupled with the lack of studies that examine the evolution of empowerment intensity from a dynamic perspective of digital technological advancement and the relatively limited range of research indicators employed, based on data samples from GBA covering the period 2014-2023, this paper employs principal component analysis to construct a comprehensive digital technology development index encompassing four dimensions: digital infrastructure, internet penetration rate, e-commerce adoption, and digital development environment, using this index as the core explanatory variable to empirically examine the enabling effect of digital technology on the consumer finance market. In order to deepen the mechanism analysis, the paper further conducts a comprehensive analysis of the consumer finance market in GBA from a spatial perspective, comparing it with regions such as the Yangtze River Delta and the Beijing-Tianjin-Hebei area across multiple dimensions; Furthermore, a longitudinal comparison is conducted across time dimensions to examine the evolutionary differences in empowerment effects between the 4G and 5G technology generations. The results demonstrate that digital technology can significantly enhance the expansion, structural optimization, and efficiency improvement of the consumer finance market in the Greater Bay Area. Accordingly, the paper puts forward strategic suggestions for promoting the high-quality development of consumer finance in the Greater Bay Area by digital technology: firstly, strengthen digital regulatory coordination and improve regional regulatory efficiency; secondly, consolidate the foundation of digital infrastructure and build a solid foundation for financial development; thirdly, accelerate the digital transformation of financial institutions and deepen the momentum of financial innovation.
  • Drivers of Digital Transformation Among Chinese A-Share Listed Firms: Evidence from Machine Learning
    WANG Liwen　SUN Wenfei　LIU Meijing
    New Economy. 2026, 47(4): 103-128.
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    Against the backdrop of the rapid development of the digital economy and its deep integration with the real economy, corporate digital transformation has become an important issue for improving resource allocation efficiency and competitive advantage. Existing studies on corporate digital transformation have mainly focused on single antecedent factors, paying limited attention to comparing firm characteristics, industry conditions, institutional environments, and other relevant factors within a unified analytical framework. This study integrates three dimensions—enterprise, industry, and institutional—to establish a comprehensive analytical framework for identifying prerequisite factors of digital transformation, overcoming the limitations of traditional linear models, and incorporates XGBoost, SHAP value, and partial dependence graphs. Using A-share listed companies in Shanghai and Shenzhen from 2010 to 2023 as the research sample, key predictive factors closely associated with corporate digital transformation are identified and interpreted within the framework, and their nonlinear relationships are visualizing subsequently.The main findings are as follows: first, compared with traditional linear regression models, machine learning models represented by XGBoost perform better in terms of out-of-sample goodness of fit and prediction error; second, R&D expenditure, fixed asset ratio, industry competition, industry size, legal institutional environment, firm size, asset-intensive industry status, media attention, customer concentration, and regional industrial structure upgrading are relatively important drivers of corporate digital transformation; third, firm age, customer concentration, supplier concentration, media attention, and analyst coverage exhibit nonlinear relationships with digital transformation. By applying machine learning methods, this study provides a more comprehensive perspective for research on digital transformation it also provides theoretical foundations and practical insights for enterprises to optimize resource allocation and for the government to improve the institutional environment.
  • Research on Urban Vitality Creation from the Perspective of Online-Merge-Offline Integration: Taking the Built Environment Renewal of Internet-Famous Cities as an Example
    SUN Junxi　GU Jie　HUO Kecheng　CHEN Xiao
    New Economy. 2026, 47(4): 129-142.
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    In the era of the digital economy, online popularity has become an important bridge connecting the urban built environment and offline vitality,  thus clarifying its influence mechanism holds significant reference value for urban spatial optimization and vitality enhancement. The transition of urban online popularity to offline engagement follows no simple linear relationship; it is significantly moderated by built-environment factors. However, systematic investigations—particularly quantitative analyses—on this topic remain scarce, failing to fully elucidate the entire process through which the built environment influences urban vitality or its underlying mechanisms. Therefore, taking the central urban area of Changsha as the research object, this paper measures online and offline popularity based on multi-source big data, including Baidu Heatmap, Dianping, and POI， meanwhile， the spatial autocorrelation is applied to analyze the spatial agglomeration characteristics, and a mediation effect model is employed to test the mediating role of online popularity, thereby systematically and comprehensively analyzes the influence mechanism of the built environment on offline vitality. The results show that: (1) The spatial distribution of offline vitality and online popularity in central Changsha exhibits both coupling and differentiation. (2) The built environment has a significant impact on offline vitality, with pronounced differences in the strength of effects across different dimensions. (3) Online popularity plays a significant mediating role in the relationship between the built environment and offline vitality, and there is obvious heterogeneity in the mediation paths of different built environment dimensions. (4) The impact of the built environment on offline vitality simultaneously reflects cross-city commonalities and local characteristics of Changsha. This study enriches the research on urban vitality from the perspective of online-offline integration and can provide references for urban renewal.
  • Research on the Construction of Performance Management Operation Mechanism of Government Guidance Funds Under the Effective Integration of Government-Market Relationship
    XIE Yihe　DING Liyun　XU Hangmin
    New Economy. 2026, 47(4): 143-158.
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    Fiscal revenue and expenditure contradictions will be prominent in the 15th Five-Year Plan period. As a vital resource allocation link between the government and the market, government guidance funds are faced with problems such as unclear positioning and low efficiency, mainly due to the insufficient cognition of the government-market relationship and unresolved inherent contradictions in objectives, operation and evaluation. However, the academic community has lacked in-depth theoretical exploration of this topic, and existing research primarily focuses solely on the relationship between government and market as well as practical operational procedures. Based on the perspective of effective integration of government and market, this paper applies the objective-process-result framework and combines theory with practice. It analyzes the inherent conflicts between government and market entities, as well as the integration and action mechanisms of the performance operation mechanism. The paper also summarizes the practical achievements, dilemmas and causes of government guidance funds, and proposes countermeasures for constructing the performance operation mechanism from temporal and spatial perspectives. The study concludes that a well-functioning performance operation mechanism is critical to clarifying the government-market boundary and promoting their integrated development. The full-chain analytical framework constructed in this paper reveals the essential core contradictions of government guidance funds, and offers theoretical and practical implications for their high-quality development.
  • Corporate Environmental Governance and Value Creation Driven by Green Finance： A Quasi-Natural Experiment Study Based on the Policy of “Green Credit Guidelines”
    XU Yue　CAI Guilong　ZHENG Junying　ZHENG Hanzhi
    New Economy. 2026, 47(4): 159-178.
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    Under the strategic goal of carbon peak and carbon neutrality, green finance serves as a crucial tool for promoting green economic transformation and represents a key focal point for supporting the construction of a Beautiful China. To comprehensively evaluate the practical impact and value-enhancing effects of green finance policies, this paper examines corporate environmental investments by using the 2012 implementation of the “Green Credit Guidelines” as a quasi-natural experiment. Employing a difference-in-differences model, it analyzes how green credit policies influence environmental governance practices among heavily polluting enterprises; furthermore, the mechanisms and effects are validated through two channels: the financing penalty effect and the green awareness of corporate executives. The study finds that the green credit policy effectively promotes environmental investment by heavily polluting enterprises, and this conclusion remains robust after a series of robustness tests. Mechanism tests indicate that the green credit policy drives corporate environmental investment through the financing penalty effect and by enhancing top executives' green environmental awareness. Heterogeneity analysis reveals that the promoting effect of the green credit policy on corporate environmental investment is significantly stronger in samples of non-state-owned enterprises, enterprises facing higher environmental regulation intensity, and enterprises subject to greater public pressure. Further analysis shows that after driving corporate environmental governance behavior, the green credit policy effectively enhances firm value, supporting the value creation effect of green finance. This study provides theoretical and practical references for the improvement and implementation of green credit policy, and offers policy implications for further promoting green economic transformation and the realization of carbon peak and carbon neutrality.
  • The Matching of Financial Power and Administrative Power and Urban Carbon Emission Reduction：Empirical Evidence from the Reform of Sub-Provincial Fiscal System
    LI Jun　ZHANG Bin
    New Economy. 2026, 47(4): 179-198.
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    The matching of financial power and administrative power serves as a key benchmark for evaluating the scientific rationality and operational efficiency of a fiscal system. However, existing researches have relatively insufficient attention to the equilibrium and coordination of fiscal relationships among local governments below the provincial level, as well as their impact on carbon reduction. This paper overcomes the limitation of previous research that focused solely on individual fiscal elements by systematically examining the influence of the matching of financial power and administrative power on urban carbon reduction as a holistic approach.  Using panel data from 281 Chinese cities spanning 2007 to 2023 and focusing on the financial power and administrative power among sub-provincial governments, the paper employs causal mediation models and spatial Durbin models based on economic distance matrices, from both direct and indirect efficacy perspectives, systematically investigates the pathways through which the matching of financial power and administrative power affects urban carbon emission levels, its underlying transmission mechanisms, and its spatial effects. The study finds that the improvement of the matching degree of financial power and administrative power can significantly reduce urban carbon emissions and improve carbon emission efficiency, especially in the eastern region, resource-based cities, and regions with low financial pressure, while a series of robustness tests and endogenous test conclusions are still valid; The mechanism test shows that the matching of financial power and administrative power affects carbon emission reduction by improving urban innovation ability and resource allocation efficiency; The spatial effect analysis shows that the matching of fiscal powers and administrative power can not only directly reduce the carbon emissions of the city, but also drive the surrounding cities to jointly reduce emissions through the spatial transmission mechanism. Based on this, the paper puts forward some policy suggestions, such as optimizing the allocation of financial power, promoting regional coordinated emission reduction, strengthening fiscal policy incentives and constraints, and supporting low-carbon innovation and optimal allocation of resources, so as to realize the effective matching of financial power and administrative power and promote urban carbon emission reduction.
  • Resources,  Relations，and Structure: A Study on the Three-Dimensional Embedding Mechanism of Intangible Cultural Heritage in Rural Revitalization
    YANG Lingli　HUANG Jialin　ZHOU Yixu
    New Economy. 2026, 47(4): 199-213.
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    Rural intangible cultural heritage (hereinafter referred to as ICH) frequently faces prominent drawbacks including excessive emphasis on development while neglecting inheritance and fragmented functional operation, which hinders its effective integration into rural revitalization practices. To fully explore the synergistic relationship between the public nature, practicality, and regional characteristics of ICH), enhance research on mechanisms enabling ICH to empower rural revitalization through multi-stakeholder interactions and multidimensional resonance, while addressing the localized implementation needs of embeddedness theory, based on the theory of social embeddedness, this paper introduces the concept of “resource embedding”, focusing on the micro-level mechanisms through which ICH capital contributes to rural development, paying close attention to the interactions among actor networks, resource allocation, and institutional arrangements, establishes an analytical framework encompassing “ICH-three-dimensional social embedding-rural revitalization”, and using Chongming District in Shanghai as a case study, explores the underlying logic and operational mechanisms through which ICH effectively contributes to rural revitalization via social integration mechanisms.The research shows that ICH empowers rural development through three coordinated embedding dimensions: resource, relational, and structural embedding. Making full use of ICH’s practical features, resource embedding turns traditional handicrafts and folk activities into vital rural industrial development elements, this transformation of cultural capital into economic benefits builds a stable material base for rural revitalization. Based on the regional features of ICH, relational embedding takes emerging rural elites as a medium to reshape local leisure spaces and social order, it helps consolidate villagers’ cultural memory and collective identity, offering steady spiritual motivation for rural development. With reference to the public attributes of ICH, structural embedding integrates heritage resources into urban-rural integration and grassroots rural governance systems, it diversifies rural internal social relations and provides effective institutional support for rural revitalization. The three dimensions interact closely and progress progressively, forming a complete three-dimensional embedding system of “resource-relation-structure”.
  • Research on the Integration Development Mechanism of Clean Energy and Rural Revitalization
    LIU Jia　TIAN Shuai
    New Economy. 2026, 47(4): 214-226.
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    Rural areas, leveraging their unique advantages in land and ecological resources, are becoming core carriers for the large-scale development of clean energy sources such as solar, wind, and biomass energy. This provides a key impetus for the low-carbon transformation of rural industries and the value conversion of ecological products, making it an important breakthrough for achieving comprehensive rural revitalization. To further deepen the integrated development mechanism and systematic operational framework that closely links clean energy with the “Five Major Revitalizations” in rural areas, this paper takes into account the systemic and complex nature of comprehensive rural revitalization, innovatively constructs a self-circulating coupling mechanism framework of “planning integration, technology-driven, institutional adaptation, and model innovation”, systematically explaining the mechanism by which clean energy empowers rural revitalization: technology-driven activation of industrial momentum through technological innovations such as low-carbon energy supply, green consumption, and ecological carbon sinks; institutional adaptation to ensure the implementation of technical standards through measures like market access and price regulation (proactive government); and model innovation to achieve large-scale and industrialized applications (effective market). It strengthens the scientific nature and spatial linkage of the integrated planning of clean energy and low-carbon rural areas, avoiding “isolated development”. The “Haiyan Fishery-PV Complementary” project in Taishan, Guangdong  is a key implementation initiative under the “High-Quality Development Project for Hundreds of Counties, Thousands of Towns, and Tens of Thousands of Villages” of Guangdong. This project establishes a fishery-photovoltaic complementarity model that integrates photovoltaic power generation, marine fisheries, and cultural tourism,  and a five-dimensional integrated development pathway that combines clean energy with rural industries, ecology, culture, organizational structures, and talent revitalization. The project implementation has validated the rationality of the framework for integrating large-scale clean energy development with comprehensive rural revitalization. Moreover, its innovative “government-market” integration mechanism can serve as a valuable reference for regions with diverse resource endowments in achieving comprehensive rural revitalization.
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