25 March 2025, Volume 47 Issue 3

    

• Select all
  |

• Select
  “The End of the Universe is Live-Streaming Sales”: Typology of Internet Sales Anchors, Ethics of Survival, and the Moral Economy of Live-Streaming Sales

  LYU Peng, JIANG Zhengying

  Jinan Journal. 2025, 47(3): 1-24. https://doi.org/10.11778/j.jnxb.20242569

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  In recent years, selling goods through live-streaming has rapidly emerged as a form of digital labor, attracting an increasing number of individuals to become live-streamers. Existing research on Internet sales anchors has shed light on their labor processes and emotional practices, yet it has failed to address the causes of the trend of universal live-streaming sales. Therefore, this paper, based on the theoretical perspective of moral economy, employs two research methods, participatory observation and in-depth interviews, to delve into the deep-seated reasons behind the public's choice to engage in live-streaming sales.
  To clarify the diversity and complexity of Internet sales anchors, this paper proposes a typological framework for these anchors based on class and income dimensions, categorizing existing anchors into four types: elite reproduction, grassroots reversal, middle-class confusion, and bottom-layer marginalization. Subsequently, this paper analyzes why and how the masses engage in live-streaming sales from three aspects: social context, external environment, and internal demands. It finds that live-streaming provides platforms and employment opportunities for Internet sales anchors, while national policy support and capital investment further expand the market for live-streaming sales. At the same time, interests, intentions, determination, and capabilities constitute the internal requirements for ordinary individuals to become Internet sales anchors. Moreover, a moral economy permeates the commodity value and social interactions in live-streaming sales. In commodity sales, a moral economy demands that Internet sales anchors provide more economical and affordable products as well as more friendly and equitable services. In social relationships, morality is utilized in competition among peers and in companies' control over the behavior of Internet sales anchors. Simultaneously, in the context of the attention economy, a moral economy plays a significant role, leading different types of Internet sales anchors to face two outcomes: moral capital appreciation and moral backlash.
  Compared to previous studies, this paper makes contributions in the following aspects. First, it explores the typological framework of Internet sales anchors and the causes of the live-streaming sales trend from two intersecting dimensions, offering a novel perspective that expands upon existing research on Internet sales anchors. Second, unlike previous studies that focus on digital labor, this paper places greater emphasis on the role of morality in live-streaming sales. Through empirical analysis, it examines the different characteristics of morality in the commodity sales process and social interactions within live-streaming sales. Based on the presence of morality, it further explores the impact of moral economy on different types of Internet sales anchors.
  Live-streaming sales serve as one of the most intuitive windows for understanding contemporary digital Chinese society. To some extent, this paper reveals the social motivations and moral economic logic behind the phenomenon of live-streaming sales. It provides a foundation for policy-makers to reflect more deeply on theory and reality from the perspective of moral economy in the context of the rapid development of the digital economy. By providing differentiated policy support for different types of Internet sales anchors, they can better navigate the challenges of rapid growth in the digital economy and explore sustainable development pathways for the live-streaming industry.
• Select
  From Deorganization to Reorganization: Models for Occupational Injury Protection of Informal Workers in the Digital Era

  WANG Yi, SUN Jiangshengnan

  Jinan Journal. 2025, 47(3): 25-39. https://doi.org/10.11778/j.jnxb.20241796

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  Informal employment has a long history and develops rapidly as a means for enterprises to reduce costs in the later stage of industrial society. The rise of the digital economy has made it an important form of employment. However, informal workers are generally in a situation of labor exploitation due to factors such as labor relations, and their rights to occupational injury protection are difficult to reasonably maintain.
  In recent years, China has attached great importance to the issue of occupational injury protection for informal workers. Under the impetus of various government policies, various regions have successively piloted the inclusion of informal workers in the work injury insurance system, single work injury insurance models, commercial occupational injury insurance models, independent occupational injury protection models, and welfare-based occupational injury protection models. However, problems in financial mechanisms, identification procedures, payment methods, and benefit standards have emerged during the operation process. New ideas are urgently needed to solve the problem of occupational injury protection for informal workers.
  This article points out that compared with formal workers, informal workers have transformed from “organization persons” to “social persons”. The occupational injury protection system was established to meet the needs of “organization persons” in industrial society. In the face of “social persons”, there are bound to be problems of inadaptability. The solution to the problem lies in reorganizing “social persons” into “organization persons” through social solidarity economics. The essence of social solidarity economics is a cooperative and symbiotic relationship, which demonstrates a high degree of integration in the flow of goods and resources. Social solidarity economics can re-unite the scattered and weak informal workers, fundamentally solving the problem of occupational injury protection for informal workers. Based on the actual situation in China, the exploration of occupational injury protection for informal workers under the guidance of social solidarity economics theory can be carried out from the following two aspects. First, it is necessary to establish an informal workers' cooperatives, which undertakes the functions of integrating social resources and social services. It is not only the executor of relevant policies for informal workers but also the guide for their production and operation, training and job hunting, as well as the provider and coordinator of related protection and welfare. It forms a social solidarity institution where all members share responsibilities and benefits, achieving the resonance of individual well-being and institutional development. Second, we can rely on the cooperatives to promote the construction of the occupational injury protection system for informal workers and use the cooperatives as a carrier to safeguard the various rights and interests of informal workers, including occupational injury protection.
  The innovation of this article is mainly reflected in two aspects. First, it is pointed out that the nature of the occupational injury protection problem of informal workers is that informal workers have changed from “organization persons” to “social persons”, and the occupational injury protection system is established to meet the needs of “organization persons” in industrial society, so there is inevitably a problem of incompatibility in the face of “social persons”. Second, it puts forward the path of reorganizing “social persons” into “organization persons” from the theory of social solidarity economics.
• Select
  The Feasibility of Introducing the Final Offer Arbitration System into the Collective Bargaining on Wages

  DING Jian'an

  Jinan Journal. 2025, 47(3): 40-53. https://doi.org/10.11778/j.jnxb.20230741

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  The issue of insufficient domestic demand has become one of the key constraints to China's sustainable economic development. The government has repeatedly emphasized the need to increase the proportion of workers' wages in the initial distribution to expand domestic demand and enhance the fundamental role of consumption in economic growth. However, under the market economy, direct government intervention to raise workers' wages is unrealistic, and collective wage consultations alone are far from sufficient, so collective bargaining on wages is indispensable.
  To implement collective bargaining on wages, a fundamental issue must be solved: What to do if an agreement cannot be reached? Influenced by the traditional logic of the “three rights of labor”, the prevailing view in academia is to empower workers with the right to collective action, forcing employers to compromise through negotiation. However, this approach is evidently unrealistic for China, which is fraught with unpredictability; more importantly, it is unnecessary. Many other countries have established a final offer arbitration (FOA) system to resolve the predicament faced by public sector employees who want wage raises but cannot organize collective action. This system effectively addresses the question of “what to do if an agreement cannot be reached”, avoids the dangers of collective action, and is relatively easy to implement, making it a worthwhile reference.
  FOA, also known as “all or nothing” arbitration, is based on economist Nash's game theory. Its basic operational model involves both parties submitting a final offer to the arbitration panel after unsuccessful preliminary negotiations. The arbitration panel can only choose one of the two offers, with no possibility for compromise or modification. As the panel must select one offer, the fixed and limited power creates a situation of “all or nothing”, compelling both parties to negotiate in good faith and rationally. According to international practice, this system has proven effective, significantly raising laborers' wage levels while greatly easing labor-management tensions, and minimizing various forms of collective action. Furthermore, since this system substantially lowers the requirements of organizational and negotiation ability for unions, it aids in addressing the issue of “who should negotiate” in China.
  Specific operational details of the FOA system include: (1) It is limited to interest disputes, as rights disputes can only be resolved through conventional arbitration or litigation; (2) Applications must be submitted by grassroots trade unions or collectives of workers meeting a certain threshold; (3) Applications may only be made when employers refuse to negotiate or when negotiations reach an impasse or breakdown; (4) Arbitrators should primarily be industry experts, supplemented by legal professionals, as legal-only practitioners may not be adequate; (5) Due to the typically broad impact of such disputes and the high standards required of arbitrators, arbitration commissions should be established at or above the municipal level.
• Select
  The Pictorial Metaphor and Literary Function of Dreamland Illustrations in the Human Relationship Novels of Ming and Qing Dynasties

  ZENG Lijun, LIU Yusong

  Jinan Journal. 2025, 47(3): 54-69. https://doi.org/10.11778/j.jnxb.20240683

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  The study of illustrations in ancient Chinese fiction has emerged as a burgeoning academic field in recent years, yielding notable scholarly achievements through comprehensive explorations, case studies, or theoretical syntheses. Research scopes have expanded temporally from ancient to modern eras and geographically from domestic to international contexts. However, existing studies predominantly focus on summarizing universal patterns and theoretical frameworks of image creation, with limited attention to specific themes or unique visual motifs in fictional illustrations.
  This paper investigates the distinctive metaphorical and literary functions of dream illustrations by examining their intrinsic correlation with domestic fiction of the Ming and Qing dynasties. Dream illustrations not only predominantly appear in domestic fiction but also exhibit uniquely “domesticated” visual characteristics. Grounded in the textual narratives of such fiction, these illustrations depict worldly themes such as romantic relationships, human destiny, and moral dilemmas. Moreover, they demonstrate interpretive agency by reimagining domestic characters and scenarios, utilizing a dual visual structure-“within the dream” and “outside the dream”-to amplify, deepen, and extend the fiction's thematic concerns. As paratexts, dream illustrations play a pivotal role in facilitating the reading and dissemination of the texts, further accentuating their domestic narratives. The emergence of this “human relationship” phenomenon in dream illustrations stems from the cumulative cultural consciousness of dreams, the flourishing of dream imagery in art, and the ethos of emotionalism prevalent in Ming and Qing intellectual culture.
  This paper innovates in two key aspects. First, it identifies the visual markers and stylistic conventions of dream illustrations. These works employ cloud and mist motifs as visual boundaries, dividing the image into “dream” (within the motifs) and “reality” (the dreamer outside), thereby forming a stylized visual formula: dreamer + cloud motifs + dream scene. Second, it explores how dream illustrations uniquely interpret domestic fiction through polysemous imagery, particularly through dual character portrayals and spatial configurations of “dream” and “reality”, while guiding readers by highlighting pivotal narrative moments and moral didacticism.
  The significance of this paper lies in its in-depth analysis of a specific illustrative genre within a distinct literary tradition. By revealing the unique compositional logic and thematic synergy between dream illustrations and domestic narratives, it contributes to advancing personalized approaches in the study of premodern Chinese fictional illustrations.
• Select
  On the Legal Control of Investment Behavior of Rural Collective Economic Organizations

  GAO Shengping

  Jinan Journal. 2025, 47(3): 70-87. https://doi.org/10.11778/j.jnxb.20242045

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  The investment behavior of rural collective economic organizations (RCEOs) is crucial for rural economic development, involving collective asset management, value appreciation, and member interest protection. With the reform of the rural collective property rights system, RCEOs have gained more autonomy in investment activities, but face legal challenges. This paper uses normative and case analysis methods to analyze investment forms, assets, decision-making procedures, and legal consequences of illegal investments, aiming to provide theoretical support for legal regulation of RCEOs' investment behavior.
  As special legal entities, RCEOs manage collective assets, develop resources, and serve members. Their investments must comply with legal boundaries to ensure asset security and member rights. RCEOs can invest in companies, cooperatives, and other market entities through equity investments, but cannot assume liability.
  The decision-making mechanisms for specific asset investments differ between the Rural Land Contracting Law, Land Administration Law, and the Rural Collective Economic Organizations Law. After the implementation of the latter, relevant decisions should be made by RCEOs' member assemblies or representative meetings.
  The Rural Collective Economic Organizations Law grants investment decision-making power to member assemblies or representative meetings, strictly limiting legal representatives' authority. Without proper resolutions, legal representatives cannot sign investment contracts. According to Article 20 of the Civil Code Contract Interpretation, if legal representatives exceed their authority and counterparties fail to exercise reasonable review, contracts are invalid for RCEOs. If RCEOs are at fault, they shall bear corresponding liability. If counterparties exercise reasonable review, apparent authority applies, making contracts valid for RCEOs.
• Select
  Research on Litigation for Confirmation of Membership of Rural Collective Economic Organizations from a Program Perspective

  WU Zhaojun

  Jinan Journal. 2025, 47(3): 88-101. https://doi.org/10.11778/j.jnxb.20242046

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  Membership confirmation in rural collective economic organizations (RCEOs) is crucial for developing new rural collective economies and realizing collective ownership, directly affecting farmers' property rights and rural social stability. Focusing on the legal interpretation of membership confirmation lawsuits, this paper employs normative and case analysis methods to address procedural aspects, clarify judicial divergences, and discuss rules for membership confirmation lawsuits, aiming to provide theoretical support for proper law application.
  Textual interpretation of Article 56(1) of the Rural Collective Economic Organizations Law reveals no additional conditions for filing lawsuits, implying that mere membership confirmation disputes can be filed without specific civil rights infringement. Membership confirmation lawsuits are declaratory actions, while member rights protection lawsuits are formative actions. Parties can file standalone declaratory actions or combine them with collective resolution revocation or payment requests.
  For membership disputes, Article 56(1)'s “directly file with the people's court” indicates a civil rather than administrative litigation path, bypassing prior government processing. The Civil Case Cause Regulation should add “RCEO Membership Confirmation Disputes” as a tertiary cause under “Ownership Disputes”, preceding “RCEO Member Rights Infringement Disputes”. Article 56(1) of the Rural Collective Economic Organizations Law provides three paths: mediation, arbitration, and litigation, with membership disputes following non-agreement arbitration, optional arbitration, and post-arbitration litigation systems, where mediation and arbitration are not prerequisites for litigation.
• Select
  On the Applicable Path of Villagers' Committees Acting as Collective Economic Organizations — Based on Article 64 of the Rural Collective Economic Organizations Law

  XIA Qin

  Jinan Journal. 2025, 47(3): 102-116. https://doi.org/10.11778/j.jnxb.20242044

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  The role of villagers' committees acting as collective economic organizations is crucial in addressing grassroots conflicts, development delays, and unfair distribution. This paper explores the application pathways of villagers' committees acting as collective economic organizations under Article 64 of the Rural Collective Economic Organizations Law. In China, the functions of villagers' committees and collective economic organizations have evolved from confusion to separation and coordination. Using normative and case analysis methods, this study clarifies the normative, rights, and application foundations for villagers' committees acting as collective economic organizations.
  Normatively, the legal basis for villagers' committees acting as collective economic organizations can be traced to the General Principles of Civil Law and Land Administration Law. With the promulgation of the Civil Code and Rural Collective Economic Organizations Law, this system has been legally established. Article 64 of the Rural Collective Economic Organizations Law should be interpreted in the context of public-private law integration, clarifying rules on acting subjects, nature, content, and responsibilities to build a modern rural governance system.
  Regarding the rights foundation, villagers' committees' authority stems from legal authorization to exercise collective economic organizations' economic functions, as they inherently lack such functions. The rights basis lies in collective ownership, with villagers' committees representing collective ownership to exercise management functions. The application foundation involves distinguishing functions of villagers' committees and collective economic organizations to construct an integrated rural governance structure.
  In application, Article 64 allows villagers' committees to apply provisions of collective economic organizations when no collective economic organization exists. However, due to differences in organizational structure, function, and responsibility, such application requires adaptation considering special characteristics of villagers' committees. Specifically, when acting as collective economic organizations, villagers' committees should adapt the provisions of collective economic organizations based on their unique organizational positioning, structure, and responsibilities.
• Select
  Theory and Strategy of Rural Industry Prosperity from the Perspective of New Urban-Rural Relations

  CAO Qianman

  Jinan Journal. 2025, 47(3): 117-135. https://doi.org/10.11778/j.jnxb.20231418

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  China's urban and rural areas have long been in a state of segmented development, with constantly accumulating and multiple structural problems. The urban-rural structural issues of rural economic development and social transformation have led to the decline of traditional industries and rural areas. Industrial prosperity is the core content of the rural revitalization strategy proposed at the 19th National Congress of the Communist Party of China (CPC). Promoting the prosperity of rural industries is a political task in the new era. Its significance lies in promoting farmers' employment and income growth, solving and bridging the development dilemma caused by the urban-rural divide, seeking a balance between urban and rural economic development and social transformation, reflecting the prosperity and employment of villagers, and preventing the decline of rural hollowing out. The development of rural industries needs to conform to the laws of rural evolution and the characteristics of the rural economy, grasp the social transformation of labor resource allocation, and grasp the matching and balance between the economic operation system and the social structure system from the perspective of regional sectors.
  This paper reviews the relationship between the development and industrialization of agriculture and rural areas in China, and the special historical mission in specific development periods. It analyzes the path selection in the process of industrialization and the formation of various special structural problems, as well as the nature of unbalanced and insufficient poverty or rural poverty in China. Additionally, it analyzes the underlying logic and challenges of the prosperity of rural industries in China in the new era, and explores industrial prosperity from the perspectives of regional sectors and urban-rural relationships. Based on the characteristics and laws of rural industries, this paper explores the role of urban areas in promoting the prosperity of rural industries through urban-rural integration, as well as strategies for reshaping urban-rural relationships. Based on building a regional economic sector that integrates urban and rural areas, forming a rural industrial ecology, and establishing the core logic of reshaping the new urban-rural relationship.
  This paper finds that rural development requires a dual transformation task of planning the development direction for farmers and ensuring agricultural security. The prosperity of rural industries, as an upgraded version of industrial poverty alleviation, requires necessary external support through the new urban-rural relationship. The prosperity of rural industries is based on following the laws of the rural economy, grasping the relationship between traditional and modern industries, and between comprehensive and singular rural industries, reflecting the important role of cities and towns. The transformation of the rural economy cannot be separated from the social transformation background of urbanization and it is necessary to maintain a balance between the economic system and the social system. Therefore, the prosperity of rural industries requires changing the path dependence and reshaping the development pattern, relying on the construction of new urban-rural relations to bridge the development dilemma of urban-rural segmentation. It is necessary to strengthen regional administrative responsibilities, coordinate and build an integrated and symbiotic economic ecosystem, enhance the complementarity between rural and urban functions, break the structural constraints of cities on rural areas, develop a city-driven urban system, and correct the economic limitations of administrative regions with functional differentiation. It is necessary to find a balance in integration, achieve a balance between market-oriented resource integration and factor allocation, and cultivate characteristic economies to obtain benefits.
  This paper aims to analyze the true intention of industrial prosperity, grasp the characteristics and regularities of rural industries, and focus on the support of urban functions. The prosperity of rural industries needs to strengthen the economic strategy of enriching the people, implement the new development concept, introduce new shared resources, provide necessary development preconditions, and explore the path of industrial transformation that meets the requirements of Chinese modernization.
• Select
  Rural Cultural Governance: Scene Creation and Driver Shift — Take X Village in S City, Eastern Zhejiang Province as an Example

  SHI Wei, HAN Yuxiang

  Jinan Journal. 2025, 47(3): 136-151. https://doi.org/10.11778/j.jnxb.20240926

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  With the in-depth implementation of the rural revitalization strategy, more and more cultural construction activities such as “governing the village with filial piety”, “cultural halls”, and “new era civilization lecture halls” have emerged. Currently, rural cultural construction presents political, social, and economic effects that are distinct from cultural efficacy. How cultural construction can drive village development has become an important aspect of rural cultural governance. Therefore, understanding the practical logic of rural cultural construction in promoting village development holds significant theoretical and practical significance.
  This paper adopts a case study approach, conducting semi-structured interviews and participant observation in X Village, S City in eastern Zhejiang Province, to examine the practical process, internal mechanisms, and governance efficacy of rural cultural governance in promoting village development. This paper finds that the realization of the economic value of rural cultural scenes goes through three stages. First, rural cultural construction is presented in the form of cultural scene creation, making the social efficacy of rural culture visible through visual means. Specifically, the village collective creates rural cultural scenes through the concentrated display of cultural symbols, the intensive supply of cultural activities, and the extensive participation of multiple subjects. Second, it is the diffusion mechanism of rural cultural construction. Through the promotion of grassroots governance innovation, rural cultural scenes gain recognition and support from local governments and have political efficacy. Third, it is the development mechanism of rural cultural construction. With the support of local governments, rural society receives intensive resource input, reconstructing the village development model. Therefore, rural cultural construction has multiple governance efficacies and enhances the level of rural cultural revitalization. The construction of rural cultural scenes promotes the realization of civilized rural customs by responding to farmers' cultural demands, reorganizes the grassroots society through cultural-driven village self-integration, and transforms the village development model through resource integration. At the same time, rural cultural construction has some misunderstandings such as the refinement, segregation, and scenarization of cultural supply.
  This paper reveals a new model of village development. In the practice of village development in various places, multiple forms of village development models such as land transfer and rural tourism have been formed. Local governments and village collectives have developed tourism by creating rural tourism landscapes and attracting urban residents to the village. However, the effectiveness of this approach is limited by location factors and geographical natural resources. Through the policy of land consolidation and reduction, promoting farmers to live in concentrated areas and obtaining land transfer income has gradually weakened with the end of the land finance dividend era. Through the introduction of agricultural capital to the countryside, guiding the land-scale operation, and the village collective collecting rent, it is limited by the operational capabilities of the capital subjects, and there are far more failed cases than successful experiences. However, the village development model based on cultural construction integrates the multi-dimensional forces of funds and subjects, constructing a new model of village development.
• Select
  Enterprise Digital Transformation, Technological Innovation Input, and Technological Innovation Output — Based on the Synergistic Effects

  SONG Xianzhong, HAN Yongfei

  Jinan Journal. 2025, 47(3): 152-176. https://doi.org/10.11778/j.jnxb.20242563

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  The report to the 20th National Congress of the Communist Party of China (CPC) proposed to “promote the deep integration of the digital economy and the real economy”, providing direction for the development of China's digital economy. In this context, enterprise digital transformation, as a core approach driven by data elements, is reshaping technological innovation models. However, most existing studies focus on the impact of single factors on technological innovation, neglecting the complexity of the synergistic effects between digital transformation and technological innovation input. This paper takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2022 as samples and systematically explores the synergistic effect of digital transformation and technological innovation input on enterprise technological innovation, aiming to reveal the dynamic interactive mechanism of data and technological elements and provide micro-level evidence for the integration of the digital and real economies.
  This paper adopts a quantitative analysis method with data from databases such as CSMAR and CNRDS. Financial industry companies and those with missing data were excluded, resulting in a final sample of 24,235 observations. Technological innovation output is represented by the natural logarithm of the total number of patent applications. Digital transformation is quantified by text analysis of relevant word frequencies in corporate annual reports, while technological innovation input is measured by the ratio of R&D investment to total assets.
  The results show that both digital transformation and technological innovation input significantly promote technological innovation output, confirming the existence of a synergistic effect. Endogeneity tests, including the instrumental variable method and propensity score matching (PSM), show robustness. Heterogeneity analysis reveals that the synergistic effect is more pronounced in substantive technological innovation output than in strategic technological innovation output. The synergistic effect is stronger for exploratory technological innovation input, while exploitative technological innovation input is only effective when paired with digital transformation. Mechanism tests show that the synergistic effect is achieved through three paths: (1) Resource integration creates new production conditions. (2) Optimizing innovation networks promotes resource flow. (3) Digital transformation and technological innovation input form a virtuous cycle. Further research finds that the synergistic effect is most significant when digital transformation is low and technological innovation input is high.
  This paper is innovative in three aspects. (1) It constructs a comprehensive framework to reveal the synergistic mechanism of data and technological elements, breaking the limitations of single-factor research. (2) It clarifies the differences in the effects of synergistic effects on different types of innovation through heterogeneity analysis. (3) It reveals the three-fold path of resource integration, network optimization, and dynamic circulation through mechanism tests. At the policy level, it is recommended that the government establish special funds and tax incentives to strengthen the synergistic mechanism, prioritize supporting exploratory innovation projects to promote their deep integration with digital transformation, build platforms for industry-academia-research cooperation to promote the sharing of innovation resources, and guide enterprises to formulate long-term innovation strategies with enhanced planning flexibility.This paper not only provides practical guidance for enterprises to optimize innovation resource allocation but also offers scientific evidence for policymakers to design differentiated support policies. By revealing the dynamic mechanism of the synergistic effect, this paper emphasizes the complementarity of digital transformation and technological innovation input, providing a clear path for enterprises to achieve technological breakthroughs in the digital wave.
• Select
  An Empirical Study on the Relationship between Heterogeneous Institutional Investors' Transaction Governance and Corporate R&D Investment

  FAN Haifeng

  Jinan Journal. 2025, 47(3): 177-196. https://doi.org/10.11778/j.jnxb.20240805

  Abstract ( ) Download PDF ( )   Knowledge map   Save

  In recent years, China's socio-economic development has faced significant internal resource constraints and a severe international economic environment. Technological innovation has become a crucial pathway for China to break through Western technological blockades, achieve major strategic goals such as building an innovative country, and drive sustainable development. Given the highly concentrated ownership structure of Chinese listed companies and the relatively low proportion of institutional investors, these entities confront challenges in actively participating in corporate governance due to imbalances between costs and benefits. Consequently, the capacity of China's institutional investors to promote corporate governance and technological innovation, along with the mechanisms through which they exert such influence, has emerged as a widely debated topic in academic and practical circles.
  From the perspective of transaction governance, this paper empirically studies the impact of transaction intensity of institutional investors, securities investment funds, and insurance funds on corporate R&D intensity. The results show that the trading intensity of both institutional investors and securities investment funds is negatively correlated with the R&D intensity of companies, but the trading intensity of insurance funds is not significantly correlated with the R&D intensity of companies. On this basis, this paper further divides the samples into an over-invested R&D group and an under-invested R&D group. It is found that the trading intensity of institutional investors as a whole and securities investment funds is significantly negatively correlated with the R&D intensity of over-invested R&D samples, but not significantly correlated with the transaction intensity of under-invested R&D group, and is significantly positively correlated with the innovation efficiency of companies. Insurance fund trading intensity has no significant effect on R&D intensity and innovation efficiency of the two groups of samples. The conclusions of this paper remain unchanged after using the robustness analysis methods such as the fixed effect model, instrumental variable method, replacement of grouping variables, and replacement of independent variables and dependent variables. Heterogeneity research reveals that the negative correlation between the overall transaction intensity and R&D intensity of institutional investors is mainly limited to listed companies in economically developed areas, and the impact on non-state-owned listed companies is significantly higher than that on state-owned listed companies. In terms of the influencing mechanism, it is found that stock liquidity and management wealth performance sensitivity play a significant moderating role in the relationship between institutional investors' transaction intensity and R&D intensity.
  Compared with previous studies, the contributions of this paper are reflected in the following aspects. (1) Different from the existing studies from the perspective of shareholding, this paper verifies the overall governance effect of institutional investors on corporate R&D investment from the perspective of transaction governance, that is, although the overall transaction intensity of institutional investors reduces corporate R&D intensity, this only occurs in companies with excessive R&D investment and has no significant impact on companies with insufficient R&D investment. In addition, it significantly promotes innovation efficiency, indicating that although its transaction governance has no significant impact on the under-investment in R&D caused by the opportunistic behavior of a company's executives to enjoy a “quiet life”, it can restrain and significantly reduce the opportunistic behavior of a company's executives in seeking personal benefits through excessive investment in R&D and reduce the waste of R&D funds. Therefore, from the perspective of transaction governance, it shows that our institutional investors are effective supervisors. (2) In terms of institutional investor heterogeneity, this paper verifies that securities investment funds, as independent institutional investors, have the same impact on R&D investment and innovation efficiency as institutional investors as a whole, while insurance funds have no significant impact on R&D intensity and innovation efficiency. (3) This paper finds that the market development in the location of a company, the heterogeneity of the ownership type, stock liquidity, and management wealth performance sensitivity have significant impacts on the transaction governance of institutional investors.
  From the perspective of transaction governance, this paper finds that China's institutional investors, especially independent institutional investors, play a significant role in governance over corporate R&D investment and promote innovation efficiency, which provides new evidence for the influence of institutional investors on corporate governance and technological innovation and enriches literature on the impact of institutional investors on corporate governance and technological innovation.