25 February 2025, Volume 47 Issue 2

    

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  From National Defense Education to National Identity: Military Training Practices and Insights for Hong Kong and Macao Students in Chinese Mainland Universities

  HUANG Huan, ZHAO Jiaye

  Jinan Journal. 2025, 47(2): 1-14. https://doi.org/10.11778/j.jnxb.20231098

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  Comprehensively strengthening national defense education for students from Hong Kong and Macao is a crucial means to foster their sense of the Chinese national community, representing an interdisciplinary issue spanning politics, education, culture, and military affairs. Based on the goal of consolidating the consciousness of the Chinese national community, this paper focuses on the role of national defense education in strengthening students' national identity. Through a combination of literature review and field research, it explores the history and current state of military training for Hong Kong and Macao students in Chinese mainland universities. This paper reveals three different policies regarding military training for Hong Kong and Macao students in Chinese mainland universities: mandatory participation, voluntary participation (with school approval), and complete exemption. This study examines the reasons for adopting these policies from four perspectives: national-level policies, institutional-level decisions, student-level factors, and the content of military training programs. Findings show that national defense education strengthens Hong Kong and Macao students' identification with China, its culture, the Communist Party of China (CPC), and socialism with Chinese characteristics. Without it, their national identity weakens, potentially leading to mistaken self-identification as foreign students. In addition, this paper further investigates the interrelationship between forging the consciousness of the Chinese national community and national defense education. Findings demonstrate their sharing of aligned objectives, synchronized logical mechanisms, mutually embedded values, and coordinated advancement approaches. Therefore, national defense education serves as an effective means to strengthen the consciousness of the Chinese national community. Joint military training for Hong Kong/Macao students with Chinese mainland students can enhance the former's national and cultural identity, while promoting extensive exchanges and integration between the two groups.
     The research insights from national defense education to national identity reveal that in the framework of forging a strong sense of community for the Chinese nation, Chinese mainland universities must accurately understand and effectively implement military training for students from Hong Kong and Macao. It is essential to actively encourage their participation in such training, strengthen their identification with the nation and its culture, and effectively promote the development of military skills training for these students. This paper examines five key approaches to implementing such military training, structured around five dimensions. First, it is necessary to align institutional regulations with the development demands of the new era by revising military training regulations for Hong Kong and Macao students in accordance with the newly amended National Defense Law of the People's Republic of China (2020). Second, we should incorporate military training into the academic curriculum for Hong Kong and Macao students, establishing a comprehensive course system that integrates military training and national conditions education. Third, it is necessary to strengthen publicity and guidance to actively encourage Hong Kong and Macao students to participate in military training. Fourth, we can promote mutual integration through military training, fostering extensive interaction, exchange, and unity between Hong Kong and Macao students and their mainland counterparts. Fifth, we should highlight patriotic narratives in national defense education-sharing stories of Hong Kong, Macao, and the mainland jointly safeguarding the nation to deepen emotional resonance and broaden the sources of shared identity.
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  The Disagreements and Logical Connotation in the Classification of Chinese Opera Books from the Perspective of “Four-part Categorization”: An Investigation Focusing on the Public and Private Comprehensive Bibliographies and Book Records in Ming and Qing Dynasties

  CHEN Zhiyong

  Jinan Journal. 2025, 47(2): 15-33. https://doi.org/10.11778/j.jnxb.20231799

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  In the Ming and Qing dynasties, some public and private bibliographic records record opera but some do not. Those who record opera can be divided into two situations. Firstly, opera can randomly enter “classics”, “histories”, “philosophies” and “collections”. Secondly, opera is set into a new category in addition to “four categories”. There are different ways of finding a place for opera out of “four categories”, such as “the attachment outside ‘four categories’” (directly taking opera as an appendix to the whole bibliography), “forming an independent part” (giving opera and “four categories” the treatment as paralleling categories), and “temporarily following a new category” (attached to a new department out of “classics”, “histories”, “philosophies”, and “collections”). They are a kind of deformation or flexible treatment to the “four-part categorization” made by bibliographers to adapt to the development of books.
     The record of drama in “four categories” has its internal logic, which is mainly embodied in two kinds of logic: “attached to a category with similar nature” and “identifying the category based on its inner quality”. “Attached to a category with similar nature” mainly refers to a record method that will attach opera based on its feature of literature genre to documents with similar nature, such as attaching opera to novels, Ci, and non-dramatic songs when the bibliographer is unsure of how to classify opera. “Identifying the category based on its inner quality” refers to searching for corresponding relationships between “four categories” and opera and thus making a reasonable classification of opera books through realizing and recognizing the inner quality and outer characterization of opera. The change in the classification of opera in public and private bibliographies from “four categories” that can be arbitrarily entered to mainly fixed in “lyrics and songs from ‘collections’” is a result of the literary genre of opera under the dual knowledge system of bibliography and official studies, and reflects the process of long-term negotiation, run-in, and verification between opera and book classification and between opera and knowledge management. It means that intellectuals have regarded opera as a member of the literary family and the status of opera has been greatly improved.
     The classification of opera books shows the situation of “receiving and not receiving”, “where to collect”, and “fixed in ‘collections’” from the perspective of “four-part categorization”, which reflects the disjunction between opera and “classics” and “histories” and “philosophies” and “collections” when the official and private handle the classification of “four categories” in Ming and Qing dynasties. It presents a delicate process in which knowledge characteristics, book nature, and functional value of a new style interactively struggle with the traditional knowledge system and the zeitgeist, as well as the evolution of the attitude of intellectuals and even the national political system and cultural thought system in the Ming and Qing dynasties towards opera.
     Through examining different treatment schemes for the classification of opera books in comprehensive catalogues under the vision of “four-part categorization”, this paper restores the judging process of the nature of books and thoughts to the literary genre of opera held by literati and royal family, and reveals the complex aspects of acceptance from different social classes towards opera in Ming and Qing dynasties, which helps further understand the rich significance of the change of stylistic ideas of opera.
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  The Swedish Factory in Guangzhou in the Qing Dynasty: 1732-1856

  TANG Kaijian, LI Jiachang

  Jinan Journal. 2025, 47(2): 34-54. https://doi.org/10.11778/j.jnxb.20230787

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  This study aims to systematically investigate the history and architectural evolution of the Swedish Factory within the Thirteen Hongs district of Guangzhou, which, as one of the earliest established foreign factories, holds significant academic value for studying Sino-Western trade during the Qing Dynasty. Although the scholarly community has begun to recognize the importance of the Swedish Factory, in-depth research into its origins, development, evolution, and changes in appearance remains sparse. Consequently, this paper conducts a phased systematic study of the 125-year history of the Swedish Factory in Guangzhou, drawing upon an abundance of Sino-Western archival documents and widely collected materials such as the Map of the Thirteen Hongs District in Guangzhou, housed in museums and archives around the world. The objective is to attain a more precise comprehension of this historical phenomenon.
     The Swedish Factory served as the residential quarters leased by merchants of the Swedish East India Company during their trade activities in Guangzhou. It was strategically located in the midsection of the foreign factories district, known in Chinese as “Xiuho Hong” (修和行), and was also referred to by various other names, including “Sui Hong” (喘行) and “Suy Hong” (瑞行). Commencing from the tenth year of the Yongzheng era (1732), the merchants of the Swedish East India Company initiated the leasing of local merchants' premises for the use of their factories. The houses rented by the Swedish East India Company in its early days were not stable. Around the 13th year of the Qianlong Emperor's reign (1748), the company established a stable Swedish Factory in Guangzhou. The Swedish Factory underwent several renovations and reconstructions during its existence. Initially, the factory was a quintessential Chinese-style building; however, following a significant restoration in the 33rd year of the Qianlong era (1768), its colonnades and windows and doors began to exhibit distinct Western architectural styles, signifying a transition to a Western-style structure. In the tenth year of the Jiaqing era (1805), after the Swedish East India Company ceased its direct trade voyages to Guangzhou, the factory primarily served American merchants, except a few Swedish consuls who continued to reside there. After a devastating fire in the second year of the Daoguang era (1822), the Swedish Factory was reconstructed once, with its decorative craftsmanship becoming even more exquisite. However, by the sixth year of the Xianfeng era (1856), the foreign factories district in Guangzhou was ravaged by another fire, and the Swedish Factory also perished amidst the catastrophe.
     The Swedish Factory, established in the tenth year of the Yongzheng reign (1732) and ultimately dissolved in the sixth year of the Xianfeng reign (1856), spanned a period of 125 years in Guangzhou. It emerged as an indispensable commercial institution in the history of Sino-Western trade during the Qing Dynasty. Concurrently, it stood as a prominent Western-style architectural structure at the Guangzhou port from the 18th to the 19th centuries, bearing witness to the historical exchange of culture and trade between China and the West. A systematic study of the Swedish Factory not only enriches our understanding of Guangzhou's foreign trade during the Qing era but also aids in deepening the comprehension of cultural exchanges between China and the West, particularly as reflected in the field of architecture.
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  Can “Non-identity” Liberate Free Individuality: On the Philosophical Salvation of Adorno's “Negative Dialectics”

  KE Meng

  Jinan Journal. 2025, 47(2): 55-69. https://doi.org/10.11778/j.jnxb.20241789

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  The “Negative Dialectics”, based on the principle of “non-identity”, deeply criticized the totalitarian society that suppressed “negativity” and free individuality, and put forward Adorno's demand to liberate free individuality from the tyrannical rule of identity thinking. However, the “Negative Dialectics”, which emphasized continuous negation and subversion, was ultimately unable to counter the pervasive integration mechanism of capitalism and realize the redemption of free individuality. Therefore, in the context of advanced capitalism, to explore why “Negative Dialectics” cannot save free individuality and how to save the free individuality oppressed by identity thinking is important for objectively evaluating Adorno's negationist view of freedom, seeking a realistic path to break the domination of identity thinking, and based on this, to change the irrational social reality and promote the free and comprehensive development of individuals.
     This paper adopts the method of literature research and historical analysis, focuses on the core issue of whether “non-identity” can redeem free individuality, and provides an in-depth textual interpretation of the Dialectic of Enlightenment and Negative Dialectics. It analyzes the theory of freedom in the “Negative Dialectics” in the context of the conditions and theories in which it was produced, and combines it with the critical views of scholars such as Fiske and Habermas to make a dialectical evaluation of the progress and limitations of Adorno's thought. “Negative Dialectics” is a profound examination of identity thinking that affirms reality and suppresses individuality, and the emphasis on difference, diversity and contradiction builds a rather emotional philosophical methodology for the emancipation of free individuality. However, Adorno's elitist thinking led him to ignore the people's initiative; the “subject-object” critical framework and “negativist” thinking of the “Negative Dialectics” may lead it to evolve into a closed theoretical system that is unequal, non-dialectical, and detached from reality; and the insufficient critique of the domination of the logic of capital led to the theory's lack of practical value. Therefore, the “Negative Dialectics” can only construct a “utopia of negation”, which can hardly achieve the goal of liberating free individuality.
     The innovations of this paper are mainly reflected in the following two aspects. Firstly, with the help of Fiske's theory of “Producer Text” and the latest development of mass culture carried by new media, it indicates that people can resist integration, make their choices, and criticize the social reality, and that to fight against the domination of identity thinking, it is necessary to rely on the power of the people's subjectivity. Secondly, in the light of the latest forms of capitalist control, it examines the changing and unchanging aspects of capitalist ideological domination and the mechanisms by which it works, and clarifies whether it is the ideological manipulation in the 20th century carried by popular culture or the ideological manipulation in the platform era carried by algorithms, the behind-the-scenes manipulator is the logic of capital that seeks to maximize profits, and the failure to place the critique of the logic of capital at the center is the biggest theoretical flaw of the “Negative Dialectics”.
     This paper explains the internal logic, theoretical contributions, and shortcomings of Adorno's idea of freedom through a multidisciplinary, multi-theoretical cross-fertilization approach, which helps promote the mutual exchange and penetration of the disciplines of philosophy, sociology, psychology, and culture. At the same time, this paper introduces the research hotspot of digital capitalism, which helps to activate the vitality of “Negative Dialectics” and enhance the practical concern of related research.
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  Legal Orientation of Digital Behavioral Traces and the Protection of Rights and Interests: Addressing the Personal Information Protection Challenges for AI Platforms such as DeepSeek

  SHANG Xixue

  Jinan Journal. 2025, 47(2): 70-91. https://doi.org/10.11778/j.jnxb.20240131

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  As AI technologies such as DeepSeek have been applied in conventional network platforms, AI technologies such as machine learning, deep learning, and natural language processing have broken through the fragmentation limitations of non-automated data processing systems, and can accurately describe user profiles in massive and scattered digital trace data, and even dig out behavioral preferences and potential needs that the data subjects are not aware of. However, given the differences between digital behavior traces and personal information in morphological characteristics and identity, the conventional personal information protection model with personal control as the core is difficult to cope with. Given the interweaving and correlation between digital behavior traces and personal information, citizen privacy, and data elements, the following two issues need to be clarified. On the one hand, under the normative and practical background of personal information with identification as the core definition, the subject correlation of digital behavior traces carries the necessity of data protection and privacy protection. On the other hand, from the perspective of data element development, low identity does not affect the commercial use value of digital behavior traces but only identifies specific identities on the network. It is necessary to update the concept of identity to coordinate and link up the application of some personal information self-determination norms.
     To solve these two problems, this paper adopts normative analysis methods, case analysis methods, and value analysis methods, takes the core qualitative elements of personal information as the starting point of the argument, and discusses the legal attributes, rights, and interests connotation, and corresponding normative modes of digital behavior traces from the normative perspectives of privacy protection, personal information protection, and data element marketization.
     Firstly, the legal orientation of digital behavior traces is explained. The digital record of participation behavior in cyberspace (posting, comments, etc.) is not personal information. The function positioning of personal information is descriptive, while the function positioning of digital behavior records is retention. Personal information processed anonymously is no longer personal information, but anonymization corresponds to de-identification, not de-relevance. For the digital behavior trace data with more prominent relevant characteristics, the identification is not enough to support the protection of the rights and interests of the individual data it carries.Secondly, it analyzes whether digital behavior traces can be included in the scope of personal information protection in the existing normative framework. To safeguard the security and related rights and interests of users' digital behavior traces in commercial use, considering the characteristics of commercial use of digital trace information, it is necessary to re-understand the “identifiability” of digital behavior traces. The normative governance of digital behavior traces cannot be separated from the framework of the law of protection, but given the particularity of digital behavior traces, the application of specific rules under the law should be selective or conditional, and the application boundary mainly lies in whether digital behavior traces can be identified as personal information.
     Finally, the standardized utilization path of fuzzy and qualitative digital behavior traces is established. When the digital behavior trace is qualitatively ambiguous, that is, there is no direct correlation, it is difficult to apply the legal protection framework fully. Given the correlation between digital behavior traces and individuals, some personal information processing norms can be applied in the selection of applicable paths, thus maintaining the personal interests carried by digital behavior traces and providing security for participating behaviors in the digital space. Specific ideas are as follows:
     Firstly, the platforms should implement the notification and consent mechanism. The informed consent system may apply to digital behavioral data that are not clearly identifiable and relevant. The function of the informed consent right can guarantee users' independent control over their digital behavioral records, and prevent the risk of online privacy infringement.
     Secondly, the platforms shall adhere to the principle of transparency. In the Platform service agreement, regarding the collection and utilization of the user's behavioral traces on the platform, the mode of use, scope of use, and purpose of use shall be agreed upon through negotiation and respecting the user's subjective will. The platforms should explain the processing of digital behavioral traces, in line with the principle of transparent processing.
     Thirdly, the platforms shall adopt classification processing rules. Based on the above-mentioned factors such as the content of rights, protection considerations, and system application of digital traces, and in combination with the sensitivity of trace information (the degree of correlation with the privacy of a specific natural person), density (the number of similar information, that is, whether it is an isolated trace or a track formed by continuous tracking), and abundance (the mixing degree of different types of information, and the more types mean more cross-verified connection points), the system protection mode of digital trace information is classified.
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  The Feasibility and Path of Data Asset Protection in the Framework of International Investment Law

  SHI Yuyang

  Jinan Journal. 2025, 47(2): 92-106. https://doi.org/10.11778/j.jnxb.20242786

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  In the era of big data, data is an important strategic resource and its value is constantly mined and created, becoming a new asset. Data assets are digital resources that are legally owned or controlled by enterprises, public institutions, and government agencies and can be measured or traded. It can directly or indirectly create economic and social benefits. International investment law offers a framework for the protection of data assets. The “open” definition of investment in investment agreements allows for the inclusion of investors' data assets under the protective scope of these agreements, thereby facilitating comprehensive protection across various forms of investment and enhancing the adaptability and flexibility of investment agreements. Through the analysis of Einarsson v. Canada, it can be found that data, as assets in the first arbitration case of the International Center for Settlement of Investment Disputes, involved issues such as the eligibility of data assets as protected investments, the application of fair and equitable treatment clauses, the disclosure of data as indirect expropriation, and the valuation and compensation of data assets. Difficulties need to be solved from such aspects as facing squarely the impact of data ownership on data assets in international investment protection, attaching importance to the compatibility between fair and equitable treatment clauses and the stability of data supervision in host countries, building the identification criteria for indirect collection of data assets, and establishing the valuation criteria for data asset compensation in international investment arbitration. To provide new ideas for protecting data assets in the international investment framework and promote the legitimate and effective use of data assets. International investment law provides protection and dispute-resolution mechanisms for dealing with cross-border investments, and the inclusion of data asset protection can ensure that the management and use of data are regulated reasonably and uniformly across the globe. Analyzing the problems that arise during the investment process of data assets and the issues faced in Einarsson v. Canada can evaluate and reflect on whether international investment law can fully protect the investment interests of enterprises in the new economic model. This can help enhance the value of data assets, promote economic development, and provide a more reliable and stable investment environment for investors and countries.
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  The “Technical-Legal” Collaborative Regulation of the Abuse of Technical Measures in the Private Protection of Corporate Data Rights

  YUAN Shuai

  Jinan Journal. 2025, 47(2): 107-121. https://doi.org/10.11778/j.jnxb.20240120

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  Technical measures are technical means of protecting enterprise data. There are three primary inducements for the abuse of technical measures. First, in the practice of judicial protection of enterprise data rights, excessive emphasis is placed on the object attribute of private rights of enterprise data. Second, there are inherent drawbacks in protecting corporate data rights through the Anti-Unfair Competition Law, and the appearance of “improper form” easily obscures problems such as inconsistent protection objects and too broad protection interests. Third, changes in the network environment have triggered vicious competition in technology and intensified the abuse of technological measures.
     The abuse of technical measures mainly includes three typical situations. First, the improper expansion of the scope of protection for corporate data rights breaks through the effectiveness of the “limited exclusivity” of rights. Second, through technical measures, “point-to-point” excluding the use of public data by specific competitive entities is achieved. Third, data companies rely on their advantages in data stock and holding to implement horizontal monopolies, vertical monopolies, and other monopolistic behaviors.
     Separate legal governance of the abuse of technical measures in the private protection of corporate data rights may conflict with technical logic, and separate technical governance may fall into a legal crisis due to the personal biases of the implementers. “Technical-legal” collaborative regulation is in line with the causes of the abuse of technical measures, helping resolve the value conflict between technology and law and recalibrate the scale of private remedies. It meets the regulatory needs of seeking a balance between technology and law in the abuse of technical measures.
     The path of “technology-law” collaborative regulation of the abuse of technological measures can be carried out from two aspects. First, the law should guide the technology, clarify the instrumental status of technological measures, and undermine and circumvent technological measures only when the infringement or unfair competition act is established. Second, technology should be embedded in the law, and data scraping behaviors should be differentiated and evaluated by identifying the data content protected by technical measures, and destroying or circumventing technical measures to capture original enterprise data and derivative data generally constitutes infringement of enterprise data rights and interests. Destroying or circumventing technical measures to capture non-public personal information without users' authorization should be an act of unfair competition because it infringes on the rights and interests of consumers.
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  Scenario-Driven Deep Integration of Real Economy and Digital Technology: Internal Mechanisms and Implementation Paths

  XIA Jiechang, ZHANG Yajun

  Jinan Journal. 2025, 47(2): 122-136. https://doi.org/10.11778/j.jnxb.20242521

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  The deep integration of the real economy and digital technology is an important aspect of real-digital integration. Promoting the deep integration of the real economy and digital technology is an inevitable choice for achieving high-quality economic development in China. Scenarios contain key elements such as information, data, and resources. As an emerging paradigm for development, transformation, and innovation, scenario-driven approaches are of great significance to real-digital integration and have become a new key driver for the deep integration of the real economy and digital technology. However, at present, there are few studies on scenario-driven approaches and real-digital integration, and there is a lack of in-depth research on the mechanisms and paths of scenario-driven real-digital integration.
     This paper, from the perspective of scenarios, deeply analyzes the logic of scenario-driven deep integration of the real economy and digital technology, explores its application scenarios and key areas, and further proposes optimization paths. Firstly, this paper analyzes the logic of scenario-driven deep integration of the real economy and digital technology. From the perspective of the value realization conditions of digital technology, scenarios are important carriers and foundations for releasing the enabling effects of digital technology. From the perspective of the connection and role of scenarios, on the one hand, the real economy provides rich application scenarios and practical carriers for the breakthrough and transformation of emerging technologies such as digital technology; on the other hand, digital technology has given rise to new scenarios such as digital scenarios that break through the limitations of physical scenarios. Under this interaction, scenario-based digital technology innovation and application have become the key realization mechanisms for the deep integration of the real economy and digital technology. Secondly, it further focuses on the typical scenarios of the deep integration of the real economy and digital technology. This paper takes four typical application scenarios, namely, new industrialization, industrial Internet platform ecosystem, artificial intelligence (AI) and algorithm computing power, and industrial metaverse, as examples to analyze the role and specific practices of scenarios in driving the deep integration of the real economy and digital technology. Finally, based on the mechanism and practice of scenario-driven approaches, it proposes corresponding optimization paths from four perspectives: system improvement, technological empowerment, scenario innovation, and scenario digitalization.
     Compared with previous literature, the possible academic contributions of this paper lie in the following two aspects. Firstly, it takes scenarios as a perspective to study the influence mechanism of scenarios on the deep integration of the real economy and digital technology and expands scenarios from the conventional tangible physical space activities to virtual-real coexisting digital scenarios, making up for the lack of attention to scenario-driven approaches in existing literature. Secondly, based on clarifying the influence logic, it further combines real-world practices and cutting-edge digital technologies to analyze specific application scenarios, providing certain ideas and references for scenario-driven deep integration of the real economy and digital technology.
     This paper explains the mechanism of scenario-driven deep integration of the real economy and digital technology and analyzes typical scenarios, which helps relevant government departments deepen their understanding of scenario-driven approaches, more scientifically and reasonably release the strong multiplier and innovation effects of scenarios, and provide suggestions for promoting the deep integration of the real economy and digital technology.
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  The High-Quality Full Employment Effect of Digital Sense of Gain: Empirical Evidence from the Chinese General Social Survey

  DENG Rui

  Jinan Journal. 2025, 47(2): 137-155. https://doi.org/10.11778/j.jnxb.20240394

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  Digital sense of gain refers to residents' cognition and evaluation of the actual results obtained in the process of digitalization. As a form of subjective welfare perception, it may, like happiness and other similar feelings, have a subtle impact on residents' economic motivation and behavior. It has the potential to become a digital psychological driver for improving residents' employment quality, enhancing their willingness to start businesses, and promoting full employment in society. However, existing research has not yet systematically identified the causal mechanism between the digital sense of gain and high-quality full employment from both theoretical and empirical perspectives.
     This paper utilizes the data from the Chinese General Social Survey (CGSS) to evaluate the impact, possible mechanisms, and heterogeneous characteristics of the digital sense of gain on residents' achievement of high-quality full employment from three perspectives: employment quality, entrepreneurial behavior, and the probability of unemployment. The empirical conclusions show that the improvement of the digital sense of gain has a positive effect on improving individual employment quality and stimulating individual entrepreneurial motivation. At the same time, it can significantly reduce the phenomenon of social unemployment. From the perspective of employment quality, the enhancement of the digital sense of gain can have a promoting effect on employment quality by strengthening individuals' cognition of the digital transformation of work. However, strengthening individuals' perception of the degree of work autonomy is not conducive to the improvement of employment quality. From the perspective of entrepreneurial behavior, the improvement of the digital sense of gain can not only enable individuals to form obvious entrepreneurial motivation through the reinforcement of positive emotions but also significantly increase the probability of entrepreneurship by capitalizing on the perception of the advantage of having access to network information. From the perspective of the probability of unemployment, the enhancement of the digital sense of gain can significantly reduce the probability of individual unemployment by strengthening the enthusiasm for job search and the motivation for online job hunting. In addition, the effect of the digital sense of gain on high-quality full employment has heterogeneous characteristics based on gender, household registration, and age group.
     The marginal contributions of this paper are as follows. On the one hand, starting from the micro perspective of the people's sense of gain in the digital transformation, exploring the digital psychological driver for residents' high-quality full employment is an important supplement to the research on the reverse economic effects of subjective welfare in literature on happiness economics. On the other hand, by focusing on the transformative role of digital transformation in the fields of production and life, such as work styles, emotional cognition, and information search, this paper clarifies and tests the pathways through which digital sense of gain affects residents' high-quality full employment. To a certain extent, it reveals the micro-mechanisms of the labor market effects of digital subjective welfare.
     The conclusions of this paper indicate that digital sense of gain, as an expression of subjective well-being deeply embedded in the digital production and living space, is conducive to individuals' improvement of employment quality, identification of entrepreneurial opportunities, and expansion of job search in the labor market. This provides important implications for promoting residents' achievement of high-quality full employment from the perspective of enhancing digital sense of gain at the policy level.
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  Can the Change of Senior Executives of Central Enterprise Group Restrain the Financialization of Holding Listed Companies?

  YANG Xingquan, YANG Zheng

  Jinan Journal. 2025, 47(2): 156-175. https://doi.org/10.11778/j.jnxb.20230695

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  At this stage, the reform of state-owned enterprises (SOEs) is in full swing, and how to optimize the governance of parent-subsidiary companies to promote the overall advantages of the SOE Group is not only the strategic focus of the central government to comprehensively deepen the reform and innovation but also a hot topic in the academic interest. However, whether from the perspective of “unidirectional governance” or “bidirectional governance”, existing research on the effectiveness of parent-subsidiary governance of enterprise groups is still controversial. A review of existing literature reveals that research on the governance of parent-subsidiary companies of enterprise groups has paid particularly little attention to the economic consequences of changes in senior executives. At the same time, China's economy faces the risk of a shift from reality to virtual induced by the increased financialization of firms, and therefore, SOEs are increasingly focusing on returning to their main business. The financialization behavior of central enterprise group holding companies is not only affected by the motivation of subsidiaries to financialize but also by the influence of the effectiveness of the governance of parent-subsidiary companies. Unfortunately, few studies have explored the factors driving the financialization behavior of firms from the perspective of the governance of parent-subsidiary companies.
     Considering that job appointment and removal is an important institutional arrangement to incentivize and restrain the senior executives of central enterprise groups and subsidiaries in order to realize the governance of the group's parent-subsidiary companies, this paper makes use of this special external supervisory mechanism to investigate the impact of the senior executive change of central enterprise groups on the financialization behavior of holding companies by using the OLS regression model with the listed companies held by the central enterprise groups as the research object. Based on the personnel appointment and removal announcements disclosed by the State-owned Assets Supervision and Administration Commission of the State Council, this paper manually collates the database of appointments and removals of the senior executives of central enterprise groups between 2009 and 2019. The empirical study in this paper shows that the change of the senior executives in the central enterprise group significantly reduces the degree of financialization of the holding companies, and a series of robustness tests, such as the DID model, the Heckman two-stage regression, the PSM-OLS model, the placebo test, the identification of reverse causality, the sub-sample analysis, the variable substitution, and the control of omitted variables, support the results of the benchmark regression. The mechanism test shows that the change of senior executives of SOE groups is mainly to reduce the holding company's financial assets by reducing agency conflicts and improving the performance of the main business. Further research shows that the governance effect of senior executive change is more obvious on the optimization of financial asset investment behavior of holding companies in non-core central enterprise groups when the type of senior executive change is promotion and the number of changes is less. It is found that the change of senior executives in central enterprise groups can not only improve the main business performance of holding companies but also effectively restrain the crowding out effect of financialization on the R&D activities of holding companies and enhance holding companies' innovation ability.
     This paper takes the appointment and removal of positions in the parent company as an entry point to study the impact of senior executive change of central enterprise groups on the financialization behavior of the holding companies, which not only enriches research on the economic consequences of the governance of parent-subsidiary companies of enterprise groups and related literature on the factors influencing the financialization of the real enterprises but also provides a new perspective to test the operational efficiency of the central enterprise groups. Further, the findings of this paper can provide important policy insights for deepening the governance reform of central enterprise groups and promoting central enterprise groups to focus on their main responsibilities and businesses.
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  Can Common Institutional Ownership Promote Corporate Charitable Donations?

  ZHU Tao, HUANG Qinxue

  Jinan Journal. 2025, 47(2): 176-196. https://doi.org/10.11778/j.jnxb.20240648

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  Drawing upon the third wave of philanthropy in China and the new requirements for corporate social responsibility (CSR) outlined in the 14th Five-Year Plan, this paper focuses on the impact of common institutional ownership on corporate charitable donations. In this context, corporate charitable donations not only reflect a company's sense of social responsibility but also serve as a crucial means to enhance its corporate image and competitiveness. However, corporate decisions on charitable donations are often influenced by external factors, among which common institutional investors, as a significant market force, exert a particularly notable influence.
     Using data on institutional investor holdings in A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2021, and adopting the calculation method proposed by Park et al. (2019), this paper constructs proxy variables for common institutional ownership by representing institutional investors with fund companies. Based on the stakeholder theory and social network theory, this paper examines how common institutional investors, serving as bridges for information and resources among firms within their portfolios, influence corporate charitable donations. The empirical findings reveal that common institutional ownership significantly enhances corporate charitable donation performance. Specifically, listed companies with common institutional investors tend to engage in more active charitable donations compared to those withoutcommon institutional investors. While promoting corporate charitable donations, common institutional ownership is more inclined to foster strategic charitable donations. These conclusions remain valid after a series of robustness checks. Mechanism analysis demonstrates that common institutional ownership positively influences corporate charitable donations through monitoring and governance effects and information synergy effects. Further analysis shows that the economic development level of the location where a listed company operates weakens the impact of common institutional ownership on corporate charitable donations.
     Compared to previous literature, this paper contributes to the fields of economic consequences of common institutional ownership, the impact of social networks on firms, and corporate charitable donations in three ways. Firstly, regarding the debate on common institutional ownership, this paper focuses on common institutional investors in China's capital market and finds that they can strengthen governance capabilities, promote synergistic effects, and enhance charitable donations by leveraging “industry expertise” and “governance externalities”, providing new evidence for positive synergies. Secondly, integrating stakeholder and social network theories, this paper reveals the positive impact of common institutional investors on corporate charitable donations by leveraging their information advantages and industry experience from the perspective of common institutional ownership, deepening the understanding of the micro-role of common institutional investors. Thirdly, considering the characteristics of China's capital market, this paper expands research on the impact of common institutional investors on corporate decision-making and finds that they play an active role in monitoring and governance in terms of charitable donations, urging companies to fulfill their social responsibilities, elevate donation levels, and strengthen market positions, thereby enriching related research.
     To a certain extent, this paper provides theoretical support for companies to balance economic interests and social responsibilities and achieve sustainable development. Regulatory authorities are recommended to guide common institutional ownership networks, standardize corporate social responsibility fulfillment, and encourage listed companies to introduce common institutional investors to strengthen cooperation. Meanwhile, combining stakeholder and social network theories, this paper offers a new perspective on the relationship between institutional investors and corporate charitable donations, providing new insights for future research and new evidence for the monitoring and governance of common institutional ownership and information synergy effects.