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The Interactive Effect of Endorser Type and Brand Concept on Consumer Attitude LI Ke-yi, JIN Fei Journal of Guizhou University of Finance and Economics    2022, 40 (05): 83-91.   Abstract （631）      PDF （1298KB）（1459）       Knowledge map    With the development of social media, the types of endorsers are becoming more and more abundant, and the development of virtual influencers has brought a new choice to enterprises. However, how to choose between real endorsers and virtual endorsers has become a critical problem for enterprises. This study explored the applicable situations of virtual endorsers based on the Processing Fluency Theory. We conducted two experiments to show (1) the interaction between brand concept and the types of celebrity endorsers on the purchase intention, which is when consumers faced with the open brand concept, the choice of virtual celebrity endorsers makes them have higher purchase intention; When consumers face conservative brand concept, choosing real celebrity endorsers will make them have higher purchase intention; (2) processing fluency plays a mediating role in this interaction. Reference | Related Articles | Metrics

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ESG Disclosure and Stock Price Crash Risk SHENG Ming-quan, YU Lu, WANG Wen-bing Journal of Guizhou University of Finance and Economics    2023, 41 (02): 32-41.   Abstract （692）      PDF （1560KB）（1306）       Knowledge map    How to prevent risk has become the focus of attention at the stage of high-quality development, so it is very important to clarify the relationship between ESG disclosure (environment, society and governance) and risk. Therefore, taking stock price crash risk as the breakthrough point, this paper examines the impact of ESG disclosure on stock price crash risk based on the data of Shanghai and Shengzhen A-share listed companies from 2010 to 2020, the research results indicate that ESG disclosure can decrease the stock price crash risk, and it mainly acts on that through reducing agency costs and improving agency efficiency. The cross-sectional test results show that, this impact of ESG disclosure is even more significant in non-SOEs, non-polluting enterprises, and enterprises with higher information disclosure quality. The conclusions provide empirical evidence for ESG disclosure to restrain stock price crash risk, and have certain implications for avoiding stock price crash risk and stabilizing the development of capital market. Reference | Related Articles | Metrics

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Can the Development of Digital Inclusive Finance Promote Household Consumption - Empirical Research Based on CHFS data GUO Ji-hui, WANG Ze-rong Journal of Guizhou University of Finance and Economics    2022, 40 (04): 22-31.   Abstract （610）      PDF （1385KB）（1100）       Knowledge map    Using the data of China Household Finance Survey (CHFS) in 2015, 2017 and 2019, this paper empirically evaluates the impact of DIF on household consumption behavior. Results show that DIF significantly promotes the household consumption level. After considering endogeneity and other issues, the benchmark results remain robust. On the one hand, DIF can improve household consumption by increasing the per capita consumption of low-level households and increasing household expenditure on food, household equipment, transportation and other aspects; On the other hand, it can also improve household consumption by alleviating liquidity constraints, improving financial literacy and improving payment convenience, and these three mechanisms explain about 68.9% of the benchmark effect. In addition, the main beneficiaries of the positive consumption effect of DIF are households with middle-aged or young householders, high school or above household heads, form rural, central or western areas. Further analysis show that the development of DIF is a double-edged sword, because it improves the probability of excessive consumption of young people. Reference | Related Articles | Metrics

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How does digital transformation affect corporate margins-Research on mechanism and experience from the perspective of digital economy ZHOU Xiao, GUO Shu-hua Journal of Guizhou University of Finance and Economics    2023, 41 (01): 32-40.   Abstract （552）      PDF （1267KB）（937）       Knowledge map    In the context of the digital economy era, enterprise digital transformation has become an important path to enable enterprises to develop new momentum. Based on the data experience of listed companies from 2001 to 2019, this paper explores the effect and specific mechanism of digital transformation on corporate profitability. The research found that the digital transformation of enterprises has significantly improved the profit margin of enterprises. This conclusion is still valid after further dealing with endogenous problems by using system GMM and tool variable method. Moreover, the digital transformation of enterprises has effectively promoted the improvement of enterprise profit margin through two mechanisms, namely, improving the production efficiency of enterprises and reducing the external transaction costs of enterprises. This not only expands the scope of research on the economic effects of enterprise digital transformation, but also provides some empirical basis for the formulation of digital related policies and driving enterprise digital transformation. Reference | Related Articles | Metrics

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Tax avoidance, Internal Control and Firm Value LIU Bing-xi, WANG Bao-shun, LIU Xiao-ran, TIAN Guan-jun Journal of Guizhou University of Finance and Economics    2022, 40 (04): 32-41.   Abstract （305）      PDF （1538KB）（904）       Knowledge map    This article empirically examined the relationship among internal control,tax avoidance and firm value using listed companies data in China from 2012 to 2019.The results show that aggressive tax avoidance negatively affected firm value. High quality internal control inhibited aggressive tax avoidance. Internal control played a positive mediation role in tax avoidance and firm value nexus. The policy implication is that attach more importance to internal control quality, balance the cost and benefit of tax avoidance at micro level, and tax code should be perfectly made up, and the external inspection should be in place at macro level. Reference | Related Articles | Metrics

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The Influence Mechanism of Traditional Village Residents’ Place Attachment on Support for Tourism CHEN Yi-meng, CHENG Jin Journal of Guizhou University of Finance and Economics    2022, 40 (04): 81-90.   Abstract （237）      PDF （1817KB）（873）       Knowledge map    Based on attachment theory to construct an integrated model including place attachment (place identity and place dependence) as independent variables, overall community satisfactions as a mediation variable, support for tourism as a dependent variable, dependence on tourism economy (yes/no) and tourism economy development (high/low) as two moderation variables. Data are obtained from a random sample of 254 residents of Miao and Dong traditional villages, Qiandongnan, Guizhou Province. The hypotheses are tested by the structural equation model. Results show that place identity and place dependence are positively related to community satisfaction; place identity, place dependence, and community satisfaction significantly influence tourism support; the partial mediating role of overall community satisfaction is examined; and moderating role of dependence on tourism economy (yes/no) and tourism economy development (high/low) were examined. By exploring the direct effect, indirect effect and boundary conditions, the mechanism of place attachment on residents’ support for tourism is demonstrated. The findings make theoretical and practical implications for tourist destination planning and management. Reference | Related Articles | Metrics

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Evolution of Industrial structure and High-quality Economic Transition and Development in China XIANG Qiu-lan, CAI Shao-hong, ZHANG Zai-jie Journal of Guizhou University of Finance and Economics    2023, 41 (01): 91-98.   Abstract （390）      PDF （1149KB）（715）       Knowledge map    From the perspective of industrial structure evolution, this paper makes an in-depth study on the theoretical logic and development strategy of high-quality economic transition and development in China. On the basis of a deep understanding that China is in a new development stage, high-quality economic development should explore new intensive and sustainable economic development models and industrial development methods, transform the power source of economic development, and ultimately achieve the economic development goals of innovation, efficiency, fairness and sustainability. Building the "double synergy" system of industrial structure for high quality economic development should be as following (1) rationalization of industrial structure and advanced industrial structure be effective collaborated. (2) efficient industrial structure and ecological industrial structure be effective collaborated. This is a feasible way to promote high-quality economic development in China. Reference | Related Articles | Metrics

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Research on the risk measurement and early warning mechanism construction of rural poverty alleviation families-An analytical framework based on livelihood vulnerability CHEN Wen-mei, ZHANG Chang-zhu, LI Chun-gen Journal of Guizhou University of Finance and Economics    2023, 41 (02): 73-82.   Abstract （286）      PDF （1374KB）（646）       Knowledge map    On the basis of explaining the mechanism of livelihood vulnerability and the risk of returning to poverty of the poverty-stricken households, this paper constructs the index system for measuring the risk of returning to poverty of the rural poverty-stricken households and calculates the risk degree of returning to poverty. The empirical results show that the risk of returning to poverty of rural poverty relief families in the whole country is low, and the risk of returning to poverty of rural poverty relief families in the western region is high, and at the same time. Facing the dual dilemma of external risk and weak internal capacity; The risk adaptation ability is the main indicator leading to the risk of returning to poverty. The five capital contribution rates are different. Financial capital and human capital are the main contribution factors to enhance the risk adaptation ability. On this basis, the early warning mechanism of poverty reduction risk can be built from five aspects:information collection and management system, big data platform judgment of early warning level, early warning level verification, early warning measures intervention, and early warning measures evaluation. We can focus on areas prone to return to poverty, prevent the risk of external return to poverty, improve the anti-risk ability of rural poverty-stricken families, and improve the implementation of early warning and assistance mechanism to prevent return to poverty. Reference | Related Articles | Metrics

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Can Non-controlling Large Shareholders’ Exit Threats Curb Executive Compensation Stickiness CHEN Yan-li, YUAN Mei-qi Journal of Guizhou University of Finance and Economics    2022, 40 (04): 42-51.   Abstract （276）      PDF （1369KB）（628）       Knowledge map    How to effectively manage the stickiness of executive compensation has been widely discussed in theoretical and practical circles. This paper takes A-share listed companies in Shanghai and Shenzhen Stock Exchange as research samples to empirically test whether the exit threat of non-controlling major shareholders has an impact on executive compensation stickiness. The empirical study finds that the exit threat of non-controlling major shareholders can effectively inhibit the stickiness of executive compensation. When the ownership concentration is higher, the industry competition degree is lower and analysts pay more attention to the enterprise, the inhibition effect of the exit threat of non-controlling major shareholders is more significant. Further research finds that information transparency has a partial mediating effect on the influence of exit threat of non-controlling major shareholders on executive compensation stickiness, that is, the exit threat of non-controlling major shareholders encourages enterprises to improve corporate information transparency to restrain controlling shareholders' hollowing out and self-interest behavior of senior management, thus reducing executive compensation stickiness. Finally, the exit threat of non-controlling major shareholders can effectively reduce the executive-employee pay stickiness gap and promote the fairness of executive-employee pay distribution rules. Reference | Related Articles | Metrics

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Intellectual Property Strategy and Private Enterprise Innovation—A quasi-natural experiment based on the national intellectual property rights demonstration city pilot YAN Yong-sheng, LI Ling-fei, SHAO Chuan-lin Journal of Guizhou University of Finance and Economics    2022, 40 (05): 63-72.   Abstract （203）      PDF （1868KB）（611）       Knowledge map    Strengthening intellectual property protection is an important part of improving the property right system, which is of great significance to stimulate the innovation of private enterprises. Taking the national intellectual property demonstration city policy implemented in 2012 as a quasi natural experiment, this paper selects the data of A-share private listed companies in Shanghai and Shenzhen from 2005 to 2020 as the research sample, and uses the multi-stage double difference model to investigate the impact of intellectual property strategy on the innovation of private enterprises. The results show that intellectual property strategy will significantly promote the innovation of private enterprises, which is still valid after a series of robustness tests. The heterogeneity test shows that intellectual property strategy plays a more obvious role in promoting the innovation of private enterprises in central and western regions, high financing constraints and high-tech industries. The mechanism test shows that the intellectual property strategy mainly acts on the innovation of private enterprises through government subsidies and improving talent agglomeration. Therefore, we should continue to strengthen the protection of intellectual property rights, continuously optimize the business environment and encourage private enterprises to research and innovate. Reference | Related Articles | Metrics

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Institutional Adaptability and The Evolution of Regional Economic Development Model - Rethinking on the Wenzhou Model's Retransformation YE Zhi-peng, ZHENG Jing-wei, LI Shuo-yan Journal of Guizhou University of Finance and Economics    2022, 40 (04): 101-110.   Abstract （293）      PDF （1656KB）（610）       Knowledge map    In the current context of building a model zone of common prosperity in Zhejiang, exploring how the Wenzhou model achieves re-transformation is an important insight for understanding the evolution of the Wenzhou regional economic development model and its role in leading common prosperity. This paper introduces the theory of institutional adaptability and examines the role of institutional adaptability of the local economic governance system in the evolution of the regional economic development model and its impact on regional economic development, taking the Wenzhou model as an example. It is found that the institutional adaptability of the local economic governance system determines the evolution of the regional economic development model and its development effectiveness through path-dependent or path-creating mechanisms. The strong institutional adaptability in the early stage created the brilliance of the Wenzhou model, but the lack of institutional adaptability in the middle and late stages constrained industrial transformation and upgrading and regional high-quality development. The core of the re-transformation of the Wenzhou model lies in enhancing the adaptability of the local economic governance system, expanding and strengthening the urban economy, accelerating the construction of the urban economic circle, strengthening regional economic cooperation and cross-regional governance capacity, strengthening the innovation of the government management system and functions, and realizing the transformation from a relational governance system to a rule-based governance system. Reference | Related Articles | Metrics

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On Employment and Wages of Impact of Tax Incentives—A Quasi-natural Experiment Based on China’s Value-added Tax Reform XIONG Rui-xiang, LIU Wei Journal of Guizhou University of Finance and Economics    2022, 40 (05): 13-22.   Abstract （244）      PDF （1718KB）（608）       Knowledge map    Tax-incentives is one of the important measures taken by government to promote economic development and improve workers’ welfare. However, this policy may also prompt firms to replace labor with capital, which ultimately reduces employment and wages. Based on the 1998-2007 "Chinese Industrial Enterprise Database", this paper uses and the difference-in-differences method to estimate the effects of VAT transformation policy on firms’ employment and wages. We find that China’s VAT transformation policy significantly reduces employment and wages. The effects are greater in larger, higher initial VAT-rate, higher capital intensity and lower labor intensity firms. These findings indicate that, to support firms development and protect workers’ welfare, the government should introduce some related supporting measures at the same time of tax-incentives. Reference | Related Articles | Metrics

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Financial Subsidies,Advanced Stage of Industry Structure and the Production Efficiency of Private High-Tech Industries - An Empirical Study Based on the Durbin Model of Dynamic Space HONG Xia, MEI De-ping Journal of Guizhou University of Finance and Economics    2022, 40 (04): 11-21.   Abstract （224）      PDF （1734KB）（606）       Knowledge map    The leading and leading role of private high-tech industries in production efficiency is conducive to the implementation of my country's innovation-driven strategy and the realization of high-quality economic growth.This paper uses the urban panel data of private high-tech industries from 2003 to 2013, and uses the dynamic spatial Dubin model to study the direct impact and spatial spillover effects of financial subsidies and advanced stage of industry structure on the production efficiency of private high-tech industries.The research conclusions show that: financial subsidies have a significant promotion effect on the total factor productivity and technical efficiency of private high-tech industries, but the impact on technological progress is not significant, and only has a significant positive spatial spillover effect on technical efficiency.Advanced stage of industry structure has a significant positive impact on all indicators of production efficiency, and also has a spatial spillover effect on production efficiency,and if there is a spatial spillover effect, the spatial spillover effect is much greater than the direct effect. Reference | Related Articles | Metrics

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Can the OutGoing Audit of Natural Resources Improve City's Innovation Ability FU Yu Journal of Guizhou University of Finance and Economics    2022, 40 (04): 52-60.   Abstract （216）      PDF （2005KB）（574）       Knowledge map    Green transformation and scientific and technological innovation are major issues related to high-quality economic development. How to achieve both through system design has become an important challenge in the process of China's economic transformation. Based on the economic and social data of 291 cities in China from 2006 to 2019, using the quasi natural experiment formed by the pilot work of leading cadres' natural resources assets departure audit, this paper systematically investigates the impact of leading cadres' natural resources assets departure audit system on urban innovation ability. The results show that: first, the outgoing audit of natural resources assets of leading cadres significantly improves the innovation ability of pilot cities, and the policy effect becomes more and more obvious over time; Second, the change of official performance assessment caused by the departure audit of natural resources assets of leading cadres has encouraged local governments to increase financial investment in science and technology and accelerate the agglomeration of elements of scientific and technological talents, thus promoting the improvement of urban innovation ability; Third, the above effects are more obvious in the eastern and central regions, large and medium-sized cities and non resource-based cities. Reference | Related Articles | Metrics

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Effect of Stock Market Opening on Green Innovation in Manufacturing Enterprises - Evidence from the Shanghai-Shenzhen-Hong Kong Stock Connect HOU Chaohui, CHEN Quanbao, SHUAI Zhaowen Journal of Guizhou University of Finance and Economics    2023, 41 (04): 101-110.   Abstract （248）      PDF （1391KB）（572）       Knowledge map    Promoting green innovation in manufacturing enterprises is of great significance for China to achieve its "peak carbon dioxide emissions" and "carbon neutrality" goals, as well as for the comprehensive green transformation of the economy and society. Using a sample of manufacturing firms listed on the A-share market from 2010 to 2021, this study employs a multi-period difference-in-differences model constructed based on the implementation of the trading system of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connection, and empirically examines the impact of the trading system on green innovation in manufacturing enterprises. The study reveals that the implementation of the trading system not only promotes green innovation in manufacturing firms, but also enhances the quality of such innovation. Mechanism tests indicate that the trading system promotes green innovation in manufacturing firms by alleviating financing constraints and enhancing environmental information disclosure. Heterogeneity analysis suggests that the impact of the trading system on green innovation is greater for privately-owned manufacturing firms and non-heavy-polluting manufacturing firms. The research findings indicate that the opening up of the capital market plays an important role in promoting green economic development and achieving the "dual carbon" targets, providing a theoretical basis for further expanding the opening up of the capital market. Reference | Related Articles | Metrics

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“Stratum Spanning” or “Stratum Solidification”-Micro measurement and comparative analysis based on intergenerational economic, educational and social status mobility HAO Xiao-jing Journal of Guizhou University of Finance and Economics    2023, 41 (01): 1-10.   Abstract （339）      PDF （1686KB）（569）       Knowledge map    Using the data of China Household Income Survey (CHIPS) in 1988, 1995, 1999, 2002, 2007 and 2013, this paper analyzes the intergenerational mobility in China from three dimensions:economic status, educational background and social status. The research finds that the intergenerational mobility based on economic status is strong and tends to "stratum leap", but the intergenerational mobility based on educational background and social status is weak and tends to "stratum solidification". In recent years, the liquidity of the three has weakened. This shows that the current mobility between social classes may be more derived from the external environment changes created by economic and social development; Compared with income distribution, the root causes of social inequity may come from education and other fields involving equal opportunities. To some extent, this conclusion can provide some support for the current "double reduction" policy of education. In terms of promoting social equity in the future, relevant public policies should focus on basic education and other areas related to initial equality of opportunity, especially on benefiting the lower class. Reference | Related Articles | Metrics

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Income Disparity, Digital Service Import and Digital Marginalization LIAO Jia, LI Si-yi Journal of Guizhou University of Finance and Economics    2022, 40 (05): 32-42.   Abstract （228）      PDF （2246KB）（567）       Knowledge map    The increasingly wide income disparity is a universal problem in this world. At the same time, the global digital service is developing rapidly, while "digital inequality" is becoming more and more serious, since the digital service industry has been dominated by developed countries. Based on the fact of "digital inequality", this paper makes an empirical analysis about the impact of income disparity on the import of digital service by using the panel data of 130 countries from 2007-2019. The results show that the growing income disparity will significantly reduce the import of digital service in developing countries, which doesn’t have significant impact in developed countries. After further introducing instrumental variable and dynamic panel data to alleviate endogeneity, our results remain robust. By explaining the impact that income disparity has on the import of digital service, this paper suggests that in addition to the development of the Internet and ICT technology, it is also important for the developing countries to narrow the income disparity to catch up with the digital economy era and avoid further "digital marginalization". Reference | Related Articles | Metrics

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Longevity Risk, Subjective Survival Probability and Aging Financial Asset Allocation ZHU Wen-pei, LIN Yi Journal of Guizhou University of Finance and Economics    2022, 40 (04): 71-80.   Abstract （211）      PDF （1866KB）（546）       Knowledge map    This article uses data from the "China Population and Employment Statistical Yearbook" to predict future mortality trends based on historical mortality statistics, calculates the expected survival probability of people of all ages and genders living to a certain age, and compares them with the subjective survival probabilities in the CHARLS 2018. Empirical research shows that there is a significant positive correlation between the expected survival probability and the subjective survival probability, indicating that people can aware of the future decline in mortality and can adjust the subjective survival probability. The longevity risk, as an environmental variable, has a positive impact on the individual’s subjective survival probability. The rise in subjective survival probability will not significantly affect the level of savings, but will significantly increase the possibility of personal holdings of commercial endowment insurance and risky financial assets, together with a corresponding increase in annual premiums and holdings amount. The relationship between subjective survival probability and aging financial asset allocation has significant heterogeneity among different age and household register groups. Reference | Related Articles | Metrics

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Can Returnee Managers Promote Corporate Green Innovation-Evidence from Chinese A-share Listed Companies LU Chao, ZHU Tian-qi Journal of Guizhou University of Finance and Economics    2023, 41 (01): 81-90.   Abstract （294）      PDF （1457KB）（546）       Knowledge map    Based on the upper echelon theory, this paper selects A-share listed companies in Shanghai and Shenzhen from 2014 to 2019 as samples, empirically tests the relationship between returnee managers and corporate green innovation. The results show that:Returnee managers can significantly promote corporate green innovation. Returnee managers can promote corporate green innovation by improving the level of corporate social responsibility and R&D investment. After exploring the adjustment factors from the macro, meso and micro perspectives, it is found that in terms of corporate green innovation activities, there is a complementary relationship between government quality, market competition and returnee managers, while there is a substitution relationship between internal control level and returnee managers. After further research, it is found that in the state-owned enterprises, non-heavy polluting industries, municipalities directly under the central government, and high level of external supervision groups, returnee managers have a more significant role in promoting corporate green innovation; After distinguishing the types of green innovation, it is found that the promotion of green invention patents with high innovation requirements is more obvious. Reference | Related Articles | Metrics

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Whether national innovative city construction can promote carbon emission efficiency-Theoretical construction, mechanism analysis and spatial effect evaluation YANG Peng-yu Journal of Guizhou University of Finance and Economics    2023, 41 (02): 93-102.   Abstract （257）      PDF （1475KB）（529）       Knowledge map    In the context of innovation-driven development, improving carbon emission efficiency is a key link to achieve green and low-carbon development. Based on the quasi-natural experiment of pilot construction of innovation-oriented cities, an analysis framework of enterprise heterogeneity was constructed to analyze the impact of pilot policies on urban carbon emission efficiency, transmission mechanism and spatial-temporal heterogeneity from theoretical and empirical perspectives. Panel data of 282 prefecture-level cities from 2006 to 2020 were used for verification. The results show that:Pilot policies of innovation-oriented cities can significantly promote the improvement of urban carbon emission efficiency; In terms of influencing mechanism, pilot policies of innovation-oriented cities will improve urban carbon emission efficiency through green technology innovation and industrial structure optimization; The effect of innovation pilot policies on the improvement of carbon emission efficiency is differentiated in different regions, different industrial bases and cities of different sizes; From the spatial perspective, the promotion effect of innovation pilot policies on carbon emission efficiency has a spatial spillover effect, which will significantly drive the improvement of carbon emission efficiency of cities within 150 km to 250 km. Reference | Related Articles | Metrics

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Can RCEP Offset The Impact of The China-US Trade War: Reconsideration of China's Economy Security ZHANG Shao-jun, YU Zhi-ke, ZHENG An-ran Journal of Guizhou University of Finance and Economics    2023, 41 (02): 11-20.   Abstract （286）      PDF （2366KB）（525）       Knowledge map    By constructing a multi-country and multi-sectoral structure model,this paper quantitatively analyzes the offsetting effect of RCEP on the China-US trade war. The main findings are:(1) RCEP can partially offset the negative impact of the China-US trade war on China's output; among all sectors, the agriculture, food, textile and wooden sectors have benefited more. (2) Regardless of whether it is export or import, RCEP can effectively offset the negative impact of the China-US trade war on China's foreign trade; and with the help of a third country in RCEP, trade ties between China and the United States can again occur, reducing the risk of China-US decoupling. (3) RCEP can also alleviate the negative impact of the China-US trade war on China's real wages. Against the backdrop of the China-US trade war, actively participating in free trade zones and opposing trade protectionism is an important weapon for China to ensure economy security in a more unstable and uncertain world. Reference | Related Articles | Metrics

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VAT Sharing, Fiscal Efforts and Local Tax Revenue—Hypothesis and test based on experience WANG Wen-jian Journal of Guizhou University of Finance and Economics    2022, 40 (05): 23-31.   Abstract （218）      PDF （1345KB）（524）       Knowledge map    Based on China's provincial panel data from 2003 to 2015, this paper studies the impact of sharing tax on local financial efforts. Taking value-added tax sharing as an example, by constructing a dynamic panel data model, the empirical results show that value-added tax sharing plays a 'substitution effect’ on local financial efforts. With the increase of the amount of value-added tax shared to the local government, the tax collected by the local tax bureau decreases. Through the channel identification method of Acemoglu et al., it is found that since the tax collection and management adopts the 'task objective management’ mode, value-added tax sharing has a negative impact on local taxes by reducing the efforts and efficiency of local tax collection and management. Therefore, after the merger of national and local taxes, under the new tax collection and management system, we should strengthen the informatization and legalization of tax collection and management, and abandon the target management system of tax collection and management, so as to give play to the economic growth effect of the new tax collection and management system. Reference | Related Articles | Metrics

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Evolution Logic, Benefit Comparison and Future Development Orientation of Agricultural Industrialization Management Organization Mode GAO Yuan-yuan, CHEN Zhe Journal of Guizhou University of Finance and Economics    2022, 40 (05): 102-111.   Abstract （229）      PDF （1348KB）（523）       Knowledge map    Throughout the development process of China's agricultural industrialization management organization mode, the cooperation relationship between the organization subjects presents a track from decentralized management to cooperation, and then from diversified derivative cooperation to multi-agent cooperation. The multi-agent linkage organization mode has more advantages in economic benefits, land benefits and spiritual benefits than the leading enterprise driven mode and intermediary organization driven mode. However, it is not suitable for China to develop a unified organization mode across the board. In the future, we should retain the more mature local organization mode, make use of local administrative resources, grass-roots Party organizations strength and other advantages, constantly innovate and coordinate the structure and relationship of the existing organization mode, pay attention to the integration of formal and informal systems, and actively integrate market-oriented and welfare channels, and gradually explore a more suitable mode of agricultural industrialization management to give full play to its maximum benefits in future practice. Reference | Related Articles | Metrics

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Can R&D Expense Deduction Policy Improve the Innovation Income of Enterprises CHEN Fei-fei, JIN Wei-dong, LIU Jing-fu Journal of Guizhou University of Finance and Economics    2022, 40 (05): 73-82.   Abstract （207）      PDF （1792KB）（515）       Knowledge map    Innovation income is the power source for enterprises to carry out effective innovation. Based on the previous reform practice, this paper studies the innovation income effect and its occurrence mechanism of R&D expense deduction policy. The results show that the R&D expense deduction policy can encourage enterprises to carry out innovation activities, but the innovation income is not obvious. Among them, compared with expanding the scope of policy application and increasing the proportion of the government's sharing of innovation risks, it can not only increase innovation input and innovation output, but also enhance the innovation income of enterprises through the capitalization of innovation input, which deserves more attention. Through further examination, it is found that the quality of innovation rather than the efficiency of market transformation is an important factor restricting the income of enterprise innovation. Therefore, reforming the risk-sharing mechanism, especially strengthening the capitalization of R&D investment, and perfecting the policy system of scientific and technological innovation are important aspects to encourage enterprises to innovate effectively. Reference | Related Articles | Metrics

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Strategic Conception of Integrated Green Development of Chengdu-Kunming-Chongqing Region: Based on the Comparison of Major Regional Strategies TENG Xiang-he, LIN Cai-yun, WEN Chuan-hao Journal of Guizhou University of Finance and Economics    2022, 40 (04): 91-100.   Abstract （392）      PDF （1371KB）（515）       Knowledge map    Optimizing the layout of major regional strategies is an important issue to grasp the new development stage, to implement the new development concept, to construct the new development pattern and to promote high-quality development. The major regional strategies have the typical characteristics of getting rid of the shackles of administrative divisions, strengthening the leading and radiating effect, having specific themes, making top-level strategic planning and setting up the central coordination mechanism. Compared with these typically major regional strategies, Chengdu-Chongqing economic circle lacks the functional characteristics and necessary conditions of the major strategy. If Chengdu-Chongqing region can play well the role of major regional strategy, integrated green strategy of Chengdu-Kunming-Chongqing region will be planned and constructed by relying on Chengdu-Chongqing economic circle, as well as taking trans-regional integration as the breakthrough point and taking green development as the core theme. This development strategy is based on the theory of watershed division and sustainable development, and fully follows the spatial development pattern of the upper Reaches of the Yangtze River on the premise of 'development at the point and protection at the surface’. It also accords with the historical development trend of Chengdu-Chongqing cross-regional cooperation. At the same time, this development strategy has urgent realistic demand and realistic possible conditions, in terms of the promoting innovative development of watershed based ecological civilization construction, establishing strategic links of domestic and international double circulation, ensuring national energy security to achieve 'double carbon’ target, fostering a strong sense of community among the Chinese nation and building the platform to contact South Asia and Southeast Asia. To realize this development strategy, it is necessary to improve the functional positioning of Kunming, to take Guizhou province as the hinterland of green development, to optimize the new development space for living, industry and city, to establish the internal and external transportation network system, to promote the integration of basic public services and to carry out the integration of ecological environment protection. Reference | Related Articles | Metrics

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The Integration of Data and Reality and High Quality Economic Development: Retrospection, Progress, and Prospects JING Wenjun, CHI Jialin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 74-81.   Abstract （324）      PDF （1189KB）（493）       Knowledge map    The deep integration of digital economy or digital technology with the real economy is an inevitable choice for achieving high-quality development of China's economy. By tracing the theoretical basis of "digital real integration", we have reviewed relevant domestic and foreign literature on promoting high-quality economic development through "digital real integration". Research has found that there may be issues in current research such as unclear definition of core concepts, incomplete research system, and insufficient integration between research and practice. Based on this, future research trends are proposed, including introducing the "technology economy" paradigm to define the concept of the digital economy, paying attention to the application of classical theories in the field of the digital economy, and emphasizing the extraction of "Chinese experience" in the development of the digital economy. Reference | Related Articles | Metrics

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Research on the Transmission Effect of Systematic Financial Risk on Price Based Monetary Policy in China: —An Empirical Analysis Based on DMA-TVP-FAVAR Model and MS-VAR Model LÜ Zheng, LIU Liping Journal of Guizhou University of Finance and Economics    2023, 41 (05): 12-21.   Abstract （265）      PDF （7610KB）（475）       Knowledge map    Monitoring systemic financial risk and identifying the impact of this risk on the operational effects of monetary policy have significant practical value in balancing growth stabilization and risk prevention. The study innovatively applies the DMA-TVP-FAVAR model to build China's systemic financial risk index from a dynamic perspective and evaluates the nonlinear impact of financial risk on the output and price effects of price-based monetary policy with the help of the MS-VAR model. The study finds that:the money market has an important position in China's financial system, and the prevention of financial risks cannot be separated from the smooth operation of the money market, and the banking industry, stock market, real estate industry, and foreign exchange market account for a limited proportion of China's systemic financial risk index, but their relative importance has risen. China's systemic financial risk is characterized by a clear two-zone system and maintains a higher persistence of high-risk zones. Under the role of systemic financial risk, the operational effect of price-based tools shows asymmetry and the existence of financial risk substantially weakens the effectiveness of monetary policy, so it is necessary for the central bank to increase the intensity of monetary policy operations in order to realize the macroeconomic control objectives. The research helps to establish a systemic financial risk response mechanism with Chinese characteristics. Reference | Related Articles | Metrics

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Does the Non-state-owned Directors’ Enthusiasm for Governance Inhibit the Goodwill Bubble of State-owned Enterprises’ Mergers and Acquisitions-Empirical Evidence from Voting by the Board of Directors DU Zheng-yuan, WU Qiu-sheng Journal of Guizhou University of Finance and Economics    2023, 41 (01): 60-69.   Abstract （221）      PDF （1879KB）（467）       Knowledge map    Select the empirical data of A-share state-owned listed companies from 2013 to 2020, and uses non-state-owned directors to vote non-yes to represent their governance enthusiasm to study the relationship between non-state-owned directors' governance enthusiasm and the goodwill bubble of state-owned enterprise mergers and acquisitions. The study found that the improvement of non-state-owned directors' enthusiasm for governance can not only significantly reduce excess goodwill, but also significantly reduce the provision ratio of goodwill impairment and the probability of goodwill impairment. Governance effectively curbed the goodwill bubble of state-owned enterprise mergers and acquisitions. Further research on the influence path of non-state-owned directors' governance enthusiasm to exert the inhibitory effect found that non-state-owned directors' governance enthusiasm can significantly inhibit the goodwill bubble of state-owned enterprise mergers and acquisitions by reducing agency costs and alleviating information asymmetry. The research conclusions provide useful inspiration for continuing to promote mixed ownership reform, giving full play to the positive role of non-state-owned directors in "voting by hand", and improving the effect of state-owned enterprise mergers and acquisitions. Reference | Related Articles | Metrics

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Corporate Digitalization and Total Factor Productivity Improvement—Evidence from Listed Companies in China WU Jingfei, WANG Zehao, NI Zhongxin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 41-51.   Abstract （289）      PDF （3015KB）（460）       Knowledge map    Digitalization has emerged as a paramount strategy for modern enterprises, however, a debatable aspect lingers over whether digitalization truly enhances the total factor productivity of enterprises. Based on the input of digitisation-related intangible assets, the number of patents and software copyrights, and the word frequency data of annual reports of listed companies and their first-tier holding subsidiaries, we constructed a digitisation level indicator system with three dimensions of input, achievement and attention, and measured the digitisation level of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 by using the entropy method. Then, the effect and mechanism of enterprise digitisation on total factor productivity were tested. The study finds that:the overall digitisation level of Chinese listed companies fluctuates and rises, showing that state-owned enterprises are faster than non-state-owned enterprises, the eastern part is faster than the central and western regions, and the information technology industry is faster than other industries; Digital transformation is conducive to improving total factor productivity and is achieved through four mechanisms:improving internal communication efficiency, enhancing economies of scale, reducing dependence on large customers and improving supply chain management efficiency; The impact of digital transformation on total factor productivity is particularly pronounced in non-state-listed companies, industries characterized by high levels of competition, and in the market-oriented eastern region. Reference | Related Articles | Metrics

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Entrepreneurial Training, Social Capital and Innovation Spirit of Returning Entrepreneurs - Based on the survey data of national returned entrepreneurial enterprises WANG Yi, BAI Gui-ting Journal of Guizhou University of Finance and Economics    2022, 40 (04): 1-10.   Abstract （286）      PDF （1423KB）（452）       Knowledge map    Entrepreneurial innovation spirit determines the high quality development of returning entrepreneurial enterprises, and entrepreneurial training is an important way to enhance the innovation spirit of returning entrepreneurs. Based on the survey data of 2139 national hometown entrepreneurial enterprises in 2019, we empirically analyzed the impact of entrepreneurship training on the innovation spirit of hometown entrepreneurs and its mechanism of action. It found that both offline training before returning to home and online training after returning to home significantly enhance the innovation spirit of returning entrepreneurs. Pre-return offline training can significantly enhance the innovation spirit of survival and developmental, central and western, primary and tertiary industry returnee entrepreneurs; post-return offline training can significantly enhance the innovation spirit of value-based and tertiary industry entrepreneurs; post-return online training can significantly enhance the innovation spirit of developmental, central and secondary industry entrepreneurs. Entrepreneurship training can significantly and positively affect the social capital accumulation of entrepreneurs who return to their hometowns. Reference | Related Articles | Metrics