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15 July 2022, Issue 04 (219) Previous Issue    Next Issue

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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 2022 (04):  1-10.  Abstract ( 290 )   PDF (1423KB) ( 453 )   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. References | 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 2022 (04):  11-21.  Abstract ( 227 )   PDF (1734KB) ( 606 )   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. References | 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 2022 (04):  22-31.  Abstract ( 614 )   PDF (1385KB) ( 1104 )   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. References | 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 2022 (04):  32-41.  Abstract ( 308 )   PDF (1538KB) ( 908 )   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. References | Related Articles | Metrics

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Can Non-controlling Large Shareholders’ Exit Threats Curb Executive Compensation Stickiness CHEN Yan-li, YUAN Mei-qi 2022 (04):  42-51.  Abstract ( 278 )   PDF (1369KB) ( 629 )   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. References | Related Articles | Metrics

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Can the OutGoing Audit of Natural Resources Improve City's Innovation Ability FU Yu 2022 (04):  52-60.  Abstract ( 219 )   PDF (2005KB) ( 574 )   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. References | Related Articles | Metrics

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Does the pressure of local economic growth improve the efficiency of enterprise investment ZHANG Guang-sheng, LI Yuan-yuan, CHEN Ming-li 2022 (04):  61-70.  Abstract ( 215 )   PDF (1380KB) ( 360 )   by manually collecting the local economic growth target data of China from 2007 to 2019, this paper constructs the local government economic growth pressure index, and discusses the impact and mechanism of this index on the investment efficiency of local micro enterprises. The research shows that the pressure of local economic growth can significantly inhibit the inefficient investment of enterprises in the jurisdiction, which is realized by improving the level of corporate governance. Due to the differences of property rights, regional and industrial heterogeneity, the effects of economic growth pressure on enterprise investment efficiency are different. From the perspective of property rights, the impact of local economic growth pressure on enterprise investment efficiency is more significant for private enterprises; Based on the perspective of the control level of state-owned enterprises, the impact on local state-owned enterprises is more significant; Based on the perspective of regional marketization process, the impact on enterprises in the central and western regions is more obvious. Further research found that the improvement of corporate governance under the pressure of local economic growth is an important reason to improve the investment efficiency of enterprises. References | Related Articles | Metrics

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Longevity Risk, Subjective Survival Probability and Aging Financial Asset Allocation ZHU Wen-pei, LIN Yi 2022 (04):  71-80.  Abstract ( 215 )   PDF (1866KB) ( 548 )   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. References | 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 2022 (04):  81-90.  Abstract ( 239 )   PDF (1817KB) ( 874 )   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. References | 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 2022 (04):  91-100.  Abstract ( 396 )   PDF (1371KB) ( 515 )   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. References | 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 2022 (04):  101-110.  Abstract ( 296 )   PDF (1656KB) ( 614 )   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. References | Related Articles | Metrics