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15 January 2023, Issue 01 (222) Previous Issue    Next Issue

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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 2023 (01):  1-10.  Abstract ( 340 )   PDF (1686KB) ( 572 )   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. References | Related Articles | Metrics

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Import Shock, Servitization and Employment Effect in Manufacturing Industry XIAO Ting, SU Ya 2023 (01):  11-21.  Abstract ( 190 )   PDF (9737KB) ( 211 )   The liberalization of international trade makes many enterprises choose to transfer their industries to countries or regions with lower costs, which means that the impact of imports will lead to the loss of jobs in China's manufacturing industry. Through theoretical logic analysis and empirical test, it is confirmed that the manufacturing industry can effectively mitigate the negative impact of the import shock on China's manufacturing employment through service, and the empirical test confirms the positive regulatory role of service, and the employment effect caused by the import shock and the mitigation role of service are mainly reflected in the heavy industry sector, Further analysis also shows that there is significant heterogeneity in the role of service of different business types. When the manufacturing industry faces the impact of import, the demand and supply of labor force in the industry will be affected. Studying the mechanism will help to better understand the regulatory role of manufacturing service in this. References | Related Articles | Metrics

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Promoting Path of Rural Digital Development under the Goal of Common Prosperity: A Systematic Analysis LI Hui-feng, SUN Sha-sha 2023 (01):  22-31.  Abstract ( 373 )   PDF (2321KB) ( 397 )   It is the essence of socialism to achieve common prosperity. To promote common prosperity, rural development is the top priority. Digital countryside construction is a vital direction of rural revitalization and a key component of digital China strategy. Based on the perspective of system analysis, this paper proposes that the digital development of rural areas in China should be studied as a whole. Firstly, the digital development of rural China should accelerate the management of rural digital carrier, digital content and technology regulation in the physical foundation; then, on the operational level, the governance structure, subject relationship and action in the existing digital governance system should be optimized to promote the further development of rural digital government affairs system. At the strategic level, the system design and policy environment of rural digital governance should match the development of economy, society and people's livelihood, especially to strengthen the integration of digital technology and institutional advantages, and promote the high-quality development of rural digital under the goal of common prosperity. References | 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 2023 (01):  32-40.  Abstract ( 555 )   PDF (1267KB) ( 941 )   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. References | Related Articles | Metrics

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Digital finance, technological innovation and regional economic growth YIN Shao-hua, LUO Han-xiang 2023 (01):  41-49.  Abstract ( 263 )   PDF (1553KB) ( 437 )   This article uses the panel data of 31 provinces from 2011 to 2020 to examine the relationship between digital finance, technological innovation and regional economic growth. The research results show that, firstly, digital finance does have a direct and significant impact on improving the level of regional economic growth, and the incentive effect is more prominent in the eastern and central regions; secondly, digital finance can indirectly achieve this by promoting the level of regional technological innovation. Regional economic growth; finally, we found that this path implies a more detailed causal chain transmission path for technological innovation activities, that is, the development of digital finance has promoted the increase of R&D investment in the region, and the increase of R&D investment is the production of innovation. The increase and application of innovation output have achieved the overall technological progress of the region, and technological progress, as an important driving force, has significantly stimulated the improvement of the level of regional economic growth. References | Related Articles | Metrics

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Capital Account Liberalization and Technology Finance Development: “Neck and Neck” or “Shift From One to Another” ZHENG Zhi-yong, HE Jian, ZHANG Meng-ting 2023 (01):  50-59.  Abstract ( 188 )   PDF (3202KB) ( 218 )   The study dynamically examines the interrelationship between capital account liberalization, technology finance development and high-quality economic development based on a structural vector autoregressive model with time-varying parameters (SV-TVP-SVAR), and explores in detail the interrelationship and time-varying impact on high-quality economic development through the selection of key time points of capital account liberalization and technology finance development. The findings show that (1) although capital account liberalization can promote the development of science and technology finance in the short term, the long-term positive effect is not robust and has obvious lagging characteristics. (2) The current development of science and technology finance cannot robustly promote capital account opening, but the promotion effect is most significant in times of economic crisis. (3) Observations at different time points of both show that the positive effect of the reform to deepen capital account opening on science and technology finance gradually weakens with increasing lags, while listing the GEM to the market can further promote capital account opening. (4) Both capital account liberalization and technology finance development can promote high-quality economic development in most periods, but there are significant differences in the promotion utility. The lagging effect of capital account opening is heterogeneous, while the positive driving effect of science and technology finance development fluctuates significantly. References | 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 2023 (01):  60-69.  Abstract ( 222 )   PDF (1879KB) ( 468 )   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. References | Related Articles | Metrics

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Experimental Economics Study on Regulation of Agricultural Non-point Source Pollution by Environmental Tax-Based on the Samples of 8 Townships in Beibei and Hechuan District of Chongqing ZHOU Zhi-bo 2023 (01):  70-80.  Abstract ( 167 )   PDF (1413KB) ( 278 )   By establishing the theoretical framework of economic regulation of agricultural non-point source pollution, and taking the situation without any regulation as the benchmark, the effectiveness of factor based environmental tax, total amount based environmental tax, total amount based environmental tax/subsidy, output based environmental tax and collective penalty mechanism in regulating agricultural non-point source pollution is compared. The game behaviors of agricultural non-point source polluters and regulators under five regulatory mechanisms and unregulated situations are tested by using experimental economics methods, and the five regulatory mechanisms are prioritized based on the differences in efficiency and stability. It is found that environmental tax regulation of agricultural non-point source pollution is feasible and effective; Factor based environmental tax, total amount based environmental tax and output based environmental tax are superior to total pollution based environmental tax/subsidy and collective fine mechanism. There is no significant difference between factor based environmental tax and output based environmental tax, and they are significantly superior to total amount based environmental tax mechanism, while the collective fine mechanism is superior to total pollution based environmental tax/subsidy mechanism; There is no comparison between the collective fine and pollution gross environmental tax/subsidy mechanism and the unregulated situation. Although the regulatory efficiency of the former two is higher than that of the unregulated situation, the regulatory stability is poor. References | 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 2023 (01):  81-90.  Abstract ( 296 )   PDF (1457KB) ( 552 )   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. References | 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 2023 (01):  91-98.  Abstract ( 394 )   PDF (1149KB) ( 716 )   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. References | Related Articles | Metrics