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15 March 2023, Issue 02 (223) Previous Issue    Next Issue

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Does market segmentation hinder tax competition-Based on the analysis of the barrier effect and the curing effect ZHANG Xue-dan, LI Na 2023 (02):  1-10.  Abstract ( 234 )   PDF (1364KB) ( 335 )   Clarifying the role mechanism between tax competition and market segmentation is conducive to improving the degree of regional coordination and standardizing local government behavior. The research finds that the market segmentation and the tax competition have an interactive relationship, which shows that the market segmentation reduces the enthusiasm of local governments to participate in the tax competition through the effect of barriers and solidification, and suppresses the play of the tax competition, while the tax competition intensifies the market segmentation. The heterogeneity analysis shows that the inhibitory effect of market segmentation on tax competition is robust and has a stronger effect on the right end of the distribution of tax competition conditions. The empirical analysis based on the interaction regression model found that market segmentation is not conducive to improving resource mismatch and weakens the optimization effect of tax competition on resource allocation. References | 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 2023 (02):  11-20.  Abstract ( 288 )   PDF (2366KB) ( 527 )   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. References | Related Articles | Metrics

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Can digital economy development curb the expansion of local government size-An Empirical Study Based on the Perspective of Government Governance Capacity DUAN Long-long, HE Hu 2023 (02):  21-31.  Abstract ( 366 )   PDF (1679KB) ( 401 )   The article examines the relationship between digital economy development and local government size in China from 2010 to 2020 and finds that:(1) the relationship between digital economy development and local government size in China shows a first suppressed and then inflated (1) there is a "U"-shaped correlation between the development of China's digital economy and the size of local governments, and government governance capacity plays a significant mediating and negative regulating role in the process of digital economy influencing the change of local government size, and the improvement of government governance capacity can significantly inhibit the expansion of local government size in synergy with digitalization; (2) there are three obvious thresholds for China's digital economy influencing the change of local government size (2) There are three obvious thresholds for the change in the size of local governments affected by the digital economy in China; (3) From a sub-regional perspective, the development of the digital economy in the eastern region has entered the rising range of expanding the size of government, while the central and western regions are still in the falling range of the digital economy effectively reducing the size of local governments; (4) The change in the size of local governments between provinces in China has obvious "path-dependent" characteristics, and in order to continue to promote efficient and streamlined service-oriented (4) The change in the size of local governments at the inter-provincial level in China is characterized by obvious "path dependence". References | Related Articles | Metrics

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ESG Disclosure and Stock Price Crash Risk SHENG Ming-quan, YU Lu, WANG Wen-bing 2023 (02):  32-41.  Abstract ( 697 )   PDF (1560KB) ( 1306 )   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. References | Related Articles | Metrics

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Study on the Social Responsibility of China's Listed Companies-A Comparative Study based on Domestic and Foreign Institutional Investors GUO Dong-jie, LI Meng-yu, ZOU Shi 2023 (02):  42-52.  Abstract ( 279 )   PDF (1552KB) ( 397 )   This paper systematically analyzes the mechanism of institutional investors' impact on corporate social responsibility (CSR) from the perspective of voting with their hands and voting with their feet, and empirically examines the differences of CSR improvement between domestic and foreign institutional shareholders. The study find that institutional investors help companies fulfill their social responsibilities, and foreign institutional investors' positive effects are more pronounced than domestic institutional investors. Since China's A-shares joined MSCI, CSR of constituent companies has increased significantly due to the allocation of funds by overseas institutions. Further analysis shows that for listed companies with smaller assets and higher equity concentration, institutional investors have greater positive impact on CSR; public equity funds, sunshine private equity, insurance companies, and social security fund promote CSR, while financial products issued by brokers have negative influence on CSR. The above conclusions are still robust after controlling the endogenous problems. References | Related Articles | Metrics

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Study on the effect and mechanism of land transfer scale on the coordinated development of the region ZHONG Wen, ZHENG Ming-gui, ZHONG Chong-biao, YAN Zhi-qing 2023 (02):  53-61.  Abstract ( 211 )   PDF (1455KB) ( 348 )   Based on the perspective of resource mismatch, this paper discusses the effect and mechanism of land transfer scale on the high-quality development of the region, in order to provide reference for the high-quality development of China's region. The results show that the scale of land transfer and the high-quality development of the region show an inverted "U"-type relationship, in the process of land transfer scale expansion, the two-handed land supply strategy of local government low-cost transfer of industrial land and high-priced land transfer business has caused land price distortion, which further aggravates the inhibition effect of land transfer scale on the high-quality development of the region. And through the upgrading of regional industrial structure and regional innovation level, the high-quality development of the region is affected by the influence of land transfer scale on the development of high-quality in the region. At the same time, it has triggered a distortion in the structure of public expenditure. References | Related Articles | Metrics

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Authority of Rural Entrepreneurs and Enterprise Innovation ZHAO Ce, YU Jie 2023 (02):  62-72.  Abstract ( 202 )   PDF (1429KB) ( 307 )   Entrepreneurship is an important way to develop rural economy and boost rural revitalization. As an important informal system affecting rural governance, authority also plays a prominent role in rural enterprise management. In order to investigate the impact of entrepreneur authority on rural entrepreneurial innovation, this paper uses the data of "Thousand Villages Survey" conducted by Shanghai University of Finance and Economics to demonstrate. It is found that the absorption of scarce resources, the construction of psychological foundation, and the resistance to risk tolerance constitute three mechanisms that the authority of rural entrepreneurs positively promotes firm innovation. The relationship between firm size and marketization has a significant moderating effect, indicating that the smaller the firm size is, the lower the marketization degree is, and the more significant the positive promoting effect is. Further research shows that when the authority level of rural entrepreneurs is higher than the average authority level of the group, their enterprise innovation ability is correspondingly higher. References | 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 2023 (02):  73-82.  Abstract ( 290 )   PDF (1374KB) ( 648 )   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. References | Related Articles | Metrics

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Research on the influence of social basic medical insurance on migrant workers' employment flow-Based on the perspective of comparison between resident medical insurance and employee medical insurance WANG Cui-qin, LIN Xiao 2023 (02):  83-92.  Abstract ( 196 )   PDF (1559KB) ( 331 )   The employment flow of migrant workers is an important way to narrow the gap between urban and rural areas and achieve common prosperity. Based on the dynamic monitoring survey data of the national floating population in 2017, the impact of social basic medical insurance on the employment flow of migrant workers was studied. The study found that compared with the medical insurance for employees, the resident medical insurance reduced the migrant workers' flow time; Residents' medical insurance promotes the probability of more than three times of mobility; Compared with the resident medical insurance, the employee medical insurance promotes the cross-city and cross-county flow of migrant workers. The heterogeneity results show that the resident medical insurance weakens the cross-city and cross-county flow of the old generation of migrant workers, while the employee medical insurance promotes the cross-city flow of the new generation of migrant workers; Participating in residents' medical insurance or workers' medical insurance in registered residence will have a "pull back" effect on migrant workers' employment mobility. Therefore, in order to promote the employment flow of migrant workers and weaken the restraining role of social basic medical insurance in the process of migration, we should create conditions to encourage more migrant workers to participate in employee medical insurance; Improve the overall level of medical insurance and reduce the transfer and continuity barriers of medical insurance. References | 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 2023 (02):  93-102.  Abstract ( 259 )   PDF (1475KB) ( 531 )   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. References | Related Articles | Metrics

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Analysis of the Governance System of the Green Belt and Road Initiative Deepening the Construction of a Community with Shared Future between China and Africa YANG Da, WU Ji 2023 (02):  103-111.  Abstract ( 262 )   PDF (1848KB) ( 382 )   Deepening the construction of a community with a shared future between China and Africa is an necessary move for their mutually beneficial and friendly cooperation to take a new level in the new era. By taking advantage of the connotation and extension of the Green Belt and Road Initiative, following the internal logic of two-way linkage between domestic governance experience and foreign governance practice of the T-shaped green governance model, taking the domestic governance experience as the breakthrough orientation, exploring the African dimension of foreign governance practice, it can help African countries move from the edge of governance to the center of governance, and help shape and spread the discourse system of green governance with Chinese characteristics, so as to realize the deep direction of the construction of Sino-African community of shared future. Specifically, first of all, focus on the green core, positioning the improvement of the ecological environment as the development of productive forces, taking climate governance as the starting point, focusing on the special response to the current ecological environment and climate governance in Africa. Secondly, the green key wings, using the theory of environmental economics to seek solutions to the dual coordination of economy and environment, with green infrastructure as the carrier and green finance as the support, in order to concern about the parallel of African economic development and environmental protection. Finally, green multi-guarantee, driving green capacity-building and green power cultivation by "cultivating professional talents-using green technology to eradicate poverty-institutionalizing the green development of the digital economy", to build momentum for fundamental institutional reform in Africa's drive for promoting the "green" sustainable modernization process. References | Related Articles | Metrics