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15 May 2023, Issue 03 (224) Previous Issue    Next Issue

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Deepen the Financial Emergency Management Mechanism under the Perspective of Public Risk LIU Shangxi, ZHAO Jinsong 2023 (03):  1-6.  Abstract ( 223 )   PDF (1803KB) ( 236 )   Public risk is a common problem we are facing, which needs to provide public products to prevent and mitigate, and the emergency management is an appropriate practical mean of public products. The national finance provides financial guarantee for dealing with all kinds of major public emergencies, and the financial emergency management mechanism is certainly a significant part of the national emergency management mechanism. At present, the national financial emergency management mechanism still has some shortages, including the legal protection mechanism of financial emergency management is imperfect, the management mechanism of emergency financial fund is inadequate, the operation mechanism of financial emergency management policy is inefficiently, the division mechanism of authority and expenditure responsibility is unreasonable, the implement mechanism of financial supervision and performance evaluation system is juvenility. In view of this, if we financial emergency management mechanism under the perspective of public risk, we should take the public risk as a principal line permeated with the entire process. On this basis, we should take some measures as follow, promoting the legal protection mechanism of financial emergency management, consummating the management mechanism of emergency financial fund, refining the operation mechanism of financial emergency management policy, enhancing the division mechanism of authority and expenditure responsibility, strengthening the implement mechanism of financial supervision and performance evaluation system. References | Related Articles | Metrics

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Study on the impact of cross-border e-commerce on the export of agricultural products—From the perspective of trade cost TANG Zhong, LI Jing 2023 (03):  7-17.  Abstract ( 651 )   PDF (2614KB) ( 334 )   In recent years, the export trade of agricultural products in the traditional way of trade is weak, but the export trade of agricultural products in the way of cross-border e-commerce is growing rapidly, which is worth analyzing. The academic consensus is that cross-border e-commerce can reduce trade costs and promote trade growth, but there are few literatures on the impact of cross-border e-commerce on agricultural export trade costs. Based on the customs data of cross-border e-commerce from China to 228 countries and regions around the world, this paper re-examines the classic theoretical propositions of international trade, such as economies of scale, geographical distance and language difference, from the level of export destination country. The results show that:(1) Compared with the traditional trade mode, the sensitivity of cross-border e-commerce agricultural export trade to the geographical distance and language barrier of the export market, as well as the economic scale of the destination country is greatly reduced; (2) The level of Internet development plays a significant role in promoting cross-border e-commerce agricultural exports; (3) According to the heterogeneity analysis, animal products are significantly affected by the export promotion effect of cross-border e-commerce mode. Developing countries are significantly affected by the promotion effect of cross-border e-commerce; The longer the geographical distance between countries, the more significant the role of cross-border e-commerce in agricultural exports. References | Related Articles | Metrics

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Is AI Conducive to the Expansion of Consumption of Chinese Residents DING Jianxun, LUO Rundong 2023 (03):  18-28.  Abstract ( 252 )   PDF (3399KB) ( 220 )   The rapid development and wide application of artificial intelligence technology will have an important impact on residents' consumption, but the direction and core mechanism of its impact on residents' consumption need to be further explored. Based on the theoretical discussion on how the development of AI affects consumption and its core mechanism, using panel data from 30 provinces in China from 2005 to 2020 to conduct an empirical test, it is found that the development of AI is indeed conducive to the expansion of China's residents' consumption, but the analysis of the intermediary effect of the existence of core mechanisms shows that the direct impact of AI development on China's residents' consumption is not obvious, However, the indirect path of influencing Chinese residents' consumption through heterogeneous technological progress is significant, and the specific intermediary effect of AI development through disembodied technological progress is greater than that through embodied technological progress. In order to give full play to the role of AI in consumption expansion and promote high-quality development in China, first, we should attach importance to the promotion effect of AI development on residents' consumption; Second, we should continue to increase the investment in the application of artificial intelligence; Third, we should especially increase investment in research and development of artificial intelligence. References | Related Articles | Metrics

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How Tax Enforcement Influences Cash Holdings—Evidence from the Quasi-natural Experiment Based on the Third Phase of Golden Tax Project YANG Xingquan, DING Yan 2023 (03):  29-38.  Abstract ( 233 )   PDF (2731KB) ( 172 )   Based on a sample of A-share listed companies in China from 2007 to 2019, this paper chooses a time-varying DID model to test the effect of tax enforcement on cash holdings, and applies a quasi-natural experiment in which the third phase of the golden tax project. The study finds that tax enforcement significantly increases the level of corporate cash holdings, and the effect is more significant among non-state enterprises, the more competitive product market, and the regions with high marketization. We found that this effect was mainly due to the "governance effect" of the tax enforcement, which led to the increase of cash holdings by curbing over-investment and executives' perks caused by excess cash holdings; further study founds that the excess cash would be used for R&D and dividend payment, achieving the secondary optimal allocation of capital and ultimately increasing the value of cash holdings. This provides micro-level evidence on the effect of the "third phase of the golden tax project" policy and also provides theoretical and empirical support to further improve intelligent supervision and promote the computerization of the taxation system. References | Related Articles | Metrics

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The Risk Spillover Effects of Chinese Listed Financial Institutions—A Study Based on Dynamic Interconnected Network LIU Xiaoxing, REN Chao, LI Shaofang 2023 (03):  39-49.  Abstract ( 176 )   PDF (7642KB) ( 63 )   With the development of financial innovation and financial technology, financial institutions, as the core carrier of the financial system, are increasingly related to each other. Therefore, the degree of risk contagion across institutions is increasing. From the perspective of Risk Spillover, this paper constructs a dynamic correlation network of Risk Spillover model Based on TENET to study the direction and path of risk contagion among financial institutions, and the dynamic evolution mechanism of Risk Spillover intensity. The data of Chinese financial institutions from 2014 to 2021 is selected to empirically analyzes the nonlinear risk spillover network structure and Risk Spillover level among the institutions. It is found that the systemic risk level of Chinese financial institutions presents periodic changes and nonlinear characteristics. In addition, the Risk Spillover intensity of the securities sector is the highest. Furthermore, the Systemic Risk Spillover of financial technology institutions is gradually increasing. Moreover, the banking sector absorbs most of the Risk Spillover of other financial institutions, which plays a major role in maintaining the stability of the financial system. It is suggested that the regulatory application of financial technology should be noticed. The supervision of cross-market risk contagion among financial institutions should be strengthened. The recommendations of this paper can help China's financial risk prevention system to keep the bottom line of systemic financial risk nonoccurrence. References | Related Articles | Metrics

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Common Ownership and Opportunistic Shareholding Selling Behaviors of Executives HUANG Shunwu, PAN Lulu 2023 (03):  50-59.  Abstract ( 201 )   PDF (2483KB) ( 224 )   Along with the shareholding reform and the successive introduction of various trading systems, insider trading has gradually become important in the capital market and is under the "spotlight" of financial supervision. How to regulate the trading behavior of insiders and effectively maintain the fair competition order in the capital market has become one of the issues that must be dealt with as the capital market reform moves into deeper water. This paper uses A-share listed companies from 2007-2019 as a sample to examine whether chain shareholders have an impact on the amount and frequency of insider trading. It is found that:chain shareholders can inhibit opportunistic shareholding reduction by executives; chain shareholders play a monitoring role on executives' self-interest by dispatching directors to listed companies more actively; heterogeneity analysis shows that the negative effect of chain shareholders on opportunistic shareholding reduction by executives is more significant in listed companies with lower marketization level, higher fracture zones within the executive team and unbalanced salary structure. This study provides direct evidence of the governance effects of chain shareholders and is informative on how to further constrain shareholder-executive agency conflicts. References | Related Articles | Metrics

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Firm Size, Market Structure and Innovation: A Reexamination of Two Schumpeter Hypotheses YU Jiang, XU Zifeng, YE Lin 2023 (03):  60-70.  Abstract ( 166 )   PDF (2590KB) ( 200 )   On the basis of distinguishing whether firms participate in innovation and innovation performance, based on the micro-matching data of Chinese industrial firms and authorized patents from 1998 to 2013, the Heckman two-stage model is used to estimate the impact of two competitive factors, firm size and market structure, on firm innovation decision and innovation output. Study found:firm size and market structure of China's industrial firms were significantly positive influence on decision making and innovation output, and the effect is more obvious in foreign-funded firms, state-owned firms, export firms and coastal, which means the two Schumpeter hypotheses that large firms and a certain degree of monopoly may be more conducive to innovation are both valid in Chinese industrial firms. The results indicated that the scale expansion of firms and the moderate concentration of industrial market structure generated by normal market competition can not only make more Chinese firms participate in innovation competition to improve the probability of R&D success, but also break through the technological blockade and improve the core competitiveness of firms by improving the innovation output of firms. References | Related Articles | Metrics

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The multiple incentive effect of tax incentive on enterprise innovation GAN Xingqiong, YU Qian 2023 (03):  71-80.  Abstract ( 173 )   PDF (2937KB) ( 165 )   To stimulate the impetus of enterprises' innovation and improve their innovation ability to solve technical problems in key areas are the internal needs of building an innovative country and promoting high-quality economic growth in the new era.Based on the exogenous policy impact of accelerated depreciation of fixed assets in 2014 and 2015, this paper studied the impact of tax incentives on enterprise innovation by using a progressive dual difference model.The study found that tax incentives can alleviate enterprise cash flow and financing constraints, change management expectations and restrain enterprise financialization to positively stimulate enterprise innovation; and the policy not only significantly increases the substantial innovation output, but also effectively improves the quality of enterprise innovation; meanwhile the incentive effect is more obvious in capital-intensive enterprises, private enterprises and high-tech enterprises.The above conclusions not only explain the impact of tax incentives on enterprise innovation from the micro perspective, and provide theoretical explanation and empirical evidence for the decision mechanism of enterprise innovation behavior, but also provide policy inspiration for the construction of modern fiscal & tax system and the high-quality economic development. References | Related Articles | Metrics

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Effects of Digital Economy on Energy Saving and Emission Reduction WANG Qunyong, LI Haiyan 2023 (03):  81-90.  Abstract ( 322 )   PDF (2474KB) ( 229 )   With the development of digital technologies such as the Internet and digital industries such as e-commerce, the digital economy has become a new force in China's economic transformation and upgrading, which has brought forth a new perspective for environmental governance, energy conservation, and emission reduction. Based on the data of 30 provinces in China from 2004 to 2019, this paper constructs the digital economy index from the two dimensions of digital industrialization and industrial digitization, and discusses the impact and transmission mechanism of digital economy on China's energy consumption intensity and carbon emission intensity. The results show that digital economy present a typical inverted U-shaped relationship with energy intensity and carbon intensity respectively. In other words, when the digital economy reaches a certain threshold, the double dividend of energy saving and emission reduction can be achieved, and this effect also exists in high-carbon emission areas, low-carbon emission areas and eastern and central regions. In addition, the two different dimensions of the development level of digital economy also show some differences. The dividend effect of energy conservation and emission reduction of digital industrialization should be realized before industrial digitization. Further, the development of digital economy affects energy consumption and carbon emissions through technological innovation, human capital accumulation, labor productivity, and financial development. References | Related Articles | Metrics

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Whether consolidation and extension and effective convergence expend income gap in rural areas—From 1158 family microscopic survey data in 10 provinces (autonomous regions) in the western region HUANG Mingzhu, WANG Zhizhang 2023 (03):  91-101.  Abstract ( 0 )   PDF (2857KB) ([an error occurred while processing this directive])   After building a well-off society, promoting the effective connection between consolidating and expanding the achievements of poverty alleviation and Rural Revitalization is the primary task of the three-dimension rural issues (those of agriculture, farmers and rural areas). Based on 1158 family microscopic survey data in 10 provinces (autonomous regions) in the western region, this paper adopts the interaction model and the quantile regression analysis, and assess the income effect and income distribution effect of the effective cohesion path of consolidating and expanding the achievements of poverty alleviation and Rural Revitalization. The research shows that:"consolidation and extension" and "effective convergence" have different effects on income distribution, including poverty alleviation by industry, ecological compensation for poverty alleviation, the overall poverty alleviation based on social security programs, civilized local customs,effective governance, industrial connection, ecological connection can significantly promote the annual income growth of the family. Effective governance and can industrial connection can narrow income distribution. By further study of this paper, effective convergence is more conducive to the increase in the annual income growth of families with sufficient labor and villages with scarce labor. And educational and cultural connection can promote the accumulation of human capital for families and villages with scarce labor. References | Related Articles | Metrics

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Research on the effect and mechanism of digital bridging urban-rural income gap—An evidence based on the panel data of 230 cities in China FENG Langang, SHANG Shu, ZHAO Qing 2023 (03):  102-111.  Abstract ( 217 )   PDF (1312KB) ( 439 )   Exploring the effects and mechanisms of digitalization in bridging the urban-rural income gap can enrich policy implications for achieving common prosperity. Theoretically, digitalization can stimulate innovation and entrepreneurship activities and promote industrial structural transformation, thus narrowing the urban-rural income gap. Empirically, this study measured the levels of digitalization and urban-rural income disparities across 230 municipal-level regions in China from 2011-2019, and conducted econometric analysis based on these measurements. The results indicate that the impact of digitalization on urban-rural income disparities exhibits a non-linear characteristic of first "promotion" and then "inhibition," which was robust after conducting tests for stability. Mechanism analysis shows that innovation and entrepreneurial activities and industrial structural transformation play a "connecting" role in the transmission between digitalization and urban-rural income disparities. Furthermore, threshold models and spatial models reveal non-linear increasing effects and spatial spillover effects of digitalization in bridging the urban-rural income gap. The study results provide new evidence and explanations for the effects and mechanisms of digitalization in bridging the urban-rural income gap. References | Related Articles | Metrics