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15 January 2021, Issue 01 (210) Previous Issue    Next Issue

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Tax Rate and Spatial Distribution of FDI—Quasi-natural Experiment Based on the reform of Corporate Income Tax Unification in China WANG Bao-shun, MEI Si-yu 2021 (01):  1-9.  Abstract ( 533 )   PDF (2938KB) ( 852 )   Since Tax determines capital cost, does the change of tax rate affect the spatial distribution of FDI? Based on the quasi natural experiment of Corporate Income Integration reform of in 2008, this paper empirically studies the dynamic spatial distribution of FDI caused by the change of tax rate. The results show that the change of FDI in different regions is significantly affected by the change of tax rate. The rising tax rate will drive away FDI outflow, while the falling tax rate will attract FDI inflow. Besides, the spatial distribution of FDI is significantly influenced by the infrastructure and business environment. The policy implications of the research results are to use tax policies channel the spatial distribution of capital, improve infrastructure construction and business environment. References | Related Articles | Metrics

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Do Changes in Real Exchange Rates Affect Labor Force Participation—Empirical Research Based on Cross-national Panel Data MA Dan, WANG Peng 2021 (01):  10-21.  Abstract ( 482 )   PDF (1727KB) ( 945 )   Based on the cross-border panel data from 1997 to 2017, this paper constructs a two-way fixed effect model to study the effect of real exchange rate on labor participation rate. The results show that:(1) the appreciation of real exchange rate will reduce the labor participation rate, and depreciation will increase the labor participation rate; (2) the change of real exchange rate mainly affects the labor demand, and then affects the labor participation rate; (3) compared with high-income countries, the real exchange rate change in low-income countries has a more significant impact on labor participation rate. Therefore, the formulation of exchange rate policy needs to consider its impact on labor participation rate. In the process of China's economic development, appropriate measures should be taken to offset the adverse effects of RMB appreciation on labor participation rate. References | Related Articles | Metrics

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Analysis on the Potential and Influencing Factors of the Construction of Sino-Russian Food Resources Corridor GAO Jiang-tao, LI Hong, SHAO Jin-ming, ZHU Kun-lin 2021 (01):  22-29.  Abstract ( 519 )   PDF (1285KB) ( 1187 )   The article is based on Russia's grain resource export data from 2013 to 2018. It uses a random frontier gravity model to quantify and empirically analyze various factors that affect Russia's grain resources exported to China and various countries. After measuring the efficiency of each country's grain resource trade And potential, it can be concluded that the total population of the two countries, the economic level of the exporting country, whether it is near the sea and the FTA agreement have a positive effect on the trade of food resources; the distance between the two countries has an inhibitory effect on the trade of food resources; the total GDP of the importing country, the tariff level, The maritime infrastructure has little effect on the trade of food resources; at the same time, it is concluded that the trade efficiency of Sino-Russian food resources is low, that is, the potential is huge. According to the empirical analysis results, it put forward targeted policy recommendations such as promoting the international diversification of food resources, tapping and enhancing the potential and efficiency of international food resources, and taking advantage of Xinjiang 's regional advantages to promote the construction of the food resources corridor under the "Belt and Road Initiative". This is to promote the construction of a community of human destiny. References | Related Articles | Metrics

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Environmental Regulation,Market Power and Enterprise Innovation CHEN Yi-li, DENG Yu-wei 2021 (01):  30-43.  Abstract ( 628 )   PDF (2273KB) ( 1770 )   When enterprises with monopoly power are facing environmental regulation, they can realize the Porter effect through innovation, or maximize profits by transferring compliance costs. Based on the data of listed companies, double difference model and triple difference model, this paper systematically evaluates the impact of strong environmental supervision on R & D innovation of listed companies with different market forces by using the quasi natural experiment implemented by the new environmental protection law. The empirical study finds that, firstly, the implementation of the new environmental protection law significantly promotes the R & D innovation of enterprises; secondly, market power and enterprise innovation present an inverted "U"; Finally, market forces significantly inhibit the porter effect of the new environmental protection law. References | Related Articles | Metrics

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How Does Income Tax Sharing Affect Enterprise Innovation—Evidence from the Number of Patent Applications of Listed Industrial Enterprises in China XU Zi-yao, PAN Li-jing 2021 (01):  44-51.  Abstract ( 552 )   PDF (1619KB) ( 1093 )   Based on panel data of 1081 listed industrial enterprises in China, this paper used corporate income tax sharing rate on the municipal level to measure the tax sharing and found a significant "inverted U-shape" relationship between tax sharing and enterprise innovation. The result shows that as the degree of tax sharing increases, its "tax collection incentives" for the government will exceed the "tax base protection incentives", which will cause the impact of tax sharing on enterprise innovation to change from promotion to inhibition. Further, this paper examined the regulating effect of corporate ownership and industry nature on this nonlinear relationship. The results show that the shape of the state-owned enterprise curve is steeper, the turning point shifts to the left, and the overall level of innovation is lower. The curve of high-tech enterprises is steeper, the turning point is shifted to the right and the overall level of innovation is higher. References | Related Articles | Metrics

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Corporate Social Responsibility Disclosure, Investment Efficiency and Corporate Innovation DU Shan, WANG Zhan-jie 2021 (01):  52-62.  Abstract ( 641 )   PDF (2138KB) ( 2459 )   With the background of mandatory corporate social responsibility disclosure in China at the end of 2008, we selected listed companies from 2009 to 2018 as the object to explore the economic consequences of corporate social responsibility disclosure through investment efficiency and corporate innovation. Study found that corporate social responsibility disclosure has promoted investment efficiency and corporate innovation, at the same time, the investment efficiency and the corporate innovation are the paths of corporate social responsibility disclosure improve corporate performance, but the intermediary role of investment efficiency on corporate performance lies only in the samples of excessive investment, and the intermediary role of corporate innovation on the corporate performance lies in not only innovation input but also innovation output. By examining the economic consequences of corporate social responsibility disclosure, this paper is a supplement to the theoretical research on corporate social responsibility disclosure, and provides a basis and reference for clarifying the economic consequences of corporate social responsibility disclosure. References | Related Articles | Metrics

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Financial Literacy and Entrepreneurship by Family-owned Real Estate—Evidence from CHFS Data MAO Feng-fu, XU Chang, HAN Ai-juan 2021 (01):  63-75.  Abstract ( 484 )   PDF (1677KB) ( 960 )   Using the data of China Household Finance Survey (CHFS) in 2015, this paper examines the impact of financial knowledge on household entrepreneurial activities that use their own real estate for production and management. The study finds that financial knowledge can significantly promote households using their own real estate for entrepreneurship. Knowledge of inflation and cognition of investment risk can significantly promote the entrepreneurial participation by family-owned real estate, while knowledge of interest rate has a negative impact on it, but this effect is not significant. Financial knowledge has a more positive impact on families in rural areas, with low level of education and wealth. The probability of entrepreneurial activities with family-owned real estate in the eastern region is significantly lower than that in the central region, and the probability in the western region is also lower than that in the central region, but the coefficient is not significant. The further mechanism test finds that financial knowledge can promote household wealth accumulation and ease the restraint of liquidity constraints on entrepreneurship. Improving financial knowledge can enhance family risk preference, thereby reducing the inhibition of traditional risk aversion awareness on entrepreneurship. In the current situation that SMEs are generally facing the difficulty of financing, the improvement of human capital brought by financial knowledge can greatly increase the possibility that households obtain loans from formal financial institutions, thereby reducing the realization of entrepreneurial talent by credit constraints. References | Related Articles | Metrics

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Research on the Price Spillover Effect and Dynamic Correlation between the Futures Market and the Spot Market of Rapeseed Oil in China WANG Yu-qing, WEN Tao 2021 (01):  76-85.  Abstract ( 458 )   PDF (4321KB) ( 1230 )   This paper uses the VAR-BEKK-GARCH model and the DCC-MGARCH model to conduct an empirical analysis of the price spillover effect and dynamic correlation between the futures market and the spot market of rapeseed oil in China. The results show that:the futures market of rapeseed oil in China has a one-way mean spillover effect on the spot market, but it remains to be verified whether the futures market can always effectively detect and guide the spot price. It is also found that there exists dynamic correlation and time-varying characteristics between the futures market and the spot market of rapeseed oil in China. Studies have shown that to promote the healthy development of the rapeseed oil futures market and the rapeseed industry, it is necessary to give full play to the decisive role of market mechanisms, continue to promote comprehensive deepening reforms of the market, and work hard in terms of institutional mechanisms and social services. References | Related Articles | Metrics

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Research on Reputation of Financial Intermediaries and Asset Securitization Pricing LIU Dan, PAN Ming-ying, WANG Yuan-fang 2021 (01):  86-94.  Abstract ( 512 )   PDF (1392KB) ( 1405 )   Securitization has gradually expanded its market scale in China and played an important role in China's bond products since 2012. In this paper, we use the financial intermediary rating data provided by "Securities Company Classification Supervision Regulations" published by CSRC, and the sample of asset-backed securitization from 2011 to 2019, to detect the effect of the reputation of financial intermediaries on the securitization pricing. It is found that the reputation of financial intermediaries has a significant negative influence on the issue pricing of securitization products in China. For financial intermediaries with low rating and high rating, there is a significant difference in their influence on the issue pricing of securitization products. Moreover, the credit rating of the bond itself has a significant negative impact on the issue pricing. This paper is the first to study the mechanism of financial intermediary rating influencing securitization pricing, which provides empirical support for the further improvement of securitization pricing model in China. References | Related Articles | Metrics

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How to promote the sustainable development of poverty-stricken areas by consumption Poverty Alleviation PENG Xiao-bing, LONG Yan 2021 (01):  95-101.  Abstract ( 563 )   PDF (1084KB) ( 1192 )   Poverty alleviation and development have become the focus of attention at all levels of government.At the same time,China faces the dilemma of increasing urban residents' demand but insufficient urban supply and excessive supply but insufficient demand in poverty-stricken areas.Under such a dual background,the analysis of consumption poverty alleviation policy from the perspective of policy tools has both theoretical and practical significance. Using content analysis and quantitative analysis, 16 provincial and municipal policies from 2018 to the present were selected as samples, and their policy tools were coded to construct a three-dimensional analysis framework of basic policy, institutional pressure and behavioral motivation hypothesis. The research results show that the existing consumption poverty alleviation policy has problems such as unreasonable internal structure and difficulty in maintaining policy effects for a long time. In the future, we should pay attention to the rationality of the application of policy tools, improving the balance of internal structure, strengthening the overall planning of policy tools, avoiding the short-term effects of policy effects, enhance synergy between policy tools and play a combined policy. References | Related Articles | Metrics

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Is There a Demand for Commercial Microfinance in Poor Areas—Based on the survey of farmers in Inner Mongolia Autonomous Region HUANG Hui-chun, GUAN Ning-ning 2021 (01):  102-111.  Abstract ( 448 )   PDF (1437KB) ( 941 )   This study empirically analyzes the demand for commercial microfinance in poor areas and its influencing factors by the survey data of 316 farmers in two poor counties of Inner Mongolia Autonomous Region. The results show that the demand rate of commercial microfinance in the sample area was 48.73%, farmers with different income and asset levels have different demand for commercial microfinance. The improvement of farmers' financial literacy level has a significant positive effect on both the demand and supply of commercial microfinance, and the insufficient supply of bank credit and private loans in poor areas provides room for development of commercial microfinance. The characteristics of commercial microfinance "large rate and small value" can meet the small capital needs of farmers in poor areas and ease their short-term financing difficulties. As an important supplement to traditional financial products in poor areas, commercial microfinance has potential poverty alleviation functions. The government should support the development of commercial microfinance institutions in poor areas through legal regulations and policy support. References | Related Articles | Metrics