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15 September 2022, Issue 05 (220) Previous Issue    Next Issue

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China’s innovation factor agglomeration level measurement, spatial difference and formation mechanism WANG Su-su, LU Zhe-fan, LU Xian-xiang 2022 (05):  1-12.  Abstract ( 531 )   PDF (5118KB) ( 503 )   Based on the four dimensions of innovation funding, innovation manpower, innovation institutions and innovation achievements, the entropy method was used to measure the level of China's innovation factor agglomeration from 2009 to 2019, and the Dagum Gini coefficient decomposition and variance decomposition were used to analyze the spatial and structural aspects. From the perspective of revealing the differences and sources of the agglomeration level of innovation elements in China, and using the QAP method to study the formation mechanism of the differences in the agglomeration of innovation elements. The research finds that the level of innovation factor agglomeration is low but shows a slow upward trend, among which innovation manpower agglomeration, innovation institution agglomeration and innovation achievement agglomeration continue to improve, while innovation funding agglomeration shows a downward trend; regional differences are the main source of differences in innovation factor agglomeration. , the internal differences in the eastern region are significantly higher than those in the central and western regions, and the internal differences in the Yangtze River Basin are larger than those in the Yellow River Basin; the difference in the agglomeration of innovation achievements is the main structural source of the difference in the agglomeration of innovation elements; the intensity of the effect of the difference in the agglomeration of innovation funds on the difference in the agglomeration of innovation elements varies from east to west The intensity of the effect of the agglomeration difference of innovation achievements is gradually weakened. The difference in the agglomeration of innovation manpower and the agglomeration of innovation institutions has the greatest effect in the central region. References | Related Articles | Metrics

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On Employment and Wages of Impact of Tax Incentives—A Quasi-natural Experiment Based on China’s Value-added Tax Reform XIONG Rui-xiang, LIU Wei 2022 (05):  13-22.  Abstract ( 458 )   PDF (1718KB) ( 836 )   Tax-incentives is one of the important measures taken by government to promote economic development and improve workers’ welfare. However, this policy may also prompt firms to replace labor with capital, which ultimately reduces employment and wages. Based on the 1998-2007 "Chinese Industrial Enterprise Database", this paper uses and the difference-in-differences method to estimate the effects of VAT transformation policy on firms’ employment and wages. We find that China’s VAT transformation policy significantly reduces employment and wages. The effects are greater in larger, higher initial VAT-rate, higher capital intensity and lower labor intensity firms. These findings indicate that, to support firms development and protect workers’ welfare, the government should introduce some related supporting measures at the same time of tax-incentives. References | Related Articles | Metrics

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VAT Sharing, Fiscal Efforts and Local Tax Revenue—Hypothesis and test based on experience WANG Wen-jian 2022 (05):  23-31.  Abstract ( 430 )   PDF (1345KB) ( 703 )   Based on China's provincial panel data from 2003 to 2015, this paper studies the impact of sharing tax on local financial efforts. Taking value-added tax sharing as an example, by constructing a dynamic panel data model, the empirical results show that value-added tax sharing plays a 'substitution effect’ on local financial efforts. With the increase of the amount of value-added tax shared to the local government, the tax collected by the local tax bureau decreases. Through the channel identification method of Acemoglu et al., it is found that since the tax collection and management adopts the 'task objective management’ mode, value-added tax sharing has a negative impact on local taxes by reducing the efforts and efficiency of local tax collection and management. Therefore, after the merger of national and local taxes, under the new tax collection and management system, we should strengthen the informatization and legalization of tax collection and management, and abandon the target management system of tax collection and management, so as to give play to the economic growth effect of the new tax collection and management system. References | Related Articles | Metrics

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Income Disparity, Digital Service Import and Digital Marginalization LIAO Jia, LI Si-yi 2022 (05):  32-42.  Abstract ( 438 )   PDF (2246KB) ( 781 )   The increasingly wide income disparity is a universal problem in this world. At the same time, the global digital service is developing rapidly, while "digital inequality" is becoming more and more serious, since the digital service industry has been dominated by developed countries. Based on the fact of "digital inequality", this paper makes an empirical analysis about the impact of income disparity on the import of digital service by using the panel data of 130 countries from 2007-2019. The results show that the growing income disparity will significantly reduce the import of digital service in developing countries, which doesn’t have significant impact in developed countries. After further introducing instrumental variable and dynamic panel data to alleviate endogeneity, our results remain robust. By explaining the impact that income disparity has on the import of digital service, this paper suggests that in addition to the development of the Internet and ICT technology, it is also important for the developing countries to narrow the income disparity to catch up with the digital economy era and avoid further "digital marginalization". References | Related Articles | Metrics

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Financial Literacy and Entrepreneurial House Tenure Choice: Buying or Renting MAO Feng-fu, ZHU Meng-si, XU Chang 2022 (05):  43-52.  Abstract ( 420 )   PDF (1383KB) ( 547 )   Financial literacy has an important impact on asset allocation, but few studies have focused on the impact of financial literacy on entrepreneurial real estate allocation. According to the theory of entrepreneurship and credit constraints, there is significant difference in the tenure choice of household entrepreneurial real estate. Based on the 2015 Household Finance Survey (CHFS), this paper uses the Probit model to study the impact of financial knowledge on the rental and purchase options of business real estate. The research results show that financial literacy has significantly promoted households to rent entrepreneurial real estate to start business activities, especially for the group with houses, risk appetites and located in the central region. The mechanism test found that financial knowledge can influence rent-purchase decision of entrepreneurial real estate through three intermediary channels, namely family wealth, credit demand and formal credit availability. The intermediary role of family wealth holding is negative, but the intermediary role of credit demand and formal credit availability is positive. The above conclusions support the credit constraint theory that the improvement of financial knowledge will alleviate credit constraints, promote families' choice of renting entrepreneurial real estate, and it also has an important impact on the development of maker space and the improvement of family entrepreneurial vitality. References | Related Articles | Metrics

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Financial Regulation and SME’s Technological Innovation—Evidence from NEEQ Companies LI Ting-rui, ZHANG Zhao 2022 (05):  53-62.  Abstract ( 394 )   PDF (1482KB) ( 611 )   With the help of an advanced search on China Financial News, financial regulation intensity indicators were constructed through a big data mining approach, and data from 2012~2019 NEEQ were used to explore the impact of financial regulation on SMEs’ technological innovation. The study found that the technological innovation output of SMEs contracted in the context of tight financial regulation. The mismatch of credit resources caused by financial discrimination makes the inhibitory effect of financial regulation on firms’ innovation capacity only exist in small, medium and private firms, while the effect on large, state-owned firms is not significant. The analysis of the mechanism shows that the macro financial ecosystem has a benign moderating role in the relationship between financial regulation and SME innovation; while tighter financial regulation can ultimately have a negative impact on the technological innovation output of SMEs by increasing their financing constraints. The findings of the study provide policy insights for improving China’s financial regulatory framework, opening up channels for financial services to the real economy, and promoting the innovation development of SMEs. References | Related Articles | Metrics

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Intellectual Property Strategy and Private Enterprise Innovation—A quasi-natural experiment based on the national intellectual property rights demonstration city pilot YAN Yong-sheng, LI Ling-fei, SHAO Chuan-lin 2022 (05):  63-72.  Abstract ( 435 )   PDF (1868KB) ( 830 )   Strengthening intellectual property protection is an important part of improving the property right system, which is of great significance to stimulate the innovation of private enterprises. Taking the national intellectual property demonstration city policy implemented in 2012 as a quasi natural experiment, this paper selects the data of A-share private listed companies in Shanghai and Shenzhen from 2005 to 2020 as the research sample, and uses the multi-stage double difference model to investigate the impact of intellectual property strategy on the innovation of private enterprises. The results show that intellectual property strategy will significantly promote the innovation of private enterprises, which is still valid after a series of robustness tests. The heterogeneity test shows that intellectual property strategy plays a more obvious role in promoting the innovation of private enterprises in central and western regions, high financing constraints and high-tech industries. The mechanism test shows that the intellectual property strategy mainly acts on the innovation of private enterprises through government subsidies and improving talent agglomeration. Therefore, we should continue to strengthen the protection of intellectual property rights, continuously optimize the business environment and encourage private enterprises to research and innovate. References | Related Articles | Metrics

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Can R&D Expense Deduction Policy Improve the Innovation Income of Enterprises CHEN Fei-fei, JIN Wei-dong, LIU Jing-fu 2022 (05):  73-82.  Abstract ( 400 )   PDF (1792KB) ( 690 )   Innovation income is the power source for enterprises to carry out effective innovation. Based on the previous reform practice, this paper studies the innovation income effect and its occurrence mechanism of R&D expense deduction policy. The results show that the R&D expense deduction policy can encourage enterprises to carry out innovation activities, but the innovation income is not obvious. Among them, compared with expanding the scope of policy application and increasing the proportion of the government's sharing of innovation risks, it can not only increase innovation input and innovation output, but also enhance the innovation income of enterprises through the capitalization of innovation input, which deserves more attention. Through further examination, it is found that the quality of innovation rather than the efficiency of market transformation is an important factor restricting the income of enterprise innovation. Therefore, reforming the risk-sharing mechanism, especially strengthening the capitalization of R&D investment, and perfecting the policy system of scientific and technological innovation are important aspects to encourage enterprises to innovate effectively. References | Related Articles | Metrics

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The Interactive Effect of Endorser Type and Brand Concept on Consumer Attitude LI Ke-yi, JIN Fei 2022 (05):  83-91.  Abstract ( 980 )   PDF (1298KB) ( 2565 )   With the development of social media, the types of endorsers are becoming more and more abundant, and the development of virtual influencers has brought a new choice to enterprises. However, how to choose between real endorsers and virtual endorsers has become a critical problem for enterprises. This study explored the applicable situations of virtual endorsers based on the Processing Fluency Theory. We conducted two experiments to show (1) the interaction between brand concept and the types of celebrity endorsers on the purchase intention, which is when consumers faced with the open brand concept, the choice of virtual celebrity endorsers makes them have higher purchase intention; When consumers face conservative brand concept, choosing real celebrity endorsers will make them have higher purchase intention; (2) processing fluency plays a mediating role in this interaction. References | Related Articles | Metrics

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The Impact of Postponement of Retirement Decision on Intergenerational Income Mobility of Resident Families—Based on the human capital delivery mechanism LIU Run-fang, CHE Yan 2022 (05):  92-101.  Abstract ( 438 )   PDF (1415KB) ( 644 )   Based on the three-cycle intergenerational overlapping model (OLG model), CFPS (2010-2018) data are used to explore the impact of different levels of human capital on the decision of delaying retirement of household members and the impact of different decision of delaying retirement on the intergenerational income mobility of households. The heterogeneity between agricultural workers and non-agricultural workers in delayed retirement decision is analyzed. The results showed that the lower the level of education and the better the self-rated health status of the fathers, the higher the willingness to choose to delay retirement, and the probability of agricultural workers choosing to delay retirement was higher than that of non-agricultural workers. The intergenerational income mobility of resident households showed a downward trend. The intergenerational income mobility of normal retired households was larger than that of delayed retired households. The intergenerational income mobility of agricultural workers was larger than that of non-agricultural workers. Non-agricultural workers have a positive impact on their offspring’s income through their own education level, while agricultural workers have a positive impact on their offspring’s income mainly through their own income and their offspring’s education level. References | Related Articles | Metrics

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Evolution Logic, Benefit Comparison and Future Development Orientation of Agricultural Industrialization Management Organization Mode GAO Yuan-yuan, CHEN Zhe 2022 (05):  102-111.  Abstract ( 436 )   PDF (1348KB) ( 799 )   Throughout the development process of China's agricultural industrialization management organization mode, the cooperation relationship between the organization subjects presents a track from decentralized management to cooperation, and then from diversified derivative cooperation to multi-agent cooperation. The multi-agent linkage organization mode has more advantages in economic benefits, land benefits and spiritual benefits than the leading enterprise driven mode and intermediary organization driven mode. However, it is not suitable for China to develop a unified organization mode across the board. In the future, we should retain the more mature local organization mode, make use of local administrative resources, grass-roots Party organizations strength and other advantages, constantly innovate and coordinate the structure and relationship of the existing organization mode, pay attention to the integration of formal and informal systems, and actively integrate market-oriented and welfare channels, and gradually explore a more suitable mode of agricultural industrialization management to give full play to its maximum benefits in future practice. References | Related Articles | Metrics