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15 May 2024, Issue 03 (230) Previous Issue    Next Issue

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Can Digital Inclusive Finance Promote Digital villages Development? WEN Tao, ZHAO Xiaohang, ZHANG Lin 2024 (03):  1-10.  Abstract ( 306 )   PDF (1262KB) ( 220 )   The development of digital villages can’t be separated from financial support. However, due to the profit-seeking and exclusive characteristics of finance, the allocation of financial resources in villages is relatively insufficient. The emergence of digital inclusive finance has opened up a new path to alleviate this phenomenon and promote the development of digital villages. Based on the data of 1716 counties, this paper empirically analyzes the influence of digital inclusive finance on the development of digital villages. The results show that digital inclusive finance and its sub-indices can significantly promote the development of digital villages; The role of digital inclusive finance in promoting the development of digital villages is different in the eastern, central and western regions and in the high and low level regions of digital inclusive finance. Digital inclusive finance not only promotes the development of digital villages in this region, but also inhibits the development of digital villages in surrounding areas. Therefore, in the development of digital villages, we should firmly grasp the dividend brought by the development of digital inclusive finance, and different regions should adjust measures to local conditions, strengthen inter-regional exchanges and cooperation while formulating differentiated digital inclusive finance development policies, and jointly promote the development of digital inclusive finance. References | Related Articles | Metrics

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Research on value creation path driven by innovation ecology of industrial Internet platform derived from manufacturing enterprises-Based on Empirical Research of fsQCA PENG Zhengyin, HAO Yahui, BAO Fengnai 2024 (03):  11-20.  Abstract ( 251 )   PDF (1241KB) ( 158 )   As a key path for the deep integration of the digital economy and the real economy, the industrial Internet can promote the high-quality development of China’s manufacturing industry. Different from the research on the factors affecting the growth of industrial Internet platforms from a single perspective, this paper constructs an analytical framework for the innovation ecological value creation of manufacturing enterprise derivative platforms from the three levels of innovation subject, innovation environment and innovation resources based on a holistic perspective, and takes 35 manufacturing enterprise derivative platforms as case samples. The fuzzy set qualitative comparative analysis method is used to explore the influence of six antecedents on the value creation of platform innovation ecology. The results show that: (1) a single antecedent condition does not constitute the necessary condition for high value creation; (2) There are four configurations that generate high value creation, which can be classified as enterprise-led (H1), government-firm driven (H2) and government-market-firm co-driven (H3a H3b). (3) Under certain conditions, there is a substitution relationship between the element combinations of platform innovation ecosystem that achieve high value creation. References | Related Articles | Metrics

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Research on the Impact of Digital Finance Development on the Transformation and Upgrading of Service Industry -From the Perspective of Spatial Spillover Effect and Attenuation Boundary LI Xiaolong, JIANG Tangyang 2024 (03):  21-30.  Abstract ( 239 )   PDF (1561KB) ( 120 )   Digital finance has become the core way to solve the dilemma of financial exclusion, and is an important starting point to boost the transformation and upgrading of the service industry. Existing literature has conducted rich studies on the economic effect of digital finance development, but little attention has been paid to its impact on the transformation and upgrading of the service industry, and there is a lack of in-depth analysis from the perspective of spatial spillover effect. This paper selects the panel data of prefecture-level cities in China, constructs the panel Spatial Durbin Model, empirically tests the local effect and spatial spillover effect of digital finance development on the transformation and upgrading of the service industry, so measures the geographical attenuation boundary of spatial spillover effect. The results show that digital finance development has significant positive local and spatial spillover effects on the transformation and upgrading of the service industry, which not only contributes to the transformation and upgrading of the service industry in the region, but also effectively drives the transformation and upgrading of the service industry in neighboring cities. The robustness test results after replacing the spatial model, replacing the spatial matrix and changing the research samples confirm the robustness of the above conclusions. The spatial spillover effect of digital finance development on the transformation and upgrading of the service industry decreases with the increase of geographical distance, and when the geographical distance between cities exceeds 260 kilometers, the spatial spillover effect will no longer be significant. References | Related Articles | Metrics

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How the digital transformation of commercial banks affects risk-taking: -Analysis based on debt cost and credit selection behavior FANG Fang, LI Qiang 2024 (03):  31-39.  Abstract ( 295 )   PDF (1239KB) ( 201 )   Regarding the research on how the digital transformation of commercial banks affects their risk-taking level, existing literature mostly focuses on the technological changes and credit model adjustments in the credit market under digital scenarios, ignoring the impact of the bank financing market. In contrast, this article uses urban clustering of commercial banks and the regional digital inclusive finance index as a proxy variable for the degree of digital transformation of regional commercial banks. Using panel data from urban commercial banks from 2012 to 2022, this article analyzes the impact and mechanism of digital transformation of commercial banks on risk taking from the dimensions of "financing" and "lending". The empirical conclusion shows that the digital transformation of commercial banks has significantly increased their risk-taking level, manifested as a joint increase in credit risk (non-performing loan ratio) and operational stability risk (income volatility). Mechanism analysis shows that the risk accumulation of digital transformation is achieved through cost shock effects, while the credit selection effect is not significant, which indicates that the risk accumulation formed by commercial banks' digital transformation actually originates from "financing" rather than "lending". Commercial banks lack the ability to release debt cost pressure through credit premiums, leading to an increase in debt costs and ultimately resulting in risk accumulation. This conclusion can provide insights for commercial banks to more accurately select business entry points for risk control and management. References | Related Articles | Metrics

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Non-family shareholders’ over-appointment of directors and corporate accounting information quality -Empirical Evidence from Listed Family Firms XIONG Lei, LI Xianhong, SU Chun 2024 (03):  40-50.  Abstract ( 215 )   PDF (1210KB) ( 92 )   How to recognize the behavior of shareholders’ over-appointment of directors and effectively regulate the decision-making mechanism of the board of directors has become an urgent issue in the field of corporate governance. Existing studies have mainly explored the impact of controlling shareholders’ over-appointment of directors on the economic decision-making behavior of enterprises, and there is little literature discussing the perspective of non-controlling shareholders’ over-appointment of directors.In view of this, this paper takes listed family firms in China from 2008 to 2021 as the research object and examines in depth the relationship between over-appointment of directors by non-family shareholders and the quality of corporate accounting information. It is found that over-appointment of boards by non-family shareholders reduces corporate accounting information quality. Mechanism analysis shows that non-family shareholders’ over-appointment of boards of directors exacerbates Type I agency conflicts, which in turn leads to a decrease in the quality of corporate accounting information. Further research finds that the negative effect of over-appointment of directors by non-family shareholders on the quality of corporate accounting information is more significant when the quality of internal control is lower, the firm is in a non-digital transition period, external audit supervision is weaker, and the regional marketization process is slower. The analysis of economic consequences suggests that the over-appointment of directors by non-family shareholders decreases the quality of accounting information, thereby increasing the risk of a firm’s stock price collapse. In other words, the quality of accounting information partially mediates between these two factors. References | Related Articles | Metrics

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The Impact of Unabsorbed Slack Resources on Organizational Resilience: Evidence from Chinese Manufacturing Listed Companies GUO Tongmei, CHEN Hong, WU Jiaxin, LI Nan 2024 (03):  51-61.  Abstract ( 247 )   PDF (1252KB) ( 208 )   Few documents explore the influence and mechanism of unabsorbed slack resource on organizational resilience. Based on the resource orchestration theory, on the sample data of listed companies on the A-share Main Board from 2015 to 2021,the paper analyzes the impact of unabsorbed slack resource on organizational resilience and its mechanism, and introduces internal and external environment factors to explore its moderating effect.The results show that unabsorbed slack resource is positively associated with organizational resilience.After considering the endogeneity problems such as self-selection of samples, mutual causality and robustness test, the conclusion is still valid. Mechanism testing shows that unabsorbed slack resource mainly affect organizational resilience through two paths: improving the level of digital transformation and corporate governance of enterprises. TMT heterogeneity and corporate social responsibility negatively moderates the relationship between unabsorbed slack resource and organizational resilience,while environmental uncertainty positively moderates the relationship. This study further enrich the resource orchestration theory and the boundary mechanism of organizational resilience process of enterprises, and has a certain decision-making value for enterprises to explore the value of unabsorbed slack resource so as to promote the high-quality development. References | Related Articles | Metrics

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The theoretical connotation, realistic dilemma and practical path of new rural collective economy WEN Fengan 2024 (03):  62-71.  Abstract ( 282 )   PDF (1170KB) ( 134 )   Developing the new rural collective economy in the new era plays an important role in promoting the common prosperity of rural areas. The high-quality development of the new rural collective economy is an important way to improve people's well-being and achieve common prosperity, an important starting point to stimulate endogenous momentum and realize the revitalization of rural industries, and an important guarantee for consolidating the grass-roots political power and enhancing institutional confidence. So far, the development of the new rural collective economy has achieved certain phased results. However, the ideological awareness of some grassroots cadres and the masses needs to be improved, the related policy support for the new rural collective economy needs to be enhanced, the coordination of reforms in areas related to the new rural collective economy needs to be improved, the matching degree with the implementation of the rural revitalization strategy needs to be improved, and the support for the realization of the construction of rural common prosperity needs to be increased. Therefore, to achieve the high-quality development of the new rural collective economy in the process of Chinese-style modernization, it is necessary to popularize the regular rural modernization training, accelerate the introduction of comprehensive policies and optimize the allocation of resources, strengthening the synergies of relevant reforms, exploring a new model of interconnected internal and external development in light of local conditions, in terms of building a new governance pattern under the principle of common prosperity, we should optimize its development in a targeted manner, promote the development of a new rural collective economy, improve the quality and efficiency, and ultimately achieve common prosperity for rural farmers. References | Related Articles | Metrics

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Community Characteristics, Socioeconomic Status, Health and its Inequality of the Elderly HU Rong, DUAN Xiaoxue 2024 (03):  72-80.  Abstract ( 193 )   PDF (1182KB) ( 102 )   Previous research on the health status and inequality among older adults has often focused on individual social status and relational networks, while paying less attention to the potential health risks and disparities stemming from macro-level social structures and social resource factors external to the individual. This study utilizes data from the CLDS2014 to fit a multilevel model to investigate the influence mechanism of individual socioeconomi. The research findings indicate that older adults with different socioeconomic characteristics exhibit significant disparities in health status. Community characteristics exert a holistic influence on the health status of older adults independent of individual factors and give rise to two types of regulatory mechanisms that either weaken or strengthen health inequalities among older adults. (1) The degree of community class heterogeneity will affect the health level. The community socioeconomic status will weaken the health inequality, and the class heterogeneity within the community will strengthen the health inequality.(2) Cultivating community social capital significantly enhances the health status of older adults and mitigates health inequalities. Therefore, the implementation of the Healthy China strategy should focus on the hierarchical health disparities in China, adopt health interventions at the community level, and endeavor to increase the health capital of vulnerable groups as much as possible. References | Related Articles | Metrics

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An Empirical Study on the Mechanism of the Impact of Relocated Migrants' Livelihood Capital Portfolio on Household Income in Large-scale Urbanization and Centralized Resettlement Areas WANG Lei, ZHANG Weiwei, WANG Xia 2024 (03):  81-91.  Abstract ( 185 )   PDF (1297KB) ( 91 )   Poverty alleviation relocation migrants have become an important group to prevent large-scale return to poverty. At present, relocated migrants are facing practical problems such as increased employment market risk, reduced livelihood capital stock, and difficulties in increasing family income. Optimizing the internal structure of livelihood capital, giving full play to the combination effect between livelihood capitals, and enhancing the contribution of livelihood capital portfolio to the income of migrants' families are important ways to solve the above problems. Current research in the academic community related to relocation mostly focuses on analyzing the mechanism of migrants' livelihood capital on total household income, and less on empirically exploring the impact of livelihood capital combinations on different sources of household income and their interaction mechanism based on the perspective of structural-functional theory. This paper takes the migrants in large-scale urbanization centralized resettlement areas in Guizhou Province as the research object. Firstly, it measures the livelihood capital of migrant families, and uses OLS and quantile regression to analyze the mechanism between livelihood capital and family income. Then, this paper uses multiple linear regression model to measure the complementary effect and substitution effect between livelihood capital, constructs a matrix analysis model between migrant's family income and livelihood capital types, and uses tobit and logit regression to conduct empirical tests, and analyzes the impact of different livelihood capital types on different types of income under different dimensions. The results show that: (1) The total amount of livelihood capital of migrants helps to increase the level of household income. In the post-relocation era, natural capital has the smallest marginal contribution to household income, while social capital has a negative impact on household income. (2) There is a universal complementary effect between human capital and natural capital and physical capital, social capital and financial capital, and there is a substitution effect between financial capital and social capital. (3) The greater the value of complementary livelihood capital, the higher the wage income and property income of migrant families, families with low complementary and alternative capital mainly maintain their livelihoods by obtaining transfer income. References | Related Articles | Metrics

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How to bridge the "last mile" of green purchasing decisions? -Analysis of green purchase intentions-behavior transformation mechanism LU Hongliang, XIE Huan 2024 (03):  92-100.  Abstract ( 207 )   PDF (1279KB) ( 151 )   Green purchasing is an important part of green consumption. However, the phenomenon that consumers have the eager to buy yet don't take the action may restrict the development of the green consumer market. At present, the exploration of the internal mechanism of the transformation of green purchasing behavior is still in its infancy, and there are few green purchasing decision studies that combine the external shopping context with the intrinsic characteristics of consumers. This study starts from the on-the-spot decision-making situation of consumers purchasing green label products, and uses the theory of planned behavior and implementation intention theory as the theoretical basis. This study combined with the perspective of saving cognitive effort, to explore the conversion mechanism between green purchase intention and actual green purchase behavior. The research results show that: green purchase intention has a significant direct impact on green purchase behavior; Perceived behavioral control and green purchase implementation intention have double and chain mediation effects between green purchase intention and behavior and reduced cognitive effort has a negative moderating effect on the chain mediation effect of "green purchase intention-perceived behavioral control-green purchase implementation intention-green purchase behavior". Relevant conclusions expand the intention-behavior transformation mechanism of green purchasing in the theory of planned behavior, and provide suggestions for the management practice of green marketing. References | Related Articles | Metrics

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Study on Firm Innovation Behavior under the "Low-carbon" Goals: Substantive Innovation or Strategic Innovation? WANG Lei, YE Cheng-ying, TANG Xue-liang 2024 (03):  101-110.  Abstract ( 182 )   PDF (1256KB) ( 114 )   The importance of innovation in promoting firm pollution reduction and carbon reduction, and achieving green development transformation is increasingly prominent. Unlike previous studies that focus on analyzing the impact of low-carbon city pilot policies on green technology innovation, this paper employs the difference-in-difference econometric model to empirically analyze the impact of low-carbon city pilot policy on firm innovation behavior and its mechanism by using the micro-data of industrial enterprise database and patent application database from 2006 to 2013. Regression results show that the implementation of low-carbon city pilot policy significantly improves firm strategic innovation but has no significant impact on substantial innovation. After a series of identification tests, robustness checks, and different estimation methods, the above conclusion still holds. Heterogeneity analyses show that the implementation of low-carbon city pilot policy has a more significant impact on the strategic innovation of non-SOEs and firms in polluting industries. The mechanism analyses based on the transmission effect model indicate that under the support of low-carbon city pilot policy, firms engage in strategic innovation to seek government subsidies. The research findings have certain reference value for exploring the development path led by "dual carbon" and driven by innovation. References | Related Articles | Metrics