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15 September 2024, Issue 05 (232) Previous Issue   

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The Practical Logic of Transformation and Reconstruction of Village Community Order in Process of Urban-Rural Integration LIAO Junhua, WANG Lisha, LV Peiliang 2024 (05):  1-8.  Abstract ( 184 )   PDF (1385KB) ( 113 )   The diverse dynamic mechanisms and practical patterns of the transformation of village community order in the process of urban-rural integration make the reconstruction of village community order exhibit transitional, dynamic, and composite practical characteristics. This study is based on the inspiration of new development sociology theory and constructs a three-dimensional integrated analysis framework of endogenous power, government power, and market power. Taking L Village in H City, Guizhou Province as an example, it systematically explains the practical logic of the transformation and reconstruction of village community order from four dimensions: production and livelihood, social life, cultural customs, and village governance. Research has found that in the process of residential space agglomeration and social space community-based transformation, there are changes and re-shapings in different dimensions such as livelihood structure, governance models, social relationships, and cultural psychology. The reconstruction of village community order from the perspective of new development sociology is a process of dialectical mutual construction of multiple subjects such as endogenous forces, government forces, and social forces. Its practical form is manifested in the dynamic practice of "four body isomorphism" of economic community, life community, cultural community, and governance community; The dynamic evolution involving different dimensions such as livelihood methods, organizational structure, governance models, and cultural psychology will inevitably lead to value conflicts, interest games, and even social stability risks. References | Related Articles | Metrics

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Coordination between Government and Market: Mechanism and Path of High-quality Industrial Development in Key Counties Receiving Assistance for Rural Revitalization-the Key Counties Receiving Assistance for Rural Revitalization of Ganzi-Aba-Liangshan Region in Sichuan Province SHI Dunyou, HAN Lida 2024 (05):  9-17.  Abstract ( 156 )   PDF (1314KB) ( 61 )   In the process of industrial revitalization of the key counties receiving assistance for rural revitalization, government failure and market failure exist simultaneously and interwoven, so we should give full play to the synergistic effect of the "visible hand" of the government and the "invisible hand" of the market in resource allocation. On the basis of theoretical analysis and the practice of Ganzi-Aba-Liangshan Region in Sichuan Province, in order to promote the high-quality industrial development of the key counties receiving assistance for rural revitalization. This paper innovatively proposes: one is to unify county market, realize linkage development with the entry and exit of county rural production factors and the reform of rural land system, and fully rely on the county's complete and lowest level of government departments to ensure the role of industrial revitalization; second is to build an efficient market that make a modern industrial system with green ecological characteristics and advantages based on county characteristic and superior resources and digital economy at home, and comprehensively promote cross-regional industrial cooperation with the characteristic advantage resources as the link and the enclave park as the carrier, so as to consolidate the driving force for high-quality industrial development; third is to build an effective government by establishing a dynamic monitoring and cracking mechanism for the supply side, demand side and market side to cooperatively cope with market risks and the investment and operation risks of rural industrial projects, and improving the guarantee of "people", "land" and "money" factors, to ensure the stability and sustainability of high-quality industrial development. References | Related Articles | Metrics

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Study on the effect of fiscal Policy for rural Revitalization LU Guangxi, LIANG Qian, ZHOU Mengdi 2024 (05):  18-27.  Abstract ( 139 )   PDF (1320KB) ( 98 )   Established literature focuses mostly on the policy tools, support methods and characteristics, and problems of rural revitalization fiscal policy, and neglects the assessment of the effects of rural revitalization fiscal policy. This paper examines the effects of rural revitalization fiscal policies based on provincial panel data from 2011—2019, using spatial econometric models and other methods. It is found that, firstly, during the study period, rural revitalization has the problem of uncoordinated development and large spatial differences among regions; Secondly, rural revitalization fiscal policy not only promotes rural revitalization in the region, but also drives rural revitalization in adjacent regions; thirdly, the effect of rural revitalization fiscal policy is mainly realized through the channels of industry-led, governance standardization and income reduction, while the channels of civilization edification and ecological improvement, the effect is not significant; fourth, when human capital is greater than 11.77, the effect of rural revitalization fiscal policy is significantly enhanced. Therefore, it is suggested that while increasing the fiscal expenditure for rural revitalization, it is also necessary to pay attention to the spatial coordination of the fiscal policy for rural revitalization among regions; Adjust the structure of the fiscal expenditure for rural revitalization, and the fiscal expenditure for rural revitalization should be more inclined to the construction of ecological civilization and the construction of countryside civilization; And pay attention to the accumulation of human capital and improve the level of human capital. References | Related Articles | Metrics

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Reform and Innovation of Green Finance and ESG Performance in the Manufacturing Industry SUN Fangcheng, HE Yutian 2024 (05):  28-37.  Abstract ( 164 )   PDF (1448KB) ( 147 )   This paper examined the impact of the establishment of the Green Finance Reform and Innovation Pilot Zone on the ESG performance of the manufacturing industry by using the difference-in-difference method. This paper used the establishment of the Green Finance Reform and Innovation Pilot Zone approved by the State Council in 2017 as a quasi-natural experiment and selected the A-share listed manufacturing enterprises from 2009 to 2022 as samples. The mechanism test shows that the establishment of the Green Finance Reform and Innovation Pilot Zone can help alleviate the financing constraints, improve the profitability and increase the market value of the manufacturing enterprises, and thus have a positive impact on the ESG performance of the enterprises. Further research find that the establishment of the Green Finance Reform and Innovation Pilot Zone has a heterogeneous impact on the ESG performance of the manufacturing enterprises, which is mainly concentrated in the eastern region, higher degree of marketization and non-heavy pollution enterprises. This paper provides a new perspective for improving the ESG performance of enterprises in theory, and provides policy implications for using the green finance policies to enhance the green transformation and sustainable development of enterprises. References | Related Articles | Metrics

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How Does Digital Finance Affect the Cost of Different Financing Modes? -Based on the Dual Perspective of Internal and External Information Asymmetry GUO Jing, HUO Jiaxu, ZHANG Juying 2024 (05):  38-47.  Abstract ( 147 )   PDF (1392KB) ( 173 )   Digital finance is of great significance to relieve the financing dilemma and reduce the financing cost of enterprises. However, research on the differential effects and mechanisms of digital finance in various financing models is relatively scarce. This paper using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2020, explores the heterogeneous impact of digital finance on debt and equity financing costs, and investigates the mechanisms from the perspectives of internal earnings management and external information disclosure.The study finds that the resource and governance effects of digital finance can significantly reduce corporate financing costs. However, the cost reduction effect is more pronounced for debt financing compared to equity financing. Additionally, earnings management and the quality of information disclosure serve as mediators in debt financing, while only information disclosure is effective in equity financing. Further analysis reveals that firms with lower management shareholding, larger sizes, and those in high-tech sectors benefit more from digital finance in reducing equity financing costs. Conversely, firms in regions with higher financial marketization and smaller-scale enterprises benefit more significantly from reduced debt financing costs. This study contributes to financial institutions in providing precise services, optimizing corporate financing strategies and information management, and advancing the development of digital finance in China. References | Related Articles | Metrics

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Cross-Ownership and Expense Stickiness: Based on the Perspective of Market Collusion YANG Lijuan, XIONG Lingyun, WANG Jinjin, LIAO Wang 2024 (05):  48-58.  Abstract ( 139 )   PDF (1299KB) ( 74 )   The social network relationship formed among enterprises based on chain shareholders is an important factor affecting business management, while academics have mainly focused on the synergistic effects generated by chain shareholders and have paid insufficient attention to their negative effects. This paper examines the effect of chain shareholders on expense stickiness from the perspective of market collusion, using China's A-share listed companies from 2007 to 2022 as the research sample. The research results show that chain shareholders significantly enhance the degree of corporate expense stickiness, which is reflected in the market collusion effect of chain shareholders. In terms of the influence mechanism, the fundamental reason for chain shareholders to enhance corporate expense stickiness lies in market collusion, i.e., the higher the industry concentration, and the higher the competitive market position. In terms of the path of action, chain shareholders mainly influence corporate expense stickiness by appointing directors and reducing equity incentives. In terms of mitigation mechanisms, improving equity checks and balances, internal control quality, exchange information disclosure evaluation and analyst attention can effectively mitigate the increase in stickiness of expenses caused by collusion of chain shareholders. The findings of this paper not only provide empirical evidence for the economic motives of the formation of complex equity relationships among listed companies, but also provide a new reference basis for the revision and improvement of anti-trust related regulations and policies. References | Related Articles | Metrics

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Corporate ESG performance and the cost of debt financing ZOU Yang, SUN Yuxin 2024 (05):  59-68.  Abstract ( 174 )   PDF (1342KB) ( 185 )   Based on the panel data of China’s A-share listed companies from 2012 to 2022, the impact of corporate ESG performance on debt financing cost is empirically investigated, and the results show that: (1) The improvement of corporate ESG performance helps to reduce its debt financing cost, and the results are still valid through the robustness test as well as the endogeneity test; (2) The mediation test shows that corporate ESG performance reduces debt financing cost by improving corporate reputation, reduce financing constraints to reduce debt financing costs; (3) The heterogeneity analysis concludes that the ESG performance of non-state-owned enterprises and enterprises in the central and eastern regions has a more obvious effect on the reduction of debt financing costs. The results call for enterprises to actively strengthen ESG practices and improve ESG disclosure; The government and regulatory authorities should improve ESG disclosure system and do a good job in monitoring and guiding; Investors should pay attention to the ESG practices of enterprises while focusing on financial indicators in order to reduce investment risks. References | Related Articles | Metrics

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Research on "Government-backed" Enterprises in Environmental Protection Industry: Market Position, Social Responsibility and Efficiency XU Ying, YANG Ye, LIU Yao 2024 (05):  69-78.  Abstract ( 134 )   PDF (1336KB) ( 36 )   In order to objectively evaluate the contribution made by government-backed enterprises in the field of energy conservation and environmental protection, and to identify unequal market and social responsibility of enterprises, this paper uses crawler technology to collect the data of enterprises with more than 80% output value in China’s environmental protection industry. text analysis technology is adopted to identify three-layer equity penetration relationship, which explore and measure the potential government background in every enterprise. Then, by counterfactual matching method, the market mark-up caused by government background is verified and measured. Further, this study judges the market mark-up represents unequal market status or more social responsibility borne. Data analysis shows that both the social responsibility borne and unequal market status exist, which differs greatly among cites. Finally, this study prove the impact of market mark-up on the all enterprises efficiency: unequal market status damages the efficiency of all enterprises, while the social responsibility of government-backed enterprises improves the efficiency of non-government-backed enterprises. References | Related Articles | Metrics

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Coordinated Development of Digital Economy and People’s Livelihood: the Moderating Effect of Digital Government MAO Zijun, ZOU Qi 2024 (05):  79-89.  Abstract ( 144 )   PDF (1308KB) ( 68 )   Breakthrough innovations in the digital economy have had a complex impact on the development of people’s livelihood, and put forward new requirements for the governance system and governance capabilities. The construction of digital government is the self-adaptation of the government to the evolution of the economy to the digital form, and it is expected to become a breakthrough strategy for the government to effectively deal with the challenges of people’s livelihood brought about by the digital economy development. However, related studies lack a systematic determination of the relationship between digital government, digital economy and people’s livelihood from the theoretical and empirical levels. Therefore, this paper theoretically sorts out the influence mechanism of the digital economy on people’s livelihood development, and the role of digital government in ensuring that the digital economy promotes the development of people’s livelihood. Furthermore, this paper takes cities in China as the research object, and uses the panel data fixed effects model and instrumental variable method to conduct an empirical analysis of the moderating effect. The results show that China’s digital economy plays an active role in people’s livelihood at the initial stage. The heterogeneity analysis results show that the promotion effect of digital economy on people’s livelihood development is the largest in the western region, followed by the eastern region, and the smallest in the central region. And digital government can enhance this effect. The research findings can provide theoretical and practical basis for digital government to play an important role in the coordinated development of digital economy and people’s livelihood in the new era. References | Related Articles | Metrics

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Can Digital Village Development Shrink Income Inequality of Farmers? Empirical Evidence from China LI Xinze, GAO Yuan, LIU Fan, LI Jingyi 2024 (05):  90-99.  Abstract ( 149 )   PDF (1284KB) ( 72 )   The construction of digital village is an important driving force to break through the bottleneck of unbalanced development in rural areas and achieve common prosperity of farmers and rural areas. Different from the previous literature, which mainly focused on the impact of digital village on income level and urban-rural income inequality, this paper constructs a relative deprivation index to expand the research on digital village and household income from the perspective of intra-rural income inequality. It is found that the development of digital village has obvious characteristics of poverty benefit and can alleviate the income inequality of farmers. This result is still robust after the robustness test and overcoming the endogeneity. The analysis of relevant mechanisms shows that digital village development mainly reduces the intra-rural income gap by increasing entrepreneurial opportunities and expanding non-agricultural employment. In addition, the heterogeneity study found that digital village development had a stronger effect on alleviating the income inequality of farmers in counties in central and western China, mountainous and hilly counties and national-level poor counties. This means that the development of digital villages should be better promoted in the future. References | Related Articles | Metrics

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Government Competitive Modes, Strategy Combination ang Regional Development Quality YANG Qing, YUAN Chunhui 2024 (05):  100-110.  Abstract ( 134 )   PDF (1351KB) ( 49 )   Government competition modes could effect regional development quality in differentiated forms. It is crucial for current economic transformation to analyze that differentiated impact and establish a competition system conducive to high-quality development. Existing research only focuses on the direct impact of specific government competition models on economic growth, lacking comparative research on the mechanisms and quality effects of different competition models and various competition strategies. Also, it is assumed that governments only adopts one single competitive model, ignoring the combination effects of multiple competitive strategies.Based on the essence of government competition behavior, the competitive modes are divided into three categories: input competition, protection competition and institutional competition. Through the inter-provincial panel data of mainland China from 1997 to 2020, the impact of government competitive modes and specific strategy combination on regional development quality is empirically studied. The results show that input competition has both positive and negative effects on high-quality development, protection competition is not conducive to improving development quality, while institutional competition has the strongest improving effect on development quality. The results are robust after replacing the proxy variables. The research using interaction effect and strategy combination dummy variables shows that there is substitution effect between different competitive strategies, which belongs to the same mode. The strategy combination from different modes will weaken the quality effect of the single policy, but the combination of public services and simplification of administration and decentralization is conducive to high-quality development. References | Related Articles | Metrics