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The Industrial Effect of the Digital Economy: A Theoretical Analysis Based on Data Factorization ZHOU Zhi-han, YANG Xi Contemporary Finance & Economics    2021, 0 (12): 101-114.   Abstract （1391）            Knowledge map    Save By constructing a heterogenous enterprise dynamic equilibrium model and combining theoretical research with quantitative analysis, this paper explores the impact of digital economy on industrial productivity, intra-industry resource integration and social welfare. The findings show that after introducing digital economy, the export critical productivity increases, the changes of the production critical productivity and industrial average productivity are determined by the corresponding critical value of the productivity improvement index, while the degree of the intra-industry production competition is relieved and the degree of the intra-industry export competition is intensified. Through the two paths of changing the factor marginal output and the industrial entry cost, digital economy can exert its effects on the industrial economy at the same time. It has dual effects on the intra-industry resource integration and the social welfare, which means that there exist corresponding critical values of data versus price. On both sides of the critical value, the effects brought over by the digital economy is just the opposite. The value and the changing trend of this relative price critical value depend on such industrial characteristics as the intensity of data factor, the degree of product differentiation, and the industrial trade cost. This research not only builds a theoretical analysis paradigm for industrial digitalization and lays a theoretical foundation for future research on the industrial effects of the digital economy, but also provides a theoretical basis for China to steadily promote the development of the digital economy. The government should implement the precise industrial guidance policies in accordance with the various industrial characteristics and promote the transformation and upgrading of the industrial digitalization according to local conditions. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Structural Shocks on China's Economy: Also on the Economic Impact of the COVID-19 Epidemic WU Li-yuan, LIU Yan-zhao Contemporary Finance & Economics    2021, 0 (11): 3-15.   Abstract （801）            Knowledge map    Save The impact of infectious diseases as a short-term and severe structural shock on China's economy and policy choices has attracted widespread attention because of the global outbreak of COVID-19. This paper is a study based on the dynamic stochastic general equilibrium model that includes the upstream and downstream production structures, the different types of enterprises and the heterogeneous financial frictions. The findings show that the impact of the epidemic is a comprehensive impact on both productivity and demand at the same time, this feature is very important for evaluating its economic effect, and it can explain the stylized fact that the extent of China's consumption has declined more than that of production investment and that the recovery is rather slower since the outbreak of the epidemic. The effect of the structural tax reduction policy on economic stability is significantly better than that of the loose monetary policy, and the welfare loss is smaller, but the combination of the two policies can bring better welfare results. This is because monetary expansion stabilizes the steady demand while worsening the mismatch of credit resources at the same time, however, the structural tax cuts can partially correct the credit mismatch, and the use of the policy combinations can give full play to the advantages of the two policies. Reference | Related Articles | Metrics | Comments（0）

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Internet Business Model, Management Accounting Application Level and Value Creation TONG Zi-qiang, LI Peng-xiang, GENG Hong-yan, YANG Lei Contemporary Finance & Economics    2021, 0 (11): 138-148.   Abstract （699）            Knowledge map    Save In the context of digital economy, the Internet and artificial intelligence are more and more integrated with accounting. For this reason, by taking the financial reports of listed companies as the research objects and the text analysis of Word2Vec and the machine learning technology as the basis, this paper constructs the index to measure the implementation level of Internet business model and the application level of management accounting of the listed companies. It also empirically analyzes the impact of the implementation level of corporate Internet business model on the application level of management accounting and the relationship between the application level of management accounting and value creation. The findings show that the higher the degree of implementing the Internet business model, the higher the application level of management accounting; the Internet business model improves the application level of management accounting mainly through improving the strategic management, the budget management and the performance management. It is found through further study that the improvement of the application level of management accounting can significantly enhance the corporate value creation ability. The impact of the application level of management accounting on value creation mainly comes from the three dimensions: the strategic management, the performance management and the budget management. Reference | Related Articles | Metrics | Comments（0）

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Critique and Reconstruction of the Concept of Monetary Essence from the Perspective of Marx's Duality Thought LI Xiu-hui Contemporary Finance & Economics    2021, 0 (10): 56-66.   Abstract （496）            Knowledge map    Save There exist problems in the two concepts of monetary nature in western economics, which can hardly explain the monetary phenomenon and economic reality. Marx once criticized the both in his works. His duality analytical method provides an ideological weapon for objectively recognizing the two concepts of the nature of money and comprehensively understanding the multi-dimensional connotation of money. Marx's duality thought holds that money essentially has two properties: social attribute and natural attribute, which is a commodity that acts as a general equivalent. Based on the method of the unity of history and logic, Marx advocated the idea of rising from abstraction to concrete analysis. The historical evolution of the social form of money provides a historical basis for Marx's monetary analysis. Marx's duality method is also applicable to the analysis of monetary functions. The general equivalent can extend two basic functions: value scale and transaction media, both can be interpreted in duality. Based on the overlapping of monetary functions, the construction idea of monetary theory can be obtained. Reference | Related Articles | Metrics | Comments（0）

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The Protection of Personal Information as a Constitutional Property Right XIE Li-bin, LI Yi Journal of Jiangxi University of Finance and Economics    2021, 0 (5): 128-139.   Abstract （458）            Knowledge map    Save Whether as a component of big data or as independent data, personal information contains high economic values. In practice, the relative benefits are enjoyed by the data enterprises. The allocation of the relative benefits is an issue of distribution at the constitutional level, which should take the socialist system, the system of distribution according to labor, the economic development, the principle of equality, and other aspects into full consideration. According to the Constitution, the data subject should enjoy the economic value on its personal information. This requirement of the Constitution should be put into practice at the legal level. Given that the existing protection mechanisms provided by the personality right law and the contract law are not up to this task, the legislators shall take positive actions to make up for the deficiency. In legal politics, the legislators should protect the economic interests of the data subjects via the property rules. Due to the substantial difference existing between personal information and corporeal things, the property system is not applicable to the protection of the economic value upon the personal information. The legislators shall draw on the intellectual property system to establish property rights on personal information. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Digital Economy Development on Local Fiscal Sustainability in China DENG Da, PAN Guang-xi, LIN Xiao-le Contemporary Finance & Economics    2021, 0 (9): 38-52.   Abstract （770）            Knowledge map    Save The development of digital economy and the local fiscal sustainability are two important issues in the face of China’s macro-economic field. It is of great practical significance to study the impact of the development of digital economy on local fiscal sustainability. Based on the provincial panel data from 2011 to 2018, this paper first measures China’s local fiscal sustainability index, and then uses the fixed effect model to empirically study the impact of digital economy development on local fiscal sustainability. The results show that, in the whole country, there is a significant and stable positive correlation between the development of digital economy and the local fiscal sustainability. The results of a mediating effect test show that the development of digital economy can affect local fiscal sustainability through fiscal revenue. Therefore, it is necessary to further optimize and promote the market mechanism and the policy support system for the development of digital economy, and to accelerate the digital industrialization and industrial digitization to promote the development of digital economy. It is also necessary to promote the reform of the financial and tax management system, strengthen the application of digital frontier technology in financial and tax management, and implement digital comprehensive budget performance management system。In addition, it is necessary to do a good job on“increasing income and reducing expenditure,”while the performance supervision and management of financial expenditure funds should be strengthened. Reference | Related Articles | Metrics | Comments（0）

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Can the Review-Inquiry Letter of Sci-Tech Innovation Board Improve the Level of Information Disclosure on Key Items? JIANG Yao-ming, ZHANG Lei-yun Contemporary Finance & Economics    2021, 0 (9): 126-136.   Abstract （468）            Knowledge map    Save Companies that are to be listed on the Sci-tech Innovation Board have to accept non-administrative punishment supervision of Shanghai Stock Exchange by means of review and inquiries. Therefore, this paper takes 215 Sci-tech Innovation Board companies listed from July 22, 2019 to December 31, 2020 as the research objects and takes the first review and inquiry letter from Shanghai Stock Exchange that they received during the IPO process as research samples to analyze the characteristics of the subject matters of the review and inquire letters by employing the LDA subject analysis tool. It also empirically studies the relationship between the subject characteristics of the review and inquire letters and the improvement of the level of information disclosure on key items. The findings show that the stronger the review and inquiry related to key issues in the process of IPO issuance and listing, the higher the level of information disclosure of key matters in the registration draft of the prospectus of the proposed listed company compared to the declaration draft, and the stronger the improvement of information disclosure level by the review and inquiry on the companies with poorer corporate governance. Reference | Related Articles | Metrics | Comments（0）

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Does Quantitative Monetary Policy Regulation Contribute to Financial Stability? Re-Evaluation of Monetary Policy Effectiveness Based on Time-Varying Money Demand DENG Chuang, XIE Jing-xuan Contemporary Finance & Economics    2021, 0 (8): 53-63.   Abstract （554）            Knowledge map    Save Financial stability concerns the overall economic and financial development, so maintaining the dual stability of the real economy and the financial system has become an important task of China's macroeconomic regulation and control in the new era. Through the dynamic evaluation of China's money demand, this paper provides an evaluation benchmark for quantitative monetary policy stance, then based on this, it re-evaluates the effectiveness and asymmetric characteristics of quantitative monetary policy. The results show that, firstly, in the modern financial environment, national income, financial assets and payment innovation factors have a positive impact on money demand, while opportunity cost and currency substitution factors inhibit money demand to a certain extent; secondly, money gaps can be reasonably used to divide the stance of quantitative monetary policy, the quantitative monetary policies based on money demand and with monetary gap as indicator are overall effective, which can take into account the dual regulation of the macroeconomic and financial system; Finally, the effect of China's quantitative monetary policy has typical asymmetric characteristics, of which the tight-monetary policy has a relatively strong output effect, while the price effect and financial stability effect of the expansionary monetary policy are more significant. These research conclusions may provide useful policy enlightenment for effectively improving the effects of quantitative monetary policy in the management of inflation expectations, ensuring the stable operation of the macro economy, and effectively maintaining financial stability. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Embedding Position of China in Global Innovation Value Chains from the Perspective of Technological Trajectories LI Chuan-chao, YANG Hui-xin Journal of Jiangxi University of Finance and Economics    2021, 0 (4): 25-40.   Abstract （1505）            Knowledge map    Save On the basis of the theory of technological trajectories, this paper measures the degree of participation and the embedding position of China in the global innovation value chains with the help of the Worldwide Patent Statistical Database. It also studies the specific performance of Chinese enterprises which embed themselves in the global innovation value chains in the“going out”mode or in the“bringing in”mode with specific cases. The findings reveal that Chinese enterprises are locked in the non-core technology fields and low-end links in the international labor-division system with a degree of participation of 47.30% in the global innovation value chains, which is lower than that of USA, Japan, Germany, France and other major world economies. There still exist some gaps between the embedding position of Chinese enterprises and that of the developed countries. In the“going out”mode, Chinese enterprises cannot fully grasp the initiative of development, while in the“bringing in”mode, Chinese enterprises are usually locked at the lower-end links. The blockage encountered by Chinese enterprises in the participation of the global circulation of innovation is rooted in the lacking of the all-round technical innovation with international competitiveness in domestic innovation field. It is necessary to take the domestic circulation as the main body and the concept of domestic and international double-circulation new development pattern as the guidance, so as to create an unblocked, efficient and independent domestic cycle in the field of innovation for the improvement of international competitiveness of Chinese creation. On this basis, the initiative of opening to the outside world can be mastered to achieve“bringing in”and“going out”at a higher level. Reference | Related Articles | Metrics | Comments（0）

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How to Achieve High-Quality Economic Development under Fiscal Imbalance: An Analysis of Local Government Behaviors Motivated by the Central Government WANG Xin-liang, LIU Fei Contemporary Finance & Economics    2021, 0 (7): 24-37.   Abstract （634）            Knowledge map    Save This paper constructs a dynamic panel model and uses the SYS-GMM estimation method for this study. The findings show that there is an inverted“U-shaped”relationship between financial vertical imbalance and economic development quality, and that the local government investments and regulation behavior bias are the reasons for the loss of development quality caused by excessive vertical fiscal imbalance. Under the vertical imbalance of moderate finance, the central finance and political incentives have a similar marginal effect on the high-quality economic development; however, if the vertical imbalance is excessive, the inhibitory effect of political incentives on the loss of economic development quality will be stronger than that of financial incentives. The horizontal fiscal imbalance will constrain the relationship between vertical imbalance and the quality of economic development, resulting in the shrinking of the moderate threshold value of vertical imbalance in areas with higher horizontal imbalance, and the enlarging of the moderate threshold value in areas with lower horizontal imbalance. With the differences of horizontal imbalances, there is regional heterogeneity in the active function between central finance and political incentives. In areas with higher horizontal imbalance, single political incentives or political incentives combined with transfer payments can play a stronger role, while in areas with lower horizontal imbalance, the tax decentralization in the single financial incentives is better than political incentives or other strategies. Therefore, it is suggested that such measures as increasing local financial support, implementing differentiated fiscal and taxation policies, optimizing the promotion incentive indexes and so on should be adopted, so as to reduce the degree of fiscal imbalances in accordance with local conditions, reverse the behavior bias of local governments, and promote the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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Digital Economy, Market Integration and Corporate Innovation Performance HOU Shi-ying, SONG Liang-rong Contemporary Finance & Economics    2021, 0 (6): 78-88.   Abstract （1862）            Knowledge map    Save By incorporating the digital economy, market integration and corporate innovation performance into a unified analytical framework, this paper makes use of the panel data of the A-share high-tech industry listed companies in Shanghai and Shenzhen stock exchanges from 2013 to 2018 to empirically test the influencing mechanism and the path of the digital economy and market integration on corporate innovation performance. The research results show that both the digital economy and the market integration are conducive to promoting the improvement of corporate innovation performance, and the digital economy has a positive regulatory effect on the innovation incentive effect of market integration. This conclusion is still valid after a series of robustness tests. The findings of further mechanism analysis show that market integration affects corporate innovation performance mainly through promoting the flow of innovative elements, and it has no significant impact on technological diversification, while the digital economy affects corporate innovation performance mainly through the channel of technological diversification. In addition, the differences in corporate characteristics have not changed the innovative effects of the digital economy and the market integration. However, the marginal effect of digital economy and market integration is stronger on the non-state-owned enterprises and the mature enterprises. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Group Brand Strategy on Capital Structure’s Dynamic Adjustment LIANG Si-yuan, ZENG Qing-sheng, ZHANG Cheng Contemporary Finance & Economics    2021, 0 (6): 126-137.   Abstract （1234）            Knowledge map    Save Taking China’s A-share listed companies from 2007 to 2017 as research objects, this paper constructs the index of group brand strategy and investigates the relationship between group brand strategy and capital structure’s dynamic adjustment. The finding shows that the diversified group brand strategy can help enterprises to speed up the dynamic adjustment of capital structure, which is mainly manifested in the improvement of the speed of upwards adjustment of capital structure. The result of the test of the acting path shows that the diversified group brand strategy has significantly reduced the cost of debt capital. The result of further heterogeneity test shows that among the enterprises of non-state owned or with poor information environment, the impact of group brand strategy is more significant. Therefore, when carrying out the adjustment of capital structure, enterprises should consider the impact of group brand strategy on the dynamic adjustment of capital structure by referring to the characteristics of them. Reference | Related Articles | Metrics | Comments（0）

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Research on the Division and Adjustment and Optimization of the Responsibilities of Fiscal Expenditures for Social Assistance in China CHEN Wen-mei, LI Chun-gen Journal of Jiangxi University of Finance and Economics    2021, 0 (3): 56-68.   Abstract （1152）            Knowledge map    Save As an important part of the social security system, social assistance plays a fundamental role in the realization of social fairness and justice. A scientific and reasonable division of the financial expenditure responsibilities is a necessary financial guarantee for the sound operation of the social assistance system. Based on the“Barrow Rule”and the Cobb-Douglas function model derivation, this paper makes use of the regression analysis method to calculate the optimal fiscal expenditure responsibility for social assistance in China. It also studies the adjustment and optimization of the expenditure responsibilities for social assistance from the different perspectives, such as the deviation of expenditure responsibility and the financial burden of social assistance, etc.. The findings show that the level of the expenditure responsibilities for social assistance of the central government continues to tend to be optimal, and the eastern region exceeds more, thus it is possible to moderately reduce the financial expenditure responsibilities for social assistance of the central government in the eastern region, and the reduced part can be transferred to the central and western regions where the financial burden and social assistance tasks are heavier. The social assistance expenditure responsibilities at the provincial finance level are constantly approaching optimization, but none of them have reached the optimal level; the negative deviation of the expenditure responsibilities in central and western regions is relatively larger, it is necessary to appropriately increase the social assistance expenditure responsibilities of the provincial finance. The level of the fiscal expenditure responsibilities for social assistance at the county (district) level has exceeded the optimal level, especially in the central and western regions. Reference | Related Articles | Metrics | Comments（0）

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An Analysis of the Creation of Sports Tax Provisions in the “Sports Law”: Based on the Arrangement of Sports Tax Criterions YE Jin-yu Journal of Jiangxi University of Finance and Economics    2021, 0 (3): 121-137.   Abstract （1187）            Knowledge map    Save As an important tool for the development of sports industry, the tax policies frequently appear in the sports fields. Correspondingly, some problems existing in the sports tax, such as“policy-led but operated with few laws”, “competition-led, but other sport industries lying idle”and “duty-free being dominant, while other tools absent”, not only constitute the remarkable mirror image and the pattern of China’s sports tax governance, but also become an important obstacle and threat to the sustainable and rapid development of China’s sports. In view of the unique value of sports tax clauses, the legislative experience of tax clauses in the science, technology, education, culture and health laws, and the formulation rules of foreign sports tax clauses, it is necessary to create a sports tax provision system in the Sports Law composed of the three levels, i.e., the general clauses of sports tax, the preferential clauses of sports tax and the collection and management clauses of sports tax, which should be rooted in the law of sports development and on the basis of the existing China’s sports tax policy practice, so as to bridge the interconnected paths between sports tax policy and law and between the Sports Law and the tax law, achieve the legal diversion of sports tax policies, and propel the rapid and sound development of China’s sports. Reference | Related Articles | Metrics | Comments（0）

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Internet Use and Labor Supply of Flexible Workers in the Context of the Digital Economy：Theory and Evidences QI Yu-dong, DING Shu-lei, LIU Cui-hua Contemporary Finance & Economics    2021, 0 (5): 3-16.   Abstract （1367）            Knowledge map    Save Based on the data of China Family Panel Studies, the findings of this study show that Internet use can significantly increase the probability of self-employment among flexible workers by 7.0%. According to both the full sample and the sub-samples of the self-employed and the employed, the“substitution effect”of the Internet wage premium is greater than the“income effect”; the use of Internet has significantly increased the labor supply time of the self-employed flexible workers, and the positive effect on the self-employed flexible workers is greater than that on the employed workers. The analysis of the mechanism shows that the Internet enables flexible workers to have a freer value orientation and life pursuit, which can increase the probability of self-employment. At the same time, the Internet further prolongs the labor supply time of this group by increasing the individual work preference and the income level. In addition, the use of the Internet to study, work and socializing has significant heterogeneity in the effect on the labor supply of flexible workers. Compared with the group of middle-aged and the elderly and the group of urban population, the use of Internet can significantly increase the self-employment probability and labor supply time of the youth and the rural population. Reference | Related Articles | Metrics | Comments（0）

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The Financial Stability Effect of Foreign Exchange Reserves: From the Perspective of Interest Margin between Domestic and Foreign Currencies CAO Chun-yu Contemporary Finance & Economics    2021, 0 (5): 65-76.   Abstract （1235）            Knowledge map    Save From the perspective of financial openness, this paper derives the conditions of the uncovered interest parity through the scale adjustment of foreign exchange reserves, so as to provide a theoretical explanation for the financial stability effect of foreign exchange reserves from the perspective of interest margin of domestic and foreign currencies. It makes use of the annual data from 1980 to 2018 to study the foreign exchange reserves in dealing with the spillover effects of monetary policies of the major developed economies. The findings show that the foreign exchange reserves of non-international currency issuing economies can help maintain the interest margin between the local currency and the U.S. dollar, and that there exist transmission paths in foreign exchange reserves which will affect the interest margin between the local currency and U.S. dollar by triggering the changes in local currency interest rates and exchange rates. The influence of foreign exchange reserves on the interest margin between the local currency and the US dollar will be enhanced during the periods without financial crisis, and it also has a significant positive impact on the interest margin between the local currency and Euro and other SDR currencies. This impact on the interest margin between the local currency and foreign currencies is significant in the statistics of the sub-samples of the“Road and Belt”initiative economies. Therefore, it is advisable to continuously optimize the scale of foreign exchange reserves in accordance with the changes of the economic situations and the transformation of the mechanism of foreign exchange reserves, while taking into account the asset risk premium factors of the banking system. Reference | Related Articles | Metrics | Comments（0）

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Digital Services Tax: Contents, Challenges and China’s Responses CHEN Jing-xian, ZHOU Quan-lin Contemporary Finance & Economics    2021, 0 (4): 28-38.   Abstract （1325）            Knowledge map    Save In recent years, the rapid development of the cross-border digital economy has brought challenges to traditional systems of international tax laws and rules. Due to the slow progress in the coordination of digital economy taxation led by the OECD and the European Union, countries such as France, the United Kingdom, and Spain took the lead in levying digital services tax, in an effort to lead the formulation of international tax rules and expand their taxation powers to gain more revenue. The legality and rationality of the unilateral measures of digital services tax are questionable, which will pose a threat to China’s digital economy development strategy. Also, it is suspected of violating the principle of non-discrimination in the General Agreement on Trade in Services and the principle of tax neutrality. In addition, it will increase the tax burden of Chinese digital companies and increase data security risks. At present, the scale of China’s digital economy is continuously expanding and its contribution to economic growth is also continuously increasing, which has become a key factor for China to respond to the pressure of the economic downturn. Therefore, China should promote the development of the digital economy and encourage all countries to create an open, fair, just, and non-discriminatory digital development environment. It is not appropriate for China to levy digital services tax in the short term. Instead, China should take measures to help Chinese digital companies eliminate double taxation and actively participate in the negotiation of international tax rules for the digital economy. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Impact of Benefit Expectation on Farmers' Farmland Quality Protection Behaviors: Empirical Evidences from Jiangsu Province LU Hua, ZHOU Ying-heng Journal of Jiangxi University of Finance and Economics    2021, 0 (2): 80-92.   Abstract （1177）            Knowledge map    Save The quality protection of cultivated land is an important way to realize the storage of grain in the land and to lay a solid foundation for agricultural production. Farmers are the ultimate subjects and the micro-foundation to realize the protection of farmland quality. By making use of the data of farmer household micro-survey in Jiangsu province in 2018, this paper adopts the mvprobit model to quantitatively study the impact of benefit expectation on farmers’ intention and behavior of farmland quality protection. The findings show that benefit expectation is an important factor affecting farmers’ intention and behavior of farmland quality protection. Farmers’ expectation of improving the quality of agricultural products and increasing the yield of farm products through returning straw to the land will increase the probability of farmers’ adoption of the straw returning to the field; and the expectation of improving the quality of agricultural products by applying organic fertilizer and the expectation of increasing the yield of production by deep and loose ploughing will both significantly increase the probability of adoption. Based on the findings of this study, it is suggested that the relationship between farmers’ benefit expectation and farmland quality protection behavior should be fully utilized, the government should continue to improve the ways and channels to realize high price for high quality agricultural products, improve the expected profits of comparative returns from farmers’ farmland quality protection, reduce risks, and give full play to its exemplary role. In addition, the government should reduce the number of plots, reduce the costs of farmland quality protection, strengthen policy publicity and provide policy support, so as to promote farmland quality protection. Reference | Related Articles | Metrics | Comments（0）

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How the Institutional Quality of Host Countries Affect the Mode of Global Value Chain Governance of the Multinational Companies YANG Zhen-zeng, YANG Hong Contemporary Finance & Economics    2021, 0 (3): 100-111.   Abstract （1184）            Knowledge map    Save The institutional quality of the host countries can affect the mode of global value chain governance of the multinational companies through the“fixed cost effect”and the “traditional boundary effect”. On the one hand, the improvement of institutional quality can reduce the institutional fixed costs of corporate foreign direct investment and promote the enterprises to adopt the mode of equity governance. On the other hand, the institutional quality will reduce the internalized demands resulted from market imperfections, and thus reduce the adoption of the equity governance mode. The findings of an empirical study using the trade data of related parties from US Census Bureau show that, at the stage of entering the market of host countries, the improvement of institutional quality of multinational companies can reduce the institutional fixed costs and raise the probability of adopting equity governance mode. However, at the stage of choosing corporate boundaries, due to the influence of traditional boundary effect, the impact of the improvement of institutional quality on corporate adoption of equity governance mode will be weakened; and with the rise of industrial institutional intensiveness, it will be further weakened. Reference | Related Articles | Metrics | Comments（0）

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The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit ZHANG Dong, ZHAO Wen-zhuo Contemporary Finance & Economics    2021, 0 (3): 124-135.   Abstract （1190）            Knowledge map    Save To duly handle the relationship between zombie companies and each interest subject is the top priority in the supply side structural reform. Taking the A-share listed companies from 2010 to 2017 as samples, this paper studies the negative externality of bank credit funds occupied by zombie companies from the perspective of commercial credit. The findings show that the more credit resources that zombie companies occupy in the financial market, the more commercial credit funds that they occupy in the product factor market. Compared to downstream customers, the above-mentioned impact is more significant for upstream suppliers of the zombie companies. The results of further analysis show that the higher the asset specificity that the zombie companies have and the higher the industry concentration of the industry that the zombie companies are in, the more serious the commercial credit occupied by them. The findings of the mechanism test indicate that the negative externality of the zombie companies’ occupation of bank credit funds to upstream and downstream companies are caused by the low transparency of the zombie companies’ information and their insufficient solvency. Reference | Related Articles | Metrics | Comments（0）

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Will the Strong Dollar Influence RMB’s Currency Anchor Status?An Empirical Analysis Based on 35 Countries along the Route of the Belt and Road ZHOU Yang Contemporary Finance & Economics    2021, 0 (1): 60-72.   Abstract （1320）            Knowledge map    Save Under the background of strong US dollar, this paper studies the influence of strong US dollar on RMB’s currency anchor status with an extended empirical model based on the data of 35 countries along“the Belt and Road”. The results indicate that, when US dollar is strong, 11 countries will choose the anchoring RMB to stabilize their currency exchange rates; when the dollar is weak, the influence of RMB is small. RMB, US dollar and Euro are the main currency anchors in the currency circle of the countries along the route of the Belt and Road. The findings of further research show that, in the strong dollar cycle, RMB’s currency anchor status is significantly improved, while US dollar’s currency anchor status is declined. The existence of trade relationship and trade competition is the reason for the improvement of RMB’s currency anchor status, in addition, RMB as a currency anchor is still limited to the areas of ASEAN, East Asian and South Asian countries, and its influence on other countries along the route of the Belt and Road is relatively weak. Therefore, strengthening international policy coordination, continuously deepening trade cooperation and promoting RMB pricing of staple commodities will help to enhance RMB’s currency anchor status and promote RMB internationalization. Reference | Related Articles | Metrics | Comments（0）

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Independent Directors’ Share-Holding and Duty-Performing Enthusiasm: Empirical Evidences Based on Independent Ideas DENG Bo-fu, DONG Ya-hao Contemporary Finance & Economics    2021, 0 (1): 73-85.   Abstract （1331）            Knowledge map    Save Taking the data of China’s A-share listed companies as samples and starting from the basic fact that the independent directors are willing to hold the shares of the listed companies that hire them, this paper conducts a theoretic analysis and proposes the following assumption that the behavior logic of the share-holding independent directors is more aligned with the original intention of the design of China’s independent director system, i.e., the share-holding independent directors can be more independent of the management and the big shareholders, thereby performing their supervisory duties better. The empirical results show that in the companies with share-holding independent directors, the independent directors will express more dissenting opinions, which proves that the share-holding independent directors do perform their supervising duties more actively. Further analysis reveals that independent directors’ shareholding can not only reduce management expense ratio, but also be more likely to deliver dissenting opinions when the company has lower level of equity balance. It can better restrict the tunneling behavior of the large shareholders, i.e., the share-holding of the independent directors can have a better governance effect on the agency problems of both the first and second types. The empirical conclusion is still valid after the PSM method is used to control the problem of endogeneity. The above empirical evidences are both the explorations and tests of the economic consequences of the independent directors’ shareholding phenomenon, and also the analysis and reflection of the problem of how to enhance the independence of independent directors in the context of China’s institution. Reference | Related Articles | Metrics | Comments（0）

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A Probe into the Reform Dilemma of China's Rural Homestead System: A Test Analysis Based on the Systems since the Founding of PRC CHEN Sheng-xiang, ZOU Yong-wen Journal of Jiangxi University of Finance and Economics    2021, 0 (1): 80-90.   Abstract （334）            Knowledge map    Save With the help of NVivo12.0 qualitative analysis software, this paper conducts a systematical coding and analysis of the data of 60 texts of homestead system since the founding of PRC, so as to explore the reform dilemma and think about the countermeasures. The findings show that since the founding of PRC, the texts of homestead systems have generally elaborated seven policy issues that must be solved, among which four have continuously received high attention, representing the core reform tasks in their respective historical periods, i.e.,“free residence guarantee”is an issue that has been dealt with since collectivization, the governance of “indiscriminate occupation and abuse of farmland for building houses”and“extensive utilization and idling of homestead”are the key contents of the system reform since the reform and opening up, and solving the issue of“realization of property rights of rural houses”is a new task of reform since the 18th national congress of the Communist Party of China. However, there exists a directional conflict in the solution to the policy problems between“free residence guarantee”and the other three, leading the institutional reform into two“dilemmas”and failing to balance them. There is no perfect solution to satisfy both of them, therefore, it is suggested that, in the contest of present accelerated urbanization, the free distribution system of homestead should be stopped in good time, and the transfer time and space of homestead use right should be expanded as far as possible, so as to create conditions for the realization of the property right of rural houses by stimulating land saving and land intensive use. Reference | Related Articles | Metrics | Comments（0）

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Social Co-Governance in Public Crisis: System Logic and Legal Path LIU Nai-liang Journal of Jiangxi University of Finance and Economics    2020, 0 (6): 114-124.   Abstract （1478）            Knowledge map    Save Because of the risk and function appropriateness, social co-governance possesses the theoretical foundation to intervene in public crisis. The cultivation of shared governance during the modernization process of rule of law and governance also lays the foundation for the overall integration of social governance resources in the emergency. Since the outbreak of Covid-19, the co-governance mirror image under the ternary structure of“government-market-society”has displayed different natural endowment of governance not like the before. In the context of the co-governance led by the rule of law, the establishment of such principles as“law-based emergency”, empowerment and relative liability can effectively alleviate the conflicts between public and private orders triggered by emergency measures for public crisis. By relying on the multiple generation of the information interaction mechanism, social co-governance has become the system carrier of precise decision making and socialized supervision. The development of social co-governance in the future public crisis should be based on the normative balance of empowerment and power restriction. Through the empowerment to the main body during the full process, the system transformation of social co-governance from“subjective awakening”to“incentive compatibility”can be achieved. With the help of effective evaluation of rule of law, the responsiveness of legal control in the social co-governance can be strengthened. Reference | Related Articles | Metrics | Comments（0）

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The Influence of New Product Trial on Consumers' Impulse Purchases: Based on the Dual Mediator Model of Psychological Ownership and Psychological Feeling of Guilt LIU Jian-xin, FAN Xiu-cheng Contemporary Finance & Economics    2020, 0 (9): 76-89.   Abstract （1549）            Knowledge map    Save With constant emergence of new products and increasing intensification of retail competition, the way of promoting new product sales by trial has been widely applied. Unfortunately, not much effective attention and researches have been drawn to the impact mechanism and promotion effect of new product trail, especially the study of the impacts on consumers' impulse purchases is seriously insufficient. The findings of this study show that when consumers try the new products, on the one hand, the trial will urge the consumers to purchase on impulse through psychological ownership of the tried new products on the basis of familiarity, on the other hand, a psychological feeling of guilt may be produced on the basis of reciprocity, which may also result in the impulse purchases. The findings of two experiments show that new product trial will facilitate consumers' impulse purchases on new products, and the exploratory new product trial can drive the consumers to buy the new products on impulse more easily than the confirmatory new product trial. The impact of new product trial on consumers' impulse purchases is subjected to the joint intermediation of psychological ownership and psychological feeling of guilt. The joint intermediation of self-construal on psychological ownership and psychological feeling of guilt will produce a moderating effect. These conclusions are conductive not only to the improvement of the theory of new product trial, but also to the promotion of development of the related management practices Reference | Related Articles | Metrics | Comments（0）

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Internet, Population Scale and China’s Economic Growth: From the City Perspective LI Jie-wei, WU Si-xu Contemporary Finance & Economics    2020, 0 (1): 3-14.   Abstract （1528）            Knowledge map    Save Based on China’s city-level data from 2001 to 2016, this paper incorporates the population scale into the analytical framework of Internet and economic growth to re-estimate the influence of Internet on China’s economic growth. The findings show that, firstly, internet can improve the economic growth rate of Chinese cities on average, but the results are not robust, because the impact of Internet on cities with less population scale is not significant or is negative. Secondly, the larger the population scale of a city is, the greater the impact of Internet on economic growth will be. Thirdly, the network effect of Internet could explain this strengthening effect. The results of the threshold regression shows that there are two threshold values, 7.72% and 14.32% respectively, and only if the penetration rate exceeds 7.72%, can Internet improve the urban economic growth rate significantly. The result of the threshold regression shows that even in the Midwest of China with lower penetration rate, the promotion effect of Internet on the economic growth of big cities is still greater than that of small cities in the East area with higher average penetration rates. Therefore, the investment in the infrastructure of internet should be made on the city level or the level of city clusters, so as to take both efficiency and regional balanced development into account. Reference | Related Articles | Metrics | Comments（0）

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Inclusive Finance and Bank Risk Taking：Factual Investigation and Mechanism Analysis ZHANG Wen-fei, JIN Xiang-yi Contemporary Finance & Economics    2020, 0 (1): 51-64.   Abstract （1324）            Knowledge map    Save Along with the gradual advancement of China’s financial system reform, strengthening financial crisis management and bank risk prevention is an important tough battle to promote the transformation of the financial system. From the perspective of inclusive finance, this paper conducts a theoretical study in the framework of banks bearing risks. The findings show that the development of inclusive finance can significantly reduce the risk level of banks. Based on the BankScope global bank database and the inclusive financial data, it is found through the empirical study that the inclusive financial development has a significant reduction effect on bank risk exposure, and this effect is heterogeneous among different sample classifications. Meanwhile, the inclusive finance can reduce the risks that banks are faced with by increasing the proportion of bank retail deposits and lowering the average interest cost of banks, while the improvement of the governance environment can amplify the risk reduction effect of the inclusive finance and reduce the risk level of the banks. This means that the introduction of “prioritized savings and prioritized access”financial savings policies in remote areas can strengthen banks’ financial services to disadvantaged groups and promote the development of the inclusive finance, which is essential to the promotion of the healthy development of financial markets. Reference | Related Articles | Metrics | Comments（0）

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Spatial Expansion of Value Chain Division and Connection and Corporate Connotative Development Ability CHEN Jian, ZHAO Di, ZHAO Yang Contemporary Finance & Economics    2020, 0 (1): 101-113.   Abstract （1331）            Knowledge map    Save Under the requirements of high-quality development, to re-examine the value chain division system constructed by Chinese enterprises and its influence on corporate connotative development constitutes the main purpose of this paper. Based on China’s microcosmic enterprises survey data collected by World Bank, this paper rationally defines the value chain division and connection at the enterprise level on the one hand and scientifically constructs the corporate connotative development measurement on the other hand, then it carries out an empirical analysis. The findings show that the expansion of value chain division and upstream-and downstream-connection can both help the promotion of corporate connotation development, while the middle-stream competitive link had adverse effect. When further considering the spatial heterogeneity of value chain division expansion, the result confirms that the connotative development ability of enterprises’ expansion of division and connection at national and international level has a most prominent promotion effect. It is found through industry-classified comparison that compared with the service enterprises, the connotative development effect of the manufacturing enterprises brought about by expansion of large spatial scale division and connection is more significant, especially for the technology-intensive manufacturing enterprises. The enterprises with higher connotative development ability can get more marginal positive effect from the expansion of value chain division and connection. Reference | Related Articles | Metrics | Comments（0）