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15 January 2023, Volume 0 Issue 1 Previous Issue    Next Issue

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The Impact of New Information Infrastructure on the Upgrading of Chinese Enterprises CHAO Xiaojing, XUE Zhixin 2023, 0(1): 3-17.  Abstract ( )   PDF (254KB) ( )   The new information infrastructure is becoming an important support for China to consolidate and strengthen its foundation of real economy and to build comprehensively a new advantage of digital economy. This study is based on the work reports of Chinese government from 2010 to 2019 and the matching data of listed companies. The findings show that enterprise upgrading is a dynamic process during which production efficiency, organizational management and enterprise value chain can achieve transformation and upgrading. And new information infrastructure has a significant positive promotion effect on enterprise upgrading. This conclusion still holds after the robustness testing which takes endogeneity, sample self-selection and other issues into consideration. The analysis of the mechanism of action shows that the construction of the new information infrastructure and the integrated application will jointly promote the upgrading of enterprises through their improvement of innovation capability, the optimization of human capital structure and the cyberspace agglomeration. The heterogeneity test reveals that for non-state owned enterprises, mature enterprises, enterprises with higher marketization level and technology-intensive enterprises, the new information infrastructures have more significant incentive effects at the level of production efficiency and enterprise value chain, while the promotion effect of new information infrastructures on the upgrading of organizational management of technology-intensive enterprises has not been fully revealed. References | Related Articles | Metrics

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High-Quality Human Capital and China's Urban Innovation Capacity: Evidences from University Enrollment Expansion Policy HE Xiaogang, HUANG Yingshan, ZHU Guoyue 2023, 0(1): 18-32.  Abstract ( )   PDF (286KB) ( )   The high-quality human capital is an important support for the implementation of the strategy of“strengthening the country with science and technology”. The results of a quasi-natural experiment based on the exogenous policy construct of the enrollment expansion in high education in 1999 and a study with DID method show that the human capital expansion brought about by the university enrollment expansion policy has effectively increased the innovation capacity of cities, and that this effect has increased significantly over time. A mechanistic analysis shows that the expansion of human capital has significantly increased the skill level of workers, while skilled labor further induces the agglomeration effect of innovation factors and enhances the R&D capacity within cities, thus contributing to the increase of innovation level in cities. A heterogeneity analysis shows that human capital expansion has a greater effect on innovation in the eastern cities and the cities with a better innovation base, faster growth in capital goods imports and a higher degree of marketisation. In addition, by industry, human capital has a greater contribution to the increase in innovation capacity of urban secondary industries. Therefore, when further promoting the reform of market-based mechanisms, it is also important to focus on the supporting industrial policies and at the same time increase the policy support towards the less developed regions, so as to promote the coordinated industrial and regional developments. References | Related Articles | Metrics

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The Logic of the OECD International Taxation Reform Scheme for Digital Economy and China's Response: An Analytical Framework Based on the New-Market Public Finance MA Haitao, CAO Mingxing, BAI Yunzhen 2023, 0(1): 33-45.  Abstract ( )   PDF (252KB) ( )   The international tax reform of the digital economy is in full swing, and the OECD has designed a“two-pillar”basic plan, trying to establish market state taxation rights and a global minimum tax system to improve the international taxation order. In response to the above-mentioned reforms, based on the analytical framework of the New-market Public-finance Theory under exploration, this article develops innovative cognitions from the following three aspects: the first is to form a concept of platform market, so as to innovate the explanation of both the platform entities of the new digital economy market and the significance of the tax nexus to such entities, and the market mechanism of the new digital economy platform as well as its characteristics of tax laws and regulations; the second is to form a concept of comparable governments, so as to explore the rectification of the productive role of governments and the proof of the legitimacy of taxation rights, the restoration of the panorama of the comparability of cross-border transactions, and the calculation of comparable government tax bases; the third is to specify the concept of income control rights, so as to separately analyze the tax benefit games between multinational corporations and governments in the OECD reform plan, and the competitions of industrial patterns between countries and the industrial groups in the digital economy. Finally, based on the above logic and basic national conditions, this article proposes some initial policy responses with an emphasis that China should systematically design policies to cope with the global competition and cooperation against the anti-tax avoidance, the global big cycle of digital and industrial economies, and the economic development of the backward regions and the emerging industries from the three levels of security, fairness and development of the national tax bases. References | Related Articles | Metrics

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Does the Tax on Social Insurance Increase the Stickiness of Corporate Income Tax Burden: A Test from the Perspective of Labor Cost XIAO Jianhua, XIE Luhua 2023, 0(1): 46-60.  Abstract ( )   PDF (280KB) ( )   Reducing the stickiness of corporate income tax burden is conducive to strengthening the sense of access to the policies for corporate tax and fees and releasing the cumulative effect of tax and fee reduction policies. Using the data of the listed enterprises from 2008 to 2020, this paper constructs a year-by-year PMS model and a multi-period DID model to empirically analyze the impact of“tax on social security”on the stickiness of corporate income tax burden. The results show that labor cost stickiness plays a mediating role between“tax on social security”and the stickiness of corporate income tax burden, and that the implementation of“tax on social security”has enhanced the stickiness of corporate income tax burden. The tax burden of corporate income tax is more viscous for service enterprises, small-scale enterprises and enterprises with lower social security contributions; and the tax burden of corporate income tax is more viscous for enterprises with lower regional financial self-sufficiency, lower wage level and lower participation rate of social security. Therefore, it is necessary to formulate differentiated tax policies, use modern technology to strengthen social security collection and management; to oblige enterprises to sign employment contracts with their employees, so as to regulate labor practices; to weaken the motivation of enterprise for surplus management, and strengthen the awareness of enterprise tax cost management; to improve the relevant supporting policies, such as giving certain supporting policies to financially difficult regions and enterprises in difficulties, moderately increasing tax credits for social security contributions, etc. References | Related Articles | Metrics

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Regional Contagion Effect of China's Systemic Financial Risks DANG Yin, MIAO Ziqing, SUN Chentong 2023, 0(1): 61-75.  Abstract ( )   PDF (276KB) ( )   Identification and resolving financial risks at regional level is an important part of the prevention of systemic financial risks. Based on the network analytical method and SIRS infection model, this paper investigates the correlation, relative difference and contagion of China's regional systemic financial risks from 2011 to 2020. It is found that the regional systemic financial risks among provinces present an obvious network form; the provincial correlation of financial risks is becoming closer. The provinces with remote geographical location, slower economic development and looser financial supervision are the concentrated areas of risk inflow, while the provinces with superior geographical location, rapid economic development and strict financial supervision are the main areas of risk outflow. Each province can be clustered into different plates in the regional systemic financial risk contagion network, such as the“net outflow”plate, the“broker”plate, the“two-way outflow”plate, and the“net inflow”plate, each plays a different role in the risk contagion network. Therefore, each of the provinces need to formulate plans in advance, strengthen the targeted control and monitoring, adopt regionally differentiated risk prevention and control measures, and promote regional economic coordination, reform and development, so as to better prevent and resolve the regional systemic financial risks. References | Related Articles | Metrics

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Digital Inclusive Finance and Carbon Emission Reduction: An Empirical Analysis Based on China's County-level Data WANG Shoukun, FAN Wencheng 2023, 0(1): 76-90.  Abstract ( )   PDF (278KB) ( )   Digital inclusive finance has played an important role at the micro-levels such as residents' income, consumption and entrepreneurship, profoundly changing residents' production and living patterns. The findings of this paper based on the county data in China from 2014 to 2017 show that digital inclusive finance has a significant carbon emission reduction effect. The result of the heterogeneous analysis reveals that the carbon emission reduction effect of digital financial inclusion varies in intensity with the geographical location and socioeconomic characteristics. Specifically, this effect is more pronounced in the eastern region, the regions with higher material capital, the regions with larger population size, and the regions with higher education levels. The result of the mechanism analysis shows that the digital inclusive finance can achieve the carbon emission reduction effect through three channels, i.e., the structural adjustment effect at the level of industrial development, the land leasing area reducing effect of the polluting industries at the level of local governments, and the technological innovation effect at the level of corporate development. The result of the expanded analysis shows that digital inclusive finance can alleviate the imbalance problem of carbon emissions among counties, which helps to alleviate the inter-regional resource mismatch to a certain extent. In the future, The governments should further promote the construction of digital infrastructure, boost the application of the new types of digital technologies to the development of digital inclusive finance, so as to promote the transformation of China's economy from high-speed development to high-quality development. References | Related Articles | Metrics

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How Does Paradoxical Leadership Affect Employee Creativity? CAI Wenzhu, ZHOU Nan 2023, 0(1): 91-105.  Abstract ( )   PDF (253KB) ( )   The innovation and development of enterprises is inseparable from employee creativity. However, the current environment in which enterprises are located is changing from a single, stable and competitive model to a diversified, complex and cooperation-competition model, and contradictions are becoming increasingly prominent. Paradoxical leadership, as a new leadership behavior with both contradiction and integrated thinking, has positive effects on employee creativity, but its underlying mechanism needs to be further explored. This paper conducts an empirical test of 314 survey data collected at different time periods, so as to explore the relationship between paradoxical leadership and employee creativity; and it examines the mediating and moderating effects of job remodeling and adjusting focus from the perspective of employee active behavior and individual traits. The findings show that paradoxical leadership can positively promote employee creativity, and that job remolding plays a partial mediating role in the relationship between paradoxical leadership and employee creativity. Employee adjusting focus can play an adjusting role in the relationship between paradoxical leadership and job remodeling and in the indirect relationship between paradoxical leadership and employee creativity through job remolding, in other words, when employees have higher promotion adjusting focus or lower prevention adjusting focus, their job remolding behavior will be more likely promoted by paradoxical leadership, thus their creativity level will also be promoted. References | Related Articles | Metrics

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Digitalization, Institutional Environment and High-Quality Development of Manufacturing Industry SHI Yanxin, XIONG Tianren 2023, 0(1): 106-119.  Abstract ( )   PDF (235KB) ( )   The high-quality development of manufacturing industry is crucial to promoting China's transformation from a large manufacturing country to a manufacturing power. And the construction of digital facilities and the application of technology are the important engine to drive the transformation of the traditional manufacturing industry to the modern advanced manufacturing industry. With the in-depth carrying out of the“Digital China”strategy, the impact mechanism of digital level and institutional environment on the high-quality development of the manufacturing industry needs to be further clarified. Based on the panel data of 31 provinces in China from 2012 to 2019, this paper establishes a nonlinear regression model of digitalization level, institutional environment and high-quality development of manufacturing industry, so as to conduct an empirical study on the relationship between the three. The results show that the digitalization level has a significant positive effect on the high-quality development of manufacturing industry, that the institutional environment has a U-shaped moderating effect on the relationship between the digitalization level and the high-quality development of manufacturing industry, and that there are regional differences in the contribution of digitalization level to the high-quality development of manufacturing industry. Therefore, it is recommended to continuously improve the level of digitalization according to regional characteristics, and at the same time, to firmly and gradually optimize the institutional environment, which in turn will effectively contribute to the high-quality development of the manufacturing sector. References | Related Articles | Metrics

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Estimation of Import Price Index for Different Income Groups in China TAO Hongzhan, SONG Tao 2023, 0(1): 120-133.  Abstract ( )   PDF (226KB) ( )   Studying the import price index of different income groups is crucial for the measurement of the changes in the living costs of different income groups and for the revelation of the price effect of international trade. By constructing the structural theoretical framework of import price index for specific income groups from the heterogeneity perspective and combining the alternative elastic hybrid estimation method, this paper makes use of the data of import products from CEPII-BACI database and the data of Chinese Urban Household Survey to measure the import price index of different income groups and analyze the degree of import price inflation of different income groups in China for the first time. The findings show that the import price indexes of different income groups have an upward trend. The middle-income groups and the low-income groups have suffered the highest import price inflation, and the rapid increase of the import price index of manufactured goods is the main reason for the low- and middle-income groups suffering higher import price inflation. While implementing the strategy of expanding imports and building a new dual-cycle development pattern, it is necessary to prevent the rise in import prices from causing a greater negative impact on the cost of living of the low- and middle-income groups and aggravating their vulnerability; and the corresponding public welfare policies should be implemented, so as to strengthen their ability of response to trade shocks. References | Related Articles | Metrics

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Has the Off-Office Audit System for Natural Resources Assets on Leading Officials Improved the Structural Quality of the Manufacturing Industry? WU Changnan, SHUAI Yan 2023, 0(1): 134-151.  Abstract ( )   PDF (322KB) ( )   The off-office audit of natural resources assets on leading officials is a major institutional innovation in the construction of ecological civilization in China. On the basis of theoretically explaining the mechanism of the pilot off-office audit of natural resource assets on the leading officials on the structural quality of the manufacturing industry, this paper adopts the panel data of China's 92 prefecture-level cities from 2012 to 2017 and employs the double difference (DID) method to empirically analyze the impact of the off-office audit of natural resource assets on leading officials on the structural quality of the manufacturing industry in pilot cities. The findings show that the off-office audit can significantly improve the rationalization degree and the upgrading degree of the industrial structure of the manufacturing industry in the pilot cities. It is revealed through further research on the impact mechanism that the pilot off-office audit can improve the innovative ability of the pilot cities, which in turn can improve the structural quality of the manufacturing industry. The results of the analysis of the moderating effect show that in the cities with greater pollution control pressure, the improving effect of the pilot off-office audit on the rationalization and upgrading of the manufacturing industrial structure is much more significant. References | Related Articles | Metrics