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15 February 2022, Volume 0 Issue 2 Previous Issue    Next Issue

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Measurement and Decomposition of Multidimensional Poverty of Relatively Poor Rural Households under the Goal of Common Prosperity LI Chungen, CHEN Wenmei 2022, 0(2): 3-14.  Abstract ( )   PDF (240KB) ( )   With the overall victory in poverty alleviation, the implementation of relative poverty governance has become an important strategic choice at present for China to steadily advance the realization of the goal of common prosperity. Common prosperity is the goal orientation of the governance of relative poverty, while the governance of relative poverty is the premise means for common prosperity. Based on the data of the 2018 CFPS, this paper conducts a measurement with the A-F method. The findings show that the dimensional contribution rate of the multidimensional poverty index of the relatively poor households in China's rural areas in the order of high-to-low is education, living standard, health, labor capacity, medical insurance and housing. The number of relatively poor families suffering from poverty in more than 5 dimensions or a single dimension at the same time is relatively small, and more than 50% of the relatively poor families suffer from poverty in at least 3 dimensions at the same time. The result of the regional decomposition shows that both the incidence of multidimensional poverty and the severity of multidimensional poverty are the highest in the western region, followed by the eastern region, and the lowest is in the central region. The result of theincome decomposition shows that the lower the income the household received, the higher the incidenceof multi-dimensional poverty will be; and the more dimensions of poverty suffered, the moreserious the degree of poverty. References | Related Articles | Metrics

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Constraint of Economic Growth Target and Technological Innovation: From the Perspective of Resources Misallocation WANG Zhanxiang, GONG Guangxiang, MAI Yuqiang 2022, 0(2): 15-29.  Abstract ( )   PDF (282KB) ( )   The constraints of economic growth target may influence the preference of local governments' resource allocation, then further impact technological innovation. This article investigates such influences by making use of the economic growth target data at China's prefecture-level cities. The findings show that technological innovation will be significantly restrained by the behavior of“adding more at every lower level”itself, the economic growth target amplified after“adding more at every lower level”or using the manner of economic growth target formulation with characteristics of“hard constraints”, while using the manner of economic growth target formulation with characteristics of“soft constraints”can promote technology innovations. The above research conclusions remain valid after a series of robustness tests. The results of a mechanism test show that economic growth target constraints will lead to self-interest investment preferences that“attaching importance to production and neglecting innovation”and the land leasing strategy that“intervening for growth”in local governments, thus the resources will be misallocated and technology innovations will be inhibited. Further studies indicate that the influences of economic growth target constraints on technological innovation have significant heterogeneity in terms of regions, levels of cities and the completion of economic growth target. References | Related Articles | Metrics

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New Budget Law, Promotion Incentive and Quality of Budget Execution: From the Perspective of Budget Deviation and Budget Execution Progress ZHAO Heyun, ZHOU Quanlin 2022, 0(2): 30-42.  Abstract ( )   PDF (266KB) ( )   As the basic legal norm to regulate the government's behavior of revenue and expenditure, the new Budget Law is of vital importance to improve the quality of budget execution. By making use of the panel data of 30 provincial governments from 2011 to 2018 and constructing an intensity DID model, this paper empirically evaluates the effect of the implementation of the new Budget Law on the quality of budget execution and the regulatory effect of the promotion incentive. The findings show that the implementation of the new Budget Law can significantly reduce the degree of budget deviation, balance the progress of budget execution, and comprehensively improve the quality of budget execution. The current official promotion incentive mechanism in China has inhibited the positive effect of the new Budget Law on the budget deviation and the progress of budget execution to a certain extent, that is, it has inhibited the positive effect of the new Budget Law on the quality of budget execution to a certain extent. The implementation of the new Budget Law has the most obvious effect on the improvement of the quality of budget execution in the western region, followed by the central region, but not significant in the eastern region. Therefore, it is necessary to further perfect the dynamic monitoring system of budget execution, revise the incentive mechanism for official promotion, pay attention to the regional differences of the quality of budget execution, so as to ensure the real implementation and effectiveness of the new Budget Law and practically improve the quality of budget execution. References | Related Articles | Metrics

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Vertical Fiscal Imbalance, Tax Efforts and Local Economic Growth CHU Deyin, FEI Maosheng 2022, 0(2): 43-57.  Abstract ( )   PDF (275KB) ( )   The establishment of a fiscal relationship between the central government and the local governments with clear powers and responsibilities, financial coordination and regional balance is not only conducive to the regulation of the behavior of local governments, but also contributes to achieving long-term stable growth of the local economy. Based on the panel date of 30 provinces of China from 1998 to 2017, this paper investigates the mechanism and effect of vertical fiscal imbalance and tax efforts on local economic growth. The results show that the increase of VFI is harmful to the sustained growth of local economy, but VFI can indirectly promote economic growth through inhibiting local government's tax efforts. In addition, the promotion of the current tax efforts of local governments also shows an inhibitory effect on local economic growth. Therefore, it is necessary for the government to reasonably control the level of VFI, use appropriate imbalance to regulate local governments' behavior, and lay the institutional foundation for the long-term stable economic growth. The government should stabilize the local governments' revenue expectation, prevent the excessive tax efforts from inhibiting the production enthusiasm of the micro economic agents, pay attention to the differences in inter-regional development, and strive to avoid the development pattern similarity and resource waste caused by blindly pursuing the upgrading of industrial structure and deepening the degree of opening to the outside world. References | Related Articles | Metrics

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The Transmission Channels of Monetary Policy of Treasury Yield Curve: Theoretical Mechanism and China's Experiences GUAN Yu, WANG Xuebiao 2022, 0(2): 58-72.  Abstract ( )   PDF (305KB) ( )   The continuous accumulation of downward pressure in the global economy indicates that China may stay in a low interest rate environment for a long time. Therefore, it is necessary to strengthen the guidance of monetary policy for the treasury yield curve, so as to let long-term interest rate play the role of regulation. The results of the theoretical analysis show that China's current monetary policy framework has possessed the operational conditions to transmit to the treasury yield curve through the signaling channel and the portfolio balance channel. The empirical results further confirm the effectiveness of the two channels in the transmission. Specifically, the transmission effect through the signaling channel is stronger than that through the portfolio balance channel. The role of the signaling channel is short-term, and its direction is consistent with the goal of monetary policy; while the role of the portfolio balance channel is long-term, its direction is opposite to the goal of monetary policy in the short term, and is consistent with the goal of monetary policy in the medium and long term. The transmission effect of the two channels is weaker in the easing period of monetary policy, but stronger in the tightening period of monetary policy, which shows significant asymmetric characteristics. It is suggested that the People's Bank of China should optimize the monetary policy transmission mechanism of both the signaling channel and the portfolio balance channel and open up the interest rate transmission path with the treasure yield curve as the core. References | Related Articles | Metrics

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Environmental Regulations and Corporate Financial Assets Allocation: Evidences from the Promulgation of the New Environmental Protection Law ZHANG Chao, SONG Huasheng 2022, 0(2): 73-87.  Abstract ( )   PDF (299KB) ( )   Based on the data of China's A-share listed companies and taking the promulgation of the new Environment Protection Law as the starting point, the findings of this research show that this policy has significantly increased the financial assets allocation of the heavily-polluting enterprises, leading them to reducing their non-liquid financial assets while increasing their liquid financial assets. This empirically supports the“reservoir”motive of enterprises'holding financial assets. The specific influencing mechanism is as follows: the environment regulations will increase the environmental uncertainty and debt financing difficulty of the heavily-polluting enterprises, and further strengthening their precautionary motives to increase financial assets. Besides, the increase in the allocation of liquid financial assets improves firms'future financial performance, while the increase in the allocation of non-liquid financial assets damages firms'future financial performance, thus environmental regulations will improve the future financial performance through optimizing the allocation structure of corporate financial assets. It is found from further analysis that faced with strict environmental regulations, the non-state-owned enterprises, the small and medium-sized enterprises and the enterprises at the eastern region of the heavily-polluting type will increase their financial assets more significantly. Therefore, we should clearly understand that the allocation of different financial assets will exert differentiated impacts on corporate operation and development, we should be on guard that the excessive non-liquid financial assets held by enterprises will cause damages, and we should encourage the enterprises to deal with the impacts brought by the environmental regulations through holding liquid financial assets. References | Related Articles | Metrics

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The Innovation Effect of Corporate Investment in Sports and Health: Based on the Empirical Evidence from Sporting Activities Organized by Enterprises XIONG Lingyun, YANG Lijuan 2022, 0(2): 88-101.  Abstract ( )   PDF (272KB) ( )   Under the background of“healthy China”strategy, enterprises have become the important subject of national health. Making researches on their investments in health has important theoretical significance and practical value, especially when their investments in sports and health relate to high-level innovations. This paper chooses the relevant texts concerning sporting activities organized by listed companies to test the impact of their investments in sports and health on corporate innovation. The findings show that the investments of enterprise in sports and health is positively correlated with innovation output. The result of a mechanism test shows that the innovation effect path of enterprises' investments in sports and health is mainly to enhance the physical and mental health level of their employees and reduce the employees' fear of difficulties. It is found through further tests that the investments of enterprises in sports and health can promote both the invention patents and utility model patents, that is, the investments in sports and health is conducive to improving the quality of innovations; the wider the coverage of the sporting activities organized by enterprises, the more innovative outputs of enterprises will be. Therefore, enterprises should regard their investments in sports and health as an important strategy, and the government should also provide policy guidance for enterprises to strengthen their investments in sports and health, so as to further promote the implementation of “healthy China”strategy and innovation-driven development strategy. References | Related Articles | Metrics

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Paradox Identification in the Collaboration between Platform Enterprise and Participants and Its Governance: A Case Study Based on the Early-Stage Networks PAN Qiaohong, LUO Wenping, LIU Zongyuan 2022, 0(2): 102-116.  Abstract ( )   PDF (304KB) ( )   Faced with the phenomenon of increased friction among participants due to power imbalance on digital platforms, to study how to coordinate the tensions in the cooperation among participants is of great significance to promote the healthy development of platform ecosystem in China. Combining the paradox theory and the governance theory, and taking the early-stage networks as typical cases, this paper constructs the specific routes for paradox identification and governance during the cooperative process between the platform enterprises and the participants in the platform ecosystem. The findings show that (1) to form the paradox of utilization and development on the learning level, the platform enterprises improve their knowledge development capacity through the top-down governance model to achieve the synergy of “utilization of development”; (2) to form the paradox of autonomy and control on the organization level, the platform enterprises improve their digital capability through digital technology governance model to achieve the synergy of“controlled autonomy”; (3) to form the paradox of cooperation and competition on the performance level, the platform enterprises define their business boundaries through the hierarchical governance model to achieve the synergy of“competitive cooperation”; (4) to form the paradox of collectivity and individuality on the affiliation level, the platform enterprises improve their trust through the bottom-up governance model to achieve the synergy of“individual collectivity”. Accordingly, the paradoxical synergy path of cooperation among participants in the platform ecosystem is summarized as“paradox identification-paradox governance-paradoxical synergy”, which provides new ideas for platform enterprises to implement governance and for participants in the platform ecosystem to develop their cooperations better. References | Related Articles | Metrics

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Trade Policy Shocks and Quality Upgrading of Export Products of China's Digital Industry XU Tongsheng, MA Tianyi, YU Changlong 2022, 0(2): 117-129.  Abstract ( )   PDF (243KB) ( )   By making use of the WITS tariff database and the BACI micro trade database and applying the theoretical model of import product quality frontier distance, this paper studies the impact mechanism of the tariff rate policy and the import product quality frontier distance on the export product quality based on the calculation of the export product quality upgrading standardization index of China's digital industry. By constructing the dynamic panel data model of systematic generalized moment estimation at the micro level, the results of the empirical study show that the quality of China's export products presents an upward trend, which is driven by the adjustment of the trade policy and the narrowing of the frontier distance of import product quality. The reduction of the tariff rate has a great policy impact on the price fluctuation of unit products, which has a further cross impact on the frontier distance of the imported product quality, resulting in the realization of the upgrading of export product quality. The results of the heterogeneity analysis show that the policy effects of the high-quality and low-quality frontier products, the high-tariff and low-tariff products and the products of different digital industries are quite different. References | Related Articles | Metrics

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Comprehensive Costs, Comparative Advantages and Industrial Upgrading YANG Qinglong, WU Shian 2022, 0(2): 130-142.  Abstract ( )   PDF (270KB) ( )   The industrial upgrading in the context of the new era will transform from the“hyper materialism”to“balanced materialism”, paying more attention to the weighing and balancing of comprehensive costs. The so-called comprehensive costs refer to the total costs of all the factors used in the process of industrial development, mainly including production costs, transaction costs, environmental costs and inter-generational costs at present. The upgrading of factor structure, the total comprehensive cost and its structural changes will determine the industrial comparative advantages of a country or a region, and the industrial comparative advantages will determine the basic direction of industrial upgrading of a country or a region. Therefore, China should make efforts to promote its industrial structure gradually transforming to the emerging industries, such as contract intensive industries, environment-friendly industries and resource-saving industries under the synergistic effect between the market and the government, and complete the replacement, transformation or upgrading of the traditional industries by the emerging industries, so as to realize the organic unity of economic development, industrial upgrading, institutional innovation, environmental protection and sustainable development. References | Related Articles | Metrics

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Classified Reform of State-Owned Enterprises' Mixed-Ownership and Capital Allocation Efficiency JIANG Xuhan 2022, 0(2): 143-154.  Abstract ( )   PDF (238KB) ( )   The classified reform of the mixed ownership is one of the important reform strategies in China's state-owned enterprises. Taking the state-owned listing companies during the period of 2003-2018 as research objectives, this paper empirically tests the impact of the classified reform of mixed-ownership on capital allocation efficiency. The results show that, in the“fully competitive”state-owned enterprises (SOEs), the mixed equity restriction can significantly restrain over-investment and improve capital allocation efficiency, while in the SOEs belonging to the“important industry category”, this effect is not significant. The results of further study show that in the state-owned enterprises in the“fully competitive category”, compared with the shareholders of other nature, private shareholders can play a more significant role in the restriction of over-investment, and can better improve capital allocation efficiency. Compared with SOEs in the“resource monopoly category”, the mixed equity restriction of SOEs in the“general competitive category”can significantly restrain over-investment and improve capital allocation efficiency. References | Related Articles | Metrics

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Government Cost Accounting: International Reference and China's Development WANG Wenbing, SONG Hui, WANG Liyan, GAN Shengdao 2022, 0(2): 155-169.  Abstract ( )   PDF (277KB) ( )   According to the deployment of the government accounting reform plan, the Ministry of Finance of China p。。。ublis。。。hed The Basic Guidelines on Cost Accounting for Public Institutions on December 25, 2019, thus the reform of government cost accounting undertaken by the administrative institutions has officially started. Taking this as an opportunity, this paper comprehensively combs and uses for reference the theoretical researches and practical application results of government cost accounting both at home and abroad. On the basis of analyzing the core links of cost accounting such as cost accounting objects, cost items and range, cost collection and distribution of public institutions, this paper systematically puts forward specific countermeasures and suggestions for the administrative units to apply the activity based costing to resolve the difficulties in distributing unit costs, so as to provide useful reference for administrative institutions to implement the reform of government cost accounting. In addition, in order to establish the government accounting theory system with Chinese characteristics, it also proposes some policy suggestions, such as putting forward the guiding policies for government cost accounting, strengthening the cultivation of talents of government cost accounting, defining the accounting period of government cost accounting scientifically, and establish and perfect the legal system for government cost accounting. References | Related Articles | Metrics