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15 February 2021, Volume 0 Issue 2 Previous Issue    Next Issue

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Research on the Influence of Internet on the Value Creation of Manufacturing Enterprises: From the Perspective of the Link of Value Creation XU Yuanbin, LU Fucai 2021, 0(2): 3-14.  Abstract ( )   PDF (223KB) ( )   In the context of accelerating the construction of a modern industrial system and promoting the optimization and upgrading of the economic system, it is of great theoretical and realistic significance to explore the role of Internet in the value creation of manufacturing enterprises from the perspective of the link of value creation. The theoretical analysis shows that Internet can promote the value creation of manufacturing enterprises through the mass custom-tailored production modes, the new marketing models combining online and offline, and the servitization of the manufacturing enterprises. The empirical research that makes use of the 2012 World Bank survey data of Chinese manufacturing enterprises indicates that the use of the Internet in production, marketing and service links by manufacturing enterprises can all effectively promote the level of value creation of manufacturing enterprises. The findings of further research show that the effect of the use of Internet in the service link by manufacturing enterprises on the value creation is stronger than that in the production and marketing links. Therefore, during the critical period of transformation and upgrading of manufacturing enterprises, the government should speed up the construction of network infrastructure and industrial Internet platforms. References | Related Articles | Metrics

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The Impact of High-Speed Rail on the Quality of Enterprises' Patents: Evidences from Listed Companies LIAO Jinqiu, WU Xuefen 2021, 0(2): 15-28.  Abstract ( )   PDF (254KB) ( )   Transportation infrastructure has an important effect on the innovation activities of micro-units by accelerating the cross-regional flow of human resources and other innovation factors. Taking the data of Chinese manufacturing A-share listed companies as samples, this paper conducts an empirical analysis with the difference-in-differences method. The findings show that the opening to traffic of high-speed rail has significantly promoted the quality of patents of the enterprises along the line, and that the conclusion is still robust after controlling the endogeneity. The mechanism analyses show that the impact of high-speed rail on corporate patent quality is realized through knowledge diffusion effect, resource allocation effect and cooperative innovation effect. The findings of further study show that the quality improvement of high-speed rail patents has significant spatial heterogeneity and industrial heterogeneity. The high-speed rail has a more obvious effect on the patent quality of the enterprises located in regional central cities, while the impact on the enterprises located in peripheral cities depends on their geographical distance to the central cities. Compared with the low-and medium-tech industries, high-speed rail has a more significant innovation-promoting effect on the enterprises in high-tech industries. References | Related Articles | Metrics

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Risks and Challenges that the Safe Operation of China's Finance Is Faced and the Countermeasures during the“14th Five-Year Plan”Period BAI Yanfeng 2021, 0(2): 29-41.  Abstract ( )   PDF (248KB) ( )   During the“14th Five-Year Plan”period, China is faced with great changes unseen for centuries, the safe operation of its finance is also faced with the risks and challenges from the following four aspects. The first is the“middle income trap”and the“high-income wall”, i.e., the issue of sustainable fiscal and economic development, which lies on the new journey of China's socialist modernization after China has entered a new stage of development. The second is the digital economy and digital aristocracy that endanger China's fiscal absorbing capacity and macroeconomic regulation of borders. The third is the awareness of the fiscal risks in the process of fiscal management. The fourth is the shrinking of traditional tax bases and the relative increasing of taxpayers' tax burdens during the process of China's economic transformation and upgrading and after the improvement of the level of economic globalization; the issues of the insufficient regulation and control and the weak adjustment faced with the newly emerged tax bases, and the need for the transition of the consumption tax from the“ pollution suppression type”to the“healthy lifestyle promotion type”are typical examples in this regard. These problems may cause China's fiscal development to face the risks of dimensional reduction hit”, which is unforeseeable and difficult to overcome by China's traditional fiscal development mode; therefore, it should be given severe attention. Thus, it is suggested for the government to adopt countermeasures from the following five aspects: firstly, to actively respond to him“ risk costs”brought about by the uncertainty of the new development and encourage innovation by fiscal incentive means, so as to achieve the transformation of economic development powers; Secondly, to innovate the digitalized tax collection mode and construct a tax system to accommodate the digital economy. Thirdly, to let loose the population policy of family planning as soon as possible, so as to eliminate the hidden dangers of the strategic development; fourthly, to promote the transformation of consumption tax and build a modern green tax system; lastly, to perfect the fiscal response mechanism for emergency to prevent instantaneous shock risks. References | Related Articles | Metrics

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R&D Spillovers and the Complexity of China's Industrial Products under the Dual-Circulation Pattern LI You 2021, 0(2): 42-56.  Abstract ( )   PDF (253KB) ( )   The increase in product complexity can promote the sustained economic growth. The more types and quantities of complex products a country can produce, the more invincible the country is in the international economic competition. This paper discusses in detail the mechanism of R&D spillovers influencing product complexity under the dual-cycle pattern and uses the data of 32 Chinese industries from 2000 to 2017 to empirically test the effects of R&D spillovers on the product complexity in China's industries. The results of the theoretical mechanism analysis show that under the new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other, R&D spillovers can promote product complexity through competition effects, feedback effects, market demand-induced effects, demonstration and imitation effects, and human capital effects. The results of the empirical test show that intra-industry R&D can significantly promote the increase of product complexity. Although inter-industrial R&D is positively correlated with product complexity, it is not significant. Foreign R&D has significantly promoted the complexity of Chinese industrial products through import channels and other channels; foreign direct investment has also played a significant role in promoting the increase in the complexity of China's industrial products. The industrial human capital is an important factor in the increase of the complexity of China's industrial products. Product complexity has a significant cumulative feature, and the product complexity of the previous batch plays a significant role in promoting the complexity of the current products. References | Related Articles | Metrics

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Labor Cost Rising and Manufacturing Industry Servicizing LI Huanjie, ZHANG Yuan 2021, 0(2): 57-71.  Abstract ( )   PDF (251KB) ( )   As an important factor driving the innovation of the manufacturing industry, the rising labor cost is playing an increasingly forceful role in the transformation of service-oriented manufacturing enterprises. Based on the hand-collected data of service-oriented A-share manufacturing listed companies from 2013 to 2018, this paper systematically investigates the impact and action mechanism of labor cost rise on the service-oriented transformation of manufacturing industry from the perspectives of embedded service-orientation and mixed service-orientation. The results show that the rise of labor cost can“force”the manufacturing enterprises to carry out service-oriented transformation, which is mainly reflected in its significant positive impact on the embedded servitization, but the impact on the mixed servictization is not significant. In particular, this“reverse forcing”effect has a significant persistence over a longer period of time, and presents U-shaped dynamic change characteristics of de- cline first and then rise. The result of a mechanism analysis shows that although the increase of labor cost is difficult to indirectly drive the improvement of the overall service-oriented level of manufacturing industry through information technology investment, it can promote the embedded servitization and inhibit the mixed servitization through this way. Further analysis shows that in the context of turbulent economic environment, the economic policy uncertainty has significantly increased the“forcing”effect of labor cost rise on the servitization of the manufacturing industry. References | Related Articles | Metrics

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The Reward and Penalty Effects of the Green Credit Policy on Corporate Debt Financing: An Effect Evaluation Based on a Quasi-Natural Experiment WU Hongyi, YIN Desheng 2021, 0(2): 72-89.  Abstract ( )   PDF (317KB) ( )   The green credit policy aims to enable social capital to enter the green development domain and to promote the green transformation of the enterprises with high pollution, high-energy consumption, and excess production capacity. Based on the differences-in-differences model and taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2005 to 2019 as the research samples, this paper verifies the impact of the green credit policy on corporate debt financing in both rewarding and punishing ways. In terms of rewarding, if the enterprises, which not belong to those with high-pollution, high energy-consumption and excess production capacity, have established business relationship with banks involving in the green credit business, their long-term or short-term debt financing scale and their maturity structure will perform better. In terms of punishing, after the release of the green credit policy, the scale of the long-term debt financing and the maturity structure of the enterprise with high-pollution, high energy-consumption and excess production capacity have decreased significantly. Further study of the heterogeneity shows that the non-state-owned enterprises have received bigger rewards, but there is no noticeable difference in the punishments on the enterprises with high-pollution, high energy-consumption and excess production capacity though they have different ownerships. The higher the financial development level and the smaller intensity of industrial pollution in prefecture-level cities, the greater the reward of the green credit policy will be; meanwhile, the bigger the debt scale of local governments is, the smaller the punishment of the green credit policy will be. The key to improving the effect of the green credit policies is to improve the level of green information disclosure, clarify the boundaries between the market and government powers and responsibilities, and relieve the ownership preference in credit resource allocation. References | Related Articles | Metrics

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The Macro-Prudential Regulatory Framework for Cross-Border Capital Flows and the Effect Test MIAO Wenlong 2021, 0(2): 90-106.  Abstract ( )   PDF (275KB) ( )   Through establishing a macro-prudential regulatory framework for cross-border capital flows including the regulatory tools, the operational target and the ultimate goal, this paper makes use of China's data from January 2010 to March 2020 to inspect the effect of regulatory tools on the operational objectives and the ultimate goal. The findings show that the existing macro-prudential regulatory tools have no significant effect on the cross-border capital outflow and inflow under the cur- rent account. The full-caliber cross-border financing management plays a certain role in regulating short-term capital flows. Though the price-type regulatory tools such as bank foreign exchange settlement and sale, foreign exchange risk reserve and domestic deposit reserve ratio of overseas financial institutions are difficult to effectively regulate short-term capital outflows and inflows, they are playing an important role in increasing or decreasing the state's foreign exchange reserves. The price-type regulatory tools and interest margin have a significant impact on the exchange rate. The relative regulatory tools has a very limited impact on the ultimate goal of cross-border capital flow under the current account, the price-type regulatory tools together with exchange rates have a certain impact on the ultimate goal of cross-border capital flow under the capital and financial accounts. This indicates that the existing macro-prudential regulatory tools for cross-border capital flows only have limited regulatory effects, it is necessary to seek and design new regulatory tools to reflect the characteristics of macro-variables and counter-cyclical regulation and control. The daily regulation should give full play to the means of market, but during such harsh times as severe capital flight, it can be taken into consideration to adopt foreign exchange management policies, so as to achieve the balance of international payments. References | Related Articles | Metrics

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Independent Directors' Share-Holding and Duty-Performing Enthusiasm: Empirical Evidences Based on Independent Ideas DENG Bofu, DONG Yahao 2021, 0(2): 107-121.  Abstract ( )   PDF (251KB) ( )   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' share-holding 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 re- flection of the problem of how to enhance the independence of independent directors in the context of China's institution. References | Related Articles | Metrics

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Research on the Influencing Factors and Formation Mechanism of the Mixed Service Quality: From the Perspective of Online-Offline Integration SHEN Pengyi, XU Jinan, ZHANG Fan 2021, 0(2): 122-135.  Abstract ( )   PDF (253KB) ( )   Though the practice of the omni-channel marketing has speeded up the development of the mixed service, the study of the sources and the formation of the mixed service quality is still not systematic and in-depth. Taking the online-offline integrated enterprises with mixed services as the objectives, this paper systematically constructs a formation mechanism model to analyze the factors affecting the mixed service quality. The findings of the empirical study show that the online design factor, the atmosphere factor and the social factor all have positive impact on human-computer interaction, and the online social factor positively impacts interpersonal interaction. Meanwhile, the offline design factor, the atmosphere factor and the social factor positively impact the interpersonal interaction, and the offline design factor positively impacts human-computer interaction. In addition, the human-computer interaction positively impacts interpersonal interaction, and both interpersonal interaction and human-computer interaction positively impact the mixed service quality, but the interpersonal interaction has a larger degree of impact. Except for the offline design factor, other offline and online service environment factors has no significant direct impact on the mixed service quality. In addition, the ability of channel integration has a positive moderating effect between the online-offline service environment and the service interaction, and the interaction fluency has a positive moderating effect between the service interaction and the mixed service quality. References | Related Articles | Metrics

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Joint-Research Network and Corporate Innovation Investment: Based on the Empirical Evidences from Institutional Investors' Field Researches WANG Le, TIAN Gaoliang, FENG Hua, WU Xuan 2021, 0(2): 136-149.  Abstract ( )   PDF (240KB) ( )   Taking the A-share companies listed in Shenzhen Stock Exchange from 2013 to 2018 as the research objects, this paper analyzes the governance mechanism of the institutional investors' joint research on network and examines the relationship between the information network location of the companies under research and the innovation investment. The findings of the study show that the higher the centrality of the institutional investors' joint research on network, the greater the investment in innovation of the companies under investigation. And the above relationship is more significant in companies with worse information environment and higher agency costs. It is found through further analysis that the institutional investors'joint research network can not only improve the information transparency of the companies under survey, but also restrain the self-interested behaviors of the management and ease the financing constraints. References | Related Articles | Metrics