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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 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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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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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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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）

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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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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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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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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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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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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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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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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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Participation in Poverty Governance and Corporate Risk Level YUE Jia-bin, YE Ying-zi, SUN Yi-wen Contemporary Finance & Economics    2021, 0 (10): 79-91.   Abstract （860）            Knowledge map    Save Government and market are the essential entities in constructing the national governance system and achieving the modernization of governance capacity. To straighten out the relationship between the two can better play the role of governance, which has become a research topic attracting the scholars' attention. Taking the implementation of the targeted poverty alleviation policy as the research background, this paper conducts an empirical test of the impact of the listed companies' participation in the targeted poverty alleviation on their corporate risk levels. The findings show that the listed companies as market governance units participating in targeted poverty alleviation led by the government can significantly reduce their risk levels and that enhancing their corporate reputation is an important channel leading to the above-mentioned effects. The results of further study suggest that this role of risk restraining is more significant in the enterprises of state-owned, with less financing constraints or with poor internal quality control. The above results provide empirical evidences for the effectiveness of the cooperative governance mode that the government encourages companies to participate in, suggesting that in the implementation of targeted poverty alleviation, the interconnected governance between the successful government and the efficient market not only conforms to the self-interests of enterprises, but also improves the efficiency of resource allocation for poverty alleviation. Therefore, this study has important enlightenment for the listed companies to summarize their experience of participating in targeted poverty alleviation and for the social powers to participate in the rural revitalization and other national strategies. Reference | Related Articles | Metrics | Comments（0）

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An Empirical Study of the Impact of Enterprise Asset Securitization on Operational Performance GUI He-fa, REN Miao-zi Contemporary Finance & Economics    2021, 0 (12): 53-64.   Abstract （815）            Knowledge map    Save As an innovative financing method, asset securitization has increasingly become an important direct financing channel for enterprises. By making use of the data of asset securitization of China’s enterprises from 2015 to 2020, this paper applies the sys-GMM method to analyze the impact of enterprise asset securitization on the operational performance. The findings show that the asset securitization of China’s enterprises has a significant positive impact on the business operational performance. The influencing mechanism is to relieve the financing constraints, promote R&D innovation and strengthen the strategic flexibility. Compared with state-owned holding enterprises and large-scale enterprises, the asset securitization of non-state-owned holding enterprises and small-scale enterprises has a greater positive impact on the business performance. The asset securitization of financial leasing products, accounts receivable and various loan products, and REITs products displays a greater role in promoting enterprise operational performance. Therefore, China should consolidate the institutional foundation, optimize the supporting policies, strengthen the information disclosure system and vigorously develop the business of enterprise asset securitization. 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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A Study of the Influencing Mechanism of Digital Inclusive Finance on Total Factor Productivity of Urban Financial Industry LIAO Kai-cheng, ZHANG Yu-chen, PENG Geng Contemporary Finance & Economics    2021, 0 (12): 65-76.   Abstract （790）            Knowledge map    Save Based on the urban panel data from 2011 to 2018, this paper calculates the total factor productivity of the financial industry. It also applies DID and instrumental variable method to test the impact of digital inclusive finance on the total factor productivity of the financial industry. The findings show that, firstly, the development of digital inclusive finance can significantly reduce the total factor productivity of the financial industry, and that this inhibitory effect is also reflected on the impact on technical efficiency and scientific and technological progress efficiency. The coverage of digital inclusive finance only has a restraining effect on the total factor productivity of the financial industry. The depth of the usage only has an inhibition effect on the total factor productivity of the financial industry and the technical efficiency, while the degree of digital support service has inhibitory effects on all the three, i.e., the TFP of the financial industry, the technical efficiency and the scientific and technological progress efficiency. Secondly, the mechanism that digital inclusive finance inhibits the total factor productivity of financial industry can be explained by the “resource competition hypothesis”. Thirdly, if the administrative levels of the cities are different, the interactive relationship between digital inclusive finance and total factor productivity of financial industry will be the same, but the interactive mechanism will be different. Therefore, it is necessary to carry out the different policies against the characteristics of the financial institutions, promote the digital transformation of the financial institutions, and improve the digital technological level of the financial sector. 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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Digital Technology and the Global Value Chains Specialization: Empirical Evidences from China’s Subdivided Industries WANG Bin, GAO Jing-feng, SONG Yu-jie Contemporary Finance & Economics    2021, 0 (12): 115-125.   Abstract （769）            Knowledge map    Save At the time when the digital economy and the global value chains specialization converge, studying how digital technology affects China’s participation in the global value chains specialization is of great practical significance for building a strong trade country and developing a high-quality economy. From the perspective of production factors, this paper proposes a new idea of measuring the global value chains specialization, and it uses the input-output table to measure the degree of China’s participation in the global value chains specialization and the digital technology used by various industries in China. The results show that digital technology has significantly promoted the degree of China’s participation in the global value chains specialization, and that China using its domestic digital technology can better promote China’s participation in the global value chains. In addition, the use of digital technology can play a more important role in promoting China’s participation in the global value chains specialization in the EU region, the agricultural selecting and processing industries and the manufacturing industry, as well as the complex global value chains specialization. China should attach importance to the development of domestic digital technology, explore the potential of foreign digital technology, make full use of the opportunities brought by digital technology, and further deepen its participation in the global value chains specialization. Reference | Related Articles | Metrics | Comments（0）

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Authentic Leadership and Employees’ Well-Being: Multiple Mediating Comparison and Boundary Conditions SONG Meng, DONG Yu-jie Contemporary Finance & Economics    2021, 0 (12): 90-100.   Abstract （758）            Knowledge map    Save The subjective well-being of employees has always been an important focus for theorists and practitioners. As an important organizational situation, the influence of leadership on well-being has been widely investigated. However, researches on the relationship between authentic leadership and employees’ well-being are very limited, researches focusing on the transmission effect comparison and contingency mechanism between them is even more scarce, further exploration of which is urgently needed. The findings of the analysis based on the data of 309 employees show that the authentic leadership has a significant positive predictive effect on employees’ subjective well-being and that the psychological capital and leadership identity have a transmission effect between authentic leadership and employees’ well-being respectively. The results of multiple mediating effect analysis show that the indirect effect of psychological capital accounts for 60.7% of the total effect, which is significantly higher than that of leadership identity and leadership trust. Even in China’s society which favors the human relationship, the unique explanation from the perspective of Western positive organizational behavior is still the most powerful. The perception of workplace climate of authenticity strengthens the positive relationship between authentic leadership and psychological capital and the mediating effect of psychological capital between authentic leadership and employees’ well-being, but it will offset the positive effect of authentic leadership on leadership trust. This study verifies the strengthening and substituting effects of the“hard”environment system on the“soft”leadership behavior and provides a theoretical basis for the follow-up boundary researches. The conclusion of the study provides useful references for the management and intervention of organizational practice to improve employees’ well-being. Reference | Related Articles | Metrics | Comments（0）

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Centennial Industrialization under the Leadership of the Communist Party of China: Development, Experience and Prospect LI Xiao-hua, SHEN Ji-lou Contemporary Finance & Economics    2021, 0 (12): 3-14.   Abstract （741）            Knowledge map    Save In the early days of its founding, the Communist Party of China (CPC) carried out its exploration of industrialization in the revolutionary base areas. After the founding of the People’s Republic of China (PRC), CPC led the people in the whole country to further begin the magnificent process of industrialization. After a hundred years of struggle, China has been changed from an agricultural country with a very weak industrial foundation into an industrial power in the world with the largest industrial scale, the most complete industrial categories, the most perfect industrial supporting facilities, the continuous enhancement of innovation ability and the rising division of labor status in the global value chain. During the three stages, i.e., from the founding of the CPC to the founding of New China, from the founding of New China to the reform and opening up, and from the reform and opening up to the present, the industrialization under the leadership of CPC has such characteristics as always sticking to a people-centered approach, always putting industrial development in the important position of the overall national development, always keeping to the path of industrialization with Chinese characteristics, always adhering to the principle of self-reliance and opening up to the outside world. At present, China’s industrialization is facing a new environment including the reconstruction of the global industrial chain pattern under the counter globalization, the new round of sci-tech revolution and industrial transformation, etc.. On the new journey towards the second centennial goal of building a modern socialist strong power in all respects, China needs to unswervingly further promote its industrialization and realize high-quality industrialization. Reference | Related Articles | Metrics | Comments（0）

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Research of the Compiling of the Natural Resource Balance Sheet Based on the Ecological Footprint Approach: Taking the Land Resources of Jiangxi Province as an Example WANG Jun-jie Contemporary Finance & Economics    2021, 0 (12): 15-27.   Abstract （720）            Knowledge map    Save Compiling a natural resource balance sheet is a prerequisite for the implementation of the off-service audit of the natural resource assets and the accountability system for ecological and environmental damages before the leading officials leave their offices; it also helps to achieve the goal of carbon neutrality. The study of the natural resource balance sheet still faces some theoretical problems, and it is still a huge challenge to compile a set of reproducible and highly operable natural resource balance sheets. Reconstructing the theoretical framework of natural resource balance sheets with reference to ecological footprint ideas can solve some theoretical problems and make the preparations for the plan more maneuverable. The trial compilation results based on the data of the whole province of Jiangxi and the three cities of Nanchang, Ji’an and Ganzhou show that the total equity value of land resources in Jiangxi Province in 2018 is approximately 118 trillion yuan. In the total value composition, forest land, arable land, wetland, and grassland account for about 75%, 9%, 8%, and 8% respectively. In 2018, the value of land liabilities in Jiangxi Province was approximately 3.46 trillion yuan. In 2018, the value of land resource equity in Ganzhou, Ji’an, and Nanchang were 26.77, 18.21, and 4.29 trillion yuan respectively. In 2018, the value of land resources in Jiangxi Province was about 21 times the value of physical capital stock and about 54 times the gross regional product. This result is more credible than that of other existing studies, and it also proves that “clear waters and green mountains are as good as mountains of gold and silver”. Reference | Related Articles | Metrics | Comments（0）

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Public Education Expenditure, Economic Status Expectations and Residents’ Redistribution Preferences SUN Qun-li, XIE Bin-ze Contemporary Finance & Economics    2021, 0 (12): 41-52.   Abstract （720）            Knowledge map    Save In order to narrow the gap between the rich and the poor, achieve the goal of common prosperity, and promote social equity, it is of great significance to expand public education expenditures and guarantee equality in education. By making use of the data of the Wealth and Income Survey of Chinese Households from 2017 to 2019 from the Innovation and Talent-introducing Base of Income Distribution and Modern Financial Discipline, this paper investigates the effects of public education expenditure on residents’ redistribution preferences. The findings show that the more public education expenditure meets the demand of the residents, the lower their redistribution preference will be, and that the more unfair the income distribution, the stronger their redistribution preference will be. With the increase of the residents’ income, the degree of their redistribution preference will be decreased. As for the groups with different educational background or the groups belonging to different income levels, there exist significant differences in the impact of public education expenditure on the redistribution preferences. For both urban and rural residents, adequate public education expenditure can effectively reduce the redistribution preferences. Insufficient public education expenditure will not only enhance the redistribution preferences, but also lead to the decline of the expected economic status and further raise the redistribution preferences. Therefore, we should increase the investment in public education expenditures, improve the supply level of public education, relieve the class solidification, improve social mobility, increase the residents’ income level, actively play the regulating role of the tax policy and transfer payment policy, so as to promote fair income distribution. Reference | Related Articles | Metrics | Comments（0）

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How Does the Transfer Payment Distribution Affect the Supply of Local Basic Public Services? From the Perspective of Intergovernmental Financial Competition SHU Lei, LIANG Qian Contemporary Finance & Economics    2021, 0 (12): 28-40.   Abstract （717）            Knowledge map    Save Fiscal transfer payments are the important institutional arrangements to ensure the supply of basic local public services. By making use of China’s provincial-level panel data from 2003 to 2019, this paper conducts an empirical analysis of the impact of transfer payment distribution on the supply of local basic public services under the inter-governmental fiscal competition mechanism. The findings show that there is a significant competitive strategic interactive relationship between the distribution of intergovernmental transfer payments and the supply of local basic public services. And the more transfer payment funds distributed in the competitive regions, the more local governments are inclined to reduce the supply of the basic public services. This kind of competitive strategic interactive relationship can inhibit the incentive and safeguarding effect of the transfer payments on the supply of local basic public services. In terms of transfer payment types, the inhibiting effect of the competitive strategic interactive relationship on the supply of local basic public services is more prominent in the special transfer payments. In terms of the regions, the inhibitory effect of the competitive strategic interactive relationship on the supply of local basic public services is more obvious in the economically developed regions. Therefore, standardizing the order of fiscal competition among the regions, constructing a more scientific and transparent transfer payment distribution mechanism, and further optimizing the distribution structure of transfer payment funds are conducive to the incentive role of transfer payment system in ensuring the supply of local basic public services. Reference | Related Articles | Metrics | Comments（0）

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Can Spatial Agglomeration Enhance the Resilience of China's Manufacturing Industry--From the Perspective of Industrial Adaptive Structure Adjustment LIU Rui, ZHANG Wei-jing Contemporary Finance & Economics    2021, 0 (11): 16-27.   Abstract （715）            Knowledge map    Save Faced with the real environment of domestic and foreign economic risks superposition, it is of great significance to study how to promote the high-quality development of China's manufacturing industry through the improvement of the resilience of the manufacturing industry. From the perspective of industrial adaptive structure adjustment, this paper discusses the theoretical mechanism of the manufacturing spatial agglomeration affecting the manufacturing resilience, and it makes an empirical analysis by using the data of China's prefecture level cities from 2008 to 2017. The results show that manufacturing spatial agglomeration has significantly improved the manufacturing resilience of China. After changing the core variables, transforming the model estimation methods and eliminating the sample selective bias, the conclusion is still robust. The heterogeneity analysis shows that the manufacturing spatial agglomeration can significantly promote the resilience of the manufacturing industry in large-scale cities, but has no significant positive effect on the resilience of the manufacturing industry in small and medium-sized cities. Further research shows that the manufacturing spatial agglomeration can promote the resilience of China's manufacturing industry by stimulating the entrepreneur's innovation spirit and inhibiting the low-quality entrepreneurial behaviors. This indicates that a reasonable guide to the development of the manufacturing spatial agglomeration will help to enhance the ability of the manufacturing industry to resist internal and external economic risks. Reference | Related Articles | Metrics | Comments（0）

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Will Insurance System Design Affect Corporate Internationalization Strategy Evidences from the Liability Insurance of Directors and Executives TANG Xue-song, LIAO Wang, LIAO Qiang Contemporary Finance & Economics    2021, 0 (12): 77-89.   Abstract （705）            Knowledge map    Save China is now committed to its high-quality development with high-level opening up. How to realize the transformation of China’ enterprises from“bringing in”to“going out”along a fast and stable path is an important practical issue. Taking the 2010-2019 Chinese A-share listed companies as the research sample, this paper conducts an empirical analysis. The results show that the directors’ and officers’ liability insurance could significantly improve the internationalization level of the enterprises. The results of the mechanism analysis show that the directors’ and officers’ liability insurance can enhance the corporate internationalization level by suppressing the risk aversion tendency of the executives and improving the corporate risk-taking ability. The findings of further analysis show that the directors’ and officers’ liability insurance has a significant incremental effect on the corporate value after the improvement of their internationalization level, which indicates that the directors’ and officers’ liability insurance has indeed improved the ability to prevent and respond to international risks of the enterprises. 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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Joint Shareholders and Earnings Persistence YAN Su-yan Contemporary Finance & Economics    2021, 0 (12): 137-148.   Abstract （683）            Knowledge map    Save If one company holds the shares of a number of listed companies in the same industry, this company is then one of the joint shareholders of many companies in the same industry. Because the joint shareholders hold the shares of many companies in the same industry, they possess the unique advantage of information integration, which can affect the accounting information process of the companies of which they hold shares, relieve the competition of the product markets and the uncertainty of the business environment, and further affect the earnings persistence of the companies of which they hold shares. Taking China’s A-share listed companies from 2007 to 2018 as research objects, this paper explores and analyzes the impact of the joint shareholders on the earnings persistence. The findings show that the joint shareholders can significantly improve the earnings persistence of the companies of which they hold shares. The results of further analysis of the influencing channels indicate that the joint shareholders can improve the earnings persistence through two paths, i.e., reducing both earnings management and performance fluctuation. Reference | Related Articles | Metrics | Comments（0）

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Interna1 Control, Tax Collection and Management, and Business Tax Risks WEN Wu-kang, WANG Yu-tao Contemporary Finance & Economics    2021, 0 (8): 41-52.   Abstract （682）            Knowledge map    Save Under the background of China's tax collection and management being enhanced continuously, how to prevent and defuse the tax risks of enterprises has become an important problem to be solved urgently. The theoretical analysis shows that corporate internal control and the intensity of tax collection and management are the important micro and macro factors affecting tax risks. This paper conducts an empirical test by using the hand-collected data of tax credit rating of enterprises disclosed by the State Administration of Taxation (STA). The findings show that the better the quality of internal control, the lower the tax risks of enterprises are. After STA strengthened the intensity of tax collection and management, enterprises have been much more easily to find tax risks. The results of further research show that internal control can restrain the tax risks of enterprises through reducing the abnormal effective tax rates. Meanwhile, it is also found that enterprises with poor internal control have higher probability of exposure to tax risks. Therefore, enterprises should establish good internal control mechanism and strengthen tax related management to restrain tax risks. In addition, STA should make full use of big data and other technical means to improve the quality of tax collection and management, so as to help enterprises to reduce tax risks. As for tax agencies, they should strengthen their industrial self-discipline to help enterprises improve their internal control. Reference | Related Articles | Metrics | Comments（0）

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Research on the Negative Effects of Humble Leadership: From the Perspective of Social Cognitive Theory CAO Yuan-kun, QIN Feng, ZHANG Yan-nan Contemporary Finance & Economics    2021, 0 (3): 78-87.   Abstract （678）            Knowledge map    Save Previous studies on humble leadership have discussed too much on its positive effects and ignored its possible negative effects. From the perspective of social cognitive theory, this paper discusses how and when humble leadership will induce employees’ workplace deviant behaviors. Through an analysis of the data of 251 leader-employee pairs from central China, it is found that the employees’ power distance orientation positively moderates the relationship between humble leadership and employees’ workplace status perception, that the employees’ workplace status perception has a significantly positive correlation with the workplace deviant behavior, and that, meanwhile, the employees’ workplace status perception mediates the influence of the interaction between humble leadership and the employees’ power distance orientation on the employees’ workplace deviant behavior. Reference | Related Articles | Metrics | Comments（0）

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Will Vertical Fiscal Imbalance Affect the Efficiency of Local Government Expenditure? LIU Shu-xin, YANG Sen-peng Contemporary Finance & Economics    2021, 0 (7): 38-50.   Abstract （672）            Knowledge map    Save At present, it is more difficult to increase revenue and reduce expenditure for local finance. It is of practical significance to identify the exact relationship between vertical fiscal imbalance and efficiency of local government expenditure. Under the background of Chinese institutions, this paper brings the vertical fiscal imbalance and efficiency of local government expenditure into the same theoretical analysis framework and deduces the function that the vertical fiscal imbalance exerts the effect of“pushing up”and“pulling down”on the efficiency of local government expenditure. The findings of the empirical study show that, at present, China’s vertical fiscal imbalance will generally promote the efficiency of local government expenditure. Although there exists the central transfer payment mechanism, the vertical fiscal imbalance still aggravates the fiscal pressure of local governments and strengthens the pushing-up effect on the efficiency of local government expenditure. The intensity of this effect is also heterogeneous due to the different functional attributes of fiscal expenditure, which shows that the expenditure efficiency of science, education and other expenditures with certain production attributes is easily affected, while the efficiency of medical and health expenditure with almost pure welfare attributes is not significantly affected. Therefore, in the reform process of properly correcting the fiscal system of vertical imbalance, attention should be paid to the comprehensive implementation of the performance budget management system, increase of the strength of fiscal information disclosure, reasonable improvement of the assessment system for local governments and officials, and effective optimization of the central transfer payment mechanism. Reference | Related Articles | Metrics | Comments（0）

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Migration Patterns of Floating Population and Citizenization XU Li-yang, LI Tian-tian Contemporary Finance & Economics    2021, 0 (8): 3-15.   Abstract （671）            Knowledge map    Save The level of citizenization of the floating population may be related to the specific pattern of migration. Based on the data of China Migrants Dynamic Survey (CMDS) in 2017, this paper examines the impact of migration pattern on the citizenization. The findings of the empiric research are as follows: first, compared with single person migration, the five other patterns of migration have a significant positive impact on the citizenization of the mobile individuals, including the migration only with children, the migration only with parents, the migration with spouse and children, the migration with spouse and parents, and the migration with spouse, children and parents. Of the five patterns, the migration with spouse, children and parents has the greatest impact on the citizenization level, which can improve the citizenization level of migrant individuals by about 5.8%. Second, these two migrant patterns — the migration with children and the migration with spouse and children — have no significant influence on the level of citizenization for young migrant individuals, female migrant individuals and migrant individuals with a high school degree or above. For these three groups, the positive influence of parents in improving their citizenization level still exists, and the marginal influence is relatively greater. Third, for unmarried migrant individuals, the migration with their parents has a significant positive impact on their citizenization. Reference | Related Articles | Metrics | Comments（0）

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Rapid Urbanization and Social Trust: An Empirical Study Based on the Data of Chinese General Social Survey ZENG Xi-ling, LIU Zhi-ming Contemporary Finance & Economics    2021, 0 (7): 13-23.   Abstract （665）            Knowledge map    Save Urbanization is an inevitable law of economic and social development, but rapid urbanization may bring about many negative effects, one of the possible negative effects is the decline in social trust. Urbanization will break the original social network, trigger the resource competition, increase the uncertainty of the external environment, and cause the exclusion of new immigrants by the original residents. All of these may aggravate social conflicts and worsen social trust. The findings of the research based on the data from the Chinese General Social Survey (CGSS) show that the level of social trust decreases significantly with the increase in the speed of urbanization, especially, rapid urbanization will significantly reduce the level of social trust. In view of the fact that the decline in social trust will lead to many major negative effects, it is very necessary for the government departments to pay attention to this issue in the process of rapid urbanization. Reference | Related Articles | Metrics | Comments（0）

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Does Labor Investment Efficiency Affect Corporate Innovation? Empirical Evidences from China’s Listed Companies GUAN Kao-lei Contemporary Finance & Economics    2021, 0 (3): 136-148.   Abstract （661）            Knowledge map    Save Corporate innovation is the result of the joint action of corporate material factor and labor factor allocation, in which labor is the only factor with subjective initiative. This paper analyzes the impact of labor factor on corporate innovation from the perspective of labor investment efficiency. The results show that good labor investment efficiency can promote corporate innovation. The findings of further study show that the promotion effect of good investment efficiency on corporate innovation is more obvious in the enterprises without the support of industrial policies, the enterprises located in areas with poor legal protection, the technology intensive enterprises and the enterprises under fierce industrial competition. And it is through improving corporate internal control level and reducing agency cost that good labor investment efficiency can promote corporate innovation. From the perspective of improving the efficiency of labor investment, this paper provides a new idea to promote corporate innovation and realize national innovation strategy. Reference | Related Articles | Metrics | Comments（0）

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Digital Trade Import and Wage Equalization among Firms ZHOU Li-ping Contemporary Finance & Economics    2021, 0 (11): 101-111.   Abstract （658）            Knowledge map    Save Based on the data at the enterprise-product level, this paper adopts the bilateral continuous difference method to indirectly evaluate the impact of digital trade imports on wage distribution among companies. The findings show that, compared with traditional import trade, the digital trade import will promote the wages among enterprises to be more equalized, and this kind of promoting effect is mainly originated from the narrowing of the wage gap of the enterprises within the industry and the wages of the enterprises with their wages at the middle or up levels tending to the median wage inside of the industry. The digital trade import can drive the development of wage equalization among the enterprises by reducing the distance cost, increasing the complexity of the export technology and speeding up the speed of import trade; however, this promotion effect may be weakened by the widening of the price spread. It is found from further analysis that the enterprises are more likely to have the“substitution effect”in their employment and the“catfish effect”in their import when they carry out the digital trade import, both of the two effects would widen the wage gap between firms. Reference | Related Articles | Metrics | Comments（0）

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Vertical Fiscal Imbalance, Tax Efforts and Local Economic Growth CHU De-yin, FEI Mao-sheng Contemporary Finance & Economics    2021, 0 (10): 30-42.   Abstract （652）            Knowledge map    Save 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. Reference | Related Articles | Metrics | Comments（0）

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Digital Finance, Market Participation and Farmers' Relative Poverty Wu Jing-ru, Xie Jia-zhi, Tu Xian-jin Contemporary Finance & Economics    2021, 0 (8): 64-77.   Abstract （652）            Knowledge map    Save The opportunities of market participation and the improvement of ability are the persistent endogenous driving force to alleviate relative poverty. However, the micro mechanism of digital finance to alleviate relative poverty by influencing the psychology of poor groups has not been effectively verified. Based on the theory of poverty psychology and behavior, this paper uses the data from the China Family Panel Studies (CFPS) from 2014 to 2018 and employs the counterfactual analysis and instrumental variable two-stage least squares methods to verify the impact of digital finance on the relative poverty of rural households. It also makes use of the intermediary effect method to test the mechanism of market participation behavior. The findings show that, firstly, the use of digital finance has alleviated the relative poverty of rural households, and digital finance has a long-term and stable effect in alleviating relative poverty; secondly, the effect of digital finance on poverty alleviation of rural households with higher income and higher educational level is stronger; finally, the digital finance has promoted farmers' market participation behavior, thereby alleviating their relative poverty. Therefore, we should promote farmers'market participation and give beneficial play to digital finance in alleviating farmer'relative poverty, meanwhile, strive to improve the digital financial literacy of farmers with lower income and lower education level, so as to bridge the digital divide. Reference | Related Articles | Metrics | Comments（0）

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Fiscal Expenditure Structure, New Urbanization and Carbon Emission Reduction Effect TAN Jian-li, ZHAO Zhe Contemporary Finance & Economics    2021, 0 (8): 28-40.   Abstract （648）            Knowledge map    Save China has incorporated carbon peaking and carbon neutrality into the overall layout of its ecological civilization construction. Finance, as the foundation and pillar of national governance, plays a key role in reducing carbon emissions. Based on China's provincial panel data from 2007 to 2018, this paper uses the system GMM model to test the impact of fiscal expenditure structure on carbon emissions and its transmission mechanism. The findings show that to increase the proportion of non-economic public expenditure is in favor of carbon emission reduction, that non-economic public expenditure maintains a promoting role in carbon emission reduction through the scale effect, budget effect and substitution effect, while the direct effect and environmental regulation effect maintain an inhibitory effect on carbon emissions. The new urbanization construction is an important path for fiscal expenditure to affect carbon emissions. When utilizing the economic urbanization index to measure the mediating effects, it is found that there is a negative relationship between non-economic public expenditure and carbon emissions, and that to adjust the fiscal expenditure structure can stabilize the economic development, optimize the industrial structure, and reduce carbon emissions. When utilizing the population urbanization index to measure the mediating effect, it is found that there is a positive relationship between non-economic public expenditure and carbon emissions and that to improve the fiscal expenditure structure can adjust urban population and employment level, and achieve the carbon emission reduction targets. Therefore, it is necessary to promote the transformation of fiscal expenditure policy to green, low-carbon and ecological coordinated development mode, give full play to the guiding role of finance in high-quality economic development, accelerate industrial green upgrading, and form a benign interaction between new urbanization construction and ecological environment. Reference | Related Articles | Metrics | Comments（0）

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The Action Mechanism of the Service-Oriented Leadership on Abusive Supervision: From the Perspective of the Moral Licensing Theory GAO Ri-guang, GUO Xiao-xiao, ZHENG Kai-xia Contemporary Finance & Economics    2021, 0 (1): 86-96.   Abstract （637）            Knowledge map    Save The service-oriented leadership characterized by altruism, service and humility has received extensive attention from the academic circles. However, little attention has been paid to the deviant behaviors of the service-oriented leaders after their“warm-hearted”behaviors. Based on the moral licensing theory, this paper adopts the paired data of multiple time points to conduct a statistical analysis. The results show that service-oriented leadership can exert positive impact on abusive supervision through the mediation of psychological rights, and the behavioral consistency of leadership acts as a “valve”when the abusive supervision is spawned on the service-oriented leaders. When the behavioral consistency of leaders is higher, the service-oriented leaders will want to have more psychological rights and produce more abusive supervision. When the behavioral consistency of leaders is lower, the abusive supervision of service-oriented leaders produced through psychological rights will be relatively weakened. This research result has important reference value for the comprehensive understanding of the service-oriented leadership theory and the prevention of the negative effects of the service-oriented leadership. Reference | Related Articles | Metrics | Comments（0）