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Artificial Intelligence, Employment Structure and High-Quality Development SHI Dan, YE Yun-ling Contemporary Finance & Economics    2023, 0 (5): 3-14.   Abstract （399）            Knowledge map    Save As a leading force in a new round of scientific and technological revolution and industrial transformation, artificial intelligence (AI) is bound to have a profound impact on the high-quality development. Based on the panel data of 283 cities in China from 2008 to 2019 and bringing the employment structure of the labor force with different skills into the analytical framework of AI and high-quality development, this paper conducts an empirical study. The findings show that the application of AI can promote the upgrading of urban industrial structure, raise the level of urban technological innovation and green and low carbon, so as to further promote the high-quality development of the cities. From the perspective of theoretical mechanism, the application of AI can promote high-quality urban development by reducing the employment share of low-skilled labors and increasing the employment share of high-skilled labors. From the perspective of different regions, the application of AI in the eastern region can significantly promote the high-quality development of the cities, and the high-skilled labor force will strengthen the impact of AI on the high-quality development; while the application of AI in the northeast region will significantly inhibit the high-quality development, and the low-skilled labor force will intensify the inhibition of AI on the high-quality development. The above conclusions suggest that the application of AI should be actively promoted to enable the high-quality development. Meanwhile, different regions should formulate differentiated AI development strategies according to the objective realities, such as employment structure and so on. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Enterprise Digital Transformation on Total-Factor Energy Efficiency: From the Perspective of Specialized Division of Labor LU Fu-cai, QIN Yue, XU Yuan-bin Contemporary Finance & Economics    2023, 0 (11): 3-15.   Abstract （366）            Knowledge map    Save Based on the firm-level data of Chinese listed companies from 2001-2021, this paper brings the specialized division of labor into the enterprise digital transformation and the total factor energy efficiency to conduct an empirical study. The findings show that, firstly, enterprise digital transformation can improve the total factor energy efficiency of enterprises, and this conclusion still holds after a series of robustness tests; secondly, digital transformation has a more significant promotion effect on the total factor energy efficiency of state-owned enterprises compared with private enterprises; thirdly, compared with the enterprises with lower level of internal control, digital transformation has much more significant promotion effect on the total-factor energy efficiency of the enterprises with the internal control level at the top 25%. In addition, the mechanism analysis reveals that enterprise digital transformation can further promote the improvement of the energy efficiency of enterprises by improving the level of specialized division of labor. The above conclusions suggest that in order to promote the realization of the“double carbon”goal, the government should actively implement various policies, vigorously promote the digital transformation of enterprises, and give full play to the guiding function of financial funds. At the same time, it should encourage enterprises to strengthen the applications of digital technology in the links of production, operation and so on, and encourage the enterprises to enhance the synergy and innovation with the leading enterprises in the industry, so as to improve the specialized capacity and the specialized level of their own. Reference | Related Articles | Metrics | Comments（0）

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Corporate Digitalization and Leverage Manipulation LUO Hong, GUO Yi-ming, QIAO Hui-ying, WU Dan Contemporary Finance & Economics    2023, 0 (5): 65-78.   Abstract （231）            Knowledge map    Save Corporate leverage manipulating behaviors can increase both corporate financial risks and systematic financial risks. From the perspective of information complementarity, this paper conducts an empirical analysis. The findings show that corporate digitalization can significantly lower the degree of its leverage manipulation, and that the digitalization has a more significant inhibiting effect on their leverage manipulation of the enterprises with weaker relationships with banks. The results of a mechanism test show that corporate digitalization increases the public information transparency of the enterprises with weaker relationships with banks, release financing constraints and inhibit the leverage manipulation of the enterprises. Further analysis reveals that the media attention, R&D investment, and the strength of bank-firm relationships can play a moderating role in the impact of corporate digitalization on its leverage manipulation. The result of the economic consequence analysis indicates that corporate digitalization can adjust the leverage structure of the enterprises with weaker bank-firm relationship, promote the enterprises from virtual to real, optimize the efficiency of resource allocation of bank credit, and reduce bank dependence on collaterals. The above-mentioned conclusions not only clarify the channel through which corporate digitalization reduces corporate leverage manipulation from the perspective of information complementarity but also provide insights for promoting corporate digitalization, the development of bank-fintech, and the integration of digital technology and the real economy. Reference | Related Articles | Metrics | Comments（0）

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Fiscal Policy to Promote High Quality Development of County Economy under the Background of Chinese Modernization WANG Qiao, WANG Yu-qi, QI Zong-fu Contemporary Finance & Economics    2023, 0 (5): 29-38.   Abstract （230）            Knowledge map    Save The high-quality development of county economy is an inevitable requirement of Chinese-style modernization. For a long time, China's county economy has bottle-neck problems in three aspects which cannot meet the requirements for the common prosperity for all, i.e., the insufficient investments in the county infrastructure and serious brain drain; the uneven levels of county economic development and difficult industrial transformation and upgrading; the lower efficiency in the use of county resources and incompetent economic radiation drive capacity. Under the impact of the domestic and foreign economic downturn and the outbreak of novel coronavirus infection, China's county economic development is faced with more difficulties. The county-level finance is an important foundation for county economic development, and the healthy operation of county finance plays a key and fundamental role in promoting the high-quality county economic and social development. However, China's county finance is obviously insufficient to support county economic development, mainly in terms of weak revenue growth, increased expenditure pressure, prominent local debt risks, and so on. In order to strengthen the financial foundation of counties and promote the high-quality development of county economies, this paper suggests to take measures from the following four aspects: the first is to reform the financial system and mechanism, increasing the income of urban and rural residents, and laying the foundation of common prosperity; the second is to promote the transformation of county industries, enhancing the vitality of county economies, and widening the sources of county finances; the third is to improve the fiscal policy and system, strengthening the management of financial income and expenditure, and improving the efficiency of financial funds; and the fourth is to strictly manage local debts, preventing the risks of local debts, and ensuring county economic security. Reference | Related Articles | Metrics | Comments（0）

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High-Quality Human Capital and China's Urban Economic Resilience: An Empirical Analysis Based on the University Enrollment Expansion Policy SUN Hong-xue, ZHU Jin-he, WANG Ya-li Contemporary Finance & Economics    2023, 0 (5): 15-28.   Abstract （229）            Knowledge map    Save Cultivating and strengthening the reserve army of high-quality talents is the fundamental guarantee for building a strong country with talents and enhancing the country's economic resilience.By employing the double difference method and constructing a quasi-natural experiment based on theexogenous shock policy of university enrollment expansion in 1999, this paper conducts an empirical study with the result that the scale expansion of high-quality human capital caused by the university enrollment expansion policy can improve the resilience of China's urban economy. The result of the mechanism test shows that the scale expansion of high-quality human capital can enhance the resilience of urban economy by promoting the entrepreneurial vitality of cities, raising the urban wage level, and strengthening the urban informatization level. The heterogeneity test shows that the improvement effect of high-quality human capital on urban economic resilience is more prominent in eastern cities, large-scale cities and cities with high economic development level. Therefore, it is necessary to implement the strategy of strengthening the country through talents and improve the quality of education in the institutions of higher learning; meanwhile, to increase the policy tilt to areas with backward education resources, optimize the fertility subsidy policy, and improve the supporting facilities of the fertility policy; in addition, to accelerate the construction of the policy support system for entrepreneurial cities, so as to enhance the economic resilience of China's cities. Reference | Related Articles | Metrics | Comments（0）

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Research on the Changes in the Form of Capital and Its Circulation Processes in the Age of Digital Capitalism ZHANG Xin-wei, LIU Gang Contemporary Finance & Economics    2024, 0 (6): 3-16.   Abstract （229）            Knowledge map    Save In the era of the digital economy, the application of digital technology has driven the transformation of the form of capital and reshaped the process of capital circulation and value proliferation. In terms of the form of capital, the digitalization of currency has increased the amount of funds that can be converted into monetary capital within the economic system, expanding the scope of financing activities for industrial capital. The capitalization of data and the digitization of production capital have further strengthened the control of capital over data as a means of production. Through digital forms and digital marketing channels, commodity capital has accelerated the process of transformation from commodity into money, further enhancing the speed and efficiency of capital circulation. From the perspective of capital circulation and value proliferation, the digitalization of capital forms has made the capital circulation in different industrial sectors exhibit heterogeneity and complexity characteristics, while its value proliferation process is more diverse and secretive. The capital circulation in digital goods and services is reflected in the increase in capital circulation and proliferation speed caused by the use of digital production means. The capital cycle in the integration of data factors and traditional production factors is represented by the gradual separation of the direct material production process and living labor with the participation of materialized data factors, and its capital proliferation tends to be completed in the production process of data factors. In the gig economy dominated by digital platforms, capital circulation is manifested through monopolizing data factors and sales channels to control the realization of value growth, thereby strengthening the exploitation of individual laborers and small producers. Reference | Related Articles | Metrics | Comments（0）

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Can Big Data Tax Collection and Management Curb Corporate Violations?A Quasi-Natural Experiment Analysis Based on the“Third Phase of the Golden Tax Project” JI Ya-fang, LIANG Ri-xin, CHI Ya-nan Contemporary Finance & Economics    2023, 0 (2): 43-54.   Abstract （227）            Knowledge map    Save Corporate violations are“stumbling blocks”hindering the high-quality development of the capital markets. It is of vital importance to prevent and govern the corporate violations for the creation of favorable capital market ecological environment. As an external governance mechanism, whether and how big data tax collection and management can inhibit corporate violations is an issue that needs urgent attention. Based on this, with the help of“Golden Tax Phase III”tax inspection system reform as a quasi-natural experiment, this paper takes the A-share listed companies from 2009 to 2018 as samples to construct a multi-period DID model and investigates the impact of big data tax collection and administration on corporate violations. The findings show that big data tax collection and management can significantly inhibit corporate violations. Big data tax collection and administration caninhibit the illegal behavior of enterprises through reducing the agency cost and improving the information transparency of enterprises. The inhibitory effect of big data tax collection and administration on corporate violations is more significant in the regions with poor legal system environment and in the enterprises with lower quality of internal control. Therefore, it is suggested to consolidate the data foundation of big data tax collection and management,improve the data integration ability of big data tax collection and administration, improve the internal and external governance mechanisms of enterprises, enhance the precise governance role of big data tax collection and administration, improve the information disclosure mechanism and the market supervision mechanism of the capital markets,and raise the costs of corporate violations. Reference | Related Articles | Metrics | Comments（0）

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Does Green Financial Policy Promote Corporate Green Innovations? Evidences from the Green Financial Reform and Innovation Pilot Zones QI Huai-jin, LIU Si-qin Contemporary Finance & Economics    2023, 0 (3): 94-105.   Abstract （211）            Knowledge map    Save Taking the green finance reform and innovation pilot zones set up in 2017 as a quasi-natural experiment, this paper uses the green patent data of the listed companies in the heavily polluting industries of Shanghai and Shenzhen A-shares in China from 2014 to 2020 to explore the impact of the green finance pilot policy on the corporate green innovations with the double difference method. The findings show that the green finance pilot policy is conducive to improving the green innovation activity of the enterprises. For enterprises with higher pollution emission intensity, the green innovation incentive effect of the policy is more obvious. Corporate reputation risk and financing convenience are the two important channels for the policy to improve the activity of green innovation of enterprises. The above conclusions are more significant in the samples of non-state-owned enterprises, with higher degree of dependence on external financing and with weaker environmental regulations. This research conclusion not only provides empirical evidences for the implementation effect of the green finance pilot policy, but also has practical significance for improving the green finance system and replicating and promoting the green finance reform and innovation pilot zones. Reference | Related Articles | Metrics | Comments（0）

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Legalization of Government Budget, Fiscal Transparency, and Local Fiscal Efficiency: Evidences Based on the Implementation of the New Budget Law MO Long-jiong, ZHANG Xiao-lu Contemporary Finance & Economics    2023, 0 (5): 39-51.   Abstract （209）            Knowledge map    Save The legalization of government budgets and the disclosure of financial information are the core goals of the reform of public budget governance, which are crucial for achieving the modernization of local financial governance. From the new perspective of legalizing government budgets, and taking advantage of the implementation of the new Budget Law in 2015, this study empirically analyzes the impact of budget system reform on the efficiency of local financial governance by employing the Intensity Dual Difference Model (DID). The findings show that the implementation of the new Budget Law is conducive to the disclosure of financial information, thereby improving the efficiency of local fiscal expenditure. Further analysis shows that the legalization of government budgets can improve the efficiency of local fiscal expenditures by improving fiscal transparency and strengthening government audit supervision. The more perfect the market institutional environment, the higher the efficiency of government governance, and the higher the level of public attention, the more obvious the improvement effect of the implementation of the new Budget Law on the efficiency of local financial expenditure will be. Therefore, it is necessary to accelerate the construction of the rule of law in government budgeting, promote the transparency of financial information, improve the long-term mechanism of budget supervision, constraints, and performance management, improve the governance capacity of local governments, establish a budget collaborative governance system with good interaction between the government and the public, and fully leverage the financial governance effect of the implementation of the new Budget Law. Reference | Related Articles | Metrics | Comments（0）

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A Study on the Impact of the Host Country/Region’s Digital Economy Development on China’s Outward Foreign Direct Investment LIU Zhen-lin Contemporary Finance & Economics    2023, 0 (4): 118-130.   Abstract （202）            Knowledge map    Save With its increasingly extensive impact, digital economy has made profound changes in the efficiency, structure, regional layout and investment mode of transnational enterprises in the field of current international investment. Based on the panel data of 125 host countries (regions) around the world from 2003 to 2020, this paper explores the impact, mechanism and spatial effect of the development of digital economy on China’s outward foreign direct investment. The findings show that China is inclined to invest in the host countries (regions) with a higher level of digital economy development, and that in the host countries (regions) with higher levels of income, economic development, human capital, financial openness and economic freedom, the development of digital economy can play a greater role in promoting China’s OFDI. The results of Ward system clustering and natural breakpoint grouping show that only a high level of comprehensive development of the digital economy in the host country (region) can significantly increase the scale of China’s OFDI. The result of the function mechanism test shows that the development of the digital economy of the host country (region) will affect China’s OFDI through the two important channels: trade cost effect and investment convenience effect. The result of the spatial Durbin model shows that the digital economy of the host country (region) will have a crowding-out effect on the OFDI in the neighboring regions, and this crowding-out effect will not fall off with the increase of the distance threshold. Reference | Related Articles | Metrics | Comments（0）

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Environmental Credit Evaluation and Corporate Environmental Information Disclosure ZHONG Hai-yan, WANG Jiang-han Contemporary Finance & Economics    2023, 0 (2): 144-156.   Abstract （193）            Knowledge map    Save The environmental credit evaluation system is an important part of China’s social credit system. Taking the implementation of Measures for Enterprise Environmental Credit Evaluation (Trial) in 2014 as an opportunity, this paper takes A-share listed companies from 2008 to 2019 as samples to explore the impact of environmental credit evaluation system on the quality of corporate environmental information disclosure and its influencing mechanism by using the difference-in-differences model. The findings show that the environmental credit evaluation system can significantly improve the quality of corporate environmental information disclosure. The result of the mechanism analysis shows that the improving effect of the environmental credit evaluation system on the quality of corporate environmental information disclosure is achieved throughincreasing the compliance pressure and stimulating the guiding role of the diverse governing subjects. The result of further research shows that stronger regional environmental supervision efforts, higher regional financial development level and stronger media environmental supervision can strengthen the role of the environmental credit evaluation system in improving the quality of corporate environmental information disclosure. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Impact of Digital Economy on Corporate Total Factor Productivity HU De-long, SHI Man-zhen Contemporary Finance & Economics    2023, 0 (12): 17-29.   Abstract （190）            Knowledge map    Save To develop digital economy is conducive to improving the innovation ability of enterprises, realizing economies of scale and scope, and reducing transaction costs. A perfect market economic system is conducive to creating a fair environment and improving the efficiency of social resources allocation at the macro level, stimulating industrial technological innovations and accelerating the diffusion of technology at the meso level, and improving the efficiency of enterprise resources allocation at the micro level. This paper conducts an empirical study based on the index of the development level of digital economy at the city level in China during the period of 2011-2020 and other data. The findings show that the digital economy can significantly improve the total factor productivity of enterprises, but its role will be slightly different according to the differences in ownership, industry, and the city where the enterprise is located. The digital economy can effectively enable the market to play a decisive role in resources allocation, and marketization is an important function mechanism for the digital economy to enhance the total factor productivity of enterprises. Therefore, it is necessary to lead the digital transformation of enterprises by setting the state-owned enterprises as the models, to drive the technological progress with high-tech industries as the leader, to enhance the level of digital inclusion based on the construction of smart cities, and to improve the high-level socialist market economic system by taking the development of the digital economy as an opportunity. Reference | Related Articles | Metrics | Comments（0）

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Financial Mismatch and Enterprise Financialization GUI Yan, LV Jiang-lin, WANG Yang Contemporary Finance & Economics    2023, 0 (2): 68-80.   Abstract （186）            Knowledge map    Save The financial mismatch existing in China’s financial system will theoretically promote enterprises to increase financial investment through portfolio selection. This paper conducts anempirical research based on the data of non-financial listed companies in China from 2007 to 2019. The findings show that financial mismatch has significantly promoted the financialization of enterprises in general, and that it mainly promotes the investment in long-term financial assets and quasi financial assets. The former is more prominent in the enterprises with strong profitability, while the latter is only significant in the enterprises with weak profitability and in the state-owned enterprises. The result of the mechanism test shows that financial mismatch promotes enterprise financialization by improving financing constraints and expanding the income gap between finance and entities, but this impact on different types of financial assets shows heterogeneous motivation. For example, under the influence of financial mismatch, enterprises will increase investment in long-term financial assets, which is out of the motive of“preventing savings”to ease financing constraints and the motive of active“profit seeking”to obtain excess financial returns, while increasing the allocation of quasi-financial assets is only out of the passive“profit seeking”motive forced by the decline of the return on the investment in the main business. Further inspection reveals that the relaxation of interest rate control and the development of digital inclusive finance can both weaken the enterprise financialization under the effect of financial mismatch, but mainly weaken the allocation of the quasi-financial assets. In the future, it is necessary for the relevant departments to further promote the marketization of the financial system, improve the efficiency of financial resource allocation, and guide finance to return to the real economy.It is also necessary to promote the development of digital inclusive finance and the construction of the multi-level and full chain capital markets, promote the accurate implementation of financial services, and adapt to the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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The Collaborative Development among Large-Medium-Small Enterprises Driven by Digital Economy: Mechanism, Model and Path LI Xian-jun Contemporary Finance & Economics    2023, 0 (4): 3-14.   Abstract （185）            Knowledge map    Save As the new driving force of the world economic development and the important engine for the new round of scientific and technological revolution, the digital economy has become an important force to drive the improvement of the efficiency of the economic system and the optimization of the structure, and has injected new impetus into the collaborative development of the large, medium and small enterprises. The digital economy can not only drive the information links among the large, medium and small business through the factor supple and tool support of the infrastructure, but also create and promote the collaborate ecological construction to drive the effective integration of the large, medium and small enterprises through the opportunities created by the digital scenarios, so as to form such typical integrative modes as the platform integration to enable digitally the large, medium and small enterprises, the industrial chain integration pulled by the chain hosts, and the ecological integration with the characteristics of innovation and entrepreneurship. Faced with the practical problems such as weak willingness, insufficient impetus and unclear modes, it is necessary for the large,medium and small enterprises to smooth the data connecting channels, let the large enterprises play the driving role, increase the willingness of SMEs to integrate actively, and building a long-term mechanism to ensure the effective integration among the large, medium and small enterprises. It is recommended to further strengthen the construction of digital infrastructure and digital platforms, give priority to the integrative development of the key industries, support the construction of the digital integrative carrier, accelerate the digital transformation of the service system for SMEs,and strengthen the governance to digital platforms. Reference | Related Articles | Metrics | Comments（0）

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Regional Trade Agreements and Enterprise Export Resilience WEI Yun-yan, YUE Wen, HAN Jian Contemporary Finance & Economics    2023, 0 (4): 106-117.   Abstract （185）            Knowledge map    Save Regional trade agreements are not only an important driving force for China to promote high-level opening-up and achieve high-quality economic development, but also a key factor to stabilize trade development and ensure economic recovery in times of crisis. Taking the 2008 global financial crisis as the research context, this paper focuses on the impact of the regional trade agreements signed and brought into effect before the crisis on the export resilience of Chinese enterprisesand its mechanism. The results show that regional trade agreements are the important reason for the enhancement of the export resilience of enterprises, and this conclusion is still valid after the robustness test and the endogeneity treatment. The results of a function mechanism show that reducing corporate export risks and improving the quality of export products are important channels for regional trade agreements to enhance the export resilience of enterprises. The heterogeneity analysis reveals that regional trade agreements are more conducive to enhancing the export resilience of the older firms with higher financing constraints. Further research shows that compared with the degree of export recovery, regional trade agreements can play a stronger role in promoting the degree of risk resistance of enterprises. Based on the above empirical results, it is suggested that the government should further promote the process of regional economic integration, and enterprises can take the destination country of regional trade agreement as their important export markets, so as to reduce the negative effect resulted from external impact as far as possible. In addition, it is also necessary to fully consider the different impacts of regional trade agreements on different enterprises, so as to effectively enhance the export resilience of enterprises. Reference | Related Articles | Metrics | Comments（0）

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Digital RMB, International Economy-Trade Connection and Macroeconomic Fluctuation XU Wen-li, WANG Wen-fu Contemporary Finance & Economics    2023, 0 (3): 55-69.   Abstract （182）            Knowledge map    Save The internationalization and digitization of RMB is the significant driving force for China’s high-quality economic development, therefore, it has significant theratical and practical values to study the impact of digital RMB from the perspective of international economy. Based on the dynamic stochastic general equilibrium model of the two countries with the characteristics of the liquidity service and asset service of digital RMB, this paper conducts an analysis of the international economic effect of the issuance and cross-border use of digital RMB. The findings show that the issuance and cross-border use of digital RMB can stabilize domestic economic fluctuations caused by exogenous technical and policy shocks, while strengthening economic and financial ties between China and foreign countries, which is mainly achieved by strengthening the ties between international trade and international finance. The difference in therestrictions on cross-border use of digital RMB has a limited impact on the domestic economy, but has a greater impact on the holdings of digital RMB in foreign countries and the net exports. The stronger the liquidity of digital RMB, the more stable the macroeconomic fluctuation caused by domestic shocks will be, but it may exacerbate international economic fluctuations. The above conclusions suggest that the People’s Bank of China can promote the pilots of cross-border use of digital RMB in a step-by-step and orderly manner, and pay attention to the dynamic adjustment of the cross-border use restrictions and the coordination of international economic policies. Reference | Related Articles | Metrics | Comments（0）

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Strategic Alliances and Stock Price Crash Risk CHEN Hong, ZHAO Rong-quan, ZHU Zhen, HU Yao-dan Contemporary Finance & Economics    2023, 0 (5): 52-64.   Abstract （176）            Knowledge map    Save With the increasing number of listed companies joining strategic alliances, the capital market effects of strategic alliances and their function mechanisms have become significant research topics. This paper conducts an empirical test based on the related data of strategic alliance cooperation announcements issued by listed companies in China from 2009 to 2021. The findings show that joining strategic alliances can generally inhibit the future stock price crash risks faced by the enterprises. This inhibition effect is more significant in the samples with lower total factor productivity, higher financial risks, greater management power, and lower media attention, which indicates that improving enterprises'resource allocation efficiency andoperational stability, and strengthening internal and external supervision of the alliance are important paths for strategic alliances to reduce stock price crash risks. Further examination reveals that both equity strategic alliances and contractual strategic alliances can inhibit the stock price crash riskssignificantly. It is found after distinguishing the characteristics of the allied partiesthat this inhibition effect is more significant when the alliance object is a listed company and the nature of the enterprise is not a leading one. Therefore, the relevant government departments should create a favorable policy environment for listed companies to carry out strategic alliance cooperation, regulate the operation mechanism of the alliance, and give full play to the function of the strategic alliances to reduce the stock price crash risks and promote the steady and healthy development of the capital markets. Reference | Related Articles | Metrics | Comments（0）

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Human Capital, Technological Progress, and High-Quality and Full Employment of Rural Youth LI Jian-qi, DING Shu-lei Contemporary Finance & Economics    2024, 0 (6): 17-29.   Abstract （176）            Knowledge map    Save In the context of declining population growth and accelerated technological advancement, focusing on enhancing the human capital of rural youth to promote their high-quality and full employment holds significant implications for high quality population development, urban and rural regional coordination and development, and shared prosperity. Taking the Rural Compulsory Education Student Nutrition Improvement Program as an exogenous shock of human capital, this paper conducts a study based on a difference-in-difference model. The findings show that, firstly, the rural youth with higher levels of human capital by health and educational exhibit more sufficient and higher-quality employment compared to their peers. Secondly, the high-quality and full employment effects of human capital expansion are more pronounced in underdeveloped areas, economically disadvantaged households, and among female rural youth. Thirdly, human capital expansion can promote high-quality and full employment among rural youth by improving their employment structure and occupational levels, thus aiding their adaptation to the trends of digitization and industrial intelligence. Therefore, it is suggested to deepen household registration system reforms, optimize the allocation of educational resources, enhance the accessibility of medical services in rural areas, and bridge the urban-rural human capital gap through targeted fiscal policies, so as to promote the high quality and full employment among rural youth. Reference | Related Articles | Metrics | Comments（0）

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Pricing Behavior and Strategy of Housing Rental Platforms: Evidences from Beike House Hunting Platform CHEN Li-zhong, TANG Tian Contemporary Finance & Economics    2023, 0 (2): 3-14.   Abstract （175）            Knowledge map    Save In the era of platform economy, the pricing behavior of platforms has attracted much attention. Leasing platforms are playing an important role in promoting the high-quality development of housing rental markets and promoting the construction of housing system with both house renting and house purchasing. This paper conducts an empirical study by making use of the housing rental transaction data of Wuhan market from the Beike House Hunting Platform. The findings show that there are differential pricing behaviors on the housing rental platforms. The pricing of Beike House Hunting Platform for online customers is about 3.2% lower than that of offline customers, and its pricingfor the customers of homologous platforms is about 2.3% lower than that for the competitive platform users. The result of the heterogeneity analysis shows that, in terms of gender, the platform adopts similar discounts for male and female online customers. For male customers, the competition effect between platforms is not significant. For female users, the platform prices are lower for users of homologous platform. In terms of age, compared with non-post-90s online users, the platform offers more preferential treatment to post-90s online users. For post-90s users, the competition effect between platforms is not significant. For non-post-90s users, the price of the platform for homologous platform users is lower. This indicates that supporting the construction of online rental platforms, encouraging brokerage brands in the housing rental market to join the platform in the way of franchise, and opposing the platforms using digital technology to make differential pricing for different users are conducive to the healthy and standardized development of rental platforms. Reference | Related Articles | Metrics | Comments（0）

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The Influence of Financial Literacy on Household Property Income: An Analysis fromthe Perspective of Common Prosperity TANG Dan-yun, LI Jie, WU Yu Contemporary Finance & Economics    2023, 0 (4): 55-67.   Abstract （171）            Knowledge map    Save It is the inevitable requirement for achieving common prosperity to increase the property income of residents. Based on China Household Finance Survey (CHFS) from 2013 to 2019 and using the Probit and Tobit models, this paper conducts an empirical study. The findings show that financial literacy is an important factor affecting household property income. The improvement of financial literacy can not only improve the probability of increasing household property income, but also improve the proportion of the total household property income and the property income in the household total income. This conclusion still holds after changing the explanatory variable and deleting the samples of families with financial industry professionals and after the endogenous test using the average financial literacy of other households at the same income level in the same community as the instrumental variable. Compared with non-financial property income, financial literacy has a more obvious impact on the household financial property income, especially the non-deposit financial property income. The result of the mechanism analysis shows that raising the proportion of risky assets, increasing the rate of return on risky assets, promoting the holding of investment in real estate, and promoting land renting are four channels through which financial literacy affects household property income. Further analysis reveals that the marginal effect of financial literacy is more pronounced on the property income of the groups with lower income, which indicates that the improvement of financial literacy can promote the faster growth of property income of the low income groups and help them to accumulate wealth quickly, thus contributing to the realization of common prosperity. The above conclusion suggests that to improve household financial literacy, especially the low income families,is an important means to narrow the income gap, which is significant in realizing common prosperity. Reference | Related Articles | Metrics | Comments（0）

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Tax Structure, Tax Salience and Consumption Gap between Urban and Rural Residents: An Empirical Investigation Based on 279 Prefecture-Level Cities CHEN Tao, NI Zhi-liang Contemporary Finance & Economics    2023, 0 (4): 29-40.   Abstract （161）            Knowledge map    Save Resident consumption plays a key role in smoothing the domestic economic cycle, and the content expansion and quality improvement of consumption determines the realization of the“dual economic circulation”to a certain extent. The optimization of tax system structure can affect the perception and understanding of the groups with different incomes and stimulate the consumption potential of urban and rural residents by changing the tax salience. Based on the theory of psychological account, this paper makes use of the data of 279 prefecture level cities in China from 2002 to 2020 to empirically analyze the impact of tax system structure on the consumption gap between urban and rural residents and its mechanism. The results show that the optimization of tax system structure can significantly narrow the consumption gap between urban and rural residents. The result of the heterogeneity analysis shows that, compared with corporate income tax, increasing the proportion of individual income tax can better reduce the consumption gap between urban and rural residents. Compared with the non-food consumption, the optimization of tax system structure can better narrow the gap between urban and rural food consumption. Compared with the under-developed cities, the positive effect of the tax system structure on narrowing the consumption gap between urban and rural residents is more obvious in the developed cities. The result of the mechanism analysis shows that the tax salience is an important mechanism for optimizing the tax system structure to narrow the consumption gap between urban and rural residents. Therefore, the content expansion and quality improvement of consumption need the strong support of tax system reform. The future tax system optimization should gradually increase the proportion of direct tax and improve the direct tax system. At the same time, full consideration should be given to the differential impact of tax system changes on the consumption psychology of the groups with different incomes, so as to better narrow the urban-rural consumption gap, thus promoting consumption and promoting the“dual circulation”. Reference | Related Articles | Metrics | Comments（0）

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Can the Reform of State-Owned Capital Investment and Operation Companies Improve the Investment Efficiency of SOEs YANG Li-juan, XIONG Ling-yun Contemporary Finance & Economics    2023, 0 (3): 131-143.   Abstract （160）            Knowledge map    Save The report of the 20th Party Congress proposes to continue to deepen the reform of state-owned capital and enterprises. At present, the reform of state-owned capital and enterprises has entered a new stage of taking“capital management”as the principal thing, and it is of great importance to study the effectiveness, mechanism and economic consequences of the reform of state-owned capital investment and operation companies (SOCIOCs). Based on the data of the reform samples of state-owned listed companies from 2008 to 2020, this paper conducts an empirical study. The findings show that the reform of SOCIOCs can significantly improve the investment efficiency of SOEs, which is mainly achieved by inhibiting over-investment. The result of the mechanism analysis shows that the reform of SOCIOCs has improved the investment efficiency of SOEs through the two intrinsic mechanisms of curbing the opportunistic behaviors of the management and reducing the policy burdens. Further analysis reveals that the stronger the reform efforts, the stronger the effect of SOEs investment efficiency improvement will be. The effect of SOCIOCs reform on the improvement of the investment efficiency of SOEs is more significant in the group of enterprises with lower levels of corporate governance. The result of the economic consequence test reveals that the financial value of SOEs can be significantly improved when the investment efficiency of SOEs is improved by the SOCIOCs reform. Therefore, we should actively promote the reform of SOCIOCs, promote the reform of government decentralization, give full play to the corporate supervision mechanism, and improve the level of corporate governance. Reference | Related Articles | Metrics | Comments（0）

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Can the Development of Fintech Reduce Geographic Exclusion from Financing ZHANG Bing, SUN Ruo-han Contemporary Finance & Economics    2023, 0 (2): 55-67.   Abstract （159）            Knowledge map    Save The role of fintech in addressing the pain points of SME financing is becoming more prominent. From the perspective of information economics, thefintech development can relieve information asymmetry and reduce the geographic exclusion from SME financing. This paper conducts an empirical test by making use of the data of bank branches, the fintech development level data, and the data of enterprises in the National Equities Exchange and Quotations of SMEs from 2011 to 2020. The results indicate that geographical distance increases the financial exclusion of SMEs, while fintech development decreases the geographical exclusion of SME financing. However, geographical distance remains a significant factor influencing SME financing. The result of the heterogeneity analysis reveals that when there is a higher proportion of large banks and a higher degree of bank competition, as well as in economically backward and transportation inconvenient areas, the positive effect of fintech development on the geographical exclusion of SME financing is more pronounced. The result of the mechanism analysis reveals that the development of fintechcan solve the problem of information asymmetry between banks and enterprises, which is essential for fintech to reduce the geographical exclusion of SME financing. Therefore, we should both strengthen the research and application of fintech and optimize the layout of physical bank branches, so as to promote the financial resources to serve SMEs and to address the“last mile”of financial inclusion. Reference | Related Articles | Metrics | Comments（0）

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Government Procurement, Digital Economy Development and Industrial Structure Upgrading ZHANG Xin-yan, XIE Lu-hua, XIAO Jian-hua Contemporary Finance & Economics    2024, 0 (3): 43-55.   Abstract （156）            Knowledge map    Save Developing the digital economy is an important strategic choice to achieve a new development pattern. Government procurement policies can work together from both supply and demand sides to provide strong support for the development of the digital economy, thereby achieving industrial structure upgrading. This paper makes use of the data of government procurement constructed with the micro governmentalprocurement order information to analyze the mechanism and specific effects of government procurement supporting industrial structure upgrading. The findings show that government procurement demand can directly affect digitalized governance, driving digital industrialization and industrial digitization, and thus have a positive guiding effect on industrial structure upgrading, especially on the rationalization of industrial structure. Further research has found that the higher the degree of focus on the urban governancelevel, the urban service level, the urban basic researches, and the scientific and technological talents, the more significant the promoting effect of government procurement demand on industrial structure upgrading. The stronger the entrepreneurs’ innovativespirit, the entrepreneurial spirit, and the innovative vitality of enterprises, the more obvious the driving effect of government procurement demand on industrial structure upgrading. Therefore, it is necessary to collaborate government procurement policies with digital industry development strategies to effectively leverage the “targeted” role of government procurement policies,improve urban service level and governance level to effectively leverage the role of government procurement as a “booster” for industrial structure upgrading, and increase the support of government procurement for the basic researches to effectively leverage the “fusion” role of basic research innovation in upgrading industrial structure. Reference | Related Articles | Metrics | Comments（0）

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Nonlinear Spillover Effects of US Economic Policy Uncertainty on China’s Technological Innovation CHEN Pu, OUYANG Zhi-gang Contemporary Finance & Economics    2023, 0 (4): 15-28.   Abstract （155）            Knowledge map    Save The economic policy uncertainty of the technology leading countries can produce spillover effects on the scientific and technological innovation of the technology following countries through the technology following channel and the uncertainty inducing channel. The direction of the spillover effects depends on the influencing mechanism of the EPU of the technology leading country and the technology following country on the domestic scientific and technological innovation. On the basis of a nonlinear threshold GVAR model, this paper studies the non-linear spillovereffect of the EPU of USA on the scientific and technological innovation of China. The results show that as a whole the EPU of USA can suppress the scientific and technological innovation of China through the technology following channel and the uncertainty inducing channel, and that the inhibiting effect is greaterin the low growth mechanism. In terms of different industries, the EPU of USA in its industries with more innovative advantages can have negative spillover effects on China’s industrial innovation mainly through the technology following channel; among which, the inhibiting effect is greater in the low growth mechanism. In the industries of USA with relative innovative advantages, the EPU of USA can have spillover effects on the industrial innovation of China through the technology following channel and the uncertainty inducing channel; among which, the positive effects are smaller in the high growth mechanism and the negative effects are greater in the low growth mechanism. As for the industries of China with innovative advantages, the EPU of USA can produce spillover effects on the industrial innovation through the uncertainty inducing channel; among which,the spillover effect is not clear in the high growth mechanism, and the negative spillover effect is obvious in the low growth mechanism. Reference | Related Articles | Metrics | Comments（0）

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Getting Rid of Path Dependence: Logic and Test of Regional Differentiated Development of Financial Technology WANG Xiao-hua, ZHOU Han-mei Contemporary Finance & Economics    2023, 0 (2): 15-27.   Abstract （153）            Knowledge map    Save Similar to the development of traditional finance, the development of financial technology also shows a regional pattern of differentiated development, with eastern cities taking the lead and some cities in central and western regions lagging behind. Then, what is the internal logic of the formation of the regional differentiated development pattern of financial technology? Based on the theory of evolutionary economic geography, this paper conducts an empirical study by making use of the data of 291 prefecture-level cities of China. The findings show that the regional differentiated development pattern of financial technology development is mainly due to the path dependence of the traditional financial development. Further analysis shows that the improvement of urban innovation capacity and the increase of local government innovation capital investment have a significant promoting effect on the development of financial technology, which helps the traditional financially-underdeveloped areas to get rid of the path dependence and realize the path creation of financial technology development. Therefore, local governments can take advantage of the situation, vigorously promote the popularization and application of big data, cloud computing, blockchain, artificial intelligence and other innovative technologiesin the financial sector, and actively build the development highland of financialtechnology. Driven by the twin wheels of the independent scientific and technological innovation and the“promising”government, the financial technology development can be guided to get rid of the path dependence of traditional financial development and realize the path creation for coordinated regional development of financial technology. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Digital Economy on Interregional Enterprise Income Tax Distribution Pattern: A Comparison of Different Distribution Schemes Based on the Manufacturing Industry CHEN Xin, LIU Sheng-wang Contemporary Finance & Economics    2023, 0 (2): 28-42.   Abstract （152）            Knowledge map    Save Digital economy has effectively promoted the development of China’s economy, but the development of digital economy is uneven among the regions, which has an impact on the distribution pattern of enterprise income tax among the regions. Based on the panel data of enterprise income tax of China’s provincial manufacturing from 2008 to 2019, this paper examines the impact of digital economy on interregional enterprise income tax revenue.The findings of the empirical study show that under the current interregional enterprise income tax distribution rule, the development of digital economy benefits the enterprise income tax only in a few regions but damages that in most regions. The result of the heterogeneity analysis shows that the current distribution rule is not conducive to the formation of enterprise income tax revenue in the regions with medium and high level fiscal pressure, which increases the possibility of enterprise income tax transfer-out from these regions, and deepens the degree of enterprise income tax transfer-out in these regions. Therefore, in order to better deal with the impact of digital economy on the distribution of interregional enterprise income tax and realize the virtuous cycle of interregional enterprise income tax distribution and the digital economy development, the local sharing part of interregional enterprise income tax in the future should adopt the three-factor distribution method based on the principle of the place of consumption or the three-factor distribution method based on the principle of the place of consumption supplemented with the fiscal distribution method based on the consumption contribution of various regions. Reference | Related Articles | Metrics | Comments（0）

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The Influencing Mechanism of Internet Celebrity Endorsement on Brand Value in the New Media Environment: The Mediating Role of Fans’ Engagement NIE Xuan, SHEN Peng-yi, XU Ji-nan Contemporary Finance & Economics    2024, 0 (4): 99-112.   Abstract （152）            Knowledge map    Save The rapid development of new media platforms such as Weibo, Bilibili, and Xiaohongshu has spawned a new type of celebrity -- internet celebrity. Hiring internet celebrities as their brand endorsers to attract fans has also become an important brand marketing strategy for companies. However, in the new media environment, the research on how internet celebrity endorsement enhance brand value remains to be further studied. Based on the social influence theory and the relationship strength theory, this paper tries to explore the influencing mechanism and the functional boundary of internet celebrity endorsement on brand value in the new media environment through three experiments. The results show that, compared with the traditional celebrity endorsements, internet celebrity endorsements can significantly enhance brand value.Internet celebrity endorsements can strengthen fans’ engagement and further enhance brand value. When the relationship between brand and endorsers is relatively strong, the positive effect of internet celebrity endorsement on enhancing brand value is more significant than that of traditional celebrity endorsement. When a brand’s endorsement advertisement released on a new media platform contains multiple endorsers, compared with the traditional celebrity endorsement, the positive influence of internet celebrity endorsement on fans’ engagement and the mediating role of fans’ engagement will be weakened. The above conclusion has enriched the relevant researches on the influence of internet celebrity endorsement and fans’ engagement, which has guiding significance for enterprises to implement internet celebrity endorsement strategies in brand marketing. Reference | Related Articles | Metrics | Comments（0）

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Artificial Intelligence and Corporate Financial Asset Allocation: Empirical Evidences from the National AI Innovation and Application Pioneer Zone FENG Wan-xin Contemporary Finance & Economics    2024, 0 (4): 141-152.   Abstract （152）            Knowledge map    Save Currently, artificial intelligence (AI) serves as an important driving force for the intelligent transformation of China’s manufacturing industry and the development of the real economy. Taking China’s A-share listed manufacturing companies from 2011 to 2021 as samples, this paper empirically examines the influence of the national AI innovation application pilot zone policy on the financial asset allocation of the manufacturing enterprises within the pilot zones, as well as its underlying mechanisms, by employing a multi-period Difference-in-Differences (DID) model. The results reveal that the national AI innovation pilot zone policy has significantly reduced the level of the financial asset allocation among the manufacturing enterprises within the pilot zones. The mechanism analysis indicates that the policy of the national AI innovation pilot zone has enhanced the total factor productivity of the manufacturing enterprises and alleviated their financial constraints, thereby suppressing the financial asset allocation level of these enterprises. The heterogeneity analysis reveals that the inhibitory effect of the national AI innovation pilot zone policy on the financial asset allocation in the manufacturing sector is stronger when the human capital of enterprises is of higher quality or when asset specificity is lower. The economic consequences analysis reveals that the policy has the potential to increase R&D investments in manufacturing enterprises. Therefore, the pilot zones should further build innovative application scenarios for artificial intelligence, and the non pilot zones should actively learn from the beneficial experiences of the pilot zones. Reference | Related Articles | Metrics | Comments（0）

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How the Member Relationshipof Maker Teams Affects Their Performance in Dealing with Emergencies? Reflection on the Synergistic Effect of Platform Organizations LIU Yao-bin, WANG Meng-lu, XIONG Li Contemporary Finance & Economics    2023, 0 (2): 81-93.   Abstract （151）            Knowledge map    Save Under the dual impact of global economic downturn and COVID-19 epidemic prevention and control, the makersas the main force to carry out Chinese“Innovation and Entrepreneurship”cause are all faced with an ever-changing environment with“not only inside worries, but also outside troubles”. To improve the capability to deal with emergencies becomes a top priority for all of them. However, the current researches have not paid enough attention to the impact of the network relationship characteristics of the maker teams themselves on their performance in dealing with emergencies. Based on social network theory, this study proposes that the relationship characteristics among the members of maker teams can influence their impromptu behaviors and their types, which in turn affect the team performance in dealing with emergencies. The maker platform organizations may use specialized maker training strategies to optimize the above influencing mechanisms. The questionnaire data from 162 maker teams (with 639 members) on 38 platforms reveals that the network relationship strength, the heterogeneity and the informality of team members can exert negative, inverted-U shape and positive effects respectively on the double element improvisations of the teams, which in turn affect team performance in dealing with emergencies indirectly. The interpersonal skill training organized by platforms has a synergisticeffect in the whole process, i.e., playing positive role inweakening the negative effect of the relationship strength, optimizing the inverted-U shape affecting curve of relationship heterogeneity, and amplifying the positive effect of relationship informality. This study innovatively pays attention to the initial influences of maker team organizations on their emergency-dealing performance, and suggests that platform organizations should play a better synergic role in supporting thesustainable development of themaker enterprises. Reference | Related Articles | Metrics | Comments（0）

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The Impact of a Cordial and Clean Government-Business Relationship on Auditors’ Decision:Empirical Evidences from Private Listed Companies in China WU Lun Contemporary Finance & Economics    2023, 0 (4): 145-156.   Abstract （149）            Knowledge map    Save The current auditing standards require auditors to pay attention to the external environment where customers are located and identify the resulting engagement risks. As an important part of the external institutional environment of micro enterprises, a cordial and clean government-business relationship will affect the production and operation activities of private enterprises, which will affect the auditor’s risk perception and further affect the auditor’s decision-making. Taking the A-share private listed companies in China from 2017 to 2019 as the research samples, this paper examines the impact of a cordial and clean government-business relationship on auditors’ decision-making. The results show that a cordial and clean government-business relationship can reduce the business risks and audit risks perceived by auditors, thereby reducing auditors’ auditing fees and the tendency to issue non-standard audit opinions. The influence of a cordial and clean government-business relationship on auditors’auditing fees and audit opinions is more obvious in enterprises with higher industry competition and less negative media reports. Reference | Related Articles | Metrics | Comments（0）

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Research on the Path of Digital Transformation to Promote the Green Development of the High-End Manufacturing Industry JIANG Xu-han, ZHANG Li-ping Contemporary Finance & Economics    2023, 0 (9): 16-27.   Abstract （148）            Knowledge map    Save The green development of China's high-end manufacturing industry is of great significance for the sustainable development of the national economy. Taking the digital economy as the research background and thehigh-end manufacturing industry as the research object, this paper constructs agreen development evaluation index system by combining the characteristics of the high-end manufacturing industry, so as to describe the dynamic evolution process of digital transformation on the green development of the high-end manufacturing industry from the perspective of enterprise dynamic capability. The findings show that the digital transformation has a positive impact on the green development of China's high-end manufacturing industry. This conclusion is still valid after controlling the endogeneity and conducting a robustness test. The mechanism analysis reveals that in the process of digital transformation, the high-end manufacturing industrycan reduce resource consumption, cut down environmental pollution and promote green technology innovation mainlythrough the dynamic capability path of enterprises, thus promoting the green development of the high-end manufacturing industry. The regulatory effect reveals that sound internal control can positively adjust the relationship between digital transformation and green development of enterprises. The heterogeneity analysis finds that Digital transformation has a more significant role in promoting green development of the high-end manufacturing enterprises in the eastern region, where senior executives have financial backgrounds and where the two positions are separated. Therefore, it will empower China's high-end manufacturing industry to develop in a green way by widely applying digital technology tools to improve the green financial system, establishing a digital system management system to optimize the transformation environment, cultivating digital social capital to regulate enterprise resource allocation, and building a digital innovation network to reduce regional development differences. Reference | Related Articles | Metrics | Comments（0）

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Spatial Carbon Reduction Effects of China’s Local Government Green Special Bonds under the“Dual Carbon”Goals ZHANG Ping, GUO Qing-hua Contemporary Finance & Economics    2023, 0 (11): 28-40.   Abstract （148）            Knowledge map    Save The local governments in China are facing huge financial pressure under the“dual carbon”goals, and the local government special greenbonds are an important source of financial resources to reduce financial pressure and improve the ecological environment. Based on the provincial panel data from 2018-2021, this paper empirically analyzes the spatial carbon emission reduction effect of the local government greenspecial bonds. The results show that the issuance of local government green special bonds has significantly reduced the carbon emission levels and has a spatial spillover effect, that in the local government green bond system, the larger the issuance scale and the more local government fund revenue, the more beneficial it is to reduce carbon emission levels, and that the higher the average interest rate and project yield, the less beneficial it is to reduce carbon emission levels. Further analysis reveals that the local governmentgreen bonds can reduce carbon emission levels by optimizing the energy consumption structure. Therefore, it is necessary to implement a governance model that combines territorial and regional linkages to clarify the proportion of the local governmentgreen bonds, issue different types of local government green bonds based on spatial differences in geography, economy and carbon emissions, optimize the issuance and reimbursement system of the local government green special bonds in light of the carbon emission reduction targets and the current situation, and introduce a third-party institution to strengthen the professional auditing, monitoring and disclosure of the local governmentgreen bonds in all aspects. Reference | Related Articles | Metrics | Comments（0）

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The Coordination between Fiscal and Monetary Policies under the Macroeconomic Governance System: An Analysis from the Dual Perspectives of Fiscal Policy Intensity and Structure JIN Chun-yu, XU Yue-yue Contemporary Finance & Economics    2023, 0 (3): 28-40.   Abstract （146）            Knowledge map    Save The effective coordination between fiscal policy and monetary policy is the basic condition for a sound macroeconomic governance system with optimized objectives, reasonable division of labor, and efficient coordination. This paper makes use of the MDQVAR model to test the impact of fiscal policy with different intensities on the effectiveness of monetary policy in regulating the three economic targets, i.e., economic growth, price stability and debt controllability, and the impact of the changes in the fiscal policy structures on the regulation effect of monetary policy. The findings show that during the economic downturn, the coordination between low-intensity taxation policy and loose quantity-based monetary policy can quickly promote economic recovery and achieve the goal of stable economic growth. During the economic overheating period, the coordination between high-intensity taxation policy and tight price-based monetary policy is more effective in stabilizing the price level and achieve the target of restraining inflation. During the stable economic period, the coordination between high-intensity fiscal expenditure and tight price-based monetary policy can achieve the three regulating goals of stabilizing economic growth, controlling inflation and reducing government debt. Therefore, when the proportion of productive fiscal expenditure is adjusted to the medium level, the macro-control effect of policy mix is further strengthened. Therefore, the combination of fiscal and monetary policies should be adjusted according to the policy objectives of different economic periods. We shouldoptimize the structure of government spending, maintain a proper proportion between productive spending and consumption spending, seek a dynamic balance among multiple objectives, so as to improve the macroeconomic governance system andpromote the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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Research on the Impact of New Digital Infrastructure on Domestic Value Chain Circulation HUO Chun-hui, LV Meng-xiao, ZHANG Yin-dan Contemporary Finance & Economics    2023, 0 (2): 120-131.   Abstract （144）            Knowledge map    Save As the driving vehicle of the new round of technological revolution and industrial revolution, digital new infrastructure plays an important role in the national economic circulation. Based on the dual perspectives of supply and demand, this paper explores the theoretical logic of the influence of new digital infrastructure on the circulation of domestic value chain. The findings show that digital new infrastructure can significantly promote domestic value chain circulation. Under the supply-side driving effect, digital new infrastructure promotes the domestic value chain circulation by promoting technological innovations; while under the demand-side driving effect, consumption upgrading is the intervening mechanism to promote the domestic value chain circulation. The result of the heterogeneity study shows that in the technology-intensive industries and labor-intensive industries, the positive impact of new digital infrastructure on domestic value chain circulation is more significant. While in the regions with higher degree oflabor market segmentation and consumer marketsegmentation, the empowering effect of new digital infrastructure will be weakened. The result of the expansion analysis shows that the new digital infrastructure can help to increase theadded value of the domestic industrial value chain, and that this effect is particularly prominent in the central and western regions. The above research reveals that we should attach importance to the basic and overall role of new digital infrastructure in building a new development pattern of industrial chain, accelerate the construction of new digital infrastructure by industry, by region and step by step, and improve the deployment quality and efficiency of new digital infrastructure. Reference | Related Articles | Metrics | Comments（0）

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Environmental Regulation and Corporate Tax Avoidance: Empirical Evidences Based on the Implementation of the New Environmental Protection Law SHANG Gui-da, JING Ming-yu, WANG Zhi-wei Contemporary Finance & Economics    2023, 0 (4): 41-54.   Abstract （144）            Knowledge map    Save Giving full play to the multi-dimensional supervision effect of the environmental regulation while paying attention to the high-quality economic development and a reasonable and efficient income distribution mechanism are powerful supports to achieve common prosperity.Therefore, in the context of high-quality-developmentorientation and ecological environment priority, this paper analyzes the additive effect of the environmental regulation from the new perspective of tax governance. Based on the quasi-natural experiment research under the background of the implementation of the new Environmental Protection Law in 2015, this paper constructs a double difference model to test the impact of environmental regulation on corporate tax avoidance from the perspective of the political cost hypothesis. The findings show that environmental regulation can significantly inhibit corporate tax avoidance. The results of the mechanism analysis show that environmental regulation legislation has increased the external supervision of enterprises, and the additional effect of this external supervision will increase the political cost of corporate tax avoidance behaviors, thereby curbing the radical tax avoidance decisions made by enterprises. The analysis of the economic consequences reveals that although environmental regulation has increased the tax burden of enterprises, it also leads to the improvement of the corporate information environment and their reputation, which helps to enhance the value of enterprises. Therefore, to promote the construction of the environmental regulation system, we must not only pay attention to the direct effect of environmental regulation on the improvement of the ecological environment, but also actively give play to the tax governance function and other additional effects of environmental regulations, so as to fully release the policy dividends and realize the mutual benefits of environmental protection and economic efficiency. Reference | Related Articles | Metrics | Comments（0）

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Corporate ESG Rating Divergence and Auditor Risk Response: From the Perspective of Abnormal Audit Fees and Audit Team Changes YU Peng, FAN Yi-zhong, LI Xiao-yan, REN Yi-jia Contemporary Finance & Economics    2024, 0 (6): 139-152.   Abstract （143）            Knowledge map    Save There are differences in the ratings of the environmental, social, and corporate governance (ESG) of enterprises by different ESG rating agencies. By making use of the data of ESG performance of A-share listed companies from 2018 to 2021, this study investigates the impact of the differences in ESG rating results on auditor risk response behaviors. The findings show that the greater the divergence in ESG rating results among companies, the higher the abnormal audit fees charged by auditors, and the better the audit team configured by accounting firms. The mechanism testing reveals that the differences in ESG rating results among companies can increase their operational risks, leading auditors to adopt risk response behaviors such as increasing audit investment and charging higher abnormal audit fees. Further research has found that compared to the differences in the environmental rating results and the social responsibility rating results of enterprises, auditors are more likely to take risk response actions in response to the differences in corporate governance rating results. The economic consequence analysis reveals that the risk response actions taken by auditors and accounting firms in response to the differences in ESG rating results can improve audit quality. To this end, auditors should strengthen the risk assessment of enterprises with differing ESG rating results, and the government departments should develop and promote a standardized and unified ESG rating system and ESG information disclosure standards.. Reference | Related Articles | Metrics | Comments（0）

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A Scale Estimation and Structural Analysis of China’s Data Factor: From the Perspective of Information Value Chain XU Xiang, TIAN Xiao-xuan, LIKE Ao-bo, CHEN Bin-kai Contemporary Finance & Economics    2024, 0 (4): 3-16.   Abstract （141）            Knowledge map    Save Data is a key production factor in the digital economy era. Estimating and analyzing the scale of data elements and their income distribution can help to correctly understand the current level of digital economy development in China and provide a data foundation for the related researches. The existing researches mostly focus on the production cost or market value of data elements, lacking estimation methods constructed from the perspective of the information value chain that fully consider the entire process of data value formation and release. Through improving the existing estimation methods, this paper conducts a calculation of the data element investment in various provinces from 2012 to 2019. The results show that China’s data element investment reached 2.05 trillion yuan in 2019, an increase of 1.35 times from 871.2 billion yuan in 2012, with an average annual growth rate of 13.02%. China’s investment in data elements exhibits such significant characteristics as regional inequality, etc., which may lead to a widening gap in the stock of data elements among the provinces; that is not conducive to the high-quality development of the digital economy. The above results fully demonstrate that the importance of data elements in economic growth and initial income distribution is constantly increasing, and the relevant basic systems and policy measures should be implemented as soon as possible. Reference | Related Articles | Metrics | Comments（0）

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Social Network of Institutional Investors and Information Quality of Critical Audit Matters LI Chen-xi, CHEN Song-sheng, TAN Yun Contemporary Finance & Economics    2023, 0 (5): 142-156.   Abstract （139）            Knowledge map    Save Can institutional investors improve the transparency of corporate information disclosure and restrain the private-interest behaviors of the controlling shareholders by forming institutional investor groups through social network connection? This is a topic worth indepth study. Taking A-share listed companies from 2016 to 2020 as the research samples, this paper identifies the shareholding of institutional investors groups from the network of institutional investors based on social network algorithm, then it studies the influence of the shareholding of institutional groups on the information quality of critical audit matters (CAMs). The findings show that the shareholding of institutional investor groups has significantly improved the information quality of CAMs, which is manifested as that the higher proportion of shares of the enterprises held by institutional investor groups, the more diversified the disclosure forms of CAMs, the more sufficient the disclosed content, the lower the text similarity, and the higher the readability of the text. The results of the mechanism study show that the shareholding of institutional investor groups can realize the improvement of the information quality of CAMs mainly through the information supervision effect. The cross sectional analysis reveals that the information quality of CAMs is higher in the groups without institutional investor visits or with shareholdings of the long-term institutional investor groups. The above conclusions imply that in order to improve the information quality of CAMs, the auditors should have a macro-perspective of auditing the whole situation, the institutional investor groups should establish long-term value investment awareness and hold core investment concepts, and the supervision agencies should quicken the mechanism construction for the long-term institutional investors to participate in the markets . Reference | Related Articles | Metrics | Comments（0）

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The Influence of Customer Incivility on Coworkers as Bystanders: Schadenfreude or Emotional Support ZHAN Xiao-jun, WANG Tao Contemporary Finance & Economics    2023, 0 (4): 80-92.   Abstract （138）            Knowledge map    Save Service industry employees often encounter customer incivility, which will not only have a negative impact on employees’ emotions, attitudes, behaviors and performance, but also have a greater impact on bystanders. At present, few scholars have explored the impact of customer incivility on service employees from the perspective of bystanders, especially from the perspective of colleagues as bystanders. Based on the theory of social information processing, this paper explores the double-edged sword effect of the helping behaviors and the negative workplace gossip performed by the colleagues as bystanders who observed customer incivility on the employees that encountered uncivil behaviors by taking emotional support and schadenfreude as mediators and task interdependence as moderators, respectively. The results of the data analysis of 320 valid questionnaires collected in three stages show that the emotional support and schadenfreude of the coworkers can play a mediating role between OCI and helping behaviors, and between OCI and negative gossip behaviors. The task interdependence plays a moderating role, when task interdependence is high, OCI is positively correlated with bystanders’ emotional support; when task interdependence is low, OCI is positively correlated with bystanders’ schadenfreude. The task interdependence moderates the mediating effects of emotional support and schadenfreude. When the task interdependence is higher, the indirect effect of OCI on employees’ helping behaviors through coworkers’ emotional support will be stronger, and the indirect effect of OCI on employees’ negative gossip behaviors through coworkers’ schadenfreude will be weaker. These research conclusionshave enriched the researches in the field of bystander of customer incivility, providing some enlightenment for managers to reduce the negative impact of customer incivility. Reference | Related Articles | Metrics | Comments（0）