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Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select The Internal Logic and Practical Approach of Taxation Promoting the Development of New Quality Productivity XU Jie Contemporary Finance & Economics    2024, 0 (10): 30-43.   Abstract （41）            Knowledge map    Save New quality productivity is a concentrated embodiment of the new development concept and high-quality development. With the acceleration of a new round of technological revolution and industrial transformation, the development of new quality productivity has become a key factor in reshaping the international competitive landscape. Taxation, as an effective macroeconomic regulation tool, is of great significance in promoting the formation and development of new quality productivity. The self evolution and interaction of the three elements of new workers, new means of labor, and new objects of labor jointly support the spiral rise of productivity level. Taking this as a starting point, this paper explores the internal logic of taxation promoting the development of new quality productivity. Taxation affects the costs, benefits, and expectations of economic entities, influencing the supply level and coordinated development of new production factors through such behaviors as research and development, investment, and achievement transformation. Scientific and reasonable tax policies can alleviate the internal contradictions in productivity, thereby achieving a leap in productivity towards a new stage. Given that the role of taxation in the development of new quality productive forces in China needs to be further clarified, and the tax incentive effect to promote the development of new quality productive forces is insufficient, the policy system in the supply of the three elements of new quality productive forces and the basic research still needs to be improved, and the construction of tax system and legal system needs to be further promoted. Therefore, in the future, it is necessary to further strengthen the top-level design of tax assistance in promoting the development of new quality productivity, improve the preferential policy system of taxation promoting the development of new quality productivity, and form a dynamic adjusting mechanism for tax assistance in promoting the development of new quality productivity. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Tax Incentives on the Performance of Manufacturing Enterprises: From the Prospective of Value-Added Tax Burden HUI Ning, YANG Jin-xuan Contemporary Finance & Economics    2024, 0 (10): 44-58.   Abstract （29）            Knowledge map    Save The manufacturing industry is the foundation of the country, the tool for the rise of the country, and the basis for the strengthening of the country; while the tax incentives are key to supporting the high-quality manufacturing development. For this reason, in the context of accelerating the construction of a strong manufacturing country, it is of great practical significance to explore the performance of manufacturing enterprises from the perspective of fiscal and tax incentive policies. Based on the micro data of the listed companies in China’s manufacturing industry from 2010 to 2021, this paper makes an empirical analysis of the effects of the expansion of the “replacing business tax with value-added tax” in the service industry and the reduction of the VAT rate on the business performance of manufacturing enterprises and its functioning mechanism. The results show that the “replacing business tax with value-added tax” in the service industry can improve the business performance of manufacturing enterprises through reducing the VAT burden on them, thereby having an indirect incentive effect on the development of manufacturing enterprises. The downward adjustment of the VAT rate can directly improve the business performance of the manufacturing enterprises, thereby having a direct incentive effect on the development of manufacturing enterprises. At the same time, there are differences in the impact of the expansion of the “replacing business tax with value-added tax” in the service industry and the reduction of the tax rate on the enterprises of different ages and with different ownership properties. Therefore, China should appropriately reduce the tax burden on enterprises and improve the performance of manufacturing enterprises; further improve the value-added tax system and streamline the value-added tax deduction chain; continue to lower the value-added tax rate and fully unleash the vitality of market entities; implement differentiated tax incentives and create a favorable business and investment environment. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Fiscal Vertical Imbalance on the Effectiveness of Innovation Driven Policy: A Quasi Natural Experiment Based on the Construction of National Innovative Provinces LIAO Zhi-dong Contemporary Finance & Economics    2024, 0 (9): 28-42.   Abstract （40）            Knowledge map    Save Innovation driven development is the key and foundation to support China's industries to move towards the mid to high level and achieve high-quality economic development. Based on a quasi-natural experiment of national innovative province construction, this paper adopts the provincial panel data from 2001 to 2019 to examine the impact of fiscal vertical imbalance on the effectiveness of the innovation-driven policy from the perspective of both innovation quantity and innovation quality. The findings show that there are both innovation quantity effect and innovation quality effect in the construction of national innovative provinces, and that fiscal vertical imbalance will significantly inhibit the innovation quality effect, but does not affect its innovation quantity effect. From the perspective of innovation input, it is found that the construction of national innovative provinces has a positive impact on innovation human capital input and innovation fund input, but fiscal vertical imbalance inhibits the positive role of national innovative province construction, which leads to the difference in the impact of fiscal vertical imbalance on the effectiveness of innovation-driven policy between innovation quantity and innovation quality. Therefore, in order to enhance the effectiveness of innovation-driven policies, China should further improve the fiscal and taxation systems, moderately reduce fiscal vertical imbalance, optimize local fiscal expenditure structure, guarantee fiscal science and technology investments, summarize the experiences of national innovative province construction, and further promote the national innovative province construction. Reference | Related Articles | Metrics | Comments（0） Select Research on the Division of Financial Authority and Expenditure Responsibility in the Science and Technology Sector YUE Hong-ju Contemporary Finance & Economics    2024, 0 (9): 43-56.   Abstract （27）            Knowledge map    Save The division of financial authority and expenditure responsibility in the science and technology sector is a fundamental guarantee for the promotion of the construction of a scientific and technical power. There are four risks in the current division reform: the mechanism of“the decisions made by superiors and carried out by subordinates”has triggered the risk of“bargaining power”between upper and lower governments, the“co leading”fiscal power has led to the risk of“responsibility isomorphism”, the“ability oriented”expenditure responsibility has triggered the risk of financial matching among subordinate governments, especially grassroots governments, and the“reform championship”model of program formulation is prone to gradual reform risks. The vertical relationship between governments with clear rights and responsibilities, coordinated financial resources, and regional balance is the basic goal of the reform, but it still depends on the clarification of the horizontal technology investment relationship between the government and the market. Accelerating the construction of a strong technological country requires both the horizontal coordination between“market efficiency”and“government initiative”, and the central unified leadership and the exertion of the“two initiatives”, as well as the vertical coordination between provincial government overall regulation and local government hierarchical responsibility. Therefore, the practical approach to further optimizing and dividing the reforms is to improve the market-oriented approach to scientific and technological innovation, establish a new national system for scientific and technological innovation, and enhance the overall efficiency of the national innovation system; clarify the common and exclusive fiscal powers, clarify the proportion of expenditure responsibilities, and optimize the financial matching mechanism; enhance standardization and elevate the level of rule of law in the gradual reform. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Digital Economy Development on Local Government Debt Risks DONG Hao-ran, ZHOU Quan-lin Contemporary Finance & Economics    2024, 0 (7): 31-44.   Abstract （50）            Knowledge map    Save The development of digital economy is the main driving force to promote the financial digitalization reform and build a digital government, which is of great significance to create a new growth point for local finance and improve the ability of local government debt risk management. Based on the panel data of 241 prefecture-level cities in China from 2015 to 2020, this paper empirically analyzes the impact of digital economy on local government debt risk and its mechanism of action. The findings show that the development of digital economy has significantly reduced the risk of local government debt and is an effective measure to prevent and resolve the risks of local government debt. The mechanism analysis finds out that digital economic development has indirectly reduced local government debt risks by improving fiscal decentralization and fiscal transparency. The heterogeneity analysis reveals that digital economic development in the eastern and central regions has an inhibiting effect on local government debt risks. At the same time, the internal and external environmental conditions play a positive role in this mechanism; and the digital economy development has a greater inhibiting effect on local government debt risk due to the positive moderating effect of the financial resource support and the local government governance capacity. Further analysis reveals that digital economic development has the same inhibitory effect on the hidden debt risks. Therefore, we should actively promote the development of the digital economy, strengthen the construction of local financial resources, improve the transparency of government finances, and enhance the support of financial resources and the governance capacity of local governments, so as to prevent and resolve the risks of local government debt. Reference | Related Articles | Metrics | Comments（0） Select Can the Development of Digital Economy Reduce the Dependence of Local Governments on Land Finance? ZHU Qian-long, ZOU Xu, SHI Xiao-ping Contemporary Finance & Economics    2024, 0 (7): 45-58.   Abstract （37）            Knowledge map    Save By leveraging the development of digital economy to reduce the dependence of local governments on land finance, it is not only an inevitable choice to enhance the sustainability of local finance, but also a necessary path to promote high-quality economic development. Based on the panel data from 277 prefecture level cities in China from 2011 to 2021, this study empirically explores the impact of digital economy development on the dependence of local governments on land finance and its mechanism. The findings show that the development of the digital economy can significantly reduce the dependence of local governments on land finance, but this impact exhibits heterogeneity due to the geographical location and resource endowment of the cities. The mechanism analysis indicates that the financial pressure plays an intermediate role in the process of digital economy development affecting local government’s land financial dependence, and that the economic growth pressure exerts a negative moderating effect. The threshold effect test reveals that there is a threshold effect of the impact of digital economic development on the dependence of local governments on land finance. When the level of digital economic development or the level of the construction of digital infrastructure cross the threshold value, its impact on the dependence of local governments’ land finance will be significantly strengthened. Therefore, it is suggested to accelerate the construction of digital infrastructure to lay the foundation for digital economic development reducing the land financial dependence of the local governments, continuously unleash the potential of data elements to transform the economic development model and solve the financial dilemma of local governments, and improve the local performance evaluation mechanism to continuously regulate the land transfer behaviors of local governments through institutional innovation. Reference | Related Articles | Metrics | Comments（0） Select Opportunity Structure and Digital Transformation of Tax Governance: A Sociological Analysis Framework ZHOU Zhi-bo, ZHANG Xiao-fang, LIU Ye Contemporary Finance & Economics    2024, 0 (6): 30-42.   Abstract （97）            Knowledge map    Save The digital transformation of tax governance is a significant change in promoting the modernization of tax governance, which is of great significance for accelerating the modernization process of the national governance system and governance capacity. Based on the social structure concept, this paper constructs a sociological analysis framework for the digital transformation of tax governance to examine the global tax governance practices. The findings show that the urgency of digital economy development, the intensity of government governance changes, and the intensity of digital technology innovation in various countries have shaped a unique opportunity structure in this transformation process. However, the opportunity structure itself is also in the process of continuous evolution. COVID-19 is the most important external event to promote the opening of its opportunity structure in recent years, while technological alienation is the biggest practical dilemma that leads to the closing of its opportunity structure. China should base itself on its own reality, strive to eliminate the negative impact of digital intelligence technology, maintain the continuous opening of the opportunity structure for digital transformation of tax governance, and promote the modernization of tax governance with high-quality tax digitization. As for the specific path, it is necessary to eliminate tax digital monopoly and tame the tax digital Leviathan, break down the digital tax barriers and improve the efficiency of digital tax governance, bridge the digital gap in taxation and safeguard the digital rights of taxpayers in taxation, and eliminate the internal competition of tax revenue figures and make long-term plans for digital governance. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Fiscal Transparency on Corporate Tax Compliance: Evidences from the Implementation of the New Budget Law XIAO Peng, WANG Ya-qi Contemporary Finance & Economics    2024, 0 (6): 43-56.   Abstract （135）            Knowledge map    Save As an important feature of the modern budget system, fiscal transparency is not only an important channel to improving the national governance system and the modernization of governance capacity, but also the important factors affecting the operational behaviors of enterprises and their tax compliance. Taking the implementation of the new Budget Law as the starting point and based on the data of China’s prefecture-level cities and A-share listed companies from 2013 to 2021, this paper empirically analyzes the impact of fiscal transparency on corporate tax compliance and its mechanism. The results show that fiscal transparency can significantly improve corporate tax compliance, indicating that fiscal transparency, as a governance tool, plays an important role in corporate tax decision-making. The results of the mechanism analysis show that, from the social dimension, fiscal transparency can improve the willingness of enterprises to pay tax by improving the effectiveness of fiscal expenditure. From the political dimension, fiscal transparency can reduce the tax avoidance space by reducing government official corruption and political connections. From the economic perspective, fiscal transparency can reduce corporate tax avoidance motives by improving the business environment. The results of the heterogeneity analysis show that fiscal transparency can significantly improve corporate tax compliance in regions with higher degree of informatization and lower fiscal pressure. Therefore, it is necessary to establish a long-term budget disclosure mechanism, improve the systematization and coordination of budget disclosure with other budget reform measures, optimize the allocation of fiscal resources, strengthen the economic and social governance effects of fiscal transparency, and improve corporate tax compliance. Reference | Related Articles | Metrics | Comments（0） Select Chinese-Style VAT Modernization: Initial Dynamics, Political Logic and Advancement Path MAO Xiao-jun Contemporary Finance & Economics    2024, 0 (5): 30-43.   Abstract （54）            Knowledge map    Save Optimizing the value-added tax (VAT) system is one of the most important elements in building a modern tax system in the new era. In this regard, based on the typical facts of Chinese-style VAT modernization, this paper examines the functional changes in the process of institutional changes, and explores the proper positioning and optimization direction of the VAT law in the new era by integrating the external tax structure with the internal institutional design. At present, striking a balance between central financial control and local government incentives has always been the core issue in the design of China's VAT law. In the face of the constraints of the early reform and opening-up period, the reconstruction of China's compound tax system must rely on the turnover tax represented by the VAT. In the process of balancing local financial power and central control, the effectiveness of VAT in promoting the centralization of tax power has been amplified and strengthened, and eventually a compound tax system with VAT as the main body has been developed. Under the current tax structure, in order to stabilize local financial resources and maintain central financial control, it is necessary to continue to rely on the tax power concentration of VAT, so as to realize the modernization of Chinese-style VAT. In view of this, China's VAT law should be shifted from“sharing before centralization”to“tax collection before sharing”, with the specific design in the following directions: VAT needs to be fully adjusted towards the centralized tax position, continue to be taxed according to the principle of the place of production, and finally be divided among local governments according to the level of consumption. Reference | Related Articles | Metrics | Comments（0） Select Talent Introduction, Individual Income Tax Incentives and Enterprise Labor Income Share SUN Qun-li, HAN Chao-sheng Contemporary Finance & Economics    2024, 0 (5): 44-57.   Abstract （71）            Knowledge map    Save Implementing the strategy of strengthening the country with talent in the new era, improving talent incentive policies and enhancing talent competitiveness will play an important role in optimizing income distribution patterns and promoting high quality development of the economy. Taking the reform of personal income tax preferential policies in the Guangdong-Hong Kong-Macao Greater Bay Area in 2019 as an event impact, this paper examines the impact and mechanism of high-end talent introduction on the labor income share of enterprises with the data from listed companies in China. The findings show that the preferential policy of personal income tax has reduced the relative cost of enterprises labor factors, and significantly increased the share of labor income within the policy. The heterogeneity analysis reveals that competitive industries, non-state-owned enterprises, non-capital-incentive enterprises and and high-tech enterprises are more affected by personal income tax preferential policies. The mechanism analysis reveals that the personal income tax incentive policy has reduced the relative price of talent factors, which can not only motivate enterprises to increase their investment in human capital and facilitating the deepening of human capital, but also improve their innovative investment and increase the number of their R&D staff and skilled personnel, so as to increase their labor income share. Therefore, it is recommended to increase tax incentives for talents and promote the improvement and efficiency of personal income tax preferential policies; improve the talent introduction system and enhance the core competitiveness of enterprises; and optimize the talent training system of enterprises and increase the share of labor income. Reference | Related Articles | Metrics | Comments（0） Select Flexible Tax Collection and Administration and Corporate Digital Transformation: A Quasi-Natural Experiment Based on the Disclosure of Tax-Paying Credit Rating PANG Yu-meng, ZHANG Jian-bo Contemporary Finance & Economics    2024, 0 (4): 30-43.   Abstract （83）            Knowledge map    Save Flexible tax collection and management is an important measure to reform the tax collection and management system and promote the modernization of tax governance, its micro effect is even related to the transformation, upgrading, and high-quality development of enterprises. Taking the reform of tax credit rating disclosure as a starting point and employing the sample data from Chinese A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2021, this study empirically analyzes the impact and mechanisms of flexible tax collection and management on the digital transformation of enterprises. The findings indicate that tax credit rating disclosure has a significant promoting effect on the digital transformation of enterprises, and this positive impact has heterogeneity among different types of enterprises, with non-state-owned companies and labor-intensive businesses experiencing a more pronounced effect under policy incentives. The mechanism analysis reveals that the tax credit rated as A can alleviate corporate financing constraints and promote R&D investment, thereby enhancing the level of digital transformation of enterprises. Given this, in the future, it is necessary to continuously improve the tax credit rating system, enhance the incentive effect of tax credit rating disclosure on promoting the digital transformation of enterprises, at the same time, further alleviate financing constraints for businesses, guide enterprises to strengthen digital technology research and development, and foster the digital transformation of the non-state-owned and the traditional manufacturing enterprises by such measures as digital transformation demonstration zones, industry synergy development, and so on. Reference | Related Articles | Metrics | Comments（0） Select The Impact of the Fiscal Reform of“Province-Managing-County”on the Spatial Deviation of“Economy-Grain” HE Qiang, WEI Feng, QI Yan-bin Contemporary Finance & Economics    2024, 0 (4): 44-57.   Abstract （99）            Knowledge map    Save Food security and economic development are important foundations and guarantees for national security, but the spatial deviation of “economy-grain”, i.e., the uncoordinated relationship, will not only delay the strategic pace of building China into an agricultural power, but also hinder the high-quality development of China’s economy. Therefore, by making use of the panel data from 1864 county-level governments in China from 2000 to 2020, this paper studies the impact and the internal mechanism of the fiscal reform of “province-managing-county” (PMC) on the spatial deviation of “economy-grain” (SDEG). The findings show that the fiscal reform of “province-managing-county” will to a certain degree intensify the spatial deviation of “economy-grain”, i.e., it will result in the deepening of the discordant degree between grain production and economic development. The mechanism analysis indicates that the intensification of SDEG is caused by the increase in fiscal decentralization and the level of non agricultural economic development, as well as the decline in agricultural market vitality. The heterogeneity analysis reveals that compared to other regions, the fiscal PMC reform has the greatest impact on the SDEG in the central and western regions and the concentrated and contiguous poverty-stricken areas; when without being constrained by the responsibility for grain production, the policy effect of the fiscal reform of PMC should be mainly focused on economic growth. Therefore, it is necessary to optimize the implementation mode of the fiscal reform of PMC, and reverse the non-grain development tendency of the county-level governments; to establish a linkage mechanism between food security and promotion incentives, and revise the guidance of county-level officials towards “moving towards the economy and away from grain”; to improve the mechanism of interest compensation, and relieve the financial pressure in major grain producing counties; and to reform the financial supervision mechanism in the counties, and strictly control the financial resources towards the direction of expenditure. Reference | Related Articles | Metrics | Comments（0） Select Tax Sharing, Fiscal Incentives and Nonlocal Investment of Enterprises: A Quasi-Natural Experiment Based on 50/50 VAT Sharing LI Hong-xia, ZHANG Ya-jing, MA Yan Contemporary Finance & Economics    2024, 0 (3): 30-42.   Abstract （115）            Knowledge map    Save Fiscal incentives, as an important means of regulating the distribution of finance among governments, have a profound impact on the decision-making behavior of local governments. The tax sharing reform presents different fiscal incentive effects, triggers local tax competition that transmits to enterprises, and has a crucial impact on the coordinated development of regional economy. Taking the 2016 VAT 50/50 sharing reform as an exogenous shock variable of fiscal incentives, this paper empirically test how the incentive effect brought by the tax sharing reform affect the nonlocal investment of the enterprises by constructing an intensity difference model. It is found that an increase in the VAT sharing ratio will incentivize local governments to actively support local firms in retaining tax sources and discourage firms from investing in other places. Further research shows that the changes in VAT sharing ratio exhibit strong inhibiting effects across regions with higher fiscal self-sufficiency rates or lower fiscal self-sufficiency rates, which is greater in the lower groups. Local governments are more inclined to control the local state-owned enterprises with direct control and the enterprises with a higher proportion of investment in other regions. The incentive changes brought about by the reform will promote the acquisition of corporate credit and the increase of government subsidies. Thus, it is recommended that the centralized concentration of the mobile tax base be increased to weaken the local governments’ incentive to intervene in enterprises’ nonlocal investments, that an“empowerment-control”fiscal incentive mechanism be established to curb excessive inter-regional tax competition and market segmentation, and that the transformation of the local government from a“management-type”to a“service-type”government be promoted to reduce the intervention in, and control of, enterprises’nonlocal investments. Reference | Related Articles | Metrics | Comments（0） Select 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） Select The Impact of Livelihood-Related Fiscal Expenditure on the Income Gap between Urban and Rural Residents under the Goal of Common Prosperity: An Analysis Based on the Fiscal Expenditure on Education and Social Security WU Jun-pei, ZHANG Hao-ze Contemporary Finance & Economics    2024, 0 (1): 32-45.   Abstract （70）            Knowledge map    Save Under the socialist market economy system, the livelihood-related fiscal expenditure plays an important role in narrowing the income gap of the residents and promoting social equity by its incentive and security effect, thus further promotes the realization of the goal of common prosperity. Based on the panel data of 90 cities in China from 2011 to 2020, this paper makes an empirical analysis of the impacts of the two major livelihood-related fiscal expenditures, education and social security employment, on the income gap between urban and rural residents. The findings show that the marginal effect of fiscal expenditures on education and social security employment on the income gap between urban and rural residents is significantly negative, indicating that these two types of expenditures have played a significant role in narrowing the income gap between urban and rural residents. Further research has found out that the above marginal effects have a significant single threshold effect, with a threshold value of 56.010%. When the level of urbanization exceeds 56.010%, the impact of the two types of fiscal expenditures on narrowing the income gap between urban and rural residents will be significantly weakened. It can be seen that relying solely on fiscal expenditure policies cannot sustainably and effectively narrow the urban-rural income gap and achieve common prosperity. We should work together in the two aspects: the market-oriented reform and the improvement of fiscal expenditure structure. Therefore, it is recommended to strengthen market-oriented reforms, gradually eliminate liquidity barriers between urban and rural areas, and promote the construction of a unified national market. While maintaining the steady expansion of fiscal expenditure in areas with lower levels of urbanization, we should adjust the fiscal expenditure structure in areas with higher levels of urbanization, further improve the fiscal transfer payment system, enhance the equalization level of local basic public services, and put into effect of the basic guarantee role of finance for people’s livelihood. Reference | Related Articles | Metrics | Comments（0） Select Research on the Impact of Industrial Digitization on Regional Tax Revenue XI Wei-qun, YANG Qing-yu Contemporary Finance & Economics    2024, 0 (1): 46-58.   Abstract （58）            Knowledge map    Save Accelerating the digitization of industries is not only an inevitable choice to achieve high-quality economic development, but also a necessary path to promote regional tax revenue growth. Therefore, based on the explanation of the relationship between industrial digitization, regional total factor productivity, and regional tax revenue, this study empirically analyzes the impact and mechanism of industrial digitization on regional tax revenue based on the provincial-level panel data from 2011 to 2019 in China. The results indicate that industrial digitization can significantly promote the growth of regional tax revenue, and industrial digitization exhibits certain heterogeneity characteristics among different regions, tax types, and levels of industrialization. The mechanism analysis reveals that the increase of regional tax revenue by industrial digitization is achieved by acting on regional total factor productivity. Therefore, it is necessary to continue to deepen the development of industrial digitization, improve the regional total factor productivity, and thereby promote the improvement of tax revenue effects. At the same time, we should improve the current tax system, formulate regional tax support policies to narrow the“digital gap”between regions, and further strengthen tax collection and management to reduce the inter-regional tax revenue transfer and the loss effects of the industrial digitization. Reference | Related Articles | Metrics | Comments（0） Select 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） Select Vertical Fiscal Imbalance, Transfer Payments and Supply of Livelihood-Orientated Public Services HU Yu-jie, GAO Yan-lei, WANG Xiu-dong Contemporary Finance & Economics    2023, 0 (11): 41-53.   Abstract （135）            Knowledge map    Save To construct a central-local fiscal and administrative power relationship with clear powers and responsibilities as well as coordinated financial resources, and to improve the transfer payment system are the inevitable requirements for alleviating the contradiction of vertical fiscal imbalance and improving the level of livelihood-orientated public service provision in the new era. To this end, based on the typical facts of Chinese fiscal decentralization, this paper conducts an empirical test of the impact of vertical fiscal imbalance and transfer payments on the supply of public services related to people’s livelihood by using the provincial panel data from 2008 to 2020. The findings show that vertical fiscal imbalance has a significant inhibitory effect on improving the level of livelihood-orientated public service supply, that local government fiscal expenditure bias is its main path of action, and that the influencing effect is heterogeneous in different types of livelihood-orientated public services. While transfer payment has a positive incentive effect on livelihood-orientated public service supply, transfer payment can also strengthen the negative impact of vertical fiscal imbalance on the level of livelihood-orientated public service provision by reducing the tax efforts of local governments. In view of this, it is necessary to optimize the relationship of financial power and office power between the central government and local governments, improve the transfer payment system, improve the performance appraisal system of officials and other measures, so as to alleviate the contradiction of vertical fiscal imbalance, give full play to the positive incentive effect of transfer payment, and effectively improve the level of livelihood-orientated public service provision. Reference | Related Articles | Metrics | Comments（0） Select Research on the Impact Path of Tax Reduction Policy on the Digital Transformation of Enterprises: From the Perspective of VAT Rate Reduction LU Xiao-qi, YU Mao-mao Contemporary Finance & Economics    2023, 0 (10): 30-43.   Abstract （129）            Knowledge map    Save High quality development is the important support for building Chinese path to modernization, and enterprise digital transformation is an important driving force for China’s high-quality economic development, while alleviating firms’ cost burden during the digital transformation processthrough tax and fee reduction is the key of the policy support. Taking the VAT rate reduction policy issued in May of 2018 as an entry point, this paper uses the sample data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2016 to 2020 to conduct an empirical analysis of the impact of the tax reduction policy on enterprises’ digital transformation and the action mechanism. The results show that the implementation of the VAT rate reduction policy could promote the digital transformation of enterprises significantly, but the policy effect of the VAT rate reduction is not significant in the year of 2018 and the prior years, while in the yearsof 2019 and 2020 it is more significant.In terms of the specific mechanism, the VAT rate reduction can promote the digital transformation of enterprises through the intervening mechanism of easing firms’ financing constraints on one hand, on the other hand, it can promote the digital transformation of enterprises through the intervening mechanism of increasing the proportion of fixed asset investment. In the future, it is necessary to further optimize the VAT rate reduction policy system, implement and put into effect of the related and detailed policies, reduce the cost burden of the enterprises during the process of digital transformation through tax reduction policies, and enhance enterprises’ long-term business confidence, so as to promote the digital transformation of the enterprises. Reference | Related Articles | Metrics | Comments（0） Select Tax Reduction Incentives and Corporate Performance in ESG: A Quasi-Natural Experiment Based on China’s VAT Credit Refund YU Jing-yuan, ZHAO He-yun, ZHU Cui-hua Contemporary Finance & Economics    2023, 0 (10): 44-57.   Abstract （82）            Knowledge map    Save The VAT credit refund is a important measure for the reconstruction of tax neutrality and the promotion of the tax governancemodernization, and it is of great significance for the improvement of the enterprises’ performance in environment, society and governance (ESG). Based on the document of No.70 Caishui (2018) and making use of the data of A-share listed companies in China from 2011 to 2021, this paper conducts an empirical study of the spillover effects of corporate ESG of VAT credit refunds and its action mechanism. The findings show that the implementation of the VAT refunds policy has significantly improved the ESG performance of the pilot enterprises, which is conductive to the green and sustainable development of enterprises. The mechanism analysis reveals that the refund policy has improved the ESG performance of enterprises by easing the financing constraints of the pilot enterprises and stimulating their green energy conversion. This suggests that the VAT credit refund policy can not only provide relief to enterprises but also has a spillover effect in promoting their green transformation and development. The heterogeneity analysis further reveals that the green incentive effect of VAT credit refunds is more prominent in the non-state-owned enterprises and the enterprises with a higher burden of tax retention at the end of the period. Therefore, it is recommended to utilize multi-policy combinations to gather the joint forces and continuously enhance the ability of enterprises to develop in a green and sustainable manner, utilize the multi-tax governance to improve policy synergy degree and fully unleash the effectiveness of combined tax cuts and fee reductions, and continue to deepen the VAT reform, so as to further improve the matching and adaptability of the policy. Reference | Related Articles | Metrics | Comments（0） Select Green Fiscal Policy and Green Innovation of Enterprises: A Quasi-Natural Experiment Based on the Pilot Project of“Comprehensive Demonstration Cities of Energy Conservation and Emission Reduction Fiscal Policy” ZHANG Yue Contemporary Finance & Economics    2023, 0 (9): 28-41.   Abstract （112）            Knowledge map    Save Enterprise green innovation is an important engine for the high-quality economic development in the new era. To explore the impact of green fiscal policy on enterprise green innovation is an important topic to promotethe high-quality economic development. Taking the pilot project of“Comprehensive Demonstration Cities of Fiscal Policy on Energy Conservation and Emission Reduction”as a quasi-natural experiment, this paper conducts an empirical analysis of the impact of the green fiscal policy on enterprise green innovation. The results show that the pilot projects in the demonstration cities have significantly promoted corporate green innovation, and this kind of promoting effect presents a dynamic and continuous feature of increasing year by year. Further study reveals that the promoting effect of the pilot cities on the enterprise green innovation is more stronger in the state-owned enterprises, the large-scale enterprises and the enterprises located in the non-resource-based cities, and that the pilot cities can improve the corporate financial performance and environment performance through promoting enterprise green innovation. Therefore, it is necessary to pay attention to the promoting effect of the green fiscal policy to promote green innovation of enterprises, to stimulate the fund allocation and innovation compensatory effect to smooth the channels through which green fiscal policy plays its role in promoting enterprise green innovation, to raise the degree of marketization and the level of the development of the digital economy and to let the green fiscal policy play a role in promoting enterprise green innovation, and to formulate differentiated green fiscal policy, so as to safeguard the accurate application of the policy effect. Reference | Related Articles | Metrics | Comments（0） Select How Fiscal Decentralization and PromotionCompetition Affects Residents' Satisfaction with Public Services CHEN Jing, LI Jun-yu, YUAN Chi-ping Contemporary Finance & Economics    2023, 0 (9): 42-54.   Abstract （68）            Knowledge map    Save To study the impact of fiscal decentralization and promotion competition on the public services for residences is conductive to the improving of the degree of residents' satisfaction with the public services, thereby increasing people's well-being. By matching the individual micro-data of Chinese General Social Survey (CGSS) from 2013 to 2015 with the data of the prefecture-level cities, this paper empirically analyzes the affecting mechanism of the vertical fiscal decentralization and the horizontal promotion competition onthe residents'satisfaction with public services. The findings show that the vertical fiscal decentralization and the horizontal promotion competition jointly affect the residents' satisfaction with the public services, and that there is a significant complementary relationship between the two. The increase of the degree of competition makes the fiscal decentralization produce a positive influence on the residents' satisfaction with public services, however, insufficient competition will play an inhibiting role. It is found when analyzing the selection of national civilized cities that the special treatment action can increase the local promotion competition pressure in a short period, thus playing a regulating role in the fiscal decentralization; however, this kind of role is not significant in the long term. Therefore, in the areas where effective horizontal competition is difficult to form, it is necessary to let the central government play a role of overall planning, promote the equalization of public services, and at the same time strengthen the regional competition in the public service area, give full play to the residents in supervising the governments, promote the long-term evaluation mechanism in the area of public services, and establish a dynamic appraisal mechanism of the special treatment action. Reference | Related Articles | Metrics | Comments（0） Select Decentralization of Fiscal Expenditure, Livelihood Related Fiscal Expenditure, and Quality of Fiscal Revenue CHEN Xu-dong, WANG Xue-tao Contemporary Finance & Economics    2023, 0 (7): 31-43.   Abstract （61）            Knowledge map    Save This paper constructs a comprehensive indicator of fiscal revenue quality, calculates the fiscal revenue quality index with the entropy evaluation method, andempirically examines the relationship between fiscal expenditure decentralization, livelihood fiscal expenditure, and fiscal revenue quality. The results indicate that the overall quality of China’s fiscal revenue is on a continuous upward trend. The decentralization of fiscal expenditure and livelihood related fiscal expenditure have a significant positive impact on the quality of fiscal revenue through the quantity, structure, and sustainability of fiscal revenue; and there is a certain interactive relationship between fiscal expenditure decentralization and livelihood related fiscal expenditure. From a regional perspective, the decentralization of fiscal expenditures and livelihood related fiscal expenditures in the eastern region can significantly promote the improvement of fiscal revenue quality. From the perspective of branching out projects, the impact of technology, education, and cultural expenditures on the quality of fiscal revenue is the most significant among the livelihood related fiscal expenditures. According to the results of further research, it is found that the fiscal expenditure decisions made by local officials under the promotion pressure would weaken the promoting effect of fiscal expenditure decentralization and livelihood fiscal expenditure on the quality of fiscal revenue. Therefore, we should adhere to the concept of high-quality development and establish a reasonable financial operation mechanism that matches the financial and administrative rights by adjusting the relationship between financial and administrative rights; establish a“people-oriented”financial and tax ideology, and increase public expenditure for people’s livelihoods; optimize the assessment mechanism for local officials, reverse their short-sighted behaviors, so as to promote the improvement of the quality of fiscal revenue. Reference | Related Articles | Metrics | Comments（0） Select Real Property Tax Reform in the New Era: Taxable Capacity, Tax Burden Distribution and Income Scale WANG Yue, HAO Xiao-jing Contemporary Finance & Economics    2023, 0 (7): 44-55.   Abstract （54）            Knowledge map    Save The reform of the real property tax is the focal, key and difficult point in the reform of present China’s financial and taxation system. The report of the 19th National Congress of the Communist Party of China proposes to“standardize the income distribution order and standardize the wealth accumulation mechanism”, which marks the construction of China’s distribution system entering the new journey of paying equal attention to income flow and wealth stock adjustment. To promote the common prosperity for all in the high quality development requires the modern real property tax as the stock adjustment to play a more extensive functional role. Based on the CFPS data, this paperconducts an empirical analysis to calculate the taxable capacity, tax burden distribution and income scale of the real property tax. The findings show that the taxable capacity and the feasible tax rate in different regions is quite different. From the perspective of tax burden distribution,along with the increase of the deduction of value and the deduction of area, the household real estate tax burden reflects a stronger progressivity. After calculating the income scale of China’s real estate tax under different tax incentives and tax rates and combined with international experiences, the financing capacity of the future real estate tax is relatively limited. Therefore, it is recommended to determine the tax basis and tax rate by province so as to highlight the principle of capacity based taxation, consider the actual situation of different income groups to determine tax exemption and deduction plans, and carefully carry out the top-level design of the reform implementation based on the financing capacity of real estate tax. Reference | Related Articles | Metrics | Comments（0） Select Tax Incentive and Capacity Expansion and Quality Improvement of Residents’ Consumption under the New Pattern of Dual Cycle Development: Empirical Evidences from“Replacing Business Tax with Value-Added Tax” ZHANG Qing, ZHOU Quan-lin Contemporary Finance & Economics    2023, 0 (6): 29-41.   Abstract （46）            Knowledge map    Save Under the new development pattern of dual circulation, promoting consumption and expanding domestic demand will play a fundamental role. Tax reduction is an important policy choice to reduce the tax burden on market entities and expand domestic demand. Based on the data of Chinese Household Finance Survey (CHFS), this study uses the evidence from the quasi natural experiment of“replacing business tax with value-added tax”to examine the mechanism and policy effects of tax reduction on the capacity expansion and quality improvement of the consumption of Chinese residents. The results indicate that the“replacement of business tax with value-added tax”has significantly promoted the residents’ consumption and increased the household average consumption propensity and consumption upgrading index, having a capacity expansion and quality improvement effect. Further research has found that“replacing business tax with value-added tax”can stimulate residents’ consumption from both supply and demand sides; following the price mechanism and income mechanism, the consumption upgrading effect of the income mechanism is more sustainable. The consumption effect of the“replacing business tax to value-added tax”policy is heterogeneous among households in different income groups, with a greater impact on the capacity expansion and quality improvement of consumption for low-income households. Therefore, it is suggested to reduce the burden on enterprises, assist residents in employment and in income growth, improve the consumption willingness and the ability of low and middle-income residents, stimulate social consumption potential, promote the equalization and accessibility of basic public services, reduce residents’ motivation for preventive savings, promote the development of modern life service industry, and optimize the supply of development oriented and enjoyment oriented consumption. Reference | Related Articles | Metrics | Comments（0） Select VAT Rate Reduction, Investment Scale of Private Enterprises and Investment Efficiency YAN Hao, XIAO Chun-ming, MA Jin-hua Contemporary Finance & Economics    2023, 0 (6): 42-53.   Abstract （45）            Knowledge map    Save Private enterprises are an important force in promoting economic and social development, however, the changes of the tax policies is an important factor affecting the development. Under the impact of such adverse factors as the global economic downturn, the poor supply chain and industrial chain, and so on, the insufficient investment and low investment efficiency of the private enterprises have become obstacles preventing the stimulation of their vitality. By making use of the quarterly data of private listed companies from 2017 to 2019, this paper empirically analyzes the impact of VAT rate reduction on the investment scale and investment efficiency of private enterprises, as well as the impact mechanism of VAT rate reduction on investment efficiency of private enterprises. The results show that the incentive effect of VAT rate reduction can not only significantly promote the expansion of investment scale of private enterprises, but also significantly improve the current situation of insufficient investment, so as to improve the investment efficiency. Further research shows that the reduction of VAT rate can indirectly improve the investment efficiency of private enterprises when promoting the expansion of investment scale. Therefore, it is necessary to perfect the fiscal and tax supporting policy system, to form the fiscal and tax policy joint force to support the healthy development of private enterprises, to optimize the combined tax support policy, to let the tax policyplay the supporting role for private enterprises, to strengthen the coordination between more prudent monetary policy and active fiscal policy, and to effectively solve the problem of financing constraints faced by private enterprises. Reference | Related Articles | Metrics | Comments（0） Select 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） Select 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） Select 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） Select 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） Select 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） Select Vertical Fiscal Imbalance, Public Finance Supporting Agriculture Bias and High-Quality Agricultural Development ZHANG Wei-gang, OUYANG Jian-yong Contemporary Finance & Economics    2023, 0 (3): 41-54.   Abstract （111）            Knowledge map    Save Deepening the reform of the financial system is the basic guarantee for achieving high-quality agricultural development; while improving the public financial expenditure on agriculture, optimizing the structure and improving the performance are the inevitable requirements for realizing the goal. Therefore, under the background of rural revitalization stragety, this paper systematically expounds the multiple mechanisms among vertical fiscal imbalance, public finance supporting agriculture bias and high-quality agricultural development from the theoretical level. Based on China’s inter-provincial panel data from 2007 to 2019, it constructs a comprehensive measurement index system of high-quality agricultural development on the basis of the“Five Development Concepts”. The results show that the overall high-quality agricultural development index of China is rising slowly, the absolute level is not high, and there is obvious heterogeneity in innovation, coordination, greenness, opening up and sharing. It is found through the empirical survey that the vertical fiscal imbalance, the public finance supporting agriculture bias and the high-quality agricultural development all present a significant and direct negative correlation, and that while the vertical fiscal imbalance is extended, the public finance supporting agriculture is also significantly increased, producing a significant indirect inhibiting effect on the high-quality agricultural development. Therefore, it is necessary to reasonably control the level of vertical fiscalimbalance, increase the total amount of fiscal expenditure on agriculture and optimize the structure of fiscal expenditure on agriculture, and at the same time improve the performance evaluation system of local officials, so as to promote the high-quality agricultural development with “benign competition”. Reference | Related Articles | Metrics | Comments（0） Select 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） Select 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） Select Dynamic Selection of Total Volume Expansion and Structural Optimization of the Proactive Fiscal Policy: From the Perspective of Steady Growth JIN Cheng-xiao, JIANG Xu Contemporary Finance & Economics    2022, 0 (12): 27-39.   Abstract （60）            Knowledge map    Save The proactive fiscal policy has the functions of both stabilizing growth and adjusting structure. It is not only a necessary measure for high-quality economic development, but also an important part of deepening the reform of the fiscal and taxation system. By making use of the counterfactual analysis of historical shock decomposition based on DSGE model and DSGE-VAR impulse response, this paper studies the effects and characteristics of the proactive fiscal policy tools. The findings show that the proactive fiscal policy has a replacement effect between government and private sector leverage, and the coordination between total volume expansion and structural adjustment can effectively increase the fiscal policy space. The proactive fiscal policy can support the effectiveness of monetary policy. The role of the fiscal transfer payment in promoting growth is more obvious through the short-term demand side, while the productive fiscal payment is more conducive to employment through the long-term supply side. Therefore, this paper suggests to optimize and perfect the proactive fiscal policy from the three aspects: the first is to consider the sustainability of the proactive fiscal policy from a more comprehensive and long-term perspective; the second is to further explore a high-level coordination mechanism between finance and monetary policy, so that a joint force can be formed by them; the third is to consider the time and regional characteristics of the different fiscal policy instruments, adopting different development strategies to give full play to their own advantages. Reference | Related Articles | Metrics | Comments（0） Select Will China’s Tax Reduction Policy Affect the Efficiency of Local Fiscal Expenditures? MO Long-jiong, YIN Jing-hua Contemporary Finance & Economics    2022, 0 (12): 40-51.   Abstract （53）            Knowledge map    Save The tax reduction policy will lead local governments to development dilemma of imbalanced fiscal revenue and expenditure. Improving the quality and efficiency of fiscal and taxation policies is of great significance in guaranteeing the policy space of China’s tax and fee reduction and maintaining the local fiscal sustainability. With the help of the pilot reform of “replacing business tax with VAT”to capture the exogenous changes of the tax reduction policy, this paper tries to identify the impact of China’s tax reduction policy on the efficiency of local fiscal expenditure and its mechanism by making use of the difference-in-difference model. The findings show that the implementation of the“VAT reform”policy has significantly improved the efficiency of local fiscal expenditures. In order to cope with the fiscal pressure caused by the tax reduction policies, local governments have improved the efficiency of fiscal expenditures by strengthening audit and supervision and optimizing the structure of public expenditures. The greater the degree of fiscal autonomy, intergovernmental competition, fiscal transparency, and marketization, the more obvious the effect of tax reduction policies in improving fiscal expenditure efficiency will be. Therefore, it is suggested that the government should achieve the goal of improving the quality and efficiency of the fiscal and taxation policies from the following four aspects: deepening the reform of the fiscal and taxation system, and improving the fiscal expenditure efficiency during the process of tax and fee reduction; improving the fiscal revenue and expenditure incentive mechanism, and correcting the structural deviation of fiscal expenditure of local governments in“paying more attention on production than service”; allocating the financial power and the authority of office scientifically, and mobilizing the enthusiasm of the central macroeconomic regulating ability and the local financial autonomous ability; deepening the reform of government budget system and financial affairs public system. Reference | Related Articles | Metrics | Comments（0） Select Will Financial Vertical Imbalance Drive High Quality Economic Development? ZHANG Min, MA Wan-li Contemporary Finance & Economics    2022, 0 (11): 27-39.   Abstract （97）            Knowledge map    Save Deepening the reform of the fiscal system is not only an inevitable requirement for the modernization of national governance, but also an institutional guarantee for promoting high-quality economic development in China. In terms of the typical characteristics of China’s fiscal system reform, the rational control of vertical financial imbalance is a strong driving force to promote high-quality economic development. Therefore, this paper takes the vertical fiscal imbalance as the entry point, and uses the panel data of 31 provinces in China from 2004 to 2020 to empirically test the impact of vertical fiscal imbalance on high-quality economic development and its reasonable range. The findings show that fiscal decentralization in China has a significant threshold effect on high-quality economic development with the changes of the level of fiscal vertical imbalance. From the national level, the optimal fiscal vertical imbalance to promote high-quality economic development is in the range of [0, 0.8517], and there are differences in different regions. When the degree of fiscal vertical imbalance exceeds a certain threshold value, the negative effect of fiscal decentralization on high-quality economic development is significantly increased. Therefore, it is necessary to straighten out the financial relationship between governments and optimize the division of authority and expenditure responsibility, rationally control the level of financial vertical imbalance and continuously relieve the pressure on local finance, and improve the incentive and restraint mechanisms of the local governments to fully stimulate the enthusiasm for high-quality economic development. Reference | Related Articles | Metrics | Comments（0） Select Data Elements, Data Finance and Economic Growth YANG Fei-hu, WANG Zhi-gao, YU Bing-wen Contemporary Finance & Economics    2022, 0 (11): 40-52.   Abstract （132）            Knowledge map    Save The rapid development of the digital economy not only injects new impetus and vitality into the high-quality development of China’s economy, but also puts forward the requirements of the times for the production of high-quality data elements and the implementation of data finance in the digital economy era. By revealing the connotation characteristics, reasonable boundary and formation mechanism of data finance in the era of digital economy, this paper systematically explores the intrinsic connection between data elements, data finance and economic growth. It is found that the formation efficiency of data capital is positively proportional to the population size, consumption expenditure, etc.. There is an appropriate scale of data finance, and either too high or too low corporate tax rate is not conducive to the formation of data capital, and similar findings exist in the data licensing royalties. The higher the efficiency of data capital usage and the higher the efficiency of government spending on data capital, the higher the overall economic growth rate will be. The spatial flow and use of data capital will reduce regional economic development gaps and help achieve the goal of common prosperity. To this end, China should further improve the top-level institutional design of data finance, build a national platform for the opening, sharing and exploitation of government data, ensure the safety of government data opening and market operation, and give full play to the mechanism and effectiveness of data elements and data finance to promote the development of digital economy. Reference | Related Articles | Metrics | Comments（0） Select Intergovernmental Budget: Essence and Challenge of Fiscal Transfers Allocation ZHOU Mei-duo Contemporary Finance & Economics    2022, 0 (10): 28-39.   Abstract （109）            Knowledge map    Save Optimizing intergovernmental financial relations and establishing a scientific and standardized budget system are two important aspects in deepening financial reform. The analysis of the traditional budget shows that the concept of hierarchical budget is easy to lead to the separation of fiscal transfers allocation and budget process, which will lead to a series of problems such as duplicate budget, budget fragmentation, soft budget constraints and so on. While“intergovernmental budget” as a cross level budget concept can help to realize the interconnection of fiscal transfers allocation and budget process. The theoretical analysis shows that“intergovernmental budget”has the characteristics of dual budget subjects, two budget dimensions, up-down interactive budget process, uncertain income of the aid receivers and soft constraints on expenditure. Since the 18th National Congress of the Communist Party of China, the reform in the financial field has made many improvements in the above five aspects, but the“intergovernmental budget”still needs to be optimized. Therefore, it is necessary to further clarify the functional division of budget participants, refine the allocation of special transfer payments, absorb the“bottom-up”demands by the“top-down”budget process, improve the income certainty of the aided party, balance the expenditure control and flexibility, and share intergovernmental budget information, so as to continuously improve the effectiveness of intergovernmental budget. Reference | Related Articles | Metrics | Comments（0） Select The Asymmetric Impact ofHeterogeneous Government Subsidies on Enterprise R&D Input and R&D Output YAO Lin-xiang, PENG Rui-juan, XU Jian-bin Contemporary Finance & Economics    2022, 0 (10): 40-51.   Abstract （164）            Knowledge map    Save Improving the innovation capability of enterprises is an important part of the in-depth implementation of the innovation driven development strategy, and government subsidies are an important means to stimulate innovation and development. Therefore, under the background of insisting on the innovation driven development, it is of greater realistic significance to explore the innovation performance of enterprises from the perspective of the heterogeneity of government subsidies. Based on the unbalanced panel data of Chinese manufacturing enterprises from 2012 to 2020, this paper empirically analyzes the asymmetric impact and the action mechanism of heterogeneous government subsidies on enterprise R&D input and R&D output. The results show that both innovation subsidy and non-innovation subsidy can significantly promote the R&D investment of enterprises, but the effect of innovation subsidy is significantly greater than that of non-innovation subsidy. The innovation subsidies have a significant positive impact on enterprise R&D output, but the impact of non-innovation subsidies on enterprise R&D output is not significant. The results of the mechanism analysis show that innovation subsidies can not only reduce the innovation cost of enterprisesdirectly, but also significantly affect their acquisition of venture capital, thus promoting enterprise innovation. Therefore, in order to give full play to the positive role of government subsidies in enhancing the enterprises' innovation capabilities, it is necessary to optimize the structure of government subsidies and gradually increase the scale and intensity of innovation subsidies; to improve the selection and evaluation mechanism for government subsidy projects and improve the efficiency of innovative subsidies continuously; and to build a public platform for innovation subsidies and give full play to the signaling effect of innovation subsidies. Reference | Related Articles | Metrics | Comments（0） page Page 1 of 3 Total 100 records First page Prev page Next page Last page