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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 Promotion of Modernization of Social Governance through Personal Income Tax Reform: Theory and Empirical Study ZHOU Ke-qing, WU Jin-ping Contemporary Finance & Economics    2024, 0 (8): 30-44.   Abstract （67）            Knowledge map    Save As the most important direct tax in China, the implementation of the reform of personal income tax not only affects the micro-economic behavior of residents, but also affects the modernization process of social governance. Based on the data of China General Social Survey (CGSS 2015), this paper conducts an empirical study of the impact of the reform of personal income tax on the modernization process of social governance by using Ordered Probit model and Probit model. The findings show that the reform of personal income tax has effectively promoted the modernization process of social governance. On the one hand, the reform of personal income tax has significantly increased the willingness of residents to pay taxes and the trust of residents in the government, which can effectively maintain social order. On the other hand, the reform of personal income tax has also promoted the willingness of residents to participate in politics and promote their political participation, which can effectively stimulate social vitality. From the perspective of specific mechanisms, the reform of personal income tax can promote the modernization process of social governance by improving residents’ perception of social fairness and government transparency. Therefore, it is necessary to establish a more fair and just personal income tax system and maintain a good social order, improve the institutionalized channels for public participation in social governance and effectively stimulate social vitality, promote the improvement of the quality and efficiency of government transparency and enhance the public’s perception of social equity and government transparency. Reference | Related Articles | Metrics | Comments（0） Select Flexible Tax Collection and Management and Firms’ Social Security Compliance: An Analysis Based on the Tax Credit Rating System YIN Ling, WU Yi-ping, ZENG Qi Contemporary Finance & Economics    2024, 0 (8): 45-58.   Abstract （62）            Knowledge map    Save Currently, the income and expenditure pressure on China’s social security fund is increasing, an important way to fill the social security fund gap is to improve enterprise social security payment compliance. Based on the data of China’s A-share listed companies from 2011 to 2021, this paper takes the implementation of the tax credit rating system as a quasi natural experiment and conducts an empirical investigation of the impact of flexible tax collection and management on enterprise social security payment compliance. The findings show that the implementation of the tax credit rating system has significantly improved the social security payment compliance of firms, i.e., the flexible tax collection and management can promote the compliant payment of social security payment of enterprises. Further analysis reveals that the implementation of the tax credit rating system will increase the media attention of firms, thereby improving the social security payment compliance of firms. Besides, the facilitating effect of flexible tax collection and management on firms’ social security payment compliance is mainly found in regions where the tax authorities are fully responsible for collecting social security payment, as well as in the non-state-owned firms, the large-scale firms and the capital-intensive firms. Therefore, it is necessary to deepen the construction of tax credit system to create a good institutional environment for the improvement of firms’ social security payment compliance, to strengthen the supervision of firms’ social security payment evasion and standardize their social security payment behaviors, to give full play to the information, collection and management advantages of the tax authorities to promote the linked governance of taxes and fees, and to continue to push forward the policy of lowering social security payments and focus on the social security payment burdens of different types of firms. Reference | Related Articles | Metrics | Comments（0） Select The Supervision, Economic Supervision, and Budget Review and Supervisionby the National People’s Congress in the New Era DENG Li-ping, DENG Qiu-yun Contemporary Finance & Economics    2023, 0 (12): 30-38.   Abstract （67）            Knowledge map    Save The system of the National People’s Congress is the fundamental political system of China, which determines the inherent requirements and essence of the supervision by the National People’s Congress. In the past decade of the new era, starting from the essence of the supervision by the National People’s Congress and following the requirements of the CPC’s basic line of centering around economic construction, the supervision by the National People’s Congress has been further expanded from budget review supervision and state-owned asset management supervision to economic supervision, and the three milestone achievements have been made.Especially, the Decision of the Standing Committee of the National People’s Congress on Strengthening Supervision over Economic Work was passed in 2021, which endows the National People’s Congress with profound connotations in economic supervision from both broad and narrow perspectives. In order to further strengthen and improve the supervision work of the National People’s Congress in the new era, this paper reviews the development of the National People’s Congress system over the past decade and summarizes the practical exploration of economic supervision by the National People’s Congress, including the budget review and supervision by the National People’s Congress, from the perspectives of the supervisory subject and the supervisory objects. In the future, the National People’s Congress should, in accordance with the framework and requirements of the supervision and the economic supervisionby the National People’s Congress, help to realize the Chinese style modernization with the modernization of the economic supervision by the National People’s Congress and make great contributions to the comprehensively promotion of the great rejuvenation of the Chinese nation, by putting efforts into combining the two institutional foundations and closely grasping the changes in domestic and international situations. Reference | Related Articles | Metrics | Comments（0） Select Research on the Influence of VAT Credit Refunds on Corporate Tax Compliance YU Jie, LI Lu-lu Contemporary Finance & Economics    2023, 0 (12): 39-52.   Abstract （98）            Knowledge map    Save VAT credit refund is an important measure for building a modern tax system in China, which highlights the profound transformation of the modernization of the national governance system and the governance capabilities. While the VAT credit refund brings policy dividends to enterprises, it also brings about a series of problems in tax collection and management and in tax non-compliance.Based on the relative data of Chinese listed manufacturing companies from 2013 to 2021, this paper empirically analyzes how the VAT credit refunds policy affects corporate tax compliance. The results show that the implementation of the VAT credit refunds policy has effectively stimulated enterprises to improve their tax credit rating, thereby enhancing the degree of their tax compliance. The results of the mechanism analysis show that the VAT credit refunds policy can promote corporate tax compliance by alleviating corporate financing constraints and optimizing corporate governance. Corporate reputation also plays a positive regulatory role. The heterogeneity analysis reveals that the effect of the VAT credit refunds policy in improving corporate tax compliance is more evident in non-state-owned enterprises, that the incentive effect of the policy is more significant in larger scale enterprises under the incentives of the VAT credit refunds policy, and that the higher the degree of marketization of the locations, the greater the disincentive effect of the VAT credit refunds policy on the tax non-compliance of enterprises. Therefore, it is necessary to expandthe scope of the VAT credit refunds policy coverage, to further alleviate corporate financing constraints, to actively cultivate the main market players, and to motivate enterprises to improve their tax compliance with the tax credit ratings. Reference | Related Articles | Metrics | Comments（0） Select The Development Logic, International Experience of Digital Public Finance and the Enlightenment to China WANG Ting-ting Contemporary Finance & Economics    2024, 0 (2): 29-41.   Abstract （83）            Knowledge map    Save Digital public finance is a new fiscal governance model formed by countries in the process of adapting to the development of the digital economy and the deepening fiscal reforms. It has the main features of the connectivity of financial information, the intelligentization of financial management, the integration of financial business and the efficiency of financial governance, which is of great significance for improving the efficiency of financial management, promoting the fairness of financial distribution and strengthening the precise supervision of financial risks. It can be seen from the observation ofits practice that some of the foreign countries have established a multi-tiered and wide-ranging digital financial system in such aspects as the integrated management of financial data, the dynamic monitoring of tax source information, the accessibility of public services, and the protection of financial security and citizens’ privacy; but there still exist some challenges, such as insufficient overall planning, weak institutional stability, ineffective implementation, and weak security guarantees. Given that China’s digital public finance construction is still in the initial stage, we should draw experiences and lessons from the foreign countries, find out the deficiencies and seek ways to improve them in light of China’s actual situation. Therefore, we should construct an overall framework and strengthen the unity and synergy of digital finance construction; consolidate the foundation of governance and promote the theoretical supporting and standard establishments of digital public finance; strengthen the technology integration and improve the level of information governance and the efficiency of financial decision-making; focus on the prevention of data privacy risks andprotection of the basic rights and interests of each participant. Reference | Related Articles | Metrics | Comments（0） Select Vertical Fiscal Imbalance, Public Expenditure Bias and Local Budget Executive Contraction GUAN Zhi-chao, FU Min-jie Contemporary Finance & Economics    2024, 0 (2): 42-56.   Abstract （66）            Knowledge map    Save The reform of the budget system is an important part of the public finance modernization. The problem of the local budget executive contraction comprehensively reflects the insufficiency of government’s budget management ability and macro-control ability. Based on the typical facts of Chinese fiscal decentralization, this paper makes use of the inter provincial panel data from 1997 to 2020 in China to conduct an empirical analysis on the multiple mechanisms and the impact effects of vertical fiscal imbalance and public expenditure bias on local budget executive contraction. The results show that the direct effect of vertical fiscal imbalance will aggravate the local budget executive contraction, but the local budget executive contraction can be alleviated indirectly through the people’s livelihood public expenditure bias. The heterogeneity analysis reveals that the bias towards livelihood expenditures in developed regions has deepened the local budget executive contraction, while theunemployment rates and economic development levels in developed regions can alleviate the local budget executive contraction. The mechanism analysis reveals that the vertical fiscal imbalance has generally aggravated the local budget executive contraction, and the irrational financial structure of central and local governments has deepened the local budget executive contraction. Therefore, in order to alleviate the local budget executive contraction, it is necessary to control the degree of vertical fiscal imbalance and adjust the distribution of fiscal power and administrative power between the central and local governments; optimize the structure of local government expenditure structure and increase the proportion of livelihood expenditure; further promote the reform of the modern budget system, alleviate the local budget executive contraction, and implement the key details of the budget system. Reference | Related Articles | Metrics | Comments（0）