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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 Order Improvement, Tacit Collusion and Minimum Retail Price WANG Zi-li, WAN Xin Contemporary Finance & Economics    2024, 0 (8): 112-125.   Abstract （41）            Knowledge map    Save Identifying and weighing the efficiency functions and the anti-competitive consequences of the minimum Retail Price Maintenance（RPM）are important issues that need to be solved urgently in current antitrust theory and practice. The findings of this study show that when there is uncertainty in market demand and there is retail information asymmetry between the upstream manufacturers and the downstream retailers, there are three effects of competing manufacturers using RPM: the order improvement effect, which solves the problem of insufficient orders caused by market demand uncertainty; the tacit collusion effect, which prevents the colluding manufacturers from using information asymmetry to deviate from collusion and improves the stability of tacit collusion; the retail information effect, which prevents retailers from taking advantage of retail information to adjust retail prices. The specific impact of RPM on consumer welfare depends on the comprehensive comparison of the above effects. The greater the uncertainty in market demand, the smaller the degree of retail information asymmetry, or the weaker the product substitutability, the more likely it is that RPM will improve consumer welfare. The antitrust law enforcement agencies can classify and identify the motivations for RPM implementation according to the market demand uncertainty and the retail information asymmetry in the RPM implementation environment, whether retail prices change when low market demand occurs, and the attitude of manufacturers toward retailers’ price cuts. When a manufacturer may use RPM both for order improvement and for tacit collusion effects, the more substitutable the product, the more the law enforcement agencies should consider the anti-competitive consequences of the manufacturer’s use of RPM and implement relatively stricter scrutiny; otherwise, the law enforcement agencies should consider its possible efficiency features and take a relatively more tolerant stance on manufacturers’ use of RPM. Reference | Related Articles | Metrics | Comments（0） Select How Can Two-Way FDI Enhance the“Core Chains”Status of“Bottleneck”Industrial Chains? PANG Lei Contemporary Finance & Economics    2024, 0 (8): 126-139.   Abstract （49）            Knowledge map    Save The two-way FDI“targeted”industrial design can effectively solve the problem of the out-migration of the low-end industrial chains into the developing countries and the back-flow of the high-end industrial chains into the developed countries, further promoting the“core chains”status of our country’s“bottleneck”industrial chains. From the perspective of targeted investment, this paper uses the data from the Guotaian database, the historical OFDI statistical bulletins, the reports of foreign direct investments and the input-output tables from 2000 to 2022 to empirically study the internal relation between the two-way FDI and the status of the“core chains”of the“bottleneck”industry chains. The following conclusions are drawn: firstly, the internal and external linkages of the two-way FDI and the technology spillover of the“targeted”FDI have significantly enhanced the“core chain”status of the“bottleneck”industry chains; secondly, industry heterogeneity exists in the strength of the two-way FDI enhancing the“core chains”status of the“bottleneck”industry chain, with the strongest effect in the aircraft engine nacelle and the weakest in the lithography machine; thirdly, regional heterogeneity exists in the strength of the two-way FDI enhancing the“core chains”status of the “bottleneck”industry chain, with the strongest effect in the eastern coastal region and the weakest in the northwestern region; fourthly, temporal heterogeneity exists in the function of the two-way FDI in enhancing the status of the“core chains”of the“bottleneck”industrial chains, which is manifested by significant differences at the five periods. Accordingly, this paper proposes the following countermeasures and suggestions: increasing support for two-way direct investment, setting targeted objects for two-way direct investment, fully leveraging the advantages of the strategy of strengthening the nation through human resource development and the new nationwide system, and further enhancing the core chain position of China’s“bottleneck”industrial chain. Reference | Related Articles | Metrics | Comments（0） Select Intermediate Trade Network and Enterprises’ Labor Income Share YANG Zhi-hao Contemporary Finance & Economics    2023, 0 (12): 107-119.   Abstract （59）            Knowledge map    Save The income distribution under the open economy is the core issue to achieve the goal of common prosperity. Based on Page Algorithm, this paper makes use of the data from the China Industrial Enterprise Database, the customs database and the global bilateral trade database etc. to estimate the corporate centrality of intermediate trade network, and then explores how the centrality of intermediate trade network acts on the corporate labor income share. The findings show that improving the centrality of intermediate trade network of enterprises can significantly reduce the share of labor income. The conclusion is still robust when the impacting threshold value test with mixed variable, the instrumental variables and the quasi natural experiments are adopted to relieve the endogeneity. The mechanism analysis shows that the centrality of intermediate trade network affects the share of labor income through the factor costs, technical progress and wage raising mechanisms. The expansion analysis reveals that increasing the support of education and technology, improving the domestic upstream supply capacity, and expanding the scale of domestic demand will alleviate the inhibition of the centrality of intermediate trade network on the share of labor income. Thus, we should actively promote the construction of the secondary distribution mechanism led by the government and the tertiary distribution mechanism represented by charity activities, increase financial investment in education, scienceand technology, improve the supply capacity of the domestic supply chain, cultivate the potential demandsin the domestic markets, and then achieve the goal of common prosperity in the process of high-level opening up. Reference | Related Articles | Metrics | Comments（0） Select Can Environmental Target Constraints Promote the Upgrading of Heavily Polluting Manufacturing Industries? Evidence from the Emission Reduction Targets of the 11th Five Year Plan BAO Tong Contemporary Finance & Economics    2023, 0 (12): 120-132.   Abstract （72）            Knowledge map    Save In the context of actively promoting green development in China, the environmental target constraints are of great significance for leading the energy conservation, consumption reduction and green transition of the manufacturing industry. Regarding the target responsibility system of environmental protection implemented in the 11th Five-Year Plan as a quasi-natural experiment and based on the data of Chinese Industrial Enterprises Database from 1998 to 2009, as well as the COD emission reduction targets data of the provinces (the autonomous regions or the municipalities directly under the central government) during the 11th Five-Year Plan period, this paper constructs a three-dimensional panel set of“year-city-two-digit manufacturing industries”. It then conducts an empirical test of the impact of the target responsibility system of environmental protection on the upgrading of the heavily polluting manufacturing industry with the difference-in-difference-in-difference model. The results show that the target responsibility system of environmental protection has significantly promoted the upgrading of heavily polluting manufacturing industries, and that this effect does not exist in the short term. In the regions with lower degree of marketization and lower pollution control ability, this effect is more obvious. The mechanism analysis reveals that, on the one hand, the target responsibility system of environmental protection has promoted the upgrading of the heavily polluting manufacturing industry through the resource reallocation between cities, intra-city industries and intra-industry enterprises; on the other hand, it has realized the upgrading of the heavily polluting manufacturing industry through increasing the innovation numbers of the polluting enterprises and strengthening the strategic innovation behaviors of polluting enterprises. Further research reveals that with the help of the upgrading effect of the heavily polluting manufacturing industry the target responsibility system has improved the industrial energy efficiency and cleanliness, achieved energy conservation and emission reduction, and thus promoted the green transition of the heavily polluting manufacturing industry. Therefore, it is necessary to establish specific and rolling emission reduction targets to break market segmentation, guide the regions to create products based on comparative advantages, improve the evaluation accuracy and support of governments for high-quality innovations, and fully leverage the empowering role of the environmental protection target responsibility system in the high-quality transformation and upgrading of the manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select Can Digital Transformation Optimize the Location Distribution of Enterprises’ OFDI? LI Ming-yang, ZHANG Nai-li Contemporary Finance & Economics    2024, 0 (2): 111-124.   Abstract （77）            Knowledge map    Save Currently, the scale of China’s outward foreign direct investment ranks among the top in the world, but there still exist such problemsas irrational distribution of enterprise OFDI location and so on. In order to improve the quality of overseas investment, it is of theoretical value and practical significance to explore whether digital transformation can optimize the location distribution of enterprise OFDI. Based on the assumption of enterprise heterogeneity, a gravity model is constructed, and it is found that there exists a U-shaped relationship between geographic distance and OFDI expansion margin.In addition, digital transformation can change the influence of geographic distance on enterprise OFDI expansion margin and optimize the location distribution of enterprise OFDI. The mechanism test reveals that digital transformation can reduce OFDI transaction costs, thus breaking through the limitations of geographical distance on overseas investment and optimizing the location distribution of enterprise OFDI. The heterogeneity analysis reveals that digital transformation can optimize enterprise OFDI location distribution with enterprise, regional and industrial heterogeneity. From the spatial dimension, digital transformation can play a role in optimizing the location distribution of enterprise OFDI regardless of whether the investment host country is a high-income economy or a middle-income or low-income economy, and whether it is a Belt and Road country (region) or a non-Belt and Road country (region). From the time dimension, digital transformation can continue to optimize enterprise OFDI location distribution. Based on the above conclusions, it is necessary to actively promote the digital transformation of enterprises, give full play to digitization in optimizing the distribution of enterprises’ overseas investment, maintain the stability of geo-economy, and realize deeper global cooperation. Reference | Related Articles | Metrics | Comments（0） Select The Coordinated Development between Digital Service Trade and Digital Infrastructure WANG Qun-yong, MIAO Pei Contemporary Finance & Economics    2024, 0 (2): 125-138.   Abstract （60）            Knowledge map    Save There exists a mutually promoting collaborative relationship between digital service trade and digital infrastructure, however, the traditional measurement methods are difficult to accurately analyze this issue. Under the framework of social network analysis, this paper uses the random actor dominated model to explore this issue in detail. The findings show that there exists a synergistic development relationship between the digital infrastructure of an economy and the trade in digital services, which mutually affects each other. The well-developed digital infrastructure of both parties can reduce their costs of digital service trade, and thus have a significant positive impact on the import and export of digital service trade. The digital service trade will also affect the construction of digital infrastructure in economies: under the impact of the two mechanisms of internal incentives and external spillovers, to carry out digital service trade with economies with good digital construction will enhance their own digital infrastructure level. Through a heterogeneity analysis of different industries, it is found that digital infrastructure has the greatest impact on the intellectual property usage fees and the export ofother commercial services, and a greatest impact on the import of personal entertainment services, while the import and export trade of personal entertainment services has the greatest impact on digital infrastructure. Therefore, the government should play a leading role in promoting the coordinated and stable development of digital trade and digital construction by formulating reasonable plans, actively seeking international cooperation, and emphasizing the development of cultural industries. Reference | Related Articles | Metrics | Comments（0）