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The Transmission Channels of Monetary Policy of Treasury Yield Curve: Theoretical Mechanism and China's Experiences GUAN Yu, WANG Xue-biao Contemporary Finance & Economics    2022, 0 (1): 53-65.   Abstract （354）      PDF（pc） （949KB）（644）       Knowledge map    Save The continuous accumulation of downward pressure in the global economy indicates that China may stay in a low interest rate environment for a long time. Therefore, it is necessary to strengthen the guidance of monetary policy for the treasury yield curve, so as to let long-term interest rate play the role of regulation. The results of the theoretical analysis show that China's current monetary policy framework has possessed the operational conditions to transmit to the treasury yield curve through the signaling channel and the portfolio balance channel. The empirical results further confirm the effectiveness of the two channels in the transmission. Specifically, the transmission effect through the signaling channel is stronger than that through the portfolio balance channel. The role of the signaling channel is short-term, and its direction is consistent with the goal of monetary policy; while the role of the portfolio balance channel is long-term, its direction is opposite to the goal of monetary policy in the short term, and is consistent with the goal of monetary policy in the medium and long term. The transmission effect of the two channels is weaker in the easing period of monetary policy, but stronger in the tightening period of monetary policy, which shows significant asymmetric characteristics. It is suggested that the People's Bank of China should optimize the monetary policy transmission mechanism of both the signaling channel and the portfolio balance channel and open up the interest rate transmission path with the treasure yield curve as the core. Reference | Related Articles | Metrics | Comments（0）

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The Influence of New Product Trial on Consumers' Impulse Purchases: Based on the Dual Mediator Model of Psychological Ownership and Psychological Feeling of Guilt LIU Jian-xin, FAN Xiu-cheng Contemporary Finance & Economics    2020, 0 (9): 76-89.   Abstract （1549）            Knowledge map    Save With constant emergence of new products and increasing intensification of retail competition, the way of promoting new product sales by trial has been widely applied. Unfortunately, not much effective attention and researches have been drawn to the impact mechanism and promotion effect of new product trail, especially the study of the impacts on consumers' impulse purchases is seriously insufficient. The findings of this study show that when consumers try the new products, on the one hand, the trial will urge the consumers to purchase on impulse through psychological ownership of the tried new products on the basis of familiarity, on the other hand, a psychological feeling of guilt may be produced on the basis of reciprocity, which may also result in the impulse purchases. The findings of two experiments show that new product trial will facilitate consumers' impulse purchases on new products, and the exploratory new product trial can drive the consumers to buy the new products on impulse more easily than the confirmatory new product trial. The impact of new product trial on consumers' impulse purchases is subjected to the joint intermediation of psychological ownership and psychological feeling of guilt. The joint intermediation of self-construal on psychological ownership and psychological feeling of guilt will produce a moderating effect. These conclusions are conductive not only to the improvement of the theory of new product trial, but also to the promotion of development of the related management practices Reference | Related Articles | Metrics | Comments（0）

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Contemporary Finance & Economics    2022, 0 (1): 3-15.   Abstract （194）      PDF（pc） （612KB）（425）       Knowledge map    Save Related Articles | Metrics | Comments（0）

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Spatial Expansion of Value Chain Division and Connection and Corporate Connotative Development Ability CHEN Jian, ZHAO Di, ZHAO Yang Contemporary Finance & Economics    2020, 0 (1): 101-113.   Abstract （1331）            Knowledge map    Save Under the requirements of high-quality development, to re-examine the value chain division system constructed by Chinese enterprises and its influence on corporate connotative development constitutes the main purpose of this paper. Based on China’s microcosmic enterprises survey data collected by World Bank, this paper rationally defines the value chain division and connection at the enterprise level on the one hand and scientifically constructs the corporate connotative development measurement on the other hand, then it carries out an empirical analysis. The findings show that the expansion of value chain division and upstream-and downstream-connection can both help the promotion of corporate connotation development, while the middle-stream competitive link had adverse effect. When further considering the spatial heterogeneity of value chain division expansion, the result confirms that the connotative development ability of enterprises’ expansion of division and connection at national and international level has a most prominent promotion effect. It is found through industry-classified comparison that compared with the service enterprises, the connotative development effect of the manufacturing enterprises brought about by expansion of large spatial scale division and connection is more significant, especially for the technology-intensive manufacturing enterprises. The enterprises with higher connotative development ability can get more marginal positive effect from the expansion of value chain division and connection. Reference | Related Articles | Metrics | Comments（0）

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Internet, Population Scale and China’s Economic Growth: From the City Perspective LI Jie-wei, WU Si-xu Contemporary Finance & Economics    2020, 0 (1): 3-14.   Abstract （1528）            Knowledge map    Save Based on China’s city-level data from 2001 to 2016, this paper incorporates the population scale into the analytical framework of Internet and economic growth to re-estimate the influence of Internet on China’s economic growth. The findings show that, firstly, internet can improve the economic growth rate of Chinese cities on average, but the results are not robust, because the impact of Internet on cities with less population scale is not significant or is negative. Secondly, the larger the population scale of a city is, the greater the impact of Internet on economic growth will be. Thirdly, the network effect of Internet could explain this strengthening effect. The results of the threshold regression shows that there are two threshold values, 7.72% and 14.32% respectively, and only if the penetration rate exceeds 7.72%, can Internet improve the urban economic growth rate significantly. The result of the threshold regression shows that even in the Midwest of China with lower penetration rate, the promotion effect of Internet on the economic growth of big cities is still greater than that of small cities in the East area with higher average penetration rates. Therefore, the investment in the infrastructure of internet should be made on the city level or the level of city clusters, so as to take both efficiency and regional balanced development into account. Reference | Related Articles | Metrics | Comments（0）

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Inclusive Finance and Bank Risk Taking：Factual Investigation and Mechanism Analysis ZHANG Wen-fei, JIN Xiang-yi Contemporary Finance & Economics    2020, 0 (1): 51-64.   Abstract （1324）            Knowledge map    Save Along with the gradual advancement of China’s financial system reform, strengthening financial crisis management and bank risk prevention is an important tough battle to promote the transformation of the financial system. From the perspective of inclusive finance, this paper conducts a theoretical study in the framework of banks bearing risks. The findings show that the development of inclusive finance can significantly reduce the risk level of banks. Based on the BankScope global bank database and the inclusive financial data, it is found through the empirical study that the inclusive financial development has a significant reduction effect on bank risk exposure, and this effect is heterogeneous among different sample classifications. Meanwhile, the inclusive finance can reduce the risks that banks are faced with by increasing the proportion of bank retail deposits and lowering the average interest cost of banks, while the improvement of the governance environment can amplify the risk reduction effect of the inclusive finance and reduce the risk level of the banks. This means that the introduction of “prioritized savings and prioritized access”financial savings policies in remote areas can strengthen banks’ financial services to disadvantaged groups and promote the development of the inclusive finance, which is essential to the promotion of the healthy development of financial markets. Reference | Related Articles | Metrics | Comments（0）

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How does Business Environment Affect Corporate Investment? NIU Peng, ZHENG Ming-bo, GUO Ji-wen Contemporary Finance & Economics    2022, 0 (1): 90-101.   Abstract （319）      PDF（pc） （952KB）（370）       Knowledge map    Save Faced with the continuous decline in the investment rate of real enterprises, the Central Committee of CPC proposes to optimize the business environment in order to promote corporate investments. On the basis of the systematic analysis of the internal mechanism of the impact of business environment on corporate investments, this paper conducts an empirical test by making use of the data of China's business environment and A-share listed companies from 2008 to 2020. The findings show that, firstly, the improvement of the business environment can significantly promote corporate investments. This conclusion still holds after using port opening history as a tool variable to solve the endogeneity problems and a series of robustness tests. Secondly, the results of the heterogeneity test show that, at the level of enterprise ownership, the improvement of business environment can play a more significant role in promoting the investment of non-state-owned enterprises. At the industrial level, the improvement of business environment plays an even more significant role in promoting the investments of enterprises in the manufacturing industry as well as in the industries with lower and medium technology. At the regional level, the improvement of business environment in the eastern region and the areas with higher degree of privatization plays a much more significant role in promoting enterprise investments. Thirdly, further mechanism tests show that the improvement of business environment can promote enterprise investments mainly by easing the financing constraints on the enterprises. Therefore, all the regions should focus on simplifying the process of administrative examination and approval for enterprises, perfecting the legal system, optimizing the financial environment, and strengthening the infrastructure construction, so as to promote corporate investments by improving the business environment. Reference | Related Articles | Metrics | Comments（0）

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Will the Strong Dollar Influence RMB’s Currency Anchor Status?An Empirical Analysis Based on 35 Countries along the Route of the Belt and Road ZHOU Yang Contemporary Finance & Economics    2021, 0 (1): 60-72.   Abstract （1320）            Knowledge map    Save Under the background of strong US dollar, this paper studies the influence of strong US dollar on RMB’s currency anchor status with an extended empirical model based on the data of 35 countries along“the Belt and Road”. The results indicate that, when US dollar is strong, 11 countries will choose the anchoring RMB to stabilize their currency exchange rates; when the dollar is weak, the influence of RMB is small. RMB, US dollar and Euro are the main currency anchors in the currency circle of the countries along the route of the Belt and Road. The findings of further research show that, in the strong dollar cycle, RMB’s currency anchor status is significantly improved, while US dollar’s currency anchor status is declined. The existence of trade relationship and trade competition is the reason for the improvement of RMB’s currency anchor status, in addition, RMB as a currency anchor is still limited to the areas of ASEAN, East Asian and South Asian countries, and its influence on other countries along the route of the Belt and Road is relatively weak. Therefore, strengthening international policy coordination, continuously deepening trade cooperation and promoting RMB pricing of staple commodities will help to enhance RMB’s currency anchor status and promote RMB internationalization. Reference | Related Articles | Metrics | Comments（0）

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The Impact of New Information Infrastructure on the Upgrading of Chinese Enterprises CHAO Xiao-jing, XUE Zhi-xin Contemporary Finance & Economics    2022, 0 (1): 16-28.   Abstract （308）      PDF（pc） （710KB）（357）       Knowledge map    Save The new information infrastructure is becoming an important support for China to consolidate and strengthen its foundation of real economy and to build comprehensively a new advantage of digital economy. This study is based on the work reports of Chinese government from 2010 to 2019 and the matching data of listed companies. The findings show that enterprise upgrading is a dynamic process during which production efficiency, organizational management and enterprise value chain can achieve transformation and upgrading. And new information infrastructure has a significant positive promotion effect on enterprise upgrading. This conclusion still holds after the robustness testing which takes endogeneity, sample self-selection and other issues into consideration. The analysis of the mechanism of action shows that the construction of the new information infrastructure and the integrated application will jointly promote the upgrading of enterprises through their improvement of innovation capability, the optimization of human capital structure and the cyberspace agglomeration. The heterogeneity test reveals that for non-state owned enterprises, mature enterprises, enterprises with higher marketization level and technology-intensive enterprises, the new information infrastructures have more significant incentive effects at the level of production efficiency and enterprise value chain, while the promotion effect of new information infrastructures on the upgrading of organizational management of technology-intensive enterprises has not been fully revealed. Reference | Related Articles | Metrics | Comments（0）

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Digital Economy, Market Integration and Corporate Innovation Performance HOU Shi-ying, SONG Liang-rong Contemporary Finance & Economics    2021, 0 (6): 78-88.   Abstract （1862）            Knowledge map    Save By incorporating the digital economy, market integration and corporate innovation performance into a unified analytical framework, this paper makes use of the panel data of the A-share high-tech industry listed companies in Shanghai and Shenzhen stock exchanges from 2013 to 2018 to empirically test the influencing mechanism and the path of the digital economy and market integration on corporate innovation performance. The research results show that both the digital economy and the market integration are conducive to promoting the improvement of corporate innovation performance, and the digital economy has a positive regulatory effect on the innovation incentive effect of market integration. This conclusion is still valid after a series of robustness tests. The findings of further mechanism analysis show that market integration affects corporate innovation performance mainly through promoting the flow of innovative elements, and it has no significant impact on technological diversification, while the digital economy affects corporate innovation performance mainly through the channel of technological diversification. In addition, the differences in corporate characteristics have not changed the innovative effects of the digital economy and the market integration. However, the marginal effect of digital economy and market integration is stronger on the non-state-owned enterprises and the mature enterprises. Reference | Related Articles | Metrics | Comments（0）

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Independent Directors’ Share-Holding and Duty-Performing Enthusiasm: Empirical Evidences Based on Independent Ideas DENG Bo-fu, DONG Ya-hao Contemporary Finance & Economics    2021, 0 (1): 73-85.   Abstract （1331）            Knowledge map    Save Taking the data of China’s A-share listed companies as samples and starting from the basic fact that the independent directors are willing to hold the shares of the listed companies that hire them, this paper conducts a theoretic analysis and proposes the following assumption that the behavior logic of the share-holding independent directors is more aligned with the original intention of the design of China’s independent director system, i.e., the share-holding independent directors can be more independent of the management and the big shareholders, thereby performing their supervisory duties better. The empirical results show that in the companies with share-holding independent directors, the independent directors will express more dissenting opinions, which proves that the share-holding independent directors do perform their supervising duties more actively. Further analysis reveals that independent directors’ shareholding can not only reduce management expense ratio, but also be more likely to deliver dissenting opinions when the company has lower level of equity balance. It can better restrict the tunneling behavior of the large shareholders, i.e., the share-holding of the independent directors can have a better governance effect on the agency problems of both the first and second types. The empirical conclusion is still valid after the PSM method is used to control the problem of endogeneity. The above empirical evidences are both the explorations and tests of the economic consequences of the independent directors’ shareholding phenomenon, and also the analysis and reflection of the problem of how to enhance the independence of independent directors in the context of China’s institution. Reference | Related Articles | Metrics | Comments（0）

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Digital Services Tax: Contents, Challenges and China’s Responses CHEN Jing-xian, ZHOU Quan-lin Contemporary Finance & Economics    2021, 0 (4): 28-38.   Abstract （1325）            Knowledge map    Save In recent years, the rapid development of the cross-border digital economy has brought challenges to traditional systems of international tax laws and rules. Due to the slow progress in the coordination of digital economy taxation led by the OECD and the European Union, countries such as France, the United Kingdom, and Spain took the lead in levying digital services tax, in an effort to lead the formulation of international tax rules and expand their taxation powers to gain more revenue. The legality and rationality of the unilateral measures of digital services tax are questionable, which will pose a threat to China’s digital economy development strategy. Also, it is suspected of violating the principle of non-discrimination in the General Agreement on Trade in Services and the principle of tax neutrality. In addition, it will increase the tax burden of Chinese digital companies and increase data security risks. At present, the scale of China’s digital economy is continuously expanding and its contribution to economic growth is also continuously increasing, which has become a key factor for China to respond to the pressure of the economic downturn. Therefore, China should promote the development of the digital economy and encourage all countries to create an open, fair, just, and non-discriminatory digital development environment. It is not appropriate for China to levy digital services tax in the short term. Instead, China should take measures to help Chinese digital companies eliminate double taxation and actively participate in the negotiation of international tax rules for the digital economy. Reference | Related Articles | Metrics | Comments（0）

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Internet Use and Labor Supply of Flexible Workers in the Context of the Digital Economy：Theory and Evidences QI Yu-dong, DING Shu-lei, LIU Cui-hua Contemporary Finance & Economics    2021, 0 (5): 3-16.   Abstract （1367）            Knowledge map    Save Based on the data of China Family Panel Studies, the findings of this study show that Internet use can significantly increase the probability of self-employment among flexible workers by 7.0%. According to both the full sample and the sub-samples of the self-employed and the employed, the“substitution effect”of the Internet wage premium is greater than the“income effect”; the use of Internet has significantly increased the labor supply time of the self-employed flexible workers, and the positive effect on the self-employed flexible workers is greater than that on the employed workers. The analysis of the mechanism shows that the Internet enables flexible workers to have a freer value orientation and life pursuit, which can increase the probability of self-employment. At the same time, the Internet further prolongs the labor supply time of this group by increasing the individual work preference and the income level. In addition, the use of the Internet to study, work and socializing has significant heterogeneity in the effect on the labor supply of flexible workers. Compared with the group of middle-aged and the elderly and the group of urban population, the use of Internet can significantly increase the self-employment probability and labor supply time of the youth and the rural population. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Group Brand Strategy on Capital Structure’s Dynamic Adjustment LIANG Si-yuan, ZENG Qing-sheng, ZHANG Cheng Contemporary Finance & Economics    2021, 0 (6): 126-137.   Abstract （1234）            Knowledge map    Save Taking China’s A-share listed companies from 2007 to 2017 as research objects, this paper constructs the index of group brand strategy and investigates the relationship between group brand strategy and capital structure’s dynamic adjustment. The finding shows that the diversified group brand strategy can help enterprises to speed up the dynamic adjustment of capital structure, which is mainly manifested in the improvement of the speed of upwards adjustment of capital structure. The result of the test of the acting path shows that the diversified group brand strategy has significantly reduced the cost of debt capital. The result of further heterogeneity test shows that among the enterprises of non-state owned or with poor information environment, the impact of group brand strategy is more significant. Therefore, when carrying out the adjustment of capital structure, enterprises should consider the impact of group brand strategy on the dynamic adjustment of capital structure by referring to the characteristics of them. Reference | Related Articles | Metrics | Comments（0）

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The Logic of the OECD International Taxation Reform Scheme for Digital Economy and China's Response: An Analytical Framework Based on the New-Market Public Finance MA Hai-tao, CAO Ming-xing, BAI Yun-zhen Contemporary Finance & Economics    2022, 0 (1): 29-39.   Abstract （352）      PDF（pc） （812KB）（322）       Knowledge map    Save The international tax reform of the digital economy is in full swing, and the OECD has designed a“two-pillar”basic plan, trying to establish market state taxation rights and a global minimum tax system to improve the international taxation order. In response to the above-mentioned reforms, based on the analytical framework of the New-market Public-finance Theory under exploration, this article develops innovative cognitions from the following three aspects: the first is to form a concept of platform market, so as to innovate the explanation of both the platform entities of the new digital economy market and the significance of the tax nexus to such entities, and the market mechanism of the new digital economy platform as well as its characteristics of tax laws and regulations; the second is to form a concept of comparable governments, so as to explore the rectification of the productive role of governments and the proof of the legitimacy of taxation rights, the restoration of the panorama of the comparability of cross-border transactions, and the calculation of comparable government tax bases; the third is to specify the concept of income control rights, so as to separately analyze the tax benefit games between multinational corporations and governments in the OECD reform plan, and the competitions of industrial patterns between countries and the industrial groups in the digital economy. Finally, based on the above logic and basic national conditions, this article proposes some initial policy responses with an emphasis that China should systematically design policies to cope with the global competition and cooperation against the anti-tax avoidance, the global big cycle of digital and industrial economies, and the economic development of the backward regions and the emerging industries from the three levels of security, fairness and development of the national tax bases. Reference | Related Articles | Metrics | Comments（0）

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The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit ZHANG Dong, ZHAO Wen-zhuo Contemporary Finance & Economics    2021, 0 (3): 124-135.   Abstract （1190）            Knowledge map    Save To duly handle the relationship between zombie companies and each interest subject is the top priority in the supply side structural reform. Taking the A-share listed companies from 2010 to 2017 as samples, this paper studies the negative externality of bank credit funds occupied by zombie companies from the perspective of commercial credit. The findings show that the more credit resources that zombie companies occupy in the financial market, the more commercial credit funds that they occupy in the product factor market. Compared to downstream customers, the above-mentioned impact is more significant for upstream suppliers of the zombie companies. The results of further analysis show that the higher the asset specificity that the zombie companies have and the higher the industry concentration of the industry that the zombie companies are in, the more serious the commercial credit occupied by them. The findings of the mechanism test indicate that the negative externality of the zombie companies’ occupation of bank credit funds to upstream and downstream companies are caused by the low transparency of the zombie companies’ information and their insufficient solvency. Reference | Related Articles | Metrics | Comments（0）

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The Financial Stability Effect of Foreign Exchange Reserves: From the Perspective of Interest Margin between Domestic and Foreign Currencies CAO Chun-yu Contemporary Finance & Economics    2021, 0 (5): 65-76.   Abstract （1235）            Knowledge map    Save From the perspective of financial openness, this paper derives the conditions of the uncovered interest parity through the scale adjustment of foreign exchange reserves, so as to provide a theoretical explanation for the financial stability effect of foreign exchange reserves from the perspective of interest margin of domestic and foreign currencies. It makes use of the annual data from 1980 to 2018 to study the foreign exchange reserves in dealing with the spillover effects of monetary policies of the major developed economies. The findings show that the foreign exchange reserves of non-international currency issuing economies can help maintain the interest margin between the local currency and the U.S. dollar, and that there exist transmission paths in foreign exchange reserves which will affect the interest margin between the local currency and U.S. dollar by triggering the changes in local currency interest rates and exchange rates. The influence of foreign exchange reserves on the interest margin between the local currency and the US dollar will be enhanced during the periods without financial crisis, and it also has a significant positive impact on the interest margin between the local currency and Euro and other SDR currencies. This impact on the interest margin between the local currency and foreign currencies is significant in the statistics of the sub-samples of the“Road and Belt”initiative economies. Therefore, it is advisable to continuously optimize the scale of foreign exchange reserves in accordance with the changes of the economic situations and the transformation of the mechanism of foreign exchange reserves, while taking into account the asset risk premium factors of the banking system. Reference | Related Articles | Metrics | Comments（0）

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How the Institutional Quality of Host Countries Affect the Mode of Global Value Chain Governance of the Multinational Companies YANG Zhen-zeng, YANG Hong Contemporary Finance & Economics    2021, 0 (3): 100-111.   Abstract （1184）            Knowledge map    Save The institutional quality of the host countries can affect the mode of global value chain governance of the multinational companies through the“fixed cost effect”and the “traditional boundary effect”. On the one hand, the improvement of institutional quality can reduce the institutional fixed costs of corporate foreign direct investment and promote the enterprises to adopt the mode of equity governance. On the other hand, the institutional quality will reduce the internalized demands resulted from market imperfections, and thus reduce the adoption of the equity governance mode. The findings of an empirical study using the trade data of related parties from US Census Bureau show that, at the stage of entering the market of host countries, the improvement of institutional quality of multinational companies can reduce the institutional fixed costs and raise the probability of adopting equity governance mode. However, at the stage of choosing corporate boundaries, due to the influence of traditional boundary effect, the impact of the improvement of institutional quality on corporate adoption of equity governance mode will be weakened; and with the rise of industrial institutional intensiveness, it will be further weakened. Reference | Related Articles | Metrics | Comments（0）

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Can the Development of Digital Economy Improve the Efficiency of Labor Investment in Enterprises? ZHAI Shu-ping, HAN Xian, MAO Wen-xia Contemporary Finance & Economics    2022, 0 (1): 78-89.   Abstract （385）      PDF（pc） （933KB）（278）       Knowledge map    Save Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018 as samples, this paper explores the impact of the development of digital economy on the efficiency of labor investment. The findings show that the development of digital economy can effectively improve the efficiency of corporate labor investment. The results of the research on the influence path show that the development of digital economy can improve the efficiency of corporate labor investment by leading the enterprises to optimizing the structure of human capital and weakening the power of the management. Then, it further explores the heterogeneity of the relationship between the development of the digital economy and the efficiency of corporate labor investment from the three aspects of labor intensity, property rights and external institutional environment. The results indicate that the development of digital economy has a stronger effect on the improvement of labor investment efficiency of the enterprises with higher labor intensity, that the development of digital economy has significantly improved the labor investment efficiency of the state-owned enterprises with over-investment in labors and the private enterprises with underinvestment in labors, and that less government intervention and a good legal environment are important basic conditions for the development of digital economy to play a role in improving the efficiency of labor investment in enterprises. Reference | Related Articles | Metrics | Comments（0）

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

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Guaranteed Redemption, Expectations of Implicit Guarantee, and the Yields from Bank Wealth Management Products SUN Xi-fang, LIU Li-yu Contemporary Finance & Economics    2022, 0 (1): 66-77.   Abstract （356）      PDF（pc） （933KB）（258）       Knowledge map    Save It is of great significance to study the mechanism of the impact of investors' expectation of implicit guarantee on the yields from bank financial products under the guaranteed redemption environment. By making use of the micro data of WMPs issued by 225 commercial banks, this paper conducts an empirical test. The findings show that, firstly, the investors' expectations of implicit guarantee are not strong enough to make them completely ignore the risks of WMPs, so the yields on WMPs still reflect their risks; secondly, the higher the possibility of government bearing implicit guarantee for banks, the stronger the investors' expectations of implicit guarantee, so that the lower the excess yields on WMPs, the lower the sensitivity of excess yields on WMPs to their risks; thirdly, the New Asset Management Regulation is helpful to weaken the investors' expectations of implicit guarantee, which reduces the distortion of the possibility of government's implicit guarantee for banks on the risk pricing of bank WMPs. So the New Asset Management Regulation has reduced the distortive effect that the possibility of government implicit guarantee for banks has exerted on the pricing of risks on WMPs. Therefore, it is recommended that the regulations on removing the guaranteed redemption of the New Asset Management Regulation should be fully implemented, that the investors' risk awareness should be strengthened and their capability to identify risks should be improved, and that government implicit guarantee for banks should be gradually removed. Reference | Related Articles | Metrics | Comments（0）

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

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

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The Impact of Cultural Approximation on the Bilateral Trade of Countries along the“Belt and Road”Route under Boundary Conditions WANG Ying Contemporary Finance & Economics    2021, 0 (7): 103-113.   Abstract （508）            Knowledge map    Save Based on a multi-level modeling method, this paper makes use of the 2008-2017 bilateral six-quantile product trade data of the countries along the“Belt and Road”route to study the impact of cultural approximation on the bilateral trade of the countries along the“Belt and Road”route and the boundary effect between the “Belt and Road” initiative and the culture division of the importing countries. The findings show that because cultural approximation reduces the uncertainty of bilateral trade, the higher the degree of cultural approximation among the countries along the“Belt and Road”route, the greater the bilateral trade volume will be. The positive regional institutional environment created by the“Belt and Road”initiative will strengthen the promotion of cultural proximity to the bilateral trade of countries along the“Belt and Road”route; however, the cultural division of importing countries will weaken the promotion effect of cultural proximity on the bilateral trade of countries along the“Belt and Road”route. The research findings of this paper will help to understand the impact of cultural approximation on international trade and its boundary conditions, then providing effective policy recommendations for the continuous and in-depth implementation of the “Belt and Road”initiative from a cultural perspective. Reference | Related Articles | Metrics | Comments（0）

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Research on Coordination Stability of Platform-Based E-Commerce Enterprises and Logistics Service Enterprises from the Perspective of Symbiosis WU Qun Contemporary Finance & Economics    2020, 0 (9): 90-100.   Abstract （536）            Knowledge map    Save In order to gain a stronger competitive advantage, most platform-based E-commerce companies would absorb logistics service companies into their own ecosystem and choose to cooperate with professional logistics service companies. According to their in-depth cooperation, the types of cooperation between platform-based E-commerce enterprises and logistics service enterprises can be divided into two models: facultative symbiosis model and specific symbiosis model. Regardless of the model, the collaborative stability of platform-based E-commerce enterprises and logistics service enterprises is subject to such factors as the enterprise's survivability, leadership coefficient and collaborative contribution coefficient, etc.. Through the simulation analysis, it is further understood that although the two symbiosis models can increase the market revenue level of the platform-based E-commerce enterprises and the logistics service enterprises, the synergistic effect of the facultative symbiotic model is greater than that of the specific symbiotic model, which indicates that the stability of cooperation between the platform-type E-commerce enterprises and the logistics service enterprises is better over their partial business cooperation. This point can also give light to the platform E-commerce enterprises which currently depend entirely on the cooperation with logistics service enterprises for their logistics business that they should pay more attention to maintaining the stability of the collaborative relationship with logistics service enterprises, and achieve sustained and healthy development of both parties by giving full play to the corporate leadership and collaborative contribution. Reference | Related Articles | Metrics | Comments（0）

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Population Aggregation and Financial Fragility: An Empirical Study Based on Listed Banks in China DENG Ke-bin, KUANG Peng-cheng Contemporary Finance & Economics    2021, 0 (7): 51-64.   Abstract （597）            Knowledge map    Save Population aggregation can exert a certain degree of potential external shock to the stability of finance, which may lead to exposure of the fragility in the financial system. By selecting the micro-data of China’s listed banks and the city population density data from 2000 to 2019, this paper conducts an empirical test on the affecting direction of population aggregation on financial fragility and its action mechanism. The findings show that population aggregation can significantly lead to banks’ default risks and the rising of systemic risks, i.e., population aggregation has aggravated the financial fragility. While during the banking panic period and in the bank group with lower information asymmetry, the effect of population aggregation on banking risks is even stronger. This reveals that population aggregation can not only result in the increase of bank risks by intensifying financial panic, but also reducing bank risks by alleviating information asymmetry. Further analysis reveals that the population aggregation driven by the reform of the household registration system in 2014 has significantly raised the leverage ratio and loan-to-deposit ratio of regional commercial banks, which further contributed to the increasing of bank risks. This proves that the negative impact of population aggregation on financial stability exists solidly. Therefore, it is necessary to pay attention to the regional coordinated development and avoid excessive population aggregation; to boost public confidence and to prevent and control financial risks in the areas with dense population; and to focus on strengthening the supervision of the banking industry and to safeguard the safety and stability of the whole financial system. Reference | Related Articles | Metrics | Comments（0）

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Data Element Market Construction and Urban Digital Economic Development LIU Man-feng, YANG Jie, CHEN Liang Contemporary Finance & Economics    2022, 0 (1): 102-112.   Abstract （408）      PDF（pc） （946KB）（242）       Knowledge map    Save This paper conducts a quasi-natural experiment based on the data trading platforms successively built since 2014. By making use of the panel data from 277 cities in China from 2011 to 2018, it constructs a difference-in-difference model to examine the influence of data element market construction characterized by the construction of data trading platforms on the development of urban digital economy. The findings show that the construction of the data element market has significantly promoted the development of urban digital economy, and that this conclusion is still significant after a series of robustness tests, such as parallel trend test, counterfactual test, and instrumental variable method, etc. In a short term, the construction of data element market has expanded the inter-regional digital gap. The mechanism analysis indicates that the construction of data element market has significantly promoted the development of urban digital economy through promoting the integrated development of the manufacturing industry and the service industries and improving the efficiency of capital and labor allocation. Further heterogeneity analysis reveals that the influence of the construction of data element market on the digital economic development has significant heterogeneity in terms of digital infrastructure, innovation capabilities, and government intervention. Reference | Related Articles | Metrics | Comments（0）

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Local Government Bond, Debt Replacement and Wealth Management Products Yield Rates of Commercial Banks KONG Dan-feng, XIE Guo-liang Contemporary Finance & Economics    2020, 0 (9): 66-75.   Abstract （555）            Knowledge map    Save From the interconnected fiscal and financial prospective, this paper examines the impact of local government bonds on the yield rates of commercial banks' wealth management products in different periods with the data of yield rates of banks' wealth management products from 2011 to 2018. The finds show that before or after debt replacement, local government bonds decrease or increase the yield rate of commercial banks' wealth management products respectively. By introducing the dummy variables of local governments' debt replacement, the findings reveal that the different effect of local government bonds is the result of debt replacement. Before debt replacement, local government bonds served as a legal channel of financing, the expansion of its issuing scale weakened the dependence of local governments on the commercial banks' wealth management financing and therefor lowered the yield rate of commercial banks' wealth management products. The debt replacement has aggravated the liquidity constraints of the commercial banks by extending the maturity of local governments' debts that held by the commercial banks, forcing the commercial banks to attract deposits in a covert way by raising the yield rates of wealth management products. Therefore, the regulatory authorities should limit the scale of local governments' implicit debt, optimize the debt structure, pay close attention to the liquidity of commercial banks during the debt replacement period, and broaden the group of government bond subscription. Reference | Related Articles | Metrics | Comments（0）

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

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

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State-Owned Equity and Strategic Risk-Taking of Private Enterprises: From the Dual Perspective of“Ability”and“Willingness” CHEN Ming, XIONG Xian-cheng Contemporary Finance & Economics    2021, 0 (7): 90-102.   Abstract （555）            Knowledge map    Save From the dual perspectives of“ability”and“willingness”, this paper conducts an empirical study by making use of the data of Chinese private listed companies from 2012 to 2018. The findings show that with the increasing number of state-owned shares, the level of strategic risk-taking of private companies presents a tendency of first increasing then decreasing. After a series of robustness and endogeneity tests, the conclusion is still stable. When the multiple mediating effect model is used to test, the results show that the state-owned equity not only can make private enterprises possess the“ability”of taking strategic risks by alleviating financing constraints, but also can improve their“willingness”to take strategic risks by reducing the principal-agent level. The results of further research show that although reducing the principal-agent level can play a certain role in promoting the level of risk-taking, it is mainly through relieving financing constraints that the state-owned equity can improve the level of strategic risk-taking of private enterprises. Moreover, this promoting effect is much more significant in the industries with high potentials or stronger background of state-owned shareholders’ control. In the provinces with lower marketization level, the state-owned equity can be seen as an alternative to the market mechanism, and it can play a more significant role in improving the level of strategic risk-taking of private enterprises. Reference | Related Articles | Metrics | Comments（0）

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How to Achieve High-Quality Economic Development under Fiscal Imbalance: An Analysis of Local Government Behaviors Motivated by the Central Government WANG Xin-liang, LIU Fei Contemporary Finance & Economics    2021, 0 (7): 24-37.   Abstract （634）            Knowledge map    Save This paper constructs a dynamic panel model and uses the SYS-GMM estimation method for this study. The findings show that there is an inverted“U-shaped”relationship between financial vertical imbalance and economic development quality, and that the local government investments and regulation behavior bias are the reasons for the loss of development quality caused by excessive vertical fiscal imbalance. Under the vertical imbalance of moderate finance, the central finance and political incentives have a similar marginal effect on the high-quality economic development; however, if the vertical imbalance is excessive, the inhibitory effect of political incentives on the loss of economic development quality will be stronger than that of financial incentives. The horizontal fiscal imbalance will constrain the relationship between vertical imbalance and the quality of economic development, resulting in the shrinking of the moderate threshold value of vertical imbalance in areas with higher horizontal imbalance, and the enlarging of the moderate threshold value in areas with lower horizontal imbalance. With the differences of horizontal imbalances, there is regional heterogeneity in the active function between central finance and political incentives. In areas with higher horizontal imbalance, single political incentives or political incentives combined with transfer payments can play a stronger role, while in areas with lower horizontal imbalance, the tax decentralization in the single financial incentives is better than political incentives or other strategies. Therefore, it is suggested that such measures as increasing local financial support, implementing differentiated fiscal and taxation policies, optimizing the promotion incentive indexes and so on should be adopted, so as to reduce the degree of fiscal imbalances in accordance with local conditions, reverse the behavior bias of local governments, and promote the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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

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Local Governments’ Autonomous Restraint Behavior and Enterprise Pollution Reduction under the Background of Green Performance Evaluation PANG Rui-zhi, LIN Ting, WANG Qun-yong Contemporary Finance & Economics    2021, 0 (7): 114-126.   Abstract （540）            Knowledge map    Save Green development is an important part of high-quality development. Based on the exogenous impact of incorporating environmental performance into the official performance appraisal, this paper has manually collected and sorted out the index data of environmental target constraint disclosed in the government work reports of 285 cities. On this basis, it further conducts a cross-database matching between China Industrial Enterprise Pollution Discharge Database and China Industrial Enterprise Database from 1998 to 2012, so as to obtain comprehensive data of enterprises and local governments’ environmental protection indicators. Then it adopts the DID method to test the impact of local governments’ environmental target constraints on the pollution emissions of enterprises located in the areas under administration. The findings show that the autonomous restraint behavior of local governments under the green performance evaluation system has effectively promoted the pollution reduction of enterprises and reduced the chemical oxygen demand emissions of enterprises by 9.0%. Local governments have effectively promoted environment governance in their jurisdictions through environmental regulation and environmental protection subsidies, and enterprises have achieved emission reduction and pollution control mainly through source control and technical effects. The results of heterogeneity analysis show that the enterprises in the eastern region or with heavy pollution have achieved more pollution reduction. In addition, officials promoted locally have achieved more significant environmental governance due to their geographical advantages, and young officials have greatly reduced the pollution emissions of enterprises in their jurisdictions under the strong incentive of promotion. Reference | Related Articles | Metrics | Comments（0）

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On Xi Jinping’s Major Theoretical Innovation on Economic Development Jiangxi Research Center for the Socialist Theoretical System with Chinese Characteristics Contemporary Finance & Economics    2021, 0 (7): 3-12.   Abstract （508）            Knowledge map    Save In the face of the major changes of social principal contradictions in the new era and the complex changes taking place in domestic and foreign environment, in order to promote a more sustainable and healthy development of the socialist economy with Chinese characteristics, Xi Jinping has pushed forward theoretical innovations, formed the Xi Jinping’s economic thought on socialism with Chinese characteristics for the new era, and realized the major theoretical innovation for Marxist political economy. This major theoretical innovation includes the distinctive development theme of high-quality development, the scientific guiding ideology of new development philosophy, and the strategic choice of new development pattern. As important concepts to understand Xi Jinping’s economic thought on socialism with Chinese characteristics for the new era, the high-quality development, the new development philosophy and the new development pattern constitute the policy basis for promoting China’s economic development at the new stage and in the new era. These three theoretical innovations, i.e., with the new development philosophy as the value guide, smoothing the domestic and international dual circulation, and helping the high-quality economic development, constitute an organic integrity, which has enriched the Marxist concept of development and promoted the innovative development of Marxist political economy in the 21st century. Reference | Related Articles | Metrics | Comments（0）

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Financial Technology and Enterprises Shifting from the Real to the Virtual: Evidences from China’s A-Share Listed Companies XIN Da-leng Contemporary Finance & Economics    2021, 0 (7): 65-76.   Abstract （568）            Knowledge map    Save Financial technology is of vital importance to the promotion of the high-quality development of enterprises. Based on the data of China’s A-share listed companies, this paper comprehensively explores the impact of financial technology on enterprises’“shifting from the real to the virtual”. The results show that the development of financial technology has significantly inhibited enterprises’ “shifting from the real to the virtual”. The mechanism test shows that financial technology has influenced enterprises’ behavior of “shifting from the real to the virtual” through two channels: competition effect and cost effect. Financial technology has reduced the rate of return of corporate investment in financial assets and the management costs of corporate financial, which has promoted corporate investment in the real economy and inhibited the enterprises’ “shifting from the real to the virtual”. In addition, compared with state-owned enterprises, enterprises in the central and western regions, and enterprises located in the regions with a lower degree of marketization, the inhibiting effect of financial technology on the“shifting from the real to the virtual” of the non-state-owned enterprises, enterprises in the eastern region, and enterprises in the regions with a higher degree of marketization enterprises is much more significant. Moreover, the development of financial technology has mainly restrained the investment of enterprises in speculative financial assets, but the impact on the investment of enterprises in value-preserving financial assets is not obvious. Therefore, it is necessary to continuously increase the support for financial technology, let big data, artificial intelligence and other technologies play an active role in supporting the financial technology. And at the same time, give certain policy preferences to the central and western regions, so as to continuously enhance the enabling effect of financial technology to the real economy. Reference | Related Articles | Metrics | Comments（0）

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An Empirical Study of the Impact of Enterprise Asset Securitization on Operational Performance GUI He-fa, REN Miao-zi Contemporary Finance & Economics    2021, 0 (12): 53-64.   Abstract （815）            Knowledge map    Save As an innovative financing method, asset securitization has increasingly become an important direct financing channel for enterprises. By making use of the data of asset securitization of China’s enterprises from 2015 to 2020, this paper applies the sys-GMM method to analyze the impact of enterprise asset securitization on the operational performance. The findings show that the asset securitization of China’s enterprises has a significant positive impact on the business operational performance. The influencing mechanism is to relieve the financing constraints, promote R&D innovation and strengthen the strategic flexibility. Compared with state-owned holding enterprises and large-scale enterprises, the asset securitization of non-state-owned holding enterprises and small-scale enterprises has a greater positive impact on the business performance. The asset securitization of financial leasing products, accounts receivable and various loan products, and REITs products displays a greater role in promoting enterprise operational performance. Therefore, China should consolidate the institutional foundation, optimize the supporting policies, strengthen the information disclosure system and vigorously develop the business of enterprise asset securitization. Reference | Related Articles | Metrics | Comments（0）

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

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Migration Patterns of Floating Population and Citizenization XU Li-yang, LI Tian-tian Contemporary Finance & Economics    2021, 0 (8): 3-15.   Abstract （669）            Knowledge map    Save The level of citizenization of the floating population may be related to the specific pattern of migration. Based on the data of China Migrants Dynamic Survey (CMDS) in 2017, this paper examines the impact of migration pattern on the citizenization. The findings of the empiric research are as follows: first, compared with single person migration, the five other patterns of migration have a significant positive impact on the citizenization of the mobile individuals, including the migration only with children, the migration only with parents, the migration with spouse and children, the migration with spouse and parents, and the migration with spouse, children and parents. Of the five patterns, the migration with spouse, children and parents has the greatest impact on the citizenization level, which can improve the citizenization level of migrant individuals by about 5.8%. Second, these two migrant patterns — the migration with children and the migration with spouse and children — have no significant influence on the level of citizenization for young migrant individuals, female migrant individuals and migrant individuals with a high school degree or above. For these three groups, the positive influence of parents in improving their citizenization level still exists, and the marginal influence is relatively greater. Third, for unmarried migrant individuals, the migration with their parents has a significant positive impact on their citizenization. Reference | Related Articles | Metrics | Comments（0）

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