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Can Corporate Digital Transformation Curb Stock Mispricing? LI Zhen-zhen, WANG Ai-Dong, LI Hai-jian Contemporary Finance & Economics    2023, 0 (12): 133-143.   Abstract （64）            Knowledge map    Save Solving the problem of mispricing is an important prerequisite for the healthy operation of China’s capital market. Taking China’s A-share listed companies from 2010 to 2021 as samples, this paper analyzes the impact of enterprise digital transformation on stock mispricing. The findings show that the digital transformation of enterprises can effectively curb stock mispricing. The mechanism test reveals that the digital transformation of enterprises can reduce information asymmetry and alleviate investor irrationality, thereby helping to curb stock mispricing. The analysis of the regulatory effects reveals that media coverage and high public attention can enhance the inhibitory effect of enterprise digital transformation on stock mispricing. The heterogeneity test reveals that the inhibiting effect of digital transformation on stock mispricing is more significant in enterprises with a higher proportion of institutional investors’ shareholding and a higher level of digital strategy leadership in the management. Therefore, it is necessary to establish, improve and promote the long-term supporting mechanism for the digital transformation of enterprises. Reference | Related Articles | Metrics | Comments（0）

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VAT Rate Simplification and Enterprise Equity Financing LI Ying, ZHANG Yu-feng Contemporary Finance & Economics    2023, 0 (12): 68-80.   Abstract （61）            Knowledge map    Save Raising the level of equity financing is the key path for enterprises to activate the capital market, increase the proportion of direct financing and improve the function of the capital market. Then, does the high efficient resource allocation effect of Value-added Tax (VAT) rate simplification help to promote corporate equity financing? By choosing the sample data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2021, this paper empirically analyzes the impact of the VAT rate simplification policy implemented in 2017 on corporate equity financing. The results show that the implementation of the simplified tax rate policy has significantly promoted the equity financing of enterprises; its influencing mechanism is to improve the internal value of enterprises and the information efficiency, then further improve the equity financing of enterprises. At the same time, the effect of the simplified tax rate policy on promoting equity financing of enterprises is more significant in the enterprises with higher credit discrimination and more applicable tax brackets. In addition, the good institutional environment of capital market has improved the effect of the VAT rate simplification policy on the promotion of corporate equity financing. Specifically, in the groups with a higher degree of marketization and higher degree of capital market openness, the positive effect between the simplified tax rate and corporate equity financing is more significant. Therefore, in the future, it is necessary to continue to optimize the VAT rate simplification policy, formulate differentiated tax supporting policies for different kinds of enterprises, play the combined role of tax reduction policies and the capital market system, and boost investors’ confidence, so as to promote the equity financing of enterprises. Reference | Related Articles | Metrics | Comments（0）

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Research on the Enhancement Mechanism of Digital Capability on the Innovative Ecosystem Resilience of Platform E-Commerce Enterprises WU Qun, HAN Tian-ran Contemporary Finance & Economics    2023, 0 (12): 81-93.   Abstract （76）            Knowledge map    Save The in-depth promotion of the digital economy has accelerated the complex and changeable market ecology. In the face of the dynamic environment of high-frequency innovation and fierce competition, how to leverage digitalization to improve the resilience of the innovative ecosystem has become an important issue for platform e-commerce enterprises to achieve high-quality development. This paper explores the impact of digital capability on the resilience of the innovative ecosystem of the platform e-commerce enterprises. The results of the empirical test based on 608 questionnaires collected from platform e-commerce enterprises show that digital capability can exert a significant positive impact on the innovation ecosystem resilience of the platform e-commerce enterprises, that the supply chain collaboration plays a mediating effect between digital capability and the innovative ecosystem resilience of the platform e-commerce enterprises, and that the value co-creation willingness can positively regulate the relationship between the digital capability, the supply chain collaboration and the resilience of the innovative ecosystem of the platform e-commerce enterprises. The above conclusions indicate that cultivating digital capability can enhance the shock resistance capability of platform e-commerce enterprises, and enhance the adaptability and learning ability of platform e-commerce enterprises by building a supply chain collaboration platform and improving the value co-creation willingness of innovation subjects, so as to enhance the resilience of the innovative ecosystem of platform e-commerce enterprises. Reference | Related Articles | Metrics | Comments（0）

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Research on the Legitimacy Acquisition and Asset Divestment of Newly Appointed CEOs WU Jiong, LI Han Contemporary Finance & Economics    2023, 0 (12): 94-106.   Abstract （72）            Knowledge map    Save In recent years, the asset divestment behavior of newly appointed CEOs has become increasingly common. Based on the data from A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021, this study empirically tests the relationship between CEO succession sources and asset divestitures. The findings show that the succeeded CEO from external tends to divest assets. The analysis of the impact mechanism reveals that due to being faced with the more stringent internal and external legitimacy pressures, the succeeded CEO from external needs to adopt the strategies of transmitting signals to the outside and maintaining the internal relationships to establish legitimacy. Therefore, the succeeded CEO from external will divest assets to meet the funding needs for implementing the strategic actions. The results of the heterogeneity analysis reveal that the higher the CEO’s personal risk goals and the higher the company’s economic benefits, the more likely the external successors of CEO is to engage in asset divestment. The new CEOs from non family members or from the external other than family members are more inclined to divest assets. The results of the economic consequence analysis reveal that the asset divestment behavior of the external successors of CEO can improve the short-term performance of the enterprises. To this end, the newly appointed CEO should actively establish legitimacy, make reasonable choices for the company’s resources allocation during asset divestment; the enterprises should promote the coordination and integration between the new CEOs and other executive members; and the external stakeholders need to strengthen their understanding and supervision of the new CEOs and the operation of the enterprises. Reference | Related Articles | Metrics | Comments（0）

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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）

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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）

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The Productivity Growth Effect of Digital Economy: Dividend or Divide? ZHENG Guo-qiang, WAN Meng-ze Contemporary Finance & Economics    2023, 0 (12): 3-16.   Abstract （136）            Knowledge map    Save The digital economy has become a key force driving the improvement of production efficiency, but the unbalanced development trend of the digital economy may exacerbate the production efficiency gap between regions. The regional coordinated development and common prosperity in the era of digital economy are faced with new problems and new challenges. Based on the panel data of prefecture-level cities in China from 2011 to 2019, this paper conducts an empirical study of the relationship between the development of digital economy and the total factor productivity and the regional heterogeneity. The findings show that digital economy has a significant productivity growth effect, which is mainly reflected in pure technological progress. The digital economy has failed to empower the growth of total factor productivity through the improvements in technical efficiency and scale efficiency. The mechanism analysis reveals that digital economy mainly promotes the growth of total factor productivity through the innovation-driven effect, the entrepreneurial incentive effect, the industrial upgrading effect and other channels, but the impacting effect is only significant in the eastern region. The results of the regional heterogeneity show that the higher the productivity efficiency and economic development level of the city, the more obvious the productivity growth effect of the digital economy, which leads to the“productivity gap”between regions. The results of the threshold effect test reveal that the increasing marginal effect of digital economy and the relative insufficiency of the less developed cities in talent agglomeration, financial development and fixed investment has strengthened the“productivity gap”between regions. Reference | Related Articles | Metrics | Comments（0）

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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）

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Can Tax Incentives Promote the Digital Transformation of Enterprises? HUANG Yi-song Contemporary Finance & Economics    2023, 0 (12): 144-156.   Abstract （90）            Knowledge map    Save Digital transformation has a profound impact on the business, process and modes of enterprises. How to promote enterprise digital transformation has become a hot topic in the current practical and academic circles. Taking China’s A-share listed companies from 2008 to 2020 as the research samples, this paper examines the impact of tax incentives on the digital transformation of enterprises and its mechanism. The findings show that tax incentives can promote the digital transformation of enterprises. The analysis of the function mechanism shows that tax incentives can promote the digital transformation of enterprises by improving enterprise innovation and easing enterprise financing constraints. Further test reveals that when enterprises are faced with greater environmental uncertainty and stronger competitive advantages, tax incentives have more significant effects on the promotion of enterprise digital transformation. The above research results have expanded the researches on the impact factors of enterprise digital transformation and the economic consequences of tax incentives, providing empirical evidences and policy references for Chinese government departments to adhere to the policy of reducing taxes and fees, increase the strength of tax returns, and promote enterprises to realize digital transformation faster and better. Reference | Related Articles | Metrics | Comments（0）

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The Breaking of“Rigid Payment”in Bond Market and Enterprise Risk Information Disclosure BAI Jun, QIAO Jun, WU Shuang Contemporary Finance & Economics    2023, 0 (12): 53-67.   Abstract （76）            Knowledge map    Save Breaking the“rigid payment”of the bond market is an important measure of China’s financial market reform. This paper conducts a study based on the data of the listed companies from 2008 to 2021 and the difference-in-difference model. The findings show thatwhen the“rigid payment”of the bond market is broken, the level of enterpriserisk information disclosure will be significantly lowered. This negative effect is more significant among the enterprises with weaker implicit government guarantee capacity, with insufficient regional financial resources, with lower credit rating, or without third-party guarantee. The impact of the breaking of the“rigid payment”in the bond market on the internal mechanism of the bond-issuing enterprises to reduce risk information disclosure is realized through increasing the negative sentiment of investors and intensifying the financing constraints of enterprises, thus improving the motivation of enterprise information manipulation. The results of the economic consequence reveals that when the“rigid payment”is broken, although enterprises’ reducing the risk information disclosure will reduce the costs of corporate debt financing, the abnormal volatility of the capital markets will be intensified, which goes against the capital market stability. Therefore, efforts should be made to improve the bond risk hedging mechanism, to build a market-oriented credit mechanism, and to strengthen the supervision of enterprise text information, so as to alleviate the credit impact of the breaking of“rigid payment”on the market. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Macroeconomic Effect and Predictive Ability of the Term Structure of China’s National Bond Interest Rate SUN Chen-tong, DANG Yin, MIAO Zi-qing Contemporary Finance & Economics    2024, 0 (3): 56-69.   Abstract （138）            Knowledge map    Save The correlation and leading relationship between the yield curve of China’s national bonds and the macroeconomic indicators have received widespread attention from macro-control and financial markets, of which the nonlinear and time-frequency characteristics are waiting for extended researches. Based on the yield curve data of the national bonds from 2006 to 2022, this paper employs a dynamic NS model to study the fitting term structure of national bond interest rate. The findings show that the term structure of national bond interest rate presents certain cyclical fluctuation characteristics. With the extension of maturity, the yield curve shows a gradual convergence trend. The quantile vector auto regression model is utilized to study the nonlinear impact of the term structure of the national bond interest rate on the macroeconomic indicators under different economic levels, it is found that the level factor and slope factor of the national bond yield rate mainly have negative effects on output and inflation. When the macro-economy is at different levels, this negative effect has nonlinear characteristics, which is especially greater in the periods of high economic growth and high inflation. The wavelet phase spectrum method is used to explore the dynamic changes of the forecasting ability of the term structure of national bond interest rate to the macroeconomic indicators in the time-frequency dimension. It is found that the horizontal factor and the slope factor have stronger forecasting ability to output, while the forecasting ability to inflation has weakened after 2019. Therefore, in the future, the construction of the national bond market should be promoted, the monitoring of the term structure of the national bond yield rates should be strengthened, and the fiscal and monetary policies should be optimized. Reference | Related Articles | Metrics | Comments（0）

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

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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）

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

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Can Machine Replacement Accelerate the Process of Domestic Substitution in the Manufacturing Industry? ZHANG Ben-xiu, WU Fu-xiang Contemporary Finance & Economics    2024, 0 (1): 3-17.   Abstract （87）            Knowledge map    Save In the context of machine replacement, the manufacturing enterprises as innovative entities need to concentrate high-quality resources and work together to achieve breakthroughs in the key technologies and the independent control of core equipment, consolidate market and competitive advantages, and accelerate the process of domestic substitution in the manufacturing industry. Based on the panel data of the manufacturing industry from 2011 to 2019 and incorporating product quality upgrading into the analysis framework of machine replacement and localization substitution in the manufacturing industry, this paper conducts an empirical research. The findings show that machine replacement is beneficial for accelerating the localization substitution process in the manufacturing industry. The quality upgrading of the efficiency enhancing products and the technology optimizing products are their main mechanisms of action. Moreover, the impact of machine replacement on domestic substitution in the manufacturing industry has industrial heterogeneity. The promotion effect of machine replacement is more prominent in labor-intensive and technology-intensive industries, but it is not affected by the heterogeneity of R&D personnel density in the industry. The above conclusion indicates that a reasonable response to the impact of machine replacement is the key to promoting the stable and positive localization substitution in the manufacturing industry. The precise measures for the key industries such as labor-intensive and technology-intensive industries will bring more effective promotion effects in localization substitution. Reference | Related Articles | Metrics | Comments（0）

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Research on the Impact of Industrial Digitization on Regional Tax Revenue XI Wei-qun, YANG Qing-yu Contemporary Finance & Economics    2024, 0 (1): 46-58.   Abstract （58）            Knowledge map    Save Accelerating the digitization of industries is not only an inevitable choice to achieve high-quality economic development, but also a necessary path to promote regional tax revenue growth. Therefore, based on the explanation of the relationship between industrial digitization, regional total factor productivity, and regional tax revenue, this study empirically analyzes the impact and mechanism of industrial digitization on regional tax revenue based on the provincial-level panel data from 2011 to 2019 in China. The results indicate that industrial digitization can significantly promote the growth of regional tax revenue, and industrial digitization exhibits certain heterogeneity characteristics among different regions, tax types, and levels of industrialization. The mechanism analysis reveals that the increase of regional tax revenue by industrial digitization is achieved by acting on regional total factor productivity. Therefore, it is necessary to continue to deepen the development of industrial digitization, improve the regional total factor productivity, and thereby promote the improvement of tax revenue effects. At the same time, we should improve the current tax system, formulate regional tax support policies to narrow the“digital gap”between regions, and further strengthen tax collection and management to reduce the inter-regional tax revenue transfer and the loss effects of the industrial digitization. Reference | Related Articles | Metrics | Comments（0）

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Self-Defense and Risk Contagion in Financial Sub-Markets under the Impact of Extreme Events SUI Jian-li, LI Yue-xin Contemporary Finance & Economics    2024, 0 (1): 59-74.   Abstract （100）            Knowledge map    Save Identifying the risk contagion path in financial sub-markets under the impact of extreme events has become an important part of financial risk prevention and control in the new era. Based on non-linear MSBIARCH model, this paper conducts a study to discriminate the volatility and contagion relationships and the volatility clustering trends among stocks, real estate, bulk commodities, exchange rates and bond markets. The findings show that, firstly, except for the one-way volatility contagion effects from the exchange rate market to the real estate market, from the bond market to the stocks, real estate, exchange rates markets and from the bulk commodity market to the bond market, there exists a two-way volatility contagion relationship between the other markets; secondly, the extreme risk events trigger the volatility contagion through market sentiment and expectations, the public emergencies generate volatility contagion based on market sentiment, and the policy announcements cause volatility contagion through fundamental factors and market expectations; finally, most of the volatility cluster trends in financial sub-markets originate from the volatility contagion in other sub-markets. The exchange rate market has weaker risk contagion ability, while the bulk commodity market and the bond market have stronger self-defense ability, which mainly carry out risk outputs. Therefore, it is necessary to further establish a full-process financial risk prevention and control system, improve the financial sub-market trading mechanism, strengthen communication and cooperation between markets, and reasonably guide public expectations, so as to enhance the anti-risk ability of financial markets and maintain the steady development of financial markets. Reference | Related Articles | Metrics | Comments（0）

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The Peer Effect of Share Repurchase Behavior of Listed Firms and Its Economic Consequences WANG Jun-yi, ZHAO Xiu-yun Contemporary Finance & Economics    2024, 0 (1): 75-85.   Abstract （81）            Knowledge map    Save Share repurchase is a kind of supply adjustment behavior in stock markets and has the advantage of being a price stabilizer. The existing researches mainly explore the motivations for corporate share repurchase from their own factors of the enterprises. Then, will the company’s stock repurchase decision be influenced by other companies in the same industry? What is the mechanism of this impact? By making use of the data from Chinese listed companies from 2005 to 2021, this study explores the peer effect and its impacting mechanism of share repurchase at the industry level. The findings show that there is a significant peer effect in the share repurchase behaviors of China’s listed firms, and there is also a peer effect in the amount and the frequency of share repurchases. The mechanism analysis reveals that the peer effect of share repurchase in listed companies is generated by the learning and imitating behaviors and the competitive pressure among the companies in the same industry. The moderating effect analysis reveals that the more abundant a company’s cash flexibility reserve is, the higher the media attention received by the peer companies, and the stronger the peer effect of share repurchase. The findings of the economic consequence analysis show that the share repurchases based on the peer effect have an increasing effect on corporate value. To this end, it is necessary to guide enterprises to make stock repurchase decisions that meet their substantive needs, while at the same time strengthening the supervision of the share repurchase behavior of the listed companies. Reference | Related Articles | Metrics | Comments（0）

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China’s Macroeconomic Tail Risks Evaluation and Interest Rate Rule Optimization DENG Chuang, WU Jian Contemporary Finance & Economics    2024, 0 (3): 3-16.   Abstract （121）            Knowledge map    Save Extreme event shocks often breed macroeconomic tail risks; in order to better integrate development and security, it is of great significance toclarify whether and how tail risk indicators can help to improve the macroeconomic management paradigm in the context of the world’s great changes. This paper assesses China’s macroeconomic tail risks based on the expected probability of downside economic growth and checks the researches on the applicability and superiority of an interest rate rule that takes tail risks into account. The results show that, firstly, China’s macroeconomic tail risks were in a low and stable fluctuation before the financial crisis, which increased during the financial crisis and tended to decline in the post epidemic era; secondly, the deterioration of the economic and financial situations has a significantly larger amplifying effect on tail risks than the mitigating effect of the improvement, and the accelerated divergence of the economic cycle and the the financial cycle has a more pronounced driving effect on the tail risks in the medium to long run under the intertemporal substitution effect, while the tail risks can be used as a monetary policy indicator to help judge the future economic and financial situation; thirdly, the effect of interest rate policy targeting only output and inflation may deviate from the expectation, and the framework of interest rate rules that focuses on the targeting of tail risks is conducive to the better realization of the policy objectives of stabilizing growth, preventing risks, and safeguarding the dual stability of economy and finance. Reference | Related Articles | Metrics | Comments（0）

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Consumption Upgrading Breeds Human Capital Dividend WAN Jian-xiang, WANG Shan-shan, NIE Chang-teng Contemporary Finance & Economics    2024, 0 (3): 17-29.   Abstract （81）            Knowledge map    Save Based on China’s urban level data from 2013 to 2020, this paper conducts an empirical research to explore whether consumption upgrading can affect economic developmentand how. The findings show that firstly, consumption upgrading has a significant and direct promoting effect on economic development, and based on the accumulation of consumption, it can breed human capital dividends for economic development from both the quality and structure of human capital; secondly, in terms of heterogeneity, the human capital dividend nurtured by consumption upgrading is relatively larger in the areas of population inflow and smaller in the areas of population outflow; thirdly, the threshold regression results show that, taking the education level of the labor force as the threshold variable, the threshold years for population inflow and outflow are different, with 12.31 years (vocational high school) and 8.67 years (junior high school), respectively. When the education years are greater than the threshold year, consumption upgradingis more able to promote economic development. Therefore, it is necessary to comply with the trend of consumption upgrading, cultivate growth points for medium to high-end consumption, leverage the accumulation of consumption to achieve human capital accumulation, strengthen talent cultivation, reasonably guide population mobility, and drive economic development. Reference | Related Articles | Metrics | Comments（0）

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Corporate Innovation Effects of the Digital Service Trade Network SONG Yue-gang, HAO Xia-zhen Contemporary Finance & Economics    2024, 0 (1): 126-139.   Abstract （70）            Knowledge map    Save Chinese enterprises are faced with the realistic dilemma of the coexistence between the rapid development of digital service trade and the“one high and two low”innovation level. Using the digital service trade network to break through the dilemma of enterprise innovation and development is an important strategic support for the transformation of China’s economic development mode in the new development stage. By including multiple heterogeneity in the theoretical framework and using social network analysis method, this paper measures the centrality, connection strength and structural hole index of Chinese enterprises in the digital service trade network; then it empirically tests the impact of the embeddedness of digital service trade network on the innovation level of Chinese enterprises. The findings show that digital service trade network embedding has a significant promoting effect on the innovation level of enterprises, but its promoting effect is significantly different due to the existence of the heterogeneity of enterprises. The embedding of digital service trade network acts on enterprise innovation through“trade scale effect”, “cost saving effect”and“technology absorption capacity effect”. The results of enterprise survival analysis show that digital service trade network embedding can help reduce the innovation termination risk rate of enterprises. Based on the above conclusions, it is proposed to actively promote the integration of enterprises into the global digital service trade network, rationally arrange the position of enterprises in the network, and turn from “passive embedding”to“active utilization”, so as to promote the high-quality development of innovation. Reference | Related Articles | Metrics | Comments（0）

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Market Valuation Effect of Enterprises’ Emission Reduction Commitments: Empowerment or Negative Empowerment CHENG Hong-wei, FENG Yi Contemporary Finance & Economics    2024, 0 (3): 70-82.   Abstract （82）            Knowledge map    Save Enterprises are the main body of action to achieve the goal of carbon peak and carbon neutrality, and the emission reduction commitment provides an important reference for investors to observe the future emission reduction situation of enterprises. However, the existing studies mainly focus on the historically disclosed information, such as ESG and CSR, ignoring the impact of forward-looking information such as emission reduction commitment on enterprise evaluation. Based on this, the relationship between emission reduction commitment and stock return is investigated by taking Chinese enterprises that publicly disclosed questionnaires in CDP as samples. The results show that enterprises’ emission reduction commitments can effectively reduce the stock return required by investors, and reveal the enabling effect of emission reduction commitment on market valuation. The analysis of the mechanism and heterogeneity reveals that the emission reduction commitment can affect stock returns by providing future incremental information, alleviating information asymmetry and reducing corporate risks. And the degree of the impact varied with the intensity of regional environmental regulations, the level of corporate carbon emissions and the confidence level of such commitments. Further study reveals that the emission reduction commitments of enterprises have industrial spillover effects, which can significantly improve the level of information disclosure of the emission reduction commitment of the competitors in the same industry. The analysis of the economic consequences reveals that the emission reduction commitment can not only effectively constrain the subsequent emission reduction behavior of enterprises, but also help to expand the scale of subsequent equity financing with the reduced capital costs brought about by the emission reduction commitment. Therefore, the management should actively disclose the emission reduction commitment, so as to keep its word and keep its promise. The government departments should also standardize information disclosure standards and give full play to the valuation role of the forward-looking information in the capital markets. Reference | Related Articles | Metrics | Comments（0）

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Manufacturing Digitalization and Inter-Provincial Industrial Linkage ZHAO Xiao-fei Contemporary Finance & Economics    2024, 0 (3): 111-123.   Abstract （73）            Knowledge map    Save Under the background of anti-globalization, to promote the in-depth development of domestic production division based on the domestic market is an inevitable choice for China’s economy to overcome difficulties and achieve high-quality development. On the basis ofthe data of China multi-regional input-output table, this paper studies the inter-provincial industrial linkage from the perspective of manufacturing digitalization. The research finds that: firstly, manufacturing digitalization has significantly improved the inter-provincial industrial linkage, and a series of robustness tests have proven that this conclusion is robust and effective; secondly, manufacturing digitalization promotes inter-provincial industrial linkage mainly through the two paths of reducing the cost of inter-provincial intermediate trade and increasing the complexity of inter-provincial transfer technology; thirdly, from the perspective of intensive margin and extensive margin, manufacturing digitalization not only strengthens the intensive margin of inter-provincial industrial linkage, but also expands the extensive margin of inter-provincial industrial linkage, especially for the transregional extensive margin; from the perspective of regional strategy, manufacturing digitalization in the eastern regiondoes not have a significant industrial linkage effect on the central and western regions, but manufacturing digitalization in the central and western regions can promote their industrial linkage to the eastern region. According to the research conclusion, it is necessary to fully consider the inherent logic of industrial linkage in various regions, reasonably carry out the digital layout of the manufacturing industry, strengthen the construction of digital infrastructure in the central and western regions, and build an open, inclusive and high-quality digital system of the manufacturing industry, so as to drive the coordinated development of various industries and regionsand promote the benign operation of domestic circulation. Reference | Related Articles | Metrics | Comments（0）

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Opening up of Producer Services and Green Development of Manufacturing Enterprises ZHAO Chun-ming, LIU Shan-shan, LI Zhen Contemporary Finance & Economics    2024, 0 (3): 124-138.   Abstract （85）            Knowledge map    Save Promoting high-level opening up and green development is an important goal of China’s high-quality economic development. Based on the matching data of the China Industrial Enterprise Database and the Pollution Emission Database, this paper theoretically analyzes and empirically examines the relationship between the openness of the producer service industry and the green development of enterprises. The findings show that the opening up of the producer service industry will significantly reduce the pollution emission intensity of enterprisesand promote the green development of enterprises. The analysis of the influencing mechanism shows that improving the end governance capacity and management efficiency of enterprises are two important ways for the opening up of producer services to promote the green development of enterprises. The heterogeneity analysis shows that the effect of opening up the producer service industry on reducing corporate pollution emissions is more prominent in the industries with higher pollution intensity, and a stronger effect can be seen on improving the environmental performance of the enterprises with higher financing constraints and higher energy consumption. In addition, the opening up of the producer service industry has a greater impact on the emission reduction effect in areas with a higher level of co-aggregation of the manufacturing and service industries. Further research reveals that the opening up of the producer service industry is not only conducive to the dynamic replacement of the entry of low-pollution emission intensity enterprises and the exit of high-pollution emission intensity enterprises in the industry, it will also help realize green technology innovation, green product innovation, energy utilization efficiency improvement and energy input structure optimization of manufacturing enterprises. In the future, the government needs to rationally formulate and implement step-by-step opening policies for the service industry, optimize the spatial layout of regional service and manufacturing industries, guide the embedded integration of producer services industry and manufacturing industry, and empower the green production and green innovation development of the manufacturing industry. Reference | Related Articles | Metrics | Comments（0）

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Major Customers-Suppliers Duality and Enterprise Supply Chain Resilience GUO Chun, LUO Jing-bo Contemporary Finance & Economics    2024, 0 (3): 139-152.   Abstract （138）            Knowledge map    Save In general, the major customers and suppliers of enterprises are regarded as two independent entities, however, what impact will it have on the resilience of a company’s supply chain if a major customer also serves as a supplier? Taking China’s A-share listed firms from 2009 to 2021 as samples, this paper explores the impact and mechanism of the major customer also serving as a supplier on firms’ supply chain resilience. The findings show that the major customer also serving as a supplier can significantly reduce the supply chain resilience, and the negative media coverage will exacerbate this effect, while trade credit supply and effective internal control can mitigate this damaging effect. The mechanism analysis reveals that due to the fact that it is more convenient for enterprises to engage in related party transactions and promote their earnings management behavior, serving as a supplier by a major customer can further reduce the resilience of the enterprise’s supply chain. The analysis of economic consequences shows that due to the fact that serving as a supplier by a major customer can reduce the resilience of a company’s supply chain, serving as a supplier by a major customer can increase the company’s financial difficulties, reduce its market value, and increase the likelihood of receiving non-standard audit opinions. To this end, it is necessary to strengthen the supervision of the major customers who also serve as suppliers, so as to curb the opportunistic behaviors of the major customers who also serve as suppliers. Reference | Related Articles | Metrics | Comments（0）

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

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Government Integrity and Enterprise Innovation Quality WANG Yan-wu, MO Chang-wei Contemporary Finance & Economics    2024, 0 (4): 17-29.   Abstract （77）            Knowledge map    Save Establishing an honest government is a primary measure to optimize the business environment and build a friendly and clean relationship between government and business, which has a profound impact on enterprises’ research and development motivation and innovation behavior. Based on the measurement of the regional government integrity level with Baidu Search Index, this study conducts empirical tests on the impact and transmission mechanism of the regional government integrity on enterprise innovation quality by taking listed industrial enterprises in China’s A-share market as samples. The findings reveal the following facts: firstly, the level of regional government integrity has a significant promotion effect on the enterprise innovation quality; secondly, there is significant business heterogeneity in the effect of regional government integrity on the innovation quality of enterprises. To improve local government integrity will significantly promote the innovation quality of small-scale enterprises, non-state-owned enterprises, enterprises in the high-tech intensive industries, low asset specific enterprises and enterprises in the eastern region; thirdly, government integrity affects the innovation quality of enterprises mainly by encouraging enterprises to engage in more complex invention and innovation, independent innovation and reducing transaction costs; fourthly, the level of Internet development will amplify the role of government integrity on the quality of enterprise innovation. The above conclusions suggest that in the Internet era, local governments should pay more attention to the construction of government integrity, improve the level of governance, and consolidate the foundation for the honest society, so as to promote the independent innovation momentum of local enterprises, improve the quality of innovation, and help to achieve the high-quality development of the economy. Reference | Related Articles | Metrics | Comments（0）

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External Uncertainty, Digital Empowerment and Enterprise GVC Embeddedness: Evidences from Enterprises in Countries along the “Belt and Road” GUO Ping, HU Jun, QIN Kai-qiang Contemporary Finance & Economics    2024, 0 (4): 127-140.   Abstract （82）            Knowledge map    Save The external uncertainty intensifies the contraction of the global value chain, which has become an important issue for the construction of the regional value chain of the “Belt and Road”. Deepening the digital empowerment will help enterprises cope with the impact of uncertainty shock and stabilize their integration into the global value chain. Using the World Bank enterprise survey data and global uncertainty index from 2008 to 2019, this paper studies the impact of external uncertainty on the global value chain embeddedness of enterprises in countries along the “Belt and Road” and the moderating effect of digital empowerment. The findings show that the external uncertainty significantly inhibits the embedding decision and embedding level of enterprises in the global value chain of countries along the “Belt and Road”, and that the external uncertainty mainly suppresses the global value chain embedding of enterprises by increasing supply chain risks, reducing production efficiency, and hindering technological innovation. The heterogeneity analysis shows that external uncertainty has a greater impact on the embedding of global value chains in small-scale enterprises, higher contract-intensive industries, and countries with lower levels of institutional environment. Digital empowerment at the enterprise and national levels will effectively alleviate the inhibition of external uncertainty on the embedding of enterprises in the global value chain of countries along the “Belt and Road”. Based on the above research conclusions, the government urgently needs to stabilize the external risk expectations of enterprises, improve the supply chain risk response mechanism, enhance the ability of enterprises to participate in the global value chain division of labor, promote the resilience of enterprises in the global value chain through digital empowerment, and accelerate the construction of digital infrastructure and innovation of digital trade systems. Reference | Related Articles | Metrics | Comments（0）

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

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Research on the Formation Logic and Leap Path of New Quality Productivity Based on Intelligent Manufacturing WU Qun, CHEN Qian Contemporary Finance & Economics    2024, 0 (9): 3-12.   Abstract （74）            Knowledge map    Save Intelligent manufacturing is the key lever of the manufacturing industry to realize high-quality development, and also an important form of new quality productivity in the upgrading and development of the manufacturing industry; through intelligent manufacturing the formation of new quality productivity in the manufacturing industry can be accelerated so as to further promote the implementation of the strategy of a strong manufacturing country. The formation logic of new quality productivity based on intelligent manufacturing mainly includes four logics, i.e. the technological innovation driven logic, the production model transformation logic, the production factors integration logic and the collaborative symbiotic development logic, which respectively show the qualitative state of high efficiency, flexibility, networking and self-optimization. With the continuous science and technology innovation and the continuous empowerment of digitalization, the new quality productivity in the future will leap to the tough, knowledge-based, ecological and wisdom-based new quality productivity. Intelligent manufacturing provides a strong driving force for China's manufacturing power strategy, but there are still difficulties in the development of new quality productivity based on intelligent manufacturing, such as the lack of key technologies, the shortage of high-end talents, the poor allocation of resources, and the lower degree of human-machine collaboration. Overcoming key technology difficulties is the basic guarantee for the leapfrogging of new quality productivity, cultivating high-end talents is the supporting condition, optimizing resource allocation is an important driving force, and deepening human-machine symbiosis is the advanced goal. Efforts in these areas will help to form a higher level of new quality productivity based on intelligent manufacturing, thus providing support for the high-quality development of China's manufacturing industry. Reference | Related Articles | Metrics | Comments（0）

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Digital Economy, Carbon Total Factor Productivity and Urban Low-Carbon Development WU Chang-nan, TIAN Ling-feng Contemporary Finance & Economics    2024, 0 (9): 111-125.   Abstract （57）            Knowledge map    Save At present, China's digital economy is booming, and at the same time, China is vigorously promoting urban low-carbon development. Then, can the digital economy promote urban low-carbon development? Using the panel data of 284 prefecture-level cities in China from 2011 to 2021, this paper empirically examines the impact of digital economy on urban low-carbon development on the basis of measuring the level of urban low-carbon development and the level of urban digital economy development. The findings show that digital economy can significantly promote urban low-carbon development. The analysis of the impact mechanism reveals that the digital economy can promote urban green technology innovation and reduce urban energy consumption intensity, which can improve urban carbon total factor productivity, and then promote urban low-carbon development. The moderating effect analysis indicates that the intensity of environmental regulation can enhance the promotion effect of digital economy on urban low-carbon development. The heterogeneity analysis reveals that the digital economy contributes more to urban low-carbon development in the non-resource-based cities or cities with a non-coal-based energy consumption structure. For this reason, it is necessary to strengthen the construction of digital infrastructure, promote the rapid development of the digital economy, and give full play to the facilitating effect of the digital economy on urban low-carbon development. Reference | Related Articles | Metrics | Comments（0）

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Banking Fintech, Lending Distance and Banking Competition: From the Perspective of Credit Diversification FENG Jue, WANG Ying-dong, CHEN Meng-jie Contemporary Finance & Economics    2024, 0 (5): 73-85.   Abstract （69）            Knowledge map    Save Fintech has produced far-reaching changes in the banking business model and has become the key for banks to break through the competition in the credit market. By making use of the data of banking fintech patents, the data of listed company borrowing, and the geographic information of commercial banks from 2013 to 2021, this paper systematically assesses the effect of fintech development on real banking competition and its mechanism. The findings show that banking fintech has significantly intensified the banking competition and expanded the diversified access for enterprises to get credit. The mechanism analysis shows that banking fintech has intensified the banking competition by expanding the lending distance between banks and enterprises, and this mechanism is more significant in areas with scarce financial resources, which helps to improve the fairness of financial services. The heterogeneity analysis shows that the positive effect of banking fintech on banking competition is more pronounced among firms with higher financing constraints, insufficient market attention, or leading digital transformation, which has effectively improved the allocation efficiency of credit resources. Further analysis reveals that the development of fintech can contribute to the improvement of the competitive environment of the credit market for different types of banks. Therefore, attention should be paid to the impact of the enabling effect of fintech on banking competition, and the development of banking fintech should be standardized and steadily promoted. At the same time, financial supervision should be strengthened to prevent disorderly competition, so as to continue to assist the high-quality development of enterprises. Reference | Related Articles | Metrics | Comments（0）

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Digital Transformation and Allocation of Decision-Making Power: Empirical Evidence from Enterprise Groups XU Wen-shuai, PENG Jian-fei, WU Yun-lang Contemporary Finance & Economics    2024, 0 (5): 101-113.   Abstract （59）            Knowledge map    Save Little attention in the existing literature is paid to the impact of digital transformation on the allocation of decision-making power within enterprise groups. By making use of the data of A-share listed companies from 2007-2020, this paper analyzes the relationship between digital transformation and the allocation of decision-making power in enterprise groups. The results show that digital transformation has significantly reduced the the concentration of decision-making power allocation in enterprise groups, and that the down movement of decision-making power can contribute to the better integration between the expertise and decision-making for the subsidiaries, which ultimately increases their innovation output. This conclusion remains robust after controlling the possible endogenous issues. The mechanism analysis shows that digital transformation facilitates decentralized management in enterprise groups mainly by reducing the agency costs of the subsidiaries. It is found through distinguishing the types of digital transformation that both the underlying technology and practical applications of digital transformation contribute to reducing the concentration of corporate decision-making power allocation. The results of the test based on the enterprise characteristics and the compatibility of digital transformation between parent and subsidiary companies show that digital transformation has a more significant impact on the decentralization of decision-making power allocation in non-state-owned and high-tech enterprise groups. The high digitalization of parent companies and subsidiaries is more conducive to the formation of a decentralized governance model in enterprise groups. Therefore, the government authorities should further accelerate the pace of digital transformation to optimize the allocation of decision-making power within enterprise groups, thereby promote the construction of a strong and innovative country. Reference | Related Articles | Metrics | Comments（0）

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

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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）

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Innovative City Construction and the Key Core Technology Innovation of Enterprises JIANG Zhong-yu Contemporary Finance & Economics    2024, 0 (4): 113-126.   Abstract （62）            Knowledge map    Save In the context that the global competition pattern is undergoing profound changes, how to promote enterprises to accelerate the progress of key core technology innovation is an important issue for government innovation governance. On the basis of theoretical analysis, this paper combines the enterprise patent information with the national strategic emerging industry planning to measure the key core technology innovation performance of enterprises. It also takes the national innovative city pilot policy as the quasi-natural experiment to empirically test the influencing effect and mechanism of the construction of innovative cities on the key core technology innovation of enterprises. The research results show that the construction of innovative cities has significantly promoted the improvement of enterprises’innovative performance of their key core technology, and with the further implementation of the pilot policy, the policy effect will be gradually improved. The mechanism test reveals that the construction of innovative cities can have a positive impact on the innovation of key core technologies of enterprises through the two paths of promoting the accumulation of urban knowledge capital and improving the innovation risk bearing ability of enterprises. The heterogeneity analysis shows that for the state-owned enterprises, the enterprises in the growth or decline stages, the enterprises located in lower class or economic center cities, and the enterprises located in cities with stronger basic research ability, the role of innovative city construction in enabling key core technology innovation is more obvious. Therefore, it is necessary to accelerate the construction of innovative cities according to local conditions, promote the renewal and iteration of urban innovation infrastructure and innovation factors, and establish a multi-party sharing mechanism for enterprise innovation risks. Reference | Related Articles | Metrics | Comments（0）

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Talent Introduction, Individual Income Tax Incentives and Enterprise Labor Income Share SUN Qun-li, HAN Chao-sheng Contemporary Finance & Economics    2024, 0 (5): 44-57.   Abstract （71）            Knowledge map    Save Implementing the strategy of strengthening the country with talent in the new era, improving talent incentive policies and enhancing talent competitiveness will play an important role in optimizing income distribution patterns and promoting high quality development of the economy. Taking the reform of personal income tax preferential policies in the Guangdong-Hong Kong-Macao Greater Bay Area in 2019 as an event impact, this paper examines the impact and mechanism of high-end talent introduction on the labor income share of enterprises with the data from listed companies in China. The findings show that the preferential policy of personal income tax has reduced the relative cost of enterprises labor factors, and significantly increased the share of labor income within the policy. The heterogeneity analysis reveals that competitive industries, non-state-owned enterprises, non-capital-incentive enterprises and and high-tech enterprises are more affected by personal income tax preferential policies. The mechanism analysis reveals that the personal income tax incentive policy has reduced the relative price of talent factors, which can not only motivate enterprises to increase their investment in human capital and facilitating the deepening of human capital, but also improve their innovative investment and increase the number of their R&D staff and skilled personnel, so as to increase their labor income share. Therefore, it is recommended to increase tax incentives for talents and promote the improvement and efficiency of personal income tax preferential policies; improve the talent introduction system and enhance the core competitiveness of enterprises; and optimize the talent training system of enterprises and increase the share of labor income. Reference | Related Articles | Metrics | Comments（0）

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

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How Does Corporate Innovation Novelty Affect Corporate Tax Avoidance? Evidences from the Patent Classification Data of China’s Listed Companies BI Chao, WANG Jing-hua Contemporary Finance & Economics    2024, 0 (4): 153-164.   Abstract （76）            Knowledge map    Save Innovation is an important driving force for the development of enterprises, but the innovation model can affect their decision-making. Taking the A-share listed companies in China from 2003 to 2021 as samples, this paper empirically tests the impact of corporate innovation novelty on corporate tax avoidance and its affecting mechanism. The findings show that the enterprises with a higher degree of innovation novelty will have a higher degree of tax avoidance. The mechanism analysis reveals that the higher degree of innovation novelty could enhance the financial constraints of the enterprises and reduce their information transparency, thereby increasing the degree of corporate tax avoidance. Further analyses indicate that the positive correlation between innovation novelty and corporate tax avoidance is more pronounced in the enterprises with higher level of earnings management and decentralization. The economic consequence analysis shows that the tax avoidance behavior brought about by innovative novelty has a certain strategic effect, which can significantly enhance the market competitiveness of enterprise products. Therefore, during the process of innovation, enterprises need to coordinate various decisions well, so that various decisions can have a synergistic driving effect on innovation. Comprehensive and differentiated regulatory strategies should be established to cope with tax avoidance behaviors with different attributes. Reference | Related Articles | Metrics | Comments（0）

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The Impact of the Fiscal Reform of“Province-Managing-County”on the Spatial Deviation of“Economy-Grain” HE Qiang, WEI Feng, QI Yan-bin Contemporary Finance & Economics    2024, 0 (4): 44-57.   Abstract （99）            Knowledge map    Save Food security and economic development are important foundations and guarantees for national security, but the spatial deviation of “economy-grain”, i.e., the uncoordinated relationship, will not only delay the strategic pace of building China into an agricultural power, but also hinder the high-quality development of China’s economy. Therefore, by making use of the panel data from 1864 county-level governments in China from 2000 to 2020, this paper studies the impact and the internal mechanism of the fiscal reform of “province-managing-county” (PMC) on the spatial deviation of “economy-grain” (SDEG). The findings show that the fiscal reform of “province-managing-county” will to a certain degree intensify the spatial deviation of “economy-grain”, i.e., it will result in the deepening of the discordant degree between grain production and economic development. The mechanism analysis indicates that the intensification of SDEG is caused by the increase in fiscal decentralization and the level of non agricultural economic development, as well as the decline in agricultural market vitality. The heterogeneity analysis reveals that compared to other regions, the fiscal PMC reform has the greatest impact on the SDEG in the central and western regions and the concentrated and contiguous poverty-stricken areas; when without being constrained by the responsibility for grain production, the policy effect of the fiscal reform of PMC should be mainly focused on economic growth. Therefore, it is necessary to optimize the implementation mode of the fiscal reform of PMC, and reverse the non-grain development tendency of the county-level governments; to establish a linkage mechanism between food security and promotion incentives, and revise the guidance of county-level officials towards “moving towards the economy and away from grain”; to improve the mechanism of interest compensation, and relieve the financial pressure in major grain producing counties; and to reform the financial supervision mechanism in the counties, and strictly control the financial resources towards the direction of expenditure. Reference | Related Articles | Metrics | Comments（0）