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Building a High-Standard Socialist Market Economy in all Respects and Reforming the Fiscal and Tax Systems DENG Li-ping, CHEN Li Contemporary Finance & Economics    2024, 0 (11): 3-11.   Abstract （181）            Knowledge map    Save Building a high-standard socialist market economy in all respects is an important reform goal made clear at the Third Plenary Session of the 20th CPC Central Committee, which highlights the importance of further deepening the reforms in all respects in the new journey, with the reform of the economic system as the leading force. Xi Jinping’s economic thought, especially the related exposition on the socialist market economic system, is the basic guideline for comprehending the profound connotation of building a high-standard socialist market economic system in all respects. The profound connotation should be grasped at five aspects: first, insisting on the decisive role of the market in resource allocation; second, insisting on the close integration of the socialist system with the market economy; third, insisting on the construction of a socialist market economic system supported by the institutions; fourth, insisting on the establishment of a high-standard socialist market economic system; and fifth, insisting on the completion of a comprehensive high-standard socialist market economic system. In the practical path, the fiscal and tax system is a key basic system for the socialist market economy, therefore, a new deployment of fiscal and taxation system reform is needed from the three aspects: the budget system, the tax system, and the relationship between the central and local finances to improve the macroeconomic regulation and optimize government governance, so as to contribute to the building of a high-standard socialist market economy in all respects. Reference | Related Articles | Metrics | Comments（0）

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The Real Economic Effects of Electronic Consumption Vouchers: Evidence from Unionpay Platform XI Ming-ming, LIU Xu-yan, LI Ting Contemporary Finance & Economics    2024, 0 (11): 12-26.   Abstract （199）            Knowledge map    Save Government consumption vouchers serve as an important economic stimulus tool designed to invigorate the market and provide necessary support to businesses that are affected by economic pressures. In order to thoroughly investigate the actual effects of this policy tool, this paper conducts a quasi-natural experiment with the distribution of electronic consumption vouchers by various levels of governments in Jiangxi Province. Taking the data from 264, 000 active merchants contracted with Jiangxi Unionpay platform from 2019 to 2022 of totaling 968, 000 observation values as the samples, this study constructs multi-period difference-in-differences models and triple difference models to examine the impact of government-issued electronic consumption vouchers on the operations of physical merchants and their mechanisms of action, as well as to discuss the social welfare effects of government electronic consumption vouchers. The results show that: firstly, the leverage effect of government e-coupon on the real economy is between 1.308~3.250 times, and the elasticity coefficient of the coupon is between 0.152~0.395. Secondly, e-coupon mainly have a positive impact on the operation of physical merchants through the three mechanisms: price discrimination, small profits and good sales, and brand effects. Thirdly, the unique way of issuing and canceling government e-vouchers will neither cause the crowding out of consumer welfare nor increase the financial burden. Therefore, to further stimulate domestic market demand in the future, it is recommended to refine the distribution channels and mechanisms of government electronic consumption vouchers, ensure the accurate allocation of consumer vouchers to the target groups and efficient conversion, thereby maximizing their economic and social benefits. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Impact of ESG“Greenwashing”on Corporate Performance ZOU Yan-fen, XIAO Zhi-wen Contemporary Finance & Economics    2024, 0 (11): 152-164.   Abstract （126）            Knowledge map    Save Practicing ESG is an important way to promote the green and low-carbon development of the economy and society. Taking the A-share listed companies from 2011 to 2021 as the research samples, this paper empirically tests the impact of ESG“greenwashing”on enterprise performance and its mechanism on the basis of measuring enterprise ESG“greenwashing”. The findings show that ESG greenwashing, social information greenwashing, and corporate governance greenwashing can all significantly reduce a company's financial and market performance, while environmental responsibility greenwashing will significantly improve a company's financial and market performance. The analysis of the influencing mechanism reveals that ESG greenwashing can weaken a company's operational capabilities, damage its reputation, and increase its financing constraints, thereby reducing its performance. The heterogeneity analysis reveals that in non-state-owned enterprises and enterprises with higher analyst attention, ESG“greenwashing”has a more significant effect on the declining corporate performance. To this end, enterprises, the society and the government should work together to promote the construction of China's distinctive ESG governance system. Reference | Related Articles | Metrics | Comments（0）

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House Price Expectation Shocks, Endogenous Uncertainty and Aggregate Demand Shortage GUO Ling-yi, XU Wen-li Contemporary Finance & Economics    2024, 0 (11): 27-41.   Abstract （83）            Knowledge map    Save The downward trend of economic expectations is an important reason for the lack of aggregate demand in China. Based on China's macroeconomic quarterly data from the year 2009 to 2022, this paper analyzes the impact of the expectations of housing price shocks on the aggregate demand and its transmission mechanism by constructing a dynamic stochastic general equilibrium model that includes the irrational expectations shocks of housing prices and the endogenous uncertainty. The results indicate that: firstly, a downward expectation shock of housing prices will lead to a decline in aggregate demand, the transmission mechanism including the illusion of housing wealth, the financial accelerator, and uncertainty. Secondly, the uncertainty mechanism amplifies the suppressive effect of the negative housing price shock on the aggregate demand, resulting in a more significant decline in total demand. Thirdly, there is an asymmetric effect between the negative and positive expectation shocks of housing prices on aggregate demand, with the impact of price decline expectations being more substantial. Fourthly, in the face of a negative expectation shock, the macroprudential policy tools that focus on the observed housing price expectations are more effective in smoothing aggregate demand fluctuations. Therefore, government departments should strengthen the expectation management, implement policies tailored to individual cities, and adopt more policy tools to boost the real estate demand and reduce uncertainty. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Value-Added Tax Retention and Refund Policies on Cross Regional Capital Flows: Evidences from the Remote Investment of Listed Companies LI Hua, GU Lan-juan, WANG Ai-ai Contemporary Finance & Economics    2024, 0 (11): 42-56.   Abstract （76）            Knowledge map    Save As the highlight of the combined tax and fee support policies, the VAT retention and refund is a key measure to help enterprises alleviate difficulties, which has an important impact on the cross regional flow of capital. To this end, based on a quasi natural experiment of the 2018 value-added tax retention and refund policy, this paper makes use of the manually collected data of the registered locations of the subsidiaries of listed companies in China from 2014 to 2019 to empirically analyze how the value-added tax retention and refund policy affects the cross regional capital flows. The findings show that the VAT retention and refund policy has promoted the investment of listed companies in other places and effectively promoted the cross regional flow of capital. This effect is more obvious in non-state-owned enterprises and enterprises in highly competitive industries, and it has a positive impact on enterprises with different levels of VAT retention and refund. This effect is stronger in enterprises with no tax retention and refund or lower scale of tax retention and refund. The mechanism analysis reveals that VAT retention and refund policy can impact across regional capital flows mainly by alleviating financing constraints and reducing the perception of uncertainty. Therefore, it is recommended to continuously optimize the VAT retention and refund policy to create a better business environment for enterprises to invest in other regions, precisely implement the tax support policies to improve the targeting of policy support, strengthen the synergy between fiscal and financial policies to stabilize the expectations of market development. Reference | Related Articles | Metrics | Comments（0）

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Signaling Effects, Economic Uncertainty, and the Effectiveness of Monetary Policy CHEN Guo-jin, GUO Jun-ying, ZHAO Xiang-qin Contemporary Finance & Economics    2024, 0 (11): 57-69.   Abstract （69）            Knowledge map    Save The effectiveness of monetary policy is closely related to the stability of the macro economy. Therefore, a thorough discussion of the effectiveness of monetary policy is of great significance for achieving China's economical goal of stable growth. By constructing a three-period model incorporating the banking and enterprise sectors, this paper studies the intrinsic relationship between signal effect, economic uncertainty, and the effectiveness of monetary policy, and conducts empirical tests using the instrumental variable partial projection method. The findings show that, first, there exists a signal effect of monetary policy in China, and the monetary policy released by the central bank will affect the public expectations of the economic fundamentals, thus influencing the effectiveness of monetary policy. Second, the loose monetary policy can stimulate economic growth by extending the credit term, however, the existence of the signal effect will weaken the effect of monetary policy on regulating the credit term structure, further reducing the effectiveness of monetary policy. Third, when economic uncertainty intensifies, the signal effect will be amplified, which will further weaken the ability of monetary policy to regulate the credit term structure and reduce its role in stabilizing the economy. Therefore, the People's Bank of China should improve its expectation management, increase public confidence in the effectiveness of monetary policy, and at the same time unblock the regulatory channels of monetary policy's credit term structure, especially in the context of higher economic uncertainty. Reference | Related Articles | Metrics | Comments（0）

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The Research on Policy Semantics and Expectation Channels of the Central Bank's Forward Guidance NIE Li, SHI Kai Contemporary Finance & Economics    2024, 0 (11): 70-83.   Abstract （77）            Knowledge map    Save Forward guidance is an innovative monetary policy tool used to manage expectations. Clarifying the policy semantics and mechanism of the central bank's forward-looking guidance is of great significance for improving the monetary policy framework. This paper adopts the text analysis techniques to measure the policy semantics of China's monetary policy forward guidance from the two dimensions: policy orientation and economic prospects. It also separates interest rate expectations and term premiums through a macro financial affine term structure model. On such a basis, this study explores the transmission mechanism of the forward guidance using an exponential generalized autoregressive conditional heteroskedasticity model and a time-varying Granger causality test. The findings show that the forward guidance emphasizes more the noise reduction function of the expectation channel, but cannot affect the interest-rate expectations through transmitting new information. The policy-inclination forward guidance can more effectively fulfill the noise reduction function, whereas the economic-outlook forward guidance cannot guide the direction of future interest rate expectations. Further analysis reveals that an increase in the semantic similarity of policy-inclination forward guidance can significantly reduce the volatility of short-term interest rate expectations, and that economic-outlook forward guidance is more likely to influence the medium and long-term interest rates through uncertainty channels dominated by term premiums. Therefore, it is recommended that the People's Bank of China should steadily advance forward communication, refine the cross-cycle policy design based on expectation management, and construct an expectation management system framework with Chinese characteristics. Reference | Related Articles | Metrics | Comments（0）

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Social Effects of Local Government Debt Management: From the Perspective of Private Enterprises' Social Responsibility LIAO Wang, LI Wen, TANG Xue-song Contemporary Finance & Economics    2024, 0 (11): 84-97.   Abstract （55）            Knowledge map    Save The problem of local governments defaulting on payments to private enterprises has been a major obstacle on the road to building a new type of close and upright government-business relationship. Using the State Council's special supervisory action to clean up government arrears as a quasi-natural experiment, this paper applies the difference-in-difference method to systematically examine how the settlement of local government arrears exerts a positive social effect and influences the assumption of social responsibility by private firms, intending to provide empirical evidence on how the governance of government debt positively induces the private economy. The findings show that this special action has significantly improved the level of social responsibility of private enterprises in the supervised areas. This action has enhanced the willingness and ability of private enterprises to undertake social responsibility by increasing the public attention to them and alleviating their internal liquidity constraints, and has had a positive impact on corporate charitable donations. The heterogeneity test reveals that the above-mentioned effect is more significant in regions with lower social credit levels, poorer market environments, and in private enterprises that lack political connections. Therefore, in order to promote the healthy development of the non-public economy and build a new type of government-business relationship, the governance of local government arrears should be institutionalized and long-term. While building a service-oriented government, private enterprises should be encouraged to actively fulfill their social responsibilities and play a positive role in social development. Reference | Related Articles | Metrics | Comments（0）

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Does Digital Products Import Promote the Quality Improvement of Export Products of Multi Product Enterprises? LU Jing, WANG Tao-xuan, XIAO Qing-lan Contemporary Finance & Economics    2024, 0 (11): 111-127.   Abstract （70）            Knowledge map    Save The digital economy creates new opportunities for the high-quality development of China's exports. Accelerating the development of digital trade and fully leveraging the technological advantages of digital products are important ways to promote the upgrading of the quality of exported products by enterprises. Multi product enterprises are the main form of China's foreign trade enterprises, occupying a dominant position in export activities. Using the micro matching data from the China Customs Database, China Patent Database, and China Industrial Enterprise Database from 2000 to 2014, this study examines the impact of digital product imports on the quality of exported products from multi product enterprises and its underlying mechanisms. The findings show that the import of digital products can generate significant product quality upgrading effects, prompting enterprises to improve the quality of their exported products. The mechanism analysis reveals that the“cost saving effect”, the“digital technology spillover effect”, the“product conversion effect”, and the“intermediate goods import selection effect”caused by the import of digital products are the main mechanism paths for enterprises to improve the quality of their exported products. The heterogeneity results show that the higher the knowledge endowment of enterprises, the more obvious the product differentiation, and the higher the development level of export destination countries, the more significant the quality upgrading effect brought by imported digital products. Further analysis shows that the entry of new products, the exit of old products, the improvement of the existing product quality, and the internal resource reallocation all have an impact on the export product quality of multi product enterprises. Focusing on the dynamic discovery of the existing product quality, it can be seen that the import of digital products can improve the export product quality of non core products, bridge the quality gap between products of different natures, and drive the overall improvement of product quality. Based on the above conclusions, it is necessary to actively guide enterprises to import digital products, fully leverage the role of digital products in product quality and upgrading export trade models, and promote China's high-level opening-up to the outside world. Reference | Related Articles | Metrics | Comments（0）

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The Market Reaction to the Security Representative Litigation System CHEN Liang-yin, HUANG Jun Contemporary Finance & Economics    2024, 0 (11): 140-151.   Abstract （57）            Knowledge map    Save Based on the“Provisions on Several Issues Concerning Representative Litigation in Securities Disputes”implemented by the Supreme People's Court on July 31, 2020, this paper studies the market response to the securities representative litigation system. The findings show that the securities representative litigation system will generate positive market reactions. The mechanism test reveals that the implementation of the securities representative litigation system not only significantly increases the number of independent directors resigning and expressing dissenting opinions, but also strengthens the supervision of small and medium-sized shareholders over the company. Therefore, the securities representative litigation system will have a positive market response. The heterogeneity analysis reveals that in companies with lower proportion of independent directors, higher agency costs, and lower shareholding ratio of institutional investors, the positive market response generated by the securities representative litigation system is more significant. Therefore, it is necessary to actively guide investors to use the securities representative litigation system to safeguard their own rights and interests, and the regulatory authorities should further strengthen the support role of the investment service centers for the securities representative litigation system. Reference | Related Articles | Metrics | Comments（0）

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Disclosure of Government Audit Results and Perception of Audit Anti-Corruption Effectiveness: An Empirical Study Based on Cognitive Psychology ZHENG Xiao-rong Contemporary Finance & Economics    2023, 0 (7): 143-156.   Abstract （90）            Knowledge map    Save The effectiveness of auditing anti-corruption is the key to achieving success in auditing anti-corruption work, and it is also an important factor that affects the public’s perception of the effectiveness of auditing anti-corruption. Then, how can the perception of audit anti-corruption effectiveness of the public be improved? This paper studies the influence of public contact with audit result announcement information on their perception of audit anti-corruption effectiveness by employing the acculturation theory and designing questionnaires. The findings show that the higher the frequency of public contact with audit results, the stronger the public perception of audit anti-corruption effectiveness. Compared with unofficial channels, the public’s access to audit results through official channels has a greater effect on the improvement of their perception of anti-corruption effectiveness. Different types of audit result information have different effects on the improvement of the public perception of anti-corruption effectiveness. The effect of the transfer and settlement results of audit is the strongest, which is followed by the effect of the rectification results of audit, while the effect of the wrong and fraud information disclosed by audit is the weakest. Therefore, in order to improve the public perception of audit anti-corruption effectiveness, it is necessary to increase the opportunities that the public has access to the audit result announcement information and improve the arrival rate of the audit result information. Reference | Related Articles | Metrics | Comments（0）

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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 （88）            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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Research on the Impact of“Green Factory”Certification on Enterprise Green Innovation ZHU Zhao-hui, LIN Wen, ZENG Ai-min, HU Ying-jie Contemporary Finance & Economics    2023, 0 (7): 3-16.   Abstract （180）            Knowledge map    Save How to stimulate enterprises’ green innovation to promote the overall green transformation and upgrading of manufacturing industry has become a key issue that needs to be solved urgently in environmental regulation policy and theoretical research. Taking the implementation of the voluntary environmental regulation policy of“green factory”certification as a quasi-natural experiment, this paper employs the multi-time point PSM-DID model to investigate the guiding effect of green innovation. The findings show that the level of green innovation of enterprises increases significantly after obtaining the“green factory”certification, which is mainly reflected in the breakthrough of innovation quality rather than quantity. The result of the mechanism analysis shows that the“green factory”certification, in conjunction with government subsidies and green credit policy tools, can effectively help enterprises obtain more government environmental subsidies, ease long-term credit costs and scale constraints, and serve as a signal to attract support from long-term institutional investors to improve the quality of green innovation. The heterogeneity analysis reveals that the quality of green innovation is moresignificantly enhanced when the“green factory”has been recognized for many times, its environmental information is more transparent and no environmental violation has been found, while the effect of the green innovation quality improvement is rather weak when the“green factory”is in heavy pollution industries. These findings suggeststhat the policy-makers should further strengthen the synergy between the certification policy and other policy tools in combination with industry attributes to enhance the incentive effect, improve the“green factory”information disclosure system to give full play to the role of signals, strengthen the pre-qualification examination and post-assessment supervision and the dynamic adjustment of the accreditation list, so as to continue to provide impetus for green innovation. The above conclusions not only provide empirical evidences for the implementation effect and function mechanism of the green certification policy, but also have great practical significance for constructing a diversified policy system, giving full play to the complementary role of government and capital markets in green transformation and upgrading, and promoting the construction of green manufacturing engineering. Reference | Related Articles | Metrics | Comments（0）

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How to Depict the Firm Life Cycle Smoothly: Optimization of Measurement Methods Based on Growth Rate Classification Method ZOU Wen-li, XIE Xiao-ping, YE Jun-kai Contemporary Finance & Economics    2024, 0 (11): 98-110.   Abstract （60）            Knowledge map    Save Accurately measuring corporate life cycle is of great significance for enterprises to make management decisions. However, corporate life cycle obtained on the basis of the existing methods exhibits significant fluctuations, leading to frequent jumps or reversals in a short period of time, making it difficult to smoothly depict the process of cyclical development and changes in the enterprises. By comprehensively analyzing the vertical and horizontal changes of enterprises, this paper sets a broad range of maturity periods rationally for enterprises, optimizes the growth rate classification method, and proposes a more economically logical method for measuring corporate life cycle. Using the data from A-share listed companies from 1991 to 2021, it applies the above methods to measure the life cycle of enterprises. The results show that the improved method can more reasonably reflect the gradual and stable changes of enterprises, effectively reduce the jumping and reversal phenomena in the measurement of corporate life cycle, more comprehensively depict the changes of corporate life cycle, and more in line with the logic of enterprise development. The above research results not only provide theoretical researchers with a new method for measuring the life cycle of enterprises, but also provide new references for future empirical researches. At the same time, they can help enterprise managers to more clearly identify the life cycle stage of the enterprise and provide strong support for them to make business decisions. Reference | Related Articles | Metrics | Comments（0）

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How Does Digitalization Empower the Green Development of the Manufacturing Industry LUO Jun Contemporary Finance & Economics    2023, 0 (7): 108-120.   Abstract （119）            Knowledge map    Save The green development of the manufacturing industry is the key to achieve the“dual carbon”goal and the strategic goal of a strong country in manufacturing. The digital technology has the characteristics of knowledge-intensive and clean, and its deep integration with the manufacturing industry has become a new engine driving the green development of the manufacturing industry. On the basis of systematically analyzing the functioning mechanism of digitalization empowering the green development of the manufacturing industry, this paper empirically tests the effect of digitalization on the green development of the manufacturing industry. The findings show that, in general, digitalization has promoted the green development of the manufacturing industry. The heterogeneity study indicates that heterogeneity in manufacturing industry and the heterogeneity in digital technology can have an impact on the effectiveness of digital empowerment. The mechanism test reveals that digitalization can promote the green development of the manufacturing industry mainly through the four paths, i.e., optimization of the factor structure, improvement of resource allocation, reduction of costs, and technological innovation, but the expansion of the production scale will play a certain inhibiting role. Environmental regulation plays an important role of regulating in the process of digitalization empowering the green development of manufacturing industry, and there is an optimal range of the environmental regulation intensity; within the range, the effect of digitalization empowerment is the greatest. Therefore, it is necessary to accelerate the digital transformation of the manufacturing industry, smooth the transmission path of digital technology empowerment, and maintain the intensity of environmental regulation within a reasonable range, so as to achieve green and high-quality development of the manufacturing industry. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Inefficient Capital Market Pricing on Enterprise Innovation Quality LI Qi-jia, LUO Fu-kai, PANG Ting-yun Contemporary Finance & Economics    2023, 0 (7): 82-93.   Abstract （78）            Knowledge map    Save The improvement of innovation quality has become an important driving force to promote the breakthrough of the key core technologies and the high-quality development of enterprises, but the problem of “low quality and low efficiency”still exists in the innovation activities of China. In the context of realizing technological independence and self-improvement and practicing innovation-driven development, it is of great significance to explore the influence of the capital market environment on the quality of corporate innovation and to seek breakthrough paths for corporatehigh-quality innovation. This paper conducts and empirical study based on China’s A-share non-financial listed companies in Shanghai and Shenzhen stock markets. The findings show that the inefficient capital market pricing will significantly weaken the quality of corporate innovation and makes them fall into an innovation dilemma. The analysis of the mechanism of action shows that overvaluation of stock prices will lead companies to adopt strategic innovations to cater to investors, while undervaluation of stock prices will weaken the enthusiasm of enterprises to invest in R&D. Both of the two tendencies are not conducive to the improvement of corporate innovation quality. The heterogeneity test reveals that the negative impact of inefficient capital market pricing on corporate innovation quality is more prominent when the corporate equity financing is highly dependent, the short-term performance pressure is high, the information asymmetry is strong, and the agency problems are relatively serious. According to the above empirical evidences, the government can take advantage of the market-oriented reforms to further improve the pricing efficiency of the capital markets; while the enterprises should actively respond to the low-quality innovation-induced tendency under the short-term pressure of the capital market through the optimization of the corporate governance level and the information disclosure environment, so as to effectively enhance their high-quality innovation capabilities. Reference | Related Articles | Metrics | Comments（0）

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Capital Market Openingand Quality of Enterprise Environmental, Social and Governance Information Disclosure BA Shu-song, CHAI Hong-rui, ZHAO Wen-yao, ZHANG Shuai Contemporary Finance & Economics    2023, 0 (7): 56-68.   Abstract （103）            Knowledge map    Save Environmental, social, and governance (ESG) investments are important means for China to achieve green development, inclusive growth, and consolidating its international image as a responsible major country. At present, the disclosure of environmental, social and governance information in China is still not standardized, and ambiguity and selective disclosure behavior are still widely existed, seriously restricting the development of ESG investment practices. This paper conducts a double difference regression analysis based on the annual data of A-share listed companies from 2011 to 2020. The findings show that the opening of the Shanghai (Shenzhen)-Hong Kong Stock Connect can significantly improve the quality of the environmental, social, and governance information disclosure of the listed companies. In addition, the empirical results of time heterogeneity indicate that the improvement of information disclosure quality under the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system becomes increasingly significant over time. The mechanism analysis reveals that the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system can improve the quality of ESG information disclosure of listed companies through“foot voting”and the use of“external supervision”effects. Further research has found that while playing an external supervisory role, the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system also plays a role in optimizing the external supervisory environment of China’s A-share market. The above analysis indicates that in the early stages of ESG ecological environment construction, China should fully attach importance to the important role of capital market openness in the quality of ESG information disclosure, and promote China’s ESG ecological environment construction through planned and step-by-step capital market openness. 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 （127）            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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VAT Rate Simplification and Enterprise Equity Financing LI Ying, ZHANG Yu-feng Contemporary Finance & Economics    2023, 0 (12): 68-80.   Abstract （95）            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 （97）            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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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 （121）            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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Gap and Catch-up of Intelligent Robot Technology: Statistical Measurement Based on Intellectual Property Data ZHOU Song-lan, LI Ling-ling Contemporary Finance & Economics    2024, 0 (1): 18-31.   Abstract （107）            Knowledge map    Save Intelligent robots are increasingly and profoundly influencing human production, life, and innovation paradigms, becoming the core area for countries to strive for new advantages in the future. The new technological revolution has opened a window of opportunity for late-coming economies to catch up with the intelligent robot technology. China has actively responded and proposed a new catch-up strategy of transforming technological innovation towards parallel and leading advancements. To effectively implement the new catch-up strategy, an important prerequisite is to scientifically measure and dynamically track the technological gap between the main competitors in the field of intelligent robots, so as to optimize the innovation routes and overcome the “medium technology trap”. The statistical measurement results based on the intellectual property data such as paper influence and patent influence show that the gap in intelligent robot technology between China and the United States, the European Union, Japan, and South Korea has converged to a narrow range of 10%, with overtaking and anti-overtaking repeatedly shifting positions, presenting the typical characteristics of the parallel running stages. China has overwhelming advantages in the total number of papers, highly cited papers, and the number of patents. But on the whole, China has more patent applications and fewer authorizations. The domestic and international layout structure of China’s patents lack international competitiveness. China’s top ten institutions for intelligent robot patents in the world are all universities, lacking leading enterprises that can compete with the four leading international families. The key and core technologies, software, hardware, and operating systems are still subject to the control of other countries. 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 （169）            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 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 （123）            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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Managerial Power Delegation and Efficiency Loss of Executive Compensation Incentives XU Jia-qian, SHI Ke, XU Li-ping, XIN Yu Contemporary Finance & Economics    2024, 0 (1): 86-99.   Abstract （119）            Knowledge map    Save Based on the manually collected and organized data on the changes in management power in the amendment announcements of the charters of listed companies from 2010 to 2019, this paper adopts a double difference method to test the impact of management power sinking based on the autonomy of the company’s charter on the executive compensation. The findings show that after the management power sinking, both the executive compensation and the excess compensation are significantly increased. Specifically, when the management power sinks, the increase in executive compensation and excess compensation is mainly reflected in a significant increase in scale compensation (rather than performance-based compensation), while the sensitivity of the company’s compensation performance significantly decreases. These empirical evidences support the management power theory. When the management power sinks, the company’s on-the-job consumption increases and the internal and external salary gap widens, but the company’s future business performance and market value have not significantly improved. Therefore, the decentralization of management power according to the autonomy of the company’s charter may lead to efficiency losses in the executive compensation incentives. The internal and external supervision mechanisms of the company, as well as the shareholding of the management, have a restraining effect on the positive correlation between the sinking of the management power and the executive compensation. Based on the above research conclusions, when companies modify their charters to authorize the management, they should pay attention to the potential rent-seeking behaviors of the executives, and achieve appropriate authorization and effective supervision. 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 （87）            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 （93）            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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Value Justification for Equity Pledge: From the Perspective of Business Reputation ZHAO Yi-yi, ZHENG Deng-jin, SONG Zi-wei Contemporary Finance & Economics    2023, 0 (11): 54-66.   Abstract （113）            Knowledge map    Save Referring to the hypothesis of“compensation justifying”, this paper believes that the controlling shareholders have the motive to conduct“value justifying”when they are trying to make equity pledge, i.e., in order to obtain higher financing, the controlling shareholder is motivated to assure the pledgee of the promising value of the pledged shares. The premium M&A is an effective way to increase market value, the measurement attribute of M&A goodwill represents the expected future value of the acquired assets. Does the controlling shareholder take advantage of the goodwill asset as a defense for equity pledge? The findings show that controlling shareholders are more likely to pledge their equity when the firm has good business reputation, business reputationis a justification for equity pledge. Especially in companies with poorer information environments, more powerful controlling shareholders and experiencing M&A of tunneling motivation, it is more common for controlling shareholders to use goodwill for equity pledge, and goodwill is more likely to be impaired in the future, indicating that controlling shareholders use goodwill as a false defense rather than a legitimate defense for equity pledge. The tests of internal demand, external environment, and pledged fund flow based on value defense also unanimously prove the above-mentioned pseudo defense behavior. In addition, compared to the bank pledgee, the securities firm pledgee has a lower level of risk prevention against the above-mentioned false defense behavior. The above conclusion indicates that the“double high”risks of“high goodwill”and“high pledge”are related to the arbitrage behavior of controlling shareholders, as well as the currentincomplete goodwill standards and equity pledge regulatory regulations. Therefore, while standardizing the principle of goodwillconfirming in mergers and acquisitions, it is particularly important to strengthen the prior supervision of equity pledge behaviors. Reference | Related Articles | Metrics | Comments（0）

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How Does Trading Mechanism Reform in Interbank Market Affect Interbank Financing Structure? ZHU Bo, XIA Cong, SUN Kai-si Contemporary Finance & Economics    2023, 0 (11): 67-79.   Abstract （84）            Knowledge map    Save The structure of interbank financing affects the financing cost and liquidity conversion of commercial banks and is an important factor for the stable operation of commercial banks. In 2015, the National Interbank Funding Center launched the anonymous order instruction book trading mechanism in parallel in the pledge repo market, which changed the single inquiry trading mechanism that has long been used in the interbank market. Then, what impact will the reform of the trading mechanism have on the interbank financing structure of commercial banks? The theoretical model including the guaranteed and non-guaranteed funding markets and search frictions and the double difference empirical testshow that the reform of the interbank market trading mechanism can reduce the cost of guaranteed financing and increase the proportion of guaranteed financing in interbank financing. Further analysis reveals that in the banks with a high proportion of initial interbank financing, fast initial asset growth, and a large scale of initial shadow banking business, as well as the banks with lower reserve adequacy, the non listed banks, and the small and medium-sized banks, their interbank financing structures are more significantly affected by the reform of trading mechanisms. The reform of the interbank market transaction mechanism can promote the liquidity creation of commercial banks. Therefore, we should continue to expand the coverage of anonymous click trading mechanisms, actively pay attention to the spillover effects of the changes in trading mechanisms, and further improve the reform of trading mechanisms in interbank financing markets. Reference | Related Articles | Metrics | Comments（0）

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Decentralization of Fiscal Expenditure, Livelihood Related Fiscal Expenditure, and Quality of Fiscal Revenue CHEN Xu-dong, WANG Xue-tao Contemporary Finance & Economics    2023, 0 (7): 31-43.   Abstract （87）            Knowledge map    Save This paper constructs a comprehensive indicator of fiscal revenue quality, calculates the fiscal revenue quality index with the entropy evaluation method, andempirically examines the relationship between fiscal expenditure decentralization, livelihood fiscal expenditure, and fiscal revenue quality. The results indicate that the overall quality of China’s fiscal revenue is on a continuous upward trend. The decentralization of fiscal expenditure and livelihood related fiscal expenditure have a significant positive impact on the quality of fiscal revenue through the quantity, structure, and sustainability of fiscal revenue; and there is a certain interactive relationship between fiscal expenditure decentralization and livelihood related fiscal expenditure. From a regional perspective, the decentralization of fiscal expenditures and livelihood related fiscal expenditures in the eastern region can significantly promote the improvement of fiscal revenue quality. From the perspective of branching out projects, the impact of technology, education, and cultural expenditures on the quality of fiscal revenue is the most significant among the livelihood related fiscal expenditures. According to the results of further research, it is found that the fiscal expenditure decisions made by local officials under the promotion pressure would weaken the promoting effect of fiscal expenditure decentralization and livelihood fiscal expenditure on the quality of fiscal revenue. Therefore, we should adhere to the concept of high-quality development and establish a reasonable financial operation mechanism that matches the financial and administrative rights by adjusting the relationship between financial and administrative rights; establish a“people-oriented”financial and tax ideology, and increase public expenditure for people’s livelihoods; optimize the assessment mechanism for local officials, reverse their short-sighted behaviors, so as to promote the improvement of the quality of fiscal revenue. Reference | Related Articles | Metrics | Comments（0）

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Research on the Innovation Effect of Digital Enterprises’ Outward Foreign Direct Investment WANG Jing-jing Contemporary Finance & Economics    2023, 0 (7): 121-131.   Abstract （128）            Knowledge map    Save External investment and cooperation in the digital economy are important engines driving the high-quality development of the digital economy. Based on the annual reports of the listed companies of Chinese digital enterprises from 2002 to 2020 and the China Innovation Patent Research Database, this study empirically tests the innovation effect and its internal mechanism of digital enterprise outward direct investment by employing anasymptotic difference-difference model. The research results indicate that, firstly, the innovation effect of digital enterprises’ outward foreign direct investment is significantly positive, and its promotion effect on high-quality innovation is more significant. Secondly, the outward foreign direct investment of the digital enterprises can drive the innovation of the digital enterprises by saving transaction costs, expanding market size, and leveraging digital upgrading mechanisms. Thirdly, the test results of enterprise ownership, enterprise size, and industry heterogeneity indicate that the innovation effect of the outward foreign direct investment by the small and medium-sized digital enterprises and the non-state-owned digital enterprises is more significant; the innovation effect of the outward foreign direct investment by the enterprises in the telecommunications, radio and television, satellite transmission services, and computer, communication and other electronic equipment manufacturing industries is significant. Therefore, efforts should be made to promote the external investment and cooperation in the digital economy, encourage enterprises to actively participate in the host country’s digital platforms, align with the host country’s digital standards and rules, effectively seize the opportunities in the global digital market, and reasonably arrange digital enterprises to“go global”, so as to enhance the innovation capabilities of digital enterprises and achieve high-quality development of the digital economy. Reference | Related Articles | Metrics | Comments（0）

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Research on the Path of Digital Transformation to Promote the Green Development of the High-End Manufacturing Industry JIANG Xu-han, ZHANG Li-ping Contemporary Finance & Economics    2023, 0 (9): 16-27.   Abstract （189）            Knowledge map    Save The green development of China's high-end manufacturing industry is of great significance for the sustainable development of the national economy. Taking the digital economy as the research background and thehigh-end manufacturing industry as the research object, this paper constructs agreen development evaluation index system by combining the characteristics of the high-end manufacturing industry, so as to describe the dynamic evolution process of digital transformation on the green development of the high-end manufacturing industry from the perspective of enterprise dynamic capability. The findings show that the digital transformation has a positive impact on the green development of China's high-end manufacturing industry. This conclusion is still valid after controlling the endogeneity and conducting a robustness test. The mechanism analysis reveals that in the process of digital transformation, the high-end manufacturing industrycan reduce resource consumption, cut down environmental pollution and promote green technology innovation mainlythrough the dynamic capability path of enterprises, thus promoting the green development of the high-end manufacturing industry. The regulatory effect reveals that sound internal control can positively adjust the relationship between digital transformation and green development of enterprises. The heterogeneity analysis finds that Digital transformation has a more significant role in promoting green development of the high-end manufacturing enterprises in the eastern region, where senior executives have financial backgrounds and where the two positions are separated. Therefore, it will empower China's high-end manufacturing industry to develop in a green way by widely applying digital technology tools to improve the green financial system, establishing a digital system management system to optimize the transformation environment, cultivating digital social capital to regulate enterprise resource allocation, and building a digital innovation network to reduce regional development differences. Reference | Related Articles | Metrics | Comments（0）

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Fintech, Information Quality and Herd Behavior of Institutional Investors WEI Cheng-long, GUO Bei-nan, GUO Cheng-cheng Contemporary Finance & Economics    2023, 0 (9): 55-68.   Abstract （154）            Knowledge map    Save The traditional research paradigm of the formation mechanism of herd behavior believes that incomplete information is an important factor causing the herd behavior of institutional investors. Whether the use of fintech in the capital market can improve the quality of information and thus reduce the herd behavior of institutional investors is of great significance for achieving high-quality development of the capital market. From the three dimensions of fintech attention, the number of fintech companies and fintech policy support, this paper comprehensively measures the level of fintech development in each province. Based on the empirical research of China's A-share listed companies from 2011 to 2021, the findings show that fintech has effectively reduced the herd behaviors of institutional investors, that the improvement of information balance, information disclosure, information transmission and information acquisition is an important way for fintech to play a role. The heterogeneity analysis reveals that fintech shows a stronger inhibitory effect on institutional investors' herding behavior in the companies located in the central and western regions and regions with lower financial marketization, the companies belonging to high-tech industries and the non-mainboard listed companies, as well as the sub-samples of sellers' herding. Further analysis shows that fintech can alleviate the negative economic effects such as lower stock pricing efficiency and crash risks caused by the herd behavior of institutional investors. Therefore, it is necessary to further strengthen the application of fintech in the capital market and provide modern scientific and technological support for creating a highly transparent information environment. 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 （104）            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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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 （280）            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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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 （182）            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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Enterprise ESG Performance and Low-Carbon Green Transformation: Effect Evaluation Based on the Support of Financial Policy Instrument WANG Fang Contemporary Finance & Economics    2024, 0 (1): 152-164.   Abstract （167）            Knowledge map    Save ESG is a brand new orientation concerning how environment, society and governance can realize sustainable development in enterprises, which can exert an important impact on enterprises’ low-carbon green transformation activities. Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021, this paper studies the impact of corporate ESG performance on the low-carbon green transformation. The findings show that the improvement of corporate ESG performance can effectively improve the level of low-carbon green transformation. The heterogeneity test reveals that the improved corporate ESG performance has a more prominent effect on the low-carbon green transformation of non-state-owned enterprises, heavily polluting enterprises and high-tech enterprises. The mechanism test reveals that the improved corporate ESG performance can effectively transmit positive signals, strengthen risk smoothing ability and stimulate green innovation vitality, which can provide impetus for low-carbon green transformation. Further research finds out that specialized green financial policies are an important factor influencing the low-carbon green drivers of corporate ESG performance. In the enterprises with green financial policy support, the improvement of corporate ESG performance will have a significant empowering effect on the low-carbon green transition. In view of this, it is recommended that the government should establish a clearer ESG assessment system, increase incentives for enterprises to meet ESG standards, and encourage financial institutions to launch green financial products. The enterprises should strengthen their awareness of ESG, increase investment, and strengthen the disclosure of ESG information. Reference | Related Articles | Metrics | Comments（0）

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Analyst Attention, Employee Social Comparison, and Corporate Charitable Donations WU Wei, GE Jian-hua Contemporary Finance & Economics    2024, 0 (3): 97-110.   Abstract （102）            Knowledge map    Save The existing researches generally emphasize the role of stakeholders in promoting corporate social responsibility practices, while ignoring the potential conflicts among different stakeholders regarding corporate social responsibilities. When the external stakeholders (analysts) and the internal stakeholders (employees) of a company hold conflicting attitudes towards corporate donations, what changes do corporate charitable donations make? The empirical analysis of Chinese listed companies from 2006 to 2018 shows that although the analyst community is increasingly concerned about and anticipating the charitable performance of enterprises, when the internal employees find that their income is“treated harshly”through social comparison, they will develop a resistance attitude towards corporate donations. In this situation, enterprises will balance the internal and external interest demands to adjust donation amounts. The income gap between employees and corporate executive teams, as well as the income gap with the peers (the employees in the same industry and region), will both significantly weaken the positive impact of analyst attention on corporate donations. The above research conclusions reveal the potential conflicts in corporate social responsibility attitudes among different stakeholders and the triggering mechanisms of employee social comparison, which is beneficial for promoting the researches on corporate social responsibilities under the influence of heterogeneous stakeholder interactions. Reference | Related Articles | Metrics | Comments（0）

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Can Digital Transformation Effectively Reduce Companies’ Reliance on Large Customers? YUAN Ye-fang, WAN Yi-jian Contemporary Finance & Economics    2023, 0 (7): 94-107.   Abstract （139）            Knowledge map    Save China’s traditional informal system of“relationship contract trust”has contributed to the widespread dependence of enterprises on large customers, which is not conductive to their long-term development in the era of rapid development of the digit economy. Based on the samples of non-financial listed companies in China from 2007 to 2019, this paper analyzes the relationship between the digital transformation and the dependence on large customers. The results show that the digital transformation can effectively reduce customer concentration and then reduce their dependence on large customers. The results still hold after the robustness tests, such asthe parallel trend and placebo tests, changing the variable measurement indicatorsand the instrumental variables. In terms of the mechanisms of action, the improvement of corporate competitiveness and information transparency are two important mechanisms of the digital transformation affecting the customer concentration. Further examination of the cross-sectional differences reveals that the negative effect of digital transformation on the customer concentration is more significant among the firms with stronger management capabilities, higher technologies, higher market shares and higher levels of external digitization. The above findings can not only enrich the study of the influencing factors of customer concentration and provide empirical evidences for enterprises to reduce their dependence on large customers,but also provide a decision-making basis for local governments to formulate differentiated policies to promote enterprises’ digital transformation. Reference | Related Articles | Metrics | Comments（0）

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Approval System Reform and Corporate Equity Value FU Wen-ji, GUI He-fa, WANG Hong-jian Contemporary Finance & Economics    2023, 0 (7): 69-81.   Abstract （72）            Knowledge map    Save This paper conducts an empirical study based on the data of A-share listed companies in Shanghai and Shenzhen stock markets in China and incorporating the approval system reform into the real options analytical framework. The findings show that, firstly, the approval system reform can strengthen the motivation of corporate capital seeking profit, i.e., when faced with good investment opportunities, the approval system reform can induce firms to expand investment and execute growth options in a timely manner; when faced with poor investment opportunities, the approval system reform can induce firms to scale down investment and execute liquidation options in a timely manner; when faced with poor investment opportunities, the reform of the approval system can prompt firms to scale down their investments and execute liquidation options. Secondly, the reform of the approval system can promote the increase of corporate growth option value and liquidation option value. The extensibility tests show that the reinforcing effect of the approval system reform on firms’ capital-seeking-profitmotivation is more significant in the samples with more volatile investment opportunity information and downstream firms (i.e., the investment opportunity information is more dispersed). In terms of the path of action, firstly, the approval system reform can significantly reduce the time entrepreneurs spend on non-productive activities such as dealing with the government and increase the time entrepreneurs spend on business management; secondly, the approval system reform can significantly reduce the investment approval time of enterprises; thirdly, the empirical test based on the database of Chinese industrial enterprises shows that the approval system reform has significantly increased the degree of regional competition. The above findings imply that the government departments should continue to deepen the reform of the approval system and attach great importance to the important role played by information in the process of government decentralization, so as to continuously help enterprises achieve high-quality development. Reference | Related Articles | Metrics | Comments（0）