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Pricing Behavior and Strategy of Housing Rental Platforms: Evidences from Beike House Hunting Platform CHEN Li-zhong, TANG Tian Contemporary Finance & Economics    2023, 0 (2): 3-14.   Abstract （175）            Knowledge map    Save In the era of platform economy, the pricing behavior of platforms has attracted much attention. Leasing platforms are playing an important role in promoting the high-quality development of housing rental markets and promoting the construction of housing system with both house renting and house purchasing. This paper conducts an empirical study by making use of the housing rental transaction data of Wuhan market from the Beike House Hunting Platform. The findings show that there are differential pricing behaviors on the housing rental platforms. The pricing of Beike House Hunting Platform for online customers is about 3.2% lower than that of offline customers, and its pricingfor the customers of homologous platforms is about 2.3% lower than that for the competitive platform users. The result of the heterogeneity analysis shows that, in terms of gender, the platform adopts similar discounts for male and female online customers. For male customers, the competition effect between platforms is not significant. For female users, the platform prices are lower for users of homologous platform. In terms of age, compared with non-post-90s online users, the platform offers more preferential treatment to post-90s online users. For post-90s users, the competition effect between platforms is not significant. For non-post-90s users, the price of the platform for homologous platform users is lower. This indicates that supporting the construction of online rental platforms, encouraging brokerage brands in the housing rental market to join the platform in the way of franchise, and opposing the platforms using digital technology to make differential pricing for different users are conducive to the healthy and standardized development of rental platforms. Reference | Related Articles | Metrics | Comments（0）

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Can the Development of Fintech Reduce Geographic Exclusion from Financing ZHANG Bing, SUN Ruo-han Contemporary Finance & Economics    2023, 0 (2): 55-67.   Abstract （159）            Knowledge map    Save The role of fintech in addressing the pain points of SME financing is becoming more prominent. From the perspective of information economics, thefintech development can relieve information asymmetry and reduce the geographic exclusion from SME financing. This paper conducts an empirical test by making use of the data of bank branches, the fintech development level data, and the data of enterprises in the National Equities Exchange and Quotations of SMEs from 2011 to 2020. The results indicate that geographical distance increases the financial exclusion of SMEs, while fintech development decreases the geographical exclusion of SME financing. However, geographical distance remains a significant factor influencing SME financing. The result of the heterogeneity analysis reveals that when there is a higher proportion of large banks and a higher degree of bank competition, as well as in economically backward and transportation inconvenient areas, the positive effect of fintech development on the geographical exclusion of SME financing is more pronounced. The result of the mechanism analysis reveals that the development of fintechcan solve the problem of information asymmetry between banks and enterprises, which is essential for fintech to reduce the geographical exclusion of SME financing. Therefore, we should both strengthen the research and application of fintech and optimize the layout of physical bank branches, so as to promote the financial resources to serve SMEs and to address the“last mile”of financial inclusion. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Digital Economy on Interregional Enterprise Income Tax Distribution Pattern: A Comparison of Different Distribution Schemes Based on the Manufacturing Industry CHEN Xin, LIU Sheng-wang Contemporary Finance & Economics    2023, 0 (2): 28-42.   Abstract （152）            Knowledge map    Save Digital economy has effectively promoted the development of China’s economy, but the development of digital economy is uneven among the regions, which has an impact on the distribution pattern of enterprise income tax among the regions. Based on the panel data of enterprise income tax of China’s provincial manufacturing from 2008 to 2019, this paper examines the impact of digital economy on interregional enterprise income tax revenue.The findings of the empirical study show that under the current interregional enterprise income tax distribution rule, the development of digital economy benefits the enterprise income tax only in a few regions but damages that in most regions. The result of the heterogeneity analysis shows that the current distribution rule is not conducive to the formation of enterprise income tax revenue in the regions with medium and high level fiscal pressure, which increases the possibility of enterprise income tax transfer-out from these regions, and deepens the degree of enterprise income tax transfer-out in these regions. Therefore, in order to better deal with the impact of digital economy on the distribution of interregional enterprise income tax and realize the virtuous cycle of interregional enterprise income tax distribution and the digital economy development, the local sharing part of interregional enterprise income tax in the future should adopt the three-factor distribution method based on the principle of the place of consumption or the three-factor distribution method based on the principle of the place of consumption supplemented with the fiscal distribution method based on the consumption contribution of various regions. Reference | Related Articles | Metrics | Comments（0）

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Environmental Credit Evaluation and Corporate Environmental Information Disclosure ZHONG Hai-yan, WANG Jiang-han Contemporary Finance & Economics    2023, 0 (2): 144-156.   Abstract （193）            Knowledge map    Save The environmental credit evaluation system is an important part of China’s social credit system. Taking the implementation of Measures for Enterprise Environmental Credit Evaluation (Trial) in 2014 as an opportunity, this paper takes A-share listed companies from 2008 to 2019 as samples to explore the impact of environmental credit evaluation system on the quality of corporate environmental information disclosure and its influencing mechanism by using the difference-in-differences model. The findings show that the environmental credit evaluation system can significantly improve the quality of corporate environmental information disclosure. The result of the mechanism analysis shows that the improving effect of the environmental credit evaluation system on the quality of corporate environmental information disclosure is achieved throughincreasing the compliance pressure and stimulating the guiding role of the diverse governing subjects. The result of further research shows that stronger regional environmental supervision efforts, higher regional financial development level and stronger media environmental supervision can strengthen the role of the environmental credit evaluation system in improving the quality of corporate environmental information disclosure. Reference | Related Articles | Metrics | Comments（0）

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Important Achievements, Basic Experiences and Future Expectations of the State Audit Cause since the 18th National Congress of the CPC GUO Peng-fei Contemporary Finance & Economics    2023, 0 (2): 132-143.   Abstract （122）            Knowledge map    Save Since the 18th National Congress of the Communist Party of China, the state audit cause of China has made great achievements in such aspects as management system, law construction, audit business, audit scope, audit method, audit rectification and international influence. The experience of making these achievements lies in: upholding and strengthening the Party’s leadership over the state audit to ensure the independence and authority of the state audit, always carrying out the audit program around the central tasks of the Party and the state, and serving the goal of building China into a great modern socialist power in all respects; ensuring the position of auditing for the people and safeguarding the people’s interests throughout the whole audit process; insisting on the law-based audit and making the state audit playing an important role in advancing the law-based governance comprehensively; focusing on the authenticity, legitimacy and efficiency of fiscal revenues and expenditure and strengthening the integration of economic supervision and political supervision;and enhancing the joint force of audit supervision and other supervision powers. These great achievements and experiencesin the state audit cause made since the 18th National Congress of the CPC are the modern auditing elements of Chinese style, and the key elements in the formation of the socialist audit system with Chinese characteristics in the new era. Reference | Related Articles | Metrics | Comments（0）

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Financial Mismatch and Enterprise Financialization GUI Yan, LV Jiang-lin, WANG Yang Contemporary Finance & Economics    2023, 0 (2): 68-80.   Abstract （186）            Knowledge map    Save The financial mismatch existing in China’s financial system will theoretically promote enterprises to increase financial investment through portfolio selection. This paper conducts anempirical research based on the data of non-financial listed companies in China from 2007 to 2019. The findings show that financial mismatch has significantly promoted the financialization of enterprises in general, and that it mainly promotes the investment in long-term financial assets and quasi financial assets. The former is more prominent in the enterprises with strong profitability, while the latter is only significant in the enterprises with weak profitability and in the state-owned enterprises. The result of the mechanism test shows that financial mismatch promotes enterprise financialization by improving financing constraints and expanding the income gap between finance and entities, but this impact on different types of financial assets shows heterogeneous motivation. For example, under the influence of financial mismatch, enterprises will increase investment in long-term financial assets, which is out of the motive of“preventing savings”to ease financing constraints and the motive of active“profit seeking”to obtain excess financial returns, while increasing the allocation of quasi-financial assets is only out of the passive“profit seeking”motive forced by the decline of the return on the investment in the main business. Further inspection reveals that the relaxation of interest rate control and the development of digital inclusive finance can both weaken the enterprise financialization under the effect of financial mismatch, but mainly weaken the allocation of the quasi-financial assets. In the future, it is necessary for the relevant departments to further promote the marketization of the financial system, improve the efficiency of financial resource allocation, and guide finance to return to the real economy.It is also necessary to promote the development of digital inclusive finance and the construction of the multi-level and full chain capital markets, promote the accurate implementation of financial services, and adapt to the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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The Impact of Peer Firms on the Innovation Investment of Family Firms: To Reduce Risks or to Increase Returns? WU Fang Contemporary Finance & Economics    2023, 0 (2): 94-105.   Abstract （130）            Knowledge map    Save The Chinesestyle modernization is inseparable from the high-quality development of private economy. Being an important part of the private economy, family enterprises arefaced with the problem of long-term insufficient innovation input. Under the background of innovation-driven development in China, it is of great significance to improve the innovation level of family firms. The existing studies usually treat family firms as individuals that make independent decisions, ignoring the influence from other firms. Based on the theories of social psychology and socioemotional wealth, this article discusses the influence of peer firms on the innovation investment of family firms, which can provide a new perspective to solve the problem of insufficient innovation investment of family enterprises. The results show that peer firms have a significant promoting effect on the innovation investments offamily firms, and that the information acquisition imitation is the main internal mechanism. While the competitive imitation has no significant effect, which indicates that the essence of that peer effect is to reduce risk rather than increase returns. Both the firms and environment characteristics have heterogeneous influence on the above effects. When the equity restriction degree inside of the companies is weaker, or the company is in recession, or the economic policy uncertainty outside of the company is greater, or the company is located in the eastern region, the peer effect of innovation investment offamily firms is more remarkable. Reference | Related Articles | Metrics | Comments（0）

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Can Big Data Tax Collection and Management Curb Corporate Violations?A Quasi-Natural Experiment Analysis Based on the“Third Phase of the Golden Tax Project” JI Ya-fang, LIANG Ri-xin, CHI Ya-nan Contemporary Finance & Economics    2023, 0 (2): 43-54.   Abstract （227）            Knowledge map    Save Corporate violations are“stumbling blocks”hindering the high-quality development of the capital markets. It is of vital importance to prevent and govern the corporate violations for the creation of favorable capital market ecological environment. As an external governance mechanism, whether and how big data tax collection and management can inhibit corporate violations is an issue that needs urgent attention. Based on this, with the help of“Golden Tax Phase III”tax inspection system reform as a quasi-natural experiment, this paper takes the A-share listed companies from 2009 to 2018 as samples to construct a multi-period DID model and investigates the impact of big data tax collection and administration on corporate violations. The findings show that big data tax collection and management can significantly inhibit corporate violations. Big data tax collection and administration caninhibit the illegal behavior of enterprises through reducing the agency cost and improving the information transparency of enterprises. The inhibitory effect of big data tax collection and administration on corporate violations is more significant in the regions with poor legal system environment and in the enterprises with lower quality of internal control. Therefore, it is suggested to consolidate the data foundation of big data tax collection and management,improve the data integration ability of big data tax collection and administration, improve the internal and external governance mechanisms of enterprises, enhance the precise governance role of big data tax collection and administration, improve the information disclosure mechanism and the market supervision mechanism of the capital markets,and raise the costs of corporate violations. Reference | Related Articles | Metrics | Comments（0）

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Getting Rid of Path Dependence: Logic and Test of Regional Differentiated Development of Financial Technology WANG Xiao-hua, ZHOU Han-mei Contemporary Finance & Economics    2023, 0 (2): 15-27.   Abstract （153）            Knowledge map    Save Similar to the development of traditional finance, the development of financial technology also shows a regional pattern of differentiated development, with eastern cities taking the lead and some cities in central and western regions lagging behind. Then, what is the internal logic of the formation of the regional differentiated development pattern of financial technology? Based on the theory of evolutionary economic geography, this paper conducts an empirical study by making use of the data of 291 prefecture-level cities of China. The findings show that the regional differentiated development pattern of financial technology development is mainly due to the path dependence of the traditional financial development. Further analysis shows that the improvement of urban innovation capacity and the increase of local government innovation capital investment have a significant promoting effect on the development of financial technology, which helps the traditional financially-underdeveloped areas to get rid of the path dependence and realize the path creation of financial technology development. Therefore, local governments can take advantage of the situation, vigorously promote the popularization and application of big data, cloud computing, blockchain, artificial intelligence and other innovative technologiesin the financial sector, and actively build the development highland of financialtechnology. Driven by the twin wheels of the independent scientific and technological innovation and the“promising”government, the financial technology development can be guided to get rid of the path dependence of traditional financial development and realize the path creation for coordinated regional development of financial technology. Reference | Related Articles | Metrics | Comments（0）

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Can“Punishing One”Necessarily“Warn One Hundred Others”? A Study on the Favorable Comparative Effect of Punishment Announcement: Experimental Evidences from Fraudulent Decision-Making CHEN Yi-zao, WANG Sheng-yuan Contemporary Finance & Economics    2023, 0 (3): 82-93.   Abstract （100）            Knowledge map    Save Favorable comparison is a common cognitive process of individuals in making unethical decisions. It reduces their sense of moral condemnation from the unethical behaviors performed by themselves by comparing with worse behaviors. Then, is there any information source that may induce individuals to make favorable comparison in reality? In theory, the fraud cases involving large amounts and with very bad social impacts that disclosed in the regulatory punishment announcements may become such potential information sources. By simulating the actual annual performance report scenario, this paper studies the impact of the information of severe casesrevealed in the punishment announcements on the fraud behaviors of small-amount fraud decision-makers by designing a laboratory to experiment and investigate the fraud decision-makings. The experimental results support the hypothesis of favorable comparative effect, that is, compared with the subjects who are not induced by the information of severe cases, the subjects who are induced by the information of severe cases have a higher degree of performance misstatement in the experimental decision-making, and this effect mainly exists in the subjects with a higher degree of risk preference. In addition, the subjects who are induced by the information of serious cases show a much lower level of negative emotion after performing fraudulent behaviors. Reference | Related Articles | Metrics | Comments（0）

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How the Member Relationshipof Maker Teams Affects Their Performance in Dealing with Emergencies? Reflection on the Synergistic Effect of Platform Organizations LIU Yao-bin, WANG Meng-lu, XIONG Li Contemporary Finance & Economics    2023, 0 (2): 81-93.   Abstract （151）            Knowledge map    Save Under the dual impact of global economic downturn and COVID-19 epidemic prevention and control, the makersas the main force to carry out Chinese“Innovation and Entrepreneurship”cause are all faced with an ever-changing environment with“not only inside worries, but also outside troubles”. To improve the capability to deal with emergencies becomes a top priority for all of them. However, the current researches have not paid enough attention to the impact of the network relationship characteristics of the maker teams themselves on their performance in dealing with emergencies. Based on social network theory, this study proposes that the relationship characteristics among the members of maker teams can influence their impromptu behaviors and their types, which in turn affect the team performance in dealing with emergencies. The maker platform organizations may use specialized maker training strategies to optimize the above influencing mechanisms. The questionnaire data from 162 maker teams (with 639 members) on 38 platforms reveals that the network relationship strength, the heterogeneity and the informality of team members can exert negative, inverted-U shape and positive effects respectively on the double element improvisations of the teams, which in turn affect team performance in dealing with emergencies indirectly. The interpersonal skill training organized by platforms has a synergisticeffect in the whole process, i.e., playing positive role inweakening the negative effect of the relationship strength, optimizing the inverted-U shape affecting curve of relationship heterogeneity, and amplifying the positive effect of relationship informality. This study innovatively pays attention to the initial influences of maker team organizations on their emergency-dealing performance, and suggests that platform organizations should play a better synergic role in supporting thesustainable development of themaker enterprises. 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 （61）            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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Research on the Impact of New Digital Infrastructure on Domestic Value Chain Circulation HUO Chun-hui, LV Meng-xiao, ZHANG Yin-dan Contemporary Finance & Economics    2023, 0 (2): 120-131.   Abstract （144）            Knowledge map    Save As the driving vehicle of the new round of technological revolution and industrial revolution, digital new infrastructure plays an important role in the national economic circulation. Based on the dual perspectives of supply and demand, this paper explores the theoretical logic of the influence of new digital infrastructure on the circulation of domestic value chain. The findings show that digital new infrastructure can significantly promote domestic value chain circulation. Under the supply-side driving effect, digital new infrastructure promotes the domestic value chain circulation by promoting technological innovations; while under the demand-side driving effect, consumption upgrading is the intervening mechanism to promote the domestic value chain circulation. The result of the heterogeneity study shows that in the technology-intensive industries and labor-intensive industries, the positive impact of new digital infrastructure on domestic value chain circulation is more significant. While in the regions with higher degree oflabor market segmentation and consumer marketsegmentation, the empowering effect of new digital infrastructure will be weakened. The result of the expansion analysis shows that the new digital infrastructure can help to increase theadded value of the domestic industrial value chain, and that this effect is particularly prominent in the central and western regions. The above research reveals that we should attach importance to the basic and overall role of new digital infrastructure in building a new development pattern of industrial chain, accelerate the construction of new digital infrastructure by industry, by region and step by step, and improve the deployment quality and efficiency of new digital infrastructure. Reference | Related Articles | Metrics | Comments（0）

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The Coordination between Fiscal and Monetary Policies under the Macroeconomic Governance System: An Analysis from the Dual Perspectives of Fiscal Policy Intensity and Structure JIN Chun-yu, XU Yue-yue Contemporary Finance & Economics    2023, 0 (3): 28-40.   Abstract （146）            Knowledge map    Save The effective coordination between fiscal policy and monetary policy is the basic condition for a sound macroeconomic governance system with optimized objectives, reasonable division of labor, and efficient coordination. This paper makes use of the MDQVAR model to test the impact of fiscal policy with different intensities on the effectiveness of monetary policy in regulating the three economic targets, i.e., economic growth, price stability and debt controllability, and the impact of the changes in the fiscal policy structures on the regulation effect of monetary policy. The findings show that during the economic downturn, the coordination between low-intensity taxation policy and loose quantity-based monetary policy can quickly promote economic recovery and achieve the goal of stable economic growth. During the economic overheating period, the coordination between high-intensity taxation policy and tight price-based monetary policy is more effective in stabilizing the price level and achieve the target of restraining inflation. During the stable economic period, the coordination between high-intensity fiscal expenditure and tight price-based monetary policy can achieve the three regulating goals of stabilizing economic growth, controlling inflation and reducing government debt. Therefore, when the proportion of productive fiscal expenditure is adjusted to the medium level, the macro-control effect of policy mix is further strengthened. Therefore, the combination of fiscal and monetary policies should be adjusted according to the policy objectives of different economic periods. We shouldoptimize the structure of government spending, maintain a proper proportion between productive spending and consumption spending, seek a dynamic balance among multiple objectives, so as to improve the macroeconomic governance system andpromote the high-quality economic development. Reference | Related Articles | Metrics | Comments（0）

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Research on the Hype Effect before the Issuance of Convertible Bonds: the Forecasting Method Based on Machine Learning LIU E-ping, QIN Hao-yuan Contemporary Finance & Economics    2023, 0 (3): 70-81.   Abstract （137）            Knowledge map    Save This paper conducts an empirical study based on the analyst reports and stock market performance of the listed companies issuing convertible bonds and ordinary bonds prior to the announcement date from 2010 to 2022. The findings show that, compared to the listed companies issuing ordinary corporate bonds, there exist potential hype behaviors between the listed companies issuing convertible bonds and the analysts,which shapes a positive stock price effect. Specifically, the positive tone of the analyst reports significantly increase and the negative tone significantly decrease in the first 180 days of the announcement of convertible bond prospectus issued by listed companies, especially the responses in the first 90 days are more pronounced. At the same time, the average increase in P/B, stock price and circulation market valueis significantly greater in the first 20 days for the listed companies issuing convertible bonds, and the cumulative abnormal returns in the 20 days prior to the announcement date are significantly higher, which results in lower subsequent equity dilution costs for the listed companies issuing convertible bonds. The empirical results suggest that possible hype phenomenon by securities analysts may exist in the capital markets. The above findings unearth the share price anomalies and the transmission mechanism of share price changes prior to the announcement of convertible bond issuance by listed companies, while providing references for the regulation of capital market information disclosure and the protection of public investors. Reference | Related Articles | Metrics | Comments（0）

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Can the Reform of State-Owned Capital Investment and Operation Companies Improve the Investment Efficiency of SOEs YANG Li-juan, XIONG Ling-yun Contemporary Finance & Economics    2023, 0 (3): 131-143.   Abstract （160）            Knowledge map    Save The report of the 20th Party Congress proposes to continue to deepen the reform of state-owned capital and enterprises. At present, the reform of state-owned capital and enterprises has entered a new stage of taking“capital management”as the principal thing, and it is of great importance to study the effectiveness, mechanism and economic consequences of the reform of state-owned capital investment and operation companies (SOCIOCs). Based on the data of the reform samples of state-owned listed companies from 2008 to 2020, this paper conducts an empirical study. The findings show that the reform of SOCIOCs can significantly improve the investment efficiency of SOEs, which is mainly achieved by inhibiting over-investment. The result of the mechanism analysis shows that the reform of SOCIOCs has improved the investment efficiency of SOEs through the two intrinsic mechanisms of curbing the opportunistic behaviors of the management and reducing the policy burdens. Further analysis reveals that the stronger the reform efforts, the stronger the effect of SOEs investment efficiency improvement will be. The effect of SOCIOCs reform on the improvement of the investment efficiency of SOEs is more significant in the group of enterprises with lower levels of corporate governance. The result of the economic consequence test reveals that the financial value of SOEs can be significantly improved when the investment efficiency of SOEs is improved by the SOCIOCs reform. Therefore, we should actively promote the reform of SOCIOCs, promote the reform of government decentralization, give full play to the corporate supervision mechanism, and improve the level of corporate governance. Reference | Related Articles | Metrics | Comments（0）

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Nonlinear Spillover Effects of US Economic Policy Uncertainty on China’s Technological Innovation CHEN Pu, OUYANG Zhi-gang Contemporary Finance & Economics    2023, 0 (4): 15-28.   Abstract （155）            Knowledge map    Save The economic policy uncertainty of the technology leading countries can produce spillover effects on the scientific and technological innovation of the technology following countries through the technology following channel and the uncertainty inducing channel. The direction of the spillover effects depends on the influencing mechanism of the EPU of the technology leading country and the technology following country on the domestic scientific and technological innovation. On the basis of a nonlinear threshold GVAR model, this paper studies the non-linear spillovereffect of the EPU of USA on the scientific and technological innovation of China. The results show that as a whole the EPU of USA can suppress the scientific and technological innovation of China through the technology following channel and the uncertainty inducing channel, and that the inhibiting effect is greaterin the low growth mechanism. In terms of different industries, the EPU of USA in its industries with more innovative advantages can have negative spillover effects on China’s industrial innovation mainly through the technology following channel; among which, the inhibiting effect is greater in the low growth mechanism. In the industries of USA with relative innovative advantages, the EPU of USA can have spillover effects on the industrial innovation of China through the technology following channel and the uncertainty inducing channel; among which, the positive effects are smaller in the high growth mechanism and the negative effects are greater in the low growth mechanism. As for the industries of China with innovative advantages, the EPU of USA can produce spillover effects on the industrial innovation through the uncertainty inducing channel; among which,the spillover effect is not clear in the high growth mechanism, and the negative spillover effect is obvious in the low growth mechanism. Reference | Related Articles | Metrics | Comments（0）

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A Study on the Impact of the Host Country/Region’s Digital Economy Development on China’s Outward Foreign Direct Investment LIU Zhen-lin Contemporary Finance & Economics    2023, 0 (4): 118-130.   Abstract （202）            Knowledge map    Save With its increasingly extensive impact, digital economy has made profound changes in the efficiency, structure, regional layout and investment mode of transnational enterprises in the field of current international investment. Based on the panel data of 125 host countries (regions) around the world from 2003 to 2020, this paper explores the impact, mechanism and spatial effect of the development of digital economy on China’s outward foreign direct investment. The findings show that China is inclined to invest in the host countries (regions) with a higher level of digital economy development, and that in the host countries (regions) with higher levels of income, economic development, human capital, financial openness and economic freedom, the development of digital economy can play a greater role in promoting China’s OFDI. The results of Ward system clustering and natural breakpoint grouping show that only a high level of comprehensive development of the digital economy in the host country (region) can significantly increase the scale of China’s OFDI. The result of the function mechanism test shows that the development of the digital economy of the host country (region) will affect China’s OFDI through the two important channels: trade cost effect and investment convenience effect. The result of the spatial Durbin model shows that the digital economy of the host country (region) will have a crowding-out effect on the OFDI in the neighboring regions, and this crowding-out effect will not fall off with the increase of the distance threshold. Reference | Related Articles | Metrics | Comments（0）

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Correlation of Assets, Degree of Integration, and Achievement of Performance Commitments in Mergers and Acquisition LIU Jian-yong Contemporary Finance & Economics    2023, 0 (4): 131-144.   Abstract （104）            Knowledge map    Save The correlation between the assets of both parties in a merger and acquisition transaction can affect the difficulty and effectiveness of subsequent integration, which in turn affects the performance of the target company. Therefore, it is of great significance to study the impact of asset correlation and integration on the achievement of performance commitments in mergers and acquisitions. Based on the manually collected performance commitment data of mergers and acquisitions of listed companies from 2009 to 2019, this paper employs the input-output method to construct an asset correlation index for mergers and acquisitions. Then it explores the impact of asset correlation between the two parties in the merger and acquisition transaction on the achievement of performance commitments and its mechanism. The findings show that the stronger the asset correlation between the two parties in the merger and acquisition transaction, the better the achievements of the target company’s performance commitments will be. The stronger the correlation between M&A assets, the more conducive it is to the integration of the target enterprise, and the higher the degree of M&A integration. The degree of integration in mergers and acquisitions plays a mediating role between the correlation of assets acquired and the achievement of performance commitments. Further analysis reveals that share based payment, share based compensation, two-way performance commitments, and lower degree of aggressive performance commitments will enhance the positive correlation between the asset correlation and the achievement of performance commitments in mergers and acquisitions. Therefore, the listed companies should prioritize the mergers and acquisitions for the assets related to their own industries, so as to enhance the degree of integration and promote the achievement of performance commitments. Reference | Related Articles | Metrics | Comments（0）

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The Influence of Customer Incivility on Coworkers as Bystanders: Schadenfreude or Emotional Support ZHAN Xiao-jun, WANG Tao Contemporary Finance & Economics    2023, 0 (4): 80-92.   Abstract （138）            Knowledge map    Save Service industry employees often encounter customer incivility, which will not only have a negative impact on employees’ emotions, attitudes, behaviors and performance, but also have a greater impact on bystanders. At present, few scholars have explored the impact of customer incivility on service employees from the perspective of bystanders, especially from the perspective of colleagues as bystanders. Based on the theory of social information processing, this paper explores the double-edged sword effect of the helping behaviors and the negative workplace gossip performed by the colleagues as bystanders who observed customer incivility on the employees that encountered uncivil behaviors by taking emotional support and schadenfreude as mediators and task interdependence as moderators, respectively. The results of the data analysis of 320 valid questionnaires collected in three stages show that the emotional support and schadenfreude of the coworkers can play a mediating role between OCI and helping behaviors, and between OCI and negative gossip behaviors. The task interdependence plays a moderating role, when task interdependence is high, OCI is positively correlated with bystanders’ emotional support; when task interdependence is low, OCI is positively correlated with bystanders’ schadenfreude. The task interdependence moderates the mediating effects of emotional support and schadenfreude. When the task interdependence is higher, the indirect effect of OCI on employees’ helping behaviors through coworkers’ emotional support will be stronger, and the indirect effect of OCI on employees’ negative gossip behaviors through coworkers’ schadenfreude will be weaker. These research conclusionshave enriched the researches in the field of bystander of customer incivility, providing some enlightenment for managers to reduce the negative impact of customer incivility. Reference | Related Articles | Metrics | Comments（0）

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Reform of State-Owned Capital Investment and Operation Companies and Corporate Voluntary Information Disclosure WANG Xue, LIAO Qiang, WANG Yu-han Contemporary Finance & Economics    2023, 0 (3): 144-156.   Abstract （108）            Knowledge map    Save Based on the quarterly data of A-share state-owned listed companies from 2008 to 2021, this paper constructs a multi-time point double difference model to explore the impact and the mechanism of the reform of state-owned capital investment and operation companies(SOCIOCs) on corporate voluntary information disclosure. The findings show that the reform of SOCIOCs has significantly improved the probability of SOEs issuing voluntary performance forecasts and the robustness and accuracy of their performance forecasts. The mechanism analysis shows that the reform of SOCIOCs can improve the level of voluntary information disclosure of SOEs by improving the management incentive insufficiency and improving the supervision mechanism. The result of the heterogeneity analysis shows that the effect of the reform of SOCIOCs on improving the voluntary information disclosure of SOEs is more significant in enterprises with insufficient governance of analysts and auditors. In addition, the effect of SOCIOCs on the improvement of the voluntary information disclosure of SOEs is gradually weakened with the extension of the control chain. Therefore, it is necessary to steadily expand the scope of the pilot reform of SOCIOCs, strive to promote the comprehensive optimization of the governance structure and supervision level of SOCIOCs, and ensure that the SOCIOCs operate in accordance with the markets. Reference | Related Articles | Metrics | Comments（0）

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Research on Innovation Peer Effects in China’s Enterprise Trade Networks WANG Ning, CHENG Da-zhong Contemporary Finance & Economics    2023, 0 (3): 106-118.   Abstract （108）            Knowledge map    Save Nowadays, the persistence of the innovation activities of Chinese firms is faced with severe challenges from both internal and external environmental changes. And the production and the division of labor in the modern economy are becoming more and more networking. As a result, using the enterprise trade networks to solve the innovation dilemma has been an important strategy to achieve the objective of innovative growth in China’s new development stage. This paper first constructs a model of enterprise trade network and peer innovation game, then it conducts an empirical test based on the supplier-customer trade network data of China’s listed companies from 2009 to 2013, so as to study the innovative peer effects in the enterprise trade network formed between the enterprises and their upstream and downstream partners. The findings show that the technological improvements of the partner enterprises in the enterprise trade networks have significantly promoted enterprise innovations, namely, there exist innovation peer effects in the enterprise trade networks. The major channel affecting the vertical partners is knowledge spillover, while the major channel affecting the horizontal partners is the competitive pressure. Further study reveals that the innovation peer effects in the enterprise trade networks have the high-order property, which is more significant in the samples of supplier vertical partners and in the samples of the horizontal partners of the shared customers, and that these effects will be enhanced with the improvements of the degree of marketization. Therefore, we should properly distribute the enterprise trade networks, establish the leading role of competition and market mechanism in resource allocation, and pay attention to the network spillover effects of related policies, so as to achieve the successful transformation from China-made to China-created. Reference | Related Articles | Metrics | Comments（0）

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Factor Price Distortion and Export Product Quality of Chinese Enterprises YUAN Hong-lin, LIU Chen, FANG Yu-xia Contemporary Finance & Economics    2023, 0 (3): 119-130.   Abstract （94）            Knowledge map    Save The improvement of factor allocation efficiency is an important driving force for promoting the high-quality development of foreign trade. From the perspective of institutional environment, this paper studies the impact of factor price distortions on the quality of export products and its mechanism at the enterprise level by using the micro-data of import and export of China’s customs and China’s industrial enterprises from 2000 to 2013. The findings show that, firstly, there is an inverted U type relationship between factor price distortion and the quality of enterprises’ export products, that is, with the increasing degree of factor price distortion, the quality of enterprises’ export products is improving; when the factor price distortion reaches a certain threshold value, the quality of enterprises’ export products declines. Secondly, the impact of factor price distortions on the quality of export products will present different characteristics due to the differences in enterprises’ trade mode, technological level, and geographical location.Among them, the general trading enterprises, the high-tech enterprises, and the enterprises in the eastern region will only reach the inflection point position under a relatively higher level of factor price distortion, thereby inhibiting the improvement of the quality of enterprises’ export products. Thirdly, the cost-plus rate of enterprises and the domestic intermediate input proportion are the two intermediary factors of factor price distortion affecting the quality of enterprises’ export products. When factor price distortion increases to a certain extent, it will reduce the cost-plus rate of enterprises and increase the domestic intermediate input proportion, thereby hindering the improvement of the quality of enterprises’ export products. Fourthly, the institutional environment will play a moderating role between the factor price distortion and the quality of enterprises’ export products; and in the regions with better institutional environment, the inverted U type curve between factor price distortions and the quality of export products will be smoother. Reference | Related Articles | Metrics | Comments（0）

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Digital RMB, International Economy-Trade Connection and Macroeconomic Fluctuation XU Wen-li, WANG Wen-fu Contemporary Finance & Economics    2023, 0 (3): 55-69.   Abstract （182）            Knowledge map    Save The internationalization and digitization of RMB is the significant driving force for China’s high-quality economic development, therefore, it has significant theratical and practical values to study the impact of digital RMB from the perspective of international economy. Based on the dynamic stochastic general equilibrium model of the two countries with the characteristics of the liquidity service and asset service of digital RMB, this paper conducts an analysis of the international economic effect of the issuance and cross-border use of digital RMB. The findings show that the issuance and cross-border use of digital RMB can stabilize domestic economic fluctuations caused by exogenous technical and policy shocks, while strengthening economic and financial ties between China and foreign countries, which is mainly achieved by strengthening the ties between international trade and international finance. The difference in therestrictions on cross-border use of digital RMB has a limited impact on the domestic economy, but has a greater impact on the holdings of digital RMB in foreign countries and the net exports. The stronger the liquidity of digital RMB, the more stable the macroeconomic fluctuation caused by domestic shocks will be, but it may exacerbate international economic fluctuations. The above conclusions suggest that the People’s Bank of China can promote the pilots of cross-border use of digital RMB in a step-by-step and orderly manner, and pay attention to the dynamic adjustment of the cross-border use restrictions and the coordination of international economic policies. 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 （123）            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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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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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 （79）            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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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 （56）            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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How Does Digitalization Empower the Green Development of the Manufacturing Industry LUO Jun Contemporary Finance & Economics    2023, 0 (7): 108-120.   Abstract （87）            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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Elegant Books Overflowing: Urban Public Library Construction and Innovative Knowledge Spillover SONG Li-juan, YU Yong-ze Contemporary Finance & Economics    2023, 0 (3): 3-14.   Abstract （134）            Knowledge map    Save In the innovation culture system, libraries are the main force in carrying out original innovation in frontier fields, and they are also an important supplier in the technology element markets. Innovative subjects can obtain more tacit knowledge in library cultural exchanges, so as to have better performance in activities such as industrial research and development and technology spillover. This paper uses the patent citation data of urban public libraries and industrial enterprises to conduct an empirical study. The findings show that the knowledge services offered by urban public libraries can play a significant role in promoting the innovation knowledge spillover of industrial enterprises, which is manifested in increasing the number of patent citations of enterprises in their cities. This spillover effect is more pronounced in the eastern region, in large cities, and in large enterprises. The spillover effect of innovative knowledge brought about by the construction of urban public libraries is mainly realized by the following two mechanisms on the one hand, the knowledge agglomeration function of public libraries has promoted the cooperation among industries, universities and research institutions, then the spillover of innovative knowledge is brought about; on the other hand, the construction of public libraries can improve the level of public services and bring about the inflow of human capital, thus realizing the spillover of innovative knowledge. In addition, the development of the Internet has further strengthened the knowledge spillover effect of urban public libraries. Reference | Related Articles | Metrics | Comments（0）

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The Collaborative Development among Large-Medium-Small Enterprises Driven by Digital Economy: Mechanism, Model and Path LI Xian-jun Contemporary Finance & Economics    2023, 0 (4): 3-14.   Abstract （185）            Knowledge map    Save As the new driving force of the world economic development and the important engine for the new round of scientific and technological revolution, the digital economy has become an important force to drive the improvement of the efficiency of the economic system and the optimization of the structure, and has injected new impetus into the collaborative development of the large, medium and small enterprises. The digital economy can not only drive the information links among the large, medium and small business through the factor supple and tool support of the infrastructure, but also create and promote the collaborate ecological construction to drive the effective integration of the large, medium and small enterprises through the opportunities created by the digital scenarios, so as to form such typical integrative modes as the platform integration to enable digitally the large, medium and small enterprises, the industrial chain integration pulled by the chain hosts, and the ecological integration with the characteristics of innovation and entrepreneurship. Faced with the practical problems such as weak willingness, insufficient impetus and unclear modes, it is necessary for the large,medium and small enterprises to smooth the data connecting channels, let the large enterprises play the driving role, increase the willingness of SMEs to integrate actively, and building a long-term mechanism to ensure the effective integration among the large, medium and small enterprises. It is recommended to further strengthen the construction of digital infrastructure and digital platforms, give priority to the integrative development of the key industries, support the construction of the digital integrative carrier, accelerate the digital transformation of the service system for SMEs,and strengthen the governance to digital platforms. Reference | Related Articles | Metrics | Comments（0）

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Regional Trade Agreements and Enterprise Export Resilience WEI Yun-yan, YUE Wen, HAN Jian Contemporary Finance & Economics    2023, 0 (4): 106-117.   Abstract （185）            Knowledge map    Save Regional trade agreements are not only an important driving force for China to promote high-level opening-up and achieve high-quality economic development, but also a key factor to stabilize trade development and ensure economic recovery in times of crisis. Taking the 2008 global financial crisis as the research context, this paper focuses on the impact of the regional trade agreements signed and brought into effect before the crisis on the export resilience of Chinese enterprisesand its mechanism. The results show that regional trade agreements are the important reason for the enhancement of the export resilience of enterprises, and this conclusion is still valid after the robustness test and the endogeneity treatment. The results of a function mechanism show that reducing corporate export risks and improving the quality of export products are important channels for regional trade agreements to enhance the export resilience of enterprises. The heterogeneity analysis reveals that regional trade agreements are more conducive to enhancing the export resilience of the older firms with higher financing constraints. Further research shows that compared with the degree of export recovery, regional trade agreements can play a stronger role in promoting the degree of risk resistance of enterprises. Based on the above empirical results, it is suggested that the government should further promote the process of regional economic integration, and enterprises can take the destination country of regional trade agreement as their important export markets, so as to reduce the negative effect resulted from external impact as far as possible. In addition, it is also necessary to fully consider the different impacts of regional trade agreements on different enterprises, so as to effectively enhance the export resilience of enterprises. Reference | Related Articles | Metrics | Comments（0）

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The Influence of Financial Literacy on Household Property Income: An Analysis fromthe Perspective of Common Prosperity TANG Dan-yun, LI Jie, WU Yu Contemporary Finance & Economics    2023, 0 (4): 55-67.   Abstract （171）            Knowledge map    Save It is the inevitable requirement for achieving common prosperity to increase the property income of residents. Based on China Household Finance Survey (CHFS) from 2013 to 2019 and using the Probit and Tobit models, this paper conducts an empirical study. The findings show that financial literacy is an important factor affecting household property income. The improvement of financial literacy can not only improve the probability of increasing household property income, but also improve the proportion of the total household property income and the property income in the household total income. This conclusion still holds after changing the explanatory variable and deleting the samples of families with financial industry professionals and after the endogenous test using the average financial literacy of other households at the same income level in the same community as the instrumental variable. Compared with non-financial property income, financial literacy has a more obvious impact on the household financial property income, especially the non-deposit financial property income. The result of the mechanism analysis shows that raising the proportion of risky assets, increasing the rate of return on risky assets, promoting the holding of investment in real estate, and promoting land renting are four channels through which financial literacy affects household property income. Further analysis reveals that the marginal effect of financial literacy is more pronounced on the property income of the groups with lower income, which indicates that the improvement of financial literacy can promote the faster growth of property income of the low income groups and help them to accumulate wealth quickly, thus contributing to the realization of common prosperity. The above conclusion suggests that to improve household financial literacy, especially the low income families,is an important means to narrow the income gap, which is significant in realizing common prosperity. Reference | Related Articles | Metrics | Comments（0）

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The Industrial-Financial Integration between Entity Enterprises and Stock Price Synchronicity XU Hui, ZHOU Xiao-hua Contemporary Finance & Economics    2023, 0 (4): 68-79.   Abstract （110）            Knowledge map    Save The basic function of capital markets is to realize the optimal allocation of resources by means of the stock price signal mechanism, and the key of stock price to play the optimal allocation function depends on its ability to reflect the real information of the company. From the perspective of stock price synchronicity, this paper conducts an empirical study by making use of the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2020. The findings show that the industrial-financial integration can help suppress the stock price synchronicity of the real enterprises, and this phenomenon is more significant in private enterprises. Further examination reveals that the mechanism of the financial-industrial integration to inhibit the stock pricesynchronicity is to alleviate information asymmetry, attract investors’ attention and improve corporate governance. The shareholding of institutional investors and the media reports can strengthen the inhibition effect of the financial-industrial integration on stock price synchronicity. The above conclusions can explain the formation mechanism of stock price synchronicity from the perspective of the financial-industrial integration, reveal the special company information with micro-individual differences of the financial-industrial integration policies, help to deepen the theoretical cognition of the high stock price synchronicity of China’s capital markets and its information transmission mechanism, and provide new ideas for the re-understanding of the“view of information efficiency”and the reasonable evaluation of the micro-governance effect of the industry-finance integration model. Reference | Related Articles | Metrics | Comments（0）

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Export Market Size, Initial Productivity and Technological Innovation of China’s Industrial Enterprises CHEN Ya Contemporary Finance & Economics    2023, 0 (2): 106-119.   Abstract （116）            Knowledge map    Save Based on the theory of trade competition effect, this paper mainly adopts the matching and merging data of the period of 2002—2013 from China Industrial and Enterprise Database, China Enterprise Patent Database, China Patent Full-text Database (CNKI), China Customs Database, and CEPII-BACI database toinvestigate the impact of the initial productivity adjustment mechanism of the export market size of China’s general trade enterprises on the quantity and quality of technological innovation, as well as the timing choice of the impact of export market size growth rate on the quantity and quality growth rate of technology innovation. The results show that, on the whole, only when the initial productivity of enterprises exceeds a threshold level can the positive impact of export market size on the quantity and quality of technological innovation appear.In terms of the structure, the enterprises with positive impacts of export market size on the quantity and quality of technological innovation are mainly concentrated around such industries as the chemical raw material and chemical products manufacturing, the medicine manufacturing, the general-purpose equipment manufacturing, the electric machinery and equipment manufacturing, and the computer, communication and other electric equipment manufacturing. In terms of timing, the growth of the quantity and quality of technological innovation of the general trading enterprises occurs in the second year and the third year after the growth of export market size respectively. Therefore, local governments should improve the business environment and reduce taxes and fees for the export enterprises. The export enterprises should improve productivity, reduce costs, expand the size of export markets, and shorten the time for innovation decision-making, so as to let export market size play a positive role in promoting the quantity and quality of innovation. 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 （61）            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 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 （148）            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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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）