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The Transmission Channels of Monetary Policy of Treasury Yield Curve: Theoretical Mechanism and China's Experiences GUAN Yu, WANG Xue-biao Contemporary Finance & Economics    2022, 0 (1): 53-65.   Abstract （354）      PDF（pc） （949KB）（646）       Knowledge map    Save The continuous accumulation of downward pressure in the global economy indicates that China may stay in a low interest rate environment for a long time. Therefore, it is necessary to strengthen the guidance of monetary policy for the treasury yield curve, so as to let long-term interest rate play the role of regulation. The results of the theoretical analysis show that China's current monetary policy framework has possessed the operational conditions to transmit to the treasury yield curve through the signaling channel and the portfolio balance channel. The empirical results further confirm the effectiveness of the two channels in the transmission. Specifically, the transmission effect through the signaling channel is stronger than that through the portfolio balance channel. The role of the signaling channel is short-term, and its direction is consistent with the goal of monetary policy; while the role of the portfolio balance channel is long-term, its direction is opposite to the goal of monetary policy in the short term, and is consistent with the goal of monetary policy in the medium and long term. The transmission effect of the two channels is weaker in the easing period of monetary policy, but stronger in the tightening period of monetary policy, which shows significant asymmetric characteristics. It is suggested that the People's Bank of China should optimize the monetary policy transmission mechanism of both the signaling channel and the portfolio balance channel and open up the interest rate transmission path with the treasure yield curve as the core. Reference | Related Articles | Metrics | Comments（0）

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

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

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

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The Logic of the OECD International Taxation Reform Scheme for Digital Economy and China's Response: An Analytical Framework Based on the New-Market Public Finance MA Hai-tao, CAO Ming-xing, BAI Yun-zhen Contemporary Finance & Economics    2022, 0 (1): 29-39.   Abstract （352）      PDF（pc） （812KB）（323）       Knowledge map    Save The international tax reform of the digital economy is in full swing, and the OECD has designed a“two-pillar”basic plan, trying to establish market state taxation rights and a global minimum tax system to improve the international taxation order. In response to the above-mentioned reforms, based on the analytical framework of the New-market Public-finance Theory under exploration, this article develops innovative cognitions from the following three aspects: the first is to form a concept of platform market, so as to innovate the explanation of both the platform entities of the new digital economy market and the significance of the tax nexus to such entities, and the market mechanism of the new digital economy platform as well as its characteristics of tax laws and regulations; the second is to form a concept of comparable governments, so as to explore the rectification of the productive role of governments and the proof of the legitimacy of taxation rights, the restoration of the panorama of the comparability of cross-border transactions, and the calculation of comparable government tax bases; the third is to specify the concept of income control rights, so as to separately analyze the tax benefit games between multinational corporations and governments in the OECD reform plan, and the competitions of industrial patterns between countries and the industrial groups in the digital economy. Finally, based on the above logic and basic national conditions, this article proposes some initial policy responses with an emphasis that China should systematically design policies to cope with the global competition and cooperation against the anti-tax avoidance, the global big cycle of digital and industrial economies, and the economic development of the backward regions and the emerging industries from the three levels of security, fairness and development of the national tax bases. Reference | Related Articles | Metrics | Comments（0）

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

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

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

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

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

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

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

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

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

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The Industrial Effect of the Digital Economy: A Theoretical Analysis Based on Data Factorization ZHOU Zhi-han, YANG Xi Contemporary Finance & Economics    2021, 0 (12): 101-114.   Abstract （1391）            Knowledge map    Save By constructing a heterogenous enterprise dynamic equilibrium model and combining theoretical research with quantitative analysis, this paper explores the impact of digital economy on industrial productivity, intra-industry resource integration and social welfare. The findings show that after introducing digital economy, the export critical productivity increases, the changes of the production critical productivity and industrial average productivity are determined by the corresponding critical value of the productivity improvement index, while the degree of the intra-industry production competition is relieved and the degree of the intra-industry export competition is intensified. Through the two paths of changing the factor marginal output and the industrial entry cost, digital economy can exert its effects on the industrial economy at the same time. It has dual effects on the intra-industry resource integration and the social welfare, which means that there exist corresponding critical values of data versus price. On both sides of the critical value, the effects brought over by the digital economy is just the opposite. The value and the changing trend of this relative price critical value depend on such industrial characteristics as the intensity of data factor, the degree of product differentiation, and the industrial trade cost. This research not only builds a theoretical analysis paradigm for industrial digitalization and lays a theoretical foundation for future research on the industrial effects of the digital economy, but also provides a theoretical basis for China to steadily promote the development of the digital economy. The government should implement the precise industrial guidance policies in accordance with the various industrial characteristics and promote the transformation and upgrading of the industrial digitalization according to local conditions. Reference | Related Articles | Metrics | Comments（0）

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Will Insurance System Design Affect Corporate Internationalization Strategy Evidences from the Liability Insurance of Directors and Executives TANG Xue-song, LIAO Wang, LIAO Qiang Contemporary Finance & Economics    2021, 0 (12): 77-89.   Abstract （705）            Knowledge map    Save China is now committed to its high-quality development with high-level opening up. How to realize the transformation of China’ enterprises from“bringing in”to“going out”along a fast and stable path is an important practical issue. Taking the 2010-2019 Chinese A-share listed companies as the research sample, this paper conducts an empirical analysis. The results show that the directors’ and officers’ liability insurance could significantly improve the internationalization level of the enterprises. The results of the mechanism analysis show that the directors’ and officers’ liability insurance can enhance the corporate internationalization level by suppressing the risk aversion tendency of the executives and improving the corporate risk-taking ability. The findings of further analysis show that the directors’ and officers’ liability insurance has a significant incremental effect on the corporate value after the improvement of their internationalization level, which indicates that the directors’ and officers’ liability insurance has indeed improved the ability to prevent and respond to international risks of the enterprises. Reference | Related Articles | Metrics | Comments（0）

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Joint Shareholders and Earnings Persistence YAN Su-yan Contemporary Finance & Economics    2021, 0 (12): 137-148.   Abstract （683）            Knowledge map    Save If one company holds the shares of a number of listed companies in the same industry, this company is then one of the joint shareholders of many companies in the same industry. Because the joint shareholders hold the shares of many companies in the same industry, they possess the unique advantage of information integration, which can affect the accounting information process of the companies of which they hold shares, relieve the competition of the product markets and the uncertainty of the business environment, and further affect the earnings persistence of the companies of which they hold shares. Taking China’s A-share listed companies from 2007 to 2018 as research objects, this paper explores and analyzes the impact of the joint shareholders on the earnings persistence. The findings show that the joint shareholders can significantly improve the earnings persistence of the companies of which they hold shares. The results of further analysis of the influencing channels indicate that the joint shareholders can improve the earnings persistence through two paths, i.e., reducing both earnings management and performance fluctuation. Reference | Related Articles | Metrics | Comments（0）

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Research on the Impact of Social Credit on Enterprise Financialization and Its Mechanism: An Analysis Based on the Data of the Urban Credit-Losing Persons Subjected to Enforcement XIANG Yu, DAI Qin-wen, MA Jun-feng Contemporary Finance & Economics    2021, 0 (12): 126-136.   Abstract （591）            Knowledge map    Save Excessive financialization of enterprises will threaten the balance of macroeconomic structure and the smooth operation of the real economy. By making use of the name list of the credit-losing persons subjected to enforcement by the Supreme People’s Court, this paper examines the impact of social credit on corporate financialization and its mechanism. The findings show that social credit loss will aggravate corporate financialization, and that the level of marketization and the financing environment can alleviate the positive correlation between social credit loss and corporate financialization. The results of further research on the intermediary mechanism show that social credit loss will exacerbate the agency problems of enterprises and increase the financing constraints on enterprises, thereby increasing the degree of corporate financialization. Therefore, it is necessary to improve the new credit-based supervision mechanism, integrate and improve the social credit information system, and establish and improve the coordination and linkage mechanism and the joint punishment mechanism for finding out the credit-losing persons subjected to enforcement. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Influencing Mechanism of Digital Inclusive Finance on Total Factor Productivity of Urban Financial Industry LIAO Kai-cheng, ZHANG Yu-chen, PENG Geng Contemporary Finance & Economics    2021, 0 (12): 65-76.   Abstract （790）            Knowledge map    Save Based on the urban panel data from 2011 to 2018, this paper calculates the total factor productivity of the financial industry. It also applies DID and instrumental variable method to test the impact of digital inclusive finance on the total factor productivity of the financial industry. The findings show that, firstly, the development of digital inclusive finance can significantly reduce the total factor productivity of the financial industry, and that this inhibitory effect is also reflected on the impact on technical efficiency and scientific and technological progress efficiency. The coverage of digital inclusive finance only has a restraining effect on the total factor productivity of the financial industry. The depth of the usage only has an inhibition effect on the total factor productivity of the financial industry and the technical efficiency, while the degree of digital support service has inhibitory effects on all the three, i.e., the TFP of the financial industry, the technical efficiency and the scientific and technological progress efficiency. Secondly, the mechanism that digital inclusive finance inhibits the total factor productivity of financial industry can be explained by the “resource competition hypothesis”. Thirdly, if the administrative levels of the cities are different, the interactive relationship between digital inclusive finance and total factor productivity of financial industry will be the same, but the interactive mechanism will be different. Therefore, it is necessary to carry out the different policies against the characteristics of the financial institutions, promote the digital transformation of the financial institutions, and improve the digital technological level of the financial sector. Reference | Related Articles | Metrics | Comments（0）

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Free Trade Agreement, Trade Policy Uncertainty and Scope of Corporate Export Products WANG Ming-tao, XIE Jian-guo Contemporary Finance & Economics    2022, 0 (1): 113-124.   Abstract （280）      PDF（pc） （988KB）（200）       Knowledge map    Save On the basis of a trade model of a multi-product heterogeneous enterprise, this paper analyzes the impact of trade policy uncertainty on the scope of corporate export products. Then, taking the China-ASEAN FTA as a quasi-natural experiment and making use of the trade enterprise data from China Customs during the period of 2001-2013, it conducts an empirical test. The results show that the decline of the trade policy uncertainty brought by the China-ASEAN FTA has significantly expanded the scope of export products of Chinese enterprises, and that this promoting effect has heterogeneity at the levels of corporate ownership and trade pattern. The results of mechanism analysis show that the decrease of trade policy uncertainty can promote the enterprises with higher productivity entering the market and the enterprises with lower productivity exiting the market, then the scope of corporate export products can be expanded by improving the corporate average productivity. Further study finds that the regional institutional environment can promote the active effect of the decrease of trade policy uncertainty on the scope of corporate export products. It is believed that to actively promote the construction of free trade area, establish orderly trade rules and eliminate the trade policy uncertainty are conducive to the growth of extension margin of corporate export, which can be the new driving source for China to promote its steady growth of exports. Reference | Related Articles | Metrics | Comments（0）

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Digital Technology and the Global Value Chains Specialization: Empirical Evidences from China’s Subdivided Industries WANG Bin, GAO Jing-feng, SONG Yu-jie Contemporary Finance & Economics    2021, 0 (12): 115-125.   Abstract （769）            Knowledge map    Save At the time when the digital economy and the global value chains specialization converge, studying how digital technology affects China’s participation in the global value chains specialization is of great practical significance for building a strong trade country and developing a high-quality economy. From the perspective of production factors, this paper proposes a new idea of measuring the global value chains specialization, and it uses the input-output table to measure the degree of China’s participation in the global value chains specialization and the digital technology used by various industries in China. The results show that digital technology has significantly promoted the degree of China’s participation in the global value chains specialization, and that China using its domestic digital technology can better promote China’s participation in the global value chains. In addition, the use of digital technology can play a more important role in promoting China’s participation in the global value chains specialization in the EU region, the agricultural selecting and processing industries and the manufacturing industry, as well as the complex global value chains specialization. China should attach importance to the development of domestic digital technology, explore the potential of foreign digital technology, make full use of the opportunities brought by digital technology, and further deepen its participation in the global value chains specialization. Reference | Related Articles | Metrics | Comments（0）

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Can Urban Fiscal Autonomy Improve the Level of Technological Innovation? Evidences from Cities and Industrial Enterprises YU Yong-ze, XIA Long-long Contemporary Finance & Economics    2022, 0 (1): 40-52.   Abstract （271）      PDF（pc） （854KB）（194）       Knowledge map    Save Technological innovation is the source of vitality for economic development and the strategic support for the construction of the modern economic system. Under the theoretical system of Chinese style fiscal decentralization, based on the panel data of 230 prefecture level cities in China from 2004 to 2016, this paper studies the impact of urban fiscal autonomy on the micro and macro differentiations of technological innovation. The results show that：(1) the improvement of urban fiscal autonomy has not effectively promoted the overall level of technological innovation of the cities. Although the improvement of fiscal autonomy can promote the improvement of local fiscal revenue, the change of the total quantity has not effectively optimized the distortion of the structure of fiscal expenditure. The long-term shortage of social expenditure in the fiscal expenditure will hinder the improvement of the overall level of urban technological innovation. (2) The improvement of urban fiscal autonomy has effectively promoted the technological innovation of industrial enterprises. The main reason lies in that the improvement of financial autonomy can effectively enhance the technological innovation of industrial enterprises by directly increasing the financial subsidies to them. Therefore, local governments should optimize the fiscal decentralization system, deepen the reform of fiscal and tax system according to local conditions, scientifically formulate subsidy policies, and improve the innovation efficiency of the cities and industrial enterprises. Reference | Related Articles | Metrics | Comments（0）

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Subsidiaries, External Services and Company Value in the Service Industry of Central Cities Gao Xiang Contemporary Finance & Economics    2022, 0 (1): 125-134.   Abstract （262）      PDF（pc） （961KB）（171）       Knowledge map    Save By positioning in the small and medium-sized cities or the peripheral areas of large cities, manufacturing companies can obtain cost advantages in terms of land, labor, and environmental protection, but at the same time may be restricted by the backward development of local service industries. An important way for enterprises in remote areas to take advantage of the service industry in such central cities as Beijing, Shanghai, Guangzhou and Shenzhen is to set up service industry subsidiaries in those central cities. Taking the A-share manufacturing companies listed in Shanghai and Shenzhen stock exchanges from 2007 to 2019 whose headquarters are not in central cities as samples, this paper studies the influence of service industry subsidiaries located in the central cities of the manufacturing listed companies whose headquarters are not in central cities on the value of companies. The findings indicate that the listed companies that set up service industry subsidiaries in central cities have higher corporate values. Further intermediary mechanism study shows that the listed companies that set up service industry subsidiaries in central cities can better utilize the productive services of central cities, thereby increasing their operating income and gross profit margin, and ultimately increasing their corporate value. Reference | Related Articles | Metrics | Comments（0）

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Social Audit Regulation Platform: Construction Basis and Operating Mechanism WU Zong-li Contemporary Finance & Economics    2022, 0 (1): 135-148.   Abstract （308）      PDF（pc） （1019KB）（149）       Knowledge map    Save At present, the problems of poor audit quality and vicious competition by lower audit charges are becoming extremely serious. The main reasons lie in the attributes of social audit products, the particularity of audit market and the CPAs' finding business by their social relationships. The social audit attestation business has the attribute of public goods, which are easy to cause market failure and social hazard. Therefore, it is necessary for the government to govern the above problems. The tool of governance used by government is to make use of the concept of regulation to build an open, transparent, centralized and shared social audit regulation platform integrating the five aspects of “industry, price, quality, credit and payment”. This platform should be based on the sharing of big data information, form a price mechanism jointly participated by multi-agents, and adopt a diversified price supervision mechanism, so as to curb illicit competition at lower prices. It is necessary to rely on this platform to establish a quality incentive mechanism and construct a classified credit evaluation system, so as to improve audit quality and standardize audit charges. It is necessary to rely on this platform to create a“entrusted payment mode on the regulated platform”, cut off the benefit chain of“power rental”and“commission rebate”generated by“monopolizing business by social relationships”and“putting in storage by selection”, and weaken the management's control on price, selection and payment, so as to maintain the independence of certified public accountants and curb illicit competition in audit charges. Reference | Related Articles | Metrics | Comments（0）

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Can Non-Punitive Supervision Restrain the Management's Tone Manipulation? Empirical Evidences Based on Annual Report Texts FU Wen-bo, ZENG Hao Contemporary Finance & Economics    2022, 0 (3): 89-101.   Abstract （297）            Knowledge map    Save The governance effect of inquiry letter supervision in stock exchanges on non-financial textual information has aroused little research focus. By making use of the data of China's A-share non-financial listed companies from 2015 to 2019, this paper empirically tests the impact of the supervision of the financial report inquiry letters in the stock exchanges on the management's tone manipulation and its mechanism. The results show that the financial report inquiry letters can effectively restrain the management's tone manipulation, and the more the letters received by the company, the more significant the impact will be. When the characteristics of the inquiry letters are distinguished, the results show that the more the number of questions involved in the inquiry letters, the more the risky matters, the more continuous receipt of letters, and the more names of the accounting firms being called, the more significant the restraint on the management's tone manipulation will be. The results of a mechanism test show that the financial report inquiry letters can restrict the management's tone manipulation mainly through the“regulatory supplementary effect”and the“market pressure effect”. Further research reveals that the governance effect of financial report inquiry letters on the management's tone manipulation will spill over to the auditing-related enterprises positively and to the director-related enterprises negatively. Reference | Related Articles | Metrics | Comments（0）

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Auditors' Initial Auditing Service and Audit Quality: From the Perspective of Career Care ZHANG Xue-hua Contemporary Finance & Economics    2022, 0 (3): 140-148.   Abstract （306）            Knowledge map    Save To guarantee the audit quality of the auditor's initial auditing service is one of the important issues in the audit quality control of the accounting firms. Based on the career care theory, this paper examines the audit quality issues of the auditor's initial audit service by taking China's listed companies and their annual report signing auditors as samples. The results show that the career starting point effect generated from the auditor's initial auditing service can make up for the lack of personal experience, and thus can guarantee the auditing independence and the audit quality. The longer the growth period of the auditor, the better the audit quality will be. The findings of the expanded analysis indicate that the“same city”relationship between auditors and clients would interfere with the auditing independence of the auditor's initial auditing service and reduce the audit quality. Reference | Related Articles | Metrics | Comments（0）

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Accounting Information Comparability and Capital Allocation Efficiency in Business Groups SHU Guang, MA Zhong, WANG Long-feng Contemporary Finance & Economics    2022, 0 (3): 126-139.   Abstract （253）            Knowledge map    Save From the perspective of accounting information comparability among the members in the business groups, this paper investigates the impact of the accounting information comparability among the members in the business group on the capital allocation efficiency of the group. The findings show that the higher the accounting information comparability among the group members, the higher the capital allocation efficiency in the business group will be. The higher the degree of diversified operation of the business group, the more significant the role of the accounting information comparability in the business group in promoting the group capital allocation efficiency will be. The results of further research show that the higher degree of the separation of the ownership and control rights of the ultimate controllers will weaken the positive impact of the accounting information comparability among the group members on the capital allocation efficiency. Reference | Related Articles | Metrics | Comments（0）

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Financial Accelerator, Expected News Shocks and Choice of Monetary Policy Rules JIN Xiang-yi, ZHANG Wen-fei Contemporary Finance & Economics    2022, 0 (3): 66-77.   Abstract （436）            Knowledge map    Save By constructing a DSGE model that includes financial accelerator mechanism and expected news shocks, this paper deduces the regulatory effect of the monetary policy rules of the scalar type, the price type and the mixed type on the macro economy, so as to explore the optimal monetary policy rules in the current economic environment. The results show that the model containing expected news shocks has a better fit to China's macroeconomic trends, which can better reflect the macroeconomic fluctuations under the financial accelerator mechanism. Compared with unexpected monetary policy shocks, the expected monetary policy shocks have stronger macro-control effects under different monetary policy rules. In addition, the welfare loss analysis shows that the mixed monetary policy rules can minimize the welfare loss caused by the implementation of the monetary policy, which means that the mixed monetary policy rules conform to the law of economic development, and that it is also the direction of China's future monetary policy development and transition. Reference | Related Articles | Metrics | Comments（0）

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Trade Policy Shocks and Quality Upgrading of Export Products of China's Digital Industry XU Tong-sheng, MA Tian-yi, YU Chang-long Contemporary Finance & Economics    2022, 0 (3): 102-113.   Abstract （286）            Knowledge map    Save By making use of the WITS tariff database and the BACI micro trade database and applying the theoretical model of import product quality frontier distance, this paper studies the impact mechanism of the tariff rate policy and the import product quality frontier distance on the export product quality based on the calculation of the export product quality upgrading standardization index of China's digital industry. By constructing the dynamic panel data model of systematic generalized moment estimation at the micro level, the results of the empirical study show that the quality of China's export products presents an upward trend, which is driven by the adjustment of the trade policy and the narrowing of the frontier distance of import product quality. The reduction of the tariff rate has a great policy impact on the price fluctuation of unit products, which has a further cross impact on the frontier distance of the imported product quality, resulting in the realization of the upgrading of export product quality. The results of the heterogeneity analysis show that the policy effects of the high-quality and low-quality frontier products, the high-tariff and low-tariff products and the products of different digital industries are quite different. Reference | Related Articles | Metrics | Comments（0）

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A Study of the Impact of Additional Comments Function on eWOM Users XU Da-peng, LIU Xu-dong, HONG Hong Contemporary Finance & Economics    2022, 0 (3): 78-88.   Abstract （276）            Knowledge map    Save With the continuous development of e-commerce, online word-of-mouth has become an important channel for consumers to know the product information. In recent years, in order to improve the quality of online comments, the e-commerce platforms have launched the function of additional comments one after another. By making use of the real data obtained from the “AutoHome” platform and adopting the research method of natural experiment, this paper explores the impacts of additional comments function on the users' behavior of both the supply and demand sides for the word-of-mouth from the perspectives of both readers and reviewers. The results show that for the readers, the additional comments function can improve readers' perceived usefulness of the comments, so as to reduce their time costs spent in searching of the useful information; and for the authors, the additional comments function can stimulate the enthusiasm of the reviewers to make comments, urging them to write more objective comments. On the whole, the introduction of the additional comments function can optimize the traditional commenting system. The conclusion of this study has not only enriched the theoretical researches in the field of online comments, but also provided decision references for the online WOM platforms to improve the commenting function. Reference | Related Articles | Metrics | Comments（0）

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“The Belt and Road”Initiative and the Aggregation of Producer Services: Endogenous Aggregation or Exogenous Aggregation CAO Xiang, MA Li, YU Sheng-guo Contemporary Finance & Economics    2022, 0 (3): 114-125.   Abstract （284）            Knowledge map    Save The development of producer services is the key to promoting the transformation of China's economy to high-quality growth. This paper regards“the Belt and Road”Initiative as a quasi-natural experiment and makes use of the panel data of 280 prefecture-level cities across the country from 2005 to 2018 to examine the impact of“the Belt and Road”Initiative on the producer services aggregation of Chinese node cities along“the Belt and Road”route, the action mechanism, and the heterogeneity of the aggregation methods with the difference-in-difference method. The findings show that“the Belt and Road”Initiative has a significant and positive impact on the aggregation level of the producer service industry in the node cities along the route. This conclusion is still valid after the ancient Silk Road was used to construct instrument variables to deal with the potential endogenous problems, and after other counterfactual tests and multiple robustness tests were conducted. “The Belt and Road”Initiative has significantly improved the level of aggregation of the producer service industries in the node cities along the route through the three channels, i.e., promoting the development of information technology, optimizing the industrial structure, and strengthening the human capital. The promotion effect of“the Belt and Road”Initiative on the aggregation of producer services industry in the node cities in the eastern and western regions is significant, but not significant in the node cities in the central region.“The Belt and Road”Initiative has a positive impact on the exogenous aggregation of the producer service industry in the node cities in the eastern and western regions, while the impact on the endogenous aggregation is not significant. Reference | Related Articles | Metrics | Comments（0）

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Environmental Regulations and Corporate Financial Assets Allocation: Evidences from the Promulgation of the New Environmental Protection Law ZHANG Chao, SONG Hua-sheng Contemporary Finance & Economics    2022, 0 (3): 53-65.   Abstract （305）            Knowledge map    Save Based on the data of China's A-share listed companies and taking the promulgation of the new Environment Protection Law as the starting point, the findings of this research show that this policy has significantly increased the financial assets allocation of the heavily-polluting enterprises, leading them to reducing their non-liquid financial assets while increasing their liquid financial assets. This empirically supports the“reservoir”motive of enterprises' holding financial assets. The specific influencing mechanism is as follows: the environment regulations will increase the environmental uncertainty and debt financing difficulty of the heavily-polluting enterprises, and further strengthening their precautionary motives to increase financial assets. Besides, the increase in the allocation of liquid financial assets improves firms' future financial performance, while the increase in the allocation of non-liquid financial assets damages firms' future financial performance, thus environmental regulations will improve the future financial performance through optimizing the allocation structure of corporate financial assets. It is found from further analysis that faced with strict environmental regulations, the non-state-owned enterprises, the small and medium-sized enterprises and the enterprises at the eastern region of the heavily-polluting type will increase their financial assets more significantly. Therefore, we should clearly understand that the allocation of different financial assets will exert differentiated impacts on corporate operation and development, we should be on guard that the excessive non-liquid financial assets held by enterprises will cause damages, and we should encourage the enterprises to deal with the impacts brought by the environmental regulations through holding liquid financial assets. Reference | Related Articles | Metrics | Comments（0）

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The Model Improvement and Practice Path of the Legalization of China's Financial Supervision in the Context of National Governance DENG Hui, ZHU Qiu-xiang Contemporary Finance & Economics    2022, 0 (3): 28-39.   Abstract （297）            Knowledge map    Save Financial supervision is the key link and important guarantee of the modern financial system. However, China's executive-led financial supervision model at present is still unable to meet the practical needs. Therefore, strengthening the legislation for financial supervision and achieving the legalization of financial supervision are becoming the important issues in the construction of China's ruled by law. In order to meet the demands of the time in the national governance system and the governance ability for the modernization construction, it is urgent for China's administrative financial supervision mode to move into the vertically and horizontally three-dimensional financial supervision mode that giving considerations to both the NPC and the administration, and to realize the financial supervision type of joint and coordinated supervisions by the NPC supervision, the administrative supervision, the judicial supervision, and the social supervision, each performing its own function. On this basis and from the vision of practical evolution, this paper takes the opportunity of amending The Regulations on Punishment of Financial illegal Acts, which is the fundamental basis in the domain of financial supervision. The logic key points to realize the legalization of financial supervision under the new mode is as follows: to construct a standardized and unified legal system of financial supervision; to further clarify the responsibility and authority of each main body of the financial supervision; to improve the coordination and cooperation mechanism of financial supervision; to perfect the measures, means and procedures of financial supervision; and to improve the internal and external accountability mechanisms of financial supervision. Reference | Related Articles | Metrics | Comments（0）

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Development Ideas, Industrial Structural Changes and Economic Growth: A Case Study of Hong Kong of China and Singapore ZHU Lan, QIU Shuang, WU Zi-wei Contemporary Finance & Economics    2022, 0 (3): 3-13.   Abstract （410）            Knowledge map    Save Ideas can determine the way out. Thoughts (cognition or social ideas) are the important reasons determining the performance of a country's economic development. From the perspective of government development strategy and industrial policy, the new structural economic theory can well explain the structural transition routes of Singapore and Hong Kong of China and the phenomenon of economic growth polarization. Through policy combing and data analysis, it can be found that Singapore government is a circumstance-oriented government, following a comparative-advantage development strategy and formulating industrial policies to guide industrial transformation and upgrading, by which its manufacturing competitiveness has been obviously improved. However, the government of Hong Kong of China is a laissez-faire government, lacking effective industrial policies. Due to its implementation of active non-interventionist policy after the reversion of sovereignty, it consciously formulates its industrial policy to guide the industrial upgrading but violating the comparative advantages, leading to the industrial upgrading being blocked and the manufacturing competitiveness being declined continuously. By further comparing the performances at such aspects as upgrading of factor endowment structure, income distribution, openness and macroeconomic stability between Hong Kong of China and Singapore, it can be found that the economic performance of Singapore is significantly better than that of Hong Kong of China. The above conclusion can offer some implications to China's leading cities to carry out the new development concept and correctly handle the relationship between government and market in the new era. Reference | Related Articles | Metrics | Comments（0）

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Reflection on Asset Prices in Inflation Target of Monetary Policy: From the Perspective of Asset Bubbles YANG Qiu-yi, LANG You-ze Contemporary Finance & Economics    2022, 0 (2): 54-65.   Abstract （273）            Knowledge map    Save The inflation target is the crucial variable when the central bank formulates monetary policies. In recent years, the major developed countries maintain a low rate of inflation when injecting massive money into the economy, which challenges the effectiveness of monetary policy: The traditional inflation target measured by price index is not only incapable of accommodating the new changes of consumer expenditures at the stage of high-quality development, but also unable to capture the influence of the asset prices and the prices of investment goods on the price perception of residents, which cannot been ignored at present. By constructing a general equilibrium model with the credit constraints, this paper introduces asset price bubbles that can be pledged into the inflation target and examines the effectiveness of monetary policy regulations on the macro economy. The results show that although asset bubble fluctuations can restrain household consumption, it leads the fund to flow into the production sectors, booming the production of the real economy. The monetary policy taking asset prices into considerations in the inflation target can smooth the bubble fluctuations and stabilize economy. When the asset prices are considered, the consumption restraints caused by bubble fluctuations will be reduced, thus social welfare will be improved. Therefore, the adjustment of macroeconomic policies should lay emphasis on the true reflections of asset prices on inflation level, stabilize market expectations under specific situations, and flexibly lead the economy to develop in a stable and healthy way. Reference | Related Articles | Metrics | Comments（0）

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Market Participation in Vital Emergent Events Management: Generative Logic, Risk Spillover and Counter-Risk Choices NAN Rui, WANG Jing-jie, ZHU Wen-jun Contemporary Finance & Economics    2022, 0 (2): 28-40.   Abstract （284）            Knowledge map    Save The dual characteristics of vital emergent events, i.e. vital and emergent, lead to the higher-degree complexity of the governance situation, while the emergence management mode of the traditional administrative control model is difficult to respond effectively. In order to improve the market mechanism and give full play to the efficiency, professionalism and competitiveness of the market, the market participation in the emergency management is imperative. The generation logic of market participation in the vital emergent events management can be divided into exogenous logic and endogenous logic. The exogenous logic is manifested as the emergency management of administrative control type, which is difficult to adapt to the highly complex emergency situations, and would result in multiple risks. The endogenous logic is manifested as the advantages of government and market complementing each other, which can work together to promote better governance in emergency. Market participation in vital emergent events management will generate risk spillovers while eliminating and reducing traditional risks, that is, the alienation of traditional government risks, the cluster of enterprise interest risks and the superposition of multiple public risks. In the face of rapid risk spillover, it is necessary for us to make counter-risk choices from the three dimensions of time, content and management, and build a vital emergent events management community participated by the government, the market and the social organizations. Reference | Related Articles | Metrics | Comments（0）

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Unified Market, Information Technology and Agricultural Product Price: An Empirical Analysis Based on the Shock of COVID-19 Epidemic ZHANG Hao, WANG Zhen-xia, LI Yong-jian Contemporary Finance & Economics    2022, 0 (2): 3-15.   Abstract （277）            Knowledge map    Save The outbreak of COVID-10 Epidemic can be used as an external shock to study the role of unified market and information technology in stabilizing the prices of agricultural products. The empirical analysis based on the daily price data of 29 products in 160 wholesale markets across China with the difference-in-difference method shows that market segmentation has a significant amplification effect on the price rise of agricultural products after the occurrence of COVID-19. However, the unified market pattern of farm products circulated in the whole country has not been affected fundamentally by the epidemic, and even the small jump phenomena of market segmentation after the Spring Festival usually seen in previous years is not obvious. Further analysis shows that the improvement of informatization level of market players is one of the important reasons for this, while the gap of informatization level between regions has a negative impact on the integration of the markets. These conclusions suggest that relying on the ultra-large domestic markets and unblocking the domestic cycle and the domestic unified markets will help improve the ability of China to respond to external shocks. Reference | Related Articles | Metrics | Comments（0）

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How Does the Digital Economic Policy Affect the Innovation of Manufacturing Enterprises: From the Perspective of Suitable Supply TAO Chang-qi, DING Yu Contemporary Finance & Economics    2022, 0 (3): 16-27.   Abstract （483）            Knowledge map    Save The digital economic policy is an important tool for the government to promote the development of the digital economy and the innovation of manufacturing enterprises. The empirical research based on China's 2012-2018 data shows that the suitable supply of the digital economic policy has significantly promoted the innovation of manufacturing enterprises. After a series of robustness tests, the above conclusions are still valid. The innovation incentive effect of the suitable supply of the digital economy policy is more significant in the samples of high-tech enterprises, enterprises in the central region and non-state-owned enterprises. The results of a mechanism analysis show that the suitable supply of digital economic policy can promote the innovation of manufacturing enterprises through the three paths: promoting the deepening of the division of labor, optimizing the allocation of innovation factors, and promoting the diversified aggregation of the high-end producer service industries. In addition, the suitable supply of digital economic policy has a significant inhibitory effect on corporate tax burdens, indicating that part of the company's new investment in innovation may be derived from the tax reduction effect of the suitable supply of digital economic policy. When the development level of digital economy reaches a certain stage, the innovation incentive effect of the suitable supply of digital economy policy appears, however, the“flooding”type of digital economy policy supply has a restraining effect on the innovation of manufacturing enterprises. Reference | Related Articles | Metrics | Comments（0）

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Collaborative Governance, Local Governments' Green Transformation and Air Quality Improvement ZHAO Yi-xin, MIAO Xiao-lin Contemporary Finance & Economics    2022, 0 (3): 40-52.   Abstract （309）            Knowledge map    Save It is of great practical significance to construct a modern environmental governance system and accelerate the coordinated governance of local governments. Based on the panel data of 284 prefecture level-and-above cities in China from 2004 to 2019, this paper regards the air pollution joint-prevention and joint-control policy as a public policy experiment implemented by the collaborative governance model to investigate its impact and action mechanism on the improvement of air quality. The results show that the implementation of the collaborative governance model has significantly improved urban air quality, which is still valid after a series of robustness tests. The findings of a mechanism analysis show that the collaborative governance plays an institutional incentive role in promoting the green transformation of local governments, which is mainly reflected in promoting the transformation of local governments' industrial structures, energy structure adjustments and production technology innovations. In addition, this incentive effect is particularly obvious in economically developed areas and provincial capital cities with strong innovation ability. The results of an extensive analysis show that the establishment of a joint meeting system has a restrictive effect on the behavior of local governments, which is conducive to improving the efficiency of air pollution control, but the restrictive effect of formal cooperative action dominated by signing cooperation agreements is relatively weak. Therefore, in order to improve the efficiency of the collaborative governance and improve urban air quality, we should not only expand the implementation scope of the collaborative governance, but also strengthen the substantive collaborative action and reinforce the supporting guarantee mechanism, so as to further stimulate the institutional incentive efficiency and the behavior restraints. Reference | Related Articles | Metrics | Comments（0）

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The Influence of Dual Institutional Pressure on CSR Report Disclosure: Catering or Defending ZHAO Xiao-yue, JIA Ming, ZHANG Zhe Contemporary Finance & Economics    2022, 0 (2): 79-90.   Abstract （314）            Knowledge map    Save The existing researches focus more on the impact of conflicts among multi-dimensional stakeholders on CSR report, less on how conflicts from the inside of the same stakeholder affecting the internal mechanism of the release of CSR report. Combining the resource dependence theory, this paper puts forward that when enterprises are faced with conflicting demands from different departments within the same level of government, they will respond to the above-mentioned pressure by choosing different forms of contents in CSR reports, namely, to disclose the specific social responsibility activities substantively or symbolically. The results indicate that with the increase of financial pressure, or when the financial pressure is greater than the environmental protection pressure, enterprises will make substantial disclosure on the operation part of CSR report. As the environmental protection pressure increases or the environmental protection pressure is greater than the financial pressure, enterprises will make symbolic disclosure on the environmental part of CSR report. The above hypothesis is supported by the empirical studies based on the data of China's listed companies from 2013 to 2017. This paper conducts an analysis of the impact of conflicting government pressure from the same level on the corporate strategic and political behaviors, which has enriched the relative researches on institutional complexity and corporate political actions. Reference | Related Articles | Metrics | Comments（0）