Contemporary Finance & Economics

The Impact of Robot Technology Progress on Labor Market: An Analysis Based on Dynamic Stochastic General Equilibrium Model

HAN Min-chun, HAN Qing-jiang

2020, 0(4): 3-16.

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The progress of robot technology shows the characteristics of diversification, and its impact on the labor market is manifested in three forms, i.e., total factor productivity shock, capital factor substitution shock and investment conversion rate shock. Under the framework of dynamic stochastic general equilibrium, this paper studies the influence and mechanism of robot technology progress on labor market factors by comprehensively introducing the three impacts of robot technology progress. It is found that the short-term effect of the three types of technological progress on the employment of workers fluctuates greatly, while the long-term effect will lead to the decline of employment, but has a lasting positive effect on the wages of workers. The collection of capital income tax, the expansion of government expenditure and the implementation of a proactive monetary policy can play a positive role in promoting the stability of employment in the short term, but have no effect on the stability of employment in the long term, which can only be used as a short-term macro-control means to stabilize the employment.

The Measurement, Comparison and Strategic Path of China's High Quality Economic Development

WU Zhi-jun, LIANG Qing

2020, 0(4): 17-26.

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China's economy has changed from high-speed growth to high-quality development. How to further promote the high-quality economic development has become the primary task of the economic work of the whole country in the new era. Based on the in-depth analysis of the connotation of high-quality economic development, this paper constructs a new evaluation index system of high-quality economic development in China and scientifically measures the national high-quality economic development level and its spatial distribution law by using the entropy weight method and the system clustering method. The research findings show that the current situation of China's high-quality economic development has presented a stepwise spatial distribution state of “East-Central-West” regions decreasing in turn, and there are obvious regional uneven differences in the high-quality economic development among different provinces by the end of 2017. For specific performances, the highest comprehensive level of high-quality economic development is of Beijing, followed by Shanghai, Guangdong, Jiangsu and Tianjin. Chongqing is“the most outstanding one”among the central and western provinces, and the only western region among the top ten in China. Most of the central and western regions, especially the western regions, are relatively lagging behind at such dimensions as comprehensive quality and efficiency, innovation, coordination, opening-up and sharing.

The Policy Effect of China's VAT Reduction Reform in 2009: An Analysis Based on CGE Model

WAN Ying, CHEN Heng

2020, 0(4): 27-37.

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Since April 1, 2019, China has carried out a universal large-scale reform of value-added tax (VAT), including the reduction of the VAT rates and 10% additional deduction of amount payable on input VAT for the four major industries of postal service, telecommunication service, modern service and residents' life service. This paper takes 2018 value-added tax system as reference and constructs a 42-department VAT CGE model to conduct a simulative measurement of the policy effect of China's VAT reduction reform in 2019 from the four aspects of tax burden, economic growth, income distribution and social welfare. The findings show that both lowering tax rates and 10% additional deduction policy can effectively reduce the tax burden on the enterprises, stimulate economic growth, expand social demands, lower commodity prices, narrow the internal income gap between urban and rural residents and improve social welfare. Therefore, the four major industries, such as the modern service industry and so on, should grasp the rare policy opportunity of the additional deduction of input tax and make sufficient use of the tax incentives to realize the leapfrog development of the modern service industry and promote the optimization of China's economic structure and industrial upgrading.

Transnational Transmission Network Structure of Global Government Debt Risks and Its Interpretation

SHEN Li, LIU Yuan

2020, 0(4): 38-51.

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After the American subprime mortgage crisis, the scale of government bond that has been rated“no risks”by all the three major international sovereign credit rating agencies has been reduced by more than 60%. The global government debt is forming a new risk point and the gap between government debts among countries has widened, gradually showing the characteristics of regional concentrated outbreaks that accompanied by transnational transmission. Based on the related data analytical paradigm, the findings of the study show that the cross-border transmission of global government debt risk presents the characteristics of spatial correlation network structure with tightness and connectivity, with European countries represented by Switzerland, Norway, Germany, Holland, Ireland and so on at the center of the cross-border transmission network of global government debt risks. At the meantime, changes in geographical location and sovereign credit rating will result in information spillovers, which can significantly affect transnational transmission of global government debt risks. Therefore, the solution to the global government debt risk problems depends on whether the regional joint supervision can be established and the enthusiasm of various regions and departments can be mobilized, so as to achieve a global collaborative governance strategy of joint warning, joint supervision, and joint prevention.

Can Central Bank's Communication Effectively Prevent Over-Financialization in Enterprises?

LIN Ming-yu, HU Ri-dong

2020, 0(4): 52-64.

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With the continuous development of financial markets and financial derivatives, the problem of corporate financialization is becoming more and more serious. Most of the existing literatures only study the economic consequences brought by corporate financialization, only few study the causes and solutions of corporate financialization. On the theoretical basis of corporate “finance-material object”asset investment decision-making, this paper empirically examines the mechanism of central bank communication on enterprise financialization. It is found that the level of corporate financialization can be significantly reduced by loose words of central bank's communication, and its transmission mechanism lies in that the center bank's loose communication can inhibit the behavior of enterprise risk aversion, then further affect the level of corporate financialization. Furthermore, from the two perspectives of policy asymmetry and enterprise heterogeneity, it is found that the effect of central bank's communication is more significant during the periods of“action suiting to the words”and“austerity borough system”, while the enterprises with severe financing constraints are more sensitive to the changes of central bank's communication behavior. Therefore, the central bank can make a good boxing combination of expected management and other macro policies, guide the capital flowing from virtual economy to real economy, and promote the healthy development of the real economy.

Asset Securitization and Commercial Bank Leverage: Empirical Evidences from China's Banking Industry

LI Jia

2020, 0(4): 65-76.

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By examining the theoretical mechanism of asset securitization affecting bank leverage, this paper makes use of the relevant data of China's banking industry to conduct an empirical test. It is found that asset securitization helps to inhibit the growth of bank leverage, and this inhibition effect will gradually increase with the issuance of the first asset-backed securities. After distinguishing different types of banks, it is found that non-listed banks and small-medium banks, which lack of capital compensation channels and have unstable debt structure, are more likely to benefit from the leverage inhibition effect of asset securitization. The results of the impact mechanism show that asset securitization can curb the growth of bank leverage by optimizing the structure of financing and asset liquidity, improving the maturity mismatch and reducing risk-taking. Further research shows that the leverage inhibition effect of asset securitization can also control the pro-cyclicality of leverage caused by scale expansion. Therefore, while improving the institutional framework of asset securitization, improving the structure of assets and liabilities and improving the level of fine management will help to enrich the deleveraging measures of banks.

The Impact of Pro-Environment Transformational Leadership on Employees' Citizenship Behavior for Environment Protection: An Ability-Motivation-Opportunity Theory Perspective

PENG Jian, HOU Nan, FU Bo

2020, 0(4): 77-87.

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With the implementation of waste classification regulation in China, how to motivate employees' voluntary pro-environmental behaviors, i.e., citizenship behavior for environment protection, at workplace has become an important practical issue that enterprises are facing, this issue even has implications for China's eco-civilization construction. Given that leaders play a crucial role in shaping employees' behaviors, this study examines the relationship between pro-environment transformational leadership and employee's citizenship behavior for environment protection; it also explores the mediating role of pro-environmental ability, pro-environmental intrinsic motivation and pro-environmental opportunity by introducing the ability-motivation-opportunity theory. Based on the survey data of 171 leader-employee matching from the manufacturing industry, the results of structural equation modeling analysis shows that pro-environmental transformational leadership can promote employees' citizenship behavior for environment protection through employee's pro-environmental ability, pro-environmental intrinsic motivation and pro-environmental opportunity. Moreover, the mediating effect of pro-environmental opportunity is stronger than that of pro-environmental ability and pro-environmental intrinsic motivation. The above conclusion can help the academic circle to understand the mechanism underlying the effect of pro-environment transformational leadership on employees' citizenship behavior for environment protection and provide enlightenment for enterprises in the manufacturing industry to motivate employees' voluntary pro-environmental behaviors.

The Binary Cognitive Mechanism of Innovation-Related Work Immersing: A Self-Determination Perspective

XIONG Li, XIONG Tian-ren

2020, 0(4): 88-100.

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Work immersing is a positive work state characterized by absorption, enjoyment and intrinsic motivation, which can significantly improve the creativity of innovative employees. The mainstream researches believe that work immersion is realized through a condition of challenge-skill balance, but how can challenge-skill balance be actively achieved by an individual remains unclear. Based on self-determination theory, this paper tries to explore the fundamental reason that leads to challenge-skill balance and work immersing through the cognitive duality. Meanwhile it also investigates the influences of some extrinsic motivators at workplace. Based on questionnaire survey of 238 scientific innovators and a regression analysis, it is found that the binary mental model which is good at balancing individual's explorative and exploitative innovation can also exert active influence on work immersing, that the challenge-skill balance can play a significant role of mediator, that professional identity acts as a positive moderator, that the controlling supervision of managers can play a role of negative moderator, and that the negative effect of controlling supervision is buffered and controlled by the effect of professional identity.

A Study of Provincial Capital Expansion and Its Impact on Economic Growth

WANG Meng, WANG Qin-mei

2020, 0(4): 101-112.

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China's metropolitan strategy expressed in a focalized way is the expansion of provincial capitals. This article explores the phenomenon of provincial capitals expansion and analyses its impact on economic growth. Firstly, it constructs the indexes of relative population growth and depicts the characteristics of provincial capital expansion based on permanent resident population data. Then it further analyzes the theoretical mechanism of the influence of provincial capital expansion on provincial economic growth, and uses the panel data of 25 provinces from 2006 to 2016 to conduct an empirical test. The findings show that the issue of provincial capital expansion is prominent and is still going on, that provincial capital expansion has significantly promoted the provincial economic growth measured by per capita GDP, that the causality is still stable after replacing per capita GDP index with the average satellite light gray and purifying the total factor productivity, and that provincial capital expansion has no inverted-U-type impact on provincial economic growth. The conclusion of this article can provide enlightenment for the implementation of metropolitan strategy at the provincial level.

Environmental Decentralization and Enterprise Innovation: Facilitating or Impeding?Based on the Mediating Effect Analysis of the Environmental Information Disclosure Quality

LUO Bin, LING Hong-cheng, SU Ting

2020, 0(4): 113-124.

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Environmental management mode has always been a focus among academic researches. This paper takes enterprise innovation as the starting point and constructs a theoretical model of the influence of environmental decentralization on enterprise innovation, then it conducts an empirical test by using the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2015 to investigate the impact of environmental decentralization on enterprise innovation, the mechanism of action, and the regulating effect of property right nature and profitability. The results show that environmental decentralization inhibits rather than promotes enterprise innovation, and there is certain heterogeneity in the inhibitory effect of environmental decentralization on enterprise innovation, that is, it is more obvious in non-state-owned enterprises and enterprises with strong profitability. The results of further study show that the internal mechanism of environmental decentralization to inhibit enterprise innovation lies in that environmental decentralization can reduce the quality of enterprise environmental information disclosure, thereby hindering enterprise innovation.

Uncertainty and CEO Reversal Manipulation of Remuneration

TAN Jin-song, QIN Shuai, CAO Hui-juan, KONG Xiang-ting

2020, 0(4): 125-137.

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In reality, a CEO can manipulate compensation and obtain excess payment with the power. Then will a CEO exercise reversal manipulation and lower the excess compensation actively? Taking China's A-share listed companies during the period of 2010-2016 as samples, this paper explores the existence of CEO reversal manipulation of remuneration and the causes for reversal manipulation of remuneration. The findings show that a CEO will lower the excess compensation actively when the uncertainty of the firm is relatively higher, but this phenomenon only exist in the private firms. It is found through further study that the reputation pressure formed by investor concern is the major possible reason why CEOs lower the excess compensation actively. This phenomenon is more significant in the leading enterprises in the industry; and the same is true if the CEO is older or better educated.

Research on the Selection of “Shared Auditor”between Investing and Financing Parties of Listed Companies

SUN Long-yuan, LI Xiao-hui, JIANG Ya-han

2020, 0(4): 138-148.

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Taking the listed companies with investment and financing relationships in China's capital markets from 2007 to 2015 as samples, this paper studies the two parties' choice of“shared auditors”and their influencing factors when the investing and financing parties establish shareholding relationships. The findings of the study show that the proportion of investors' investment, the leverage ratio of the financing party and the financing constraints of both parties all have an impact on the “shared auditors”. The investing party with higher proportion of investment or more financing constraints will be more inclined to share the auditors from the start with the financing party, while the financing party with higher leverage ratio would be more inclined to change the shared auditors and choose the “Big Four” firms that are the same as the investing party. The geographical factors and industry factors will strengthen the financing party's changing share of the auditors.

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