Table of Content

15 August 2021, Volume 0 Issue 8

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Theoretical Economics

Migration Patterns of Floating Population and Citizenization

XU Li-yang, LI Tian-tian

2021, 0(8):  3-15. 

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The level of citizenization of the floating population may be related to the specific pattern of migration. Based on the data of China Migrants Dynamic Survey (CMDS) in 2017, this paper examines the impact of migration pattern on the citizenization. The findings of the empiric research are as follows: first, compared with single person migration, the five other patterns of migration have a significant positive impact on the citizenization of the mobile individuals, including the migration only with children, the migration only with parents, the migration with spouse and children, the migration with spouse and parents, and the migration with spouse, children and parents. Of the five patterns, the migration with spouse, children and parents has the greatest impact on the citizenization level, which can improve the citizenization level of migrant individuals by about 5.8%. Second, these two migrant patterns — the migration with children and the migration with spouse and children — have no significant influence on the level of citizenization for young migrant individuals, female migrant individuals and migrant individuals with a high school degree or above. For these three groups, the positive influence of parents in improving their citizenization level still exists, and the marginal influence is relatively greater. Third, for unmarried migrant individuals, the migration with their parents has a significant positive impact on their citizenization.

Research on the Opening Highland of the Construction of the Inland Old Revolutionary Base Arca in the Context of Dual Circulation: A Case Study of the Old Soviet Area in Southern Jiangxi

LONG Xiao-bai, JIANG Jin-fa

2021, 0(8):  16-27. 

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The opening highland of the old revolutionary base area is a new paradigm of leapfrog development of inland economy in the new era, in which the inland areas can give full play to the late development potential and combine the comparative advantages of its natural endowments and the open mechanism innovation. By constructing a set of the evaluation index system for the opening highland potential and employing the entropy weight method, the findings of this paper show that the economic openness potential of the old Soviet area in Southern Jiangxi has no advantages in the border region of Jiangxi, Guangdong, Fujian and Hunan. At the same time, there is an obvious gap between it and the coastal developed areas, but the gap is narrowing. The study also shows that the old Soviet area in Southern Jiangxi is in a favorable late developing position in the evaluation of open highland potential. Therefore, to promote the construction of“dual circulation”cooperation platform, to vigorously cultivate export-oriented economy, to optimize the spatial opening pattern and to implement the open innovation-driven strategy will be conducive to the high-quality construction of the inland opening highland in the old Soviet area in Southern Jiangxi under the dual circulation.

Public Economics & Administration

Fiscal Expenditure Structure, New Urbanization and Carbon Emission Reduction Effect

TAN Jian-li, ZHAO Zhe

2021, 0(8):  28-40. 

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China has incorporated carbon peaking and carbon neutrality into the overall layout of its ecological civilization construction. Finance, as the foundation and pillar of national governance, plays a key role in reducing carbon emissions. Based on China's provincial panel data from 2007 to 2018, this paper uses the system GMM model to test the impact of fiscal expenditure structure on carbon emissions and its transmission mechanism. The findings show that to increase the proportion of non-economic public expenditure is in favor of carbon emission reduction, that non-economic public expenditure maintains a promoting role in carbon emission reduction through the scale effect, budget effect and substitution effect, while the direct effect and environmental regulation effect maintain an inhibitory effect on carbon emissions. The new urbanization construction is an important path for fiscal expenditure to affect carbon emissions. When utilizing the economic urbanization index to measure the mediating effects, it is found that there is a negative relationship between non-economic public expenditure and carbon emissions, and that to adjust the fiscal expenditure structure can stabilize the economic development, optimize the industrial structure, and reduce carbon emissions. When utilizing the population urbanization index to measure the mediating effect, it is found that there is a positive relationship between non-economic public expenditure and carbon emissions and that to improve the fiscal expenditure structure can adjust urban population and employment level, and achieve the carbon emission reduction targets. Therefore, it is necessary to promote the transformation of fiscal expenditure policy to green, low-carbon and ecological coordinated development mode, give full play to the guiding role of finance in high-quality economic development, accelerate industrial green upgrading, and form a benign interaction between new urbanization construction and ecological environment.

Interna1 Control, Tax Collection and Management, and Business Tax Risks

WEN Wu-kang, WANG Yu-tao

2021, 0(8):  41-52. 

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Under the background of China's tax collection and management being enhanced continuously, how to prevent and defuse the tax risks of enterprises has become an important problem to be solved urgently. The theoretical analysis shows that corporate internal control and the intensity of tax collection and management are the important micro and macro factors affecting tax risks. This paper conducts an empirical test by using the hand-collected data of tax credit rating of enterprises disclosed by the State Administration of Taxation (STA). The findings show that the better the quality of internal control, the lower the tax risks of enterprises are. After STA strengthened the intensity of tax collection and management, enterprises have been much more easily to find tax risks. The results of further research show that internal control can restrain the tax risks of enterprises through reducing the abnormal effective tax rates. Meanwhile, it is also found that enterprises with poor internal control have higher probability of exposure to tax risks. Therefore, enterprises should establish good internal control mechanism and strengthen tax related management to restrain tax risks. In addition, STA should make full use of big data and other technical means to improve the quality of tax collection and management, so as to help enterprises to reduce tax risks. As for tax agencies, they should strengthen their industrial self-discipline to help enterprises improve their internal control.

Modern Finance

Does Quantitative Monetary Policy Regulation Contribute to Financial Stability? Re-Evaluation of Monetary Policy Effectiveness Based on Time-Varying Money Demand

DENG Chuang, XIE Jing-xuan

2021, 0(8):  53-63. 

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Financial stability concerns the overall economic and financial development, so maintaining the dual stability of the real economy and the financial system has become an important task of China's macroeconomic regulation and control in the new era. Through the dynamic evaluation of China's money demand, this paper provides an evaluation benchmark for quantitative monetary policy stance, then based on this, it re-evaluates the effectiveness and asymmetric characteristics of quantitative monetary policy. The results show that, firstly, in the modern financial environment, national income, financial assets and payment innovation factors have a positive impact on money demand, while opportunity cost and currency substitution factors inhibit money demand to a certain extent; secondly, money gaps can be reasonably used to divide the stance of quantitative monetary policy, the quantitative monetary policies based on money demand and with monetary gap as indicator are overall effective, which can take into account the dual regulation of the macroeconomic and financial system; Finally, the effect of China's quantitative monetary policy has typical asymmetric characteristics, of which the tight-monetary policy has a relatively strong output effect, while the price effect and financial stability effect of the expansionary monetary policy are more significant. These research conclusions may provide useful policy enlightenment for effectively improving the effects of quantitative monetary policy in the management of inflation expectations, ensuring the stable operation of the macro economy, and effectively maintaining financial stability.

Digital Finance, Market Participation and Farmers' Relative Poverty

Wu Jing-ru, Xie Jia-zhi, Tu Xian-jin

2021, 0(8):  64-77. 

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The opportunities of market participation and the improvement of ability are the persistent endogenous driving force to alleviate relative poverty. However, the micro mechanism of digital finance to alleviate relative poverty by influencing the psychology of poor groups has not been effectively verified. Based on the theory of poverty psychology and behavior, this paper uses the data from the China Family Panel Studies (CFPS) from 2014 to 2018 and employs the counterfactual analysis and instrumental variable two-stage least squares methods to verify the impact of digital finance on the relative poverty of rural households. It also makes use of the intermediary effect method to test the mechanism of market participation behavior. The findings show that, firstly, the use of digital finance has alleviated the relative poverty of rural households, and digital finance has a long-term and stable effect in alleviating relative poverty; secondly, the effect of digital finance on poverty alleviation of rural households with higher income and higher educational level is stronger; finally, the digital finance has promoted farmers' market participation behavior, thereby alleviating their relative poverty. Therefore, we should promote farmers'market participation and give beneficial play to digital finance in alleviating farmer'relative poverty, meanwhile, strive to improve the digital financial literacy of farmers with lower income and lower education level, so as to bridge the digital divide.

Business Administration

Political Verification or Substantive Verification: The Impact of Industrial Policy on the Administrative Verification of the M&A Committee

YUAN Ye-hu, TANG Sheng

2021, 0(8):  78-89. 

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The institutional arrangement for the administrative verification of the mergers and acquisitions is an important starting point for the optimization of the real economic structure, which can serve the national economic strategic layout, it is also related to the normal functioning of mergers and acquisitions and the healthy and market-oriented development of the capital market. Taking the industrial policy as the entry point and selecting the data of the cases of mergers and acquisitions of A-share listed companies verified by the Mergers and Acquisitions Committee from 2008 to 2018 as samples, this paper studies the essence of the administrative verification of the Mergers and Acquisitions Committee. The results show that when the listed companies supported by industrial policies are the acquirers, the M&A events are more likely to pass the administrative verification of the Mergers and Acquisitions Committee. The findings of further heterogeneous analysis show that the results of remarkably increased probability of M&A events verification of the listed companies supported by the industrial policies are mainly embodied in the samples of listed companies that are private enterprises or from non-western regions or integrated horizontally, which reflects the substantiality of the verification by the Mergers and Acquisitions Committee. However, the social relevance and the grey relevance between the listed companies supported by industrial policies and the Merger and Acquisitions Committee can have adverse effects on the substantive verification of the Mergers and Acquisitions Committee, which may lead to the distortion of the efficiency of market resource allocation in the M&A events. Besides, after the realization of M&A of listed companies supported by industrial policies, the listed company groups can carry out more substantive innovations.

The Impact of Diversified Succeeding Modes on Innovative Investment in Family Business: Based on the Organizational Identification Theory

CHEN Can-jun, XU Chang-xin

2021, 0(8):  90-101. 

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Family enterprises are regarded as the main body of private economy; how their succession affects the innovation transformation has always been the focus of many scholars. Different from previous literatures which analyzed the impact of inter-generational transition on enterprise innovative investment from the perspective of family emotion goal and the way of the second generation successor, this paper combines the identity attributes of the successors and introduces the organizational identification theory to examine respectively the impact of“how to succeed”and“to whose succession” on enterprise innovative investment from the perspective of focusing on the succession mode. It also explores the actual power of the family member who succeeds and the moderating effect of the salary of non-family member who succeed. The results of the empirical analysis based on the listed family enterprises from 2008 to 2019 show that: (1) compared with“airborne”succession, the promotion succession is more conducive to the innovative investment of enterprises after the succession; (2) the difference of successor's identity attributes will have different moderating effects on the succession modes, the successor being a family member will enhance the promotion effect of the promotion mode on innovative investment; (3) the different identities of successors will further moderate the impact of the succession mode on the innovation in different situation. If the successor is a family member, with the increase of actual power, the sense of identity brought about by the promotion system will have a more powerful promoting effect on innovation; similarly, for the successors who are non-family members, the increase of salary will increase their willingness to take risks.

Industry & Trade

Macro Substitutive Elasticity, Domestic Productivity and Rectification of Imported Product Range Gains

Xu Tong-sheng, Fang Yu-xia

2021, 0(8):  102-114. 

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Based on the data of China and 124 import countries from 2006 to 2016, this paper verifies the substitutability of China's domestic product ranges for imported product ranges, examines Armington macro substitutive elasticity and the impact of domestic productivity on the gains of imported product ranges, and measures the biased errors of the gains of Chinese industrial products trade. The results show that under the conditions of both China's domestic products ranges and the imported product ranges being substitutable, China's domestic productivity will amplify the impact of trade costs on the imported product ranges. The higher Armington macro substitutive elasticity, the greater the impact of trade costs on the imported product ranges. In average, the trade gain of China's industry is overvalued by 12%. The average trade gain caused by domestic productivity is overestimated by 9%. In terms of industrial structure, the import gains of 12 industries are either underestimated or overestimated, in which the trade gains of coal is over-estimated by 3 to 5 times. Therefore, we should estimate objectively the gains from the imported product ranges and keep on improving domestic productivity.

The Impact of the Depth of RTA Investment Terms on Export Added Value

LIU Zhi-zhong, CHEN Qian-ying

2021, 0(8):  115-125. 

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The deepening development of regional trade agreements provides new opportunities for a country or a region to participate in the global value chain specialization. As an important part of post-border rules of regional trade agreements, investment provisions have an important impact on a country or a region's value-added export. This paper conducts an empirical study based on the 66 regional trade agreements signed by G20 countries from 2005 to 2015. The findings show that in terms of the data of trade added value both from the national level or from the product level, the depth of the investment terms of RTA has significantly improved the export trade added value of a country or a region. The results of the heterogeneity analysis show that in both the developing countries and the developed countries, the depth of investment terms in the regional trade agreements signed between developing countries has a significant and positive impact on the added value of export trade, while the depth of investment terms in the regional trade agreements signed between developed countries has a negative and insignificant effect on the value-added export trade. Therefore, in the process of building high-quality free trade zones, China should not only focus on improving the scope and depth of investment terms, but also conduct regional cooperation with countries at different economic development levels based on the principle of “seeking common ground while reserving differences”.

Modern Accounting

Can Shared Auditors with Clients Improve Corporate Eficiency of Inventory Management

ZHENG Qian-wen, ZHU Lei

2021, 0(8):  126-136. 

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To alleviate information asymmetry with the clients in the supply chain so as to improve cooperation efficiency is the key to supply chain governance. Then, will shared auditors with the clients in the supply chain play an active role in the supply chain governance? For this reason, this paper takes China's A-share listed companies from 2009 to 2018 as research samples to investigate the impact of shared auditors with clients in supply chain on the corporate efficiency of inventory management. The results show that firms sharing auditors with customers have higher inventory turnover ratios. It is found in further study that in such situations as higher uncertainty of demand, higher degree of information asymmetry between firms and clients, and firms having weaker ability to bargain, to share auditors with clients will have more significant improving effect on corporate efficiency of inventory management, and the business performance will be better.

Data-Based Audit Approach: the Supply-Side Reform of Auditing Driven by Digital Technology

FANG Qiao-ling, GAO Si-fan

2021, 0(8):  137-148. 

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The traditional audit approach restricts the audit supply, which is incompatible with the increasing diversified audit demands of the economic society. Therefore, the supply-side reform of auditing is imperative. Digital technologies have injected strong driving forces into the supply-side reform of auditing, stimulating the transformation and upgrading of the audit approach from the traditional to the data-based. However, we are faced with such challenges as the heavy tasks of the construction of the audit data standard system, the auditors'digital technology ability not fully meeting the demands of the data-based audit approach, the changes of the auditing organizations, and so on. Therefore, we should push forward the construction of the audit data standard system, construct the audit personal training system that fit for the data-based audit approach, improve the scientificity and adaptability of audit organization means, and perfect the ethical norms applicable in data-based auditing.