Table of Content

15 May 2022, Volume 0 Issue 5

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Theoretical Economics

Measurement and Decomposition of Multidimensional Poverty of Relatively Poor Rural Households under the Goal of Common Prosperity

LI Chun-gen, CHEN Wen-mei

2022, 0(5):  3-12. 

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With the overall victory in poverty alleviation, the implementation of relative poverty governance has become an important strategic choice at present for China to steadily advance the realization of the goal of common prosperity. Common prosperity is the goal orientation of the governance of relative poverty, while the governance of relative poverty is the premise means for common prosperity. Based on the data of the 2018 CFPS, this paper conducts a measurement with the A-F method. The findings show that the dimensional contribution rate of the multidimensional poverty index of the relatively poor households in China's rural areas in the order of high-to-low is education, living standard, health, labor capacity, medical insurance and housing. The number of relatively poor families suffering from poverty in more than 5 dimensions or a single dimension at the same time is relatively small, and more than 50% of the relatively poor families suffer from poverty in at least 3 dimensions at the same time. The result of the regional decomposition shows that both the incidence of multidimensional poverty and the severity of multidimensional poverty are the highest in the western region, followed by the eastern region, and the lowest is in the central region. The result of the income decomposition shows that the lower the income the household received, the higher the incidence of multi-dimensional poverty will be; and the more dimensions of poverty suffered, the more serious the degree of poverty.

Weakly Relative Poverty Standards and Measurement in China

SUN Wei-hong, WU Jun-qian, LIU Din, WANG Zhuo

2022, 0(5):  13-24. 

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To accurately grasp the status quo of relative poverty in China, it is necessary to measure the incidence of relative poverty and its changing trend based on the weakly relative poverty line. By making use of the data from the four rounds of the microscopic investigation of China Household Finance Survey 2013-2019, this paper conducts an empirical research. The findings show that the changing trend of the upper limit of the weakly relative poverty line is slower than the growth trend of per capita income, indicating that the relative poverty line obtained by the traditional income proportion method would overestimate the relative poverty incidence. The data analysis also shows that the relative poverty incidence is declining regardless of whether it is in urban or rural areas or by region, and the relative poverty incidences in rural areas and in the western areas are higher than those in the urban and the eastern areas, respectively. Over the sample period, the regional concentration of the relative poverty distribution keeps rising, and the relative poverty incidence presents the characteristics of switching from high-level dispersion to low-level concentration. Therefore, the key points in the governance of the relative poverty lie in paying close attention to the gaps between the urban and rural areas and the regional differences, and implementing policies tailored to local conditions.

Public Economics & Administration

The Practical Path of Improving the Transparency of Government Procurement from the Perspective of National Governance Modernization

WU Jun-min, MAO Jia-hui, XIONG Gao-peng

2022, 0(5):  25-37. 

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Implementing performance management in an all-round way and improving the transparency of government procurement are the essential requirements for the modernization of the national governance system and governance capacity. By using the data of 2017-2020 National Government Policy Procurement Transparency Survey and Evaluation, this paper analyzes the impact of improving government procurement transparency on the modernization of fiscal governance and its mechanism of action. The findings show that, on the one hand, the transparency of government procurement has been improved year by year, and new progress has been made in the construction of information release supervision and guidance, a dynamic early warning and disposal mechanism for violations, and an electronic procurement platform; on the other hand, there exist such shortcomings as imbalanced multi-dimension of government procurement transparency, weakened information disclosure and responsibilities of the supervising subject, insufficient information elements availability and convenience, and lower intensive application of electronic procurement technology, etc.. The research believes that the fundamental reason for this dilemma is the contradiction between the people's growing political and democratic needs and the unbalanced and inadequate development of financial governance. The major reasons lie in the complicated relationship between the subjects of information distribution and between the different orientations of information disclosure and the contradiction between the traditional information disclosure model and the digital governance centered on the Internet. In order to further improve the transparency of government procurement, it is necessary to improve the information sharing and information release coordination mechanism, strengthen the main responsibilities of information release and supervision departments, promote the construction of standardization and normalization of information release, and promote the construction of“one network”of electronic government procurement.

Prediction and Countermeasures of the General Public Budget Revenue and Expenditure of Local Governments during the 14^th Five Year Plan Period

TIAN Fa

2022, 0(5):  38-50. 

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To grasp the changing trend of the general public budget revenue and expenditure of local governments and to promote the sustainable development of local finance during the 14th Five Year Plan period are of great realistic significance in reducing local financial risks. By making use of China's financial data from 1994 to 2020 and constructing an integrated autoregressive moving average model, this paper analyzes the changing situations of the revenue and expenditure of local governments' general public budgets during the 14^th Five Year Plan period. The findings show that during the future five years the revenue and expenditure of local governments' general public budgets will maintain the lower average annual growths of 3.25% and 3.71% respectively. In terms of region and province, the income growths in developed regions are more stable, the income gap among provinces continues to widen, while the expenditure growths in relatively developed and undeveloped regions fluctuate more greatly and the fault of the expenditure scales among the provinces is obvious. On the whole, the room for the sustainable development of the local finance will be narrowed slightly, the financial self-sufficiency will be reduced from 47.74% to 46.53%, presenting a differentiation pattern that the first echelon continues to improve, the second echelon mainly declines, and the third echelon deteriorates quickly. Therefore, it is necessary to seek solutions from the three aspects: improving the quality of local financial revenue, enhancing the efficiency of local financial expenditure, and improving the room for sustainable development of local finance.

Moderm Finance

Research on the Impact of Digital Finance Development on the Total Factor Productivity of Enterprises

DUAN Jun-shan, GAO Wen-yu

2022, 0(5):  51-62. 

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In the context of Chinese financial system undergoing digital transformation, it is of great significance to explore the impact of digital finance development on the TFP of enterprises and its action mechanism. By making use of the panel data of A-share listed companies from 2011 to 2018 and employing the two-way fixed effect model, this paper conducts an empirical test. The findings show that the development of digital finance has effectively promoted the TFP of enterprises. In terms of structure, the covering range of digital finance is the major driving force, followed by the depth of usage, while the degree of digitization shows a U-shaped relationship with the total factor productivity of enterprises. With the help of multiple intermediary effect models, it is found that to relieve the financing restrictions and to promote innovation is the driving mechanism of digital finance development to compel the improvement of TFP of enterprises, in which the key is to promote innovation. In addition, in the identification of heterogeneous characteristics, it is found that the development of digital finance is more conducive to improving the total factor productivity of large-scale enterprises, enterprises in areas with higher marketization process, and enterprises in areas with lower regulatory intensity. Therefore, it is suggested to analyze the structural differences of digital finance in driving the growth of TFP of enterprises, and to improve the capability and efficiency in serving the real economy through financial innovation.

Can Online Platform Interaction of Exchanges Improve Total Factor Productivity of Enterprises?

ZHU Di

2022, 0(5):  63-74. 

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Improving total factor productivity of enterprises is crucial for their high-quality development. By making use of the interaction data between investors and listed companies on the two online platforms of Shenzhen Stock Exchange's“Easy Interaction”and Shanghai Stock Exchange's “e-Interaction”from 2010 to 2019, this paper conducts an empirical test. The findings show that the level and quality of online interaction between investors and listed companies through the network platforms of stock exchanges significantly and positively correlate with total factor productivity of enterprises. The result of mechanism tests indicates that the interaction on the network platforms enhances total factor productivity of enterprises mainly by the two means of increasing the information content in stock prices and improving corporate governance. Therefore, it is suggested that the medium and small investors should actively and rationally participate in the interactions on the network platforms of the exchanges, that listed companies should effectively improve the level and quality of interactions, and that regulatory authorities should strengthen their supervision on the network platforms, so as to realize the improvement of the total factor productivity of enterprises.

Business Administration

Paradox Identification in the Collaboration between Platform Enterprise and Participants and Its Governance: A Case Study Based on the Early-Stage Networks

PAN Qiao-hong, LUO Wen-ping, LIU Zong-yuan

2022, 0(5):  75-87. 

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Faced with the phenomenon of increased friction among participants due to power imbalance on digital platforms, to study how to coordinate the tensions in the cooperation among participants is of great significance to promote the healthy development of platform ecosystem in China. Combining the paradox theory and the governance theory, and taking the early-stage networks as typical cases, this paper constructs the specific routes for paradox identification and governance during the cooperative process between the platform enterprises and the participants in the platform ecosystem. The findings show that (1) to form the paradox of utilization and development on the learning level, the platform enterprises improve their knowledge development capacity through the top-down governance model to achieve the synergy of “utilization of development”; (2) to form the paradox of autonomy and control on the organization level, the platform enterprises improve their digital capability through digital technology governance model to achieve the synergy of“controlled autonomy”; (3) to form the paradox of cooperation and competition on the performance level, the platform enterprises define their business boundaries through the hierarchical governance model to achieve the synergy of “competitive cooperation”; (4) to form the paradox of collectivity and individuality on the affiliation level, the platform enterprises improve their trust through the bottom-up governance model to achieve the synergy of“individual collectivity”. Accordingly, the paradoxical synergy path of cooperation among participants in the platform ecosystem is summarized as“paradox identification -- paradox governance -- paradoxical synergy”, which provides new ideas for platform enterprises to implement governance and for participants in the platform ecosystem to develop their cooperations better.

The Innovation Effect of Corporate Investment in Sports and Health: Based on the Empirical Evidences from Sporting Activities Organized by Enterprises

XIONG Ling-yun, YANG Li-juan

2022, 0(5):  88-100. 

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Under the background of“healthy China”strategy, enterprises have become the important subject of national health. Making researches on their investments in health has important theoretical significance and practical value, especially when their investments in sports and health relate to high-level innovations. This paper chooses the relevant texts concerning sporting activities organized by listed companies to test the impact of their investments in sports and health on corporate innovation. The findings show that the investments of enterprise in sports and health is positively correlated with innovation output. The result of a mechanism test shows that the innovation effect path of enterprises' investments in sports and health is mainly to enhance the physical and mental health level of their employees and reduce the employees' fear of difficulties. It is found through further tests that the investments of enterprises in sports and health can promote both the invention patents and utility model patents, that is, the investments in sports and health is conducive to improving the quality of innovations; the wider the coverage of the sporting activities organized by enterprises, the more innovative outputs of enterprises will be. Therefore, enterprises should regard their investments in sports and health as an important strategy, and the government should also provide policy guidance for enterprises to strengthen their investments in sports and health, so as to further promote the implementation of “healthy China” strategy and innovation-driven development strategy.

Industry & Trade

Research on the Impact of Outward Foreign Direct Investment on the Global Value Chain Quality of Home Country

SONG Yu-jie, FANG Hui

2022, 0(5):  101-112. 

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Affected by the global economic uncertainty factors such as the intensification of reverse globalization and the global spread of COVID-19, the quality of the global value chain must not only consider efficiency, but also stability. This article constructs a quantitative index of global value chain quality that includes efficiency and stability. Based on the world input-output table released by ADB, it calculates the quality and sub-indicator data of 63 countries or regions from 2009 to 2019, and conducts an empirical test on the impact of OFDI on the quality of global value chain of the home country or region and its mechanism. The findings show that the outward foreign direct investment of a country or region has significantly improved the quality of global value chain of the home country or region, the efficiency of the global value chain by sub-indicator, and the stability of global value chain. These are achieved mainly through the three paths, i.e., improving the technological level, optimizing the industrial structures, and expanding the trade scale. The quality promotion effect of global value chain of the home country or region of OFDI from developed countries is more significant. The OFDI from countries or regions with different quantiles has different effects in improving the quality of the global value chain. This research is helpful for the persons concerned to comprehensively and objectively grasp the quality level of countries or regions in the world participating in global value chains, position the development of China, and provide decision-making reference for government departments to enhance the status of international trade and improve the profitability in participating in global value chains.

Internet Development and Productivity Growth of Manufacturing Industry: A Mechanism Study Based on the Process of Marketization

LUO Xu-bin

2022, 0(5):  113-123. 

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In recent years, the development of Internet has played an important role in promoting the productivity growth of the manufacturing industry and driving the transformation and upgrading of the manufacturing industry, and has cracked the “Solow Paradox” from the practical level. Based on the date of 30 provinces (metropolis and autonomous regions) in China from 2009 to 2018, this paper constructs an analytical framework of internet development, marketization process, and manufacturing productivity growth to conduct an empirical analysis. The results show that: firstly, the Internet development can drive the productivity growth of the manufacturing industry by significantly accelerating the product and factor marketization process; secondly, the impact of Internet development on the productivity growth of the manufacturing industries with low-and medium-tech is greater than that of manufacturing industries with high-tech, and the improvement is more obvious in the central and western regions than that in the eastern region. The Internet development plays a more significant role in promoting the product marketization process in the central and western regions, especially the factors marketization process. In order to promote the productivity of the manufacturing industry comprehensively, it is necessary to accelerate the development of the manufacturing industry with low-and medium-tech in a digital, networking and intelligent way, strengthen the high-quality integration of the Internet and the manufacturing industry in the central and western regions, and take the reform of the factor marketization as the focus to push the in-depth development of the market-oriented reform.

Book Review

Corporate Digital Transformation, Supply Chain Collaboration and Cost Stickiness

ZHAO Ling, HUANG Hao

2022, 0(5):  124-136. 

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Digital transformation can break through the limitation of time and space and the limitation of industries to reconstruct the economic operation model, and exert profound influence on the operation management and costs of the micro enterprises. Taking China's listed companies from 2009 to 2020 as samples, this paper conducts an empirical examination of the impact of corporate digital transformation on the corporate cost stickiness on the basis of constructing the index of corporate digital transformation degree by using the methods of text analysis and machine learning. The results show that digital transformation can significantly reduce the cost stickiness of enterprises; and this reduction effect is more significant when the concentration degree of suppliers and customers of the company is lower and the company is located at different places from the suppliers and customers. The result of further study shows that the digital transformation reduces the cost stickiness of enterprises mainly by strengthening the substitution of labor with technology, reducing the opportunistic behaviors of the management, and accelerating the efficient operation of supply chain resources.

National Audit Governance, Digital Economy Empowerment and Green Total Factor Productivity Growth

GUO Meng-nan, GUO Jin-hua, DU Ya-guang

2022, 0(5):  137-148. 

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Green production is an important engine for promoting low-carbon economic transformation and achieving sustainable development. Using the panel data of 285 cities in China, this paper conducts an empirical test of the impact of national audit governance on the growth of urban green total factor productivity and the moderating effect of digital economy empowerment. The findings show that national audit governance is conducive to the promotion of the growth of urban green total factor productivity, and the empowerment of the digital economy has significantly enhanced the promotion effect of national audit governance on the growth of green total factor productivity. The result of further research indicates that national audit governance can promote urban green total factor productivity growth by improving government governance efficiency and green technology innovation capabilities, and that the reform of the audit management system is conducive to enhancing the promotion effect of national audit governance on the growth of green total factor productivity.