Table of Content

15 August 2022, Volume 0 Issue 8

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Theoretical Economics

Spatial Effects of Policy and Technological Innovations of Renewable Energy

MA Li-mei

2022, 0(8):  3-15. 

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The development of renewable energy is an important path to achieve carbon peaking and carbon neutrality, while technological innovation is the biggest obstacle the development of renewable energy is faced. The findings of this empirical analysis using EU data from 1991 to 2019 show that there is a significant spatial spillover effect in the technology innovation of EU renewable energy, which is mainly achieved through the promotion of government policies and financial development. The results of the spatial correlation analysis show that this spatial effect has been more pronounced since 1999. The results of the regression analysis with spatial models further show that government policies have significant heterogeneous characteristics for renewable energy innovation, which may mean that policies that indirectly lead to innovation through demand and weaken market mechanisms will be difficult to sustain, and it will become crucial to build a more market-oriented policy support mechanism with direct-driving effect. In addition, the EU’s well-developed direct financing market has a significant positive impact on renewable energy innovation, while the indirect financing market can only play a limited role. This shows that the direct financing mechanisms such as green bonds and carbon financial markets are effective means to promote renewable energy innovation. China should further construct a clearer and more explicit common vision of energy and climate, strengthen the inter-provincial cooperation and coordinated development, and create a development pattern of renewable energy which can be beneficial to all.

Will the National Innovative City Pilots Influence Labor Income Share?

LI Ren-yu, ZHONG Teng-long

2022, 0(8):  16-27. 

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The national innovative city pilot policy is an important measure to promote urban innovation. Since 2008, China has approved 78 national innovative city pilots successively. Has this policy affected the labor income share of Chinese enterprises? This paper takes the pilot policies of the national innovative cities for a quasi-natural experiment to conduct an empirical study with the data of China’s A-share listed companies from 2007 to 2017 and the times difference model, the findings show that, in general, the pilot policy has significantly improved the labor income share of local enterprises in the pilot cities.And this effect has significant heterogeneity due to enterprise ownership, the size, whether it belongs to high-tech enterprises, whether it has export business and so on. The labor income share of the enterprises that are non-state-owned, medium and small scaled, hi-tech, or manufacturing exporting are significantly affected. The test results of the influencing mechanism show that technological progress is an important path influencing the labor income share by the pilot policies. On the one hand, the pilot policy promotes the labor income share by accelerating the independent innovation of enterprises; on the other hand, it restricts the labor income share by increasing enterprises’ production efficiency. The above-mentioned conclusion implies that the government should further optimize the pilot policies for the innovative city pilots, promote the construction of the pilot cities, and give full play to their promoting effect on the labor income share.

Public Economics & Administration

A Study of the Performance Evaluation and Improvement of Local Government Special Bond Funds for the“New Infrastructure Constructions”

ZHANG Ping, GUO Qing-hua

2022, 0(8):  28-37. 

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Under the background of fully implementing the budget performance management, special attention should be paid to the performance evaluation of the local government special bond funds for the“new infrastructure constructions”. Based on the data of the special bond funds of all provinces for the“new infrastructure constructions”in 2020, this paper establishes a performance evaluation system from the three perspectives of issuance design, economic and social benefits and debt repayment guarantee.Then it uses the entropy weight TOPSIS method to quantitatively assess the performance of special bond funds for the“new infrastructure constructions”. The findings show that the main factors affecting the performance of the special bond funds for the new infrastructure constructions are the issuance scale and the debt repayment guarantee. Beijing has a better performance in terms of issuance design, economic and social benefits and debt repayment guarantee, which is significantly superior to other provinces.In terms of the regional distribution of the evaluation results, the performance of the special bond funds for the“new infrastructure constructions”presents the characteristics of the eastern region being obviously better than the central and western regions. Therefore, it is suggested to build a full life cycle fund performance management system from all links of the special bonds for the“new infrastructure constructions”, improve the issuance design of the special bonds for the“new infrastructure constructions”, optimize the investment direction of the special bond funds and cultivate their own income of the projects, so as to improve the performance of the special bond funds for the “new infrastructure constructions”.

Research on the Relationship between Horizontal Tax Transfer and Local Fiscal Expenditure

ZHAO Xiao-yu, LI Jian-jun

2022, 0(8):  38-50. 

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Horizontal tax distribution is an important part of intergovernmental tax relations. The tax collection and distribution mode of“collecting locally and dividing locally”has shaped the “Chinese-style horizontal tax distribution mode”, in which the allocation of horizontal tax collection and management power determines the horizontal tax distribution, resulting in inter-regional tax transfers. This paper puts horizontal tax transfer and local fiscal expenditure into a theoretical analysis framework and adopts the provincial panel data from 2007 to 2019 to study the impact of tax transfer on local fiscal expenditures in China. The results show that, on the whole, most of the central and western provinces are the net outflow places of tax transfer, while a few of the eastern provinces are the net inflow places of tax transfer, which intensifies the horizontal fiscal imbalance. Tax transfer will affect local fiscal expenditure through financial effect and cost output effect, and also cause changes in the proportionof social expenditure, the proportion of economic expenditure and the land transfer area. Therefore, it is suggested to improve the horizontal tax distribution system, change the way of taxation and tax distribution mainly based on the principle of production location, promote the reform of tax revenue matching with tax costs within the region, and perfect the distribution mechanism of the subjectivity shared tax, including the value-added tax, corporate income tax, and individual income tax.

Modern Finance

Regional Contagion Effect of China’s Systemic Financial Risks

DANG Yin, MIAO Zi-qing, SUN Chen-tong

2022, 0(8):  51-63. 

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Identification and resolving financial risks at regional level is an important part of the prevention of systemic financial risks. Based on the network analytical method and SIRS infection model, this paper investigates the correlation, relative difference and contagion of China’s regional systemic financial risks from 2011 to 2020. It is found that the regional systemic financial risks among provinces present an obvious network form; the provincial correlation of financial risks is becoming closer. The provinces with remote geographical location, slower economic development and looser financial supervision are the concentrated areas of risk inflow, while the provinces with superior geographical location, rapid economic development and strict financial supervision are the main areas of risk outflow. Each province can be clustered into different plates in the regional systemic financial risk contagion network, such as the“net outflow”plate, the“broker”plate, the“two-way outflow”plate, and the“net inflow”plate, each plays a different role in the risk contagion network.Therefore, each of the provinces need to formulate plans in advance, strengthen the targeted control and monitoring, adopt regionally differentiated risk prevention and control measures, and promote regional economic coordination, reform and development, so as to better prevent and resolve the regional systemic financial risks,.

An Analysis of the Crowding-Out Effect of Bank Equity Investment on the Provision of Trade Credit

YANG Ling, ZHU Hong-quan

2022, 0(8):  64-75. 

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In the context of the integration of industry and finance, it is of realistic significance to study how corporate bank equity investments impact the provision of trade credit. Based on the data of China’s A-share listed firms from 2007 to 2020, this paper finds that bank equity investment can crowd out the provision of trade credit; the higher the investment proportion, the more obvious the crowding-out effect on the provision of trade credit will be. The above conclusion is valid after using the Heckman two-stage model to alleviate the sample self-selection deviation, and using the instrumental variables and the generalized method of moment to alleviate the endogenous problem caused by the two-way causality. The results of the channel analysis show that the bank equity investment can crowd out the provision of trade credit through the three channels, i.e., increasing corporate financial assets investment, increasing corporate income from investment and improving corporate competitive ability. The results of the heterogeneity test show that, compared with the investment in the non-listed banks, the corporate investment in the listed banks has a more significant crowding-out effect on the provision of trade credit. Therefore, it would be helpful to alleviate the crowding-out effect of bank equity investment on the provision of trade credit by regulating the financial asset investment behavior of bank shareholders and guiding the entity enterprises to focus on the development of their main business.

Business Administration

How the Workplace Negative Gossip Affecting Employees’ Job-Related Happiness: Based on the Cognitive-Affective System Theory

LI Peng-bo

2022, 0(8):  76-87. 

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By constructing a moderated dual mediator model and from the perspective of the cognitive-affective system theory, this paper explores the dual effect mechanism of workplace negative gossip on employees’ job-related happiness. Based on the data of 325 front-line employees working in the service industry, the results of the analysis show that workplace negative gossip has a negative effect on employees’ job-related happiness. Organizational identity and emotional exhaustion can mediate the relationship between workplace negative gossip and job-related happiness. Self-efficacy can not only adjust the effects of organizational identity and emotional exhaustion on job-related happiness, but also adjust the indirect effect of workplace negative gossip on job-related happiness through organizational identity and emotional exhaustion. These findings can help to extend the understanding of the effect and mechanism of workplace negative gossip, and provide practical implications for the related management practice.

How Canthe Developmental Feedback of the Superior Motivate Employees to Take Changes? From the Perspective of Social Cognitive Theory

SUN Bai-peng, JIA Jian-feng, XU Sheng

2022, 0(8):  88-98. 

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In the era of“VUCA”, it has become an urgent issue for organizations to explore how to motivate employees toactively take changes. However, as an incentive strategy and behavior correction tool commonly used in organizations, it need to clarify how leaders’ feedback can affect employees to take change actively. Based on the social cognitive theory, this research introduces the organizational identification and the organizational status as the intermediary agent and the leaders’ organizational embodiment as the adjustor to explore the internal action mechanism and the boundary of the development feedback from the superiors on the employees’ active changing behaviors. Through a stratum regression analysis and a Bootstrap analysis with the survey data of 317 employees, it is found that, firstly, the development feedback from the superiors has a positive impact on the employees’ active changing behavior; secondly, the organizational identification and the organizational status perception can partly mediate the effect of the development feedback from the superiors on the employees’ active changing behavior; thirdly, the leaders’ organizational embodiment can positively mediate the relationship between the development feedback from the superiors and the organizational identification and the organizational status perception, as well as the indirect path of the development feedback from the superiors affecting the employees’ active changing behaviors through the organizational identification and the perceived organizational status.

Industry & Trade

The Impact of Global Value Chain Digitization on the Status of China’s Manufacturing Industry in the International Division of Labor

LI Dan, WU Jie, DONG Cheng-hui

2022, 0(8):  99-111. 

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This article extends the total value-added trade decomposition method to the level of digital trade, constructs a digital measurement framework for the global value chain from the perspective of trade digitalization, analyzes the integration of China’s manufacturing industry in the digital global value chain from the dimensions of two-way digital correlation, digital dependence and international comparison, and analyzes the factors affecting the status of China’s manufacturing industry in the international division of labor with the hierarchical structure decomposition method. The main research conclusions are as follows: China’s manufacturing industry is mainly integrated into the digital global value chain division of labor through forward participation, and it is at the midstream level in the digital global value chain positioning. The developed economies led by the United States hold the dominant position of digital trade in the manufacturing industry. The digital value-added export of China’s manufacturing industry is strongly dependent on the markets of developed economies, in which the forward digital value-added export that is dependent on the economies is more widely distributed, while the backward digital value-added export that is dependent on the economies is more concentrated. The positive changes in the relative attribute factor of exporting domestic added value and the digital attribute factor of the global value chain can significantly improve the status of China’s manufacturing industry in the international division of labor.

Research on the Global Trade Pattern of Tungsten Products and the Optimization of China’s Tungsten Products Trade Structure

ZHU Wen-xing, YIN Lian-tian, LIU Dao-lin, XU Ling

2022, 0(8):  112-123. 

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The evolution of the global trade pattern of tungsten products is affected by the degree of trade dependence among the countries. Based on the theory of economic interdependence, this paper adopts the complex trade network analytical method to analyze the global trade pattern of tungsten products and the competition and cooperation environment in which China is located. It explores China’s key partners and the direction of trade structure optimization. The findings show that the current global trade of tungsten products presents a pattern of“multi-centralization and fragmentation”. The regionalization of international trade is obvious, the overall trade dependence continues to be low, and trade links are relatively loose. The leading role of the core importing countries in the global trade flow of tungsten products has been strengthened. China is at the core of the global tungsten products trade network, and its trade independence and anti-control capabilities have been improved; but its resource allocation and trade control capabilities are relatively weaker. China faces the bilateral dilemma of the game between major exporters and the counterbalance of the import market. In response to the competition and cooperation environment of global tungsten products trade, China should focus on strengthening the trade ties with countries along the“Belt and Road”route, making good use of the two major markets in Europe and the Asia-Pacific region, and establishing stable cooperative relations with the importing countries and innovating cooperation models.

Modern Accounting

Can Response to Media Questions Required by Review-Inquiry Letters of the Science and Technology Innovation Board Improve the Efficiency of IPO pricing?

JIANG Yao-ming, YANG Jia-yi, DENG Yao

2022, 0(8):  124-137. 

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In the context of the overall registration system, the review and inquiry letter of the science and technology innovation board requires the companies applying for listing to respond to the media questions, what will be the effect? Taking the companies listed on the science and technology innovation board as the research objects, this paper conducts an empirical study of the impact of responding to the media questions required by the review and inquiry letters on the efficiency of IPO pricing from the perspective of information disclosure. The findings show that the requirement to respond to media questions in the review and inquiry letters can significantly improve the IPO pricing efficiency, and the more detailed the responding content, the higher the degree of improvement. To respond to the media questions can improve the quality of information disclosure, thereby improve the efficiency of IPO pricing. The results of further study show that the R&D expenses, operation income and operating cost indicators in the response content have a more significant impact on the IPO pricing efficiency, and that to respond to the questions of the central media can better improve the efficiency of IPO pricing.

Can Common Institution Ownership Inhibit the Excess Goodwill?Evidences from China’s A-share Listed Companies

MAO Yue, HU Guo-qiang, ZHANG Jun-min

2022, 0(8):  138-148. 

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As the emerging power in the capital market, the governing function of the common institution investors receives extensive attention. From the perspective of the common institution ownership, this paper empirically examines the impact of the common institution ownership on the excess goodwill of the listed companies. The findings show that the ownership of common institutions can effectively inhibit the excess goodwill of the listed companies. It is found through further study that the inhibiting effect of the common institution ownership on the excess goodwill is largely achieved through the scale effect mechanism and the exit threating mechanism. The common institutional ownership can reduce the risk of goodwill impairment after corporate mergers and acquisitions. Therefore,the listed companies should actively introduce the common institution investors, improve the corporate governance, optimize the merger targets, and suppress the excess goodwill.