Table of Content

15 February 2023, Volume 0 Issue 2

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Theoretical Economics

Pricing Behavior and Strategy of Housing Rental Platforms: Evidences from Beike House Hunting Platform

CHEN Li-zhong, TANG Tian

2023, 0(2):  3-14. 

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In the era of platform economy, the pricing behavior of platforms has attracted much attention. Leasing platforms are playing an important role in promoting the high-quality development of housing rental markets and promoting the construction of housing system with both house renting and house purchasing. This paper conducts an empirical study by making use of the housing rental transaction data of Wuhan market from the Beike House Hunting Platform. The findings show that there are differential pricing behaviors on the housing rental platforms. The pricing of Beike House Hunting Platform for online customers is about 3.2% lower than that of offline customers, and its pricingfor the customers of homologous platforms is about 2.3% lower than that for the competitive platform users. The result of the heterogeneity analysis shows that, in terms of gender, the platform adopts similar discounts for male and female online customers. For male customers, the competition effect between platforms is not significant. For female users, the platform prices are lower for users of homologous platform. In terms of age, compared with non-post-90s online users, the platform offers more preferential treatment to post-90s online users. For post-90s users, the competition effect between platforms is not significant. For non-post-90s users, the price of the platform for homologous platform users is lower. This indicates that supporting the construction of online rental platforms, encouraging brokerage brands in the housing rental market to join the platform in the way of franchise, and opposing the platforms using digital technology to make differential pricing for different users are conducive to the healthy and standardized development of rental platforms.

Getting Rid of Path Dependence: Logic and Test of Regional Differentiated Development of Financial Technology

WANG Xiao-hua, ZHOU Han-mei

2023, 0(2):  15-27. 

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Similar to the development of traditional finance, the development of financial technology also shows a regional pattern of differentiated development, with eastern cities taking the lead and some cities in central and western regions lagging behind. Then, what is the internal logic of the formation of the regional differentiated development pattern of financial technology? Based on the theory of evolutionary economic geography, this paper conducts an empirical study by making use of the data of 291 prefecture-level cities of China. The findings show that the regional differentiated development pattern of financial technology development is mainly due to the path dependence of the traditional financial development. Further analysis shows that the improvement of urban innovation capacity and the increase of local government innovation capital investment have a significant promoting effect on the development of financial technology, which helps the traditional financially-underdeveloped areas to get rid of the path dependence and realize the path creation of financial technology development. Therefore, local governments can take advantage of the situation, vigorously promote the popularization and application of big data, cloud computing, blockchain, artificial intelligence and other innovative technologiesin the financial sector, and actively build the development highland of financialtechnology. Driven by the twin wheels of the independent scientific and technological innovation and the“promising”government, the financial technology development can be guided to get rid of the path dependence of traditional financial development and realize the path creation for coordinated regional development of financial technology.

Public Economics & Administration

The Impact of Digital Economy on Interregional Enterprise Income Tax Distribution Pattern: A Comparison of Different Distribution Schemes Based on the Manufacturing Industry

CHEN Xin, LIU Sheng-wang

2023, 0(2):  28-42. 

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Digital economy has effectively promoted the development of China’s economy, but the development of digital economy is uneven among the regions, which has an impact on the distribution pattern of enterprise income tax among the regions. Based on the panel data of enterprise income tax of China’s provincial manufacturing from 2008 to 2019, this paper examines the impact of digital economy on interregional enterprise income tax revenue.The findings of the empirical study show that under the current interregional enterprise income tax distribution rule, the development of digital economy benefits the enterprise income tax only in a few regions but damages that in most regions. The result of the heterogeneity analysis shows that the current distribution rule is not conducive to the formation of enterprise income tax revenue in the regions with medium and high level fiscal pressure, which increases the possibility of enterprise income tax transfer-out from these regions, and deepens the degree of enterprise income tax transfer-out in these regions. Therefore, in order to better deal with the impact of digital economy on the distribution of interregional enterprise income tax and realize the virtuous cycle of interregional enterprise income tax distribution and the digital economy development, the local sharing part of interregional enterprise income tax in the future should adopt the three-factor distribution method based on the principle of the place of consumption or the three-factor distribution method based on the principle of the place of consumption supplemented with the fiscal distribution method based on the consumption contribution of various regions.

Can Big Data Tax Collection and Management Curb Corporate Violations?A Quasi-Natural Experiment Analysis Based on the“Third Phase of the Golden Tax Project”

JI Ya-fang, LIANG Ri-xin, CHI Ya-nan

2023, 0(2):  43-54. 

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Corporate violations are“stumbling blocks”hindering the high-quality development of the capital markets. It is of vital importance to prevent and govern the corporate violations for the creation of favorable capital market ecological environment. As an external governance mechanism, whether and how big data tax collection and management can inhibit corporate violations is an issue that needs urgent attention. Based on this, with the help of“Golden Tax Phase III”tax inspection system reform as a quasi-natural experiment, this paper takes the A-share listed companies from 2009 to 2018 as samples to construct a multi-period DID model and investigates the impact of big data tax collection and administration on corporate violations. The findings show that big data tax collection and management can significantly inhibit corporate violations. Big data tax collection and administration caninhibit the illegal behavior of enterprises through reducing the agency cost and improving the information transparency of enterprises. The inhibitory effect of big data tax collection and administration on corporate violations is more significant in the regions with poor legal system environment and in the enterprises with lower quality of internal control. Therefore, it is suggested to consolidate the data foundation of big data tax collection and management,improve the data integration ability of big data tax collection and administration, improve the internal and external governance mechanisms of enterprises, enhance the precise governance role of big data tax collection and administration, improve the information disclosure mechanism and the market supervision mechanism of the capital markets,and raise the costs of corporate violations.

Modern Finance

Can the Development of Fintech Reduce Geographic Exclusion from Financing

ZHANG Bing, SUN Ruo-han

2023, 0(2):  55-67. 

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The role of fintech in addressing the pain points of SME financing is becoming more prominent. From the perspective of information economics, thefintech development can relieve information asymmetry and reduce the geographic exclusion from SME financing. This paper conducts an empirical test by making use of the data of bank branches, the fintech development level data, and the data of enterprises in the National Equities Exchange and Quotations of SMEs from 2011 to 2020. The results indicate that geographical distance increases the financial exclusion of SMEs, while fintech development decreases the geographical exclusion of SME financing. However, geographical distance remains a significant factor influencing SME financing. The result of the heterogeneity analysis reveals that when there is a higher proportion of large banks and a higher degree of bank competition, as well as in economically backward and transportation inconvenient areas, the positive effect of fintech development on the geographical exclusion of SME financing is more pronounced. The result of the mechanism analysis reveals that the development of fintechcan solve the problem of information asymmetry between banks and enterprises, which is essential for fintech to reduce the geographical exclusion of SME financing. Therefore, we should both strengthen the research and application of fintech and optimize the layout of physical bank branches, so as to promote the financial resources to serve SMEs and to address the“last mile”of financial inclusion.

Financial Mismatch and Enterprise Financialization

GUI Yan, LV Jiang-lin, WANG Yang

2023, 0(2):  68-80. 

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The financial mismatch existing in China’s financial system will theoretically promote enterprises to increase financial investment through portfolio selection. This paper conducts anempirical research based on the data of non-financial listed companies in China from 2007 to 2019. The findings show that financial mismatch has significantly promoted the financialization of enterprises in general, and that it mainly promotes the investment in long-term financial assets and quasi financial assets. The former is more prominent in the enterprises with strong profitability, while the latter is only significant in the enterprises with weak profitability and in the state-owned enterprises. The result of the mechanism test shows that financial mismatch promotes enterprise financialization by improving financing constraints and expanding the income gap between finance and entities, but this impact on different types of financial assets shows heterogeneous motivation. For example, under the influence of financial mismatch, enterprises will increase investment in long-term financial assets, which is out of the motive of“preventing savings”to ease financing constraints and the motive of active“profit seeking”to obtain excess financial returns, while increasing the allocation of quasi-financial assets is only out of the passive“profit seeking”motive forced by the decline of the return on the investment in the main business. Further inspection reveals that the relaxation of interest rate control and the development of digital inclusive finance can both weaken the enterprise financialization under the effect of financial mismatch, but mainly weaken the allocation of the quasi-financial assets. In the future, it is necessary for the relevant departments to further promote the marketization of the financial system, improve the efficiency of financial resource allocation, and guide finance to return to the real economy.It is also necessary to promote the development of digital inclusive finance and the construction of the multi-level and full chain capital markets, promote the accurate implementation of financial services, and adapt to the high-quality economic development.

Business Administration

How the Member Relationshipof Maker Teams Affects Their Performance in Dealing with Emergencies? Reflection on the Synergistic Effect of Platform Organizations

LIU Yao-bin, WANG Meng-lu, XIONG Li

2023, 0(2):  81-93. 

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Under the dual impact of global economic downturn and COVID-19 epidemic prevention and control, the makersas the main force to carry out Chinese“Innovation and Entrepreneurship”cause are all faced with an ever-changing environment with“not only inside worries, but also outside troubles”. To improve the capability to deal with emergencies becomes a top priority for all of them. However, the current researches have not paid enough attention to the impact of the network relationship characteristics of the maker teams themselves on their performance in dealing with emergencies. Based on social network theory, this study proposes that the relationship characteristics among the members of maker teams can influence their impromptu behaviors and their types, which in turn affect the team performance in dealing with emergencies. The maker platform organizations may use specialized maker training strategies to optimize the above influencing mechanisms. The questionnaire data from 162 maker teams (with 639 members) on 38 platforms reveals that the network relationship strength, the heterogeneity and the informality of team members can exert negative, inverted-U shape and positive effects respectively on the double element improvisations of the teams, which in turn affect team performance in dealing with emergencies indirectly. The interpersonal skill training organized by platforms has a synergisticeffect in the whole process, i.e., playing positive role inweakening the negative effect of the relationship strength, optimizing the inverted-U shape affecting curve of relationship heterogeneity, and amplifying the positive effect of relationship informality. This study innovatively pays attention to the initial influences of maker team organizations on their emergency-dealing performance, and suggests that platform organizations should play a better synergic role in supporting thesustainable development of themaker enterprises.

The Impact of Peer Firms on the Innovation Investment of Family Firms: To Reduce Risks or to Increase Returns?

WU Fang

2023, 0(2):  94-105. 

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The Chinesestyle modernization is inseparable from the high-quality development of private economy. Being an important part of the private economy, family enterprises arefaced with the problem of long-term insufficient innovation input. Under the background of innovation-driven development in China, it is of great significance to improve the innovation level of family firms. The existing studies usually treat family firms as individuals that make independent decisions, ignoring the influence from other firms. Based on the theories of social psychology and socioemotional wealth, this article discusses the influence of peer firms on the innovation investment of family firms, which can provide a new perspective to solve the problem of insufficient innovation investment of family enterprises. The results show that peer firms have a significant promoting effect on the innovation investments offamily firms, and that the information acquisition imitation is the main internal mechanism. While the competitive imitation has no significant effect, which indicates that the essence of that peer effect is to reduce risk rather than increase returns. Both the firms and environment characteristics have heterogeneous influence on the above effects. When the equity restriction degree inside of the companies is weaker, or the company is in recession, or the economic policy uncertainty outside of the company is greater, or the company is located in the eastern region, the peer effect of innovation investment offamily firms is more remarkable.

Industry & Trade

Export Market Size, Initial Productivity and Technological Innovation of China’s Industrial Enterprises

CHEN Ya

2023, 0(2):  106-119. 

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Based on the theory of trade competition effect, this paper mainly adopts the matching and merging data of the period of 2002—2013 from China Industrial and Enterprise Database, China Enterprise Patent Database, China Patent Full-text Database (CNKI), China Customs Database, and CEPII-BACI database toinvestigate the impact of the initial productivity adjustment mechanism of the export market size of China’s general trade enterprises on the quantity and quality of technological innovation, as well as the timing choice of the impact of export market size growth rate on the quantity and quality growth rate of technology innovation. The results show that, on the whole, only when the initial productivity of enterprises exceeds a threshold level can the positive impact of export market size on the quantity and quality of technological innovation appear.In terms of the structure, the enterprises with positive impacts of export market size on the quantity and quality of technological innovation are mainly concentrated around such industries as the chemical raw material and chemical products manufacturing, the medicine manufacturing, the general-purpose equipment manufacturing, the electric machinery and equipment manufacturing, and the computer, communication and other electric equipment manufacturing. In terms of timing, the growth of the quantity and quality of technological innovation of the general trading enterprises occurs in the second year and the third year after the growth of export market size respectively. Therefore, local governments should improve the business environment and reduce taxes and fees for the export enterprises. The export enterprises should improve productivity, reduce costs, expand the size of export markets, and shorten the time for innovation decision-making, so as to let export market size play a positive role in promoting the quantity and quality of innovation.

Research on the Impact of New Digital Infrastructure on Domestic Value Chain Circulation

HUO Chun-hui, LV Meng-xiao, ZHANG Yin-dan

2023, 0(2):  120-131. 

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As the driving vehicle of the new round of technological revolution and industrial revolution, digital new infrastructure plays an important role in the national economic circulation. Based on the dual perspectives of supply and demand, this paper explores the theoretical logic of the influence of new digital infrastructure on the circulation of domestic value chain. The findings show that digital new infrastructure can significantly promote domestic value chain circulation. Under the supply-side driving effect, digital new infrastructure promotes the domestic value chain circulation by promoting technological innovations; while under the demand-side driving effect, consumption upgrading is the intervening mechanism to promote the domestic value chain circulation. The result of the heterogeneity study shows that in the technology-intensive industries and labor-intensive industries, the positive impact of new digital infrastructure on domestic value chain circulation is more significant. While in the regions with higher degree oflabor market segmentation and consumer marketsegmentation, the empowering effect of new digital infrastructure will be weakened. The result of the expansion analysis shows that the new digital infrastructure can help to increase theadded value of the domestic industrial value chain, and that this effect is particularly prominent in the central and western regions. The above research reveals that we should attach importance to the basic and overall role of new digital infrastructure in building a new development pattern of industrial chain, accelerate the construction of new digital infrastructure by industry, by region and step by step, and improve the deployment quality and efficiency of new digital infrastructure.

Modern Accounting

Important Achievements, Basic Experiences and Future Expectations of the State Audit Cause since the 18th National Congress of the CPC

GUO Peng-fei

2023, 0(2):  132-143. 

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Since the 18th National Congress of the Communist Party of China, the state audit cause of China has made great achievements in such aspects as management system, law construction, audit business, audit scope, audit method, audit rectification and international influence. The experience of making these achievements lies in: upholding and strengthening the Party’s leadership over the state audit to ensure the independence and authority of the state audit, always carrying out the audit program around the central tasks of the Party and the state, and serving the goal of building China into a great modern socialist power in all respects; ensuring the position of auditing for the people and safeguarding the people’s interests throughout the whole audit process; insisting on the law-based audit and making the state audit playing an important role in advancing the law-based governance comprehensively; focusing on the authenticity, legitimacy and efficiency of fiscal revenues and expenditure and strengthening the integration of economic supervision and political supervision;and enhancing the joint force of audit supervision and other supervision powers. These great achievements and experiencesin the state audit cause made since the 18th National Congress of the CPC are the modern auditing elements of Chinese style, and the key elements in the formation of the socialist audit system with Chinese characteristics in the new era.

Environmental Credit Evaluation and Corporate Environmental Information Disclosure

ZHONG Hai-yan, WANG Jiang-han

2023, 0(2):  144-156. 

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The environmental credit evaluation system is an important part of China’s social credit system. Taking the implementation of Measures for Enterprise Environmental Credit Evaluation (Trial) in 2014 as an opportunity, this paper takes A-share listed companies from 2008 to 2019 as samples to explore the impact of environmental credit evaluation system on the quality of corporate environmental information disclosure and its influencing mechanism by using the difference-in-differences model. The findings show that the environmental credit evaluation system can significantly improve the quality of corporate environmental information disclosure. The result of the mechanism analysis shows that the improving effect of the environmental credit evaluation system on the quality of corporate environmental information disclosure is achieved throughincreasing the compliance pressure and stimulating the guiding role of the diverse governing subjects. The result of further research shows that stronger regional environmental supervision efforts, higher regional financial development level and stronger media environmental supervision can strengthen the role of the environmental credit evaluation system in improving the quality of corporate environmental information disclosure.