Table of Content

15 April 2023, Volume 0 Issue 4

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Theoretical Economics

The Collaborative Development among Large-Medium-Small Enterprises Driven by Digital Economy: Mechanism, Model and Path

LI Xian-jun

2023, 0(4):  3-14. 

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As the new driving force of the world economic development and the important engine for the new round of scientific and technological revolution, the digital economy has become an important force to drive the improvement of the efficiency of the economic system and the optimization of the structure, and has injected new impetus into the collaborative development of the large, medium and small enterprises. The digital economy can not only drive the information links among the large, medium and small business through the factor supple and tool support of the infrastructure, but also create and promote the collaborate ecological construction to drive the effective integration of the large, medium and small enterprises through the opportunities created by the digital scenarios, so as to form such typical integrative modes as the platform integration to enable digitally the large, medium and small enterprises, the industrial chain integration pulled by the chain hosts, and the ecological integration with the characteristics of innovation and entrepreneurship. Faced with the practical problems such as weak willingness, insufficient impetus and unclear modes, it is necessary for the large,medium and small enterprises to smooth the data connecting channels, let the large enterprises play the driving role, increase the willingness of SMEs to integrate actively, and building a long-term mechanism to ensure the effective integration among the large, medium and small enterprises. It is recommended to further strengthen the construction of digital infrastructure and digital platforms, give priority to the integrative development of the key industries, support the construction of the digital integrative carrier, accelerate the digital transformation of the service system for SMEs,and strengthen the governance to digital platforms.

Nonlinear Spillover Effects of US Economic Policy Uncertainty on China’s Technological Innovation

CHEN Pu, OUYANG Zhi-gang

2023, 0(4):  15-28. 

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The economic policy uncertainty of the technology leading countries can produce spillover effects on the scientific and technological innovation of the technology following countries through the technology following channel and the uncertainty inducing channel. The direction of the spillover effects depends on the influencing mechanism of the EPU of the technology leading country and the technology following country on the domestic scientific and technological innovation. On the basis of a nonlinear threshold GVAR model, this paper studies the non-linear spillovereffect of the EPU of USA on the scientific and technological innovation of China. The results show that as a whole the EPU of USA can suppress the scientific and technological innovation of China through the technology following channel and the uncertainty inducing channel, and that the inhibiting effect is greaterin the low growth mechanism. In terms of different industries, the EPU of USA in its industries with more innovative advantages can have negative spillover effects on China’s industrial innovation mainly through the technology following channel; among which, the inhibiting effect is greater in the low growth mechanism. In the industries of USA with relative innovative advantages, the EPU of USA can have spillover effects on the industrial innovation of China through the technology following channel and the uncertainty inducing channel; among which, the positive effects are smaller in the high growth mechanism and the negative effects are greater in the low growth mechanism. As for the industries of China with innovative advantages, the EPU of USA can produce spillover effects on the industrial innovation through the uncertainty inducing channel; among which,the spillover effect is not clear in the high growth mechanism, and the negative spillover effect is obvious in the low growth mechanism.

Public Economics & Administration

Tax Structure, Tax Salience and Consumption Gap between Urban and Rural Residents: An Empirical Investigation Based on 279 Prefecture-Level Cities

CHEN Tao, NI Zhi-liang

2023, 0(4):  29-40. 

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Resident consumption plays a key role in smoothing the domestic economic cycle, and the content expansion and quality improvement of consumption determines the realization of the“dual economic circulation”to a certain extent. The optimization of tax system structure can affect the perception and understanding of the groups with different incomes and stimulate the consumption potential of urban and rural residents by changing the tax salience. Based on the theory of psychological account, this paper makes use of the data of 279 prefecture level cities in China from 2002 to 2020 to empirically analyze the impact of tax system structure on the consumption gap between urban and rural residents and its mechanism. The results show that the optimization of tax system structure can significantly narrow the consumption gap between urban and rural residents. The result of the heterogeneity analysis shows that, compared with corporate income tax, increasing the proportion of individual income tax can better reduce the consumption gap between urban and rural residents. Compared with the non-food consumption, the optimization of tax system structure can better narrow the gap between urban and rural food consumption. Compared with the under-developed cities, the positive effect of the tax system structure on narrowing the consumption gap between urban and rural residents is more obvious in the developed cities. The result of the mechanism analysis shows that the tax salience is an important mechanism for optimizing the tax system structure to narrow the consumption gap between urban and rural residents. Therefore, the content expansion and quality improvement of consumption need the strong support of tax system reform. The future tax system optimization should gradually increase the proportion of direct tax and improve the direct tax system. At the same time, full consideration should be given to the differential impact of tax system changes on the consumption psychology of the groups with different incomes, so as to better narrow the urban-rural consumption gap, thus promoting consumption and promoting the“dual circulation”.

Environmental Regulation and Corporate Tax Avoidance: Empirical Evidences Based on the Implementation of the New Environmental Protection Law

SHANG Gui-da, JING Ming-yu, WANG Zhi-wei

2023, 0(4):  41-54. 

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Giving full play to the multi-dimensional supervision effect of the environmental regulation while paying attention to the high-quality economic development and a reasonable and efficient income distribution mechanism are powerful supports to achieve common prosperity.Therefore, in the context of high-quality-developmentorientation and ecological environment priority, this paper analyzes the additive effect of the environmental regulation from the new perspective of tax governance. Based on the quasi-natural experiment research under the background of the implementation of the new Environmental Protection Law in 2015, this paper constructs a double difference model to test the impact of environmental regulation on corporate tax avoidance from the perspective of the political cost hypothesis. The findings show that environmental regulation can significantly inhibit corporate tax avoidance. The results of the mechanism analysis show that environmental regulation legislation has increased the external supervision of enterprises, and the additional effect of this external supervision will increase the political cost of corporate tax avoidance behaviors, thereby curbing the radical tax avoidance decisions made by enterprises. The analysis of the economic consequences reveals that although environmental regulation has increased the tax burden of enterprises, it also leads to the improvement of the corporate information environment and their reputation, which helps to enhance the value of enterprises. Therefore, to promote the construction of the environmental regulation system, we must not only pay attention to the direct effect of environmental regulation on the improvement of the ecological environment, but also actively give play to the tax governance function and other additional effects of environmental regulations, so as to fully release the policy dividends and realize the mutual benefits of environmental protection and economic efficiency.

Modern Finance

The Influence of Financial Literacy on Household Property Income: An Analysis fromthe Perspective of Common Prosperity

TANG Dan-yun, LI Jie, WU Yu

2023, 0(4):  55-67. 

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It is the inevitable requirement for achieving common prosperity to increase the property income of residents. Based on China Household Finance Survey (CHFS) from 2013 to 2019 and using the Probit and Tobit models, this paper conducts an empirical study. The findings show that financial literacy is an important factor affecting household property income. The improvement of financial literacy can not only improve the probability of increasing household property income, but also improve the proportion of the total household property income and the property income in the household total income. This conclusion still holds after changing the explanatory variable and deleting the samples of families with financial industry professionals and after the endogenous test using the average financial literacy of other households at the same income level in the same community as the instrumental variable. Compared with non-financial property income, financial literacy has a more obvious impact on the household financial property income, especially the non-deposit financial property income. The result of the mechanism analysis shows that raising the proportion of risky assets, increasing the rate of return on risky assets, promoting the holding of investment in real estate, and promoting land renting are four channels through which financial literacy affects household property income. Further analysis reveals that the marginal effect of financial literacy is more pronounced on the property income of the groups with lower income, which indicates that the improvement of financial literacy can promote the faster growth of property income of the low income groups and help them to accumulate wealth quickly, thus contributing to the realization of common prosperity. The above conclusion suggests that to improve household financial literacy, especially the low income families,is an important means to narrow the income gap, which is significant in realizing common prosperity.

The Industrial-Financial Integration between Entity Enterprises and Stock Price Synchronicity

XU Hui, ZHOU Xiao-hua

2023, 0(4):  68-79. 

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The basic function of capital markets is to realize the optimal allocation of resources by means of the stock price signal mechanism, and the key of stock price to play the optimal allocation function depends on its ability to reflect the real information of the company. From the perspective of stock price synchronicity, this paper conducts an empirical study by making use of the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2020. The findings show that the industrial-financial integration can help suppress the stock price synchronicity of the real enterprises, and this phenomenon is more significant in private enterprises. Further examination reveals that the mechanism of the financial-industrial integration to inhibit the stock pricesynchronicity is to alleviate information asymmetry, attract investors’ attention and improve corporate governance. The shareholding of institutional investors and the media reports can strengthen the inhibition effect of the financial-industrial integration on stock price synchronicity. The above conclusions can explain the formation mechanism of stock price synchronicity from the perspective of the financial-industrial integration, reveal the special company information with micro-individual differences of the financial-industrial integration policies, help to deepen the theoretical cognition of the high stock price synchronicity of China’s capital markets and its information transmission mechanism, and provide new ideas for the re-understanding of the“view of information efficiency”and the reasonable evaluation of the micro-governance effect of the industry-finance integration model.

Business Administration

The Influence of Customer Incivility on Coworkers as Bystanders: Schadenfreude or Emotional Support

ZHAN Xiao-jun, WANG Tao

2023, 0(4):  80-92. 

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Service industry employees often encounter customer incivility, which will not only have a negative impact on employees’ emotions, attitudes, behaviors and performance, but also have a greater impact on bystanders. At present, few scholars have explored the impact of customer incivility on service employees from the perspective of bystanders, especially from the perspective of colleagues as bystanders. Based on the theory of social information processing, this paper explores the double-edged sword effect of the helping behaviors and the negative workplace gossip performed by the colleagues as bystanders who observed customer incivility on the employees that encountered uncivil behaviors by taking emotional support and schadenfreude as mediators and task interdependence as moderators, respectively. The results of the data analysis of 320 valid questionnaires collected in three stages show that the emotional support and schadenfreude of the coworkers can play a mediating role between OCI and helping behaviors, and between OCI and negative gossip behaviors. The task interdependence plays a moderating role, when task interdependence is high, OCI is positively correlated with bystanders’ emotional support; when task interdependence is low, OCI is positively correlated with bystanders’ schadenfreude. The task interdependence moderates the mediating effects of emotional support and schadenfreude. When the task interdependence is higher, the indirect effect of OCI on employees’ helping behaviors through coworkers’ emotional support will be stronger, and the indirect effect of OCI on employees’ negative gossip behaviors through coworkers’ schadenfreude will be weaker. These research conclusionshave enriched the researches in the field of bystander of customer incivility, providing some enlightenment for managers to reduce the negative impact of customer incivility.

The Impact of Board Secretary Holding Other Position on the Quality of Investors Interactive Information

LI Xiao-fei, XU Jian

2023, 0(4):  93-105. 

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By adopting the method of big data and text analysis and taking the question-and-answer data onthe“Interactive Easy”platform of Shenzhen Stock Exchange from 2011 to 2021 as the basis, this paper empirical investigates the impact of board secretary holding other position on the quality of investors’ interactive information. The results show that compared with full-time board secretary, the board secretary holding other executive position can significantly improve the comprehensiveness and specificity of the quality of investors’ interactive information. This impact is more significant in the samples of board secretary holding shares or the analysts paying more attentions. Further research reveals that board secretary holding other position also reduces the agency costs between the controlling shareholders and the medium and small shareholders through improving the quality of investors’ interactive information. The above-mentioned conclusion reveals that board secretary holding other position caneasy the present situation of the asymmetry between power and responsibility to a certain extent. It can also provide new ideas for further analysis of the factors influencing investors’ interactive information.

Industry & Trade

Regional Trade Agreements and Enterprise Export Resilience

WEI Yun-yan, YUE Wen, HAN Jian

2023, 0(4):  106-117. 

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Regional trade agreements are not only an important driving force for China to promote high-level opening-up and achieve high-quality economic development, but also a key factor to stabilize trade development and ensure economic recovery in times of crisis. Taking the 2008 global financial crisis as the research context, this paper focuses on the impact of the regional trade agreements signed and brought into effect before the crisis on the export resilience of Chinese enterprisesand its mechanism. The results show that regional trade agreements are the important reason for the enhancement of the export resilience of enterprises, and this conclusion is still valid after the robustness test and the endogeneity treatment. The results of a function mechanism show that reducing corporate export risks and improving the quality of export products are important channels for regional trade agreements to enhance the export resilience of enterprises. The heterogeneity analysis reveals that regional trade agreements are more conducive to enhancing the export resilience of the older firms with higher financing constraints. Further research shows that compared with the degree of export recovery, regional trade agreements can play a stronger role in promoting the degree of risk resistance of enterprises. Based on the above empirical results, it is suggested that the government should further promote the process of regional economic integration, and enterprises can take the destination country of regional trade agreement as their important export markets, so as to reduce the negative effect resulted from external impact as far as possible. In addition, it is also necessary to fully consider the different impacts of regional trade agreements on different enterprises, so as to effectively enhance the export resilience of enterprises.

A Study on the Impact of the Host Country/Region’s Digital Economy Development on China’s Outward Foreign Direct Investment

LIU Zhen-lin

2023, 0(4):  118-130. 

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With its increasingly extensive impact, digital economy has made profound changes in the efficiency, structure, regional layout and investment mode of transnational enterprises in the field of current international investment. Based on the panel data of 125 host countries (regions) around the world from 2003 to 2020, this paper explores the impact, mechanism and spatial effect of the development of digital economy on China’s outward foreign direct investment. The findings show that China is inclined to invest in the host countries (regions) with a higher level of digital economy development, and that in the host countries (regions) with higher levels of income, economic development, human capital, financial openness and economic freedom, the development of digital economy can play a greater role in promoting China’s OFDI. The results of Ward system clustering and natural breakpoint grouping show that only a high level of comprehensive development of the digital economy in the host country (region) can significantly increase the scale of China’s OFDI. The result of the function mechanism test shows that the development of the digital economy of the host country (region) will affect China’s OFDI through the two important channels: trade cost effect and investment convenience effect. The result of the spatial Durbin model shows that the digital economy of the host country (region) will have a crowding-out effect on the OFDI in the neighboring regions, and this crowding-out effect will not fall off with the increase of the distance threshold.

Modern Accounting

Correlation of Assets, Degree of Integration, and Achievement of Performance Commitments in Mergers and Acquisition

LIU Jian-yong

2023, 0(4):  131-144. 

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The correlation between the assets of both parties in a merger and acquisition transaction can affect the difficulty and effectiveness of subsequent integration, which in turn affects the performance of the target company. Therefore, it is of great significance to study the impact of asset correlation and integration on the achievement of performance commitments in mergers and acquisitions. Based on the manually collected performance commitment data of mergers and acquisitions of listed companies from 2009 to 2019, this paper employs the input-output method to construct an asset correlation index for mergers and acquisitions. Then it explores the impact of asset correlation between the two parties in the merger and acquisition transaction on the achievement of performance commitments and its mechanism. The findings show that the stronger the asset correlation between the two parties in the merger and acquisition transaction, the better the achievements of the target company’s performance commitments will be. The stronger the correlation between M&A assets, the more conducive it is to the integration of the target enterprise, and the higher the degree of M&A integration. The degree of integration in mergers and acquisitions plays a mediating role between the correlation of assets acquired and the achievement of performance commitments. Further analysis reveals that share based payment, share based compensation, two-way performance commitments, and lower degree of aggressive performance commitments will enhance the positive correlation between the asset correlation and the achievement of performance commitments in mergers and acquisitions. Therefore, the listed companies should prioritize the mergers and acquisitions for the assets related to their own industries, so as to enhance the degree of integration and promote the achievement of performance commitments.

The Impact of a Cordial and Clean Government-Business Relationship on Auditors’ Decision:Empirical Evidences from Private Listed Companies in China

WU Lun

2023, 0(4):  145-156. 

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The current auditing standards require auditors to pay attention to the external environment where customers are located and identify the resulting engagement risks. As an important part of the external institutional environment of micro enterprises, a cordial and clean government-business relationship will affect the production and operation activities of private enterprises, which will affect the auditor’s risk perception and further affect the auditor’s decision-making. Taking the A-share private listed companies in China from 2017 to 2019 as the research samples, this paper examines the impact of a cordial and clean government-business relationship on auditors’ decision-making. The results show that a cordial and clean government-business relationship can reduce the business risks and audit risks perceived by auditors, thereby reducing auditors’ auditing fees and the tendency to issue non-standard audit opinions. The influence of a cordial and clean government-business relationship on auditors’auditing fees and audit opinions is more obvious in enterprises with higher industry competition and less negative media reports.