Table of Content

15 September 2024, Volume 0 Issue 9

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Theoretical Economics

Research on the Formation Logic and Leap Path of New Quality Productivity Based on Intelligent Manufacturing

WU Qun, CHEN Qian

2024, 0(9):  3-12. 

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Intelligent manufacturing is the key lever of the manufacturing industry to realize high-quality development, and also an important form of new quality productivity in the upgrading and development of the manufacturing industry; through intelligent manufacturing the formation of new quality productivity in the manufacturing industry can be accelerated so as to further promote the implementation of the strategy of a strong manufacturing country. The formation logic of new quality productivity based on intelligent manufacturing mainly includes four logics, i.e. the technological innovation driven logic, the production model transformation logic, the production factors integration logic and the collaborative symbiotic development logic, which respectively show the qualitative state of high efficiency, flexibility, networking and self-optimization. With the continuous science and technology innovation and the continuous empowerment of digitalization, the new quality productivity in the future will leap to the tough, knowledge-based, ecological and wisdom-based new quality productivity. Intelligent manufacturing provides a strong driving force for China's manufacturing power strategy, but there are still difficulties in the development of new quality productivity based on intelligent manufacturing, such as the lack of key technologies, the shortage of high-end talents, the poor allocation of resources, and the lower degree of human-machine collaboration. Overcoming key technology difficulties is the basic guarantee for the leapfrogging of new quality productivity, cultivating high-end talents is the supporting condition, optimizing resource allocation is an important driving force, and deepening human-machine symbiosis is the advanced goal. Efforts in these areas will help to form a higher level of new quality productivity based on intelligent manufacturing, thus providing support for the high-quality development of China's manufacturing industry.

The Impact of Industry Growth and Interindustry Linkages on China's Economic Growth

WU Mao-hua, WANG Di-hai

2024, 0(9):  13-27. 

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Regarding the impact of changes in industrial structure on the growth rate of real GDP, previous studies have often overlooked the role of inter-industry linkages. Industrial growth not only directly affects economic growth, but may also indirectly affect economic growth by influencing other industries. Empirical studies have shown that the growth of industrial real output value can promote the growth of service industry output value, but reduce the growth of agricultural output value; the growth of actual output value in the service industry will suppress the growth of industrial output value and reduce the relative price growth rate of the service industry; the growth of actual agricultural output value will reduce the relative price growth of the service industry. Taking into account the correlation between industries, the decomposition results of the economic growth rate show that the net effect of China's industrial output value growth driving China's economic growth from 1979 to 2022 is 5.72%, of which the indirect effect of affecting the growth of other industries' output value and changes in price structure is 1.2%. The net effect of the growth of service industry output value driving economic growth is 2.49%, of which the indirect effect is -1.18%. Further research shows that the net effect of industrial growth can explain 78% of the differences in actual output growth rates between provincial regions in China. From 1979 to 2022, China's economic growth was mainly driven by industrial growth (contributing 64.1%), which is higher than the direct effect without considering industrial linkages (contributing 50.68%). In addition, the indirect effects of service industry growth have had a significant hindering effect on economic growth.

Public Economics & Administration

The Impact of Fiscal Vertical Imbalance on the Effectiveness of Innovation Driven Policy: A Quasi Natural Experiment Based on the Construction of National Innovative Provinces

LIAO Zhi-dong

2024, 0(9):  28-42. 

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Innovation driven development is the key and foundation to support China's industries to move towards the mid to high level and achieve high-quality economic development. Based on a quasi-natural experiment of national innovative province construction, this paper adopts the provincial panel data from 2001 to 2019 to examine the impact of fiscal vertical imbalance on the effectiveness of the innovation-driven policy from the perspective of both innovation quantity and innovation quality. The findings show that there are both innovation quantity effect and innovation quality effect in the construction of national innovative provinces, and that fiscal vertical imbalance will significantly inhibit the innovation quality effect, but does not affect its innovation quantity effect. From the perspective of innovation input, it is found that the construction of national innovative provinces has a positive impact on innovation human capital input and innovation fund input, but fiscal vertical imbalance inhibits the positive role of national innovative province construction, which leads to the difference in the impact of fiscal vertical imbalance on the effectiveness of innovation-driven policy between innovation quantity and innovation quality. Therefore, in order to enhance the effectiveness of innovation-driven policies, China should further improve the fiscal and taxation systems, moderately reduce fiscal vertical imbalance, optimize local fiscal expenditure structure, guarantee fiscal science and technology investments, summarize the experiences of national innovative province construction, and further promote the national innovative province construction.

Research on the Division of Financial Authority and Expenditure Responsibility in the Science and Technology Sector

YUE Hong-ju

2024, 0(9):  43-56. 

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The division of financial authority and expenditure responsibility in the science and technology sector is a fundamental guarantee for the promotion of the construction of a scientific and technical power. There are four risks in the current division reform: the mechanism of“the decisions made by superiors and carried out by subordinates”has triggered the risk of“bargaining power”between upper and lower governments, the“co leading”fiscal power has led to the risk of“responsibility isomorphism”, the“ability oriented”expenditure responsibility has triggered the risk of financial matching among subordinate governments, especially grassroots governments, and the“reform championship”model of program formulation is prone to gradual reform risks. The vertical relationship between governments with clear rights and responsibilities, coordinated financial resources, and regional balance is the basic goal of the reform, but it still depends on the clarification of the horizontal technology investment relationship between the government and the market. Accelerating the construction of a strong technological country requires both the horizontal coordination between“market efficiency”and“government initiative”, and the central unified leadership and the exertion of the“two initiatives”, as well as the vertical coordination between provincial government overall regulation and local government hierarchical responsibility. Therefore, the practical approach to further optimizing and dividing the reforms is to improve the market-oriented approach to scientific and technological innovation, establish a new national system for scientific and technological innovation, and enhance the overall efficiency of the national innovation system; clarify the common and exclusive fiscal powers, clarify the proportion of expenditure responsibilities, and optimize the financial matching mechanism; enhance standardization and elevate the level of rule of law in the gradual reform.

Modern Finance

Unanticipated Monetary Policy and Financial Cycle: A Study Based on Fixed Spread and Floating Spread

CHEN Cai-hong, AN Qi, OUYANG Zhi-gang, ZHANG Ji-qiang

2024, 0(9):  57-71. 

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Financial cycle plays a crucial role in the regulation of monetary policy. Accurately identifying China's unexpected monetary policy and exploring the relationship between unexpected monetary policy and financial cycle can provide new ideas for monetary policy reform, which is also conducive to the optimization of monetary policy and the healthy development of the financial system. By making use of the characteristics of the spread changes between fixed rate bonds and floating rate bonds before and after the monetary policy announcements, this paper identifies China's unexpected monetary policy with the Proxy SVAR model. Then based on this, it explores the impact of the unexpected monetary policy on the financial cycle. The findings of the empirical study show that an unexpected monetary policy shock that increases the broad money supply by one standard deviation will lead to a 0.06% rise in the financial cycle, that the explanatory power of unexpected monetary policy shocks on financial cycle fluctuations is about 30%, that the impact of unexpected monetary policy on the financial cycle will be realized through financing and expected channels, and that the current monetary policy regulation presents the characteristics of counter-cyclical and cross cyclical regulation of the financial cycle. Therefore, the People's Bank of China should further improve the early warning management mechanism, pay close attention to the changes in the financial cycle, improve the counter-cyclical and cross-cyclical adjustment of monetary policy, optimize the communication and coordination capacity, and promote the virtuous circle of financial stability and stable economic development.

Reform of the Administrative Approval System and Corporate ESG Performance: An Exploration of A Market-Oriented Governance Mechanism

FU Wen-ji, LI Qing-yuan, LAN Sen

2024, 0(9):  72-84. 

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Improving the ESG performance of enterprises is an important part of achieving the goals of“double carbon”and the sustainable development of the economy and society. This paper conducts a quasi-natural experiment to analyze the impact of the reform of the administrative licensing system on the ESG (environment, society and governance) performance of enterprises based on the establishment of regional administrative licensing centers (ALCs). The findings of the empirical study show that the reform of the administrative approval system can improve the ESG performance of enterprises. In terms of its working path, the reform of the administrative approval system mainly enhances corporate ESG performance by inhibiting management short-sightedness, reducing institutional transaction costs, and intensifying market competition. The heterogeneity test reveals that the effect of the reform of the approval system on improving the ESG performance of enterprises is more significant in private enterprises, enterprises with a higher entrepreneurial spirit, and enterprises in regions with a poorer relation between the government and market. From the perspective of market investors and supply chain relationships, the reform of the administrative approval system not only improves the ESG performance of enterprises but also helps to enhance their operational efficiency and the ability to obtain commercial credit. Therefore, China's ESG governance practices should continue to move towards the market-oriented reform, improve the market-based allocation system of factors of production, and give full play to the decisive role of the market in resource allocation.

Business Administration

Unfair Treatment in the Workplace and Employee Voice Behavior: An Adjusted Mediation Model

MAO Chang-guo, GUO Lei

2024, 0(9):  85-97. 

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In daily work environments, unfair treatment with low-intensity frequently occurs and causes significant chronic damages. However, due to its relatively hidden manifestations, it is often overlooked by organizational managers. Using a multi-level linear analysis model, this study explores the impact mechanism and boundary of the two types of low-intensity workplace injustice, i.e., psychological contract breach and uncivilized behaviors, on employee voice behaviors. The analysis based on the survey data of 415 full-time employees from 42 teams shows that both of the two types of unfair treatment can significantly reduce employees' organizational identification, thereby inhibiting their voice behavior. In addition, this indirect effect is moderated by employees' proactive personality and leaders' benevolent style. Specifically, employees' proactive personality will exacerbate the negative impact of psychological contract breach and uncivilized behavior on organizational identification, while leaders' benevolent style will enhance the positive impact of organizational identification on employees' voice behavior. Based on the above research conclusions, managers should pay attention to low-intensity workplace injustice and deeply understand their impact mechanisms under different leadership styles and employee characteristics. By means of institutional design, cultural training, and management incentives, they should adopt targeted preventive measures and intervention strategies, so as to create a harmonious and healthy organizational environment.

The Value of Brand: Brand Capital and Corporate Earnings Management

XU Ye-kun, ZHENG Xiu-feng

2024, 0(9):  98-110. 

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Brand capital, as a vital intangible asset, has a profound influence on firms' financial decision-makings. Utilizing The National Tax Survey data from 2010 to 2016, and on the basis of estimating enterprise brand capital with perpetual inventory method, this paper empirically examines the impact of brand capital on corporate earnings management and its mechanisms. The findings indicate that corporate brand capital can suppress the earnings management behavior of corporate management. The analysis of the mechanism of action shows that brand capital has financial effects, reputation effects, and supervisory effects, thus brand capital can suppress management's earnings manipulation behaviors. Further analysis reveals that this inhibitory effect of brand capital on earnings management is more pronounced in enterprises with higher complexity and those belonging to the consumer goods industry. The analysis of economic consequences indicates that the inhibitory effect of brand capital on earnings management can enhance the value of the enterprise. Therefore, the relevant government departments should support enterprises to implement brand strategy, constantly improve the policies and supporting measures related to corporate brand strategy, thus promote the high-quality development of enterprises.

Industry & Trade

Digital Economy, Carbon Total Factor Productivity and Urban Low-Carbon Development

WU Chang-nan, TIAN Ling-feng

2024, 0(9):  111-125. 

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At present, China's digital economy is booming, and at the same time, China is vigorously promoting urban low-carbon development. Then, can the digital economy promote urban low-carbon development? Using the panel data of 284 prefecture-level cities in China from 2011 to 2021, this paper empirically examines the impact of digital economy on urban low-carbon development on the basis of measuring the level of urban low-carbon development and the level of urban digital economy development. The findings show that digital economy can significantly promote urban low-carbon development. The analysis of the impact mechanism reveals that the digital economy can promote urban green technology innovation and reduce urban energy consumption intensity, which can improve urban carbon total factor productivity, and then promote urban low-carbon development. The moderating effect analysis indicates that the intensity of environmental regulation can enhance the promotion effect of digital economy on urban low-carbon development. The heterogeneity analysis reveals that the digital economy contributes more to urban low-carbon development in the non-resource-based cities or cities with a non-coal-based energy consumption structure. For this reason, it is necessary to strengthen the construction of digital infrastructure, promote the rapid development of the digital economy, and give full play to the facilitating effect of the digital economy on urban low-carbon development.

The Impact of Digital Economy on the Integration of the“Four Chains”in Manufacturing Industry

QI Ping, SONG Wei-hui, GAO Yuan-bo

2024, 0(9):  126-138. 

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The digital economy is of profound significance in advancing the integration of innovation chain, industry chain, capital chain and talent chain (abbreviated as“four chains”) in manufacturing industry, and thus expediting the construction of the modern industrial system. Through theoretical analysis and an empirical test based on the provincial data of China's manufacturing industry from 2011 to 2021, this paper explores the specific impact of digital economy on the“four chain”integration of manufacturing industry. The results of the benchmark regression test indicate that the digital economy can significantly promote the integration of the“four chains”in the manufacturing industry, and the conclusion still holds true after a series of robustness tests. The mechanism test indicates that alleviating capital mismatch and labor mismatch is an important mechanism for the digital economy to promote the integration of the“four chains”in the manufacturing industry. The results of the spatial econometric test indicate that the digital economy has a positive spatial spillover effect on promoting the integration of the“four chains”in the manufacturing industry. The results of the group estimation test show that in coastal areas and areas along the“the Belt and Road”route, the digital economy has more impetus to promote the“four chains”integration in the manufacturing industry. Each region should follow the inherent logic of the integration of the“four chains”and consolidate the foundation of the“four chains” integration of the manufacturing industry; they should promote high-quality development of the digital economy and smooth the channels for empowering the digital economy; they should be guided by policies and draw on the experience of advanced regions, so as to promote the integration of the“four chains”empowered by digital economy in the manufacturing industry.

Modern Accounting

Enterprise ESG Performance and Green M&A Premium: Promoting or Inhibiting?

DU Xin-yu, YAO Hai-xin, ZHANG Xiao-xu

2024, 0(9):  139-151. 

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In recent years, green M&A has become an important way for enterprises to respond actively to ecological civilization construction. Taking the green M&A of A-share listed enterprises from 2010 to 2022 as samples, this paper analyzes the impact of the ESG performance of the active acquiring enterprises on the green M&A premium. The findings show that the good ESG performance of the acquiring enterprise or the high ESG matching degree of the merger and acquisition parties can inhibit the green M&A premium. The mechanism analysis indicates that the good ESG performance of the acquiring enterprise can reduce the degree of internal and external information asymmetry, enhance corporate reputation, reduce managers' self-serving behaviors, so as to inhibit the green M&A premium. The heterogeneity analysis reveals that the inhibitory effect of ESG performance of the acquiring company on the premium of green mergers and acquisitions is more significant in vertical and mixed mergers and acquisitions, and it is also more significant in the target companies that are heavily polluting. In addition, the better ESG performance of the acquiring enterprises, the higher degree of the matching between both sides of the M&A, the less impairment provision for goodwill of the acquiring company after M&A. Therefore, the government should establish a clearer ESG evaluation system and more detailed ESG disclosure requirements, and enterprises should fulfil their social responsibilities more actively, so as to inhibit the green M&A premium.

M&A Funds, Industrial Policies and Capital Allocation Efficiency of Listed Companies

SONG Xin-bei, LU Dong

2024, 0(9):  152-164. 

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From the perspective of macro policy support and investment tool application, promoting the efficiency of capital allocation in the real economy can help promote high-quality economic development. Taking A-share listed companies from 2011 to 2020 as the research objects, this study focuses on the new investment tool of M&A funds, and deeply explores the impact of M&A fund operation on the capital allocation efficiency of listed companies, as well as the regulatory effect of industrial policies on the relationship between the two. The findings show that the operation of M&A funds can significantly improve the capital allocation efficiency of listed companies, especially when the company does not receive industrial policy support, the promotion effect of M&A fund operation on capital allocation efficiency is more significant. The mechanism test results show that the operation of M&A funds can effectively improve the efficiency of capital allocation by alleviating the investment opportunity constraints and financing constraints faced by the company. The heterogeneity analysis indicates that when a company's resources are relatively scarce or its ability to acquire resources is weaker, such as without venture capital shareholders or with limited capital from the executive team, the role of M&A fund operation in improving its capital allocation efficiency is more significant. Therefore, in order to expand effective investment more widely, companies should attach importance to and actively utilize M&A funds to solve the problem of resource shortage. At the same time, the government should actively guide social capital to participate in the establishment of M&A funds, so as to promote the application of new investment tools and comprehensively promote the high-quality development of the real economy.