Journal of Jiangxi University of Finance and Economics

What Kind of New Civilization to Create: A Pioneering Study of Civilization in Chinese-Style Modernization

LIU Wei-bing

2023, 0(4): 3-10.

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Chinese-style modernization is a socialist modernization construction under the leadership of the CPC in the process of promoting the localization of Marxism in China. Chinese-style modernization is to generate the unique logic of localization of Marxismin China and modernization logic in the process of practicing the logic of political parties, and to open up a unique modernization path with both common characteristics of modernization and Chinese characteristics in the unity of the three. Chinese-style modernization has formed a new civilized structure under the leadership of the CPC in the civilized structure of the state-party-people. Chinese-style modernization is also involved in the interaction between individuals and society, which is closely related to the existence of labor, and promotes the free and comprehensive development of people in the path of enriching free time. This is because Chinese-style modernization, by controlling the logic of capital, has gone beyond the cover of capital to people, made it clear that the subject of civilization is the people, and built a modern people’s civilization. Under the leadership of the CPC, Chinese-style modernization has formed a theoretical consciousness, a methodological consciousness and a road consciousness of civilized development, and has constructed a conscious civilization process.

The Practical Expression and Theoretical Interpretation of Mission Oriented Political Party from the Perspective of the Great Historical Conception

HE Xi-hui

2023, 0(4): 13-22.

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The great historical view is an important method for philosophy and social science research, and also an important perspective to study the mission-oriented political Party. With the great historical view since the founding of the Party, this paper examines the historical practice of the mission-oriented Party, which has gone through the four practical expression stages of state building by the Party, political power consolidation, great transition, and national rejuvenation, so that the Chinese nation has experienced the great historical change from standing up to becoming well-of and to getting powerful. It also internalizing the mission into the ideological consciousness and action consciousness of the CPC. After a century of practice, the mission-oriented political Party not only exists as a practical form, but also as a theoretical form, including a firm belief in communism, a high level of historical initiative, the will to dare to struggle, the organizational advantages of democratic centralism, the significance of upholding people’s hearts, and relying on the political stance of the people, among other theoretical components. The practice and theory of the mission-oriented political Party also have important meaning orientation, which is conducive to breaking the“Western centrism”in thefield of political party research, strengthening the blood connections between the Party and the masses, and achieving the great rejuvenation of the Chinese nation, thereby the CPC can better accomplish the mission along the new journey in the new era.

A Study of the Impact of Digital Transformation on the Risk Level of Small and Medium-Sized Banks

LIU Hui-chao, WANG Shu-hua

2023, 0(4): 23-37.

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Based on the samples of 112 small and medium-sized banks from 2011 to 2021, this paper analyzes the impact of digital transformation on the risk level of banks from the perspective of mathematical models and empirical studies, meanwhile, it includes the impact of digital transformation on the risk level of banks in the framework of capital replenishment for the analysis. The results show that, firstly, the impact of digital transformation on the risk of small and medium-sized banks has an inverted“U”structure, and this finding still holds after a series of robustness and endogeneity tests; secondly, the heterogeneity tests conducted in terms of size, region, and whether being listed reveals that digital transformation has a higher impact on the larger-scale banks and the small and medium-sized banks located in the eastern region, while the digital transformation of listed banks has a better inhibitory effect on bank risks than that of non-listed banks; thirdly, if capital supplements are provided to small and medium-sized banks in the process of digital transformation, it will also have a moderating effect on the level of bank risks. The above findings suggest that small and medium-sized banks should continue to increase their digital transformation efforts to curb bank risks, and that capital supplements should also be provided to small and medium-sized banks to increase their digital transformation ability to curb bank risks.

The Nonlinear Effects of Economic Policy Uncertainty on Corporate Debt Maturity Structure

WANG Wei, YI Zhuo-rui

2023, 0(4): 38-50.

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Based on the agency cost theory and the trade-off theory, this paper firstly builds a theoretical model to illustrate the effects of economic policy uncertainty on corporate debt maturity structure. Then it uses the quarterly data of China’s listed companies from 2007 to 2021 to conduct empirical tests. The findings of the theoretical model indicate that banks issue long-term loans tofirmswhen economic policy uncertainty is low and short-term loans to firms when economic policy uncertainty is high. The empirical study confirms the conclusion of the theoretical model: with the raising of economic policy uncertainty, the proportion of long term debt will first rise then descend. Considering the endogenous problems such as measurement error and omitted variables, the above conclusion is still significantly valid. The heterogeneity analysis reveals that the critical value of the effects of economic policy uncertainty on the proportion of long-term debt from positive to negative is lower in small firms, private firms and firms located in the regions with low degree of marketization, while it is higher in large firms, state-owned firms and firms located in regions with higher degree of marketization.

The Impact of Basic Old-Age Insurance and Basic Medical Insurance on the Identification of the Flexible Employment Class

ZHANG Yin-kai, ZHANG Xue, XUE Hui-yuan

2023, 0(4): 51-65.

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Based on the data from the Chinese General Social Survey (2013~2018), this study analyzes the trends of the identification of the flexible employment class and explores the heterogeneous effects of the participation in the basic old-age insurance and the basic medical insurance on the identification of the flexible employment class varied by household registration and age. The findings show that: (1) compared with traditional full-time employment, the identification of the flexible working class is relatively lower, and has widely existed characteristics of longitudinal“downward shift”, i.e., the average class identification level is lower and presents a trend of decreasing over time; (2) the participation in the basic old-age insurance has a signification positive effect on the present class identification of the flexible employment personnel, whereas the participation in the social medical insurance also has a significant positive effect on the present and expected class identification of the flexible employment personnel; (3) in the heterogeneity analysis, to participate in the social old-age insurance can significantly improve the current class identification of the middle-and old-aged flexible employment individuals, whereas to participate in the social medical insurance can significantly improve the present and expected class identification of the rural flexible employment personnel. Therefore, this paper puts forward such policy suggestions as removing the institutional barriers to the flexible workers’ participation in the social insurance, establishing and improving the payment incentive and transfer mechanism, enhancing the payment capacity of the low-income flexible workers, and improving the multi-level social security system.

The Impact of Social Security Expenditure on the Urban-Rural Income Gap: A Re-Examination from the Perspective of Common Prosperity

XIA Hui-qin, ZHU Huo-yun

2023, 0(4): 66-77.

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From the perspective of common prosperity, this study re-examines the non-linear impact of social security expenditure on the urban-rural income gap based on the provincial panel data from 2001-2021. The results show that there is an inverted U-shaped relationship, first expanding then shrinking, between the social security expenditure and the urban-rural income gap, in which the degree of“sharing”of the social security benefits between urban and rural residents plays a mediating role. Further investigation in different regions reveals that this inverted U-shaped relationship also exists, that the inverted U-shaped curve of the central and western regions is wider, that the marginal impact effect of social security spending is greater, and that the social security expenditure at the inflection point of the curve is even more. Therefore, in order to effectively narrow the urban-rural income gap, it is necessary not only to reverse the urban bias existing in the social security expenditureand improve the degree of“sharing”of social security benefits between urban and rural residents, but also to continuously increase social security expenditure to improve the degree of“prosperity”of social security, as well as to pay attention to the adjustment of the regional bias of social security expenditure and increase the social security input in the central and western regions.

How Does the Commercial Credit Endogenous in the Industrial Chain Affect the Factor Input of Agriculture Scale Operation?

PENG Peng, SUN Ding-qiang

2023, 0(4): 78-90.

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As a form of credit that is endogenous in the industrial chain, commercial credit in industrial enterprises has been extensively studied, however, the role of commercial credit in agricultural production and operation has been less concerned. Taking the chemical fertilizer application behavior of large-scale grain production farmers as an example, this paper empirically studies the relationship between the business credit endogenous in the industrial chain and the factor input of agriculture large-scale operation based on the unbalanced panel data, so as to clarify the internal logic of agricultural industry development. The results show that under the background of the rising prices of agricultural means of production, the commercial credit enables the large-scale grain production farmers to input in agricultural factors at a lower cost. Compared with bank credit, the commercial credit has obvious comparative advantages in commodity prices and relative transaction costs. On the one hand, its capital price is lower, so the total cost that farmers actually pay for the factor inputs is lower. On the other hand, its repayment mechanism is more flexible, and the relative transaction costs that farmers need to bear are also more limited, which will further optimize the factor input of those farmers being subject to liquidity constraints. In this regard, the government should institutionally provide a good development environment for commercial credit, build an endogenous credit closed-loop in the agricultural industry, and at the same time encourage the development of other forms of credit to improve the resilience of the agricultural industry.

Human Capital of Labor Force, Non-Agricultural Employment and Poverty Reduction of Farmer Households: And Retesting of the Differences between the Effects of Education and Health

WANG Tu-zhan, PAN Juan

2023, 0(4): 91-104.

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In order to prevent returning to poverty and relieve the relative poverty, this paper subdivides the dimensions of human capital and summarizes the successive experiences of China in promoting non-agricultural employment and reducing poverty of farmer households by improving the human capital of rural labor force from the multi-perspective of poverty. Based on the four phase panel data of the China Family Panel Studies (CFPS), the findings show that higher levels of human capital of labor force are conducive to the improvement of the elimination of absolute poverty of farmer households, the alleviation of relative poverty and the reduction of poverty vulnerability, and that the marginal effect of education is greater than that of health. The non-agricultural employment of labor force has the intermediary effect in the process of human capital promoting the poverty reduction of farmer households, and this effect is relatively greater in education reducing farmer households’ vulnerability to poverty. However, the family support burden will reversely regulate the intermediary role of non-agricultural employment of labor force. The policy implications of the above conclusionsare that the prevention of future returning to poverty and the governance of the relative poverty in rural areas is worth continuing the past successful experiences and roads, that the human capital of labor force should be vigorously improved and the non-agricultural employment of labor force should be promoted, and that the development of educational poverty alleviation should be especially insisted, so as to continuously solve the problem of poverty through supporting and empowering the educated farmers.

The Coordinated Development of Rural Housing Mortgage and Homestead Transfer: From the Perspective of Dissipative Structure Theory

ZHU Jian-qi, DENG Wei-hua, MI Yun-sheng

2023, 0(4): 105-117.

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Taking the rural housing mortgage (RHM) into the overall consideration of the “Three Rights Separation”reform (TRSR) of homestead is an important measure to revitalize the idle homestead and rural housing resources and manifest the property function of the homestead. As the core issue of the TRSR, the close relationship between homestead transfer (HT) and RHM has been ignored. Based on the theory of dissipative structure, this paper theoretically discusses the internal logic, the necessity and the realizing path of the coordinated development between RHM and HT, and demonstrates it through the practical experience of Liuyang city, Hunan Province. The results show that the key to the success of RHM is to clarify and strengthen the possession and disposal power of the homestead through the TRSR, to weaken the asset specificity of the homestead and the rural housing and the resulting“hold-up effect”, so as to cultivate an active transfer market. The development potential of homestead transfer market lies in the social capital, and its introduction needs the support of RHM. In other words, the subsystem of RHM needs the coordinated development with the subsystem of HT to form the dissipative structure of the homestead system. In order to reduce the friction between the subsystems, reduce the transaction costs and match the transaction objects, the rural collective economic organizations should give full play to their function of resource allocation, fulfill their functions of collecting and storing idle resources, and introduce social capital in the homestead system reform.

Research on Accounting Issues of Legal Services Products with Chinese Characteristics

LUO Liang-qing, LIU Yu, WANG Ya-fei

2023, 0(4): 118-133.

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As a tangible expression of the legal applications, legal affairs hold an important position in the national governance system and play a key role in the socialist market economy system. In the past decade, the construction of the socialist system of rule of law with Chinese characteristics has achieved historical advances. The scale of legal affairs have increased on an unprecedented scale, while the existing statistical capacity of the political-legal departments and the non-governmental subjects is inadequate to meet the demands of the reality. It is urgent to make the targeted top-level design to reflect the true scope of Chinese legal affairs, to exhibit the achievements of law-based governance, and to serve the modernization of the national governance system and the governancec apacity. Starting from the professional perspective of the national economic accounting, and based on the principles of market ability and litigation, this paper decomposes legal affairs into multiple types of legal services products, and develop a basic classification of legal services products. By summarizing the typical production models of market and non market legal affairs products, it further elaborates on the value-added accounting items and the total output accounting method based on the output indicator method. It also proposes the data of the legal affairs products obtained from thestandard statistics of the national economic accounting, which can provide a more scientific statistical basis for China’s post legislative assessment and the rule of law assessment, and effectively improve the data quality in the construction of its indicator system.

Social Insurance Contributions, Corporate Investment and Investment Efficiency: Evidences Based on the Implementation of the Social Insurance Law in 2011

GUO Fei, HUANG Jin, LUO Liang-xi

2023, 0(4): 134-148.

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Social insurance contribution is an important social security mechanism. The Social Insurance Law issued in July 2011 has increased the social insurance contributions of enterprises, causing them to face higher employment costs and lower levels of free cash flow, so that they are forced to find a balance between financial pressure and investment efficiency and adjust their investment decisions. Based on the data of A-share listed companies in China from 2007 to 2021, this paper employs a double difference model to conduct an analysis. The findings show that an increase in social insurance contributions will increase the labor employment cost of enterprises, reduce their disposable cash flow, and lower their investment level. However, at the same time, it also promotes enterprises to improve their production technology level, make prudent investment decisions, and thereby improve their investment efficiency. This effect is more significant in industries with higher competition, registered in the eastern region, or with higher levels of financing constraints, because these enterprises are more sensitive to the financial pressure brought about by the increase in social insurance contributions. Therefore, the social insurance system can achieve the goals of resource allocation and economic regulation to a certain extent by influencing the investment behavior of enterprises. In this institutional context, China should continue to promote tax and fee reduction reform measures, and implement targeted subsidy policies to encourage stable investment by enterprises and improve their investment efficiency. At the same time, corresponding measures should be taken to prevent the systematic risks brought by the excessive financialization of enterprises.

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