Journal of Jiangxi University of Finance and Economics

The Basic Principles and Practical Requirements for Preventing and Resolving Major Risks in the New Era

HAN Qiao-sheng, WANG Bei-bei

2024, 0(3): 3-12.

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Under the combined influence of the overall strategy of the great rejuvenation of the Chinese nation and the unprecedented changes in the world in a century, China is facing significant risks that are more uncertain and complicated. The major risks faced by China in the new era mainly exhibit such basic characteristics as the coexistence of exogenous and endogenous risks, the coexistence of sudden and long-term risks, the interaction between hidden and apparent risks, and the parallel coexistence of systemic and local risks. To prevent and resolve the major risks in the new era, we must firmly grasp the basic principles of adhering to the comprehensive leadership of the Party, putting the people first, coordinating development and security, daring to struggle, and exploring and innovating. To grasp the practical requirements of preventing and resolving major risks in the new era, it is necessary to deepen the strategic understanding of risk prevention from the cognitive dimension, cultivate the correct value concept of risk prevention from the value dimension, construct a solid institutional system for risk prevention from the institutional dimension, promote digital governance of risk prevention from the technical dimension, so as to form a systematic force to control various major risks.

The Ethical Dimension of the New Form of Human Civilization

LI Xiang

2024, 0(3): 13-22.

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The new form of human civilization leads the development direction of human civilization and is the creation of contemporary Chinese civilization that profoundly affects the process of world history. This paper explains the ethical dimension of the new form of human civilization, tamps the theoretical cornerstone of the new form of human civilization, and provides ethical guidance and moral support for promoting Chinese path to modernization. The ethical dimension of the new form of human civilization starts with logical development and is reflected in the historical mission of resolving the paradox of civilization, revitalizing Chinese civilization, and transcending the traditional socialism. The new form of human civilization continues to deepen and develop in the practice field of Chinese path to modernization, and constructs an organic whole of ethical implications with economic ethical tasks, political ethical responsibilities, social ethical models, ecological ethical concepts, and global ethical considerations as the core elements. The ethical practice approach of the new form of human civilization is to accurately grasp the practical needs of Chinese path to modernization, and form a multi-dimensional practice system that reaches ethical spiritual consensus, gathers ethical action forces, establishes ethical road direction, and responds to changes in the ethical era.

Fintech and Bank Vulnerability: From the Perspective of Exogenous Fintech and Internal Digital Transformation

LIN Xi, WANG Ren-zeng

2024, 0(3): 23-36.

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Under the background of increasingly severe prevention and control of systemic financial risks, in order to promote the digital transformation process of commercial banks and prevent the outbreak of systemic financial risks, it is of great importance to analyze the relationship between fintech and the vulnerability of banks and to examine whether the fintech can integrate perfectly with commercial banks. This paper makes use of the data of banks and cities from 2012 to 2020 to analyze the impact of external fintech and internal digital transformation of banks on the vulnerability of banks from both the internal and external perspectives. The findings show that exogenous fintech and bank internal digital transformation can significantly reduce the bank vulnerability mainly through improving the deposit and loan structure and the credit quality of banks. The degree of reduction in the vulnerability of rural commercial banks is significantly higher than that of urban commercial banks, and the exogenous fintech can promote bank internal digital transformation through the technology spillover effect. It is further found that the exogenous fintech can reduce the systemic risks of banks, but the marginal effect gradually weakens. And in the early stage of the development of the internal digital transformation of banks, there was no significant inhibitory effect on the systemic risks of banks. With the continuous advancement of the internal digital transformation of banks, its inhibitory effect on the systemic risks of banks gradually emerged and showed an enhanced marginal effect. Therefore, banks should rationally plan the fintech development strategy, fully grasp the opportunities of digital transformation, and guide the benign development of fintech.

A Review and Outlook on Social Innovation Researches: Based on the Self-Regulation Theory

LI Xue-ling, LIU Jing, LIU Yuan

2024, 0(3): 37-48.

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Social entrepreneurship, as an emerging form of entrepreneurship that applies business principles to solve social issues, has become a hot topic in academic research and practical exploration over the past two decades. This form of entrepreneurship has not only attracted widespread participation from the practitioner community but also facilitated the in-depth theoretical research into its complex underlying mechanisms. Despite over twenty years of researches into social entrepreneurship theory, its research themes remain scattered, with numerous theoretical phenomena still awaiting in-depth exploration and elucidation. Given this, there is an urgent need to draw upon established theoretical models, and integrate and expand the existing research, so as to advance the development in the field of social entrepreneurship. In this context, by reviewing the domestic and international literature on social entrepreneurship, this paper summarizes, analyzes and comments the related studies according to the A-CEM-A model in the self-regulation theory. Based on the review of the existing researches, a model of the whole self-regulation process for social entrepreneurs is developed, highlighting the iterative process of dynamic changes and behaviors of social entrepreneurs induced by empathy and sympathy in the dynamic process of social entrepreneurship.

A Study on the Impact of Pension Insurance Benefits on the Service Pricing of Private Elderly Care Institutions

LI Quan-lun, XIA Xue-qing

2024, 0(3): 49-63.

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By making use of the data from “An-yang-bang”platform in 2022 and China Health and Retirement Longitudinal Study in 2018, this paper estimates the impact of the improvement of the basic pension benefits of urban workers on the prices of elderly care services of private institutions. The findings show that an average increase of 1% in the basic pension benefits of urban workers would result in an increase of 0.48% and 0.36% in the minimum and maximum prices of the elderly care services of the private institutions, respectively. The increase of the pension benefits would increase the demand for institutional care services for the elderly in urban areas, which in turn increases the price of private institutional care services. In addition, the increase of the pension benefits will have a greater impact on the prices of private institutions that are larger, located in central urban areas, and operating for a shorter time. The reform of the elderly care service system can be promoted by establishing pricing guidelines for private elderly care institutions, integrating pension insurance benefits with elderly care service policies, and optimizing subsidy mechanisms for private elderly care institutions, so as to facilitate the sustainable development of these institutions.

Long-Term Care Insurance Policy: Essential Characteristics, Implementation Effect and Overflow Effect Based on the Investigation of the Pilot City of Z District in Nantong

SU Hui, WANG Lin, LIU Hua

2024, 0(3): 64-77.

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Based on the survey and interview data of Z District in Nantong, which is among the first batch of pilot cities in China, this paper investigates the implementation effect of the long-term care insurance policy. The findings show that the long-term care insurance policy can provide economic support for the disabled elders and their families through the way of social aid; at the same time by perfecting the care service system, this policy can help the families of the disabled elders to turn their economic supports into care services to a certain extent, thereby achieving its basic policy objectives. For now, however, the utilization rate of the long-term care insurance policy is still low, and the release of the family labor force is limited, especially in rural areas. At the same time, the long-term care insurance policy has the spillover effect of promoting the development of the pension industry and promoting the optimal allocation of medical insurance resources to a certain extent. In the future policy implementation, the richness and practicability of the home service content should be increased, while the duration and frequency of service should be increased. The government should gradually reduce the intervention in the elderly service market, and introduce a benign market competition mechanism, so as to promote the improvement of the pension service level.

The Green Agricultural Development Empowered by the Carbon Emission Reduction Effect of Digital Economy

LU Jing-yu, GUO Jun-hua

2024, 0(3): 78-90.

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Based on the Chinese provincial panel data from 2011 to 2021, this paper explores the impact of digital economy on agricultural carbon emission intensity with the fixed effect model, the spatial Dubin model and the threshold effect model. The results show that the development of digital economy can significantly reduce the intensity of agricultural carbon emission. The heterogeneity analysis reveals that the influence of digital economy on agriculture carbon emission reduction mainly comes from the industrial digitization, and that this effect is stronger in the relatively underdeveloped areas and the non-main grain producing areas. The mechanism analysis shows that the digital economy can promote agricultural carbon emission reduction by encouraging agricultural green technology innovation, but the optimization of the structure of agricultural energy consumption has not been able to promote agricultural carbon emission reduction. The spatial effect shows that the development of digital economy has a negative spatial spillover effect on agricultural carbon emission intensity. The nonlinear relationship test shows that the negative correlation between digital economy and agricultural carbon emission intensity has nonlinear characteristics; when the development level of digital economy and the innovation level of agricultural green technology exceed the threshold value, the agricultural carbon reduction effect of the digital economy shows a marginal decreasing feature. Therefore, it is suggested to make full use of digital economy to accelerate the “double carbon” process of the agricultural sector, give full play to the green technology enabling role of digital economy, and strengthen the digital collaboration and environmental collaborative governance between the regions, so as to continuously release the agricultural emission reduction effect of digital economy.

Policy Incentives and Farmers’ Adoption of Water and Soil Conservation Technology: An Empirical Analysis of the Farmer Households in Shaanxi Province in the Yellow River Basin

MAO Hui, CHEN Shao-jian, FU Yong

2024, 0(3): 91-101.

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Water and soil erosion affects agricultural production and farmers’ life directly. The adoption of water and soil conservation technology (WSCT）can help to improve agricultural productivity and promote the sustainable agricultural development. Policy incentives may affect farmers’ decision-making on adopting WSCT. This paper conducts a study based on the micro-survey data of 622 farmer households in Shaanxi Province, the findings show that the policy incentives can significantly promote farmer households to adopt the WSCT. This promotion effect is achieved by increasing the awareness of farmers about the ecological and economic benefits of the soil and water conservation technology. Further research has found that different policy incentives (technology training, technology subsidies, technology demonstrations) can all significantly promote the adoption of WSCT by farmers, and policy incentives have a significant promoting effect on the adoption of WSCT with different attributes by farmers. The heterogeneity analysis reveals that policy incentives have a more significant promoting effect on the adoption of WSCT by farmers, particularly among those with high levels of specialization, education, large-scale operations, and high levels of disaster. The government should increase publicity, enrich the forms of technology promotion, improve the subsidy systems, and adopt different policy incentives for different attributes, so as to guide and promote farmers to adopt WSCT.

On the Fiduciary Obligations of Data Holders

XIN Yuan

2024, 0(3): 102-112.

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In the era of digital economy, the differences between data subjects will lead to privacy infringement, data monopoly, and other data power alienation problems. The unidirectional data empowerment protection theory is difficult to solve the practical dilemma. In the data value chain, the data holder, relying on the excessive expansion of data power, is in an unequal power relationship with the source and the user for a long time, and the double-layer trust relationship of data should be confirmed. The empowering protection model of data should move towards the regulatory model of trustee behavior based on fiduciary obligations, with obligations constraining the unlimited expansion of data power. The right to hold data is the fundamental right of the new property rights system for data, which varies with the form of data and is a limited exclusive right. The connotation of the right to hold data is to emphasize and protect the right to use data. Therefore, it is necessary to impose personal data protection obligations towards the source and competitive data obligations towards the user on the data holders, achieve a balance between the interests of all parties of the data with the dynamic model of empowerment and limitation, and regulate the paths by adopting an open data empowerment model and positive obligations, so as to achieve the dual core goals of protection and fair utilization of data.

Research on the Realistic Dilemma and Response Strategies of Central-Local Taxation Power Allocation under the Principle of Tax Fairness

CHEN Ji-yu

2024, 0(3): 113-124.

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As a core link in the design of the tax system, the allocation of central and local tax power plays a key role in the modernization process of the rule of law in taxation. The allocation of tax power is essentially a issue of financial resource allocation, aiming to seek a reasonable boundary between centralization and decentralization and between efficiency and equity. Practice has proved that there are information barriers between the central government and the local governments, that tax revenue and expenditure responsibility do not match, and that the disorder of tax competition among local governments has caused frequent tax collection and management chaos. Distributional unfairness triggered by the fiscal system will be transmitted to taxpayers through the tax law system, thus the allocation order of tax legislation, tax collection and administration, and tax income right to be standardized with the concept of fairness is born at the right time. Therefore, while considering the efficiency of resource allocation, optimizing the allocation of central and local tax power must take into account the rationality of the distribution of tax power and carry out the principle of tax fairness. In terms of the responding strategies, the allocation of tax rights between central and local governments should be based on the fair authorization to construct a normative path under the rule of law principle, based on the fair law enforcement to construct a technical path under digital supervision, and based on the fair benefits to construct a precise path tailored to local conditions.

Transparency and Nominalization: On the Ideological and Institutional Reform of the Regulation of Shareholding Entrustment in China

AI Xi

2024, 0(3): 125-136.

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There are various types of shareholding entrustment in China, including legal and illegal ones. On the one hand, shareholding entrustment can activate private investment and financing, promoting economic development, and on the other hand, it can also become a tool for money laundering and gray interest transactions, bringing many difficulties to the supervision of listed companies and the judicial trial of equity disputes. In terms of the current regulation of shareholding entrustment, due to unclear concepts, the concept of “Dormant Partnership”introduced in the civil law system did not fully adopt the strict concept of “Commercial Externalism”. In terms of the regulation of shareholding entrustment in listed corporations, the regulatory concept of “Complete Prohibition”has been adopted; plus the concept of “Dormant Partnership”in the Civil Law System and the strict “Commercial Externalism”, itself has contradictions and conflicts that cannot be reconciled logically. At the same time, China’s Partnership Enterprise Law has not introduced the concept of “Dormant Partnership”. Conflicts and contradictions in various regulatory concepts have led to the failure of regulatory measures, resulting in a proliferation of shareholding entrustment. The regulatory concepts of increasing equity transparency and nominalization in the Common law system have provided us with good insights. With reference to the reform achievements of the Common Law System, this article suggests to timely reform the Company Law and the Securities Law in accordance with the requirements of the FATF, update the regulatory concepts, increase equity transparency, and force shareholding entrustment to develop towards nominalization. It is also suggested to introduce the concept of “Substantial Interest Holder”, establish the corresponding supporting systems to guide the healthy development of shareholding entrustment behavior, and curb various illegal equity shareholding entrustment behaviors without harming the effective demands at the same time.

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