2021 Vol. 36, No. 2

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Economic Theory and Exploration
A Study of the Impact of Restrictive Measures on Cross-border Data Flow on the Export Technical Complexity of Digital Trade
ZHOU Nian-li, YAO Ting-ting
2021, 36(2): 4-15.
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Based on the ECIPE Digital Trade Restrictiveness Index, this paper conducts empirical research on the correlation between restrictive measures on cross-border data flow and the technical complexity of their export digital trade in 44 countries. The results indicate that restrictive measures taken by a country on cross-border data flow will restrain the upgrading of technical complexity of a country's export; compared with developed economies, the restrictive measures on cross-border data flow implemented by developing economies have a more significant negative impact on their technical complexity of export; compared with other sectors, the restrictive measures on cross-border data flow have a more inhibitory effect on export technical complexity of export sectors such as financial services and research and development services. Based on the results of this empirical research, some relevant policy recommendations are given.
On Effects of Digital Economy on China's High-quality Going-global of Manufacturing Industry in the Perspective of Export Technical Complexity Upgrading
YU Shan, FAN Xiu-feng, JIANG Hao-wen
2021, 36(2): 16-27.
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This paper constructs a theoretical model of the influence of digital economy on export trade under the multi-channel mechanism, and makes empirical research on the spatial spillover effect, nonlinear marginal increasing effect and influence mechanism of digital economy on high-quality going-global of manufacturing industry by using China's provincial panel data from 2008 to 2017. The results show that digital economy significantly promotes the increase of China's provincial export technical complexity, and its positive spatial spillover effect can help promote the high-quality development of export trade; the spatial spillover effect of digital economy has regional heterogeneity, and coastal provinces enjoy more digital dividends than inland provinces; the impact of digital economy on export technical complexity has a dynamic non-linear relationship that regions with high level of export technical complexity enjoy more digital economic dividends; digital economy can indirectly improve the export technical complexity through human capital and trade cost; when digital economy acts on the real economy, there is a marginal increasing network effect. Therefore, it is proposed to strengthen the construction of digital economy infrastructure, optimize the innovation environment, and let the development of digital economy promote the high-quality going-global of China's manufacturing industry.
Enterprise and Business Economy
On the Influence of Responsible Leadership on Team Green Behavior and Its Mechanism: Based on the Affective Events Theory
HUANG Liang, XU Hui
2021, 36(2): 28-38.
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Based on the affective events theory, the paper investigates the internal mechanism and its boundary conditions between responsible leadership and team green behavior, makes an empirical analysis by using a multi-source and multi-wave investigation on 53 work teams from manufacturing companies in the Pearl River Delta. Statistical results demonstrate that responsible leadership promotes team green behavior; connectivity between team and nature, a kind of team positive affective experience, mediates the relationship between responsible leadership and team green behavior; the value of team Mean had a negative moderating effect on the relationship between responsible leadership and the connectivity between team and nature, and team moral reflectiveness had a positive moderating effect on the connectivity between team and nature and team green behavior; the indirect effect of responsible leadership on team green behavior is the most significant through connectivity between team and nature when the team has weak values of the Mean and strong moral reflectiveness. The aforesaid findings can provide important practical implications for improving the management practice of cultivating managers' responsible leadership and utilizing it to promote team green behavior in enterprises.
The Impact of Advanced Human Capital Structure on the Upgrading of Service Industry Structure: Based on Panel Data of Cities in China
LUO Jun-han
2021, 36(2): 39-53.
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Compared with developed countries, the structural level of China's service industry has been lagging for a long time. Effectively improving the structural level of the service industry is an important proposition in my country's current research. Based on the data of 251 prefecture-level cities in China, this paper constructs a mathematical model to analyze the impact of advanced human capital structure on the upgrading of the service industry structure. The results indicate that the advanced structure of human capital is an important driving factor for the upgrading of the service industry structure of China's prefecture-level cities; the higher the advanced degree of a city's human capital structure, the more conducive to the upgrading of the service industry structure. The analysis of heterogeneity shows that the effect of advancement in the structure of human capital is more significant in provincial capital cities. Timeliness analysis shows that the impact of advancement of the human capital structure on the upgrading of the service industry structure is more timeliness after the third period. It can be concluded that the government should give full consideration to the important role of the upgrading of the human capital structure in the process of promoting the upgrading of the service industry structure, pay attention to relevant policies to improve labor efficiency and promote innovation, adjust measures to local conditions according to the actual conditions of the region's economic strength and resource endowments, formulate macroeconomic policies to improve the structural level of the service industry.
Corporate Finance and Accounting
Executive Equity Incentives and Abnormal Related Party Transactions: Restraint or Intensification
PENG Shao-bing, SONG Bing-jie, WANG Yu
2021, 36(2): 54-68.
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From the unique perspective of whether executive equity incentive can inhibit the behavior that damages the value of the company, this paper systematically analyzes and tests the impact and mechanism of executive equity incentive on abnormal related party transactions. In order to overcome the selective bias, this paper uses the PSM-DID method to conduct empirical test. The results show that there is a significant negative relationship between executive equity incentive and abnormal related party transactions, indicating that the executive equity incentive of Chinese listed companies inhibits abnormal related party transactions and supports the optimal contracting theory; cross-sectional tests demonstrate that executive equity incentive has significant negative impact on abnormal related party transactions; the mechanism test shows that the management has a strong incentive to improve the performance of company after the implementation of equity incentive plans, so as to restrain related party transactions that damage the company's value. It is verified that the implementation effect of executive equity incentive in Chinese listed companies conforms to the optimal contracting theory rather than the managerial power theory. It could also provide empirical evidence for the implementation of equity incentive by CSRC.
Chinese Employee Stock Ownership Plan and Corporate Innovation: Interest Alignment or Market Capitalization Management
HONG Feng
2021, 36(2): 69-85.
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Compared with the American employee stock ownership (ESOP) that is a retirement plan for all employees, Chinese ESOP is a non-retirement plan aimed at core employees who participate by providing funds instead of no cost and hold the shares with more flexibility. Based on the data of listed companies in China's A-share market from 2011 to 2017, this paper examines the relationship between ESOP and the output of enterprise innovation, and further investigates the difference in the impact of ESOP on enterprise innovation under different path orientations of ESOPs characterized with governance-driven plans, incentive-driven plans and binding-driven plans. It is found that both incentive-driven plans and binding-driven plans have positive impact on innovation output while governance-driven plans show no influences but the binding-driven plans are proved to have the most significant impact. The influence mechanism test shows that incentive-driven plans promote the effort of employees in innovation activities, while binding-driven plans decrease the employee turnover and improve managerial risk-taking. The findings are consistent with "view of interest alignment" instead of "view of market capitalization management", which means Chinese ESOPs benefit the corporate innovation.
Can Private Enterprises' Participation in Poverty Alleviation Curb the Risk of Their Stock Price Collapse
YANG Guo-cheng, WANG Zhi-min
2021, 36(2): 86-101.
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Targeted poverty alleviation is one of the most important measures for China to implement a well-rounded goal of building China into a society of moderate prosperity. Whether the motivation of private enterprises participating in poverty alleviation is to obtain political resources or market attention and reputation, their poverty alleviation activities will eventually be transmitted to the capital market. Using private companies listed in China's A-share market from 2016 to 2019 as research samples, this paper explores the spillover effect of private enterprises' participation in poverty alleviation from the perspective of share price crash risk. It is found that poverty alleviation behavior of private listed companies can significantly reduce the crash risk of their stock prices in the capital market. Further research shows that poverty alleviation activities can bring about "reputation effect" by increasing positive media reports, and then have an indirect inhibitory effect on the risk of stock price crash. In addition, the disclosure of poverty alleviation activities can improve the quality of accounting information of enterprises, forming an "information effect" in the capital market and inhibiting the risk of stock price crash. The participation of private enterprises in charitable poverty alleviation can significantly increase the amount of government subsidies, but the "resource effect" of government subsidies does not significantly inhibit the risk of stock price crash. Moreover, the negative motivation and "cover-up effect" of social responsibility are not found in the poverty alleviation behavior of private enterprises. Therefore, the scope and intensity of government support for poverty alleviation by private enterprises need to be further strengthened, so as to promote the enthusiasm of enterprises to participate in poverty alleviation and enhance the positive spillover effect.
Urbanization and Rural Economy
Have China's Agricultural Growth Patterns Been Transformed: Based on Empirical Data from 31 Provinces During 1999—2016
LUO Hao-xuan
2021, 36(2): 102-112.
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If China's agricultural economy is to achieve a higher level of growth, it needs to be transformed from the Marx's growth type that relies on investment to the Kuznets' growth type that relies on technological progress. Based on the data in 31 provinces of China from 1999 to 2016 and the calculation of the organic composition of agricultural capital, rate of return on agricultural capital, growth rate of total factor productivity, it is found that the rapid increase in the stock of agricultural capital during the observation period led to a substantial increase in the organic composition of agricultural capital, which was in line with the basic characteristics of Marx's growth type; though the return of agricultural capital declined, the share of agricultural capital income in the eastern, central and northeastern regions of China converged at the same level of about 60%, which means that agricultural growth has entered a steady state without falling into the trap of Marx's growth type; based on the relationship of the total factor productivity of agriculture in the four regions with the growth rate of gross agricultural output, and the share of agricultural capital factor income, it can be inferred that the type of agricultural growth in China has been transformed to the Kuznets' growth type.

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