2023 Vol. 38, No. 2

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Finanial Development and Supervision
Can Digital Financial Services Platform of Local Government Promote Bank Credit Allocation
LI Yao, HU Tao
2023, 38(2): 4-18.
[Abstract](145) [FullText HTML] (60) [PDF 1654KB](28)
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As a new type of financial infrastructure, digital financial service platform is an important tool for local governments to solve the problems of "difficult, expensive and complicated financing" and promote bank credit allocation. Using the differences in the time of setting up digital financial service platforms in different cities, the paper constructs a multi-period double difference model to conduct an empirical study. It is found that the digital financial service platforms of local governments can significantly promote the credit allocation of banks, and this promotion effect shows rich variability at the level of different cities and different platforms. Further analysis reveals that the establishment of digital financial service platforms by local governments promotes bank credit allocation mainly through four channels: information asymmetry, financial service efficiency, financial service coverage, and social credit environment. The study also finds that the development of Internet finance strengthens the role of digital financial service platforms in bank credit placement. This study has inspiration for governments at all levels in China to promote the construction of digital financial service platforms.
Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism
XIE Li-juan, DING Huan-feng, WANG Lu
2023, 38(2): 19-31.
[Abstract](85) [FullText HTML] (49) [PDF 1101KB](18)
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Finance is an important factor in promoting innovation. Based on the panel data of 269 cities from 2011 to 2019, this paper constructs a Spatial Durbin Model (SDM) to verify the spatial effect of financial agglomeration on regional innovation, and explores its mechanism. It is found that financial agglomeration can not only effectively promote the improvement of regional innovation level, but also generate positive spatial spillovers for innovation in neighboring regions; heterogeneity analysis shows that financial agglomeration has a significant positive spatial spillover effect on substantive innovation in eastern regions and central cities, while exhibiting a "siphon effect" in western regions; mechanism analysis indicates that financial agglomeration can promote regional innovation through two channels: financial development and human capital accumulation. Currently, it is necessary to optimize the spatial layout of finance, give full play to the positive spatial spillover effect of financial agglomeration, implement differentiated innovative development strategies in line with local conditions, and eliminate various institutional obstacles to strengthen regional collaborative cooperation.
Management and Corporate Performance
City Brand Activities and Enterprise Operating Performance: A Quasi-natural Experiment from Marathon Events
ZHAN Xin-yu, ZHANG Rong-fang, CHENG Xian
2023, 38(2): 32-45.
[Abstract](106) [FullText HTML] (69) [PDF 1491KB](22)
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City brand is an important resource owned by micro-enterprises within the jurisdiction, while large-scale sports events play a pivotal role in city brand building. A quasi-natural experiment is conducted based on marathon events held for city brand activities in various cities in China from 2008 to 2019. The empirical results based on difference-in-differences model show that marathon events have significantly promoted the improvement of the performance of enterprise. Further analysis indicates that the positive impact of marathon events has heterogeneity in city levels, economic openness, corporate scale, financing constraints, industry correlation, competition scale and specifications. On this basis, it focuses on verifying the pathway of marathon by optimizing the external business environment of the enterprise and reducing the corporate transaction costs to improve business performance of enterprises. This study provides new micro-evidence for understanding the impact of city brands on corporate operating performance. The findings are instructive to realize the mutual empowerment and coordinated development of city development and corporate growth.
Expected Performance Feedback and Enterprise Digital Transformation: Prosperity-driven or Adversity-driven Path
WANG Tao, WANG Xing-yue, FENG Qiao-gen
2023, 38(2): 46-59.
[Abstract](229) [FullText HTML] (142) [PDF 1083KB](19)
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The key to solve the dilemma of enterprise digital transformation is to effectively stimulate the internal power of enterprise transformation. Based on the behavioral theory of the firm, this paper selects A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020 as samples, introduces the performance feedback analysis mechanism of enterprise digital transformation, and empirically tests the influence and mechanism of expected performance feedback on enterprise digital transformation. The findings indicate that the degree of digital transformation will be significantly improved with the increase of expected surplus, that is, the digital transformation of enterprises with expected performance feedback is characterized by the "prosperity-driven path"; from the perspective of power transmission mechanism, surplus enterprises are expected to improve the abundance of redundant resources to implement digital transformation to achieve "resource effect", enhance their willingness of digital transformation to achieve "house money effect"; the extended analysis finds that the digital transformation of positive performance feedback enterprises is mainly reflected in the deep response to the integration with specific business scenarios, rather than just superficial "talk" at the underlying technical level. This paper provides references for understanding the internal driving mechanism of enterprise digital transformation and stimulating the internal driving force of enterprise transformation.
Can the Establishment of Off-site Subsidiaries Improve the Innovation Level of the Parent Company——Empirical Evidence from Cross-regional Investment of A-share Listed Companies
ZHAO Jing-yan, DENG Min, XU Zheng
2023, 38(2): 60-74.
[Abstract](131) [FullText HTML] (61) [PDF 1139KB](21)
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It has been found that the establishment of overseas subsidiaries helps to improve the innovation level of the parent company of multinational corporations. In order to explore the influence of the establishment of domestic off-site subsidiaries and the degree of diversification on the innovation level of the parent company, this article uses the data of China's A-share listed companies setting up off-site subsidiaries from 2004 to 2021, by taking the number of new off-site subsidiaries and geographical dispersion as indicators, investigates the impact of the establishment of off-site subsidiaries on the innovation of the parent company and its possible mechanism. The research shows that, the increase of the number of new subsidiaries and the improvement of geographical dispersion, can promote the innovation of the parent company, and the establishment of subsidiaries in central cities has a more obvious impact on the innovation of the parent company. Heterogeneity analysis indicates that the positive promotion effect was more significant in the samples of large enterprises, state-owned enterprises, non-high-tech enterprises and mature enterprises. Further research manifests that the establishment of subsidiaries in central cities has a more obvious impact on the innovation of the parent company; off-site subsidiaries mainly affect the innovation of the parent company by strengthening the output effect of the innovation input of the parent company and alleviating the innovation resource constraints faced by the parent company; the absorptive capacity of the parent company has a positive regulatory effect on the innovation effect of off-site subsidiaries.
Fiscal and Public Administration
A Comprehensive Construction of Cordial and Clean Government-Business Relationship from the Incentive Compatibility Perspective: The Institutional Collective Action Framework
LIANG Ping-han, ZHAO Yu-lan
2023, 38(2): 75-87.
[Abstract](174) [FullText HTML] (48) [PDF 1481KB](21)
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In order to build a cordial and clean government-business relationship with "two healthy" as the target, it is urgent to clarify the nature of government-business relationship and the underlying logic of government-business interaction. This paper argues that the cordial and clean government-business relationship is a stable state of benign interaction, and the key to building and maintaining this state is to achieve incentive compatibility between government and business. Thus, this paper proposes an institutional collective action framework to reach a consensus of interests between government and business in three dimensions: economic embedding, political absorption, and legal regulation. This paper takes the cohesion of common interests and institutional consensus, as well as the construction of trust relationship, between government and business, as the analytical path. We explore the practice strategies for the comprehensive construction of the cordial and clean relationship from cultivating trust, transforming institutional advantages, restraining political power, and streamlining inter-governmental relationship. Finally, we also explore the long-term mechanism for the comprehensive consolidation of the cordial and clean relationship in terms of institutionalized benefit distribution mechanism and guarantee mechanism.
Tax Incentives and Corporate Digital Transformation: A Quasi-natural Experiment Based on Accelerated Depreciation Policy for Fixed Assets
CAO Zhi, WU Fei
2023, 38(2): 88-99.
[Abstract](115) [FullText HTML] (62) [PDF 1744KB](15)
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Tax policy tools can have a significant impact on the development of entity enterprises in the era of digital economy. This paper analyzes the impact of accelerated depreciation policy for fixed assets on the digital transformation of enterprises based on the data of listed enterprises from 2007 to 2020. It is found that accelerated depreciation policy for fixed assets can help promote the digital transformation of enterprises, more significant especially for enterprises with high capital intensity and large scale as well as enterprises in the eastern region. The mechanism study shows that accelerated depreciation policy can effectively improve the financial situation of enterprises, stimulate their innovation, optimize their market expectations, and thus provide effective impetus for digital transformation. A better external market-based environment is an important basic condition for exerting driving force of accelerated depreciation policy in innovation and transformation. This paper provides new empirical evidence for understanding the effectiveness and mechanism of tax policy tools, and a new analytical perspective for the "government-market" combination.
Digital Economy Theory and Application
Comprehensive Impact Analysis of GPT-4: High-quality Economic Development and National Security Prevention
SONG Xin-qiang, LIU Ming-jie, CHEN Jia-he
2023, 38(2): 100-112.
[Abstract](89) [FullText HTML] (105) [PDF 1071KB](10)
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Since the advent of artificial intelligence (AI), it has now become a major driving force for world economic and social change after having undergone many iterations and evolution. The advent of large-scale language model ChatGPT and its multimodal GPT-4 iteration has subverted human cognition of generative AI and attracted worldwide attention. At the important starting point and key stage of building a socialist modern country in an all-round way, China's main goal is to achieve new breakthroughs in high-quality economic development. The AI algorithm and modeling techniques represented by GPT-4 have a wide application prospect in fields such as production, finance, marketing, education, healthcare, foreign trade and investment, and will become an important lever for China's high-quality economic development in the future, empowering more industries and application scenarios. At the same time, AI applications represented by GPT-4 technology will also bring security risks and challenges to many fields such as national economy, politics, law and society. Therefore, a series of security prevention strategies must be adopted to control AI application risks and escort China's high-quality economic development and national security.
2023, 38(2): 113-114.
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2023, 38(2): 115-116.
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2023, 38(2): 117-118.
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