2023 Vol. 38, No. 6

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Economic Theory and Exploration
Digital Economy, Financial Asset Allocation and Consumption Upgrading
XIA Shuai, SHU Shuang, TAN Li-yang
2023, 38(6): 4-20.
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The digital economy is a key force driving the stable growth of the national economy and the continuous upgrading of consumption structure. This paper introduces the factors of digital economy and financial assets into the utility function of Kongsanmut featured with non-homothetic preference, and discusses the impact mechanism of digital economy development on household consumption upgrading. Then, using four rounds of tracking data from the China Household Finance Survey (CHFS) from 2013 to 2019, this study empirically tests the impact and mechanism of digital economy development on household consumption upgrading. It is found that the development of the digital economy has significantly driven the upgrading of household consumption, especially for households with higher consumption levels. For every 1% increase in the development level of the digital economy, the proportion of household service-oriented consumption will increase year-on-year. This conclusion is still valid after a series of robustness tests. Mechanism testing shows that the digital economy drives consumption upgrading by influencing household asset allocation, especially promoting risk-free financial asset holdings. Heterogeneity analysis shows that the driving effect of the digital economy is stronger in urban households, households with self-owned housing, households with married householder, householder with CPC membership, householder aged 37 and above, households on the southeast side of the "Hu Huanyong Line", and households in the east of China. Therefore, it is necessary to increase investment in network infrastructure, implement a dynamic and differentiated digital economy strategy according to local conditions, accelerate the improvement of the social security system, improve the operating mechanism of the capital market, and promote the deep integration of the digital economy and the real economy.
Digital Literacy and Farmers' Common Prosperity: Effects and Mechanisms
YANG Ning-ze, WANG Yi-wei, SUN Xue-tao
2023, 38(6): 21-32.
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The arduous task of promoting common prosperity still remains in the countryside. How to rely on digital empowerment to promote farmers' common prosperity is particularly important. The improvement of farmers' digital literacy becomes the critical measure of digital empowerment. Based on the Chinese General Social Survey (CGSS) data, this paper uses the Probit model to analyze the relationship between digital literacy and farmers' common prosperity. It is found that improving digital literacy can significantly promote farmers' common prosperity. Compared with other farmers, farmers with low-education, middle-aged and female farmers are more likely to benefit from the improvement of digital literacy. Information advantages, social capital, and human capital play an intermediary role in the impact of digital literacy on farmers' common prosperity. Therefore, the government should systematically improve the digital literacy of low-income groups and continue to strengthen the construction of digital villages to support the long-term mechanism of digital empowerment, promoting common prosperity.
Finance and Capital Markets
Has the Global Financial Cycle Exacerbated Cross-border Capital Flows: Evidence of Cross-country Sample from Structural Perspective
QIANG Guo-ling, WANG Wei-tao, DONG Ya-jie
2023, 38(6): 33-53.
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Based on the cross-country sample data from 1998 to 2020, this paper discusses the impact of the global financial cycle on cross-border capital flows, as well as the regulatory role and heterogeneity of institutional environmental factors from a structural perspective. The test results show that the total cross-border capital flow, portfolio investment and other investments have significant pro-cyclical characteristics, but the direct investment has not; improved domestic financial risks, higher levels of financial development, and increased exchange rate stability will strengthen the impact of the global financial cycle on cross-border capital flows. The heterogeneity test shows that the pro-cyclical characteristics of security investment are mainly driven by enterprises, while other investments are mainly driven by commercial banks. When the GFC rises, the inflow of total cross-border capital, portfolio investment and other investments is more pro-cyclical. After the financial crisis, portfolio investment and other investments are more sensitive to the GFC. Further analysis shows that global trade uncertainty and the Federal Reserve's monetary policy can affect cross-border capital flows through GFC. The results from expansion model test show that there are significant differences in the characteristics of changes in reserve policy in different types of economies, and emerging market economies tend to use foreign exchange reserves to hedge risks and stabilize exchange rates. The research conclusions provide empirical evidence and policy implications for the macro-prudential supervision of cross-border capital flows and the prevention and resolution of cross-border capital flow risks under the new situation.
The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability
WEN Bo-hui, MENG Xin-xin, ZHAO Zhi-shang
2023, 38(6): 54-71.
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The improvement of the anti-risk resilience of households and the reduction of their financial vulnerability are key to preventing the risk of a large-scale return to poverty. The development of digital finance can improve the availability of financial services for the "long-tail group" and partially replace acquaintance lending, thus affecting the risk sharing of household social networks to a certain extent. Against the above background, the study analyzes the role of social networks and digital finance on household risk sharing based on the perspective of household financial vulnerability by using the data of 2019 China Household Finance Survey (CHFS). The study finds that the social networks can reduce the financial vulnerability of households and realize the sharing of household risks, while the development of digital finance has a certain substitution effect on the risk-sharing function of social networks. Through mechanisms analyzed, the influencing mechanisms of the digital finance on the risk-sharing function of the family social network include the following: promoting the use of digital finance by households to form lending behaviors to crowd out social network lending, reducing the need to share risks through social networks; increasing household income levels to accumulate prudent savings to enhance the risk-resistant capacity of households; promoting the purchase of commercial insurance by households to achieve significant risk transfer to reduce the risk-sharing function of social networks; and reducing the stickiness of risk-sharing. Further analysis reveals that the degree of digitization is a stronger substitute for the risk-sharing function of social networks than the breadth of coverage and depth of use of digital finance; at the same time, for rural areas and households whose heads have experience of working or living outside the home, there is a complementary relationship between digital finance and social networks in sharing household risks, whereas for urban areas and households whose heads do not have experience of living or working outside the home, the above two exhibit a substitution relationship. The study helps to understand the changes in risk-sharing channels of households in the context of the development of digital finance and the mechanisms of these changes, and sheds light on the measures that can be taken to help vulnerable households improve their resilience to the risk.
Fiscal and Public Administration
The Influence and Mechanism of Basic Public Services on Innovation Capacity: Based on the Process of Population Aging
SONG Jia-ying, GAO Chuan-sheng, ZHANG Yu
2023, 38(6): 72-84.
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In the process of population aging, endeavour to achieve a synchronous resonance between basic public services and the enhancement of innovation capacity is an inevitable requirement for high-quality economic development at this stage. Based on China's inter-provincial panel data, the impact of basic public services on innovation capacity and its mechanism in the process of population aging are analysed at the theoretical and empirical levels. The results show that the overall level of basic public services presents an increasing trend, but the level is higher in the eastern and central regions, and the growth rate of basic public services is higher in the western region in China; population aging has a negative role in the process of basic public services to enhance innovation capacity, inhibiting the innovation effect of basic public services; the effect of basic public services on the enhancement of innovation capacity in the eastern, central and western regions shows a gradual decrease, while the negative moderating effect of population aging is much higher in the eastern and central regions than that in the western region, and that labour inflow and labour structure have an important moderating effect on the enhancement of innovation capacity by basic public services, which can further promote the development of regional innovation capacity. Therefore, we should not only focus on increasing the supply of basic public services, but also focus on improving the structure of the labour force, in order to comprehensively promote the enhancement of Chinese regional innovation capacity.
On the Impact and the Path of Green Fiscal Policy on Residents' Health Levels
YAN Wei-shi, LI Dong-song
2023, 38(6): 85-97.
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Green fiscal incentives have driven local governments to carry out green construction and enhanced residents' health welfare. Based on the quasi-natural experiment of "comprehensive demonstration city of energy-saving and emission-reduction financial policies", exogenous shocks from green fiscal policies can be captured at the prefecture-level city. The study matched the China Healthy Aging Survey data (CHARLS) with prefecture-level city data and used a multi-period DID approach to empirically research the impact of green fiscal policies on residents' health levels. The results indicate that the green fiscal incentives have significantly improved residents' health level. Green fiscal policy affects residents' health by improving the environment and the level of public services which respectively depend on local governments strengthening environmental regulations and increasing investment in public services. The effects of green fiscal policies on residents' health diminish with the costs of environmental regulations and public services increasing, and increase with the fiscal pressures on local governments increasing. This study has illustrated the specific paths and realization of a Chinese-style "incentive-based" green fiscal policy to improve the health of the population. It provides a reference for the design and improvement of incentive-based green fiscal policies.
Law and Economics
Can the Judicial System Reform Curb Corporate Violations: A Quasi-natural Experiment Based on the Reform of Provincial Control of Human Resources and Property in Local Courts
SUN Yan-yang, ZHENG Yi
2023, 38(6): 98-112.
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This paper examines the impact of the reform of the judicial system on corporate violations in China's A-share listed companies between 2007 and 2020. The study employs the staggered difference-in-difference method to explore the effects of the reform of universal management of human resources and property in local courts below the province. The findings demonstrate that the reform of the judicial system can significantly mitigate the frequency and tendency of corporate violations. This conclusion is robust even after conducting several tests. However, the effect of the reform varies depending on factors such as the size of the company, the nature of property rights, and the jurisdiction of different jurisdictions. Notably, small-scale enterprises, private enterprises, and enterprises in non-jurisdictional jurisdictions benefit more from the reform of the local judicial system. The study further reveals that the reform of the judicial system has a positive influence mechanism on curbing corporate violations by easing corporate financing constraints and enhancing corporate governance.

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