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Theoretical Connotation and Practical Path of the Financial Development with Chinese Characteristics
ZOU Xin-yue, ZHANG Jin-hong, ZHANG You-ze
2024, 39(2): 4-10.  
[Abstract](0) [FullText HTML](0) [PDF 1060KB](0)
Abstract:
The financial development with Chinese characteristics is the key to promoting the high-quality development of finance, realizing the goal of building a financial power and serving the Chinese modernization. It can be specifically interpreted as the road of financial internationalization, the road of financial marketization, the road of financial openness and the road of financial legalization. Efficient cooperation between the government and market is the basic development path to the construction of a financial system with Chinese characteristics. Through the financial development with Chinese characteristics, financial elements will be further generated and gathered; the allocation efficiency of financial resources will be greatly improved; the "five major articles" such as science and technology finance and green finance will be achieved in high quality; the classic "trinity paradox" will be effectively reconciled, and the solid legal protection for strong financial countries will be strengthened at a faster pace. The study of the theoretical connotation and practical path of the financial development with Chinese characteristics is helpful to effectively learn, understand and implement the action roadmap for building a strong financial country, and is also conducive to accelerating the construction of a financial knowledge system with Chinese characteristics.
Economic Theory and Exploration
Macroeconomic Uncertainty and Stock Returns: Evidence from the Chinese Stock Market
GE Ying-fan
2024, 39(2): 11-28.  
[Abstract](0) [FullText HTML](0) [PDF 1448KB](0)
Abstract:
Macrofundamental shocks are widely recognized as an important source of stock market volatility. However, there is a relative lack of research exploring their impact on stock excess returns in the Chinese market from the perspective of macroeconomic uncertainty. This paper utilizes multi-indicator data on China's macroeconomics and finance to construct an index of China's macroeconomic uncertainty from 2002 to 2022. It examines the impact of the uncertainty on the excess returns of A-share stocks. The empirical results show a significant negative premium for macroeconomic uncertainty exposure, i.e., stocks with negativemacroeconomic uncertainty betas have higher future excess returns. However, this premium varies for stocks of different equity nature, size, and industry, and is more pronounced in periods of economic downturn relative to periods of economic upturn, highlighting the heterogeneity and state-dependence of the macroeconomic uncertainty premium. This research has theoretical and practical value for understanding the impact of macroeconomic uncertainty on the stock market and constructing corresponding asset portfolios to cope with macro uncertainty shocks.
Business Environment, Tax Efforts of Local Government and Corporate Tax Compliance
TAO Dong-jie, CHEN Zheng-hong, XU Yang
2024, 39(2): 29-43.  
[Abstract](0) [FullText HTML](0) [PDF 1141KB](0)
Abstract:
The optimization of the business environment can change the game balance between the government and the market and improve the tax efforts of government and fiscal capacity. This paper constructed a "government-enterprise" two-sector Stackelberg game model as a theoretical analysis framework. Then, using China's Administrative Approval Reform as a "quasi natural experiment" for local governments to improve the business environment, matching the Chinese industrial enterprise database, this paper has investigated the causality of the relationship between improvement of the business environment and local fiscal capacity. It is found that the optimization of the business environment represented by the reform of the administrative approval system contributes to the improvement of local financial capacity, which is reflected in the significant improvement of corporate tax compliance. The effect is more pronounced in corporate under the jurisdiction of local tax bureaus, private corporate, and small-scale corporate, and proves the theoretical mechanism that the optimization of business environment affects local governments' tax efforts and then improves corporate tax compliance. The conclusions of this paper has profound policy enlightenment for improving the country's fiscal capacity from the path of improving the business environment.
Digital Economy Theory and Application
Research on the Influence of Market-based Allocation of Data Elements on the Integration of Digital Economy and Real Economy: A Quasi-natural Experiment Based on a Data Trading Platform
WANG Xiao-dan, SHI Yu-tang, LIU Da
2024, 39(2): 44-58.  
[Abstract](0) [FullText HTML](0) [PDF 1477KB](0)
Abstract:
The deep integration of the digital economy and the real economy will promote the construction of a unified large market across the country, promote the construction of a new dual-cycle development pattern, and become a new driving force for economic growth. Based on the quasi-natural experiment of data trading platform establishment, the coupling evaluation model was used to measure the integration level of digital economy and real economy in 280 prefecture-level cities in China from 2010 to 2021, and the multi-stage differential method was used to empirically test the impact of the market-based allocation of data elements characterized by the establishment of data trading platform on the log-real integration. The findings are as follows: firstly, market-based allocation of data elements significantly promotes the integration of digital economy and real economy, and this conclusion is still valid after a series of robustness tests. Mechanism analysis shows that market-based allocation of data factors affects the integration of digital economy and real economy through cost effect, factor allocation effect and technological innovation effect. The enhancement effect of log-real integration of market-based allocation of data elements is more significant for cities with higher property rights protection, higher administrative level and higher marketization degree. The expansion analysis finds that there is a spatial spillover effect of market-based allocation of data elements on the integration of digital economy and real economy. Therefore, it is necessary to strengthen the construction of data trading platforms, explore multi-dimensional integration paths, tap the potential of pilot policies, strengthen exchanges and cooperation among regional subjects, optimize the market-oriented allocation of data elements, and better promote the integrated development of digital economy and real economy.
Can Industrial Robots Application Improve the Innovation Ability of Enterprises
LIANG Peng, LIANG Lin, QI Di
2024, 39(2): 59-70.  
[Abstract](0) [FullText HTML](0) [PDF 1037KB](0)
Abstract:
As a typical representative of digital technology, industrial robots have become an important alternative to traditional labor, providing enterprises with an environment of "creative destruction". Whether they can improve the innovation ability of enterprises has attracted wide attention. Based on the micro-enterprise data of China, this paper discusses the impact of industrial robot application on enterprise innovation ability and its mechanism. The findings indicate that the application of industrial robots can significantly improve the innovation ability, and effectively enhance the substantive innovation capabilities of enterprises. In addition, the mechanism test shows that the application of industrial robots can increase the demand for high-quality talents, improve the labor structure and enhance human capital, and then promote the innovation ability of enterprises, confirming the "talent gathering effect". At the same time, the upgrading of production technology brought about by the application of industrial robots will promote production efficiency, thereby improving the innovation ability, confirming the "productivity improvement effect". Further analysis shows that inlabor-intensive state-ownedenterprises with higher labor costs and higher financial risk, and those with higher external market competition, the application of industrial robots has a more significant role in promoting the innovation ability. This paper expands the researchof industrial robots andinnovation capabilities, and has certain reference significance for promoting the transformation of enterprise labor factors, improving the human capital structure, and assisting the intelligent transformation and upgrading of China's manufacturing industry.
Can Enterprise Digital Transformation Reduce Labor Cost Stickiness: An Examination Based on Internal Control
WANG Xian-bin, CHEN He
2024, 39(2): 71-87.  
[Abstract](0) [FullText HTML](0) [PDF 1142KB](0)
Abstract:
Under the tide of the global digital economy, the enterprise digital transformation has a profound impact on the operation management and cost. Based on the sample of A-share listed companies from 2010 to 2021, this paper constructs indicators of enterprise digital transformation and explores the effect of enterprise digital transformation on labor cost stickiness and its mechanism generation. It is found that digital transformation significantly reduces labor cost stickiness, and the findings remain valid after a series of robustness tests. Mechanistic analysis shows that digital transformation helps to improve the quality of internal control and thus reduces labor cost stickiness. Heterogeneity analysis shows that the effect of digital transformation on labor cost stickiness is more pronounced in non-state enterprises, declining enterprises, labor-intensive enterprises, and those in eastern and central China. Further test indicates that digital transformation has a long-term inhibitory effect on reducing labor cost stickiness in enterprises that is mainly reflected in labor stickiness rather than salary stickiness, and in ordinary employees rather than executives as well. Enterprise digital transformation can better improve labor cost and economic efficiency. The study reveals the mechanism of the impact of enterprise digital transformation on the cost disposition of the enterprise, and provides practical guidance for achieving high-quality coordinated development between the digital economy and the real economy.
Management and Corporate Performance
Entrepreneurship, Vertical Network Quality, and High-quality Development of Manufacturing Enterprises
YUAN Xi-na, LIN Xiao-qing, DING Mei-xia
2024, 39(2): 88-101.  
[Abstract](0) [FullText HTML](0) [PDF 1348KB](0)
Abstract:
The quality of vertical network relationships is one of the reliable ways for enterprises to acquire resources, and modern enterprises actively utilize vertical network relationships to achieve innovation cooperation at different levels. Using the survey data from 205 companies in Fujian Province, this study examined the impact of vertical network quality and entrepreneurship on enterprise performance and explored the moderating effect of entrepreneurship. The results show that in vertical network relationships, both upstream and downstream network quality have a significant positive impact on enterprise performance, and entrepreneurship also has a significant positive impact on enterprise performance. Moreover, enterprises with higher entrepreneurship enhance the positive impact of upstream network quality on enterprise performance while weakening the positive impact of downstream network quality on enterprise performance.These findings contribute to understanding the construction of network relationship quality in manufacturing enterprises and the complex influence of entrepreneurship in dynamic environments.
How does Corporate Cash Holdings Decision Impact the Labor Income Share
GUAN Zi-huan, ZHAO Yun-ning, LUO Wen-yi, DING Si
2024, 39(2): 102-113.  
[Abstract](0) [FullText HTML](0) [PDF 1157KB](0)
Abstract:
The rise in the labor income share is crucial to ensuring that individuals partake in the benefits of economic and social progress.In contrast to the widespread decline in labor income share globally, a phenomenon of "rising against the trend" is observed in post-financial crisis in China. Utilizing a sample of A-share listed companies in China spanning from 2007 to 2021, this paper constructed a theoretical model to explore the impact of corporate cash holding on the share of labor income from the micro perspective of corporate cash holding decisions, and analyzed the impact of financing constraints and technological innovation on the above relationships. It is found that the optimal cash holding level of enterprises has a negative impact on the share of labor income; when financing constraints are eased or technological innovation accelerates, companies' cash distribution for labor incentives will increase, and the share of labor income will consequently rise, thus intensifying the negative correlation between them. The analysis of industry heterogeneity indicates that in labor-intensive industries, higher labor costs reduce incentives for cash allocation to labor factors. Financing constraints play a significant role in lower incentives in capital-intensive industries, and inadequate labor-biased technological innovation contributes to lower incentives in technology-intensive sectors. The conclusions offer fresh empirical insights into comprehending the impact of cash holding decisions and the "mystery of the contrarian rise" of labor income share in China. Additionally, the findings prompt valuable considerations for standardizing the order of income distribution.
Green Economy and Three Rural Issues
The Organizational Logic and Governance Effect of Vertical Management Reform of Environmental Protection
CHEN Qi-bo
2024, 39(2): 114-128.  
[Abstract](0) [FullText HTML](0) [PDF 1844KB](0)
Abstract:
As an important measure of environmental management system reform in China, the environmental management system in China has been changed from territorial management to vertical management in the province. Based on the theory of control rights, the theoretical analysis framework for vertical reform of environmental protection is constructed, and the governance effect and its influencing mechanism of environmental protection vertical reform are tested by using the panel data of prefecture-level cities from 2013 to 2021 and the multi-period difference-in-difference model. It is found that the vertical reform of environmental protection has shifted the control rights of municipal and county environmental protection departments at the organizational level, giving real authority to the vertical management of the upper and lower levels within the environmental protection departments, thus improving the enforcement of environmental law at the grass-roots level and reducing regional pollutant emissions. The dynamic effect analysis shows that the pollution reduction caused by vertical reform of environmental protection has good sustainability. Further analysis shows that environmental protection reform has a significant negative regulatory effect on financial pressure and official association to promote pollutant discharge, and the control effect on border pollution is more significant. The research findings provide theoretical and empirical evidence for how to effectively divide and cooperate between local governments and environmental protection departments, and between higher and lower environmental protection departments to ensure long-term stability of environmental governance.

The Development of Digital Inclusive Finance and Industrial Structure Upgrading: Empirical Evidence from 283 Cities
TANG Wen-jin, LI Shuang, TAO Yun-qing
2019, 34(6): 35-49.  
[Abstract](1112) [FullText HTML](529) [PDF 1511KB](251)
摘要:
数字普惠金融发展对产业结构升级具有重要积极意义。在对数字普惠金融发展与产业结构升级之间的关系进行理论分析的基础上, 基于283个地级以上城市2011—2015年的面板数据, 采用面板门槛模型等回归方法, 实证分析数字普惠金融发展及其各维度发展与产业结构升级之间的关系。结果表明: 数字普惠金融发展与产业结构升级之间存在非线性关系; 数字普惠金融发展存在瓶颈, 具有门槛效应; 数字普惠金融覆盖广度对产业结构升级具有长期且显著的促进作用, 数字普惠金融的使用深度和数字化程度与产业结构升级之间存在非线性关系; 不同区域的数字普惠金融发展对产业结构升级的非线性效应具有异质性, 对产业结构升级的正效应从东部到中西部逐级增强。因而政府部门和金融机构应加大建设数字金融基础设施的力度, 尤其要重视增加落后地区的普惠金融服务供给和提升其数字化程度, 同时, 也要防止数字普惠金融的过度发展为产业结构升级带来负的外部效应。
The Development of Digital Economy and the Transformation and Upgrading of Industrial Structure: Based on the Heterogeneity Test of 275 Cities in China
LI Zhi-guo, CHE Shuai, WANG Jie
2021, 36(5): 27-40.  
[Abstract](1451) [FullText HTML](978) [PDF 1016KB](156)
摘要:
数字经济是经济发展提质增效的新动能和新引擎,对产业结构的转型升级具有重要驱动作用。在理论分析的基础上,从产业转型速度、产业结构高度化以及产业结构合理化三个维度对产业结构的转型升级进行分解,以区域创新创业指数表征城市创新创业水平,采用2011—2018年我国城市面板数据实证考察数字经济发展的产业结构转型升级效应及其作用机制。研究发现:(1)数字经济能显著提升产业转型速度、产业结构高度化和产业结构合理化,且基于互联网发展和数字普惠金融发展的分析结果趋同。(2)数字经济对产业结构转型升级的效应具有边际报酬递增的后发性优势,且东中西部区域异质性特征明显,其中中部地区是未来数字经济发展的重心。(3)从城市规模看,中等城市和大城市是数字经济驱动产业转型升级的重要着力点;从城市等级来看,二三线城市是产业转型的关键所在。(4)中介效应分析显示,创新创业水平是数字经济产业转型升级效应的重要传导路径,数字经济通过激发区域创新创业活力可加快产业转型速度、促进产业结构的高度化和合理化。以上结论对探索中国城市数字经济可持续发展、助推其与产业结构转型升级深度融合具有一定的参考意义。
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.  
[Abstract](826) [FullText HTML](745) [PDF 997KB](96)
摘要:
构建多渠道机制下数字经济影响出口贸易的理论模型,利用2008—2017年中国省级面板数据,实证检验数字经济对制造业高质量走出去的空间溢出效应、非线性边际递增效应及影响机制。研究结果表明:数字经济显著促进了中国省级出口技术复杂度的提升,其产生的正向空间溢出效应能助推出口贸易的高质量发展;数字经济的空间溢出效应存在区域异质性,沿海省份较内陆省份享受了更多的数字红利;数字经济对出口技术复杂度的影响具有动态非线性驱动效应,出口贸易水平较高的地区享受的数字经济红利更大;通过人力资本与贸易成本两个渠道,数字经济能间接提升省级出口技术复杂度;数字经济作用于实体经济时普遍存在边际递增的网络效应。因而应加强数字经济基础设施建设,优化创新环境,让数字经济的发展推动我国制造业高质量走出去。
The Impact of Co-agglomeration of Producer Services and Manufacturing Industries on the Enterprise's Innovation
LIU Sheng, LI Wen-xiu, CHEN CHEN Xiu-ying
2019, 34(3): 43-53.  
[Abstract](284) [FullText HTML](262) [PDF 1018KB](43)
摘要:
制造业与生产性服务业合理的空间协同分布体系是企业创新发展的关键所在,但目前关于生产性服务业与制造业协同集聚如何影响企业创新的研究还相对匮乏。鉴于此,基于产业空间协同分布视角,利用中国工业企业微观数据与城市面板的匹配数据,实证检验生产性服务业与制造业协同集聚对制造业企业技术创新的影响效应及其作用机制。结果发现:生产性服务业与制造业协同集聚显著促进了企业的技术创新,并且这一作用依赖于企业所有制类型、要素密集度、沟通密集度、城市规模等异质性因素。进一步研究表明,生产性服务业与制造业协同集聚主要通过作用于企业的交易成本结构、进入与退出决策行为及研发创新激励来影响企业的技术创新活动。
Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality
HUA Bing, QIAO Xiao-long
2021, 36(1): 98-112.  
[Abstract](508) [FullText HTML](427) [PDF 1278KB](195)
摘要:
员工持股计划作为企业内部的一项集体激励政策,在优化企业产权配置的同时亦对企业融资能力产生重要影响。基于2011—2018年A股上市公司样本,探究员工持股计划对企业融资约束的影响及作用机制,研究发现,员工持股计划通过降低外部融资成本来缓解企业的融资约束状况,这种缓解作用对东部地区的企业以及民营企业更为显著;员工持股计划通过增强员工身份认同、缓解员工层面代理问题等途径来提升企业内部控制质量,内部控制质量在员工持股计划与融资约束作用之间起到部分中介作用;由于员工之间的“监督效应”及员工持股计划的“公告效应”,员工持股计划在提升内部控制质量方面不存在“搭便车”行为,在缓解融资约束方面存在“1/N”效应。本研究结论为新时期推进员工持股深化改革、提升本土企业内部竞争力提供了参考。
On Mechanism Analysis and Effect of Digital Economy on the Promotion of High-quality Economic Development
CHEN Zhao, CHEN Zhao-yong, TAN Wei-jie
2022, 37(3): 4-20.  
[Abstract](642) [FullText HTML](1347) [PDF 1116KB](237)
摘要:
数字经济是促进新时代经济高质量增长的重要引擎。基于2011—2019年30个省份的面板数据,分别利用熵值法和DEA-Malmquist指数法测算我国省级数字经济发展综合指数与全要素生产率,实证探讨数字经济对经济高质量发展的影响效应。研究发现:数字经济能显著促进经济高质量发展,该结论经过一系列稳健性检验后仍显著成立;机制分析表明,数字经济是通过提升区域创新水平、加快产业结构升级赋能于经济高质量发展;进一步分析表明,数字经济对相邻地区的经济高质量发展存在空间溢出效应,数字经济对经济高质量发展的促进效应因区域、生产率与人力资本的不同而存在异质性。因而应积极推进数字化基础设施建设,协调好各地区数字经济的均衡发展,实施数字化驱动发展战略,推进经济的高质量发展。
The Impact and Its Performing Mechanism of Divestiture on Financial Performance
GUO Wei, GUO Ze-guang
2020, 35(2): 55-67.  
[Abstract](309) [FullText HTML](341) [PDF 984KB](32)
摘要:
以2008—2017年我国A股上市公司为研究样本, 实证检验了资产剥离对企业财务绩效的影响及其作用机制。研究发现, 资产剥离的实施能够显著影响企业的财务绩效, 其对企业财务绩效的作用方向取决于剥离前企业的业绩基础, 即对于经营不佳的企业而言, 资产剥离损害了企业财务绩效, 反之则显著提升了企业财务绩效。机制检验表明, 融资约束在资产剥离与企业财务绩效的负向关系中发挥了中介效应, 投资效率在资产剥离与企业财务绩效的正向关系中发挥了中介效应。
Chinese Employee Stock Ownership Plan and Corporate Innovation: Interest Alignment or Market Capitalization Management
HONG Feng
2021, 36(2): 69-85.  
[Abstract](320) [FullText HTML](201) [PDF 1035KB](151)
摘要:
相较于美国式面向全体员工的退休储蓄型计划,中国式员工持股计划面向关键少数员工,员工大多自行出资,持股期更加灵活。基于2011—2017年A股上市公司数据,研究员工持股计划与企业创新产出数量与质量之间的关系;并进一步依据员工持股计划的契约特征将其分为治理型、激励型与绑定型三类,研究不同路径取向下的员工持股计划对企业创新的影响差异。结果表明:相对于治理型计划,激励型计划与绑定型计划均能提升企业的创新产出,且绑定型计划的作用更加显著;影响机制检验发现,激励型计划促进了员工在创新活动中的努力投入,绑定型计划降低了员工流失率并提升了高管的风险承担水平。本研究证实员工持股计划的实施符合利益协同观而非市值管理观,中国式员工持股计划具有创新促进效应。
Environmental Regulation, Technological Innovation and the Green Development of Manufacturing
ZHANG Xiao-yun, LIU Jie-jiao, LI Bin
2020, 35(5): 48-57.  
[Abstract](523) [FullText HTML](302) [PDF 1020KB](92)
摘要:
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
Can the Internal Control System Deal with Executive Corruption: An Empirical Study on State-owned Listed Companies
CHI Guo-hua, ZHU Jun-qing
2019, 34(1): 46-59.  
[Abstract](292) [FullText HTML](1947) [PDF 1076KB](41)
摘要:
传统观点认为,制度反腐在于通过约束权力实现“不能腐”,那么是否还存在其他腐败治理机制呢?以2007年~2012年国有上市公司为研究样本,以内部控制本质为理论依据,对内部控制是否存在以节制私欲为本位的“不敢腐”与“不想腐”治理机制进行实证分析。结果显示,内部控制既能够通过刚性治理机制压制私欲,实现“不敢腐”;也能通过柔性治理机制引导私欲,实现“不想腐”。上述作用机制是由内部控制的监督与激励本质决定的,而“不能腐”机制是由制衡本质决定的。
2022, 37(4): .  
[Abstract](158) [FullText HTML](342) [PDF 651KB](342)
Abstract:
2023, 38(5): .  
[Abstract](59) [FullText HTML](38) [PDF 784KB](38)
Abstract:
Periodical Information

Bimonthly,Founded in 1986

Supervisor:Education Department of Guangdong Province

Sponsor:Guangdong University of Finance and Economics

Editor:Editorial Office of Journal of Guangdong University of Finance and Economics

Publisher:Periodical Center of Guangdong University of Finance and Economics

Editor-in-Chief:ZOU Xin-yue

Director:Guo Guangzhen

Address:
21 Luntou Road, Guangzhou

Tel:020-84096712、84096029

Email:
Standard serial number:
ISSN 1008-2506
CN 44-1711/F

Post Code:46-295

Domestic Sales:Guangdong Provincial Bureau of Newspapers and Periodicals

Distribution:Public offering at home and abroad

Price:10 yuan/period,The year 60 yuan

Journal Of Retrieval
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