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Integrating Development and Security to Safeguard New Development Pattern with New-type of Security Pattern
2023, 38(1): 4-16.  
[Abstract](20) [FullText HTML](17) [PDF 963KB](4)
Economic Theory and Exploration
How Can Network Infrastructure Development Empower Corporate Social Responsibility Fulfillment: A Quasi-natural Experiment Based on "Broadband China" Strategy
CHEN Hai-bo, DENG Ya-hui
2023, 38(1): 17-30.  
[Abstract](24) [FullText HTML](22) [PDF 1333KB](4)
As an important support of digital economy, network infrastructure has profoundly changed the way of information dissemination and the way of production and life. Based on the quasi-natural experiment of "Broadband China" strategy, this paper takes the data of A-share listed companies in 2011-2019 as samples, and uses the multi-time and double difference method to explore whether network infrastructure development can empower corporate social responsibility fulfillment. It is found that the construction of network infrastructure can effectively empower corporate social responsibility fulfillment, with the characteristics of time lag, persistence and enhancement. The mechanism test shows that network infrastructure construction provides psychological empowerment for the fulfillment of corporate social responsibility by increasing their network attention; network infrastructure construction also provides resource empowerment for the fulfillment of corporate social responsibility by easing their financing constraints. Further research shows that in non-state-owned enterprises, industries with insensitive social responsibility and areas with superior institutional environment, the network infrastructure construction plays a greater role in empowering corporate social responsibility fulfillment. From the perspective of network infrastructure, this paper provides a new path for corporate social responsibility fulfillment, which has reference value for realizing Chinese-style modernization.
Research on the Function Mechanism of Digital Technology Innovation in Empowering the Deep Integration of Modern Service Industry and Advanced Manufacturing Industry
JIAO Ping, TIAN Ren-xiu
2023, 38(1): 31-44.  
[Abstract](24) [FullText HTML](15) [PDF 1124KB](7)
The deep integration of the modern service industry and the advanced manufacturing industry is an important way to enhance the core competitiveness of the manufacturing industry, cultivate the modern industrial system, and realize the high-quality development, while digital technology innovation can drive the deep integration of modern service industry and advanced manufacturing industry. Based on the panel data for 30 provinces in 2011-2020, using entropy method and coupling coordination model, the paper measures digital technology innovation level and "two industries" fusion level respectively, and explores direct mechanism and indirect mechanism for the digital technology innovation of modern service industry and advanced manufacturing industry by using multiple linear regression model and intermediary effect model. The findings show thatdigital technology innovation significantly drives the integration of modern service industry and advanced manufacturing industry, still valid after the robustness test; industrial digital industry and digital industrialization is the basic path of modern service industry and advanced manufacturing industry, inducing digital technology innovation to empower the deep integration of modern service industry and advanced manufacturing industry; the promotion effect of digital technology innovation on modern service industry and advanced manufacturing industry is heterogeneous by different regions and industrial structure. Therefore, it is necessary to comprehensively promote the construction of digital technology innovation, improve the quality and efficiency of the integration of the "two industries", accelerate the digitalization of digital industry and digital industrialization, activate the internal impetus of the "two industries" integration, implement the regional development differentiation strategy, and expand the development scale of the "two industries" integration.
Finance and Capital Markets
The Effect of Communication and Action on Monetary Policy Expectation Management: Empirical Evidence from Commercial Banks
WANG Dong-yang, LI Cheng
2023, 38(1): 45-61.  
[Abstract](13) [FullText HTML](9) [PDF 1482KB](2)
Scientificmonetary policy expectation management is an important guarantee for adhering to the principle of pursuing progress while ensuring stability. Based on the systematic analysis of the regulation mechanism of monetary policy expectation management, this paper constructs indexes to explore the actual regulation effect of "communication" and "action" in monetary policy expectation management. The findings show that both "communication" and "action" tools can have a significant positive impact on bank credit extension; consistency of communications and actions helps to enhance the regulatory effect of monetary policy expection management, while inconsistency of communications and actions seriously weakens the regulatory effect of "action"; the People's Bank of China's attention to expectation management, increasing the frequency of expectation management and reminding the public to pay attention to expectation signals can significantly improve the regulation effect of expectation management; the effect of "action" is strong in high growth period, but the "communication" is strong in low growth period; the "action" tools of expected management have a significant impact on all types of commercial banks, while the "communication" tools fail to affect the credit extension of local corporate banks. The central bank should gradually improve the policy framework of expectation management, pay attention to keeping communications consistent with actions, cultivate public sensitivity, strengthen communication, pay attention to market signal feedback, so as to effectively deal with the pressure of expectation weakening.
A Study on the Impact of the Central Bank Digital Currency on Payment System
WANG Bo, ZHAO Zhen-zhen
2023, 38(1): 62-74.  
[Abstract](23) [FullText HTML](33) [PDF 1455KB](3)
The vigorous development of digital economy and information technology in the digital age pushes the renewal of the payment system, and the central bank digital currency (CBDC) emerges as a new type of digital payment tool. In this context, making a currency utility model based on popular currency payment attributes to study the replacement of old and new payment instruments, this paper explores how CBDC can open a new pattern of payment systems by replacing existing payment instruments, and predicts by numerical simulationthe replacement process with CBDC. It is found that the degree to which CBDC replaces existing payment instruments is determined by the cost of currency conversion and payment attributes. The interest-bearing CBDC is stronger than the interest-free CBDC. Cash payments are being replaced to a much greater extent and deposit payments are being replaced on a much larger scale.The findings indicate that it is a general trend to make CBDC the mainstream payment tool in the future; the central bank should allow its payment attributes to change flexibly with the times; and the central bank should first issue the interest free CBDC, which has the least impact on the market, and the functions of CBDC can change along with the technology.
Corporate Finance and Accounting
Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises
ZHANG Jian-yu, YANG Xu
2023, 38(1): 75-87.  
[Abstract](15) [FullText HTML](8) [PDF 1112KB](4)
With the deepening of mixed ownership reform, whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses. Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample, this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises. The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises, and this effect is more significant in the regions with more competitive industries, better financial development, and more uncertain economic policies, which is still valid a considering endogeneity such as reverse causality, sample selection, and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform, this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises, but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.
Law and Economics
Government Regulation and Product Export Quality Improvement: Research Based on the Export Data of Medical Devices of IMDRF Member Countries
JIANG Hai-hong, XU Jian
2023, 38(1): 88-100.  
[Abstract](20) [FullText HTML](8) [PDF 1060KB](0)
As the institutional arrangement for building a superpower in quality, perfect government regulations are of great significance to improvement of the quality of exported products. From the research examples of medical device regulation in IMDRF member countries, the innovation effect and cost effect of medical device regulation have different impacts on the improvement of product export quality at different stages.Whether R&D regulation or import customs clearance regulation can improve the export quality of products depends on the comparison of innovation effect and cost effect that has positive effect. Production regulation plays a positive role in promoting the export quality of products, and presents the characteristics of "inverted U". Therefore, it is suggested that the government should not only build government regulatory impact assessment, but also strengthen the international communication and coordination in regulation legislation; enterprises should make use of the regulation effect to strengthen the quality management of export products.
Analysis of Platform Data-based Self-reference by Antitrust Law
LI Xin
2023, 38(1): 101-111.  
[Abstract](22) [FullText HTML](6) [PDF 1034KB](4)
Platform data-based self-preference is a new form of self-preference, which represents the behavior of platform enterprises to use the result of non-public data analysis of third-party sellers without permission toenhance the competitiveness of their own business. In practice, there are various manifestations, such as adjusting prices, copying and launching new products, and adjusting inventory. The use of non-public data of third-party sellers on the platform will have the effect of harming competition, which may violate the antitrust law. In the absence of uniform illegality standard and judgment precedent, the judgement of illegality of platform data-based self-preference should depend on the analysis of the data types, data attributes, purposes of data use, and the alternative channelsto compensate for competition damage.In order to remedy the competitive damage caused by the platformdata-based self-preference, the antitrust law enforcement agency should set up more specific remedies. In terms of behavioral remedies, the platform can be required to set up a data isolation mechanism, establish the principle of data minimization, set up consent rules for data use, and open some data to third-party sellers. When behavioral remedies are not effective or the platform has implemented data-based self-preference for many times, structural remedies such as divestiture the platformself-operated business line are applicable.
2023, 38(1): 112-113.  
[Abstract](10) [FullText HTML](31) [PDF 2581KB](0)
2023, 38(1): 114-115.  
[Abstract](9) [FullText HTML](9) [PDF 3056KB](0)
2023, 38(1): 116-117.  
[Abstract](14) [FullText HTML](14) [PDF 2313KB](1)
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](455) [FullText HTML](199) [PDF 1511KB](191)
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 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](82) [FullText HTML](112) [PDF 1018KB](9)
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](447) [FullText HTML](372) [PDF 1016KB](48)
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](237) [FullText HTML](258) [PDF 997KB](33)
The Impact and Its Performing Mechanism of Divestiture on Financial Performance
GUO Wei, GUO Ze-guang
2020, 35(2): 55-67.  
[Abstract](63) [FullText HTML](81) [PDF 984KB](3)
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。
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](168) [FullText HTML](1674) [PDF 1076KB](12)
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](269) [FullText HTML](134) [PDF 1278KB](92)
Institutional Investors' Holdings, Executives' Excess Compensation and Corporate Governance
CHEN Xiao-shan, LIU Hong-duo
2019, 34(2): 46-59.  
[Abstract](81) [FullText HTML](80) [PDF 952KB](8)
既有文献局限于将机构投资者视为无差异的分析对象, 使得关于上市公司外部机构投资者在公司治理中究竟扮演“监督者”“合谋者”、抑或“旁观者”的角色至今仍未有明确定论。基于机构投资者的个体异质性视角, 选取我国2010年~2017年A股上市公司为研究样本, 实证检验异质个体机构投资者持股与高管超额薪酬之间的关系, 以此考察个体机构投资者在公司治理中的角色。研究结果表明:整体层面上, 机构投资者持股的深度和广度都有助于降低高管超额薪酬, 并且后者的抑制效应相对较大; 个体层面上, 证券投资基金持股比例与高管超额薪酬正相关, 券商、保险公司、社保基金、信托公司等机构投资者持股比例与高管超额薪酬负相关, 未有证据表明QFII、财务公司、银行等机构投资者持股与高管超额薪酬存在明显的相关性。上述结果说明, 券商、保险公司、社保基金、信托公司等机构投资者在降低上市公司代理成本方面主要扮演“监督者”角色, 证券投资基金更多体现为“合谋者”, 而QFII、财务公司、银行等机构投资者主要持“旁观者”的态度。
The Spatial Pattern and Influencing Factors of Green Innovation
PENG Wen-bin, WEN Ze-zhou, KUANG Chang-e
2019, 34(1): 25-37.  
[Abstract](114) [FullText HTML](134) [PDF 1324KB](59)
Environmental Regulation, Technological Innovation and the Green Development of Manufacturing
ZHANG Xiao-yun, LIU Jie-jiao, LI Bin
2020, 35(5): 48-57.  
[Abstract](101) [FullText HTML](69) [PDF 1020KB](7)
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。
2022, 37(4): .  
[Abstract](86) [FullText HTML](95) [PDF 0KB](95)
Dissimilation of Local Government Behavior and Modernization of Urban Governance: Based on the Analysis of Resumption of Work and Production During the Epidemic
CHEN Bo, DU Wen-cui, WEN Xin
2022, 37(1): 14-28.  
[Abstract](254) [FullText HTML](133) [PDF 1996KB](133)
In the outbreak of COVID-19, the different behaviors of local governments and its impact on resumption of work and production reflect the difference of government governance capability, and provide guidance for further improvement of the government governance capacity and the modernization of government governance. The strategic choices of local governments during the epidemic were analyzed based on the dynamic game model of incomplete information; the impact of local government behavior on the resumption of work and production was tested with the daily data of 270 cities at prefecture level and above in China from January 1 to March 3, 2020. It is found that the probability of local governments choosing to resume production in the second stage of the game is greater, but the probability is related to the cost of epidemic prevention and control, and the possible economic loss; the higher the cost, the higher the probability of local governments choosing to resume production. The empirical results indicate that the more government medical treatment investment costs, the more timely policy supports; the higher the cost of economic losses, the more optimistic the situation of resumption of work and production will be. For the local government, the governance capacity should be further improved, and the relationship between epidemic prevention and control and the resumption of production should be rationally considered. For the central government, the epidemic situation can be used to identify the existing shortcomings in the governance capacity of different local governments and promote the modernization of government governance.
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:He Jian

21 Luntou Road, Guangzhou


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

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