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2023, 38(5): .  
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2023, 38(5): .  
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Economic Theory and Exploration
The Change of Labor Income Share of Enterprises under the Application of Digital Technology
LI Lin, SONG Pei, AI Yang, BAI Xue-jie
2023, 38(5): 4-21.  
[Abstract](0) [FullText HTML](0) [PDF 1777KB](1)
The labor income share is an important indicator to measure whether the initial distribution of national income is fair, and in-depth study of the impact of digital technology application on the labor income share can provide important enlightenment for how to promote common prosperity in the context of digital economy. The general equilibrium model including digital technology is constructed and numerical simulation is carried out; the data of WIOD database and A-share listed companies from 2007 to 2014 are used to analyze the mechanism of the impact of digital technology application on the labor income share. It is found that the application of digital technology will reduce the share of labor income in reality, which is consistent with the simulation results of high substitution elasticity of capital labor in numerical simulations. This conclusion is still valid after a series of robustness tests. The mechanism test shows that digital technology application reduces the labor income share mainly through two paths: promoting enterprise capital deepening and faster labor productivity. It is also found that the reduction of labor income share by digital technology application is more pronounced in the service sector, capital-intensive industries, inland areas, non-state-owned enterprises and enterprises with domestic digital technology. The government should pay attention to the benefits of workers while promoting the application of digital technology, and stabilize the labor income share in the initial distribution by guaranteeing the employment opportunities of the workers and accelerating the accumulation of human capital, so as to promote the common wealth of all the people.
The Impact of Digital Transformation on Labor Investment Efficiency and Its Mechanism
ZHONG Juan, CHEN Xin, SU Hui, WEI Yan-jie
2023, 38(5): 22-36.  
[Abstract](0) [FullText HTML](2) [PDF 1059KB](1)
Optimizing labor force allocation is the important guarantee for fully utilizing the efficiency of human resources, while the integration of digital technology and business scenarios triggered by enterprise digital transformation has a profound impact on the allocation of enterprise labor force. This paper takes A-share listed companies from 2008 to 2021 as research samples to verify the impact of enterprise digital transformation on labor investment efficiency, and explore its mechanism. It is found that digital transformation can significantly improve the efficiency of labor investment, and has played a positive role in reducing employment redundancy and underemployment. Mechanism analysis shows that digital transformation can improve labor investment efficiency by enhancing enterprise capabilities in resource management and utilization, easing financing constraints and improving total factor productivity. Further analysis reveals that the effect of digital transformation on labor investment efficiency is heterogeneous among different enterprises: its beneficial effect is more obvious in high labor intensive and non-high-tech enterprises. In highly labor-intensive and high-tech enterprises, the channels for playing their role are richer. The research conclusion provides empirical evidence for clarifying the labor allocation effect of digital transformation and reference path for improving labor investment efficiency through transformation.
Finance and Capital Markets
Analysis on the Impact and Its Heterogeneity of Monetary Policy Regulation on the Development of Digital Finance
WANG Ren, JIA Wen-hao, ZHU Yuan
2023, 38(5): 37-56.  
[Abstract](0) [FullText HTML](0) [PDF 1420KB](0)
The development of digital financial business not only originates from the application of scientific and technological innovation achievements, but also is rooted in the specific monetary policy environment. Taking the change of monetary policy environment as the research object, using the panel data set of 337 prefecture-level cities in China from 2011 to 2020, this paper, with the text word frequency method, systematically combs the cyclical effects and heterogeneity of monetary policy regulation on the development of digital finance. It is found that monetary policy regulation has obvious counter-cyclical effects on the development of domestic digital finance, and the actual effects on different types of digital financial services are significantly different. The mode of monetary policy operation also exerts a significant influence on the cyclical characteristics of digital finance, and its influence is also heterogeneous at the time and regional level. Therefore, to promote the orderly and healthy development of domestic digital financial services, we should not only create a matching monetary policy environment based on the complementary and alternative effects of digital finance on traditional financial services, but also improve the existing monetary policy framework and create targeted digital financial development strategies for different types of digital financial services and regional financial environment constraints.
The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities
JIANG Mei-shan, LIANG Tai-yuan
2023, 38(5): 57-74.  
[Abstract](0) [FullText HTML](0) [PDF 1314KB](0)
The deep empowerment of traditional finance by financial technology has important research value and broad prospects, and injects new momentum for rural residents to reduce poverty and increase their income. Using panel data of 290 cities in China from 2011 to 2021, this study empirically tests the impact of traditional finance and digital financial inclusion on the income of rural residents. The results show: firstly, traditional finance has not played its role as an effective service provider, and its impact on rural residents' income is limited and weak; secondly, digital inclusive finance significantly contributes to the growth of rural residents' income, and its income-increasing effect is significant compared with traditional finance, with the depth of use and the degree of digitization having significant income-increasing effects, but the effect of the breadth of coverage being not significant; thirdly, there is a synergistic and complementary relationship between traditional finance and digital inclusive finance in promoting income growth of rural residents, mainly reflected in the positive moderating effect of traditional finance development on poverty reduction and income growth of digital inclusive finance; fourthly, the income effects of traditional finance and digital inclusive finance on rural residents are non-linear and stage-specific, and show a stepwise increase with the upgrade of economic development and urbanization level. Digital inclusive finance significantly weakens the threshold effect constraint and have an absolute advantage in the income-raising effect. Therefore, it is recommended to promote the digital transformation of traditional finance and the coordinated interaction of the two financial models to help rural residents' income growth and the smooth realization of common prosperity.
Corporate Finance and Accounting
Controlling Shareholders' Equity Pledge and Strategic Disclosure of Digital Transformation Information: From the Perspective of Information Communication and Information Manipulation
ZHU Jie, SU Ya-min
2023, 38(5): 75-95.  
[Abstract](0) [FullText HTML](0) [PDF 1409KB](0)
Whether there is strategic behavior in the information disclosure of digital transformation by listed companies is an important issue that is highly concerned by the practical community but relatively overlooked by the academic community. Using data from A-share listed companies in China from 2007 to 2020, this study explores the motivation for information disclosure of digital transformation, and strategic disclosure behavior of listed companies caused by the controlling shareholders' equity pledge. It is found that listed companies with controlling shareholders' equity pledges will increase information disclosure of digital transformation in their annual reports in order to achieve the goal of stock price stability. Therefore, information communication and manipulation both constitute the motivation for companies with equity pledge to increase information disclosure of digital transformation. However, companies with equity pledge are more likely to strategically disclose digital transformation information due to motives for information manipulation. The manifestation is that the higher the degree of equity pledge by controlling shareholders and the higher the risk of control transfer, the higher the degree of exaggerated disclosure of digital transformation information in annual reports of listed companies under the motivation for information manipulation. It is found through economic consequence tests that the exaggerated disclosure of digital transformation information by companies with equity pledge can to some extent achieve the goal of stock price stability and alleviate the risk of stock price collapse. However, this exaggerated disclosure behavior will reduce the company's future market and operational performance, leading to greater economic losses. Heterogeneity tests indicate that the governance of institutional investor, creditor, and internal shareholder is effective measures to suppress the exaggerated information disclosure of digital transformation in companies with equity pledge. The research conclusions enrich the research in the field of strategic disclosure of non-financial information in annual reports, and have practical significance for guiding accounting information users to reasonably identify potential information risks in information disclosure of digital transformation.
How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement
FAN Run, ZHAI Shu-ping
2023, 38(5): 96-112.  
[Abstract](0) [FullText HTML](0) [PDF 976KB](1)
Taking the listed companies of Shanghai and Shenzhen A-shares from 2007 to 2020 as samples, this paper discusses the impact of social dishonesty environment on corporate cash holdings. The study indicates that the social dishonesty environment significantly improved the cash holding level of enterprises. The function channel test shows that the social dishonesty environment promotes enterprises to increase cash holdings by increasing transaction costs, intensifying financing constraints and agency problems. Heterogeneity analysis shows that the positive impact of social dishonesty environment on corporate cash holdings is more significant in enterprises with low information transparency, fierce industry competition and in poor development of regional digital finance. This paper explores the influencing factors of corporate cash holdings from a new perspective of the social dishonesty environment, and also enriches the study of the micro-economic consequences of the social dishonesty environment. At the same time, it provides empirical evidence for government departments to further deepen the construction of social credit system and improve the efficiency of corporate cash management.

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](838) [FullText HTML](438) [PDF 1511KB](201)
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](901) [FullText HTML](743) [PDF 1016KB](73)
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](629) [FullText HTML](635) [PDF 997KB](47)
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](190) [FullText HTML](206) [PDF 1018KB](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](405) [FullText HTML](354) [PDF 1278KB](100)
The Impact and Its Performing Mechanism of Divestiture on Financial Performance
GUO Wei, GUO Ze-guang
2020, 35(2): 55-67.  
[Abstract](180) [FullText HTML](237) [PDF 984KB](4)
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。
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](448) [FullText HTML](965) [PDF 1116KB](68)
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](232) [FullText HTML](1863) [PDF 1076KB](14)
Environmental Regulation, Technological Innovation and the Green Development of Manufacturing
ZHANG Xiao-yun, LIU Jie-jiao, LI Bin
2020, 35(5): 48-57.  
[Abstract](347) [FullText HTML](195) [PDF 1020KB](10)
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。
Chinese Employee Stock Ownership Plan and Corporate Innovation: Interest Alignment or Market Capitalization Management
2021, 36(2): 69-85.  
[Abstract](205) [FullText HTML](139) [PDF 1035KB](12)
2022, 37(4): .  
[Abstract](134) [FullText HTML](217) [PDF 651KB](217)
2023, 38(4): .  
[Abstract](62) [FullText HTML](38) [PDF 568KB](38)
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

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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