2021 Vol. 36, No. 4

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Economic Theory and Exploration
The Impact of Intelligentization on the Quality of Regional Economic Growth and Its Internal Mechanism: Based on 2012-2018 Provincial Panel Data in China
HOU Shi-ying, SONG Liang-rong
2021, 36(4): 4-16.
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The development of China's economy is at a critical stage of the transition from high-speed growth to high-quality growth. Excessive regional economic gap is an important obstacle that affects high-quality economic development. As the main representative of emerging technologies, intelligence has a significant impact on the coordinated development of regional economies and the quality of overall macroeconomic development. Based on China's provincial panel data from 2012 to 2018, the economic convergence model is used to study the impact of intelligentization on the quality of regional economic growth and its internal mechanism. The results show that: intelligentization can promote the convergence of regional economic growth quality and presents the characteristics of conditional β convergence. This conclusion is still valid after a series of robustness tests. The internal mechanism is that intelligence promotes the dynamic spatial convergence of regional economic growth quality by improving total factor productivity and return on capital. It is also found that the degree of integration of the regional market regulates the effect of intelligence on the convergence and development of regional economic quality. Therefore, it is proposed to give full play to the intelligent dividend, promote the balanced development of the regional economy, seize the opportunity of new infrastructure to improve the intelligent supporting infrastructure, the liquidity of the factor market and strengthen the economic cooperation between regions.
Industrialization, Globalization and Spatial Pattern Evolution of Urban Agglomeration in China
WAN Lu
2021, 36(4): 17-28.
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To optimize the spatial pattern of urbanization in China, it needs to start with optimizing the spatial pattern of urban agglomerations in China. Mono-centric and polycentric spatial structure are the two basic forms of urban agglomerations. polycentric structure conforms to the regional development strategy of "large diffusion and small agglomeration" as the world trend advocated by the state. However, this does not mean that all urban agglomerations in China have the conditions to develop polycentric structure. Based on the analysis of the efficiency mechanism of urban agglomerations, this paper takes the industrialization as the basic driving force to promote the spatial evolution of urban agglomerations, and takes globalization, regional integration and administrative intervention as the other three important factors. It is found that the process of industrialization dominates the spatial pattern evolution of urban agglomerations, and its evolution trend is not unidirectional. Industrialization first promotes urban agglomeration to the Mono-centric, and then to the polycentric. Regional integration and opening to the outside world are not simply to promote or inhibit the polycentricity of urban agglomerations, but to play a role in response to the evolution trend of urban agglomerations. As a visible hand, urban administrative level significantly delays the transformation of urban agglomeration to polycentric structure in time. This research refutes the view that China's urban agglomerations have entered a polycentric era as a whole, and holds that different urban agglomerations should design appropriate forward-looking urban agglomeration development planning according to local economic development stage.
Enterprise and Business Economy
Does Internet Third-party Payment Platform Become Monopoly: Based on the Measurement of Market Power
PAN Jia-dong, CHU Hao-dong
2021, 36(4): 29-37.
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The market power of a company is an important indicator to identify monopoly. Anti-monopoly in platform economyis needed to fully consider the market power of platforms. This study selects third-party payment as the research object, and uses the revised Lerner Index to measure the market power of third-party payment market platforms. The results show that 9 platforms including Alipay and Tenpay all use the market power to enhance monopoly capability and obtain the monopoly position, which the dominant market power is mainly used to enhance the monopoly ability.However, there is a divergence between market share and market power. The two platforms with the highest market share are Alipay and Tenpay. The market power of these two platforms is at the bottom. Accordingly, market share and market power of platforms should be used as an important criterion for anti-monopoly of the internet platform economy such as third-party payment.
Does Technological Innovation of Subsidiary of Business Group Have the Peer Effect: Data from Listed Companies from 2012 to 2019
ZHENG Li, ZHAO Yue-jiao, WANG Shu-hao
2021, 36(4): 38-49.
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Based on the theory of peer effect, employing the data of listed subsidiaries affiliated to business groups from the year 2012 to 2019, the paper investigates whether the innovation decision of the focal subsidiary is affected by the innovation behaviors of peer subsidiaries. It is found that the peer effect exists in the technological innovation of subsidiaries within the business group; compared with subsidiaries with good performance, the technological innovation of subsidiaries with poor performance is more positively affected by the innovation behavior of peer subsidiaries; the low industry differences among subsidiaries promote the development of the peer effect in technology innovation; the lower the innovation degree of the companies in the same industry, the more focal subsidiaries' technological innovation is affected by the peers within business groups. From the perspectives of the direction and economic consequences of the peer effect of technological innovation, it is found that focal subsidiaries not only imitate and learn their peers with higher innovation degree, but also pay attention to those with lower innovation degree; the imitation and learning of the innovation behavior of peer subsidiaries can improve the innovation output of the focal subsidiary. The results provide some suggestions for headquarters to assess the value of subsidiaries' innovation behaviors and reference for playing the peer effect of innovation, and some references for subsidiaries to imitate and learn in innovation decision-making.
Corporate Finance and Accounting
Can Private Enterprises Obtain More Government Subsidies by Reducing Reasonable Tax Avoidance: An Interpretation of Corporate Tax Payment Motivation
WANG Yan, CHEN Hong-ye, WANG De-li
2021, 36(4): 50-65.
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China is currently in a critical period of economic transformation. Due to the limitation of ownership, compared with state-owned enterprises, private-owned enterprises are more motivated to undertake rent-seeking activities to obtain more resources. Using a dataset of listed private-owned enterprises in China, this study investigates the relationship between their corporate tax avoidance and subsequent acquisition of government subsidies. The findings indicate that in the context of decreasing provincial economic performance, private-owned enterprises will treat paying more corporate tax as a means of rent-seeking, to help them obtain more government subsidies in the future. Further research shows that mixed ownership reform in private-owned enterprises can curb rent-seeking and promote healthy development of privately owned enterprises. This study reveals the reason that private-owned enterprises in China still choose to pay comparatively high corporate tax even if under the background of economic downturn. Furthermore, as to the promotion of high-quality development of privately owned enterprises, it helps readers better understand the importance of mixed ownership reform and provides evidence for promoting the mixed ownership reform in China.
On the Impact of Mixed Equity on Executive Compensation Stickiness: Analysis Based on the Mixed Ownership Reform
CHE Jia-li, CHEN Zan-yu
2021, 36(4): 66-80.
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Taking the A-share listed companies in Shanghai and Shenzhen from 2008 to 2018 as the research object, based on the two different reform modes of state-owned enterprises restructuring into mixed ownership enterprises and private enterprises introducing state-owned capital, this paper investigates the impact of mixed equity on executive compensation stickiness.The results show that whether state-owned enterprises or private enterprises, improving the degree of mixed equity balance will help to restrain the executive compensation stickiness; in the state-owned enterprises, improving the depth of non-state-owned equity and foreign equity has better inhibition effect on executive compensation stickiness than that of private equity; in the private enterprises, improving the depth of state-owned equity also helps to inhibit executive compensation stickiness.Further research shows that, compared with state-owned enterprises, the depth of non-state-owned equity and foreign equity can inhibit executive compensation stickiness more; the degree of mixed equity balance can inhibit executive compensation stickiness in both types of enterprises. The depth of private equity has no significant effect on executive compensation stickiness in both types of enterprises.The degree of mixed equity balance and state-owned equity can also significantly inhibit executive compensation stickiness in private family enterprises and private non-family enterprises.Therefore, it is proposed to give full play to the role of mixed equity balance, rationally allocate the proportion of state-owned capital and non-state-owned capital, optimize the executive executive stock ownership plan, break the barriers to entry of monopoly industries to realize industrial opening-up.
Finance and Capital Markets
Can Capital Market Liberalization Improve the Governance Quality of Listed Companies: The Time-varying DID Test Based on Shanghai-Hong Kong Stock Connect
MA Ya-ming, MA Jin-ya, HU Chun-yang
2021, 36(4): 81-95.
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In the context of the exogenous event that the Shanghai-Hong Kong Stock Connect trading system is introduced and its characteristics of announcing the pilot lists of companies in batches, this paper constructs a corporate governance quality index using principal component analysis (PCA) and builds the Time-varying Difference in Differences model to examine the impact of capital market liberalization on the governance quality of listed companies. It is found that the implementation of the Shanghai-Hong Kong Stock Connect system improved the quality of listed company governance by improving the quality of information disclosure, including the quality of internal accounting information and external supervision, and thereby increased the corporate value; this kind of uplifting effect is lagging and more pronounced in non-state-controlled and actively traded target companies. Furthermore, through the study on the continuity of the capital market liberalization system, it is also found that the optimization effect on corporate governance quality is more significant in companies without QFII holdings. In brief, the information effect of capital market liberalization can improve the governance quality of listed companies, thereby enhancing corporate value; the gradual and continuous capital market liberalization system can benefit more listed companies and promote their quality.
The Impact and Its Mechanism of Digital Finance on the Mismatch of Investment and Financing Term: Based on the Perspective of "Investment with Short-term Financing"
ZHAI Shu-ping, HAN Xian, CHEN Xi
2021, 36(4): 96-110.
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Taking A-share listed companies in Shanghai and Shenzhen from 2011 to 2018 as samples, this paper investigates the impact of digital finance on the mismatch of investment and financing term. It is found that digital finance can effectively restrain the mismatch of investment and financing term; digital finance can alleviate the financing constraints faced by companies to obtain long-term capital and restrain overinvestment, so as to alleviate the investment with short-term financing; both the coverage and depth of digital finance have positive effects on the investment with short-term financing, while the effect of digital degree is not significant. From the perspective of financial supervision intensity, banking competition, enterprise scale and enterprise technical characteristics, this paper examines the applicable conditions for digital finance to exert its effect on the investment with short-term financing. The results show that strict financial supervision is an important basis for digital finance to inhibit the investment with short-term financing; when the competition in banking industry is fierce, digital finance suppressed the investment with short-term financing; digital finance can make up for the deficiency of traditional finance, representing the inclusive feature. From the new perspective of digital finance, this paper explores the influencing factors of the mismatch of investment and financing term, enriches the research on the economic consequences from the micro perspective of digital finance, and provides policy basis for standardizing the development of digital finance, encouraging moderate competition of banks, and guiding enterprises to make reasonable investment and financing decisions.
2021, 36(4): 111-112.
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