2021 Vol. 36, No. 4

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2021, 36(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 ...
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...
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 th...
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 pe...
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 enterpris...
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 th...
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 t...
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; digi...
2021, 36(4): 111-112.
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