2021 Vol. 36, No. 5

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2021, 36(5): .
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Finance and Capital Markets
Central Bank Digital Currency: Impacts and Challenges
HUANG Shuang-shuang, HUANG Zhi-gang, WANG Shan
2021, 36(5): 4-15.
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The issuance of digital currency by The People's Bank of China (Central Bank) is an important reform of the modern monetary and financial system, but the research on Central Bank digital currency involves a very complex content and system. The basic concept and connotation of Central Bank digital currency as well as its impact on economy and finance are sorted out, and the contribution of Central Bank digital currency to optimizing payment system and enriching monetary policy is discussed, as well as the challenges brought to financial stability. The research finds that the emergence and development of Central Bank digital currency depends on the rise of information technology, and its economic benefits will be higher than those of traditional legal tender; the emergence of Central Bank digital currency is an important breakthrough to improve payment issues; issuing Central Bank digital currency has an optimizing effect on retail, wholesale and cross-border payments; it can reshape the payment system, realize tokenized transactions and secure information sharing. The digital currency is possible in the future to become one of the main payment tools. Since the Central Bank digital currency has a greater impact on monetary policy, and relevant research still under exploration, it is difficult to draw clear or quantitative robust conclusions. The design of the Central Bank digital currency will affect all aspects of the financial structure and economy. This research has important enlightenment for the theoretical and practical development of China's Central Bank digital currency.
Fiscal and Public Administration
Influence of Different Emission Reduction Policies on Carbon Emission Tax: Analysis Based on Peak Carbon Dioxide Emissions and Carbon Neutral Targets
YIN Wei-hua
2021, 36(5): 16-26.
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"30.60" carbon dioxide emission target has increasingly become a hard constraint on China's economic development. By setting four policy scenarios that comprise of the developed economies levying domestic carbon tax, the developed economies levying domestic carbon tax and carbon tariffs of imported products from China, the developed economies and China levying the same carbon tax and the differentiated carbon tax policy implemented in China and the developed economies, the paper analyzes the impact of the macro economy, the welfare of the residents and carbon emissions under four policy scenarios using GTAP-E model, then discusses whether the action that China will take the initiative to reduce dioxide emissions on the cost fairness principle can be a solution to the threat of carbon taxes and carbon tariffs threat in the developed economies. The results show that carbon tariffs are limited in reducing carbon emissions and preventing carbon leakage and easy to cause a "double loss" situation, which is not an effective emission reduction policy; the developed economies and China levying the same carbon tax result in a substantial decline in China's real GDP and social welfare, which cannot effectively cope with the threat of carbon taxes and carbon tariffs threat in the developed economies; the differentiated carbon tax policy implemented in China and the developed economies which cause the global carbon emissions falling sharply and China's real GDP and social welfare declining gently, can be the choice of tackling carbon taxes and carbon tariffs threat.
Economic Theory and Exploration
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.
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Digital economy is a new driving force and engine for improving the quality and efficiency of today's economic development. It plays an important driving role in the transformation and upgrading of industrial structure. On the basis of theoretical analysis, this paper decomposes the transformation and upgrading of industrial structure from the speed of industrial transformation, the upgrading of industrial structure and the rationalization of industrial structure, characterizes the level of urban innovation and entrepreneurship with the regional innovation and entrepreneurship index, and empirically investigates the effect and mechanism of industrial structure transformation and upgrading of digital economy development by using China's urban panel data from 2011 to 2018. It is found that digital economy can significantly improve the speed of industrial transformation, the height of industrial structure and the rationalization of industrial structure, and the analysis results based on the development of Internet and the development of digital inclusive finance converge; the effect of digital economy on the transformation and upgrading of industrial structure has the late developing advantage of increasing marginal return, and the heterogeneity of the three regions is obvious but the central region is the focus of developing digital economy in the future; from the perspective of city scale, medium-sized cities and large cities are the important focus of industrial transformation and upgrading driven by digital economy, while from the perspective of city level, second and third tier cities are the key to industrial transformation. The intermediary effect analysis shows that the innovation and entrepreneurship level is an important transmission path of the industrial transformation and upgrading effect of the digital economy; digital economy can accelerate the speed of industrial transformation and promote the upgrading and rationalization of industrial structure by stimulating the vitality of regional innovation and entrepreneurship. These conclusions have certain reference value for exploring the sustainable development of China's urban digital economy and promoting its integration with the transformation and upgrading of industrial structure.
The Industrial Upgrading Effect and Its Mechanism of Supply and Demand Matching: Based on the Perspective of GVCs
WANG Jing
2021, 36(5): 41-51.
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China's industry is confronted with both the imbalance between domestic supply and demand, and the reconstruction of the global value chains(GVCs). Based on the data of 56 industries in 43 countries from 2000 to 2014, this paper creates indicators of matching degree of supply and demand in industrial level and industrial upgrading, and examines the relationship between the improvement of supply and demand matching and industrial upgrading, and its specific mechanisms by using fixed effect estimation, dynamic panel instrument variable estimation and systematic GMM estimation from the GVCs perspective. The study finds that the matching of supply and demand has a significant impact on industrial upgrading; the degree of matching between supply and demand increases by 1%, and the level of industrial upgrading will increase by 1.874%; the matching of supply and demand affects industrial upgrading mainly through two positive mechanisms, the deepening of vertical specialization and the improvement of division position in GVCs, and one negative mechanism-reduced investment. In view of the findings, China should vigorously promote the "reverse customization" model to continue to improve the degree of matching between supply and demand. At the same time, enterprises should be encouraged to cultivate core competitive advantages and increase investment in research and development, so as to give full play to the improvement of supply and demand matching to promote industrial upgrading.
Is there Inertia Development in the Impact of Innovation Drive on Economic Growth? Take 44 Countries as Examples
ZHAO Juan
2021, 36(5): 52-60.
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Innovation-driven development is a subject all over the world.Based on the data of 44 countries from 1993 to 2018, the panel VAR model is used to empirically test the interaction between innovation drive and economic growth, and to compare and analyze the difference between the impact of labor drive and investment drive on economic growth and the impact of innovation drive on economic growth.It is found that in the world, innovation drive is not characterized with inertial development, and there is no Granger causality between innovation drive and economic growth, but the two have short-term interactive effects; there is a two-way Granger between labor drive and economic growth causality, and a one-way Granger causality between investment drive and economic growth; the short-term interaction contribution rate between innovation drive and economic growth is far weaker than the interaction contribution rate between labor drive, investment drive and economic growth. The findings are of practically significance in the implementation of China's firm innovation-driven development strategy and the active construction of a positive interactive relationship between innovation and economic growth.
Enterprise and Business Economy
Digital Experience Environment, Customer-Enterprise Social Value Co-creation and Customer Engagement
MAO Qian, GU Ying, ZHANG Jie
2021, 36(5): 61-74.
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Customer-enterprise social value co-creation, through the integration of customer resources, to achieve enterprise value and social public welfare value, is very important for the sustainable development of enterprises. By employing the self-determination theory, meaning construction theory and attribution theory of cognitive psychology, this paper empirically analyzes the relationship among digital experience environment, customer-enterprise social value co-creation, customer engagement and social responsibility relevance by taking customers who have participated in customer-enterprise social value co-creation as research objects. The results show that the characteristics of speed, transparency, simplicity and interest of digital experience environment will promote the co-creation of customer-enterprise social value; on the basis of digital experience environment promoting customer-enterprise social value co-creation, customer-enterprise social value co-creation will further enhance customer engagement; social responsibility relevance negatively adjusts the relationship between speed, transparency, simplicity, interest and co-creation of customer-enterprise social value. This paper enriches the research on the driving factors of customer engagement in corporate social responsibility activities and the influence of social responsibility and the relationship between customer and enterprise, and provides decision-making reference for the sustainable development of enterprises.
Minimum Wage Standard, Foreign Capital Entry and Export Product Quality of Chinese Domestic Enterprises
LIU Jin-huan, WAN Guang-hua
2021, 36(5): 75-89.
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Based on the matched data of China industrial enterprise database and customs database, this paper investigates the moderating effect of the minimum wage standard on the impact of foreign capital entry on the export product quality of Chinese domestic enterprises. The results show that foreign capital entry has significantly inhibited the quality of export products of domestic enterprises, but the minimum wage standard has significantly weakened the inhibitory effect. Further detailed analysis shows that the minimum wage standard can significantly weaken the negative inhibitory effect of foreign capital entry on the highest and lowest export quality of domestic enterprises, reflecting the effect of technology upgrading and complementing the short board. Heterogeneous analysis indicates that the minimum wage standard significantly weakens the inhibitory effect of foreign capital entry on the quality of export products of domestic enterprise in common trade, but has no significant regulatory effect on the impact of foreign capital entry on the quality of export products of processing trade, and weakens the inhibitory effect of foreign capital entry on the quality of export products of non-state-owned and high-productivity domestic enterprises to a greater extent. The mediating effect test confirms that the minimum wage standard weakens the inhibitory effect of foreign capital entry on the quality of export products of domestic enterprise through improving the quality of import products and promoting independent innovation channels.
Guangdong Business and Economy
How does Management Innovation Affect Enterprise Competitive Advantage?The Role of Organizational Resilience and Government Support under the Impact of the COVID-19 Pandemic
CHEN Hong-chuan, WEI Lu-lu, LI Yun-jian, WEI Lu-qing
2021, 36(5): 90-102.
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The impact of the COVID-19 pandemic brings new problems for enterprises that enterprises should carry out management innovation, enhance organizational resilience and gain competitive advantage in the event of major crisis to ensure the sustainable and healthy development.Based on the institutional theory and dynamic capability theory, this paper empirically analyzes the mechanism of management innovation affecting the competitive advantage of enterprises. The results show as follows. Firstly, management innovation can directly improve the competitive advantage of enterprises. Secondly, management innovation can increase the organizational resilience, and organizational resilience can bring speed advantage and cost advantage to enterprises. Therefore, management innovation can indirectly improve competitive advantage by increasing organizational resilience.Thirdly, the positive effect of management innovation on organizational resilience can be strengthened by government support, and the positive effect of management innovation on cost advantage can also be strengthened by government support.
The Mechanism and Path of the Interaction between Financial Agglomeration and Industrial Agglomeration: Take the Manufacturing Industry in the Pearl River Delta as an Example
TAN Rong-juan, GUO Bao-lin
2021, 36(5): 103-112.
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Based on theoretical analysis of the interaction mechanism and path of financial agglomeration and industrial agglomeration, with the panel data of 9 cities in the Pearl River Delta from 2007 to 2019, the simultaneous equation model is used to verify the interaction mechanism and path of financial agglomeration and industrial agglomeration. The results show that financial agglomeration and industrial agglomeration have mutually promoting effects; financial agglomeration can significantly promote the development of industrial agglomeration through growth pole effects and spillover effects, and industrial agglomeration can promote the development of financial agglomeration through economies of scale and market demand effects, but the effect of scale economics of industrial agglomeration on promoting financial agglomeration is not significant. Therefore, the concept of symbiosis and mutual benefit between financial agglomeration and industrial agglomeration should be established, and the synergy between industrial policies should be emphasized, so that the manufacturing and financial industries can be effectively connected and developed in a coordinated pattern.

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