2022 Vol. 37, No. 1

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Fiscal and Public Administration
The Connotation and Realization Path of Common Prosperity: From the Perspective of Fiscal and Tax Reform
LUO Zhi-heng, YANG Xin, WAN He
2022, 37(1): 4-13.
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To promote and realize common prosperity, it is needed to accurately grasp the connotation of common prosperity and the current situation of polarization between the rich and the poor, and explore effective and key paths to implementation. This paper puts forward that the connotation of common prosperity includes income, wealth, human capital investment and subjective well-being, and analyzes the specific manifestations of the current polarization between the rich and the poor. From the perspective of fiscal and tax reform path, this paper analyzes paths to promote common prosperity: First, the government can reform and improve the individual income tax, reform and improve the consumption tax at the same time, levy more taxes on the high consumption of high-income people, avoid the regressive problem of turnover tax to narrow the income gap; the second is to levy real estate tax, explore the levy of inheritance tax and gift tax, build a tax system to encourage charitable donations, give full play to the regulatory function of tax redistribution and tertiary distribution to narrow the wealth gap; third, the government can optimize the structure of fiscal expenditure, straighten out the relationship between central and local governments, promote the equalization of basic public services such as medical care, elderly care and education, and promote more equitable human capital investment.
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.
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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.
Will the Housing Purchase Restriction Policy Reduce the Scale of Local Government Debt: Based on the Data from 333 Cities
ZHU Jun, ZOU Tao-lue
2022, 37(1): 29-39, 74.
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The housing purchase restriction policy will not only affect house prices, but also affect the scale of local government debt. Based on the debt balance data of 333 prefecture level cities from 2014 to 2018, the multi period DID method is used to study the impact of housing purchase restriction policy on the scale of local government debt at the urban level. It is found that, the housing purchase restriction policy will reduce the scale of local government debt; the impact of the purchase restriction policy on provincial capital cities and non-provincial capital cities is different, and the impact on economically developed areas is more significant; in addition, for economically developed central cities, especially administrative central cities, the role of the purchase restriction policy in inhibiting local debt expansion is more significant. This paper suggests that when China's economy is in the advent of high-quality development, the differentiated policy of housing market regulation and debt management in different regions should be implemented.
Economic Theory and Exploration
Reshaping China's Economic Momentum (2002—2019): Time Series Evolution and Spatial Differentiation
TANG Yi-qiu, LIU Huan-huan, WANG Jia-long
2022, 37(1): 40-57.
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Starting from the cultivation of new kinetic energy and the connotation of traditional kinetic energy transformation, with a related index system constructed, this paper explores the temporal evolution and spatial differentiation of China's economic kinetic energy reshaping from the four dimensions of level, quality, speed and direction. It is found that the overall reshaping of China's economic kinetic energy is in a state of medium quality, with spatial differences characterized by the east leading and the central and western following; green development is the most significant driving force for the cultivation of new kinetic energy, however, the development stage guided by high-quality human capital has never appeared, and the time span for innovation is also very limited, indicating that China has bottlenecks and shortcomings in the fields of independent innovation and knowledge economy; the failure of commodity demand to lead the transformation of traditional momentum reflects the urgency and necessity of consumption expansion and quality improvement.
Does Digital Economy Improve Urban Air Quality: Quasi Natural Experiment Based on National Big Data Comprehensive Pilot Zone
GUO Bing-nan, WANG Yu, ZHANG Hao
2022, 37(1): 58-74.
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Building a digital China and achieving clear waters and green mountains is important strategic measures to promote high-quality economic development in the new era. Based on the panel data of 283 cities in China from 2005 to 2019, and the quasi-natural experiment of National Big Data Comprehensive Pilot Zone, multi-stage DID and PSM-DID methods were employed to evaluate the impact of digital economy development on urban air quality with data elements as the core. The results show that the development of digital economy plays a significant role in improving urban air quality, and the emission reduction effect is increasingly significant. Heterogeneity study shows that digital economy has a stronger impact on air quality in cities north of the Qinling-Huaihe River line, and the emission reduction effect is more significant in cities with large scale, high level of Internet development and low level of fiscal expenditure. Mechanism test indicates that digital economy improves urban air quality by promoting industrial upgrading, technological innovation and optimizing resource allocation. Further research shows that the development of digital economy not only promotes the improvement of local air quality, but also has an incentive effect on reducing air pollution in neighboring cities.
Guangdong Business and Economy
On the Path and Mechanism of Manufacturing Transformation and Upgrading Driven by Servicing: Empirical Study Based on the Manufacturing Industry in Foshan from 2010 to 2018
LI Jing, QU Tao, CHEN Yong-shan, LI Jia-wei
2022, 37(1): 75-86.
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Based on balancing panel data from 27 manufacturing industries in Foshan from 2010 to 2018, this paper employs Mediation Model and Grey Correlation Analysis to test the links of producer-service agglomeration with technological heterogeneity manufacturing in Foshan and its efficiency impact path, in order to explore the path and mechanism of the transformation and upgrading of manufacturing industry driven by service industry. The results show that in city transformation from manufacturing to intelligent manufacturing in nature, specialized producer-service agglomeration has obvious value creation effect on manufacturing efficiency, while diversified agglomeration has significant capital crowding-out effect; IT and rental services directly improve manufacturing efficiency; agglomerated logistics, science and technology and financial services improve manufacturing efficiency intermediately through industrial association. In regions where manufacturing services are underdeveloped, it is proposed to develop IT and rental service clusters in priority, in the meanwhile strengthen digital capacity of manufacturing industry to absorb efficiency spillover from logistics, science and technology, financial services, to realize value added.
The Ecological Environment Effect of Green Finance: Practical Test of the Greater Bay Area Under the Dual Carbon Goal
LI Jiang-tao, HUANG Hai-yan
2022, 37(1): 87-95.
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The improvement of ecological environment quality is not only an urgent task for the collaborative development of the Greater Bay Area(Guangdong-Hong Kong-Macao Greater Bay Area), but also the realistic pursuit of the dual carbon policy. In pursuit of the high-quality growth under the dual carbon goal, the key is to enhance the ecological effects of the economic development in the Greater Bay Area. This paper analyses the main factors of the impact of economic growth on ecological environment in nine cities of the Greater Bay Area, then empirically tests the impact of green finance development on environmental pollution control. The results show that green credit can reduce pollution emissions by the secondary industry to enhance the ecological effects; the green finance has a strong marginal effect on the environmental protection transformation and technological upgrading of the secondary industry. In the future, it is expected to have good planning of the industrial green transformation in the cities of the Greater Bay Area, coordinately to improve supporting system of the green finance policy, develop a unified carbon trading market, and implement the dual carbon goal to accelerate the construction of the beautiful Greater Bay Area.
Corporate Finance and Accounting
Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019
WANG Jing, WENG Jie, ZHANG Rui
2022, 37(1): 96-111.
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Generalists or specialist, who will have a higher level of financial investment? Based on the resource-based view and social identity theory, taking the listed companies of Shanghai and Shenzhen A-share from 2008 to 2019 as the research sample, this paper analyzes the relationship between intrapersonal functional diversity of top management team and corporate financialization, the role of environment and its function mechanism as well. The results show that intrapersonal functional diversity of top management team has a significant positive correlation with corporate financialization, that is, the generalist top management team with strong cross functional working ability has a higher level of financial investment. This result weakens in state-owned enterprises and is more significant when environmental uncertainty increases. The mechanism test shows that intrapersonal functional diversity of top management team has a positive effect on both speculative and non-speculative financial assets, and has a greater impact on the former, reflecting that generalist top management team has a higher tendency of financial speculation. In state-owned enterprises, the positive impact of intrapersonal functional diversity of top management team on the two types of financial assets is weakened. However, environmental uncertainty enhances the positive impact of intrapersonal functional diversity of top management team on speculative financial assets and has no significant impact on the relationship between intrapersonal functional diversity of top management team and non-speculative financial assets, reflecting that environmental uncertainty will increase the speculative tendency of senior management team members of the generalist. In addition, the generalist effect has an impact on the degree of corporate financialization by enhancing the overconfidence of the senior management team. This paper not only enriches the research on the intrapersonal functional diversity and corporate financialization, but also provides a relevant basis for enterprises and regulators to prevent excessive corporate financialization and dialectically view the role of functional experience.

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