2022 Vol. 37, No. 6

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Guangdong Business and Economy
An Important Hub for Building a New Dual Circulation Development Pattern: Theoretical Logic and Realization Path of Guangdong-Hong Kong-Macao Greater Bay Area Demonstration
CHEN Yong-jun, YAN Zong-xin, YU Man-qi
2022, 37(6): 4-16.
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It is the latest requirement of the "Report to the 20th National Congress of the Communist Party of China" that we should enhance the endogenous power and reliability of the domestic circulation and improve the quality and level of the international circulation. The Guangdong-Hong Kong-Macao Greater Bay Area has become an important hub for the new "dual circulation" development pattern, which is not only a strategic requirement for national development in the new era, but also a major historical task to be undertaken by the Greater Bay Area. On the one hand, the establishment of the demonstration status of the Greater Bay Area stems from the diversified social system, good economic foundation and location advantages of connecting China and foreign countries in the Greater Bay Area; on the other hand, the empirical analysis of the circulation inside and outside the Guangdong-Hong Kong-Macao Greater Bay Area and its radiation effect also shows that the Greater Bay Area can play a demonstration and leading role in the new "dual circulation" development pattern in an all-round way. To fulfill this historic task, the Greater Bay Area should reshape the new momentum of development, rebuild competition rules, reconstruct the role of the government and the market, and optimize the economic circulation mechanism. We should comprehensively deepen the construction of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the Guangdong-Macao In-depth Cooperation Zone in Hengqin as a breakthrough, grasp the key points of institutional supply, make up for the shortcomings of endogenous demand, strengthen the knowledge-intensive intermediate input industry, and finally promote the construction of a new "dual circulation" development pattern in the country with its own achievements.
The New Trend of Tax-free Economy under "Dual Circulation" and Its Practice in Guangdong
DU Xiao-jian, LI Li, ZHOU Hui
2022, 37(6): 17-24.
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The development of tax-free economy is an inevitable choice under the internationalization of Chinese consumption. As a province of opening-up with a large economy, population, Guangdong has foundations, conditions, and advantages to develop tax-free economy, while there are also problems in industry, such as the low degree of openness, the unclear status of tax-free industry, and the outdated industry policies. Therefore, in implementing the "Report to the 20th National Congress of the Communist Party of China" on accelerating the construction of a new development pattern and promoting high-quality development, we should organically combine the implementation of the strategy of expanding domestic demand with the requirements of deepening the supply-side structural reform to examine the importance of developing the tax-free economy. we should investigate the importance of developing tax-free economy from the perspective of the new "dual circulation" development pattern, seize the opportunity of the center of global tax-free economy market shifting to Asia, to reform and innovate the management system and mechanism, meanwhile adjust and improve the policy structure, make efforts to optimize the industry layout and focus on promoting the development of tax-free economy, so as to provide powerful support for Guangdong to implement the strategy of expanding domestic demand.
The Heterogeneous Effect of Population Aging on Economic Growth and Its Mechanism: A Case Study of Guangdong-Hong Kong-Macao Greater Bay Area
WANG Ying-ying, PENG Rong
2022, 37(6): 25-35.
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The impact of population aging on economic growth is an important topic concerned by governments and academia. China has actively responded to the aging of the population as a national strategy since the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China; in the "Report to the 20th National Congress of the Communist Party of China", it is clearly stated that we should actively develop the elderly care programs and services, optimize the elderly services, and promote the realization of basic elderly care services. The economic consequences of population aging are widely concerned in the existing literature, but the previous studies have generally ignored the characteristics of population aging development and its impact on economic growth. Taking Guangdong-Hong Kong-Macao Greater Bay Area basically reflecting all stages of population aging development as a case, it is of great theoretical and practical significance to analyze the impact of population aging on economic growth. The results show that the impact of different stages of population aging on economic growth is featured with a U-shaped nonlinear relationship, and before entering a moderately aging society, population aging has a inhibitory effect on economic growth mainly through labor supply and capital substitution of labor; the effect of population aging on economic growth is gradually turning positive stepping into a moderately aging society, especially in the late stages of a moderately aging society and a heavily aging society. The underlying mechanism stems from the transformation and upgrading of the industrial structure brought about by the effect of capital substitution for labor, and the adverse effect of population aging mitigated or offset by the effect of technological progress driven by population aging. China's population aging is an inevitable trend, and the government should take early countermeasures to accelerate the transformation and upgrading of the industrial structure to properly cope with the impact of population aging on national economic growth.
Finance and Capital Markets
Blockchain Information Disclosure and Capital Market response: Evidence from Chinese A-share Listed Companies
ZHANG Yu-ke, CHEN Yun-xian
2022, 37(6): 36-49.
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The deep integration of blockchain technology and real industry will help the high-quality development of digital economy. Using various announcements of Chinese non-financial listed companies, the paper employs the event study method to analyze the capital market's reaction to the event that companies disclose blockchain investment. It is found that companies disclosing blockchain information increased by 0.424% in stock market capitalization during the [-1, 1] event window, with higher returns from 2017-2019 and through non-periodic announcements; companies that have disclosed blockchain information significantly increased their R&D innovation expenses and attracted more investor attention compared to companies that do not disclose blockchain information. Non-speculative companies invest more in R&D innovation expenses compared to speculative companies; there is heterogeneity in capital market responses to different types of blockchain announcements. Based on the perspective of developing countries, this study investigates how blockchain information disclosure affects capital markets, and provides a reference for effective prevention and regulation of financial risks that may occur in the process of the application of blockchain technology.
On the Impact of the Founding Shareholders' Control Right on the Shadow Banking of Non-financial Enterprises
WANG Lei, PANG Shu-hui, YU Wen-cheng
2022, 37(6): 50-61.
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Founding shareholders with dual roles of shareholders and entrepreneurs may exhibit different shareholder governance behaviours in their participation in corporate governance. Samples of non-financial listed companies in Shanghai and Shenzhen A-shares from 2007-2019 are selected to empirically analyse the effect of different types of control of founding shareholders on the shadow banking of non-financial enterprises based on role theory. It is found that the control power of founding shareholders in the enterprise is negatively related to the scale of shadow banking of non-financial enterprises, and the actual control power with entrepreneurial role is more inhibitory to the shadow banking of enterprises than the nominal control power reflecting the role of shareholders; the higher actual control power of the founding shareholders will inhibit the scale of shadow banking of enterprises by reducing the risk tolerance of enterprises. Further research shows that the inhibiting effect of founding shareholders on the shadow banking of non-financial enterprises is more effective in regions with relatively high marketisation, in the East of China and among large-scale enterprises. It is therefore recommended to focus on and guarantee the unique governance of founding shareholders on excessive corporate financialisation, to address the risk-taking capacity of enterprises, to improve corporate risk management systems, and to differentiate regulation of financial investment behaviour of enterprises of different sizes and in different regions.
Enterprise and Business Economy
The Impact and Its Mechanism of China's Foreign Aid on Cross-border M&A of Chinese Enterprises
HAN Yong-hui, WANG Xian-bin, WEI Dong-ming, OU YANG Shuai
2022, 37(6): 62-75.
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China has transformed from an outsider to a participant in global development governance, strengthened the foundation of South-South cooperation with pragmatic international aid, and gradually formed a new model of "aid-development-investment" to empower Chinese enterprises to "go global". Based on the panel data of 134 destinations of China's foreign aid and cross-border M & A from 2005 to 2014, this paper examines the impact of China's foreign aid on cross-border M & A of Chinese enterprises. The results show that China's foreign aid has a significant role in promoting cross-border M & A of Chinese enterprises, which not only promotes M & A intention, but also increases the number of successful M & A. The heterogeneity test shows that the promotion effect of China's foreign aid is particularly significant in the social infrastructure sector of the host country, stronger in cross-border M & A, while mainly from official development assistance. The expansibility test indicates that China's foreign aid promotes cross-border M&A of Chinese enterprises through risk effect, signal effect and infrastructure construction effect. This paper provides solid experience and inspiration for China to use foreign aid as a starting point to upgrade all-round cooperation with foreign countries, strengthen bilateral cooperation and mutual trust, and improve the effectiveness of building a community with a shared future for mankind.
Product Publicity, Community Control and Brand Community Marketing: Based on Self-determination Theory
FENG Xiao-liang, XU Yong-le, HE Kai
2022, 37(6): 76-88.
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Brand community marketing has become an important means of enterprise market development in the era of social media. However, the rationality of the product publicity and community control strategies for brand community marketing is controversial. Some scholars argue that brand community should be dominated by users and should not become a tool for enterprises to sell products and control users, but this is contrary to the actual practice of enterprises. To interpret this controversy, this paper explores the influence of product publicity and community control strategies on user participation behavior based on self-determination theory.Through the combination of questionnaire data and behavioral data, it is found that although the community control strategy had a negative impact on user participation behavior, the negative effect of product publicity strategy was not found; in addition, user community identity had a moderating effect on community control strategy, and product publicity and community control strategies had a positive effect on users with high identity. The conclusions of this paper expand the rationality boundary of brand community marketing and provide theoretical recommendations for the practice of brand community marketing.
Fiscal and Public Administration
Can Informatization of Tax Enforcement Reduce the Uncertainty of Enterprise Taxation?Evidence from A Quasi-natural Experiment on the "Third Phase of Golden Tax Project"
LIU Bing-xi, TAO Dong-jie, CHEN Zheng-hong
2022, 37(6): 89-103.
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Informatization of tax enforcement improve the standardization of tax collection and management by reducing tax discretionary space, it helps reduce corporate tax uncertainty. Though constructing a theoretical model based on the theory of optimal direct tax system, this paper aims to reveal the mechanism by which informatization of tax enforcement reduces the corporate tax uncertainty. Based on the Quasi-natural experiment based on the implementation of "Third Phase of Golden Tax Project", this study employs the panel data of Chinese listed companies and the continuous difference-in-differences method to examine the impact of informationization of tax enforcement on the uncertainty of enterprise taxation at the micro level. It is found that the implementation of "Third Phase of Golden Tax Project" has significantly reduced the uncertainty of corporate tax revenue, especially for private enterprises; in addition, when local governments face greater pressures to increase fiscal revenues, the inhibitory effect of informatization of tax enforcement on taxation uncertainty is weakened. An expansive analysis at the macro level shows that the implementation of "Third Phase of Golden Tax Project" has improved the level of equalization of corporate tax burdens in the region. The findings of this study provide policy enlightenment for optimizing business environment in taxation and deepening the reform of tax collection and management system.
Tax Compliance and Corporate Performance Under the Difference of Corporate Governance Mechanism
YU Ke, LI Lin-mu
2022, 37(6): 104-113.
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It is the major goal of modern corporate governance to realize the synergistic improvement of both tax compliance and corporate performance. This paper examines the relationship between tax compliance and corporate performance under the differences of corporate governance mechanisms from three levels i.e. the board of directors, shareholders and senior executives. It is found that whether the relationship between tax compliance and corporate performance is synergistic or confrontational depends on different corporate governance mechanisms. First, at the level of the board of directors, the increase of the proportion of independent directors is conducive to promoting enterprises, especially those with originally low tax payment credit rating, to realize the coordinated improvement of tax compliance and corporate performance; however, the integration of the chair of the board and the general manager has no obvious impact on the change of their relationship. Second, at the level of the shareholder, with the increase of equity concentration, the risk of conflict between tax compliance and enterprise performance increases, but not significantly. Third, at the level of the executive, the higher the shareholding ratio of senior executives, the more likely enterprises, especially those with low tax payment credit rating, are to improve their performance by reducing tax compliance. Based on the empirical results, in order to achieve the coordinated improvement of both tax compliance and enterprise performance, and to ensure the win-win situation between the government and enterprises, it is necessary to optimize the corporate governance mechanism, especially to increase the proportion of independent directors, and strengthen tax supervision over enterprises with high proportions of executive shareholding.

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