2021 Vol. 36, No. 3

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Finance and Capital Markets
Spatiotemporal Evolution and the Interaction of the Coupling Coordinative Development Between Digital Finance and Technological Innovation in China
ZOU Xin-yue, WANG Wang
2021, 36(3): 4-17.
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Based on the panel data of 291 cities in China from 2011 to 2018, scientific and technological innovation evaluation system involved in governments, enterprises, and scientific research institutions is constructed to analyze the spatiotemporal evolution of the coupling and coordinative development relationship between digital finance and technological innovation, and the spatial simultaneous equation model is used to quantitatively analyze the interaction between digital finance and technological innovation. The results show that the degree of coupling and coordination between China' digital finance and technological innovation presents a distribution characteristic of being high in the east and low in the west, high in the south and low in the north; with the transformation and upgrading of the economic structure, the coupling and coordination of the two have gradually been improved, while more regions enter the stage of coupling and coordination from the stage of coupling imbalance, but the current development of digital finance is clearly ahead of technological innovation. In the future, it is necessary to abandon the misconception of focusing on the development speed of digital finance and neglecting the quality of development. While strengthening digital financial supervision, it is necessary to enhance technological innovation in digital financial services, and promote the coordinated development of digital finance and technological innovation.
Will American Monetary Policy Have a Spillover Effect on China's Systemic Risk: Counterfactual Analysis and Causal Intermediary Effect
WEN Bo-hui, NIU Ying-jie
2021, 36(3): 18-33.
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With the acceleration of global economic and financial integration, the prevention of systemic risk not only needs to consider the changes in the domestic economic environment, but also fully consider the spillover effect of external policies. Based on Data from December 2007 to December 2019 as research samples, systemic risk is measured with the combination of downward ΔCoES, counterfactual analysis and the causal intermediary effect model of risk-taking channel. The results show that the implementation of quantitative monetary policy in the United States will form a positive spillover to China's systemic risk, while the spillover effect of price monetary policy will be nonlinear; in dealing with the spillover effect of American monetary policy, the average effect of Chinese price-based monetary policy instruments is greater than that of quantitative-based monetary policy instruments; American monetary policy can cause spillover effect on Chinese systemic risk through bank and enterprise risk-taking channel, and the causal mediating effect rate of enterprise risk-taking is higher than that of bank risk-taking.In view of the spillover effect caused by American monetary policy, the Central Bank of China should strengthen coordination and communication with the Federal Reserve, pay more attention to the role of price-based monetary policy instruments in macroeconomic regulation and systemic risk prevention, strengthen macro-prudential supervision, actively construct a macro-prudential framework containing financial stability, and flexibly apply monetary policy instruments to give full play to domestic super-large-scale market advantages, unblock domestic large-scale cycles, and deal with the spillover effects of monetary policy in developed economies on China.
Economic Theory and Exploration
Research on the Family Income Effect of Digital Economy Driven by "Internet Plus": Based on China Family Panel Studies Data
ZHANG Li-na, LYU Xiang-wei, NI Zhi-liang
2021, 36(3): 34-45.
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Based on the objective facts of the digital economy which deeply affect the current economic and social development, this paper empirically studies the effect of the Internet economy on family income driven by the Internet plus based on the data of China family panel studies(CFPS).The findings indicate that the digital economy driven by the "Internet Plus" has significantly promoted the increase of family income, which is stable after using Heckman model, Treatment Effect Model and instrumental variable method to correct potential endogeneity.Heterogeneity analysis shows that compared with urban families, the development of digital economy promotes the income level of rural families more significantly; digital economy has made the middle-income group the biggest beneficiary, and has relatively little impact on low-income and high-income families.The intermediary effect test shows that the digital economy driven by the "Internet Plus" has significantly increased through stressing the importance of the Internet as an information channel.Threshold regression analysis shows that with the improvement of the level of human capital, the positive effect of digital economy development on family income represents a U-shaped feature of descending firstly then ascending; at present, the effect of digital transformation in traditional industry on family income is greater than that of digital industrialization.Therefore, it is proposed to strengthen the construction of modern information infrastructure, improve the personnel training system, and give full play to the role of digital economy driven by the Internet plus.
Coordination of Environmental Regulation, Technological Innovation and Upgrading of Industrial Structure in Urban Agglomerations: Based on the Empirical Analysis of 10 Urban Agglomerations in China
ZHENG Xiao-zhou, GUO Han, LU Shan-bing
2021, 36(3): 46-60.
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This paper attempts to comprehensively investigate the relationship between environmental regulation, technological innovation and upgrading of industrial structure with the help of dynamic mediating effect model and panel threshold regression technology based on the panel data of China's top ten urban agglomerations from 2003 to 2018. The conclusions are as follows: the sample analysis of the whole and sub-regions oftop ten urban agglomerations show thatformal environmental regulation and informal environmental regulationare both conducive to the upgrading of industrial structure, but the synergetic effect is not significant; the influence of different types of environmental regulation on the upgrading of industrial structure all presents significant intermediary effects through technological innovation; technological innovation is used as the threshold variable, formal environmental regulation, synergetic effect of formalenvironmentalregulation and informal environmental regulation withupgrading of industrial structure have a "U" type relationship, while informal environmental regulation and upgrading of industrial structure has a broken line corresponding relationship. The effect of environmental regulation on the upgrading of industrial structure in urban agglomerations has regional and temporal heterogeneity affected by the level of technological innovation. Finally, the paper puts forward the corresponding policy suggestions from four perspectives: formal environmental regulation, informal environmental regulation, technological innovation and policy system.
Urbanization and Rural Economy
The Effect and Its Mechanism of Agricultural Servitization on High-quality Development of Grain Industry
GAO Wei-long
2021, 36(3): 61-76.
[Abstract](530) [FullText HTML] (220) [PDF 1273KB](40)
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Agricultural servitization has become a new strategic engine to promote the transformation and upgrading of grain industry and achieve high-quality development. Using the intermediary effect model, geographically weighted regression and threshold panel model, this paper demonstrates the effect and mechanism of agricultural servitization on the high-quality development of grain industry from two aspects of supply and demand. It is found that through deepening division of labor and market competition intermediary channels, agricultural servitization has a U-shaped effect on the high-quality development of grain industry, which has spatial differentiation; the scale economy effect of deepening division of labor has a strengthening impact of agricultural servitization on quality upgrading of grain industry, while the resource mismatch effect of insufficient competition has a shadowing effect; urbanization rate, farmers' income and land scale can heterogeneously regulate the impact of agricultural servitization on quality upgrading of grain industry, which indirectly leads to the spatial differentiation. In order to realize the high-quality development of grain industry, it is necessary to establish an effective competition mechanism in the pursuit of scale economy, accelerate the transfer of rural labor force, narrow the income gap between regions, and promote moderate scale operation, so as to release the "agricultural servitization dividend" to the maximum extent.
On the Change and Effect of Urbanization on the Ecological Footprint of Residents' Food Consumption in China
WANG Ling-ling, DAI Shu-fen, WANG Chen
2021, 36(3): 77-92.
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Based on calculation of the ecological footprint of food consumption of residents from 31 provinces in China from 2008 to 2018, the Tapio elastic decoupling index model and the fixed effect model are employed to analyze the effect of urbanization on the ecological footprint of food consumption. The results show that the ecological footprint of food consumption is on the rise, so is the ecological footprint of meat consumption in 2015, being the most important component category of the ecological footprint of food consumption; the ecological footprint of residents' food consumption in different provinces shows a concentrated distribution trend and increases rapidly; the overall level of urbanization and ecological footprint of residents' food consumption in China are in a weak decoupling state, while the decoupling state is quite different between provinces; population urbanization has a negative impact on the ecological footprint of residents' food consumption, while economic urbanization and social urbanization have a positive impact on the ecological footprint of residents' food consumption, while spatial urbanization has no significant impact on the ecological footprint of residents' food consumption. It is suggested that the urban economic growth, social development and the improvement of ecological environment should be promoted by increasing the rate of population urbanization, exerting the effect of industrial agglomeration, increasing land utilization efficiency and raising the residents' consciousness of environmental protection.
Corporate Finance and Accounting
Managerial Heterogeneity, Large Shareholder Tunneling and Earnings Management
MA Chao
2021, 36(3): 93-112.
[Abstract](465) [FullText HTML] (207) [PDF 1019KB](15)
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From the perspective of managerial heterogeneity, managers are classified into three types such as the integrated, the dependent and the independent. On the basis of the classification, empirical analyses are adopted to test the effect and mechanism of managerial heterogeneity on restricting the accrued earnings management behavior and real earnings management behavior. The results show that the degree of accrued and real earnings management is negatively associated with managerial independency; the integrated manager can not play the role of restricting earnings management, while the dependent manager can restrict earnings management to some extent, and the independent manager can most effectively reduce the degree of the two types of earnings management. It is found that the tunneling behavior of large shareholder plays the moderating effects in the process of manager affecting earnings management behavior; namely, the independent manager can most effectively reduce the degree of earnings management through restricting tunneling behavior, and such kind of moderating effect can be magnified with regard to private corporations and relative holding of large shareholder. Therefore, the manager with higher independency can act as an effective corporate governance mechanism on improving the accounting quality through restricting tunneling behavior.

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