2021 Vol. 36, No. 6

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Special Column
The Development and Evolution of the Thoughts on Talent of the Communist Party of China Over the Past Hundred Years
LI Huan-rong, WEI Lan-huan, LIU Guo-shun
2021, 36(6): 4-11, 30.
[Abstract](281) [FullText HTML] (450) [PDF 1064KB](74)
Abstract:
Talent is the primary resource and a strategic resource for the prosperity of the party and the country. Over the past century, the Communist Party of China(CPC) has always adhered to the Marxist thoughts on talent, attached great importance to the construction of the talent team, and has continuously enriched and improved the ideological system for talents in practice. Through combining the political and social environment faced by CPC in different periods, summarizing the development and evolution of its talent thoughts, it will be of help to deepen the research on the history of talent thoughts of CPC and promote the high-quality development of the talent work in the new era, which provides strong intellectual support and talent guarantee for the realization of the second centenary goal and the great rejuvenation of the Chinese nation.
The Logical Start, Theoretical System of the Historical Process of Centennial Economic Thoughts of the Communist Party of China
LIU Rong-cai
2021, 36(6): 12-20.
[Abstract](362) [FullText HTML] (177) [PDF 1245KB](220)
Abstract:
The logical start of the great process of centennial economic thoughts of the Communist Party of China (CPC) is the principal social contradiction of certain historical period. Taking the principal social contradiction during the great process of centennial economic thoughts as its logical start, CPC has been constructing a series of economy thoughts or political economy in response to the important questions of each times. The thoughts are the political economy of new-democracy, the political economy of transitional period, the socialist political economy, the market-oriented economic theory of socialism with Chinese characteristics, the political economy of socialism with Chinese characteristics for new era, and so on. When answering and resolving the important issues of certain age, CPC persists the thoughts of the people-centered and the problem-orientated, which established economic thought reflecting the demand and the characteristics of the times.
On the Financial Thoughts of the Communist Party of China Over the Past Hundred Years
CAI Wei-xing, LIN Hang-yu, LIN Zhuo-lin
2021, 36(6): 21-30.
[Abstract](520) [FullText HTML] (185) [PDF 1027KB](37)
Abstract:
In the past 100 years, the Communist Party of China (CPC) has embarked on a path of financial development with Chinese characteristics in the historical journey of leading China's revolution, construction and reform, and formed the financial thoughts of CPC. Adhering to the perspective of the unity of history and logic, this paper attempts to investigate the theoretical basis of the financial thoughts of CPC, including Marxist financial theory, Chinese traditional financial concept and western financial theory, systematically summarize the core elements of the financial thoughts of CPC, and clarify its theoretical orientation. It is found that the financial thoughts of CPC are the theoretical achievement of the Sinicization of Marxism, which shows the great power of the theoretical innovation of CPC.
Economic Theory and Exploration
The Effect and Mechanism of Economic Policy Uncertainty on Resident Consumption: Based on CFPS Data
LI Cheng, YU Hai-dong
2021, 36(6): 31-50.
[Abstract](652) [FullText HTML] (475) [PDF 1053KB](85)
Abstract:
A resident optimal consumption decision model embodying economic policy uncertainty being constructed, this paper employs economic policy uncertainty index and China Family Panel Studies (CFPS) data to verify the impact and mechanism of economic policy uncertainty on household consumption from micro levels. It is found that economic policy uncertainty has a significant negative impact on household consumption, but the impact of different types of policy uncertainty is different; among them, the negative impact of fiscal policy uncertainty is the strongest, followed by the impact of monetary policy uncertainty and trade policy uncertainty, and the impact of exchange rate policy uncertainty is the weakest. It is also found that economic policy uncertainty has a negative impact on resident consumption through preventive savings channels; for those with high preventive saving motivation such as imperfect insurance protection, high family support ratio or rural registered residence, resident consumption is most greatly affected by the economic policy uncertainty. Finally, economic policy uncertainty has a negative impact on resident consumption through the wealth effect channel; for those with high wealth effects such as higher real estate value and higher property income, resident consumption is most greatly affected by the economic policy uncertainty. Therefore, policy decision authorities should pay attention to the continuity, stability, and predictability of economic policies, and avoid economic policy uncertainty that weakens the effectiveness of the policy itself.
Enterprise and Business Economy
Working Capital Management and the Persistence of Corporate R&D Innovation: A Review from the Perspective of Fictitious-toward Economy
ZHANG Jia-wang, LEI Hong-zhen, LI Bo-yang
2021, 36(6): 51-67.
[Abstract](651) [FullText HTML] (226) [PDF 1333KB](45)
Abstract:
Starting from the internal smoothing mechanism, this pater takes China's A-share non-financial listed companies from 2010 to 2019 as the research sample, empirically examines the relationship between working capital management and the sustainability of corporate R&D innovation, and carefully investigates the impact of corporate financialized asset portfolio allocation on the smoothness of working capital management. The results show that when the cash flow fluctuates violently, working capital management can smooth their R&D innovation, but the smoothing effect on fixed asset investment is not significant; at the same time, the allocation of financial assets by companies mainly exerts short-term wealth effects, which weakens the smoothing effect of working capital management on corporate R&D innovation. Group tests found that the smoothing effect of working capital management on R&D innovation is more prominent in small-scale companies and non-state-owned companies. Furthermore, through the study on the internal asset management strategy of companies, it is also found that companies using active working capital management instead of allocating financial assets when cash flow fluctuates violently have a higher average level of R&D innovation; the lower the company's leverage and the level of equity financing, the more likely it is to implement active working capital management strategies. The conclusions emphasize the indispensable role of working capital management in maintaining the sustainability of R&D innovation under the fictitious-toward economy.
The Effects of Founder's Turnover on Corporate Innovation Investment: An Altruism Perspective
XIAO Rong, MA Chun-ai, SONG Guang-rui
2021, 36(6): 68-78.
[Abstract](442) [FullText HTML] (196) [PDF 1073KB](34)
Abstract:
The turnover of founder brings a great adjustment of the management in the enterprise, and its impact on innovation investment is also worth further discussion. This paper attempts to analyze the mechanism of founder's turnover and its impact on the innovation investment. It is found that the altruistic behavior plays an intermediary role featured with the altruism-driven; the relationship between founder's turnover and a company's investment in innovation is more pronounced in high-tech companies; however, the government subsidy can negatively regulate the altruistic behavior of the founder when he leaves office, thus reducing the damage to the corporate innovation investment. The conclusions of this paper open the black box between the turnover of the founder and the innovation investment of the enterprise, reveal the role of altruistic behavior, and trigger the need for the government to reasonably choose the timing of government subsidies, in order to guarantee the innovation sustainability of private enterprises.
Finance and Capital Markets
Can Sentiment-Induced Noise in Stock Price Promote Corporate Investment? Evidence from China's Stock Markets
HUANG Bo, JIANG Hua-dong
2021, 36(6): 79-97.
[Abstract](324) [FullText HTML] (390) [PDF 1252KB](115)
Abstract:
The noises in stock price induced by market sentiment not only increase uncertainty and decrease corporate investment directly (Uncertainty Chanel), but also hinder the managers from learning the stock price and weaken the sensitivity of "investment-valuation" (Information Channel). On the other hand, rational managers can also take advantage of the mispricing of sentiment-induced noise to increase financing and investment, and strengthen the sensitivity of "investment-valuation" (Financing Channel). Using the data of China's non-financial A-share listed companies from 2003 to 2019, taking sensitivity of idiosyncratic volatility to extreme market sentiment to measure sentiment-induced noises and controlling traditional information contents indicators and other variables, the empirical tests confirm the Uncertainty Chanel and Financing Channel above. This effect verified in the tests only exists in the post crisis era and among companies which are opaque and easy to value and arbitrage. In general, though managers tend to be conservative when faced with uncertainty caused by sentiment-induced noise, they will intentionally create this noise and use the corresponding mispricing to promote financing and corporate investment.
Fiscal and Public Administration
Government Budget Management and Corporate Tax Burden: From the Perspective of Budget Deviation
ZHANG Kai-qiang, CHEN Zhi-gang
2021, 36(6): 98-112.
[Abstract](299) [FullText HTML] (205) [PDF 1695KB](27)
Abstract:
In the context of comprehensively advancing and implementing budget performance management during the 13th Five-Year Plan period. Based on the phenomenon that the local government fiscal budget deviation appears as "excessive income" and the expenditure budget deviation shows "less expenditure", this paper explores the mechanism of government budget deviation on corporate tax burden. Based on the mechanism of local government budget deviations affecting the micro-market entities, it is found that an increase in the deviation of government revenue and expenditure budgets will raise the actual tax rate of enterprises. A series of empirical analysis shows that, when the government revenue budget deviates by 10%, the effective corporate income tax and VAT rates in the region will increase by 0.46% and 0.25% respectively; when the deviation of the government expenditure budget increases by 10%, the effective corporate income tax and value-added tax rates in the region will increase by 1.34% and 0.62%respectively; the actual tax rate of corporate income tax has changed more than the value-added tax. In addition, compared with the central and western regions, enterprises in the eastern region are more affected by government budget deviations. The tax burden of state-owned enterprises is closely related to the budgetary behavior of local governments, followed by foreign-funded enterprises but the least to private enterprises. The conclusions of this paper will provide references and suggestions for deepening the budget management system, scientifically regulating government revenue and expenditure, optimizing the market competition environment, and improving the relationship between the government and the market.

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