2022 Vol. 37, No. 2

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Economic Theory and Exploration
On the Economic Theory of New Consumption: From the Perspective of the Docking of Consumer Internet and Industrial Internet
ZHENG Ying-long, LI Xin-jia
2022, 37(2): 4-14.
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With the development of industry differentiation in Internet application platforms, suppliers can more accurately enter into different consumer community, which leads to many new changes in the consumption structure. From the perspective of the docking of consumption Internet and industrial Internet, it is of great significance to explore the economic theory of new consumption.Under the condition of consumption Internet, consumers enter the market in different ways from the past, which not only changes the way of demand expression and the information search method of consumer goods, but also changes the decision-making mode of consumer purchases. Consumers participate in the production process through the Internet application platform, and their demand of product is more clear, which is not only conducive to improving the information symmetry between demand and supply, but also conducive to innovation in product and production technology, and to the formation of an ecological development model in which consumers and producers achieve value co-creation, and the benign interaction between consumption and production. The further connection between consumer Internet and industrial Internet will certainly promote the development of digital resources and value co-creation, the transformation and upgrading of industrial structure, benefiting the development of China's economic dual-cycle pattern.
Can Social Networks Increase the Migrant's Wage: Analysis Based on Mechanism and Heterogeneity
PAN Li-qun, ZHANG Shao-hua
2022, 37(2): 15-28.
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The role of social networks in the labor market has always been controversial, especially for a special group of migrants in the Chinese urban labor market. Based on the data from China Migrants Dynamic Survey (CMDS) in 2016, this paper systematically examines the impact of social networks on migrants' wage from the aspects of influence degree, mechanism analysis and heterogeneity analysis. The study found that social networks cannot help migrants increase their wages, and compared with formal channels, the wages that migrants obtain through social networks are 7.9% lower, for their social networks are thought to be low-level networks with weak ability signals. Specifically, compared with the weak relationship of fellow villagers and friends, the strong relationship network of relatives has a greater negative impact on wages; with the improvement of the professional level, the influence of social networks shows a weakening trend. Therefore, it can be concluded that broadening and formalizing the search methods for employment, improving their human capital through education and training are effective ways to raise the wage level of migrants.
On the Heterogeneity and Its Mechanism of the Influence of Appearance Level on Income
XU Zheng, XU Meng, ZHANG He
2022, 37(2): 29-41.
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Keeping employment is an important part in the development pattern dominated by domestic cycle in the dual-cycle. However, at present, there are serious overt discrimination in age, gender, household registration and implicit discrimination in China's labor market. The research on the influence of appearance level on workers' income has been neglected. Using the panel data of China Family Tracking Survey (CFPS) in 2010, 2012, 2014, 2016 and 2018, this paper analyzes the effect of appearance level on individual income and its influence mechanism. The results show that good looking has significant effect on income, which identifies the existence of "beauty premium"; for those at junior college level or above or who work in cities, the effect of good looking on women's income is more significant than that of men, indicating the existence of gender discrimination and appearance discrimination in the labor market. The analysis based on the industry level shows that the service industry is more prone to appearance discrimination and bring about income inequality. The analysis based on the signal transmission theory shows that good looking can affect personal income through self-confidence and social capital. Facial discrimination will trigger social injustice and misallocation of resources, and objectively cause a certain degree of income difference. Therefore, both individuals and companies should make efforts to promote the healthy development of China's labor market.
Fiscal and Public Administration
On China's Optimal Macro Tax Burden Under the New Development Pattern
WEI Sheng-min, LI Pu-liang, LIANG Ruo-lian
2022, 37(2): 42-55.
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The macro tax burden is concerned with the fulfillment of government functions and even the performance of national governance. Standing on the internal requirements of the new development pattern for the macro tax burden, this paper condenses the action mechanism of the macro tax burden on resident consumption, industrial structure upgrading and technological innovation from the perspective of supply-demand cycle, and empirically investigates the actual impact of the macro tax burden through adopting the simultaneous equation model, to eventually estimate the optimal macro tax burden in China. The study found that the macro tax burden has an inverted U-shaped relationship with residents' consumption and technological innovation, but a U-shaped relationship with industrial structure upgrading; comprehensively considering the orientation of tax policy under the new development pattern, the macro tax burden in China should not exceed 17.7%. At present, the medium-caliber macro tax burden, comparatively close to the level of optimal macro tax burden, basically meets the requirements of the new development pattern, and should remain generally stable at the existing level.
On the Expansion Root of Local Government Debt Scale From the Perspective of Tax Competition
LIU Qing-jie, REN De-xiao
2022, 37(2): 56-70.
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The scale expansion of local government debt in China presents the characteristics of spatial linkage, and the tax competition stimulated by fiscal decentralization and political promotion tournament has become the endogenous driving force of local government borrowing. Under the background of the promulgation of the new Budget Law in 2014, dividing local government debt into government debt that is included in budget management and implicit government debt (urban investment debt), this paper builds a debt spatial correlation model and a tax competition influence model, and explores the spatial correlation of the scale expansion of the two kinds of government debt and their heterogeneity characteristics influenced by tax competition. It is found that the scale expansion of government bonds and urban investment bonds is characterized with significant spatial linkage growth, but the spatial correlation of urban investment bonds is more significant; tax competition has significantly stimulated the expansion of government debt scale, with the scale of urban investment bonds growing faster and the response coefficient higher; the improvement of economic development level is conducive to alleviating the stimulating effect of tax competition on debt growth, while economically underdeveloped areas are more likely to "get into debt due to competition". The implementation of the series of debt regulation policies in 2014 reduced the spatial linkage of regional debt scale expansion, but increased the elasticity coefficient of urban investment bonds to tax competition. When the local government debt brought into budget management is constantly regulated, and faced with the financial pressure brought by tax competition, local governments may tend to seek debt resources from more hidden investment and financing platforms, which has stimulated the rapid expansion of urban investment bonds. After replacing the measurement method of tax competition proxy variables, the above conclusions are still robust. This study suggests that local government debt risks should be prevented and resolved from a global perspective; the performance evaluation system of local governments should be improved and optimized, and explicit and implicit debts of local governments should be considered to realize the market-oriented transformation of financing platform companies as soon as possible.
Urbanization and Rural Economy
The Impact of New Urbanization on Common Prosperity and Its Mechanism: Based on the Analysis of 281 Cities in China
SUN Xue-tao, YU Ting, YU Fa-wen
2022, 37(2): 71-87.
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In the context of the "double cycle", new urbanization is not only a new driving force for economic development, but also a powerful support for achieving common prosperity. In the context of promoting common prosperity, a common prosperity index system was constructed in three aspects, namely affluence level, regional disparity and urban-rural disparity, and the common prosperity level of 281 cities was measured. It is found that promoting regional economic development is the fundamental way to achieve common prosperity; new urbanization is more likely to increase the level of common prosperity in poorer areas than in richer areas; new urbanization has a direct effect on common prosperity, and an indirect effect on shared affluence through farmers' income and public services. In the context of new urbanization, three policy recommendations are proposed for achieving common prosperity from the perspective of raising the level of affluence and narrowing the gap between urban and rural areas and regions.
Law and Economics
An Empirical Analysis of Copyright Protection Performance in Strategic Litigation: The Story of the Copyright Troll
WEI Jian, TIAN Yan-mei
2022, 37(2): 88-99.
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Based on the data of judicial judgments on copyright infringement from 2015 to 2020, this paper empirically discusses the copyright protection performance of strategic litigants. The results show that strategic litigants make full use of the system rules to obtain benefits mainly through multiple and standardized litigation strategies, and they are superior to ordinary litigants with regard to winning rate, compensation judgment and judge's harshness; after the copyright incident of "Photo of the Black Hole", although the amount of court decision has decreased, the winning rate is still high, and the judge's harshness of picture strategic litigants has not decreased significantly. Strategic litigants show their professional level of rights protection, which effectively makes up for the lack of effective copyright protection of collective management institutions. After promoting the advantages and eliminating the disadvantages, strategic litigants can give full play to the market-oriented rights protection function and promote the overall improvement of copyright protection in China.
Can Civil Liability Deter Securities Market Misconducts: A Quasi-Natural Experiment Analysis Based on the Judgments of Representative Litigation
XU Wen-ming
2022, 37(2): 100-112.
[Abstract](521) [FullText HTML] (368) [PDF 1426KB](76)
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"Law Matters Hypothesis" and "Enforcement Matters Hypothesis" have been heatedly debated in law and finance scholarship in recent years. With the registration reform and 2019 revision of Securities Law in China issued, the multi-level representative litigation and the specialization of Chinese courts in financial disputes adjudication have de jure increased the intensity of private enforcement, but it is uncertain whether the judicial judgments can furthermore increase the deterrence of securities misconducts. Using the exogenous shock brought about by the first judgment of securities representative litigation to test the aforementioned hypotheses, the event studies find that the portfolio of stocks issued by listed companies committing securities misconducts shows significant and negative abnormal return after the disclosure of the first-instance judgment of "Wuyang Case"; at the same time, it is estimated that there is a negative correlation between the abnormal return and the judicial quality of the province (city) where the listed company is located. The empirical research provides supporting evidence for the "Enforcement Matters Hypothesis", and has important implications for the "zero tolerance" policy for securities violations.

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