广东财经大学学报

Integrating Development and Security to Safeguard New Development Pattern with New-type of Security Pattern

2023, 38(1): 4-16.

[Abstract](588) [FullText HTML] (191) [PDF 963KB](195)

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How Can Network Infrastructure Development Empower Corporate Social Responsibility Fulfillment: A Quasi-natural Experiment Based on "Broadband China" Strategy

CHEN Hai-bo, DENG Ya-hui

2023, 38(1): 17-30.

[Abstract](818) [FullText HTML] (249)

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As an important support of digital economy, network infrastructure has profoundly changed the way of information dissemination and the way of production and life. Based on the quasi-natural experiment of "Broadband China" strategy, this paper takes the data of A-share listed companies in 2011-2019 as samples, and uses the multi-time and double difference method to explore whether network infrastructure development can empower corporate social responsibility fulfillment. It is found that the construction of network infrastructure can effectively empower corporate social responsibility fulfillment, with the characteristics of time lag, persistence and enhancement. The mechanism test shows that network infrastructure construction provides psychological empowerment for the fulfillment of corporate social responsibility by increasing their network attention; network infrastructure construction also provides resource empowerment for the fulfillment of corporate social responsibility by easing their financing constraints. Further research shows that in non-state-owned enterprises, industries with insensitive social responsibility and areas with superior institutional environment, the network infrastructure construction plays a greater role in empowering corporate social responsibility fulfillment. From the perspective of network infrastructure, this paper provides a new path for corporate social responsibility fulfillment, which has reference value for realizing Chinese-style modernization.

Research on the Function Mechanism of Digital Technology Innovation in Empowering the Deep Integration of Modern Service Industry and Advanced Manufacturing Industry

JIAO Ping, TIAN Ren-xiu

2023, 38(1): 31-44.

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The deep integration of the modern service industry and the advanced manufacturing industry is an important way to enhance the core competitiveness of the manufacturing industry, cultivate the modern industrial system, and realize the high-quality development, while digital technology innovation can drive the deep integration of modern service industry and advanced manufacturing industry. Based on the panel data for 30 provinces in 2011-2020, using entropy method and coupling coordination model, the paper measures digital technology innovation level and "two industries" fusion level respectively, and explores direct mechanism and indirect mechanism for the digital technology innovation of modern service industry and advanced manufacturing industry by using multiple linear regression model and intermediary effect model. The findings show thatdigital technology innovation significantly drives the integration of modern service industry and advanced manufacturing industry, still valid after the robustness test; industrial digital industry and digital industrialization is the basic path of modern service industry and advanced manufacturing industry, inducing digital technology innovation to empower the deep integration of modern service industry and advanced manufacturing industry; the promotion effect of digital technology innovation on modern service industry and advanced manufacturing industry is heterogeneous by different regions and industrial structure. Therefore, it is necessary to comprehensively promote the construction of digital technology innovation, improve the quality and efficiency of the integration of the "two industries", accelerate the digitalization of digital industry and digital industrialization, activate the internal impetus of the "two industries" integration, implement the regional development differentiation strategy, and expand the development scale of the "two industries" integration.

The Effect of Communication and Action on Monetary Policy Expectation Management: Empirical Evidence from Commercial Banks

WANG Dong-yang, LI Cheng

2023, 38(1): 45-61.

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Scientificmonetary policy expectation management is an important guarantee for adhering to the principle of pursuing progress while ensuring stability. Based on the systematic analysis of the regulation mechanism of monetary policy expectation management, this paper constructs indexes to explore the actual regulation effect of "communication" and "action" in monetary policy expectation management. The findings show that both "communication" and "action" tools can have a significant positive impact on bank credit extension; consistency of communications and actions helps to enhance the regulatory effect of monetary policy expection management, while inconsistency of communications and actions seriously weakens the regulatory effect of "action"; the People's Bank of China's attention to expectation management, increasing the frequency of expectation management and reminding the public to pay attention to expectation signals can significantly improve the regulation effect of expectation management; the effect of "action" is strong in high growth period, but the "communication" is strong in low growth period; the "action" tools of expected management have a significant impact on all types of commercial banks, while the "communication" tools fail to affect the credit extension of local corporate banks. The central bank should gradually improve the policy framework of expectation management, pay attention to keeping communications consistent with actions, cultivate public sensitivity, strengthen communication, pay attention to market signal feedback, so as to effectively deal with the pressure of expectation weakening.

A Study on the Impact of the Central Bank Digital Currency on Payment System

WANG Bo, ZHAO Zhen-zhen

2023, 38(1): 62-74.

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The vigorous development of digital economy and information technology in the digital age pushes the renewal of the payment system, and the central bank digital currency (CBDC) emerges as a new type of digital payment tool. In this context, making a currency utility model based on popular currency payment attributes to study the replacement of old and new payment instruments, this paper explores how CBDC can open a new pattern of payment systems by replacing existing payment instruments, and predicts by numerical simulationthe replacement process with CBDC. It is found that the degree to which CBDC replaces existing payment instruments is determined by the cost of currency conversion and payment attributes. The interest-bearing CBDC is stronger than the interest-free CBDC. Cash payments are being replaced to a much greater extent and deposit payments are being replaced on a much larger scale.The findings indicate that it is a general trend to make CBDC the mainstream payment tool in the future; the central bank should allow its payment attributes to change flexibly with the times; and the central bank should first issue the interest free CBDC, which has the least impact on the market, and the functions of CBDC can change along with the technology.

Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises

ZHANG Jian-yu, YANG Xu

2023, 38(1): 75-87.

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With the deepening of mixed ownership reform, whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses. Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample, this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises. The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises, and this effect is more significant in the regions with more competitive industries, better financial development, and more uncertain economic policies, which is still valid a considering endogeneity such as reverse causality, sample selection, and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform, this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises, but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.

Government Regulation and Product Export Quality Improvement: Research Based on the Export Data of Medical Devices of IMDRF Member Countries

JIANG Hai-hong, XU Jian

2023, 38(1): 88-100.

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As the institutional arrangement for building a superpower in quality, perfect government regulations are of great significance to improvement of the quality of exported products. From the research examples of medical device regulation in IMDRF member countries, the innovation effect and cost effect of medical device regulation have different impacts on the improvement of product export quality at different stages.Whether R&D regulation or import customs clearance regulation can improve the export quality of products depends on the comparison of innovation effect and cost effect that has positive effect. Production regulation plays a positive role in promoting the export quality of products, and presents the characteristics of "inverted U". Therefore, it is suggested that the government should not only build government regulatory impact assessment, but also strengthen the international communication and coordination in regulation legislation; enterprises should make use of the regulation effect to strengthen the quality management of export products.

Analysis of Platform Data-based Self-reference by Antitrust Law

LI Xin

2023, 38(1): 101-111.

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Platform data-based self-preference is a new form of self-preference, which represents the behavior of platform enterprises to use the result of non-public data analysis of third-party sellers without permission toenhance the competitiveness of their own business. In practice, there are various manifestations, such as adjusting prices, copying and launching new products, and adjusting inventory. The use of non-public data of third-party sellers on the platform will have the effect of harming competition, which may violate the antitrust law. In the absence of uniform illegality standard and judgment precedent, the judgement of illegality of platform data-based self-preference should depend on the analysis of the data types, data attributes, purposes of data use, and the alternative channelsto compensate for competition damage.In order to remedy the competitive damage caused by the platformdata-based self-preference, the antitrust law enforcement agency should set up more specific remedies. In terms of behavioral remedies, the platform can be required to set up a data isolation mechanism, establish the principle of data minimization, set up consent rules for data use, and open some data to third-party sellers. When behavioral remedies are not effective or the platform has implemented data-based self-preference for many times, structural remedies such as divestiture the platformself-operated business line are applicable.

2023, 38(1): 112-113.

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2023, 38(1): 114-115.

[Abstract](195) [FullText HTML] (461) [PDF 3056KB](12)

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2023, 38(1): 116-117.

[Abstract](213) [FullText HTML] (156) [PDF 2313KB](11)

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2023 Vol. 38, No. 1

Journal Of Retrieval

Classification Retrieval