2024 Vol. 39, No. 4

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Economic Theory and Exploration
Regional "Resource Generation" Empowers High-Quality Development: A New Engine of New Quality Productivity
WANG Qi-hong, CHEN Yun-xian, CHANG Yuan
2024, 39(4): 4-12.
[Abstract](86) [FullText HTML] (112) [PDF 1059KB](50)
Abstract:
High-quality development needs to be guided by the new productivity theory, and new quality productivity is the inherent requirement and important focus of promoting high-quality development in the new journey of Chinese-style modernization. Based on the regional "resource generation" theory of meso-economics, the paper studies how regional "resource generation" as a new engine of new quality productivity can empower high-quality economic development. The research found that high-quality development is ultimately the development of productivity, and new quality productivity is the transformation of "new" and "quality", and it is the "leap" of productivity under the new round of scientific and technological revolution and industrial transformation, making new quality productivity a new source of high-quality economic development. In addition, it is found that regional "resource generation" is a new engine of new quality productivity, laying a solid foundation for high-quality development. Among them, the "three types of resources" can give birth to new factors, new technologies, and new industries, which are the new forces of new quality productivity; the "three levels" can break through key technologies, ensure basic people's livelihood, and promote green and low-carbon, which are new breakthroughs in new quality productivity; the "three horses" on the supply side provide new momentum for new quality productivity from the three dimensions of "factor supply, environmental supply, and market supply". Moreover, a mature market economy is a "double-strong economic model" that combines "strong and effective government" and "strong and effective market", making "effective government + effective market" a new path for regional "resource generation" to promote high-quality economic development; at the same time, the advanced leading role of "effective government" must be given full play to enable high-quality development.
Does the Shock of Inflation Signals Based on Network Media Affect Residents' Welfare: Evidence from Weibo's Textual Data
NING Yu-ling, YANG Guang
2024, 39(4): 13-32.
[Abstract](47) [FullText HTML] (31) [PDF 1063KB](18)
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With the development of modern information technology, network media has brought increasing influence on people's life. Based on the report text of network media, the impact data of inflation signal is constructed to empirically study the impact mechanism and degree of inflation signal on residents' welfare. The results show that the increase in the number of price information shocks will improve the accuracy of residents' price expectations, which will have a positive impact on residents' welfare; the specific content and direction of inflation report will affect welfare changes, and the strengthening of inflation tone will cause welfare losses. The influence of media signals on residents' welfare exists channel heterogeneity and individual heterogeneity, that is, inflation signals of different media types will lead to different changes in residents' welfare, and media signals will also have different impacts on different groups. The increase in the number of inflation reports will improve the welfare level by influencing residents' consumption decisions and income. A stronger tone in the direction of reporting leads to higher expected inflation, higher savings, and lower welfare levels. Therefore, all sectors of society should pay attention to the important influence and transmission mode of media information, and adopt rational and reasonable ways to guide price reports to produce more positive and controllable effects.
Management and Corporate Performance
Do Enterprises Choose Environmental Protection Investment or Green Innovation under Environmental Administrative Penalties: The Interpretation under Corporate Life Cycle Theory
DU Wen-cui, CHEN Qiu-yao
2024, 39(4): 33-49.
[Abstract](59) [FullText HTML] (31) [PDF 1109KB](15)
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Enterprises at different stages of life cycle often adopt different strategic tendencies, organizational structures, and corporate behaviors, and may take different environmental behavior choices after being subject to environmental administrative penalties (EAPs). By collecting EAPs data of Shanghai and Shenzhen A-share listed companies, the study conducted the empirical test from the life cycle perspective to examine the impact of EAPs on corporate environmental investment and green technology innovation based on PSM-DID method. The results show that the EAPs significantly increase corporate environmental investments but have no significant impact on green technology innovation. Among them, enterprises in growth and mature periods significantly increase their investments in environmental protection; enterprises in mature period also intensify efforts towards green technology innovation while enterprises in decline period do not change their environmental behaviors. The multiple penalties have the stronger deterrent effect on enterprises, and even declining enterprises may increase the investment in environmental protection after receiving multiple penalties. The effects of EAPs are more significant on heavily polluting industries, non-state-owned enterprises, and enterprises with higher levels of environmental information disclosure. Based on these, environmental agency should construct an accurate supervision system for the corporate life cycle to improve the accuracy of environmental supervision, promote reform by punishment and optimize enterprise environmental behavior comprehensively.
The Impact of Digital Orientation on Ambidextrous Innovation in Listed Companies: The Moderating Effect of CEO Narcissism
SHAO Jian-bing, QU Yi-xuan
2024, 39(4): 50-69.
[Abstract](65) [FullText HTML] (46) [PDF 1185KB](17)
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Digital transformation is one of the most important driving forces to promote enterprise innovation in the era of digital economy. Using the data of China's A-share listed companies from 2016 to 2022, this paper aims to investigate the influence mechanism of enterprise digital orientation on enterprise dual innovation from four dimensions of digital technology scope, digital capability, digital ecosystem coordination, and digital architecture configuration, and introduce CEO narcissism at the micro level to observe the possible regulatory effects. It is found that the enterprise digital orientation has a significant positive effect on both the exploitative innovation and the exploratory innovation, so do the scope of digital technology and the digital ability on the dual innovation, the digital ecosystem coordination and the digital architecture configuration on the exploitative innovation, and the CEO narcissism factor regulates the digital orientation on the dual innovation. Mechanism inspection shows that enterprise digital orientation promotes dual innovation by increasing R&D investment and promoting digital transformation. Further research shows that the influence of digital orientation on dual innovation has obvious heterogeneity, that is, when the demand of external innovation is low, and high-tech enterprises and CEO equity incentive is high, the influence of digital orientation on exploratory innovation is more obvious; when the demand of external innovation is high, and high-tech enterprises and CEO equity incentive is low, the influence of digital orientation on exploitative innovation is more obvious. This study deepens the discussion of the relationship between enterprise digital transformation and dual innovation, and provides necessary policy suggestions for the government to support the digital transformation of enterprises.
Directors' and Officers' Liability Insurance and Enterprise ESG Performance
MA Ya-ming, XU Hui-jie, WANG Yi-jie
2024, 39(4): 70-84.
[Abstract](65) [FullText HTML] (73) [PDF 1121KB](15)
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As the international community pays more attention to sustainable development, enterprises should also actively practice ESG concepts. As a risk hedging tool, how directors' and officers' liability insurance affects the ESG performance of enterprises is crucial to promote the sustainable development of enterprises. Based on the data of A-share listed companies in China from 2009 to 2021, this paper explores the effect and mechanism of directors' and officers' liability insurance on ESG performance of enterprises. It is found that directors' and officers' liability insurance can significantly improve the ESG performance of enterprises, and this conclusion is still valid after a series of robustness tests. Mechanism analysis shows that directors' and officers' liability insurance can improve ESG performance by increasing investment in green innovation, reducing managers' myopia and reducing agency costs. Heterogeneity analysis shows that the improvement effect of directors' and officers' liability insurance on ESG performance is more significant in non-state-owned enterprises, enterprises with high shareholding ratio of management, and enterprises with high media attention. The research reveals the positive role of insurance contracts in improving the performance of ESG, which provides useful policy suggestions for implementing ESG concepts and promoting high-quality economic development.
Fiscal and Public Administration
Government Regulation Analysis in Smart Product Supply Chains under Cybersecurity Risks
CUI Zi-bin, DU Cheng-ming, FENG Ze-hua
2024, 39(4): 85-96.
[Abstract](49) [FullText HTML] (20) [PDF 1320KB](9)
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With the widespread application of the Internet of Things (IoT) technology and the popularity of smart products, issues related to cybersecurity and user data privacy have garnered widespread societal attention, making it crucial for governments to adopt appropriate regulatory strategies to mitigate cybersecurity risks. This paper considers a smart product supply chain composed of a manufacturer and an e-tailing platform. A game-theoretic model was employed to investigate the government's regulatory strategies (punishing or subsidizing) and its impact on firms and consumers under cybersecurity risks. The findings indicate that the cyber defense level under the subsidizing policy is higher than that under the punishing policy only when the subsidy ratio is significantly high; both punishing and subsidizing policies can achieve an all-win situation for the manufacturer, the platform, and consumers, contingent on two parameters: the marginal information value and the unit penalty; moreover, the government should choose the punishing policy when both the marginal information value and the unit penalty are high, and choose the subsidizing policy when either the marginal information value or the unit penalty is low. It is found that both high penalties and subsidies are beneficial to societal welfare. This research provides a theoretical basis and policy implications for government regulation, emphasizing the need to consider various influencing factors when choosing regulatory strategies to foster the healthy development of the smart product supply chain and enhance cybersecurity levels.
Can the Reform of Tax-Related Government Functions Promote Enterprise Digital Transformation
YAO Feng-min, WANG Pei-sheng
2024, 39(4): 97-108.
[Abstract](49) [FullText HTML] (34) [PDF 1098KB](9)
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In the context of the digital economy, digital transformation is an inevitable trend for enterprises. The reform of tax-related government functions has optimized the soft business environment of enterprises and has had a profound impact on their digital transformation. Based on the reform of tax related government functions implemented in 2017 and 2018, and a multi-period difference-in-differences model, this study evaluates the impact and mechanisms of the reform of tax-related government functions on enterprise digital transformation. The research findings indicate that the reform of tax-related government functions significantly promotes enterprise digital transformation, mainly through the optimization of the soft business environment, including institutional and talent development environments. Heterogeneity analysis reveals that the positive effects of the reform of tax related government functions are more pronounced in non-state enterprises, smaller-scale enterprises, service industry enterprises, and enterprises in regions with higher levels of economic development. This study contributes to the research on the role of the reform of tax-related government functions in enterprises and expands the relevant literature on the impact of fiscal and tax policies on enterprise digital transformation, offering reference and inspiration for further deepening reforms.
Financial Development and Supervision
Empirical Study on the Impact of Digital Financial Inclusion on Telecom Fraud
WEI Jian, LIU Hong-yang
2024, 39(4): 109-128.
[Abstract](110) [FullText HTML] (59) [PDF 1081KB](22)
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Telecom fraud is becoming increasingly frequent, which seriously affects economic and social stability and infringes on the interests of the broad masses of the people. By combining data from the fraud module of the 2015 China Household Finance Survey (CHFS) with the China Digital Financial Inclusion Index, this paper examines the impact of digital financial inclusion on households' risk of being targeted by fraud, actual risk of fraud, and fraud losses. The results show that although digital financial inclusion increases the probability of households being the target of telecom fraud, it can help households reduce the risk of fraud and reduce economic losses when they become the target of fraud. In terms of heterogeneity analysis, the positive effect of digital inclusive finance on restraining telecom fraud is more significant in rural and eastern areas. When family members belong to the dominant group in the digital divide, digital inclusive finance will have a better effect on reducing the risk of fraud and reducing losses. In terms of the mechanism of action, digital financial inclusion mainly reduces residents' actual risk of fraud and losses by increasing households' financial availability, easing financing constraints and increasing family members' attention to financial and economic information. Further analysis shows that financial regulation, the improvement of family members' financial literacy, and community publicity and education can enhance the suppression effect of digital financial inclusion on telecom fraud.

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