Current Articles

2024, Volume 39,  Issue 6

Special Column
The Belt and Road Initiative: The Practice Development and Theoretical Innovation of Xi Jinping's Economic Thought
CHEN Yongjun, YAN Zongxin, CHEN Yiguo
2024, 39(6): 4-7.
Abstract:
The Reporting System of Implementing the Constitution: An Innovative Measure to Ensure the Enforcement of the Constitution
DENG Shibao
2024, 39(6): 8-11.
Abstract:
Active Promotion of Veterans' Participation in Social Governance
WANG Chuang
2024, 39(6): 11-13.
Abstract:
Three Perspectives on New Quabity Prodwcthe Forces Empowering the Security of Cultural Sovereignty
ZENG Zhihui, WENG Yubin
2024, 39(6): 14-16.
Abstract:
Economic Theory and Exploration
How Does Digital Transformation of Suppliers Affect Customer Stability
GU Naihua, LIAO Guiming, HU Zheli
2024, 39(6): 17-31.
Abstract:
In the context of large-scale application and innovation of digital technology, how to promote customer stability through enterprise digital transformation is a key issue to achieve the deep integration between the digital economy and the real economy. Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as research samples, with the changing data of suppliers' major customers, the empirical research finds that the digital transformation of suppliers significantly improves customer stability, which is a stabilizer to customer relationships. The mechanism analysis shows that digital transformation of suppliers can improve the information interaction and internal quality control between suppliers and demanders, and ease supply-demand trade friction, so as to effectively improve customer stability. The mechanism tests indicate that the enhancement effect of customer stability influenced by digital transformation has the effect of "helping the enterprise with difficulties", especially in enterprises in growth stage and declining stage. When the bargaining ability of suppliers is relatively low and customers face high-cost amortization risk, the promotion effect of digital transformation on customer stability is more obvious. The conclusion of this study is helpful to provide experience for the steady construction of China's industrial and supply chain security under the new situation from the perspective of digital transformation.
Research on the Influence of Digital Villages Construction on Green Utilization Efficiency of Cultivated Land
ZHOU Min, HAN Yuxiao
2024, 39(6): 32-44.
Abstract:
The improvement of the green utilization efficiency of cultivated land (CLGUE) is an essential path for realizing carbon peaking and carbon neutrality goals in the field of land utilization. Based on the panel data of 30 provinces in China from 2010 to 2021, this paper measures the influence of digital village construction on CLGUE by using the threshold model and spatial Durbin model. The research finds that digital village construction can significantly improve CLGUE by optimizing element configuration, reducing pollution and carbon emissions and growing output. Further analysis indicates that the effect of digital village construction on the CLGUE has a threshold feature, and when the circulation of agricultural land transfer and the intensity of environmental regulation exceeds the threshold, the positive effect of digital village construction on CLGUE is strengthened; digital village construction generates positive spatial spillover effects on CLGUE in neighboring regions. Therefore, it is proposed to actively promote digital village construction, pay attention to the differences in regional resource endowments, promote the orderly transfer of rural land, and steadily improve the intensity of environmental regulations, so as to alleviate the obstacles of digital information technology embedded in the cultivated land use, and to strengthen green utilization effect of cultivated land empowered by digital village construction.
The Spatial Spillover Effects of Technology Firm Incubation Level on Regional Innovation
XIAO Qiongqi, WANG Kang
2024, 39(6): 45-53.
Abstract:
Technology firm incubation serves as a key driver for promoting regional collaborative innovation and establishing an open innovation ecosystem. Based on panel data from 31 Chinese provinces and cities between 2007 and 2022, this study employs a dynamic spatial Durbin model to empirically analyze the spatial spillover effects of technology firm incubation level on regional innovation and its formation mechanisms. The study finds that the level of technology firm incubation has a positive spatial spillover effect on regional innovation. The agglomeration economy effect and platform economy effect are the key influencing mechanisms, mainly through incubation networks, virtual incubation systems, and incubator clusters and radiation to promote cross-regional technology diffusion, thereby promoting inter-regional technology spillovers. By taking a spatial spillover perspective, this study improves the research on the impact mechanism of technology firm incubation on regional innovation, providing theoretical support and empirical evidence for the subsequent construction of a more complete national incubation system, promoting the cross-regional flow of innovation resources, and regional collaborative innovation.
Management and Corporate Performance
Research on the Economic Effects of ESG Responsibility Fulfillment of Listed Companies: Based on Long Term and Dynamic Perspectives
XIE Meng, WANG Yiqiu, XU Yang
2024, 39(6): 54-72.
Abstract:
ESG is based on a long-term value orientation, and how the implementation of ESG concepts affects the long-term value of enterprises is an important topic that needs to be studied at present. Based on the data of Chinese listed companies from 2015 to 2022, this study examines the impact of ESG performance on corporate performance from short-term and long-term, static and dynamic perspectives. Research has found that fulfilling ESG responsibilities by listed companies cannot improve corporate financial performance in the short term, but can improve long-term performance that represents the company's sustainable development ability. Companies can achieve financial performance improvement around the third year of ESG practice. The impact of fulfilling ESG responsibilities on corporate performance has a time lag and continuity. Enterprises fulfilling their ESG responsibilities mainly improve their long-term performance through two channels: promoting enterprise innovation and optimizing enterprise management. Heterogeneity analysis shows that compared to state-owned enterprises, enterprises with low executive shareholding and high media attention, fulfilling ESG responsibilities has a greater impact on non-state-owned enterprises, enterprises with high executive shareholding and high media attention. This article is of great significance for deepening insights into the ESG value creation mechanism.
Disclosure of Key Audit Matters and Total Factor Productivity of Listed Companies
SUN Yanfang, HUANG Siying, WANG Yifan
2024, 39(6): 73-86.
Abstract:
The improvement of total factor productivity is an important starting point for achieving high-quality economic development. Based on the data of China's A-share listed companies from 2015 to 2023, this paper empirically examines the effect and mechanism of key audit matters disclosure on total factor productivity, and tests the moderating effect caused by the auditors' industry expertise. The results indicate that the more comprehensively key audit matters are disclosed, the higher the firm's total factor productivity will be; the auditors' industry expertise can positively regulate the relationship between them. The mechanism test shows that the disclosure of key audit matters improves total factor productivity by promoting R&D investment to gain technology accumulation, enhancing stock liquidity to alleviate financing constraints, optimizing human capital structure to resolve productivity paradox, and improving innovation quality to promote technology application. Further research suggests that negative tone, conclusive evaluation, unconventional and high-precised key audit matters can play a more important role in promoting the improvement of total factor productivity. This study is helpful to improve the audit quality of enterprises, advance the total factor productivity of enterprises, and promote the corporate high-quality development.
How Does ESG Performance Empower the Financing Efficiency of Manufacturing Enterprises
ZHOU Li, CAO Jiayi
2024, 39(6): 87-102.
Abstract:
Actively practicing ESG concepts is an important way for manufacturing enterprises to achieve green and sustainable development. Based on the data of Chinese A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2009 to 2022, this paper examines the impact and mechanism of ESG performance on the financing efficiency of manufacturing enterprises. The results indicate that positive ESG performance significantly improves the financing efficiency of manufacturing firms through three mechanisms: meeting effective market demands, gaining investors' favor, and increasing firms' innovation outputs; the effects are more obvious for small-sized enterprises, enterprises with high media attention, and enterprises in high-polluting industries; the government strengthens the supervision over environmental policies, significantly enhancing corporate ESG performance's effects on the improvement of financing efficiency. The study reveals that ESG practices actively fulfilled by enterprises promote the development of green and low-carbon industries, realizing the national dual carbon goals. It provides policy insights for realizing the symbiotic and integrated development of enterprises and the social environment.
Law and Economics
Big Data Regulation: Operational Logic, Risk Issues, and Regulatory Approaches
ZHANG Zhaoting, LI Xuan
2024, 39(6): 103-111.
Abstract:
As a new regulatory system, big data regulation aims to correct and improve market mechanisms by collecting, cleaning, and analyzing vast amounts of data on market entities and their business activities with technologies such as the Internet of Things (IoT) and cloud computing for data analysis and computation. Unlike conventional regulatory models, big data regulation operates in a data space and relies on uncovering "correlations" as a regulatory method, aiming to predict corporate illegal risks. Therefore, big data regulation is characterized by distinct features such as risk-based regulation, intelligent regulation, and full-process regulation. It is an innovative regulatory approach with both value and risk, which may lead to a range of risks associated with the characteristics of big data, as well as legal risks arising from deviations from the traditional on-site regulatory model. As a result, the basic logic of legal governance for big data regulation should be optimized. This involves building a market regulation big data platform to ensure credible data governance while clearly positioning big data regulation as an auxiliary decision-making tool. At the institutional level, a sound mechanism should be established to align big data regulation with inclusive, prudent regulation and on-site regulation.
The Legal Regulation Path of Data Elements Empowering New Quality Productive Forces
WANG Xueqi
2024, 39(6): 112-128.
Abstract:
In recent times, data has emerged as a new factor of production, influencing both production and management activities. It has become a crucial resource in driving the advancement of new quality productive forces. In the context of new quality productive forces empowered by data elements, some problems about the application of laws have arisen. The scope of identification of new labour as data subjects is unclear: the data format of technical standards of new means of labour is incompatible, and the separation of property right structure of data products as new labour objects is complex. Based on the theories of power to define rights and cross-attribute data, as well as on domestic and foreign judicial precedents and management norms, the legal positioning of the "legal fiction" as the data subject qualification, the clarification principle of data classification and grading, and "separation of two rights" and "tripartite allocation" of data property rights are formed. In light of the limitations imposed by the new three elements of new quality productive forces on the application of law, this research puts forward a proposal for the establishment of a data subject and the allocation of rights and interests, seeks to the compatibility norms of data formats of technical standards, and proposes an improved path of laws for the separation of the property structure of data products.