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Digital Economy Theory and Application
Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation
LIU Wei, LU Hong-fang, YU Long-zhen, JIANG Yu-chen
2024, 39(3): 4-19.  
[Abstract](42) [FullText HTML](122) [PDF 1882KB](5)
Intelligent transformation is the key driving force to promote the digital-real integration and accelerate the development of manufacturing innovation. Based on the data of listed manufacturing enterprises in Shanghai and Shenzhen A-share markets from 2015 to 2022, this paper investigates the direct impact of intelligent transformation on manufacturing innovation, the indirect regulation mechanism of economic policy uncertainty and the multi-dimensional heterogeneity from the perspective of innovation motivation through theoretical analysis and empirical testing. The findings indicate that intelligent transformation promotes corporate innovation and has a stronger role in fostering substantive innovation. This conclusion is maintained after a series of robustness tests. Intelligent transformation is further analyzed by dividing it into the breadth and the depth of intelligent transformation. In addition, it is found that the former has a facilitating effect while the latter has an inhibiting effect. The mechanism analysis reveals that economic policy uncertainty has a moderating effect between intelligent transformation and enterprise innovation, weakening the facilitating effect of intelligent transformation on enterprise innovation in general; however, it enhances the facilitating effect of intelligent transformation on substantive innovation for enterprises seeking long-term competitive advantage instead. The heterogeneity analysis shows that the promoting effect of intelligent transformation on innovation is more significant for sample enterprises with high-level human capital structure and state-owned equity structure in the decline stage of the life cycle. In conclusion, enterprises should focus on the future and create long-term competitive advantages with substantive innovation. The government should stabilize policy expectations and create a good environment for enterprise innovation. At the same time, both government and enterprises should reach out to each other, to promote in-depth development of intelligent transformation in manufacturing.
The Impact of the Development of Intelligent Logistics Industry on Economic Resilience: Effects and Mechanisms
GU Cheng, ZHANG Shu-shan
2024, 39(3): 20-34.  
[Abstract](34) [FullText HTML](12) [PDF 2054KB](2)
It is of great practical significance to scientifically assess the impact of developing intelligent logistics industry on economic resilience. Using the panel data of 286 cities in China from 2006 to 2021, this paper creates indicators of intelligent logistics industry and economic resilience to explore the influence and its mechanism of intelligent logistics industry on economic resilience. The results indicate that the development of intelligent logistics industry significantly improves economic resilience, which is highly robust. The mechanism test finds that the development of intelligent logistics industry enhances economic resilience mainly by reducing the risk of external disturbances, coordinating supply and demand, and energizing economic activities. Expanded analysis shows that the development of intelligent logistics industry helps to promote market integration and unlock market potential. The facilitating effect of intelligent logistics industry on economic resilience is stronger in regions with high-level market segmentation or low-level marketization. There is also a network effect on promoting economic resilience brought by the development of intelligent logistics industry. Such effect increases with stronger logistics network. Therefore, it is suggested to promote the in-depth integration between new-generation information technology and logistics technology, strengthen digital and transportation infrastructure, optimize the transportation structure, and improve the inter-regional logistics system, so as to better facilitate the circulation of national economy and enhance economic resilience.
Management and Corporate Performance
Climate Policy Uncertainty and Corporate Asset-Debt Maturity Mismatch
CHEN Mo, ZHANG Ji-jian, XU Zhe
2024, 39(3): 35-51.  
[Abstract](41) [FullText HTML](17) [PDF 2221KB](2)
This study introduces an index to quantify climate policy uncertainty at the level of enterprise and analyzes its effects on the corporate asset-debt maturity mismatch among Chinese A-share listed companies from 2007 to 2022. The findings reveal that climate policy uncertainty intensifies the preference for short-term debt. The heterogeneity analysis indicates that this uncertainty undermines the corporate risk-taking abilities, debt management, and access to green finance. Nonetheless, the adverse effects are mitigated in regions with less intense competition and companies with stringent internal controls and transparent climate information disclosure. Besides amplifying the corporate asset-debt maturity mismatch, climate policy uncertainty also stifles high-quality growth and escalates stock price crash risk. This research contributes to understanding the complex interplay between climate policy uncertainty and corporate financial strategies, offering insights for harmonizing climate policies and financial lending policies in emerging markets.
How Can "Chain Master" Improve the Total Factor Productivity of Upstream and Downstream Enterprises
MA Zhong, LU Ya-lin
2024, 39(3): 52-65.  
[Abstract](36) [FullText HTML](15) [PDF 2097KB](77)
Whether "chain master" can give full play to their "leading goose" is of great significance for leading the collaborative development of enterprises in the chain and promoting the security level of the industrial chain and supply chain. Based on the data of A-share listed enterprises from 2009 to 2019, this research finds that the "chain master" can exert the "leading goose effect", which can drive enterprises in the chain to improve their total factor productivity through three ways: strengthening risk management, optimizing resource allocation, and improving the ability of technology innovation. Further analysis shows that such effect becomes more positive as leading-chain enterprises are in downstream industrial chain and supply chain with high-level digital transformation and competitive geographical proximity. The research not only deepens the understanding of the vertical industrial leadership ability of "chain leader" enterprises, but also responds to the relevant policy requirements of developing the industrial chain and supply chain empowered by new quality productive forces. It also provides certain academic references for improving security and modernization of the industrial chain and supply chain, facilitating the development of new quality productive forces.
Fiscal and Public Administration
Tax Sharing, Fiscal Incentives, and Market Integration: Evidence from the "Five-to-Five" Sharing Reform of VAT
JIN Qu, ZHANG Yi-ling, ZHAN Xin-yu
2024, 39(3): 66-78.  
[Abstract](30) [FullText HTML](19) [PDF 1712KB](1)
Fiscal and tax policies are the institutional guarantee for macroeconomic operation, playing a significant role in building a united national market and promoting Chinese path to modernization. Adopting the price method assessing market integration at the prefecture-level cities from 2009 to 2020, this paper builds a difference-in-differences model with an intensity index based on 2016 value-added tax reform being an exogenous shock, to investigate the effect of fiscal incentives on market integration. The results indicate that the fiscal incentives generated by the increase in tax sharing ratio are conducive to market integration, which is more pronounced in cities with high marketization index, high-level market integration, and larger population. The mechanism analysis shows that increasing the proportion of tax sharing encourages local governments to engage in tax competition and fiscal expenditure competition. In addition, tax competition has a negative impact on market integration, while fiscal expenditure competition has a positive effect. Further analysis indicates that an increase in the proportion of tax sharing will contribute to achieving common prosperity in the process of building a unified national market. Therefore, the governments should reform the performance evaluation system and standardize local governmental behaviors in tax competition, accelerate the transformation of government functions, establish a rule of law approach to government governance and a service government, and introduce such policy recommendations as improving the tax sharing system and optimizing fiscal incentive mechanisms.
Green Economy and Three Rural Issues
Intelligentization of Circulation Industry and Balanced Urban-Rural Development: From the Perspective of Consumption Gap between Urban and Rural Residents
MENG Hao-yun, ZHANG Yang
2024, 39(3): 79-94.  
[Abstract](24) [FullText HTML](13) [PDF 2335KB](2)
In the context of the new development paradigm, fostering the intelligentization of the circulation industry emerges as pivotal role in unlocking domestic and international dual circulation while addressing the disparities in urban and rural development. Through the lens of the consumption gap between urban and rural residents and Marx's social reproduction theory, this study elucidates that how the intelligentization of the circulation industry affects the balanced urban-rural development in the production, distribution, exchange, and consumption. Drawing upon the panel data of 285 Chinese cities from 2002 to 2022, this paper analyzes the impacts and mechanisms through which the intelligentization of the circulation industry influences the consumption gap between urban and rural residents. The findings reveal regional disparities in the consumption gap between urban and rural residents, and intelligentization of the circulation industry as well. Moreover, the intelligentization of the circulation industry demonstrates resilience in the face of adverse macroeconomic shocks while exhibiting potential for development amidst favorable macroeconomic circumstances. Notably, the intelligentization of the circulation industry significantly mitigates the consumption gap between urban and rural residents by facilitating the upgrading of regional industrial structures, narrowing the income differentials between urban and rural inhabitants, and fostering the growth of e-commerce, with the most pronounced effects observed in the western regions. Consequently, the intelligent transformation of the circulation industry, coupled with efforts to bridge the regional digital divide and regulate the development of economic development can provide robust support for boosting residents' consumption and advancing balanced urban-rural development.
A Study on the Impact of China-Europe Railway Express on Green Total Factor Productivity in Chinese Cities
XIAO Ting, CHEN Zhou-yong
2024, 39(3): 95-113.  
[Abstract](34) [FullText HTML](17) [PDF 2787KB](1)
In the context of high-standard opening-up, the opening of the China-Europe Railway Express may have a profound impact on the regional economy and environment. Based on the panel data of prefecture-level cities in China from 2008 to 2019, this paper analyzes the effects and mechanisms between the China-Europe Railway Express and the green total factor productivity of China's cities by using the stacked DID method. The results indicate that the China-Europe Railway Express significantly promotes the green total factor productivity of China's node cities, with heterogeneity among channels, regions, and coverage, and that China-Europe Railway Express improves the green total factor productivity of the node cities mainly by promoting green innovation, industrial agglomeration, and alleviating financing constraints. Therefore, it is necessary to encourage, support and guide more Chinese cities to become the node cities of the China-Europe Railway Express, so as to expand the range of the domestic node cities to radiate overseas markets. At the same time, the node cities should enhance their green innovation, improve the related infrastructure, create a favorable business environment, and attract more capital and high-end industries to help their high-quality development.
Law and Economics
Construction of Intellectual Property System and Corporate Digital Technology Innovation: Evidence from Chinese Listed Manufacturing Companies
ZHONG Jian, FENG Zheng
2024, 39(3): 114-128.  
[Abstract](41) [FullText HTML](20) [PDF 2453KB](1)
In the context of accelerating the development of digital economy, intellectual property protection, as an important policy tool for external governance, has a significant impact on corporate digital technology innovation. Taking the construction of the intellectual property demonstration city as a quasi-natural experiment, this paper, based on the data of Chinese listed A-share manufacturing enterprises from 2009 to 2019, adopts the difference-in-differences model with multiple time periods to analyze the impact of development of the intellectual property demonstration city on the digital technology innovation of enterprises and its intrinsic mechanism. It is found that the construction of intellectual property demonstration city can significantly promote corporate digital technology innovation, and this conclusion remains unchanged after a series of robustness tests. Heterogeneity analysis shows that the building of intellectual property demonstration city has a more visible effect on promoting digital technology innovation of non-state-owned enterprises, enterprises in highly competitive industries and enterprises in areas of high-quality financial development. The mechanism tests indicate that the development of intellectual property demonstration city promotes enterprises' digital technology innovation by improving intellectual property protection, enlarging the technology market size and increasing enterprises' innovation investment. Further analysis reveals that digital resource allocation in regions, the government's attention to the digital domain and the vitality of corporate internal governance can all play significant positive moderating roles. In addition, the construction of intellectual property demonstration city has the strongest role in promoting innovation in data-element-driven industries. This paper expands the relevant research in the construction of intellectual property system and digital technology innovation, which provides an important reference for optimizing the policy design of intellectual property and promoting digital technology innovation.

The Development of Digital Inclusive Finance and Industrial Structure Upgrading: Empirical Evidence from 283 Cities
TANG Wen-jin, LI Shuang, TAO Yun-qing
2019, 34(6): 35-49.  
[Abstract](1318) [FullText HTML](575) [PDF 1511KB](261)
数字普惠金融发展对产业结构升级具有重要积极意义。在对数字普惠金融发展与产业结构升级之间的关系进行理论分析的基础上, 基于283个地级以上城市2011—2015年的面板数据, 采用面板门槛模型等回归方法, 实证分析数字普惠金融发展及其各维度发展与产业结构升级之间的关系。结果表明: 数字普惠金融发展与产业结构升级之间存在非线性关系; 数字普惠金融发展存在瓶颈, 具有门槛效应; 数字普惠金融覆盖广度对产业结构升级具有长期且显著的促进作用, 数字普惠金融的使用深度和数字化程度与产业结构升级之间存在非线性关系; 不同区域的数字普惠金融发展对产业结构升级的非线性效应具有异质性, 对产业结构升级的正效应从东部到中西部逐级增强。因而政府部门和金融机构应加大建设数字金融基础设施的力度, 尤其要重视增加落后地区的普惠金融服务供给和提升其数字化程度, 同时, 也要防止数字普惠金融的过度发展为产业结构升级带来负的外部效应。
The Development of Digital Economy and the Transformation and Upgrading of Industrial Structure: Based on the Heterogeneity Test of 275 Cities in China
LI Zhi-guo, CHE Shuai, WANG Jie
2021, 36(5): 27-40.  
[Abstract](1732) [FullText HTML](1047) [PDF 1016KB](178)
On Effects of Digital Economy on China's High-quality Going-global of Manufacturing Industry in the Perspective of Export Technical Complexity Upgrading
YU Shan, FAN Xiu-feng, JIANG Hao-wen
2021, 36(2): 16-27.  
[Abstract](907) [FullText HTML](839) [PDF 997KB](99)
The Impact of Co-agglomeration of Producer Services and Manufacturing Industries on the Enterprise's Innovation
LIU Sheng, LI Wen-xiu, CHEN CHEN Xiu-ying
2019, 34(3): 43-53.  
[Abstract](343) [FullText HTML](301) [PDF 1018KB](44)
On Mechanism Analysis and Effect of Digital Economy on the Promotion of High-quality Economic Development
CHEN Zhao, CHEN Zhao-yong, TAN Wei-jie
2022, 37(3): 4-20.  
[Abstract](787) [FullText HTML](1404) [PDF 1116KB](289)
Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality
HUA Bing, QIAO Xiao-long
2021, 36(1): 98-112.  
[Abstract](597) [FullText HTML](481) [PDF 1278KB](199)
The Impact and Its Performing Mechanism of Divestiture on Financial Performance
GUO Wei, GUO Ze-guang
2020, 35(2): 55-67.  
[Abstract](411) [FullText HTML](376) [PDF 984KB](128)
以2008—2017年我国A股上市公司为研究样本, 实证检验了资产剥离对企业财务绩效的影响及其作用机制。研究发现, 资产剥离的实施能够显著影响企业的财务绩效, 其对企业财务绩效的作用方向取决于剥离前企业的业绩基础, 即对于经营不佳的企业而言, 资产剥离损害了企业财务绩效, 反之则显著提升了企业财务绩效。机制检验表明, 融资约束在资产剥离与企业财务绩效的负向关系中发挥了中介效应, 投资效率在资产剥离与企业财务绩效的正向关系中发挥了中介效应。
Chinese Employee Stock Ownership Plan and Corporate Innovation: Interest Alignment or Market Capitalization Management
2021, 36(2): 69-85.  
[Abstract](388) [FullText HTML](249) [PDF 1035KB](153)
Environmental Regulation, Technological Innovation and the Green Development of Manufacturing
ZHANG Xiao-yun, LIU Jie-jiao, LI Bin
2020, 35(5): 48-57.  
[Abstract](589) [FullText HTML](338) [PDF 1020KB](95)
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
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.  
[Abstract](521) [FullText HTML](382) [PDF 1096KB](48)
2022, 37(4): .  
[Abstract](170) [FullText HTML](391) [PDF 651KB](391)
2023, 38(5): .  
[Abstract](78) [FullText HTML](148) [PDF 784KB](148)
Periodical Information

Bimonthly,Founded in 1986

Supervisor:Education Department of Guangdong Province

Sponsor:Guangdong University of Finance and Economics

Editor:Editorial Office of Journal of Guangdong University of Finance and Economics

Publisher:Periodical Center of Guangdong University of Finance and Economics

Editor-in-Chief:ZOU Xin-yue

Director:Guo Guangzhen

21 Luntou Road, Guangzhou


Standard serial number:
ISSN 1008-2506
CN 44-1711/F

Post Code:46-295

Domestic Sales:Guangdong Provincial Bureau of Newspapers and Periodicals

Distribution:Public offering at home and abroad

Price:10 yuan/period,The year 60 yuan

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