The legalization of government budgets and the disclosure of financial information are the core goals of the reform of public budget governance, which are crucial for achieving the modernization of local financial governance. From the new perspective of legalizing government budgets,and taking advantage of the implementation of the new Budget Law in 2015, this study empirically analyzes the impact of budget system reform on the efficiency of local financial governance by employing the Intensity Dual Difference Model（DID）. The findings show that the implementation of the new Budget Law is conducive to the disclosure of financial information, thereby improving the efficiency of local fiscal expenditure. Further analysis shows that the legalization of government budgets can improve the efficiency of local fiscal expenditures by improving fiscal transparency and strengthening government audit supervision. The more perfect the market institutional environment, the higher the efficiency of government governance, and the higher the level of public attention, the more obvious the improvement effect of the implementation of the new Budget Law on the efficiency of local financial expenditure will be. Therefore, it is necessary to accelerate the construction of the rule of law in government budgeting, promote the transparency of financial information, improve the long-term mechanism of budget supervision, constraints, and performance management, improve the governance capacity of local governments, establish a budget collaborative governance system with good interaction between the government and the public, and fully leverage the financial governance effect of the implementation of the new Budget Law.
This paper uses the Staggered Difference in Differences (DID) method to study the effects of green local government special bonds on carbon emission intensity based on China's provincial panel data from 2014 to 2021. The carbon emission reduction effect of issuing green local government special bonds is more significant when the financial pressure is higher. The carbon emission reduction effect of green local government special bonds is more significant in regions with high local financial emphasis on environmental protection, and also more significant in economically developed regions and eastern regions and the pilot areas of green finance.
With the fast development of information technology, to push the reconstruction of value chain through digital transformation has become an important strategic measure for many enterprises. From the theoretical perspective of digital empowerment, this paper explores how traditional enterprises can use digital technology to empower value creators in digital transformation, and then studies the continuous restructuring of enterprise value chain by combining the vertical single case study of Renhe Group, a traditional pharmaceutical enterprise. The findings show that:（1） during the process of digital transformation of the traditional enterprise, corporate value chain reconstruction experiences the evolution path of “optimization of internal value chain--integration of industrial value chain--construction of ecological value chain”;（2） digital technology can exert effect on enterprise value chain reconstruction, mainly through the empowerment on employee, customer, cooperation, process and product;（3） digitization drives ecological value chain construction to be the new competitive model, the construction ecological value chain is the main direction for enterprise value chain reconstruction in the era of digital economy. During the digital transformation of the traditional enterprises in the era of digital economy, to present the evolution path model of value chain reconstruction provides some management enlightenment for the traditional enterprisesto obtain systematic competitive advantages by constructing an ecological value chain with the help of digital technology.
As a leading force in a new round of scientific and technological revolution and industrial transformation, artificial intelligence（AI） is bound to have a profound impact on the high-quality development. Based on the panel data of 283 cities in China from 2008 to 2019 and bringing the employment structure of the labor force with different skills into the analytical framework of AI and high-quality development, this paper conducts an empirical study. The findings show that the application of AI can promote the upgrading of urban industrial structure, raise the level of urban technological innovation and green and low carbon, so as to further promote the high-quality development of the cities. From the perspective of theoretical mechanism, the application of AI can promote high-quality urban development by reducing the employment share of low-skilled labors and increasing the employment share of high-skilled labors. From the perspective of different regions, the application of AI in the eastern region can significantly promote the high-quality development of the cities, and the high-skilled labor force will strengthen the impact of AI on the high-quality development; while the application of AI in the northeast region will significantly inhibit the high-quality development,and the low-skilled labor force will intensify the inhibition of AI on the high-quality development.The above conclusions suggest that the application of AI should be actively promoted to enable the high-quality development. Meanwhile, different regions should formulate differentiated AI development strategies according to the objective realities, such as employment structure and so on.
Cultural confidence is a more fundamental, profound, and enduring force in national development, and the sustainability of cultural product trade is an important aspect of high-quality development of cultural trade. This paper for the first time uses the survey data of the world values to quantify cultural confidence. Based on the data of bilateral sextant cultural product trade statistics from 76 countries and regions worldwide from 2008 to 2017, it studies the impact of cultural confidence on the duration of cultural product export trade with the analytical method of discrete time survival model. The research results indicate that the cultural confidence, with full recognition and firm confidence in China’s own excellent cultural values and cultural vitality as the important content, will play a significant promoting role in the sustainability of cultural product export trade. Social trust is an important channel for cultural confidence to promote the duration of cultural product export trade.Cultural confidence also plays a regulatory role in the relationship between cultural distance and the duration of cultural product trade, indirectly promoting the sustainability of cultural product export trade. Therefore, attaching great importance to the cultivation and enhancement of cultural confidence is of great guiding significance for promoting the sustainable development of China’s cultural product trade. The government should increase the excavation, protection, and promotion of excellent traditional culture, and expand the international influence and the influencing range of Chinese culture. Enterprises should fully attach importance to the integration and innovation of ethnic cultural elements in cultural products, making unique ethnic cultural resources the deepest foundation and richest nourishment for maintaining the long-term competitive advantage of cultural products.
Can institutional investors improve the transparency of corporate information disclosure and restrain the private-interest behaviors of the controlling shareholders by forming institutional investor groups through social network connection? This is a topic worth indepth study. Taking A-share listed companies from 2016 to 2020 as the research samples, this paper identifies the shareholding of institutional investors groups from the network of institutional investors based on social network algorithm, then it studies the influence of the shareholding of institutional groups on the information quality of critical audit matters（CAMs）. The findings show that the shareholding of institutional investor groups has significantly improved the information quality of CAMs, which is manifested as that the higher proportion of shares of the enterprises held by institutional investor groups, the more diversified the disclosure forms of CAMs, the more sufficient the disclosed content, the lower the text similarity, and the higher the readability of the text. The results of the mechanism study show that the shareholding of institutional investor groups can realize the improvement of the information quality of CAMs mainly through the information supervision effect. The cross sectional analysis reveals that the information quality of CAMs is higher in the groups without institutional investor visits or with share-holdings of the long-term institutional investor groups. The above conclusions imply that in order to improve the information quality of CAMs, the auditors should have a macro-perspective of auditing the whole situation, the institutional investor groups should establish long-term value investment awareness and hold core investment concepts, and the supervision agencies should quicken the mechanism construction for the long-term institutional investors to participate in the markets.
The high-quality development of county economy is an inevitable requirement of Chinese-style modernization. For a long time, China’s county economy has bottle-neck problems in three aspects which cannot meet the requirements for the common prosperity for all, i.e., the insufficient investments in the county infrastructure and serious brain drain; the uneven levels of county economic development and difficult industrial transformation and upgrading; the lower efficiency in the use of county resources and incompetent economic radiation drive capacity. Under the impact of the domestic and foreign economic downturn and the outbreak of novel coronavirus infection, China’s county economic development is faced with more difficulties. The county-level finance is an important foundation for county economic development, and the healthy operation of county finance plays a key and fundamental role in promoting the high-quality county economic and social development. However,China’s county finance is obviously insufficient to support county economic development, mainly in terms of weak revenue growth, increased expenditure pressure, prominent local debt risks, and so on.In order to strengthen the financial foundation of counties and promote the high-quality development of county economies, this paper suggests to take measures from the following four aspects: the first is to reform the financial system and mechanism, increasing the income of urban and rural residents,and laying the foundation of common prosperity; the second is to promote the transformation of county industries, enhancing the vitality of county economies, and widening the sources of county finances; the third is to improve the fiscal policy and system, strengthening the management of financial income and expenditure, and improving the efficiency of financial funds; and the fourth is to strictly manage local debts, preventing the risks of local debts, and ensuring county economic security.
数字经济是我国经济高质量发展的重要创新力和推动力.自党的十八大以来,党中央高度重视数字经济发展,先后出台《数字经济发展战略纲要》《"十四五"数字经济发展规划》《数字中国建设整体布局规划》等政策措施,从国家层面对数字经济进行战略部署.党的二十大报告更明确提出:"加快发展数字经济,促进数字经济和实体经济深度融合,打造具有国际竞争力的数字产业集群."在新发展阶段,发挥数字经济对高质量发展的驱动作用需要深入把握二者之间的内在逻辑与影响机制,构建数字经济与中国实体经济深度融合的发展路径.由西北大学经济管理学院茹少峰教授和博士生张青撰写的《数字经济赋能经济高质量发展》(人民出版社,2022年版)一书详细介绍了数字经济在具体经济领域中的作用机制,剖析了数字经济与高质量发展的内在联系,明确了数字经济赋能经济高质量发展的方向、路径以及所具有的重要意义.
Cultivating and strengthening the reserve army of high-quality talents is the fundamental guarantee for building a strong country with talents and enhancing the country’s economic resilience.By employing the double difference method and constructing a quasi-natural experiment based on theexogenous shock policy of university enrollment expansion in 1999, this paper conducts an empirical study with the result that the scale expansion of high-quality human capital caused by the university enrollment expansion policy can improve the resilience of China’s urban economy. The result of the mechanism test shows that the scale expansion of high-quality human capital can enhance the resilience of urban economy by promoting the entrepreneurial vitality of cities, raising the urban wage level, and strengthening the urban informatization level. The heterogeneity test shows that the improvement effect of high-quality human capital on urban economic resilience is more prominent in eastern cities, large-scale cities and cities with high economic development level. Therefore, it is necessary to implement the strategy of strengthening the country through talents and improve the quality of education in the institutions of higher learning; meanwhile, to increase the policy tilt to areas with backward education resources, optimize the fertility subsidy policy, and improve the supporting facilities of the fertility policy; in addition, to accelerate the construction of the policy support system for entrepreneurial cities, so as to enhance the economic resilience of China’s cities.
With the increasing number of listed companies joining strategic alliances, the capital market effects of strategic alliances and their function mechanisms have become significant research topics.This paper conducts an empirical test based on the related data of strategic alliance cooperation announcements issued by listed companies in China from 2009 to 2021. The findings show that joining strategic alliances can generally inhibit the future stock price crash risks faced by the enterprises. This inhibition effect is more significant in the samples with lower total factor productivity, higher financial risks, greater management power, and lower media attention, which indicates that improving enterprises’ resource allocation efficiency andoperational stability, and strengthening internal and external supervision of the alliance are important paths for strategic alliances to reduce stock price crash risks. Further examination reveals that both equity strategic alliances and contractual strategic alliances can inhibit the stock price crash riskssignificantly. It is found after distinguishing the characteristics of the allied partiesthat this inhibition effect is more significant when the alliance object is a listed company and the nature of the enterprise is not a leading one. Therefore, the relevant government departments should create a favorable policy environment for listed companies to carry out strategic alliance cooperation, regulate the operation mechanism of the alliance, and give full play to the function of the strategic alliances to reduce the stock price crash risks and promote the steady and healthy development of the capital markets.
The environmental credit e valuation system is an environmental management means used by environmental protection departments to evaluate the environmental behaviors of enterprises,determine their credit rating, and make it publicly available to society. Then, can the environmental credit rating system exert any impact on the commercial credit financing of enterprises? By making use of the data of the A-share heavily polluting enterprisesin Shanghai and Shenzhen stock exchanges from 2014 to 2020, this paper explores the impact of the environmental credit rating system on corporate commercial credit financing. The findings show that the environmental credit rating system has a non-significant impact on the commercial credit financing of enterprises with better environmental credit, but it can significantly reduce the commercial credit financing of enterprises with poor environmental credit, indicating that the environmental credit rating system has a disciplinary effect on the commercial credit financing of the enterprises with poorer environmental credit. The cause lies in that the environmental credit rating system has increased the policy risks and market risks of enterprises with poorer environmental credit. Further research reveals that the incentive and disciplinary effects of the environmental credit rating system are more significant when the financial system is poorer and the industrial competition is fierce. Therefore, it is necessary to continue to optimize the environmental credit rating system, so as to strengthen the disciplining effect on the enterprises with poorer environmental credit.
Corporate leverage manipulating behaviors can increase both c orporate financial risks and systematic financial risks. From the perspective of information complementarity, this paper conducts an empirical analysis. The findings show that corporate digitalization can significantly lower the degree of its leverage manipulation, and that the digitalization has a more significant inhibiting effect on their leverage manipulation of the enterprises with weaker relationships with banks. The results of a mechanism test show that corporate digitalization increases the public information transparency of the enterprises with weaker relationships with banks, release financing constraints and inhibit the leverage manipulation of the enterprises. Further analysis reveals that the media attention, R＆D investment, and the strength of bank-firm relationships can play a moderating role in the impact of corporate digitalization on its leverage manipulation. The result of the economic consequence analysis indicates that corporate digitalization can adjust the leverage structure of the enterprises with weaker bank-firm relationship, promote the enterprises from virtual to real, optimize the efficiency of resource allocation of bank credit, and reduce bank dependence on collaterals. The above-mentioned conclusions not only clarify the channel through which corporate digitalization reduces corporate leverage manipulation from the perspective of information complementarity but also provide insights for promoting corporate digitalization, the development of bank-fintech, and the integration of digital technology and the real economy.
The upgrading of information technology has cultivated the new style of information industry, improved the innovation efficiency of the whole society and spawned digital economy. Aimed at the characteristics of the increasing development gap between the southern and north ern regions presented by the spatial pattern of digital economy of China, taking the“Opinions of the State Council on Promoting Innovation and Development of Cloud Computing and Cultivating New Forms of Information Industry”as the policy evaluation object, and combined with the data of digital industry development of 62 cities from 2010 to 2019, this paper employs the PSM-DID method to measure the effect of policy implementation on the spatial pattern of digital economy in China from the three aspects: the degree of production factor agglomeration, the scale of digital industrialization, and the level of digital industrial value. It also employs the“core-periphery”theory of spatial economics to analyze the inner mechanism of the evolution of spatial pattern of China’s digital economy. The findings show that the implementation of the policy has accelerated the regional agglomeration of the three production factors of digital industry: human resources, capitals and lands. The scale of the regional digital industrialization has also been expanded, while no significant influence is found on the promotion of the level of industrial contribution and the level of industrial value of the regional data factor.Meanwhile, there is regional heterogeneity in the net effect of the policy implementation; the promoting effect of the policy implementation on the agglomeration of production factors and the expansion of industrial scale is obviously greater in the southern region than that in the northern region.
Cross-border M＆A is not just a game between the target and the acquirer, the consultant is another important party in the transaction. However, the existing studies pay little attention to the role of consultant teams in cross-border M＆As. Taking the cross-border M＆As initiated by Chinese enterprises as analyzing targets, this paper studies the influence of the consultant teams hired by the acquirers on the duration of cross-border M＆As.The results show that the larger the team of consultants, the longer the M＆A transaction lasts. This conclusion is still valid after a series of robustness tests with instrumental variables, etc.. In addition, if the consultant team has abundant host country experience, or when the target is a public-listed company, the above-mentioned effect will be weakened. When the transaction is properly-ordered M＆As or the top management team of the acquirer has rich overseas experience, the above effect will be strengthened. The above conclusions have complemented the previous literatures on the role of consultants in M＆As, and enriched the understanding of the process before the completion of M＆As of the existing literatures. Meanwhile, the results indicate that multinational enterprises should select appropriate consultant team in accordance with the characteristics of M＆A transaction to improve the efficiency. Thus, this study provides important theoretical references for enterprises to carry out cross-border M＆As.
准确把握我国相对贫困现状需要在弱相对贫困线的基础上度量相对贫困发生率及其变化趋势.利用中国家庭金融调查2013-2019年四轮微观调查数据的实证研究显示,弱相对贫困线上限的变化趋势慢于人均收入的增长趋势.这表明基于传统收入比例法得到的相对贫困线会高估相对贫困发生率.数据分析也表明,无论分城乡还是分区域,相对贫困发生率均呈下降趋势;农村和东部地区相对贫困发生率分别高于城市和西部地区.样本期间,相对贫困分布的区域集中程度上升,相对贫困发生率呈现从高水平分散向低水平集中转变的特征.因此,重视城乡、区域之间的差异,因地制宜精准施策是相对贫困治理的重点.
随着直线经理逐渐在企业人力资源执行中扮演重要角色,如何通过培训提升不同价值观直线经理的人力资源执行效果成为企业面临的重要现实问题.然而,以往的人力资源执行研究较少关注直线经理的特征如何影响培训对其人力资源执行效果的作用.基于社会信息加工理论,探讨了人力资源培训对不同价值观直线经理的人力资源执行效果产生的影响差异.通过对213位经理、213位人力专员以及1252名员工的多时点配对问卷进行分析,研究结果表明:人力资源培训能够显著激发直线经理的人力资源执行行为,此过程受到直线经理人力资源价值观的调节;直线经理的人力资源执行行为与员工人力资源执行效果感知存在显著正相关关系.进一步,人力资源培训与直线经理人力资源价值观的交互作用通过直线经理人力资源执行行为对员工人力资源执行效果感知产生积极影响,即当人力资源价值观低的直线经理接受人力资源培训时,其人力资源执行行为更容易得到提升,进而强化员工的人力资源执行效果感知.研究结论不仅拓宽了培训的作用边界研究,还为培训与人力资源执行效果关系的研究提供了新视角,为企业提升人力资源执行效果提供了重要的实践启示.
利用WITS关税数据库和BACI微观贸易数据库,基于进口产品质量前沿距离理论模型,在测算中国数字产业出口产品质量升级标准化指数的基础上,研究关税税率政策与进口产品质量前沿距离对出口产品质量的影响机理.通过构建微观层面的系统广义矩估计动态面板数据模型,实证研究发现中国出口产品质量呈上升趋势,其动力源自贸易政策的调整和进口产品质量前沿距离的缩小;关税税率降低对单位产品价值波动有较大影响,进而交叉影响进口产品质量前沿距离,导致出口产品质量升级得以实现.异质性分析表明,高、低质量前沿产品,高、低关税产品和不同数字产业产品的政策效应差别较大.
优化政府间财政关系和建立科学规范的预算制度是深化财政改革的两个重要方面.对传统预算的分析表明:分级预算的概念容易导致转移支付分配和预算过程的脱嵌,从而引发重复预算、预算碎片化、预算软约束等一系列问题,而"政府间预算"作为一种跨层级的预算概念有助于实现二者之间的耦合.理论分析表明:"政府间预算"具有双重预算主体、两个预算维度,预算流程上下交互,被援助方收入不确定,支出软约束的特点.党的十八大以来财政领域的改革已经在上述五个方面作了很多改善,但"政府间预算"仍需优化.因此需要进一步明确预算参与主体的职能分工、细化专项转移支付分配、在"自上而下"的预算流程中吸纳"自下而上"需求、提高被援助方收入确定性、平衡支出控制与弹性、共享政府间预算信息,从而不断提高政府间预算的有效性.
在产融结合的背景下,研究公司银行股权投资如何影响商业信用提供具有重要的现实意义.基于2007-2020年我国A股上市公司的数据,研究发现,银行股权投资挤出了商业信用提供,投资比例越高,对商业信用提供的挤出作用越显著;在使用Heckman两阶段模型缓解样本自选择偏差、使用工具变量及广义矩估计法缓解双向因果关系所产生的内生性问题后,以上结论仍然成立.作用渠道分析发现,银行股权投资通过提高公司的金融资产投资、提高公司的投资收益、提升公司的竞争能力三个渠道挤出商业信用提供.异质性检验发现,与投资非上市银行相比,企业投资上市银行对商业信用提供的挤出效应更为显著.因此,规范银行股东的金融资产投资行为,引导实体企业专注主营业务发展,将有助于缓解银行股权投资对商业信用提供的挤出效应.
以2017-2019年出现股权质押风险的民营上市公司为研究样本,理论分析国有资本参股民营企业对其获取地方政府纾困的影响并进行实证检验.研究发现,在出现股权质押风险的民营企业中,国有资本参股的民营企业获取地方政府纾困的概率和力度更大;国有资本的比例越大,民营企业获取纾困的概率和力度越大.进一步研究发现,在民营企业属于战略性新兴产业、市场化程度较高的地区以及异地国有资本参股的样本中,上述促进作用更不明显.在纾困效果方面,获得纾困的民营企业的股权质押风险得到缓解,短期市场反应为正;纾困力度越大,纾困效果越显著.上述研究结果表明,国有资本参股有助于民营企业获取地方政府纾困,从而缓解了民营企业的股权质押风险.
