作为交易所一线监管的重要手段,年报问询函制度的监管效果受到政策制定者与学术界的广泛关注.为了检验年报问询函对公司投资效率的影响,采用固定效应计量模型以2017-2019年中国A股主板上市公司为研究样本进行实证检验,结果表明:年报问询函能有效抑制被问询公司的非效率投资行为,且这种抑制效应会因问询回合、问询问题数量等特征而存在显著差异;进一步分析表明,公司所在地区的外部治理环境是年报问询函发挥其公司治理效应的重要边界条件.不仅丰富了年报问询函经济后果和企业投资效率影响因素的相关文献,也为完善资本市场监管体系和实现金融服务实体经济提供了参考.
党的二十大报告强调"推动绿色发展,促进人与 自然和谐共生",并从"降碳、减污、扩绿、增长"四个方面阐述绿色发展的具体实现路径,这对资源税改革提出了相应要求.资源税主要通过税收杠杆和级差收益调节主体行为、促进绿色发展.随着资源税改革的深入,资源税在促进资源合理开采、节约使用和保护环境方面发挥更重要的作用,其功能定位与绿色发展理念趋于一致.现行资源税仍存在与绿色发展不相适应之处,如征税范围偏窄、征收环节单一、收入划分尚待完善等.为更好地实现绿色发展目标,需进一步扩大资源税征收范围,将资源税与其他政策手段相配合.在财政体制方面,需进一步合理划分资源税收入归属.
防范和化解系统性金融风险是金融业的永恒主题.在全球贸易摩擦不断升级的背景下,全球供应链受阻、国际大宗商品价格剧烈波动、全球经济发展走向不确定等因素加剧了银行系统性风险.通过梳理国内外银行系统性风险相关文献研究成果,对系统性风险形成原因、测算方法、风险传染和溢出等方面进行总结评述,分析学界在银行系统性风险研究上已取得的成果及存在的不足,探索金融发展新趋势下未来研究方向和银行系统性风险评估与预警方法,以完善微观审慎与宏观审慎相结合的监管框架,守住不发生系统性风险的底线.
以黄河流域七大城市群为研究对象,首先厘清城镇化系统与人居环境系统的内在互动逻辑;其次构建指标体系,选取2003、2008、2013、2018年4个节点分别对城镇化系统与人居环境系统进行评价;最后探究二者的耦合协调发展趋势,并剖析影响其耦合协调的障碍因素.研究结果显示:2003-2018年,各城市群的耦合协调度不断向好发展,东北部城市群耦合协调水平始终处于发展前列,中部与西南部的城市群间耦合协调等级由轻度失调、濒临失调上升为初级协调与中级协调.支撑子系统和人口城镇化子系统是影响黄河流域城市群耦合协调发展的主要障碍.据此,从创新驱动、产业转型、生态修复以及区域联动方面对各城市群和流域总体提出改善建议.
基于已婚职业女性的线上调查数据,考察了我国0-3岁婴幼儿托育服务的发展现状、使用状况与效果.研究发现:首先,当前托育服务发展主要面临可及性较低且价格高昂带来的入托难、入托贵问题;其次,高薪、高学历且处于职业发展上升期的女性是使用托育服务的主要群体,而安全、机构声誉和家庭照料负担则是影响她们使用托育服务的三个最重要因素;最后,提高托育服务可及性、便利性和质量,降低托育服务价格有利于提高女性的生育意愿,同时托育服务有利于提升儿童的生活能力、认知和非认知能力,但对儿童健康存在一定消极影响.因此,提高托育服务可及性、降低托育服务成本,同时增加服务的多样性、保障服务的安全性,是构建普惠托育服务体系亟须解决的问题.
以2009-2020年沪深两市A股制造业上市公司为研究对象,实证检验了企业社会责任信息披露质量对绿色创新的影响及其影响机制.研究结果表明,制造业上市公司的社会责任信息披露质量越高,其绿色创新水平越高,且融资约束与代理成本在两者关系中发挥中介作用.异质性分析发现,这种正相关关系在国有企业、强制披露的企业中更为明显.为企业突破自身发展和规制困境以实现可持续发展、为投资者优化投资决策、为监管部门确定新的监管方向具有重要启示.
By taking the listed manufacturing companies in Shanghai and Shenzhen stock markets within the group framework from 2014 to 2020 as the research sample,this study empirically tests the impact of parentsubsidiary company’s senior executive linkage on internal control quality of the listed companies through multiple regression analysis.It is found that a.Parent-subsidiary company’s senior executive linkage can improve the internal control quality of listed companies;b.Compared with state-owned enterprise group,the parent-subsidiary company’s senior executive linkage in private enterprise group has a stronger positive effect on the internal control quality of the listed companies;c.The lower the degree of ownership and control separation of the actual controller,the stronger the positive effect of parent-subsidiary company’s senior executive linkage on the internal control quality of listed companies;and d.The shorter the average tenure of the senior executives,the stronger the positive effect of parent-subsidiary company’s senior executive linkage on the internal control quality of listed companies.Further research shows that parent-subsidiary senior executive linkage can effectively reduce the audit costs of listed companies by improving the internal control quality.The above conclusions have important reference significance for perfecting and optimizing the parent-subsidiary company’s governance mechanism in practice.
As the core of corporate governance, whether the decisions made by the board of directors are scientific determines the production efficiency of enterprises. By taking the listed companies in Shanghai and Shenzhen A-shares in China from 2008 to 2020 as samples, this study tests the impact of board fault zone on the total factor productivity of enterprises. The results show that board fault zone has a significant positive effect on promoting the total factor productivity of enterprises, but when the chairman of the board concurrently serves as the general manager of the company, the promoting effect of board fault zone on the total factor productivity of enterprises will be inhibited. From the perspective of internal environment, the impact of board fault zone on the total factor productivity of enterprises is more significant in the enterprises with higher internal control quality and in state-owned enterprises, while from the perspective of the external environment, the impact of board fault zone on the total factor productivity of enterprises is more significant in the enterprises in the areas with higher marketization degree.
Based on the panel data of 284 prefecture-level cities in China from 2005 to 2019 and taking China-Europe railway express opening as a quasi-natural experiment, this study empirically tests the impact and action mechanism of China-Europe railway express opening on the agglomeration of productive services and the agglomeration of manufacturing industries by using the multi-time point double difference model. It is found that China-Europe railway express opening leads to a biased industrial agglomeration tendency of “emphasizing service and despising manufacturing”, which is still valid after a series of robustness tests. The heterogeneity test shows that the industrial agglomeration effect of China-Europe railway express opening is more significant in the northern region city group and the cities with lower policy support intensity, and that after productive services agglomeration exceeds manufacturing industry agglomeration, China-Europe railway express opening will no longer significantly inhibit the agglomeration of manufacturing industries with the trend of collaborative industrial agglomeration beginning to appear. The mechanism test shows that China-Europe railway express opening can affect industrial agglomeration through opening up, regional innovation, financial development and other paths. Further analysis of China-Europe railway express entering the new development phase shows that transportation cost optimization, agglomeration demonstration center construction and multi-modal transportation development promote the high-quality development of China-Europe railway express and strengthen the industrial agglomeration effect of China-Europe railway express. This study provides a new perspective for studying the economic potential of China-Europe railway express opening, and provides a reference for optimizing the operation mode of China-Europe railway express.
Science and technology innovation policy is an important guarantee for rationally allocating innovation resources and promoting regional innovation capability.By taking the science and technology innovation policy texts from 31 provinces and municipalities in China as the case sample,this study analyzes and integrates the multiple causes and effects of the external leading-type policy and the internal driving-type policy on promoting regional innovation capability and its realization path by adopting the fsQCA method.The research results show that firstly,the interaction and matching of external leading-type policy and internal driving-type policy can effectively improve regional innovation capability;secondly,there exist differences in the path of influencing regional innovation capability,i.e.,the impact mode of high regional innovation capability is resources-supported enterprise innovation driving-type,resources-supported achievement transformation driving-type,and service-dominant financial-talent capital driving-type;and thirdly,the impact modes of non-high regional innovation capability are internal regulation-lacking type,innovation resources-lacking type and entrepreneurial subject-vacant type,and there exists an asymmetric relationship with the modes of high regional innovation capability.
Under the new development pattern, digital inclusive finance can provide financial support for entity enterprises by taking advantage of its characteristics of inclusiveness and targeting, help them solve financing difficulties, and provide new opportunities for the high-quality development of China economy. Based on the statistical data of 30 provinces in China from 2011 to 2020, this study measures the high-quality economic development index of each province by using the entropy method, and on this basis, empirically analyzes the impact of digital inclusive finance on high-quality economic development by adopting the panel model, spatial econometric model and intermediary effect model. The research findings show that digital inclusive finance can significantly promote the high-quality development of China economy while technology innovation plays an intermediary role in this process, and that digital inclusive finance has a positive spatial spillover effect on high-quality economic development. Accordingly, such policy and recommendations are put forward as making full use of the “digital dividend” brought by digital inclusive finance development and insisting innovation as the first driving force.
The Report to the 20th National Congress of the Communist Party of China puts forward that Chinese modernization is the modernization of a huge population, is the modernization of common prosperity for all, is the modernization of material and cultural-ethical advancement, is the modernization of harmony between humanity and nature, and is the modernization of peaceful development. Finance is the foundation and important pillar of national governance. The practical operation and institutional arrangement of finance are deeply rooted in the socialist modernization construction, and have been consistently playing a fundamental, institutional and safeguarding role in Chinese modernization journey. As Chinese modernization enters a new phase, it is necessary to continue deepening the reform of fiscal and taxation system, perfect the modern fiscal system, form a joint force among modern budget system, modern taxation system and financial transfer payment system, help build a modern socialist country in an all-round way, and comprehensively promote the great rejuvenation of the Chinese nation.
By sorting out the practical development data and academic research results of Internet financial risk supervision from 2005 to 2021, it is found that China Internet financial risk supervision has undergone four development phases, i.e., concept reform, legal reform, mode reform and focus reform, mainly including the following four typical modes: online banking risk supervision, crowdfunding risk supervision, third-party payment risk supervision and P2P network loan risk supervision. In practice, China Internet financial risk supervision mainly focuses on legal reform and mode reform, which has obvious sporty features and is different from the Internet financial risk supervision in the western developed countries. Meanwhile, China Internet financial risk supervision is facing three major challenges, i.e., the untimely matching of financial innovation and financial supervision, the difficulty in mastering the appropriateness of regulatory standards, and the difficulty in safeguarding the rights and interests of financial consumers. These research findings will help deepen the theoretical understanding and practical innovation of Internet financial risk supervision, and promote the sustained and high-quality development of China Internet financial risk supervision in the new era.
By using the balanced panel data of 29 provinces in China from 2015 to 2019, this study empirically tests the impact of platform economy on regional innovation capability from the dimension of nonlinear increase, spatial spillover and regional heterogeneity. It is found that firstly, platform economy has a significant positive impact on the promotion of regional innovation capacity, and this impact has a nonlinear feature of increasing marginal effect; secondly, platform economy breaks the regional barriers of innovation capability between different regions, and the innovation capability of the surrounding regions has a positive effect of mutual promotion with that of the local region, which is shown as a positive spillover effect; and thirdly, the positive effect of platform economy on regional innovation capability has regional heterogeneity with the eastern regions enjoying more platform economy dividends. This study deepens the understanding of the internal effects and regional differences of platform economy in promoting regional innovation, and provides the theoretical basis and practical suggestions for achieving coordinated regional innovation and high-quality economic development.
Contract breach penalty and liability regulation in carbon emission right trading have the significance of preventing the risk of carbon emission control units’ refusing to perform contracts and making up for the adverse consequences of illegal contract performance. The current contract breach penalty and liability regulation in carbon emission right trading have such problems as vague standards for contract breach penalty, narrow limitation of performance liability mode, inadequate consideration of the relationship between contract breach penalty standard limitation, liability regulation cost and performance goal achievement level as well as negligence of the synergistic effect of introducing the daily penalty system and the enterprise incentive system. Theoretically, the equitable conditions between contract breach penalty standards and liability mode limitation as well as between liability regulation cost and performance goal achievement level are proven so as to optimize the design of contract breach penalty and performance liability. In view of the experience and advantage of foreign countries in terms of penalty standard, mode limitation and graded progression of carbon emission right trading penalty system, it is suggested to gradually increase the contract breach cost of the enterprises that fail to meet the performance goal and set a reasonable penalty limitation, implement the “combined” penalty mode and strictly enforce the contract breach liability in carbon emission right trading, and perfect the supporting auxiliary measures in the detailed practical operation rules by referring to hierarchical progressive system and enterprise incentive policies.
The emigration status of the actual controller of the listed private companies will affect corporate financial behavior. By using the data of the listed private companies from 2010 to 2019, this study explores the impact of the emigration of listed private companies’ actual controllers on surplus management. It is found that the emigration status of the actual controllers of listed private companies has significantly improved the surplus management level of the listed companies and has positively adjusted the surplus. And it is found by further studying the impact of different emigration destinations that the emigration to the countries that have not signed extradition treaties with China can promote the relationship between emigration and surplus management. This study will provide some empirical evidence for investigating the impact of the actual controllers on corporate financial behavior from the new perspective of emigration status and will form a useful supplement to the relevant literature on the influencing factors of surplus management.
There exist differences and connections between social capital and cultural identity, both of which have a multi-level influence on labor mobility. By introducing cultural identity into the research framework of new migration economics, this study analyzes the independent and joint action mechanism of social capital and cultural identity on labor mobility, explores the intermediary effect of the two factors in the cyclic cumulative causality of labor mobility, and by adopting the data of China Family Panel Studies（CFPS） in 2010, 2014, 2016, 2018 and 2020, conducts an empirical research by using the logit model, panel threshold model and modified intermediary effect model with dependent variables as binary variables. The research results show that the higher level of family social capital and the lack of regional cultural identity jointly promote the generation of labor emigration decisions; the combination of social capital and cultural identity has a significant effect and promotes the long-term employment of the labor force in the immigration place through the community-type and Party-mass type influence; and meanwhile the two factors play a significant intermediary role in the cyclic cumulative causal effect in the process of labor mobility, but there is a difference in the cycle length.
Green development is an inevitable choice for enhancing China macroeconomic resilience, and green finance is an important guarantee to support green development. This study theoretically analyzes the action mechanism of green finance affecting macroeconomic resilience, constructs an evaluation index system of green finance and macroeconomic resilience by selecting the panel data of 30 provinces in China from 2011 to 2019, and based on the system GMM model and intermediary effect model, tests the influence effect of green finance development on China macroeconomic resilience. The results show that green finance development can significantly promote China macroeconomic resilience, among which the ability to cope with shocks is the highest, the ability to organize and coordinate ranks the second, and the ability to innovate and transform is the weakest; green finance development has obvious structural heterogeneity and regional heterogeneity in promoting economic resilience, and the regions with fast industrial upgrading, strong technological innovation and large development scale have stronger promoting effect; and that green finance development has a strong effect on promoting the economic resilience of the eastern provinces, followed by the central and western provinces. It is found further through conduction pathway that green finance can affect macroeconomic resilience through technological innovation and industrial structure upgrading, i.e., technological innovation and industrial structure upgrading play a partial intermediary role between green finance and macroeconomic resilience.
With the strategy of manufacturing power advancing, the high-quality development of “specialized, refined, unique and novel” enterprises has become the hot spot concerned by academic circles. With the documents related to “specialized, refined, unique and novel” enterprises in the past two decades selected from the CNKI database as the research object, this study conducts a visual knowledge atlas analysis by using the CiteSpace software and sorts them out from the perspective of literature age, author, organization, key words, research focus and trend evolution. It is found that a. With the increase of policy attention, the number of literature related to “specialized, refined, unique and novel” enterprises has shown a significant upward trend in recent years; b. At present, a stable core-author group has not formed domestically, and the exchange and cooperation between institutions are mostly limited to a certain region with less cooperative research; and c. Invisible champion, manufacturing industry, influencing factors and entrepreneurship are the hot spots of “specialized, refined, unique and novel” enterprise research. Finally, the research trends are predicted combined with time zone atlas and keyword emergence atlas, and it is suggested that the research on “specialized, refined, unique and novel” enterprises can make further exploration in broadening the scientific research cooperation network, exploring the enterprise innovation path and building development quality evaluation system, etc.
From the perspective of organizational ecology, the different operating combinations of new agricultural business entities are essentially an evolutionary process of their integration and symbiosis. Based on the symbiosis theory, this study constructs an integration and symbiosis system of new agricultural business entities and analyzes the stability of this system by adopting Logistic equation. The research findings show that China new agricultural business entities can be integrated into a mutualistic symbiosis system and develop into an integrated symmetric mutualistic symbiosis mode. Further logical analysis shows that establishing the symbiotic organization mode of “family farm（large professional household）+cooperative+agricultural enterprise” and “peasant household+ professional farmer cooperative+cooperative association+agricultural enterprise” may be a feasible path to ensure that the overall strength of each entity is equal so as to maintain the survival, stability and evolution of the symbiotic system. The research conclusions may have some enlightenment for deepening the theoretical interpretation of the integration and symbiosis of new agricultural business entities and guiding the coordinated development of new agricultural business entities.
