基于"双碳"目标约束和金融科技赋能高质量发展的时代背景下,研究金融科技的碳减排效应具有重要的现实意义.本文采用我国2011-2019年地级市面板数据,考察了金融科技的减排作用与绿色政策的调节作用.研究发现金融科技可以降低城市的碳排放强度,且呈显著的地域异质性,该结论在内生性及稳健性检验后依然成立;机制检验显示,金融科技通过促进企业创新、推动绿色金融发展助力城市减排;进一步分析发现,绿色政策的试点与环境目标的约束均对金融科技的减排作用存在正向调节作用.以上结论为如何利用金融科技与政策工具服务"双碳"目标、推进节能减排提供了有益启示.
With the development of digital economy entering the stage of high-speed growth, enterprises are trying to seek digital means to improve their innovation ability and create new advantages for their competition. Under this background, enterprises are increasing their investment in digital technology, and digital mergers and acquisitions are becoming more and more important. Based on the digital M＆A panel data of China’s A-share listed companies from 2010 to 2020, this paper uses PSM-DID method to empirically discuss the impact of digital M＆A on enterprise innovation and its mechanism. The results show that digital M＆A significantly promotes enterprise innovation, and digital transformation plays a positive mediating role. Knowledge base positively moderates the mediating effect of digital transformation between digital M＆A and enterprise innovation. Heterogeneity analysis shows that enterprises in digital economy industry and enterprises in growth stage and mature stage are more likely to benefit from digital M＆A. The positive influence of digital M＆A on enterprise innovation is not significant in non-digital industry enterprises and enterprises in recession period. The research conclusions of this paper provide empirical evidence for the government to improve and strengthen the digital economy and accelerate the digital transformation of enterprises to improve the level of innovation.
研发费用加计扣除政策是弥补研发投资市场失灵,促进企业高质量发展的重要举措,而防止实体企业过度金融化是实现高质量发展的必然要求.本文以2015年研发费用加计扣除政策为准自然实验,使用2013-2019年A股上市公司数据,采用双重差分法探讨研发费用加计扣除政策对企业金融化的影响.研究发现,研发费用加计扣除政策抑制了实体企业金融化.作用机制分析表明,研发费用加计扣除政策通过增加内部现金流缓解企业持有金融资产的"蓄水池"动机,通过提高主业业绩削弱企业持有金融资产的"投资替代"动机,从而抑制了金融化.与国有企业和成熟期、衰退期企业相比,研发费用加计扣除政策更能够抑制非国有企业、成长期企业的金融化.本文从金融化视角分析研发费用加计扣除政策的作用效果,对现有文献进行了有益补充,对于重塑金融化政策范式,进一步科学优化政策设计具有积极意义.
财政锦标赛作为政治锦标赛的主要内容之一,是研究"减税难降负"现象的重要视角.与既有文献从税收征管、财政压力、官员激励等视角展开分析不同,本文基于目标激励的财政锦标赛体系,利用2013-2019年中国省市两级政府工作报告中的数据及上市公司数据,实证检验地方财政收入目标对企业税负的影响效应及作用机制.研究发现:地方财政收入目标及其层层加码会对企业税负产生显著的正向影响,但其特征约束对企业税负的影响不显著.地方财政收入目标及其层层加码会通过提高税收征管力度的方式加剧企业税负,同时其对企业税负的影响存在显著的产权异质性和时间异质性.本文丰富了"减税难降负"的制度因素相关研究,为优化财政收入目标管理及降低企业税负、深化供给侧结构性改革提供了理论借鉴.
科技创新是实现我国高质量发展战略目标的强大动力,而政府的财政竞争是提高区域科技创新效率的关键.本文以竞争方式不同将其分为税收竞争和财政支出竞争,利用2007-2020年的省级面板数据,实证研究二者对区域科技创新效率的影响.研究发现:我国区域科技创新效率总体上呈现波动上升的趋势,但新冠肺炎的冲击使其明显下降;税收竞争显著抑制区域科技创新效率的提升,而财政支出竞争则起促进作用;产业结构升级在税收竞争和财政支出竞争的作用过程中起门槛作用,当产业结构升级水平较高时,税收竞争和财政支出竞争对区域创新效率的负面影响下降、正面影响增强;过度的税收竞争和过度的财政支出竞争均不利于区域科技创新效率,目前我国税收竞争更多地处于过度状态,而财政支出竞争还有一定的上升空间.据此,政府应规范使用财税手段参与竞争,重视推进产业结构升级,提高区域科技创新效率.
资本结构动态调整对增强微观主体自主活力、提高企业高质量发展具有重要意义.本文以2011-2020年中国A股上市公司为样本数据,检验数字金融对资本结构的优化作用.研究发现,数字金融显著提升企业资本结构调整速度,并且向下调整速度快于向上调整速度.进一步研究发现,随着数字金融发展水平提升,国有企业向下调整速度以及非国有企业向上调整速度更加显著;数字金融通过增加(减少)企业获得长期债务融资的可能性提升向上(向下)调整速度.
实现共同富裕是社会主义的本质要求,强调"做大蛋糕"与"分好蛋糕"的辩证统一.本研究聚焦数字经济与共同富裕两大发展战略,构建省际共同富裕指数,利用2011-2020年我国30个省市的面板数据对数字经济与"做大蛋糕"和"分好蛋糕"的内在机理进行实证检验.研究发现:数字经济能够显著促进"做大蛋糕",并能在"分好蛋糕"的基础上,进一步促进"蛋糕"做大;数字经济能够"分好蛋糕"是以"做大蛋糕"为前提的.机制分析表明,产业结构调整是数字经济促进"做大蛋糕"和"分好蛋糕"的中介变量,创业活跃度仅是数字经济对"做大蛋糕"的中介变量,对"分好蛋糕"的中介作用不显著.进一步研究发现,数字经济对"做大蛋糕"和"分好蛋糕"的影响存在明显的区域异质性,同时,数字经济对于"做大蛋糕"和"分好蛋糕"的内部构成也存在显著的异质性.在数字经济时代下"做大蛋糕"和"分好蛋糕",既需要推广数字技术,打造创业平台,调整产业结构,也需要完善房地产政策和农村医疗卫生保障制度.
现有关于数字化转型影响绿色创新的研究多聚焦于线性关系,鲜有研究关注这两者间的非线性关系.本文基于中国制造业上市企业2011-2020年数据,检验了数字化转型对绿色创新的影响,以及存在网络效应的非线性关系,并进一步基于所有权性质进行差异分析.研究发现:数字化转型提升企业信息共享水平和资源配置效率,进而促进绿色创新.数字化转型对绿色创新的正向促进作用是非线性的,随着数字化技术用户规模增加,其促进作用会跳跃性地变大,即存在网络效应.异质性分析表明,国有企业数字化转型对绿色创新的促进效果更明显,且仅有国有企业数字化转型对绿色创新有非线性促进效果,存在网络效应.本文不仅揭示了数字化转型对绿色创新存在非线性影响和所有权性质差异影响,同时也为我国推动数字经济赋能绿色发展提供了经验证据.
经济政策是政府塑造企业外部环境的重要工具.本文关注宏观经济政策不确定性可能导致公司违规的动因、传导机制以及可行的应对策略.选取2006-2019年沪深A股非金融类上市公司数据,针对资本市场中不同公司违规类型和违规风险指标进行实证分析.研究发现,经济政策不确定性的提高会显著增大公司违规动机和严重程度,流动性约束和信息透明度是重要的传导机制,在经济政策不确定性冲击下,企业流动性约束加大、信息透明度下降,进而显著提高公司违规的概率.采用多种方法进行内生性问题处理后,这一结论依然成立.异质性分析表明,改善公司治理水平,提升财务柔性,增强经营能力,能够有效缓解经济政策不确定性引发的违规风险.上述结论为政府部门、市场主体和投资者稳定预期、防范风险提供了经验证据.
With the vigorous development and full penetration of the new generation of digital information technology, the paradigm of innovation has changed. The emergence of digital innovation provides new impetus and opportunity for reshaping the current innovative economic system and deepening the high-quality economic development under the background of the digital economy. From the perspective of synergy theory, this paper theoretically explores the synergy mechanism between digital innovation and high-quality economic development, and further uses the provincial panel data from 2013 to 2019 to build a dual-system coupling coordination model of “digital innovation-high-quality economic development”, and empirically tests the synergy effect and dynamic evolution of digital innovation and high-quality economic development in China. It is found that: First, the matching degree between digital innovation and high-quality economic development determines the quality of economic development. There is a close relationship between digital innovation and high-quality economic development in most provinces of China, and there is a high matching degree between them. Second, the integration of digital innovation and high-quality economic development determines the synergy effect of high-quality economic development. Most of China’s digital innovation and high-quality economic development is in a moderate or mild imbalance. The fundamental reason for the long-term imbalance between regional digital innovation and high-quality economic development lies in the fact that digital innovation lags behind high-quality economic development for a long time. Third, there is significant regional heterogeneity in the synergy between digital innovation and high-quality economic development in various regions of China. From the perspective of spatial location, it is found that the synergy between digital innovation and high-quality economic development has the spatial spillover effects of “being good neighbors” and “begging neighbors”. This study provides theoretical support for the coordinated evolution of digital innovation and high-quality economic development and also provides a realistic basis for comprehensively grasping the coordinated status of digital innovation and high-quality economic development in various regions and scientifically formulating differentiated development strategies.
基于开放创新背景,选取2012-2019年中国A股制造业上市公司数据,建立面板Tobit回归模型,探讨市场竞争强度对企业开放度的影响.研究发现,市场竞争与企业创新开放度呈现倒U型曲线关系.当市场处于弱竞争程度时,为提升创新绩效,企业会根据自身吸收能力不断扩大开放边界,以获得异质性资源和能力;当市场处于强竞争,企业开放创新边际收益开始递减时,企业会根据吸收能力调整开放边界,保护自身的既得利益.企业的吸收能力越强,在市场竞争中越倾向于开放合作.
Digital economy is playing an increasingly important role in China’s economic development, but its characteristics of ambiguous value attribution and cross regional real-time transactions have a negative impact on current tax distribution pattern. From the perspective of Value-added Tax（VAT）, this paper examines the impact of digital economy on regional horizontal tax distribution and its mechanism by using provincial panel data from 2007 to 2019. The research finds that the digital economy has widened the inter-regional tax gap of VAT, and this conclusion is still valid after using instrumental variables to test the endogenous problem. The digital economy has worsened the imbalance of horizontal tax distribution by deepening the divergence between tax revenue and tax sources. Further research shows that different factors of digital economy have significant differences in the impact of tax distribution between regions, among which the factor with the higher virtuality, the greater the impact on the imbalance. This paper provides empirical evidence for the impact of digital economy on horizontal tax distribution, and theoretical supports for tax reform in the context of digital economy.
Agriculture is the foundation of a country. Understanding the policy efficacy and mechanism of tax reduction in reshaping the momentum of the rural economy is particularly important for promoting the development strategy of rural revitalization and achieving common prosperity. Based on the policy characteristics of China’s “package” large-scale tax reduction, this paper evaluates the positive effect of tax reduction of main tax categories on the reconstruction of rural economic momentum from the dual perspectives of “new kinetic energy cultivation” and “traditional kinetic energy transformation”. The study found that VAT reduction can be achieved through two channels: rationalization of agricultural industrial structure and rural consumption upgrade, while promoting the reshaping of rural economic kinetic energy from the dual paths of “new kinetic energy cultivation” and “traditional kinetic energy transformation”. The reduction of corporate income tax mainly accelerates the “cultivation of new kinetic energy” in the rural economy by promoting the advanced process of rural human capital. The personal income tax reduction takes advantage of the two channels of rural consumption upgrading and human capital upgrading, and promotes the “cultivation of new kinetic energy” and the “transformation of traditional kinetic energy” in the rural economy.
本文基于2007-2021年A股上市公司数据,运用双重差分法检验了 2015年"限薪令"对国企投资偏好的影响.研究结果发现:2015年"限薪令"总体提升了国企实业投资水平,抑制了金融投资倾向,且这种趋势会随着时间推移而增强;从具体投资类型看,实业投资的扩大主要以创新投资带动,对金融投资的抑制主要来 自短期金融投资减少;影响机制分析得出,2015年"限薪令"通过激发高管长期动机,增强高管努力程度来影响国企投资偏好,而股权激励会对薪酬管制下的国企"脱虚向实"起到正向调节作用;异质性分析得出,2015年"限薪令"对竞争型国企的投资偏好影响显著,而对垄断型国企没有影响;三次薪酬管制对比分析得出,2009年"限薪令"对国企投资偏好没有影响,2012年"八项规定"和2015年"限薪令"对国企投资偏好存在同方向影响,但影响效果前者只有后者的一半.本文的研究为当前国企薪酬制度改革和国企"脱虚向实"发展提供了有益启示.
Inter-bank network connectedness and economic fluctuations are important sources of the banking systemic risk. Based on the perspective that economic fluctuations endogenously affect the systemic risk of banking, this paper combines SCCA model with Markov regime switching model to quantify the impact of inter-bank network connectedness and economic fluctuations on the systemic risk, and analyzes the impact of different types of banks on different risk sources. This paper takes 14 listed banks as samples for empirical research, and finds that inter-bank network connectedness plays the role of risk bearing and risk spillover. There is a trade-off between network connectedness risk and internal vulnerability risk, while economic fluctuations mainly play the role of “synergist”. Morevoer, the banking systemic risk is a combination of the risk of large state-owned banks as well as small and medium-sized banks. The internal vulnerability risk and the impact of economic fluctuations on systemic risk mainly come from small and medium-sized banks, while the network connectedness risk mainly comes from large state-owned banks. Therefore, this paper suggests that different regulatory tools should be implemented for different sources of the banking systemic risk, and the cooperation between regulatory tools is needed. It is also necessary to adopt differentiated supervision requirements for different types of banks according to the specific risk sources.
中国扶贫治理战略已经从解决绝对贫困转化为治理相对贫困,如何在数字化时代治理相对贫困已成为新的工作重点.本文在梳理数字经济治理相对贫困文献的基础上,提出数字经济发展缓解农村多维相对贫困的作用机制,并利用2013-2020年省级平衡面板数据进行实证检验.研究发现,数字经济发展与农村多维相对贫困之间存在倒U型关系,即数字经济.发展初期因数字鸿沟会扩大农村多维相对贫困,随着数字经济发展深入则会缓解农村多维相对贫困状况.中介效应检验发现,数字经济能够通过影响农村创业机会与人力资本水平来缓解农村多维相对贫困.进一步研究发现,农村互联网基础设施建设的完善和教育投入的增加都可以显著地调节数字经济发展对农村多维相对贫困的影响,缓解数字经济发展初期扩大农村多维相对贫困的负面作用.
本文基于2005-2019年73个国家(地区)的年度数据,构建资本账户开放经济增长模型与资本账户开放金融风险模型,估算得出初始条件带来开放收益和减少风险代价的门槛水平,进而讨论中国全面开放资本账户的条件是否成熟.研究发现:第一,资本账户开放对经济增长和金融风险的影响均存在显著的门槛效应;第二,在现有金融发展与外贸依存度初始条件下,资本账户开放能够促进中国经济增长,因此现阶段中国扩大资本账户开放能够获得部分开放红利;第三,受制于金融发展、经济自由度和监管质量的不足,中国全面开放资本账户的条件尚未成熟.因此,本文认为,资本账户开放不宜操之过急,应当充分考虑自身经济金融改革和发展的实际情况,全面评估推动资本账户开放的收益与成本,并进一步加强跨境资本流动管理.
Based on organizational identity theory and resource orchestration theory, this paper used a sample of 212 firms to examine the impact of organizational identity change on business model spin-off and the mediating and moderating role of resource orchestration and environmental uncertainty in it. Research has found that, organizational identity change drives business model spin-off by considering firm’s market positioning, guiding members’ behavioral activities, breaking organizational inertia and improving problem-solving capabilities. The mediating effect test has found that organizational identity change leads to resource sharing and collaboration among different departments or members, which can effectively enhance firm resource orchestration and thus positively affect business model spin-off. The moderating effect test has found that environmental uncertainty exacerbates the difficulty of orchestrating internal and external resources and anticipating market changes, thus weakening the positive correlation between resource orchestration and business model spin-off, and the mediating effect of organizational identity change affecting business model spin-off through resource orchestration.
From the perspective of new structural economics, this paper uses mediated effects model, multivariate logit model, and quantile regression, and focuses on the structural impact of Internet applications on the labor productivity of rural households based on the China General Social Survey（CGSS）. It is found that, rural Internet applications resolve the “Solow paradox” through two paths: one is the direct effect, i.e., Internet applications as technology itself directly penetrate into specific labor production processes and thus have a direct impact on labor productivity; the other is the indirect effect, i.e., through the creative destruction mechanism changing the distribution of labor in urban and rural areas indirectly affects labor productivity. Moreover, it should be noted that, not only the direct and indirect effects, but also the creative and destructive effects are structural. Such structural changes have substantial impacts on the endowment structure of rural agriculture, especially on the labor productivity of farm households by upgrading and changing the quality and distribution of labor. Based on this, this paper emphasizes the importance of accurately identifying the role paths of Internet applications in the rural sector and their structural differences in order to better adapt to the wave of technological revolution in terms of institutional innovation and policy orientation, and to promote the construction of digital countryside.
本文以2017-2020年我国沪深A股上市公司为研究样本,以盈余管理为着力点,探究中小股东通过网络表达参与公司治理的作用机理.研究发现,中小股东"用嘴投票"对两类盈余管理的治理效应存在显著差异:中小股东网络表达能够发挥"监督效应"抑制应计盈余管理,但同时会对真实盈余管理产生"驱动效应";股东 自利行为所致的二类代理成本在中小股东网络表达差异化影响盈余管理的过程中发挥中介作用.进一步研究发现,中小股东的网络治理功能在违规处罚样本组中更为明显,股权集中度能够显著提升中小股东网络表达对两类盈余管理的影响程度,中小股东网络表达主要通过抑制应计盈余管理提升企业价值.
