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Financial Development, Environmental Regulations and Green Economic Transition 金融发展、环境法规与绿色经济转型
IF 2.4 Q2 ECONOMICS Pub Date : 2021-11-03 DOI: 10.16538/J.CNKI.JFE.20210918.301
Zhang Jianpeng, C. Shiyi
With the global deterioration of ecology and the widening of inequality, achieving green, inclusive and sustainable economic growth has received worldwide recognition. The essence of green transition is the revolution of development mode, which requires a large amount of environmental investment, including enterprise pollution control and green RD on the other hand, the supply capacity of green funds by the financial sector also needs to be improved, so as to reduce the environmental financing constraints faced by enterprises. Therefore, financial development and environmental regulations can produce synergy at both ends of supply and demand of environmental investment and have a coordination effect on green economic transition. This paper exploits a comprehend dataset on the information of industrial production, pollution emission and green innovation of 284 cities in China from 2004 to 2015 to test the coordination effect. In recent years, the innovation and development of China’s financial system are reflected in local small financial institutions, in which the development of city commercial banks (CCB) has become an important symbol. With information advantages, more flexible supervision and diversified ownership structure, CCB can reduce information asymmetry in the lending process and alleviate the financing constraints faced by enterprises. Measuring the urban financial development based on the increase in the branches of CCB, this paper finds that local financial development can significantly reduce the industrial SO2 emission, the main pollutant in cities, in coordination with environmental regulations. The mechanism analysis shows that financial development and environmental regulations can synergistically promote industrial pollution control and green technological innovation, which reduces the emission intensity of industrial pollution and promotes the rise of green industry, thus promoting industrial green transition, without significant reduction of production. The conclusions remain stable after a series of endogenous and robustness tests. Heterogeneity analysis also reveals that environmental information asymmetry, the shortage of market intermediary service agency and the weak of the ability of technology commercialization will impair the coordination effect. The contributions of this paper are mainly reflected in two aspects: First, it reveals the factor of financial development in affecting green economic transition, which enriches the existing literature on financing constraints, financial development and economic green transition, and also provides useful policy enlightenment for the development of green economy. It is necessary to not only strictly implement environmental regulations, but also pay attention to the financial support and guidance role of the financial sector, so as to promote enterprises’ pollution control and green R&D innovation. Second, to improve the supply capacity of green funds, China needs to not only
随着全球生态环境的恶化和不平等现象的扩大,实现绿色、包容、可持续的经济增长已得到世界各国的普遍认可。绿色转型的本质是发展方式的革命,这需要大量的环境投资,包括企业污染治理和绿色研发,另一方面,金融部门对绿色资金的供给能力也需要提高,从而减少企业面临的环境融资约束。因此,金融发展与环境规制能够在环境投资供需两端产生协同效应,对绿色经济转型具有协调作用。本文利用2004 - 2015年中国284个城市工业生产、污染排放和绿色创新信息的综合数据集,对协调效应进行检验。近年来,中国金融体系的创新和发展体现在地方小型金融机构上,其中城市商业银行的发展成为一个重要的标志。建行凭借信息优势、更灵活的监管和多元化的股权结构,可以减少贷款过程中的信息不对称,缓解企业面临的融资约束。本文以建行分支机构的增加为指标来衡量城市金融发展,发现地方金融发展与环境法规相协调,可以显著降低城市主要污染物工业二氧化硫的排放。机制分析表明,金融发展和环境规制能够协同促进工业污染治理和绿色技术创新,从而降低工业污染排放强度,促进绿色产业崛起,从而在不显著减少产量的情况下促进工业绿色转型。经过一系列内生检验和稳健性检验,结论保持稳定。异质性分析还表明,环境信息不对称、市场中介服务机构缺乏、技术商品化能力弱等因素会影响协调效果。本文的贡献主要体现在两个方面:一是揭示了金融发展对经济绿色转型的影响因素,丰富了现有关于融资约束、金融发展和经济绿色转型的文献,也为绿色经济的发展提供了有益的政策启示。既要严格执行环保法规,又要重视金融部门的资金支持和引导作用,促进企业的污染治理和绿色研发创新。二是提高绿色资金供给能力,不仅需要深化金融体制改革,弥补金融体制存在的短板,还需要进一步完善绿色金融发展所需的相关配套制度,包括完善企业环境信息披露与共享机制、发展绿色金融中介服务机构、培养专业的技术管理人才,在绿色资金供给过程中提高绿色金融业务的运作能力。
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引用次数: 14
Sociability and Wage Earnings of Rural Migrant Workers 农民工的社交性与工资收入
IF 2.4 Q2 ECONOMICS Pub Date : 2021-11-03 DOI: 10.16538/J.CNKI.JFE.20210813.402
Chen Boou, Zhang Jin-hua
In recent years, the total number of rural migrant workers has been growing. By the end of 2019, this number has reached 290.8 million. However, there is a big gap between rural migrant workers and urban workers in terms of employment, income, public services and social security until now, especially wage earnings, which has received much attention. Many studies fully explore the determinants of the wage earnings of rural migrant workers from the perspectives of education, vocational training, household registration policy, city size, social capital and social networks, while few studies focus on the impact of sociability.Based on the data from the Chinese Family Panel Studies(CFPS)in 2010 and 2014, this paper constructs an indicator to evaluate the sociability of workers from the two sub-dimensions of language expression and interpersonal relationship, and explores the effect of sociability on the wage earnings of rural migrant workers. Then, it uses the regression of one-period lagged variable and the instrumental variable method to deal with the possible endogeneity. After that, the results are still robust.The results indicate that: (1)Sociability has a significant positive effect on the wage earnings of rural migrant workers, and obviously there are gender and intergenerational differences in the impact of two sub-indicators.(2)There is a significant “migration effect” that the impact of sociability on wages would be weaker while the migration distance is increasing.(3)With the increase of wage earnings quantile, the impact of sociability becomes more significant.(4)In terms of mechanism, sociability mainly affects the wage earnings of rural migrant workers through four channels: social capital effect, career development effect, labor contract effect and information advantage effect. It is recommended that the relevant policies on the development of rural human capital should not only focus on the traditional human capital, such as education and training, but also strengthen the cultivation of sociability and other non-cognitive abilities, especially rural children.The marginal contributions of this research are that: (1)The perspective is more focused. This paper only investigates the impact of sociability(not non-cognitive abilities), while focusing on rural migrant workers.(2)Considering the characteristics of migration, this paper examines the “migration effect” of sociability returns.(3)In terms of mechanism, this paper puts forward the labor contract effect and the information advantage effect, which supplements the related research.
近年来,农民工的总数一直在增长。截至2019年底,这一数字已达到2.908亿。然而,到目前为止,农民工在就业、收入、公共服务和社会保障等方面与城市工人存在较大差距,尤其是工资收入,这一问题备受关注。许多研究从教育、职业培训、户籍政策、城市规模、社会资本和社会网络等角度充分探讨了农民工工资收入的决定因素,而很少有研究关注社交性的影响。本文基于2010年和2014年中国家庭面板研究(CFPS)的数据,从语言表达和人际关系两个子维度构建了一个评价农民工社交性的指标,并探讨了社交性对农民工工资收入的影响。然后,采用一周期滞后变量回归和工具变量法处理可能存在的内生性。在那之后,结果仍然是稳健的。结果表明:(1)社交性对农民工工资收入具有显著的正向影响,且两个子指标的影响存在明显的性别和代际差异。(2)存在显著的“迁移效应”,即随着迁移距离的增加,社交性对工资收入的影响会减弱。(3)随着工资收入分位数的增加,社交性的影响变得更加显著。社交性主要通过社会资本效应、职业发展效应、劳动合同效应和信息优势效应四个渠道影响农民工工资收入。建议农村人力资本开发的相关政策不仅要关注教育培训等传统人力资本,还要加强社交能力等非认知能力的培养,尤其是农村儿童。本研究的边际贡献在于:(1)视角更加集中。本文只考察了社交性(非认知能力)的影响,并将研究重点放在了农民工身上。(2)结合迁移的特点,考察了社交性回报的“迁移效应”。(3)在机制上,本文提出了劳动合同效应和信息优势效应,对相关研究进行了补充。
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引用次数: 0
How to Transform Liability of Foreignness into Asset of Foreignness under the “Belt and Road” Initiative? A Case Study from the Perspective of Social Network 在“一带一路”倡议下,如何将外来负债转化为外来资产?社会网络视角下的个案研究
IF 2.4 Q2 ECONOMICS Pub Date : 2021-11-03 DOI: 10.16538/J.CNKI.JFE.20210825.103
Z. Jigao, Long Muchen, Zhu Jiaxin
Under the “Belt and Road” Initiative (BRI), Chinese companies’ “go-global” has gradually become an important strategy for industrial upgrading. However, many “go-global” companies have met the liability of foreignness (LOF), including legitimacy problems and the threat of exit. How to overcome LOF has become an urgent problem for the overseas subsidiaries of “go-global” companies.We illustrate our arguments through a single case of Chinese multinational subsidiary Taiwenlong Cement Co., Ltd. in Cambodia. This paper studies from the perspective of social network analysis to identify the source of LOF, and discusses the mode of transforming LOF into the asset of foreignness (AOF). The case company, Taiwenlong Cement Co., Ltd., is a joint venture between a Chinese company and a host-country company. As a representative of the successful transformation of LOF into AOF, this project experienced both the “honeymoon period” and the “setback period” in its construction and operation process and finally gained a foothold in Cambodia after various attempts.Based on the case analysis, we find that under the BRI, LOF of foreign subsidiaries of Chinese companies in countries along the BRI shows dynamic changes. This paper has several contributions: Firstly, under the BRI, the government-enterprise relationship and industrial chain relationship of the host country are important sources of LOF. Secondly, with the development of Chinese companies’ “go global”, the focus of overcoming LOF has gradually shifted from the national level to the industrial level. The key to the transformation of AOF and LOF lies in matching the adequate industry chain network. Finally, the home government support, technology transfer and industrial agglomeration can promote the transformation of LOF into AOF in the industry chain. Therefore, we construct three transformation routes: (1)Multi-agent centralization mode, through which foreigners can use different types of network resources including not only the government, shareholders, industrial partners in the home country, but also the subjects of local network in the host country, to obtain higher network status in a situation where foreigners can afford a high level of LOF.(2)Foreignness centralization mode, in which foreigners can establish a self-centered industrial chain network, occupying an intermediary role in the flows of information and resources in the case that they can dominate the allocation of network resources.(3)Industrial centralization mode, in which foreign companies can build network with a few industrial partners through the scale advantage of industrial clusters under the case of relatively scarce network resources. The conclusions of this paper have positive implications for the promotion of high-quality development of BRI and Chinese private companies to “go global”.
在“一带一路”倡议下,中国企业“走出去”逐渐成为产业升级的重要战略。然而,许多“走出去”的公司遇到了“外方责任”(LOF),包括合法性问题和退出威胁。如何克服LOF成为“走出去”企业海外子公司亟待解决的问题。我们通过中国跨国子公司台湾文龙水泥有限公司在柬埔寨的单一案例来说明我们的论点。本文从社会网络分析的角度进行研究,确定外来性资产的来源,并探讨外来性资产转化的模式。案例公司台湾文龙水泥有限公司是一家中国公司与东道国公司的合资企业。作为LOF向AOF成功转型的代表,该项目在建设和运营过程中经历了“蜜月期”和“挫折期”,经过多方尝试,最终在柬埔寨立足。通过案例分析,我们发现,在“一带一路”倡议下,中国企业在“一带一路”沿线国家的海外子公司LOF呈现动态变化。本文有几点贡献:首先,在“一带一路”倡议下,东道国的政企关系和产业链关系是LOF的重要来源。其次,随着中国企业“走出去”的发展,克服LOF的重点逐渐从国家层面转移到产业层面。AOF和LOF转型的关键在于匹配足够的产业链网络。最后,国内政府支持、技术转移和产业集聚在产业链上可以促进LOF向AOF的转变。因此,我们构建了三条转型路线:(1)多主体集中化模式,即外国人既可以利用所在国政府、股东、产业合作伙伴等不同类型的网络资源,也可以利用所在国当地网络主体,在外国人可以承担较高LOF的情况下,获得更高的网络地位。(2)外国人集中化模式,即外国人可以建立以自己为中心的产业链网络。(3)产业集中化模式,即在网络资源相对稀缺的情况下,外资企业利用产业集群的规模优势与少数产业伙伴建立网络。本文结论对推动“一带一路”高质量发展和中国民营企业“走出去”具有积极意义。
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引用次数: 0
Industry-University-Research Cooperation and the Solution to the Low-end Dilemma of GVC:From the Perspective of Export DVAR 产学研合作与全球价值链低端困境的解决——基于出口DVAR的视角
IF 2.4 Q2 ECONOMICS Pub Date : 2021-11-03 DOI: 10.16538/J.CNKI.JFE.20210812.101
Jin Hongfei, Chen Qiuyu
In the 1990s, China quickly integrated into the global industrial chain and the global value chain (GVC) by virtue of its demographic dividend, and became the “workshop of the world”. In fact, due to the lack of core technologies, China is still at the low-end of GVC, with low manufacturing added value. At present, getting rid of the low-end dilemma and realizing GVC upgrading are of vital importance to the transformation and upgrading of China’s economy. As an important strategic way for enterprises to enhance their technological innovation capabilities, industry-university-research cooperation (IURC) may be an effective path for China to improve the value-added acquisition capacity of manufacturing industry.To this end, this paper analyzes the impact and mechanism of IURC on the domestic value-added ratio (DVAR) of Chinese manufacturing enterprises’ exports by using the matching data of China’s industrial enterprises, customs trade and patent application from 2000 to 2013, in which export DVAR is used to reflect the position of enterprises in GVC, and the level of IURC is measured by the joint patent applications.The research results show that IURC significantly improves export DVAR. The results of PSM analysis, instrument variable method and other robustness tests all back up the reliability of the empirical results. The mechanism analysis shows that the value-added efficiency of intermediate input and the proportion of processing trade both play an intermediary role in the process of IURC promoting export DVAR. From the perspective of regional division, IURC has a significant impact on export DVAR in eastern China. Based on different ownership, IURC can increase the DVAR of private enterprises, but its impact on the DVAR of state-owned enterprises and foreign enterprises is not obvious. From the angle of industry factor intensity, IURC has a positive impact on skill-intensive enterprises and labor-intensive enterprises. Also, the IURC of both invention patents and utility patents has a positive impact on export DVAR.The possible contribution of this paper may exist in the following aspects: Firstly, based on the analytical framework of Kee and Tang (2016), it introduces IURC into the theoretical model by constructing the incomplete substitution between intermediate inputs. Secondly, it provides new empirical evidence on the impact of IURC on enterprises’ GVC upgrading, and finds that IURC contributes to the increase of export DVAR. Thirdly, this paper suggests that attention should be paid to the impact of IURC on heterogeneous enterprises in the process of promoting the cooperation.
上世纪90年代,中国凭借人口红利迅速融入全球产业链和全球价值链,成为“世界工厂”。事实上,由于缺乏核心技术,中国仍处于全球价值链的低端,制造业附加值较低。当前,摆脱低端困境,实现全球价值链升级,对中国经济转型升级至关重要。产学研合作作为企业提升技术创新能力的重要战略途径,可能是中国提高制造业增值获取能力的有效途径。为此,本文利用2000 - 2013年中国工业企业、海关贸易和专利申请的匹配数据,分析国际产销联盟对中国制造业企业出口国内增加值比(DVAR)的影响及其机制,其中出口DVAR反映企业在全球价值链中的地位,国际产销联盟水平通过联合专利申请来衡量。研究结果表明,IURC显著提高了出口DVAR。PSM分析、工具变量法等稳健性检验结果均支持实证结果的可靠性。机制分析表明,中间投入的增值效率和加工贸易比重在IURC促进出口DVAR的过程中都起着中介作用。从区域划分的角度看,IURC对中国东部地区出口DVAR有显著影响。基于不同的所有制,IURC可以提高民营企业的DVAR,但对国有企业和外资企业的DVAR影响不明显。从产业要素强度的角度看,产学研合作对技能密集型企业和劳动密集型企业均有正向影响。同时,发明专利和实用新型专利的IURC对出口DVAR均有正向影响。本文可能的贡献在于:首先,基于Kee and Tang(2016)的分析框架,通过构建中间投入之间的不完全替代,将IURC引入理论模型。其次,为国际产资合作对企业全球价值链升级的影响提供了新的实证证据,发现国际产资合作促进了出口DVAR的增加。第三,在推进合作的过程中,应关注国际自然联盟对异质企业的影响。
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引用次数: 0
Do MCAP and P/E Ratios Have an Impact on the EPS of High and Low Beta (β) Firms? An Analysis of Covariance on Select Companies! MCAP和市盈率对高β (β)和低β (β)公司的每股收益有影响吗?选择公司的协方差分析!
IF 2.4 Q2 ECONOMICS Pub Date : 2021-11-01 DOI: 10.12691/JFE-9-5-5
E. Rengasamy
Earnings Per Share (EPS), among other measures, is considered as a reliable tool of risk analysis, financial performance, growth, and success of companies. The current study attempts to examine if high and low-beta firms have yielded returns that commensurate with the risk, meaning, ‘the higher the risk, the higher the returns and the lower the risk, the lower the returns’, in terms of share price returns and other yardsticks. ANCOVA test was applied on the high-beta (14) and low-beta (36) sample companies. The results threw a few interesting insights. In conformity with the existing literature, high-beta firms yielded higher returns and low-beta firms, lower returns. While MCAP (Covariate) had a statistically significant influence on the dependent variable EPS, P/E ratio (Covariate) did not exhibit any significant influence on the EPS.
除其他指标外,每股收益(EPS)被认为是风险分析、财务业绩、增长和公司成功的可靠工具。目前的研究试图检验高贝塔和低贝塔公司是否产生了与风险相称的回报,也就是说,就股价回报和其他衡量标准而言,“风险越高,回报越高,风险越低,回报越低”。对高贝塔(14)和低贝塔(36)样本公司进行ANCOVA检验。研究结果提出了一些有趣的见解。根据现有文献,高贝塔公司的收益更高,低贝塔公司的收益更低。虽然MCAP(协变量)对因变量EPS有统计学显著影响,但P/E比率(协变量)对EPS没有显着影响。
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引用次数: 0
Effect of Mobile Banking on the Performance of Co-operative Bank of Kenya 手机银行对肯尼亚合作银行绩效的影响
IF 2.4 Q2 ECONOMICS Pub Date : 2021-10-26 DOI: 10.12691/JFE-9-5-4
Rachel Muthoni Gathu, P. Njenga
Mobile banking is the use of mobile devices to perform financial transactions and access bank services. It was first introduced in Kenya in 1992 and since then there has been a period of rapid expansion and numerous technological innovations making mobile banking among the main technological tools used in the provision of bank services. The study examined the role mobile banking plays towards the performance of Co-operative Bank of Kenya. The study aimed at achieving four main objectives: the effect of mobile banking revenues, mobile lending, customer adoption and operational costs on Co-operative Bank of Kenya performance. A quantitative research design was used and secondary data was extracted from the quarterly electronic Banking reports. A regression model was used to prove a relationship between two variables: performance and mobile banking using profit before tax as a measure of the dependent variable. Several pre-estimation tests were carried out, they included unit root tests co-integration tests, heteroskedasticity tests and multi-collinearity tests. Data was analyzed using XLSTAT and regression analysis showed a positive association between mobile banking revenues, mobile lending and customer adoption. The study concluded that the key drivers of mobile banking was customer adoption and mobile lending. The recommendation of the study was to drive numbers by improving the mobile platform and ensuring that they are customer friendly and easy to access as well as providing affordable loans through Mco-op Cash their primary mobile lending tool as this translates to improved profits for banks.
移动银行是指使用移动设备进行金融交易和访问银行服务。它于1992年首次在肯尼亚推出,从那时起,有一段时间的快速扩张和许多技术创新,使移动银行成为提供银行服务的主要技术工具之一。该研究考察了移动银行对肯尼亚合作银行业绩的影响。该研究旨在实现四个主要目标:移动银行收入、移动贷款、客户采用和运营成本对肯尼亚合作银行业绩的影响。本研究采用定量研究设计,并从电子银行季度报告中提取辅助数据。一个回归模型被用来证明两个变量之间的关系:绩效和移动银行使用税前利润作为因变量的衡量标准。预估计检验包括单位根检验、协整检验、异方差检验和多重共线性检验。数据分析使用XLSTAT和回归分析显示,移动银行收入,移动贷款和客户采用之间呈正相关。该研究得出的结论是,移动银行的关键驱动力是客户采用和移动贷款。该研究的建议是通过改进移动平台,确保它们对客户友好且易于访问,以及通过Mco-op Cash(其主要移动贷款工具)提供负担得起的贷款来推动数字增长,因为这转化为提高银行的利润。
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引用次数: 1
Evolution Thread and Transformation Logic of the CPC’s Thought on the Quality of Economic Development in the Past Century 近百年来中国共产党经济发展质量思想的演进脉络与转化逻辑
IF 2.4 Q2 ECONOMICS Pub Date : 2021-10-03 DOI: 10.16538/J.CNKI.JFE.20210812.201
Wang Lin, Ma Yan
The transformation of China’s economy from high-speed growth to high-quality development is an important strategy made by the Communist Party of China (CPC) in the New Era. But what is the thought evolution basis for this major strategy and what is the transformation logic of this evolution? This question is extremely important for the understanding of the theoretical connotation and practice path of China’s high-quality development. However, relevant researches mainly focus on the decisive role of the objective law of material production on the proposal of high-quality development, while ignoring the key role of the CPC’s thought on the quality of economic development, which needs systematic analysis and in-depth study.Therefore, based on the 100-year timeframe since the founding of the CPC, this paper systematically combs the exploration thread of the CPC’s thought on the quality of economic development, and deeply analyzes the evolution logic of this thought. The research shows that the CPC has always concerned about the quality of economic development since its founding and experienced the following transformation of thought focuses: methodology perspective (1921–1949) – production relations perspective (1949–1978) – productive forces perspective (1978–2012) – production mode perspective (2012–). The above evolution follows the Marxist logic of “the mutual interaction between productive forces and production relations, economic base and superstructure”, the socialist logic of “taking people’s interests as the fundamental value orientation”, and the Chinese special logic that “the CPC’s ideology has strong consciousness and high adaptability”. Therefore, it can be concluded that the proposal of high-quality development in the New Era not only follows the objective law of material production, but also inherits and breaks through the continuous exploration of the CPC’s thought on the quality of economic development, and is also driven by the goal orientation of people’s interests in the New Era and the self-conscious change of ideology, all of which constitute the special connotation of China’s high-quality development.The academic value of this paper could be concluded in three aspects: First, it combs the exploration of the CPC’s thought on the quality of economic development in different periods, which enriches the academic research on the CPC’s economic development thought. Second, it clarifies the transformation logic of the CPC’s thought on the quality of economic development, which is conducive to deepen the scientific understanding of the theoretical connotation and formation logic of the CPC’s thought on high-quality development. Third, it analyzes the characteristics of the transformation of the CPC’s thought on the quality of economic development, such as regularity, strong consciousness, high adaptability and consistent value orientation, which will strengthen the study on the advantages of both the CPC’s leadership and the Socialist
中国经济由高速增长向高质量发展转变,是中国共产党在新时代提出的一项重要战略。但这一重大战略的思想演变基础是什么?这种演变的转化逻辑又是什么?这个问题对于理解中国高质量发展的理论内涵和实践路径具有极其重要的意义。然而,相关研究主要集中在物质生产的客观规律对高质量发展的决定性作用上,而忽略了党的思想对经济发展质量的关键作用,这需要系统的分析和深入的研究。因此,本文立足于中国共产党建党100年的时间框架,系统梳理了中国共产党经济发展质量思想的探索脉络,深入分析了中国共产党经济发展质量思想的演进逻辑。研究表明,中国共产党自成立以来始终关注经济发展质量,经历了方法论视角(1921-1949)-生产关系视角(1949-1978)-生产力视角(1978-2012)-生产方式视角(2012 -)的思想重心转换。这种演变遵循着“生产力与生产关系、经济基础与上层建筑相互作用”的马克思主义逻辑、“以人民利益为根本价值取向”的社会主义逻辑,以及“中国共产党意识形态自觉性强、适应性强”的中国特色逻辑。由此可以得出结论,新时代高质量发展的提出既遵循了物质生产的客观规律,又继承和突破了中国共产党对经济发展质量思想的不断探索,又受到新时代人民利益目标取向和意识形态自觉转变的驱动,构成了中国高质量发展的特殊内涵。本文的学术价值主要体现在三个方面:一是梳理了不同时期中国共产党关于经济发展质量思想的探索,丰富了中国共产党经济发展思想的学术研究。第二,厘清中国共产党经济发展质量思想的转化逻辑,有利于深化对中国共产党高质量发展思想的理论内涵和形成逻辑的科学认识。第三,分析了中国共产党经济发展质量思想转变的规律性、自觉性强、适应性强、价值取向一致性等特点,加强了对中国共产党领导和中国特色社会主义制度两方面优势的研究。
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引用次数: 0
The Strategic Logic of Industrialization Thoughts of the Communist Party of China:Focusing on Mao Zedong’s Works during the Period of Socialist Revolution and Construction
IF 2.4 Q2 ECONOMICS Pub Date : 2021-10-03 DOI: 10.16538/J.CNKI.JFE.20210814.201
Wu Shanlin, Liu Zongyuan
From 1949 to 1978, or the period of socialist revolution and construction, the Communist Party of China’s first generation of collective leadership formed a unique industrialization thought system. Through the related policy, the industrialization thought system had a profound impact on the industrialization practice, and before the reform and opening up an independent and relatively complete industrial system had been established. Their industrialization thought is embodied mainly in the strategy of prioritizing the development of heavy industry, and the strategy is the main body of China’s grand strategy.During the above period, the strategy of prioritizing the development of heavy industry played an important role in promoting the development of productivity. At that time, we must carry out the ownership revolution to create conditions for socialist industrialization, and the revolution was completed in the middle and late 1950s. On the other hand, we must carry out a revolution in production technology to consolidate the foundation of science and technology and the productivity. At that time, under the special international political and economic environment, in their point of view, security is more important than development to a certain extent, so they adopted the strategy of prioritizing the development of heavy industry, and the strategy is based on Mao Zedong’s thought of “three simultaneous developments”, which is the main content of his economic strategic thought. The thought of “three simultaneous developments” refers to the industrial development thought of simultaneous development of agriculture, light and heavy, the regional development thought of simultaneous development of coastal and inland areas, and the powerful country development thought of simultaneous development of economy and national defense.Although the strategy of prioritizing the development of heavy industry has realized security objectives through developing industrial structure and scale, it has not achieved the efficient economic results which are comparable to the market economy. Some economists made negative comments on this development strategy mainly on this ground. Such an evaluation is only valid in the sense of economics. This also suggests that once the conditions are ripe, China will carry out reform and opening up. However, from a strategic perspective, this evaluation is one-sided, because it takes no account of the most urgent security objectives of that era. And, in the present and future process of new industrialization, we still need to make strategic trade-offs between security and development to meet the requirements of the times.
从1949年到1978年,即社会主义革命和建设时期,中国共产党第一代领导集体形成了独特的工业化思想体系。通过相关政策,工业化思想体系对工业化实践产生了深刻的影响,在改革开放前已经建立了独立的、比较完整的工业体系。他们的工业化思想主要体现在重工业优先发展战略上,重工业优先发展战略是中国大战略的主体。在此期间,优先发展重工业的战略对促进生产力的发展发挥了重要作用。当时,我们必须进行所有制革命,为社会主义工业化创造条件,这场革命是在20世纪50年代中后期完成的。另一方面,我们必须进行生产技术革命,巩固科学技术和生产力的基础。“三个同时发展”思想是指农业、轻、重并举的工业发展思想,沿海与内陆并举的区域发展思想,经济与国防并举的强国发展思想。重工业优先发展战略虽然通过发展产业结构和规模实现了安全目标,但并没有取得与市场经济相媲美的高效经济效果。一些经济学家对这一发展战略的负面评价主要基于此。这样的评价只有在经济学意义上才有效。这也表明,一旦条件成熟,中国将进行改革开放。然而,从战略角度来看,这种评价是片面的,因为它没有考虑到那个时代最紧迫的安全目标。在当前和未来的新型工业化进程中,我们仍然需要根据时代要求,在安全与发展之间做出战略权衡。
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引用次数: 0
Intelligent Supervision and Earnings Management Choice:A Natural Experiment Based on Golden Tax-III 智能监管与盈余管理选择:基于黄金税的自然实验3
IF 2.4 Q2 ECONOMICS Pub Date : 2021-10-03 DOI: 10.16538/J.CNKI.JFE.20210716.101
Zhu Kai, Pan Shuxin, H. Mengmeng
This paper studies the impact of intelligent tax supervision on the decision of corporate earnings management. Companies determine earnings management strategies by weighing the marginal benefits and costs of accrual-based earnings management and real earnings management. Existing literature finds that managers prefer real earnings management than accrual-based earnings management because of regulatory pressure. This paper takes tax costs into consideration and adopts that tax will affect the substitution relationship between different earnings management methods.Accrual-based earnings management is realized by accounting methods. But real earnings management has a direct cash flow effect. Compared with accrual-based earnings management, real earnings management is subject to a higher level of book-tax conformity. Real activity manipulation is more costly due to tax incentives. Intelligent tax supervision represented by Golden Tax-III can effectively realize information integration and reduce information asymmetry between taxpayers and tax authorities. It can help to identify companies whose tax burdens deviate from the industry average. So Golden Tax-III can strengthen tax supervision and significantly increase the tax costs of real earnings management. Then, it can affect earnings management strategies. The higher the degree of tax non-compliance, the greater the impact of the implementation of Golden Tax-III.We use the implementation of Golden Tax-III as an exogenous event to construct a DID test. The results show that: Tax-noncompliant companies have a higher level of accrual-based earnings management after Golden Tax-III; tax-noncompliant companies have a lower level of real earnings management after Golden Tax-III; the substitution relationship between the two earnings management strategies in tax-noncompliant companies is mainly reflected after Golden Tax-III.The main contributions of this paper are as follows: (1) It directly examines the impact of tax costs on earnings management strategies, and finds that companies prefer accrual-based earnings management to real earnings management under strong tax supervision. It also expands the previous earnings management model. The research enriches and supplements the literature on earnings management. (2) It constructs a DID test to examine the impact of tax regulation on earnings management based on the implementation of Golden Tax-III. It can help to solve the problem of self-selection and endogeneity and supplement the relevant literature on tax and earnings management. (3) It finds that the intelligent supervision represented by Golden Tax-III can effectively distinguish tax-noncompliant companies and achieve precise supervision. The results help to understand and evaluate the economic consequences of Golden Tax-III, and also provide enlightenment for the development of intelligent tax supervision and taxation regulatory policy.
本文研究了智能税务监管对企业盈余管理决策的影响。公司通过权衡基于应计制的盈余管理和实际盈余管理的边际收益和成本来确定盈余管理策略。现有文献发现,由于监管压力,管理者更倾向于真实盈余管理,而不是基于权责发生制的盈余管理。本文考虑了税收成本,认为税收会影响不同盈余管理方法之间的替代关系。基于权责发生制的盈余管理是通过会计方法实现的。但实际盈余管理具有直接的现金流效应。与基于权责发生制的盈余管理相比,真实盈余管理具有更高水平的账面税收一致性。由于税收优惠,实际活动操纵的成本更高。以金税- iii为代表的智能税务监管可以有效地实现信息整合,减少纳税人与税务机关之间的信息不对称。它可以帮助识别税收负担偏离行业平均水平的公司。因此,黄金税- iii可以加强税收监管,显著增加真实盈余管理的税收成本。然后,它可以影响盈余管理策略。税收不合规程度越高,黄金税- iii实施的影响越大。我们使用黄金税iii的实现作为外生事件来构建DID检验。研究结果表明:“金税iii”实施后,未纳税企业的应计制盈余管理水平有所提高;“黄金税iii”后,不纳税企业的实际盈余管理水平较低;不纳税公司两种盈余管理策略之间的替代关系主要体现在金税三期之后。本文的主要贡献如下:(1)直接考察了税收成本对盈余管理策略的影响,发现在强税收监管下,企业更倾向于基于权责发生制的盈余管理,而不是真实盈余管理。它也扩展了以往的盈余管理模式。本研究丰富和补充了盈余管理的相关文献。(2)构建了基于Golden tax - iii实施的DID检验来检验税收监管对盈余管理的影响。这有助于解决自我选择和内生性问题,并补充了税收和盈余管理的相关文献。(3)发现以金税- iii为代表的智能监管能够有效区分不合规企业,实现精准监管。研究结果有助于理解和评价“黄金税- iii”的经济后果,并为智能税收监管和税收监管政策的发展提供启示。
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引用次数: 2
Corporate Earnings Pressure and Supply Chain Real Earnings Management 企业盈余压力与供应链真实盈余管理
IF 2.4 Q2 ECONOMICS Pub Date : 2021-10-03 DOI: 10.16538/J.CNKI.JFE.20210816.101
Peng Muze, J. Qinglu
Listed companies face multiple earnings pressures from stakeholders in their operations. When normal operations cannot achieve earnings expectations or having opportunistic motivations, companies often choose to conduct earnings management under earnings pressure. With the enhancement of the recognition and supervision of accrual-based earnings management, real earnings management has gradually become the main earnings management tool for companies under earnings pressure. Due to the concealment of real earnings management and information asymmetry, it is difficult for the company’s external stakeholders to detect real earnings management. Meanwhile, the high degree of supply chain concentration is one of the important characteristics that distinguish the Chinese market from the West. It is also a typical scenario for relational transactions in China. Transactions with customers and suppliers can directly affect the company’s earnings, and long-term transactions provide the basis for forming relationship and conducting relational transactions. Therefore, whether the company will conduct earnings management based on the supply chain relationship is an important research question with Chinese characteristics. Our research on this problem can help to improve investors’ understanding of the company’s real earnings management, and improve the efficiency of capital market in information transmission and resource allocation.This paper uses A-share non-financial companies listed in Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the main research sample to examine the impact of earnings pressure on the company’s supply chain real earnings management. The empirical results show that: Corporate earnings pressure has a positive effect on the company’s supply chain real earnings management, and bargaining power and executive shareholding of the company separately strengths and weakens this impact. Moreover, there is an alternative relationship between supply chain real earnings management and upward accrual-based earnings management under earnings pressure. This paper also further analyzes the implementation of supply chain real earnings management and its economic consequences. We mainly find that supply chain real earnings management is different from the company’s excess production, and is more pronounced when earnings pressure is positive; for economic consequences, the implementation of supply chain real earnings management can help the company meet or beat analysts’ forecasts, so as to increase the company’s market value and analysts’ coverage, but there will be a reversal of supply chain real earnings management in the following year.This paper makes two primary contributions: First, this paper enriches the literature on the impact of earnings pressure on corporate operation and accounting behaviors. It examines the company’s supply chain earnings management under earnings pressure, and proves that the company’s response to earnings pressur
上市公司在经营中面临着来自利益相关者的多重盈利压力。当正常经营不能达到盈余预期或存在机会主义动机时,企业往往会选择在盈余压力下进行盈余管理。随着对权责发生制盈余管理的认识和监督力度的加强,真实盈余管理逐渐成为面临盈余压力的企业的主要盈余管理工具。由于真实盈余管理的隐蔽性和信息不对称,公司的外部利益相关者很难发现真实盈余管理。同时,供应链集中度高是中国市场区别于西方市场的重要特征之一。这也是中国关系型交易的典型场景。与客户和供应商的交易可以直接影响公司的收益,长期交易为形成关系和进行关系交易提供了基础。因此,企业是否会基于供应链关系进行盈余管理是一个具有中国特色的重要研究问题。本文对这一问题的研究有助于提高投资者对公司真实盈余管理的认识,提高资本市场信息传递和资源配置的效率。本文以2007 - 2019年沪深两市上市的a股非金融类公司为主要研究样本,考察盈余压力对公司供应链真实盈余管理的影响。实证结果表明:公司盈余压力对公司供应链真实盈余管理有正向影响,公司议价能力和高管持股分别增强和减弱了这种影响。此外,在盈余压力下,供应链真实盈余管理与基于应计制的盈余管理之间存在替代关系。本文还进一步分析了供应链真实盈余管理的实施及其经济后果。我们主要发现供应链真实盈余管理不同于公司的过剩生产,并且在盈余压力为正的情况下更为明显;在经济后果方面,实施供应链真实盈余管理可以帮助公司达到或超过分析师的预测,从而增加公司的市值和分析师的覆盖率,但在接下来的一年将出现供应链真实盈余管理的逆转。本文的主要贡献有两点:一是丰富了盈余压力对企业经营和会计行为影响的文献。考察了盈余压力下公司的供应链盈余管理,证明公司对盈余压力的应对可以体现在外部合作盈余管理中,而不仅仅局限于公司内部环境。其次,本文对真实盈余管理的相关研究做出了贡献。研究盈余压力下供应链对公司的真实盈余管理,并探索其具体实施条件,丰富了公司真实盈余管理方法的现有研究内容。也可以帮助投资者更好地了解公司在盈余压力下的盈余管理方式,提高资本市场信号机制的有效性。
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引用次数: 0
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