Table of Content

16 May 2021, Volume 41 Issue 5

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应对新冠疫情冲击的货币政策国际协调*

HE Qing, FENG Haoming, YU Jishuang

2021, 41(5):  4-16. 

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The COVID-19 pandemic has caused a sharp decline in the world economy and financial markets. A number of countries have implemented easy monetary policies to stimulate their economies. The classical game theory of monetary policy coordination suggests that the world is in need of coordination and lives in the beggarthyneighbor equilibrium. The existing cooperations which ignore the voice of emerging economies are limited in implementation and depth. The world now works with close economic ties and strong spillover effects of monetary policies. To build an effective anticrisis monetary policy international coordination system, international cooperation organizations ought to introduce agreements and cooperation surplus distribution schemes, trade off between monetary stimulus and asset bubble controlling, stay in policy communication and information sharing, give more importance to the voice of developing economies and build an effective international monetary policy coordination system in response to crisis. China should build the longterm policy coordination in the Belt and Road Initiative, mediate between the industrial countries and emerging countries in IMF and G20, and engage in technical cooperation of central banks to participate in the coordination process.

GOVERNMENT COLLABORATIVE GOVERNANCE ABILITY IN FIGHTING AGAINST PUBLIC CRISIS——A Text Analysis for COVID19 Prevention and Control of Provincial Governments

ZHANG Shuangpeng, LIU Fengwei

2021, 41(5):  17-31. 

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vCollaborative governance is a new form of governance formed in response to public crisis. This paper uses text analysis to examine the effects of collaborative governance ability applied by provincial governments on four key mechanisms in the current epidemic response during February 2020: facilitative leadership, open participation path, clear collaborative responsibilities, and transparent collaborative information disclosure. The results show that all 30 provinces are using collaborative governance to fight against the epidemic and restore economy, while differences exist in four mechanisms application and coastal provinces use collaborative governance more generally. Further analysis shows collaborative governance capacity application significantly contributes to the level of economic recovery in the third industry, as it improves the market environment for economic recovery. Our findings suggest that collaborative governance capacity can help the society to respond to public crises effectively and will be a new way of optimizing market environment through government governance. This paper provides an important supplement for the capacity composition and practical effect of government collaborative governance, develops a new government governance content in public crisis response, and also provides a reference for government function transformation in public crisis.

BANK COMPETITION AND EARNING MANAGEMENT

MENG Qingbin, LIU Lanxi

2021, 41(5):  32-47. 

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Constructing a measure of regional bank competition based on bank branches data, this paper examines how commercial bank competition influence earnings management of Chinese listed companies from 2007 to 2017. The results demonstrate that competitive market structure of banking industry significantly alleviates firms' earnings management. By studying the mechanism, the improvement of accounting information quality is attributable to the debtors' greater governance from banks. This paper uses the exogenous event of 2009 banking deregulation and instrumental variable to verify the above results. This paper not only enriches the literature on enterprise accounting information quality from the perspective of debtors, but also supplements empirical researches on bank competition.

COMPARISON OF REGIONAL RESIDENT LIVING STANDARDS ACROSS CHINA——Based on the Global Nighttime Lights Data

CHEN Menggen, ZHANG Shuai

2021, 41(5):  48-67. 

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 In statistics, there are two perspectives to measure the living standards in a country or a region: income perspective and consumption perspective. This paper synthesizes the information from the income end and the consumption end to analyze the real living standards in the 31 regions across China between 1997 and 2016 using household final consumption expenditure (HFCE) per capita in the national accounting system and disposable income per capita in the household survey with the global nighttime lights data as a reference. The results show that there exists significant linear relationship between lights intensity and HFCE per capita or disposable income per capita, which gives the evidence that nighttime lights can be used to estimate the real living standards. According to the regression results of different models, the optimal weight for HFCE per capita in the best linear unbiased estimator of the real living standards is between 2795% and 3831%, while this figure for disposable income per capita is between 6169% and 7205%. Compared with HFCE per capita, disposable income per capita can measure the real living standards more accurately. Further analysis reveals that the growth rate of the real living standards is below GDP per capita, which suggests that complete transformation from the economic development to the increasing of living standards did not happen. Moreover, a huge gap still exists between eastern regions and central and western regions in the living standards, and the former is on average 17 and 21 times as the latter two regions, respectively.

DOES GREEN INVESTMENT IMPROVE CORPORATE ENVIRONMENTAL PERFORMANCE——Evidence from Energy Listed Companies in China

CHEN Yufeng, MA Yanbai

2021, 41(5):  68-84. 

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Under the pressure of global energy crisis and domestic haze pollution, pollution control through green investment has become an important issue concerned by the whole society. This paper takes energy listed companies in China from 2008 to 2017 as a research sample, and uses Probit model to examine the impact of green investment on corporate environmental performance. The results show that increasing green investment can significantly improve corporate environmental performance, and environmental regulation is conducive to increasing corporate green investment. The moderating effect shows that environmental regulation and patent innovation have a positive moderating effect on the positive relationship between green investment and environmental performance, while the positive tendency of media reports will weaken the positive effect of green investment on environmental performance, but government subsidies and R&D investment have no significant moderating effect on the relationship between green investment and environmental performance. Further analysis finds that the improving effect of green investment on corporate environmental performance is more significant in stateowned corporations, largescale corporations and corporations with weak financing constraints.

INDIVIDUAL GOVERNANCE EFFECT OF AUDIT SUPERVISION UNDER STRICT SUPERVISION ATMOSPHERE——A Study Based on the Excess Perk of Local SOEs' Executives

CHU Jian, CHEN Jun

2021, 41(5):  85-99. 

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This paper studies the individual governance effect of audit supervision on stateowned enterprises (SOEs) from the perspective of the excess perk of local SOEs' executives. Based on the data of local listed SOEs from 2007 to 2017 and taking the supervision background of the local audit leaders as a starting point, this paper empirically examines the individual governance effect of audit supervision on the excess perk of local SOEs' executives under strict supervision atmosphere. It is found that the supervision background of the local audit leaders can significantly inhibit the excess perk of local SOE's executives, and this result is mainly reflected in the strict supervision period starting from 2013. The above results are robust to a variety of endogenous and robustness tests. Further analyses indicate that the negative relationship between the supervision background of the local audit leaders and the excess perk of local SOEs' executives is not only affected by the motivation and ability of audit supervision, but also affected by the internal and external governance mechanism of local SOEs. Finally, the supervision background of the local audit leaders effectively alleviates the firm value impairment and stock price crash risk caused by the excess perk of local SOEs' executives.

AN ANALYSIS OF THE ECONOMIC CHARACTERISTICS AND THE EFFECTIVENESS OF SAFETY REGULATION OF NUCLEAR POWER

WANG Junhao, HU Fei

2021, 41(5):  100-112. 

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As a kind of clean energy, nuclear power has many comparative advantages, but its production has obviously safety risks. The economic feature of nuclear power determines the demand of the production safety regulation for the production process. From the perspective of regulation economics, this paper divides regulation measures into direct regulation measures based on administrative compulsory means and indirect regulation measures based on economic means. This paper finds that the accident probability is closely related to the nuclear power plant's safety investment and regulation inspection frequency. The nuclear power plant's safety investment is related to the the risk degree of potential safety hazard and the plant's losses of the potential safety hazards found by regulators. This paper also points out that the insufficiency of the plant's losses of the potential safety hazards found by regulators is the key reason for the inefficiency or negative effects of inspection. Correspondingly, this paper puts forward related policy suggestions to improve the effectiveness of the safety regulation of nuclear power.