Table of Content

16 January 2022, Volume 42 Issue 1

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DEVELOPMENT OF CHINA'S FISCAL THEORY UNDER THEGUIDANCE OF ADAPTING MARXISM TO THE CHINESE CONTEXT

DENG Liping

2022, 42(1):  4-12. 

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The Sixth Plenary Session of the 19th CPC Central Committee combed the great achievements and historical experience of the CPCs centenary journey, highly affirmed the great theoretical achievements of three leaps of adapting Marxism to the Chinese context, and expounded the profound connotation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Guided by the spirit of the Sixth Plenary Session, this paper reviews the practical and theoretical development of China's public finance since the establishment of the Party, and studies it from four aspects. First, establishing fiscal theory of Chinese socialism under the guidance of Mao Zedong Thought. Second, forming fiscal theory of socialism with Chinese characteristics under the guidance of Theory of Socialism with Chinese Characteristics. Third, building the fiscal theory of socialism with Chinese characteristics in the new era under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Fourth, combining with the author's longterm research and putting forward some cognitions for building the fiscal theory of socialism with Chinese characteristics in the new era.

CHINA'S MACROECONOMIC RECOVERY UNDER THE IMPACT OFCOVID19 REVERSAL AND STRUCTURAL ADJUSTMENT——China's Macroeconomic Report 2021—2022

RUC Research Group of Macroeconomic Analysis and Forecast

2022, 42(1):  13-34. 

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2021 is a year of sustained recovery of China's macro economy, showing the characteristics of “front high rear low”, “structural differentiation” and “increased pressure”. On the one hand, the overall stability of epidemic prevention and control, the continued prosperity of foreign trade, the continuous improvement of hightech industries and the successful completion of the goal of an allround welloff society have provided a sustained driving force and solid foundation for the sustained recovery of China's macroeconomy during the epidemic period. On the other hand, downward pressure of China's macroeconomy has continued to rise since Q2 of 2021, due to COVID19s reversal, extreme weather events, high commodity prices, rapid macroeconomic policy, real estate and carbon emissions reduction and other structural adjustment policies, financial risk control, and social public opinion changes triggered by platform rectification. The process of economic recovery has slowed down, and the negative output gap has widened. 2022 is the year of the 20th National Congress of the Communist Party of China, the full implementation of the 14th fiveyear plan and the comprehensive layout of the new development pattern. On one hand, in 2022, China's macroeconomy will partially continue the driving force and foundation of macroeconomic recovery in 2021. On the other hand, under the influence of factors such as the repositioning of macroeconomic policies, the readjustment of coordination system and the full implementation of the 14th fiveyear plan, the downward pressure on macroeconomic will be greatly relieved. However, it is worth noting that how to find a new balance between structural policy and aggregate policy, countercyclical policy and crosscyclical policy still faces many challenges.


HIGHQUALITY DEVELOPMENT UNDER THE NEW DEVELOPMENTPATTERN: THE PERSPECTIVE OF SOCIAL REPRODUCTION

FENG Juan

2022, 42(1):  35-50. 

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Highquality development is the ultimate goal to meet the needs of the people for a better life. At present, Chinas highquality development has entered a new development pattern in which domestic cycle is the mainstay and the domestic and international dual cycles promote each other. Needs are developed with the means to satisfy them. For this reason, this paper combines Marxs need theory and social reproduction theory, and proposes that the coordinated development of social needs and the four links of production, distribution, exchange and consumption that meet social needs are the proper meaning of highquality development in China. At the same time, on the basis of clarifying the essential relationship between production, distribution, exchange and consumption, this paper puts forward the practical path from the four links of social reproduction. Specifically, we should improve the supply quality, enhance the supply efficiency, and form a new power of supply; build a reasonable initial distribution and a fair redistribution, and standardize the distribution order; unblock supply and demand matching channels, improve the quality of commercial services, and promote the construction of a strong trade country; establish the rational consumption concept, promote the upgrading of consumption structure and create a good consumption environment; promote the internationalization of the domestic market, the high integration of the domestic market and the international market, and form new advantages in international competition.

DOES DECAPACITY POLICY PROMOTE CORPORATE PERFORMANCE: EVIDENCE FROM MANUFACTURING LISTED COMPANIES

2022, 42(1):  51-66. 

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Since the 18th National Congress of the Communist Party of China, China has actively adjusted its economic structure to promote the economic transformation from highspeed development to highquality development. As an important part of structural adjustment, the governance of overcapacity is of great significance to promote the orderly and healthy development of related industries. However, scholars are far from reaching a consensus in the necessity and effectiveness of industrial policies. Drawing on China's decapacity policy, this paper analyzes its effect on total factor productivity and profit of manufacturing listed companies from the perspective of the effectiveness of restrictive industrial policy with differenceindifference method. The results show that the impact of decapacity policy on the performance of listed companies presents a Ushaped relationship with different kinds of robustness tests: in a short time, decapacity policy has a negative impact on corporate performance; but in the long run, it is conducive to the improvement of corporate performance. In addition, by using different TFP calculation methods, changing the measurement of core explanatory variables and random grouping operation, the estimated results are still robust. This indicates that the restrictive industrial policy may be an effective policy tool to redress market failure and promote highquality development.


ENVIRONMENTAL TAXES, CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE GREEN INNOVATION

ZHANG Anjun

2022, 42(1):  67-85. 

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In recent years, China's resources and environmental constraints have become more prominent, promoting highquality economic development urgently requires traditional industrial enterprises to achieve green transformation and upgrading. Environmental taxes and corporate social responsibility（CSR）are two important tools based on external market incentives and internal independent incentives. Can they play incentive synergy effect? Taking Shanghai and Shenzhen Ashare industrial Ashare listed companies in China as the research sample, this paper empirically examines the interactive effect and heterogeneity of environmental taxes and CSR on corporate green innovation. The results show that:（1）There exists a significant and positive interactive effect between environmental taxes and CSR, the greater the intensity of environmental taxes, the more conducive to the promotion of corporate green innovation capabilities, and the positive relationship will be enhanced as the degree of CSR increases.（2）The higher the degree of CSR, the lower the level of corporate innovation capabilities. But the negative relationship will be weakened as the intensity of environmental taxes increase.（3）Further analyses show that the above effects mainly exist in the large companies, highgrowth companies, companies with strong R&D capabilities, highly marketoriented areas and developed eastern coastal provinces.（4）Compared with the non stateowned companies, the interactive effects of environmental taxes and CSR on corporate green innovation mainly exist in the stateowned companies. The above research conclusions enrich the relevant literature on the driving factors of corporate green innovation and the economic consequences of environmental taxes, which will have important implication for the incentive and synergy mechanism of corporate green innovation, and the green transformation and upgrading of China's traditional industrial enterprises.

WHETHER THE POLICY OF EXECUTIVE COMPENSATION LIMIT AFFECTSTHE INNOVATION OF STATEOWNED ENTERPRISES——An Empirical Study Based on the Data of Ashare Listed Companies

LI Yu, WANG Ping

2022, 42(1):  86-99. 

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Using the differenceindifference (DID) method and a sample containing the operating data of Ashare listed companies in China between 2010 and 2019, this study tests the impact of the executive compensation limit policy on enterprise innovation. The result shows that, compared with the nonstateowned enterprises (NSOEs), the policy inhibited the innovation investment of the stateowned enterprises (SOEs). In addition, the degree of inhibition of the policy on enterprise innovation is different across the SOEs with different functions. Public welfare stateowned enterprises are more restrained by the second executive pay cut order than commercial stateowned enterprises. This study provides empirical evidence and policy implications for the executive compensation limit in SOEs and enterprise innovation, as well as enriching the research of the executive compensation limit policy.

THE FRAMEWORK OF COMPETITION NEUTRALITY SYSTEMOF CHINA'S STATEOWNED ENTERPRISESAND ITS REFORM PATH

LIU Xuexin, WANG Zhe, ZHANG Yulin , NIU Zhiwei

2022, 42(1):  100-112. 

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The construction of a competitive neutrality system of stateowned enterprises is the inevitable direction of deepening the reform of stateowned enterprises in the future. Since the reform and opening up, China's stateowned enterprises have always adhered to marketoriented reform, which is highly in line with the purpose and concept of competition neutrality. This paper systematically combs the context of marketoriented reform of stateowned enterprises since the reform and opening up, and summarizes the problems faced by the current competitive neutrality reform of stateowned enterprises. On this basis, this paper constructs the institutional basis and specific composition of China's competitive neutrality institutional framework. Finally, this paper proposes to shape the institutional framework of Chinas stateowned enterprise competition neutrality reform from two aspects, that are, deepening the reform of stateowned enterprises and supporting the development of private enterprises, and constructs the path of competition neutrality institutional reform according to the nine institutional arrangements. Most of the existing studies have qualitatively analyzed the definition, principle content and China's response measures of competition neutrality from the perspective of law and trade, and have not put forward the institutional framework and practical path of China's competition neutrality reform. The institutional framework and reform path of competitive neutrality of stateowned enterprises established in this paper have certain reference significance for the establishment of stateowned enterprise system with Chinese characteristics and socialist market economy system.