Table of Content

16 May 2022, Volume 42 Issue 5

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ARTIFICIAL INTELLIGENCE,OVER-COMPETITION AND QUALITY LADDER

QI Jianhong, ZHOU Mingzhu

2022, 42(5):  4-20. 

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Using the worlds industrial robot installation data provided by IFR, this paper examines the impact and mechanism of Artificial Intelligence (AI) on the industry quality ladder, and explores the effect of overcompetition and its quality agglomeration effect The results show that AI significantly shortens the industry quality ladder and improves product quality, and this effect is still robust after considering a series of tests The results based on the test of causal mediation analysis in IV models show that the impact of AI on the quality ladder is realized by increasing the use of intermediate goods, improving productivity and changing capital intensity The existence of overcompetition not only negatively affects the role of artificial intelligence on the industry quality ladder, but also leads to the phenomenon of geographical transfer in the dimension of quality, resulting in the production and marketing of highquality products becoming a regional activity centered on highquality countries This paper is not only helpful to clarifying the economic effect of Artificial Intelligence, but also helpful to enhancing the international competitiveness of products, so as to boost the highquality development of trade

FACTOR DECOMPOSITION OF REGIONAL DISPARITY AND DRIVING FORCE OF CHINA'S ECONOMY

SUN Sanbai, ZHANG Keyun

2022, 42(5):  21-35. 

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China's regional GDP inequality showed a downward and then an upward trend in 1949—2019, and it also showed a similar trend in the past decade Regional per capita GDP inequality is in a state of horizontal fluctuation, and appears σ convergence in recent years and β convergence in 2019 At present, weak innovation ability, high government debt ratio and low proportion of labor are important reasons for lack of driving force in less developed areas R&D expenditure, capital stock and employment scale are the main reasons for the formation of regional economic inequality, which can explain 889% of provincial level GDP difference and 591% of per capita GDP difference from 1999 to 2019 R&D expenditure and employment scale are the main causes of regional GDP inequality, and R&D expenditure and capital stock are the main causes of regional per capita GDP inequality The spatial econometric analysis shows that the spatial spillover effect of China's regional economic growth is significant, but the spatial spillover effects of R&D expenditure, capital stock and employment scale are different Only R&D expenditure has positive spatial spillover effect on economic growth, and there are certain differences in the spatial spillover effects of the three economic belts in the East, the West and the middle region

EXCHANGE RATE EXPOSURE AND INTERNATIONAL COMPETITION OF CHINA'S INDUSTRIES

ZHANG Ce, WANG Wenqing, LIU Erzhuo, HE Qing

2022, 42(5):  36-49. 

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Under the new development paradigm, modern industries should pay more attention to the balance between development and safety This paper analyzes how exchange rate fluctuation and foreign industry competition affect Chinas industries using a comprehensive data from 2005 to 2018 The results show that 425% of Chinas industries are exposed to USDRMB risk, and the resource product industry is most affected by exchange rate shocks The tradable goods industry has benefited from the devaluation of the RMB against the US dollar, but the importance of the exchange rate is much lower than the JapanUS trade war period (19751997). Similarly, 389% of industries face industrial competition from the United States, and industrial policy support has enhanced the competitiveness of Chinas industries In addition to the United States, Chinas industries also face industrial competition from developed European countries such as the United Kingdom and France On this basis, the difficulties and countermeasures of enterprise internationalization in the post epidemic era are discussed The research has abundant policy applications for exchange rate risk management and industrial policy formulation





MATCHING EFFECT IN MERGERS AND ACQUISITIONS——A Study on Premium, Target's Earnings Quality and Performance

LAN Faqin, GUO Wenting

2022, 42(5):  50-64. 

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 Based on the M&A data of Chinese companies from 2008 to 2019, this paper finds positive shortterm and longterm matching effects: acquirers earn higher performance when their M&A premium matches the target firms earnings quality This paper also confirms the signal transmission mechanism of shortterm matching effect and the investment efficiency and synergy mechanism of longterm matching effect Further research shows that such shortterm and longterm matching effects still exist in continuous M&A, but only shortterm matching effects work in the M&A supported by industrial policy This paper expands the theoretical framework of the rationality of M&A premium and provides a reference for correctly understanding the effect of matching on M&A performance and resource reallocation





HOW DOES GOVERNMENT RESIDENT RELOCATION AFFECT GOVERNMENT DEBT

WANG Hai, WANG Jie , YIN Junya

2022, 42(5):  65-77. 

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On the basis of collecting and sorting out the actual time of Chinese municipal government resident relocation, this paper empirically analyzes the influence of government resident relocation on municipal investment bonds The study shows that government resident relocation significantly increases the scale of local municipal investment bonds, and the influence presents an increasing trend over time The study also finds that the impact of resident relocation is more obvious in highadministrativelevel city, and it is positively correlated with relocation distance In addition, the implementation of replacing business tax with valueadded tax will strengthen the effect of government resident relocation on municipal investment bonds This paper not only provides references for the management of local government resident relocation, but also provides a new perspective for understanding the impact of government behavior

ON THE THEORETIC PROPERTIES OF INPUT-OUTPUT MODEL

ZHANG Hongxia, XIA Ming

2022, 42(5):  78-94. 

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As an empirical research method, input-output technique is widely used in the analysis of practical economic problems, but the understanding of the assumptions and properties of the model is the premise of correct use of the method The prominent characteristics of input-output model are productioncentered, structured and systematic Demanddriven quantity model and costdriven price model constitute the core framework of input-output technique, both of which are productioncentered The interaction between industries reflected in the quantitative model and the price model includes not only direct but also indirect connections, therefore it is a structural methodology From the systematic point of view, this framework takes production as the core to form the endogenous boundary of the model and can further adjust the endogenous boundary and concept In addition, the supply driven model is established by introducing distribution coefficient, and Leontief inputoutput model is extended to generalized inputoutput model by being combined with optimization model, which constitute the systematic frameworkFocusing on the basic properties of inputoutput model, this paper fully discusses some basic issues of the framework, including the nature of structural description, the determination and adjustment of the endogenous boundary of the system, the symmetry of the demanddriven and supplydriven modelling system, and the duality of the generalized input-output system From the discussion, the thoughts of the authors on the properties of input-output framework are proposed





CONTRIBUTION RATE, REPORTED PAYMENT BASE AND EMPLOYMENT

QIU Zhigang, MIAO MengWANG, ZiyueYANG, Zhen

2022, 42(5):  95-111. 

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Using the data of listed companies, this paper studies how the changes of statutory pension insurance payment ratio affect the payment base declared by enterprises and employment When the proportion of legal payment rate increases, the enterprises reduce the declaration base; otherwise, they increase the declaration base After the implementation of the Labor Contract Law, the payment base of enterprises is the result of bargaining between enterprises and employees, and its impact on employment is asymmetric Classifying enterprises into several categories, further analysis shows that: (1) when the legal proportion decreases, the enterprises in low wage areas reduce the degree of fee evasion more than those in high wage areas (2) When the legal proportion increases, capitalintensive enterprises reduce the employment scale more than laborintensive enterprises (3)When the legal proportion increases, nonstateowned enterprises reduce the scale of employment, while stateowned enterprises do not