Table of Content

16 September 2022, Volume 42 Issue 9

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THE RESTRUCTURING OF CENTRAL STATEOWNED ENTERPRISES AND THE ALLOCATIVE EFFICIENCY OF STATEOWNED CAPITAL FROM THE PERSPECTIVE OF POLICY SYNERGY

CHU Jian

2022, 42(9):  4-20. 

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Based on the perspective of policy synergy of deepening the reform of SOEs，this paper systematically investigates the impact and mechanism of the restructuring of central SOEs on the allocative efficiency of stateowned capitalIt is found that the restructuring of central SOEs can improve the performance of stateowned capital，which lasts for a long timeAnd this result also depends on the restructuring methodsThe mechanism tests indicate that the restructuring of central SOEs improves the performance of stateowned capital by reducing costs and improving efficiency rather than intensifying market monopolyFurther tests indicate that deepening the reform of SOEs，especially the classified reform of SOEs and the pilot of establishing stateowned capital investment and operation companies，can generate a policy synergistic effect on the restructuring of central SOEsFinally，the restructuring of central SOEs can also promote stateowned capital to eliminate backward and excess production capacity and devote resources to important industries and core businesses through liquidation，delisting and transfer of property rightsThis paper responds promptly to the important concerns about the effectiveness and necessity of the restructuring of SOEs，especially central SOEsMeanwhile，it provides useful enlightenments for further promoting the reform of SOEs.

CAN THE MIXED OWNERSHIP REFORM EFFECTIVELY RESOLVE THE OVERCAPACITY OF SOES

BAI Xuejie, ZHANG Zhe

2022, 42(9):  21-37. 

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Under the policy background of deepening the mixed ownership reform of SOEs，comparing with other studies using positive logic to study the similarities and differences in the causes and resolution mechanisms of overcapacity between SOEs and other ownership enterprises，this article constructs counterfactual causal inferences through reverse logic to explore the institutional causes of the overcapacity of SOEsThat is，can the overcapacity be resolved when the status of the SOEs changes after the mixed ownership reform? In the empirical analysis，this paper firstly uses the method of PSM and multiperiod DID to identify the policy impactSecondly，this paper analyzes the differences of the impact of SOEs scale on its capacity utilization rate under different market structures，and illustrates the ways that the mixed ownership reform of SOEs resolves overcapacityLastly，this paper explores the transmission effect between the institutional roots and derivative factors of overcapacity.

CAN TALENT POLICIES PROMOTE THE GROWTH OF ENTERPRISE'S TOTAL FACTOR PRODUCTIVITY——Based on the Perspective of Local Government Talent Governance

LI Juan, YANG Jingjing, LAI Mingyong

2022, 42(9):  38-51. 

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This paper uses the local regulations and departmental rules issued for talents in the database of Chinese laws and regulations from 2001 to 2016，quantitatively identify talent policiesIt matches them with listed company data,empirically test the impact of local talent policies on corporate total factor productivityThis study finds that the talent policy can significantly promote the growth of total factor productivity of enterprisesSpecifically，every increasing in the number of talent policies can promote the growth of total factor productivity of enterprises by about 0.005The mechanism test finds that the talent policy promotes the growth of total factor productivity through two paths: improving the level of enterprises’ technological innovation and correcting the misallocation of human capital among enterprisesIn addition，the research on enterprise and industry heterogeneity finds that the impact of talent policy on total factor productivity of nonstateowned enterprises and hightech industries is bigger than that of stateowned enterprises and nonhightech industriesThese findings are of great significance for understanding the current legalization of local government talent governance，as well as have enlightenment for how to improve the government's talent policy and to promote highquality economic development in China.

CENTRAL AUDIT SUPERVISION AND LOCAL AUDIT ENFORCEMENT ON MISUSING PUBLIC FUNDS——Evidence from the Regional Offices of China's National Audit Office

WU Yiping, ZHOU Cai, YANG Fang

2022, 42(9):  52-67. 

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Based on the information of the establishment of the regional offices of China's National Audit Office and the audit reports issued by provincial level audit offices from 19842017，this paper investigates the effect of central audit supervision on local audit enforcement on misusing public fundsThe results show that central audit supervision，represented by the establishment of regional offices of China's National Audit Office，has a significantly positive correlation with local audit enforcement on misusing public fundsMoreover，after the establishment of regional offices of China's National Audit Office，provincial level audit offices have increased the number of both cases transferred to the judiciary and cases handled by the judiciaryMore importantly，auditor's turnover will not have a significant impact on the role of central audit supervision and the establishment of the regional offices of China's National Audit Office has local effect.

THE IMPACT OF INCOME STRUCTURE ON HOUSEHOLD CONSUMPTION PROPENSITY AND STRUCTURE IN CHINA ——A Perspective Based on Mental Accounting

WANG Xianghong, WEN Xiuze, SUN Wenkai

2022, 42(9):  68-81. 

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This paper examines the impact of income structure on household consumptionFrom a perspective of behavioral economics，it provides an explanation for the phenomenon that the consumption rate and the proportion of nonwage income of Chinese residents increase at the same time in recent yearsUsing the panel data from the Chinese Family Panel Studies （CFPS），this paper tests the impact with the method of twoway fixed effect modelThe results suggest that the marginal consumption propensities of transfer income and property income are significantly higher than those of wage income and operation income，while the marginal consumption propensity of property income is the highestWage income and operation income are mostly used in household necessities，while property income and transfer income have contributed to the increases of all kinds of consumption categoriesThere are heterogeneous patterns between the urban and rural households

ASSESSING ENERGY POVERTY FOR CHINESE URBAN HOUSEHOLD——Empirical Evidence from Micro Survey Data

2022, 42(9):  82-96. 

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The focus of China's poverty alleviation work has shifted from eradicating absolute poverty to alleviating unbalanced and insufficient relative poverty，from solving income poverty to solving multidimensional poverty，and from focusing on solving rural poverty to coordinating urban and rural poverty alleviationEnergy is an important indicator of people's quality of life and can effectively reflect the welfare levelInvestigating the characteristics of urban household energy consumption and measuring the distribution of energy poverty provide a scientific management basis for poverty alleviationThis paper constructs the framework of household energy consumption decisionmaking，and uses the first Chinese Residential Energy Consumption Survey to investigate the relationship between residents'income and energy consumption，and measures the energy poverty of urban households in ChinaIt is found that there is a nonlinear relationship between residentsincome and energy consumptionEnergy price，family characteristics and regional characteristics all play an important role in energy consumption decisionmakingThe relative energy poverty of urban households in China is serious，mainly manifested in the problem of energy affordabilityThe energy poverty rate is about 20%，of which the power poverty rate is more than 25%The increase of family income，the improvement of education level，the popularization of urban power infrastructure and the improvement of urban environmental regulation level will significantly reduce the possibility of falling into energy poverty，and the rise of power price will significantly increase the probability of falling into energy poverty.

PAYMENT CEILING AND THE QUALITY OF ACCOUNTING INFORMATION——Based on Mediating Effect of Excess Payment

XU Jingchang, LI Zhaopeng

2022, 42(9):  97-112. 

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Under the background of stateowned enterprises （SOEs） compensation system reform，this paper examines the influence of payment ceiling on managers' excess payment and the quality of accounting information of SOEsThe results show that，there is a Ushaped relationship between managers' excess payment and the quality of accounting information；payment ceiling reduces SOEs' quality of accounting information by reducing excess payment of managers；the policy effect of payment ceiling is not targeted，and it significantly reduces the excess compensation of underincentive group and overincentive group without difference；the implementation of equity incentives and improving audit quality will help to weaken the negative impact of payment ceilingThe conclusion of this paper shows that the existing payment ceiling is effective，but the salary limit standard is relatively roughThe future reform of salary system of SOEs should refine payment ceiling standard based on the balance of cost and benefit and strive to adapt measures to local conditions and use precise salary limit.