Table of Content

16 October 2022, Volume 42 Issue 10

Previous Issue    Next Issue

CAN FAULT-TOLERANT MECHANISM PROMOTE THE INNOVATION OF SOES

YANG Tianyu, ZHU Guang

2022, 42(10):  4-16. 

Asbtract ( )   PDF (2009KB) ( )  

Related Articles | Metrics

How to improve the innovation ability of stateowned enterprises is a controversial issueBased on the faulttolerant mechanism implemented by stateowned enterprises，this paper studies the innovation of stateowned enterprisesBy constructing a dynamic game model and solving the Nash equilibrium，this paper puts forward two theoretical hypotheses：（1） positive incentive can improve the lowrisk innovation incentive of SOE executives，but cannot improve their highrisk innovation incentive；（2） the combination of positive incentive and faulttolerant mechanism can promote the highrisk innovation incentive of SOE executivesEmpirically，taking the establishment of faulttolerant mechanism implemented by central enterprises as a quasinatural experiment，this paper uses the data of listed companies actually controlled by central enterprises from 2013 to 2019 and adopts multiperiod DID method to verify the above hypothesisFurther research shows that when an enterprise is in a competitive industry or its executives are younger，the promotion effect of fault tolerance mechanism on highrisk innovation investment is strongerThe findings not only provide a new perspective for improving the innovation ability of SOEs，but also provide a basis for optimizing their faulttolerant mechanism

INTER-SECTORAL PRODUCTIVITY GAP.LABO RDEINDUSTRIALIZATION AND STRUCTURAL SLOWDOWN

WANG Xiyuan, YANG Xianming

2022, 42(10):  17-31. 

Asbtract ( )   PDF (2119KB) ( )  

Related Articles | Metrics

Based on the signs of rapid and premature deindustrialization of China's labor employment structure，this paper studies it from the perspective of intersectoral productivity gap using multisectoral general equilibrium model，numerical simulation and econometric empirical analysis methods and obtains the following conclusions（1） Theoretically，when the growth of labor productivity in service sector is slower than that in industrial sector，the intersectoral productivity gap will increase，and the rate of labor deindustrialization will be fasterMoreover，the existence of intersectoral productivity gap makes labor deindustrialization have a structural deceleration effect on economic growthWith the accelerated improvement of labor productivity in the service sector，the intersectoral productivity gap will be narrowed，so as to slow down the rate of deindustrialization and reduce the pressure of structural decelerationAlthough the improvement of labor productivity in the industrial sector will expand the intersectoral productivity gap and accelerate the deindustrialization of labor force，it will play a role in homogenizing the economic growth rate in the long run（2） Using the econometric empirical analysis of China's provincial level and citylevel panel data from 20012018，it is found that the existence of intersectoral productivity gap leads to the significant effect of labor deindustrialization，but the structural deceleration effect of labor deindustrialization on economic growth is only significant in the sample interval from 2009 to 2018This shows that the slowdown of China's economic growth in recent years is related to the intersectoral productivity gap and labor deindustrialization（3） The experience comparison between successful and failed countries also shows that the improvement and coordination of labor productivity in industrial and service sectors is the key to cross the middleincome trap and achieve sustainable catchup after crossing

INDUSTRIAL AGGLOMERATION，TECHNOLOGICAL ACQUISITION AND KNOWLEDGE SPILLOVER EFFECT

WANG Caiping, LI Shanmin, HUANG Zhihong

2022, 42(10):  33-46. 

Asbtract ( )   PDF (2037KB) ( )  

Related Articles | Metrics

This paper considers technological acquisition as a microprocess of knowledge spillover and examines whether specialization agglomeration or diversification agglomeration plays a dominant role in technological acquisition decisions and its influence mechanismBased on the data of technological aquisition of Chinese Ashare manufacturing listed companies in 20072017，it is found that specialization agglomeration significantly promotes technological acquisition through knowledge competition effect and information network effect，but diversification agglomeration has no significant effect on technological acquisition decisionsThis means that specialization agglomeration has a significant knowledge spillover effect  while diversification agglomeration has no similar effect Further analysis reveals that the institutional environment is an important influence mechanism that determines whether the knowledge spillover effect of specialization agglomeration can play out，as shown by the fact that the knowledge spillover effect of specialization agglomeration is more significant in regions with higher levels of private enterprises，social trust and marketizationThe findings of this paper deepen our knowledge and understanding of the knowledge spillover effect of industrial agglomeration，enrich the relevant research on technological acquisition decisions，and have important policy implications for promoting coordinated regional development and building technological innovation systems

INDEMNIFICATORY HOUSING，SOCIAL IDENTITY AND FAIRNESS——Evidence from a Field Experiment in Community

LUO Jun, HUANG Jiaqi, LIU Jingshan, SHI Ronghao

2022, 42(10):  47-61. 

Asbtract ( )   PDF (2160KB) ( )  

Related Articles | Metrics

In 2020，the Central Economic Work Conference pointed out that we should pay attention to the construction of indemnificatory housingAt the same time，it clearly pointed out that renting and purchase should gradually have the same right to enjoy public servicesThe longterm inequality right between tenants and buyers makes people view different between renting houses and buying houses in psychological cognition，which may further lead to difference in social identity between these two groupsTherefore，it is of great significance to explore whether the difference of tenants identity and buyers identity will affect people's sense of fairness in daily communication，which can improve peoples living conditions and promote the common prosperity，with avoiding social segmentation between tenants and buyersIn order to control the interference of other factors，this paper uses the method of field experiment with affordable housing and public rental housing households as subjects，taking the disclosure of tenants identity and buyers identity information as the intervention and introducing the tenants identity and buyers identity exogenous into the ultimatum game for the purpose of investigating whether tenants identity and buyers identity affect fairness between the two groupsThe results show that disclosing tenants identity and buyers identity will awaken the selfawareness of tenantsThe longterm inequality of tenants'and buyers' right makes tenants eager for a more equitable allocation of resourcesAt the same time，disclosing tenants identity and buyers identity will also change people's cognition of othersCompared with facing property buyers，people will put forward a more equitable distribution plan when facing tenants

THE NEW DEVELOPMENT TREND OF REGIONALISM IN THE CHANGES OF INTERNATIONAL ECONOMIC STRUCTURE

SUN Jin, LEI Da

2022, 42(10):  62-73. 

Asbtract ( )   PDF (1890KB) ( )  

Related Articles | Metrics

This article points out the characteristics and development trends of new regionalism in the process of globalization reengineering，and the tremendous changes in academic research methods and the effects on world economic pattern that have been triggered by thisThrough the research of the latest USMexicoCanada Agreement，the nextgeneration EU recovery plan，and the integration of East Asia Regional Comprehensive Economic Partnership，this article tests the relationship between regionalism and globalization and whether RTA itself is consistent with WTO，sorts out and analyzes the argument that regional trade agreements are a stumbling block to global free trade or a stepping stone，and concludes that regionalism in North America and the European Union is a stumbling block，more of a substitute and defensive role，while East Asia's regionalism is a “stepping stone” to globalization and plays a complementary and pioneering roleRCEP is an upgraded version of the WTO in terms of content and a downgraded version of the WTO in terms of scopeChina will play more important roles in the WTO reform，global governance and the building of a community of human destiny in the futureChina will promote global governance and reform through the form of New Regionalism，from “Periphery” to “Center”

AN ANALYSIS OF THE U.S. CRUDE OIL IMPORTING STRATEGY

YI Jingtao, SU Huiwen, HUANG Yunting

2022, 42(10):  74-84. 

Asbtract ( )   PDF (1638KB) ( )  

Related Articles | Metrics

With the rapid growth of shale oil industry in the U.S., crude oil trade pattern of the U.S.has changedThe proportion of heavy crude in the U.S.total crude oil imports has significantly increased and the concentration of its oil import sources has also been amplifiedThis paper investigates the underlying causes of the strategic change in the U.S.oil imports and proposes a complementary relationship between the domestic shale oil use and the imports of Canadian oil and a substitution relationship between the domestic shale oil use and the imports of oil from OPECThe results of cointegration test and Granger causality test have confirmed above hypotheses and provide some evidence for the interaction between the U.S.shale oil demand and crude oil imports from different importing partnersFinally, this study has important policy implications for China's shale oil strategy and the SinoU.S.crude oil trade relationship


THE CHOICE OF ENTERPRISE INNOVATION STRATEGY UNDER CAPITAL MARKET LIBERALIZATION

ZHANG Xiaocheng, ZHU Dongju, LIU Mingxian, WANG Wulin

2022, 42(10):  85-98. 

Asbtract ( )   PDF (2098KB) ( )  

Related Articles | Metrics

This paper takes Shanghai and Shenzhen Ashare listed companies from 2010 to 2019 as a sample，and applies the DifferenceinDifferences model to empirically study the impact and mechanism of capital market liberalization on enterprise innovation behaviorThe study finds that the opening of ShanghaiHong Kong Stock Connect increased the substantial innovation investment of the target enterprises，but also promoted the strategic innovation behaviorPath analysis shows that ShanghaiHong Kong Stock Connect mainly promotes substantial innovation of enterprises by affecting the internal financing of enterprises and improving the external information environment，alleviating financing constraints and information asymmetryIn order to achieve highquality economic development，it is necessary to further improve the capital market liberalization system，support policy screening capabilities and support enterprise innovation


CORPORATE TAX AVOIDANCE AND ANNUAL REPORT READABILITY

ZHANG Xuan , ZHANG Jibao , TIAN Zhifan

2022, 42(10):  99-112. 

Asbtract ( )   PDF (2112KB) ( )  

Related Articles | Metrics

Tax avoidance activities increase the information asymmetryWill managers disclose information with obscure text in order to hide such tax avoidance behavior? Using a data set of Chinese Ashare listed firms from 2008 to 2017，this paper examines the relation between corporate tax avoidance and annual report readabilityThe results show that the more tax avoidance activities，the more complex vocabularies will be used in annual report，and the worse the annual report readabilityAfter using instrumental variable to address possible endogenous problems，and several robust checks with different annual report readability and corporate tax avoidance measures，the above results still holdThis paper further considers the effect of deferred income tax and the impact of tax policies，the conclusion that tax avoidance significantly reduces the readability of corporate annual reports still hold robustThis paper also finds that tax avoidance reduces annual report readability by reducing the quality of accounting informationThe view that the text information disclosure should be coordinated with digital information is verified from the perspective of corporate tax avoidanceIn addition，the negative relation between tax avoidance and annual report readability is more pronounced for firms without tax incentives，with more deferred income tax liabilities and with poor external corporate governanceTherefore，improving corporate tax system can effectively help to reduce corporate tax avoidance and restrict managerial rent seeking，thereby improving the information disclosure quality of firms