Table of Content

16 January 2023, Volume 43 Issue 1

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UPHOLDING AND IMPROVING THE BASIC SOCIALIST ECONOMIC SYSTEM IN THE NEW JOURNEY

DENG Liping

2023, 43(1):  4-13. 

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The Report to the 20th CPC National Congress has provided us with basic compliance in upholding and improving the basic socialist economic system in the new journeyGuided by the spirit of the 20th CPC National Congress，this paper studies it from six aspectsThe first is strengthening high confidence on the basic economic system in the persistent exploration of socialist economic systemThe second is grasping the direction of the basic economic system under the guidance of adapting Marxism to the Chinese context and the needs of the timesThe third is committing to letting the basic economic system play an important role in the process of Chinese modernizationThe fourth is showing the institutional advantages in the unity of the fundamental political system and the basic economic systemThe fifth is highlighting the supporting role of the basic economic system in promoting highquality developmentThe sixth is reflecting the requirements of the basic economic system in the research of fiscal and tax theory with Chinese characteristics

A STUDY ON THE SPATIAL HETEROGENEITY OF REGIONAL ECONOMIC CONVERGENCE IN CHINA——Evidence from Spatial Durbin Quantile Panel Regressions

HU Kexin, SUN Xiangwei, LI Fenghang

2023, 43(1):  14-29. 

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About whether there is convergence in regional economic growth，the existing empirical literature largely ignores the spatial heterogeneity of the convergence rateBased on the neoclassical economic growth theory，the article constructs a spatial Durbin panel quantile model and examines the spatial heterogeneity of economic growth convergence in 336 prefecture-level cities in ChinaResults show that the economic growth of various cities in China is generally converging，and the rate of convergence is U-shaped as the quantile increasesConsidering the free flow of capital among regions，the role of savings rate in low-growth and medium-growth regions is significantly reducedHigh-growth regions are less driven by the surrounding economies than in low-growth and medium-growth regions，so the rate of convergence in high-growth regions has become greaterFurther analysis finds that the southern and northern regions，and the eastern and western regions all exhibit the characteristics of club convergence，while the economic growth of the central region is characterized by economic divergence in high-growth regions and convergence in low-growth regionsIdentifying the spatial heterogeneity of regional economic growth is very important for the government to better implement regional coordinated development strategies to reduce regional economic differences

DEINDUSTRIALIZATION，ECONOMIC GROWTH AND REGIONAL COORDINATED DEVELOPMENT——Evidence from the Perspective of Land Resource Misallocation

FENG Yang, CHANG Zhongze, WANG Yang

2023, 43(1):  30-43. 

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Noticing China's rapid deindustrialization phenomenon in recent decades，this paper uses the panel data of 280 prefecturallevel cities and the instrument variable made up by cities' terrain and provincial shares of construction land quota to estimate the influence of deindustrialization on economic growth and regional coordinated development from the perspective of land resource misallocationEmpirical results show that the industrial sector has still positive effect on economic growth significantly at the present stage of economic development，and rapid and premature deindustrialization is not conductive to maintaining continuous economic growth and achieving regional coordinated development，while the dual misallocation of land resource across regions and across sectors is a substantial factor resulting in China's premature deindustrializationFurther analyses present that high urbanization level and developed producer services help to reinforce the promoting effect of industrialization on economic growthThis paper provides evidences for keeping the proportion of manufacture industry stable basically，propelling China's sustained and steady economic growth，promoting regional coordinated development，and optimizing the allocation of land resource

THE CROSS-REGIONAL OPERATION OF CITY COMMERCIAL BANKS-——A New Evidence Based on the Cross-provincial Injunction

DENG Kaihua, HAO Jia'ao

2023, 43(1):  44-59. 

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Based on hand-collected data of 101 city commercial banks （CCBs）that have achieved cross-regional operation in China from 2007 to 2019，this paper studies the motivation of cross-regional operation of CCBs and its impact on bank performance before and after the ban on cross-provincial expansion in 2011The fiscal pressure of local governments has promoted CCBs' cross-regional operation within the province，and the speed of within-province expansion accelerated significantly after 2011Accounting for the self-selection bias，mechanism test and mediation effect，our analysis shows that the effect of cross-regional operation has significant temporal and cross-sectional heterogeneityAfter the promulgation of the injunction，the overall risk management and profitability of CCBs have significantly improvedHowever，for CCBs that continue to expand within the province after the ban，banks located in less developed cities or banks with weaker expansion strength often face a sharp rise in non-performing loan rate and a significant decline in return on assetsMeanwhile，stronger CCBs can almost completely offset the negative impact of the expansionThis paper offers rich insights for understanding the operation of CCBs and for preventing and resolving the risk of the banking system

THE CONSTRUCTION OF INTERNET ENTREPRENEURIAL IDENTITY——An Empirical Test Based on Crowdfunding Data

LIANG Han, LIU Gang, YIN Jianling

2023, 43(1):  60-77. 

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One of the crucial research issues in the entrepreneurship context of Internet crowdfunding is how to build an appropriate entrepreneurial identity to deal with the dilemma of “to be the same，or to be different”，and then to attract the support of the crowd investorsBased on the multi-dimensional orchestration perspective of optimal distinctiveness theory，this paper distinguishes the similarity of the entrepreneur identity and the distinctiveness of the entrepreneurial project，distinguishes the investment intention and the investment scale decision-making stage，and constructs a two-stage model of the crowd investors' evaluation of the optimal distinctive entrepreneurial identity，and draws the following conclusionIn the same stage，the two dimensions of entrepreneur identity and entrepreneurial project identity show a consistent interactive orchestration mode，while in the cross stage，they show a complementary interactive orchestration modeThe construction of optimal distinctiveness entrepreneurial identity is achieved by crossing different stages and different structural dimensions，which is specifically reflected in conveying a high degree of entrepreneurial identity similarity in the investment intention decision-making stage and a medium degree of entrepreneurial project distinctiveness in the investment scale decision-making stageThis study further enriches the research on the multi-dimensional orchestration model of optimal distinctiveness theory，and provides a model reference and theoretical enlightenment for the construction of optimal distinctiveness entrepreneurial identity for Internet entrepreneurship

THE IMPACTS OF ARTIFICIAL INTELLIGENCE ON LABOR INCOME LEVEL AND INCOME GAP——Theoretical Interpretations and Empirical Tests

HUANG Zhi, CHENG Xiang

2023, 43(1):  78-95. 

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The development of artificial intelligence has had a far-reaching impact on the labor marketHowever，its influence on labor income level and income gap is still in the exploratory stage，and the quantitative evaluation is insufficient，lacking empirical evidence at the industry levelBased on the artificial intelligence technology model of Acemoglu & Restrepo （2018）and introducing the asymmetric change in the industrial AI development，this paper analyzes the impact and mechanism of artificial intelligence on labor income level and skill income gap from intelligence penetration and boundary extension，and does empirical tests through China's industrial panel data from 2003 to 2020The results show that：（1）artificial intelligence has a significant impact on labor income level and skill income gapIn the long run，the development of artificial intelligence can improve the level of labor income and narrow the skill income gap（2）The impact of artificial intelligence on the income level of low skilled labor is significantly greater than that on the income level of high skilled labor（3）Artificial intelligence can increase the labor income level and narrow the skill income gap by improving the employment level of high-skilled and lowskilled labor





ON THE CHINESE SOLUTION OF MARKET REPUTATION PUNISHMENT FAILURE AND ITS EFFICACY——Evidence Based on the Practice of Environmental Dishonest Joint Punishment System in China

WU Jingmei, SONG Zhequan, LIANG Mo

2023, 43(1):  96-112. 

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This paper theoretically analyzes the effect and mechanism of China's innovative Dishonest Joint Punishment System on alleviating the failure of market reputation punishment and empirically measures the reputation punishment for environmental violations from the capital marketThe empirical evidence suggests：（1）In the most inefficient field，environmental violations，China's listed companies in violation of environmental laws and regulations have received significant reputation punishmentOn average，reputation punishment represents 152% of the market capitalization，and accounts for 98.06% of the total punishment（2）The Environmental Dishonest Joint Punishment System is the decisive factor of the reputation punishment of environmental violations in ChinaIt is the main source of the total punishment measured from the capital market（3）The comparative study shows the Environmental Dishonest Joint Punishment System overcomes the problems of improper incentives for enterprise's environmental violations in China and increases the cost of environmental violations of enterprises in China to a level comparable to that of major developed countries