Table of Content

16 March 2023, Volume 43 Issue 3

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THE UNDERSTANDING TO THE STRATEGIC ARRANGEMENTS AND CREATIVE MEASURES OF THE ECONOMIC ADVANTAGE IN FUTURE FIVE YEARS

NING Jizhe

2023, 43(3):  4-12. 

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Deeply recognizing the major tasks of the economic work in the next five years is very important for studying the spirit of the Report to the 20th National Congress of the CPC This paper elaborates completely the strategic arrangements and creative measures in the next five years，including the creation of a new development pattern，pursuing high quality development，the effective upgrade and appropriate expansion of China's economic output，building a high-standard socialist market economy，the modernization of the industrial system，advancing rural revitalization，promoting coordinated regional development，promoting high-standard opening-up The analysis of this paper has important enlightenment to profoundly comprehend the spirit of the report to the 20th National Congress of the CPC


CHINA'S MACROECONOMY AND POLICY ANALYSES——Looking Back on 2022 and Looking Forward to 2023

2023, 43(3):  13-23. 

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In 2022，China's economy showed a V-shaped trend，with a GDP growth rate of 3%，which is 2.5 percentage points lower than the growth target set at the beginning of the year Looking forward to 2023，issues such as the reduction of the country's total population，the sharp decline in labor force，the trend of COVID-19 epidemic，the changes in market expectations，the impact of previous policies，and changes in international political and economic situation will become important factors affecting China's economic development in the future The natural trend of China's economy will be a pattern of recovery both in supply and demand，but will still be lower than the potential growth rate In addition，real estate market crisis，local government debt，exchange rate and currency crisis，and external economic environment will become important risk points for China's economic development in the future In view of this，the policy target for 2023 should focus on the demand side，and at the same time provide necessary support for the stable recovery of the supply side and the continuous improvement of the market environment

THE EFFECT OF “PROVINCE-MANAGING-COUNTY” REFORM ON THE URBAN-RURAL DIVIDE

FANG Hongsheng, LU Weijun, SU Yunqing

2023, 43(3):  24-39. 

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This paper takes the perspective of fiscal decentralization among subprovincial governments to examine the effect of Provincemanagingcounty（PMC） reform on the income gap between urban and rural areas Theoretically，PMC reform has increased local taxsharing rate and intergovernmental transfers，which force local governments to face more intense horizontal competition，extending a “grabbing hand” to the rural areas，and choose a development strategy that favors capitalintensive industries Those two logical approaches widen the income gap between urban and rural areas in the county Empirically，the main findings are as follows First，PMC reform has widened the income gap Second，the effects of PMC reform vary in different regions PMC reform has a positive impact on the gap between urban and rural areas in eastern and middle regions But it has an opposite impact in minority，poverty and western regions It has no impact in grainproducing counties and border counties Third，the mechanism analysis shows that two channels of PMC reform are intense horizontal competition among counties and governmental development strategy that favors capitalintensive industries

THE RESEARCH ON THE RISK SPILLOVER EFFECT OF LOCAL GOVERNMENT DEBT

FANG Yi, HUANG Xing, JIA Yanyan

2023, 43(3):  40-53. 

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The prevention and resolution of local government debt risks are critical to Chinas financial stability and economic growth This article first uses the daily frequency transaction data of individual bonds to construct the provincial urban investment bond and local bond spread indicators，and then examines the interprovincial local government debt risk spillover effect and the frequency domain superposition of interprovincial local government debt risk spillovers mechanism and its main influencing factors The empirical results show that the spatial distribution of urban investment bond risks is related to the level of economic development，showing obvious characteristics of “high in the west and low in the east”，while local bonds are not；the total spillover of local government debt risk is mainly dominated by shortterm spillover；the balance of bonds affects its shortterm net spillover，while economic fundamental factors affect its longterm net spillover Based on the empirical results，this paper proposes a framework for local government debt risk transmission and supervision policies


PARTY CONSTRUCTION AND CORPORATE SOCIAL RESPONSIBILITY

ZHU Limin, ZHAO Jing, SUN Zejun

2023, 43(3):  54-68. 

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Improving corporate social responsibility is of great significance to promoting highquality development and embarking on a new journey to fully build a modern socialist country Guided by the national poverty alleviation strategy，participating in targeted poverty alleviation is an important way for firms to take social responsibilities Adhering to the leadership of the Communist Party of China is the fundamental guarantee for the realization of poverty alleviation，and party construction is an important guide for firms to participate in targeted poverty alleviation Based on the data of Ashare private listed companies from 2013 to 2018，this study finds that party construction in private firms promotes their participation in targeted poverty alleviation，and correspondingly promotes those firms' performance Furthermore，for firms in regions where poverty alleviation is with high importance，firms in regions with high political trust of private entrepreneurs，and firms with large number of employees，party construction plays a greater role in promoting firms' participation in targeted poverty alleviation This study is an important supplement to the research on targeted poverty alleviation，social responsibility and party construction in firms，and also provides many valuable suggestions for consolidating the achievements of poverty alleviation and promoting highquality economic development


MARKET FAIR COMPETITION AND LABOR INCOME SHARE——An Evidence from the Antitrust Law

JIANG Xuanyu, ZHAO Liping, YUAN Chun

2023, 43(3):  69-81. 

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In the context of China's implementation of making solid advances toward common prosperity and strengthening antitrust enforcement，this paper uses the enactment of the Antitrust Law as a unique shock to examine empirically the impact of market fair competition on labor income share The result shows that compared with competitive firms，the labor income share of monopoly firms increases significantly after the enforcement of the Antitrust Law The positive relation between the Antitrust Law and labor income share is amplified in high executive monopoly regions，hightech industries，and firms with higher ratio of scientists and engineers，and is dampened in firms facing lower agency cost Further，this paper finds that reducing the monopoly rent and improving R&D intensity are important channels through which the Antitrust Law increases labor income share；the Antitrust Law increases the labor income share of staff，and decreases the labor income share of managers

BANK COMPETITION，CORPORATE DEBT，AND BRINGING FIRMS BACK TO THE REAL ECONOMY——Based on Double Machine Learning

PENG Fangping, WANG Ruting, LIAO Jingxian

2023, 43(3):  82-97. 

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This paper takes the deregulation of bank branch entry barriers in 2009 as an external shock and explores how bank competition influences firms' debt and investment This paper uses double machine learning method to identify causal relation，which can solve the risk of misspecification in traditional OLS regressions as well as the regularization bias in machine learning The results indicate that intensifying competition in banking sectors not only significantly reduces the corporate financing costs，increases firms' financing ability of longterm debt，but also brings firms back to the real economy In addition，SMEs enjoy more benefits brought by this reform This paper is important for solving the financing problem of SMEs，improving the financialization of firms and optimizing financial resource allocation

DOES CORPORATE REPUTATION BRING HIGHER FINANCIAL MARKET VALUE——Evidence from China Timehonored Listed Companies

XU Rong, WANG Wenlan, XU Xingmei, FANG Minghao

2023, 43(3):  98-112. 

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China Timehonored Brand is a unique corporate reputation asset，which provides a good identification environment for studying corporate reputation and helps to solve the endogeneity problem of previous studies on financial intermediary reputation This paper uses Ashare listed companies in 19922014 as the research sample and finds that companies with Timehonored Brands have significantly lower IPO underpricing ratios，less postIPO financing constraints，better stock market performance，and more robust operating performance，indicating that Timehonored Brands can effectively play an information assurance role as corporate reputation assets Mechanism analysis shows that Timehonored corporate reputation can promote management interest compatibility and improve internal governance efficiency，thus forming a virtuous circle of consciously maintaining reputation Therefore，this paper not only finds that corporate reputation can be used as an effective indicator of corporate value，but also provides some implications for the mixed ownership reform of stateowned enterprises under the new development stage by studying the reputation value of China Timehonored Brand in promoting corporate performance and internal governance