Table of Content

16 June 2023, Volume 43 Issue 6

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CONSTRUCTING THE MICRO FOUNDATION FOR THE COORDINATED DEVELOPMENT OF STATE-OWNED ECONOMY AND PRIVATE ECONOMY

YANG Ruilong

2023, 43(6):  4-12. 

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 To build a highlevel socialist market economy system，we must adhere to the two “unwavering” principles Because China is developing its market economy under the basic socialist economic system，developing and strengthening stateowned economy helps to leverage the advantages of the socialist system and better leverage the role of the government To play the decisive role of the market in resource allocation，it is necessary to vigorously develop the private economy The key to building a socialist market economy system with coordinated development between stateowned economy and private economy is to optimize the layout of the stateowned economy and allow them to leverage their respective advantages in different fields，promoting each other and developing together The key to substantively promoting the optimization of the layout of the stateowned economy is to establish the standard of “optimization”，so as to establish an implementation plan based on this standard that includes where the stateowned economy should go and where it shouldnt go This article advocates to handle the relationship between the stateowned economy and the private economy based on the principle of classified reform，and achieve the optimization of the layout of the stateowned economy





VAT RATE REDUCTION，FINANCING CONSTRAINTS AND TOTAL FACTOR PRODUCTIVITY OF ENTERPRISES——Theoretical Model and Empirical Evidence of Listed Companies

YUE Shumin, XIAO Chunming, CHEN Xiaoguang

2023, 43(6):  13-26. 

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 On the basis of building a theoretical model of the effect of VAT rate reduction on total factor productivity，this paper empirically tests the effect and mechanism of VAT rate reduction on total factor productivity of enterprises，taking VAT rate reduction as quasi experiment and using the financial data of listed companies with DifferencesinDifferences method （DID），fixed effect and intermediary effect model This study finds that the VAT rate reduction has a significant promotion effect on the total factor productivity of enterprises The mechanism test finds that the VAT rate reduction has an incentive effect on enterprise innovation and expands production scale by alleviating financing constraints，and then promotes total factor productivity In addition，the research on the heterogeneity of property rights and enterprise size finds that the impact of VAT rate reduction on the total factor productivity of private enterprises and small enterprises is greater than that of stateowned enterprises and large enterprises Based on the theory of financing constraint，this paper analyzes the impact of VAT rate reduction on the total factor productivity of enterprises from the perspective of theoretical mechanism and empirical test，which provides ideas for the effect evaluation of tax reduction policy and provides some reference for the selection of VAT reduction policy





TECHNOLOGICAL EXPERT EXECUTIVES AND GREEN INNOVATION OF LISTED FIRMS

YANG Mei, WANG Youqiang, XIA Xinming,

2023, 43(6):  27-41. 

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Based on enterprise financial data and patent data，this paper manually identifies 86 457 core managers （CEOs and chairmen of the board）data of the academic and R&D experience characteristics and constructs a green innovation database of Chinese Ashare listed firms in 20002020 to explore the impact and mechanism of R&D experience，academic backgrounds and the combination of these two characteristics （CRA）of listed firms core managers on green innovation through an econometric model The findings show that core managers from science，engineering，agriculture and medicine backgrounds are twice likely to engage in R&D than those from arts，commerce and law backgrounds After further controlling technological expert executives R&D background and academic qualifications，the regression results show that CRA still have a positive effect on green innovation and the channels are that R&D capital investment and R&D personnel investment have a mediating effect，and ownership structure，firm size，and R&D personnel investment have a moderating effect Heterogeneity analysis shows that large enterprises provide a better platform for technological expert executives，and they can play a greater role in green innovation，while the current green innovation in Chinas listed firms is still in the early stage The paper further examines the potential endogeneity issue using a quasinatural experiment of core managers “turnover” and various PSM methods The results are consistent





STUDY FOR INDUSTRY MATCHING DEMAND AND ENGINEER SUPPLY GAP

HUANG Haibo, XIE Kai, QIN Fang, OUYANG Jun

2023, 43(6):  42-59. 

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Human capital matched with industrial demand is the driving force of economic growth，and analyzing the supply and demand of engineers helps talent policies serve economic development needs more precisely Based on the definition of engineers，this paper measures and analyzes the total scale and current characteristics of engineers in China using data from the China Household Finance Survey，and estimates the future supply gap of engineers based on economic and industrial development goals This paper finds that the scale of engineers in China is large and growing fast，exceeding other major economies，but its proportion in labor force is low Although the overall scale of graduates with higher education in science and technology has increased，there are problems such as low proportion in labor force and declining proportion in graduates，as well as low proportion of engineering and technical jobs after graduation Chinas manufacturing value added ratio in GDP is steadily the highest in the world，but the ratio of manufacturing engineer is much lower than that of traditional engineer powerhouses At present，there is an insufficient supply of junior，middle and senior engineers in the labor market，and the demand for engineers will still greatly exceed the supply in the future，and the supply gap of engineers will exist for a long time The increase in the proportion of science and engineering graduates and the conversion rate of engineers helps to expand the supply scale of engineers and narrow the gap between supply and demand This paper provides empirical evidence for the adjustment of talent policies such as the training program for scientific and technical talents and the professional title system for engineers





ZOMBIE FIRMS，INDUSTRY CHAIN AND THE TRANSMISSION OF DEBT RISK IN REAL ECONOMY

LU Jiankun, ZHAO Jing, LI Xuchao

2023, 43(6):  60-72. 

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This paper investigates the debt risk transmission through industry chain in real economy by analyzing the impact of zombie firms in downstream on normal firms in upstream Based on the 1998–2007 Annual Survey of Industrial Firms of China，this paper finds：first，zombie firms exhibit higher debt risk and also exert a positive effect on the leverage of normal firms in upstream industries，which transmit debt risk in real economy；second，distorted trade credit （ie，delayed payment）is the main transmission channel of the debt risk；third，this kind of debt risk transmission could be suppressed by strengthening property rights protection This paper finds consistent results in robustness tests such as using multilevels fixed effects，instrumental variable，and alternative measures of variables The results implicate that the smoothing of domestic circulation and the controlling of debt risk in real economy could be improved at the same time by taking proper measures，such as strengthening property rights protection and managing delayed payment to improve upstream and downstream relationship in the industry chain





RESEARCH ON GOVERNMENT SUBSIDIES BASED ON FUZZY-SET QUALITATIVE COMPARATIVE ANALYSIS——Data from Listed Companies of Software and Information Technology Service Industry in Shanghai and Shenzhen Stock Exchanges

ZOU Ling, ZHAO Zuokang

2023, 43(6):  73-83. 

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 As an important way to promote the development of strategic emerging industries，the complexity of government subsidy cannot be ignored Based on the complexity theory，this paper takes Chinese listed companies in the software and information technology service industries as the research object，adopts the fuzzy set qualitative comparative analysis method （fsQCA）to analyze and empirically examine the complex causal combination and asymmetric relationship among the nature of the property right，enterprise size，profitability，ownership concentration ，assetliability ratio，and government subsidies The findings are as follows：（1）government subsidies are affected by the combination of antecedent conditions of enterprises，and different combination paths can lead to the occurrence of highlevel government subsidiesThe causal relationship shows asymmetry，and a single factor cannot lead to the results；（2）through sorting out the combination paths，it is found that although the government mainly implements subsidies based on the motivation of “icing on the cake”，a few combination paths also reflect the mentality of “helping the weak” in the implementation of government subsidies，reflecting that the implementation of government subsidies is still incomplete The above research results not only broaden the complexity perspective of government subsidy research theoretically，but also provide a decisionmaking basis for the government to optimize subsidy policies and improve resource allocation efficiency

THE PROCESS OF FINANCIAL RESOURCES ALLOCATION，THE PHENOMENON OF MEDIUM AREAS AND ITS IMPROVEMENT

WANG Zhenyu, LU Yao, SI Yawei

2023, 43(6):  84-94. 

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With wealth and governance，it is difficult to administer effectively without wealth The process of financial resources allocation refers to the whole life cycle of local financial resources formation and application，specifically portrayed as initial configuration，reconfiguration and specific application Using the fiscal data of 31 provinces （autonomous regions and municipalities）in our country from 1994 to 2019，this paper examines the evolution of differences in local fiscal resources from the perspective of the process of financial resources allocation The results prove that：in the initial allocation pattern，there is a certain “northsouth gap” phenomenon，and the differentiation has accelerated after 2013，but the phenomenon of “medium areas” has not yet emerged；in the reallocation pattern，there has not yet been a significant “northsouth gap” phenomenon，but the basic judgment of the “medium areas” phenomenon has been reached；in the specific application，the “medium areas” phenomenon is further confirmed by constructing the “maintenance expenditure ratio coefficient” and determining the corresponding financial status To this end，in accordance with the optimal allocation concept of “equalization of financial allocation”，we should adhere to the overall requirements of “clear powers and responsibilities，financial coordination，and regional balance”，gradually reduce the regional financial differences in the financial resources allocation，and form a reasonable and orderly financial resources allocation pattern





CAN ENVIRONMENTAL TAXES REDUCE CHINAS ENERGY CONSUMPTION

ZOU Ganna, HUANG Jiqiang, ZHANG Wenchun

2023, 43(6):  95-105. 

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Environmentfriendly and Energysaving are a good guarantee and power source of Chinas sustainable economic development Coordinating the relationship between them is very important to building a “resourcesaving” and “environmentfriendly” society This study uses panel data of 287 cities in 30 provinces in China from 2006 to 2019 to explore whether the environmental “fee to tax” can effectively reduce energy consumption in China Benchmark result finds that environment “fee to tax” can significantly reduce energy consumption，improve energy efficiency，and realize a “resourceconserving society” The environment “fee to tax” presents pronounced regional heterogeneity，significantly reducing energy consumption in the east area，the old industrial area and the acid rain and sulfur dioxide control zones area However，the effect is not significant in the central and western areas，nonold industrial area and nonacid rain and sulfur dioxide control zones area Environmental “fee to tax” can effectively reduce Chinas energy consumption by enhancing R&D and innovation investment，optimizing the industrial structure，and strengthening tax levying and management The conclusion is still valid in a series of robustness tests The article further finds that the environmental “fee to tax” can reduce pollutant emissions and helps achieve an “environmentally friendly” society





ON WARREN BUFFETT'S INVESTMENT STRATEGY

LIU Zhenya

2023, 43(6):  106-112. 

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Over the past six decades，Warren Buffetts investment strategy has significantly outperformed S&P 500 Index，which attracted a lot of investors attention in the market to track and follow his strategy From the modern finance theory，this paper gives insights into Buffetts investing principles of emphasizing fundamental analysis and maintaining a concentrated portfolio Using the rational expectation model，this paper reveals the central role of future firm fundamentals in stock pricing When adding a bubble term to the model，the stock price has the same solution Therefore，investors should rationally see price fluctuations originating from the bubble process Moreover，this paper explains the philosophy of concentrated portfolio choice with Mertons optimal investing strategy In addition，this paper shows the implications of these insights for the asset management industry in China