Table of Content

16 December 2023, Volume 43 Issue 12

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HE POLICY PINPOINTING “HOUSES ARE FOR LIVING IN，NOT FOR SPECULATION” AND CORPORATE INNOVATION

ZHOU Jianjun1, SUN Qianqian2, JU Fang1

2023, 43(12):  4-18. 

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Based on the data of China's Ashare listed companies，this paper analyzes the effect，mechanism and heterogeneity of the policy pinpointing “houses are for living in，not for speculation” on corporate innovation with differenceindifference method The results show that：the implementation of the policy significantly promotes corporate innovation，but this effect is only significant in supplyside regulatory policies Mechanism analysis shows that the innovative effect of the policy is mainly achieved through reducing real estate investment，improving R&D capital investment，enhancing slack resource pool and promoting output efficiency，which further promotes companies TFP Heterogeneity analysis finds that the effect of the policy on corporate innovation is different in different corporate characteristics，in different industry characteristics，and in different external environments 





ECONOMIC UNCERTAINTY AND THE EFFECTIVENESS OF FISCAL POLICY

FU Yiting, CHEN Rundong, LIU Jinquan

2023, 43(12):  19-31. 

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This paper estimates Chinas economic uncertainty index at the national level and of 31 provinces （cities and regions），and analyzes the impact of economic uncertainty on business cycle fluctuations and the effectiveness of fiscal policy The research findings are as follows：（1） economic uncertainty at the national level and economic uncertainty at the provincial level are both important factors affecting the fluctuation of provincial business cycle；（2） during periods of higher economic uncertainty，fiscal policy has a higher multiplier effect and can serve as a policy tool to compensate for the weakening of monetary policy effects；（3） enhancing market confidence and easing credit constraints are important ways for fiscal policies to exert the “stabilizing growth” effect，and fiscal policies mainly affect economic growth through investment channels Therefore，proactive fiscal policies are an effective tool for addressing the impact of uncertainty





MIXED OWNERSHIP REFORM AND THE PREVENTION OF DEBT DEFAULT RISK IN STATE-OWNED ENTERPRISES

HU Yue1MA Xinxiao2ZHENG Guojian3

2023, 43(12):  32-47. 

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This paper takes the participation of nonstate shareholders in governance as the starting point to research the impact of mixed ownership reform in SOEs on their debt default risk The results show that nonstate shareholders participate in highlevel governance of SOEs can alleviate the policy burden of SOEs and suppress managements selfish behavior，thereby significantly reducing the risk of debt default Further research finds that nonstate shareholders can achieve their governance effects by dispatching directors to participate in board meetings and exercising shareholder rights more effectively，but the above governance effect is influenced by the power of management of SOEs Finally，this effect is more effective in SOEs in better external institutional environments and in locally controlled SOEs 





FARMLAND TRANSFER PRICE AND URBANRURAL INCOME DISPARITY

CHEN Zongnan, UAN Wei

2023, 43(12):  48-62 . 

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This paper examines the relationship between the of farmland transfer price and the urbanrural disparity based on the panel data of 263 prefecturelevel cities in China from 2014 to 2019 and the twoway fixedeffect modelThe results show that：（1）on average，the rising of farmland transfer price helps to narrow the urbanrural income gap，and one of the important reasons is that the increase in farmland transfer price can promote different forms of employment；（2）the rising of farmland transfer price does not encourage farmers to invest more in agricultural production，therefore，urbanrural income disparity cannot be narrowed by improving agricultural productivity；（3）compared with the areas with lower utilization rate of cultivated land，the rising of farmland transfer price has a more significant impact on the areas with higher utilization rate of cultivated land





DOES EXCHANGE RATE RISK EXPOSURE AFFECT EQUITY REFINANCING DISCOUNTS

LIU Erzhuo1, LIANG Bailin2, WANG Sizhu2

2023, 43(12):  63-77. 

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This paper examines the relationship between corporate exchange rate risk exposure and equity refinancing discounts in Ashare listed companies from 2006 to 2019 Key findings include：（1） There is a positive correlation between increased exchange rate risk exposure and higher equity refinancing discounts Elevated information asymmetry exacerbates this relationship （2） Corporate exchange rate risk exposure is associated with a larger scale of strategically timed equity refinancing Further analysis reveals a connection between a companys exchange rate risk exposure and more significant negative cumulative abnormal returns，elevated issuance costs，and an increased likelihood of plan failure Margin trading and short selling transactions mitigate equity refinancing discounts from exchange rate risk，while severe principalagent problems with major shareholders amplify such discounts





ENVIRONMENTAL TAX BURDEN AND CORPORATE TAX AVOIDANCE：INCENTING OR INHIBITING

JIN Ge1, LIN Feiteng1, CHEN Wenqiang2

2023, 43(12):  78-91. 

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The imposition of environmental taxes may intensify a companys financing constraints，leading to its engagement in tax avoidance activities （financing constraints hypothesis），or elevate the political costs for businesses，restricting their tax avoidance behavior （ political cost hypothesis） Taking Chinas Ashare listed companies as samples，this paper reveals that the environmental tax burden significantly reduces a companys tax avoidance level，lending overall support to the political cost hypothesis Mechanism analysis highlights government oversight and societal scrutiny as two crucial mechanisms through which the environmental tax burden incents a companys motivation for tax avoidance Heterogeneity results reveal that the effects are more significant for stateowned companies，and for companies in industries with less pollution and in regions with higher fiscal pressure and lower environmental tax collection standards Further studies indicate that the inhibitory effect of the environmental tax burden on corporate tax avoidance limits a companys R&D investment but positively influences its market value





URBAN TECHNOLOGICAL INNOVATION AND AIR POLLUTION：IMPACTS，HETEROGENEITY AND MECHANISMS

ZHANG Hao, YU Yihua

2023, 43(12):  92-106. 

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Based on the manually collected patent data of 288 cities and their industries in China from 2005 to 2015，this paper empirically analyzes the impact，heterogeneity and mechanism of urban technological innovation on air pollution This study finds that urban technological innovation significantly curbs air pollution and has a spatial effect In terms of different industries，while technological innovation in manufacturing and energy industries can curb air pollution，technological innovation in agriculture，forestry，animal husbandry and fishery，information services，and mining industries can exacerbate air pollution Heterogeneity analysis finds that green patents can be more effective in reducing air pollution；technological innovation in inland cities （especially those in western regions） and cities with a population of less than 5 million can effectively reduce air pollution Mechanism analysis finds that technological innovation has restrained air quality from further deteriorating through industrial structure upgrading，energy consumption reduction and economic growth，but the role of technological innovation in alleviating resource mismatch should be further strengthened to curb air pollution





URBAN DIGITAL TRANSFORMATION AND RESIDENTS'SUBJECTIVE WELL-BEING

CAI Hongbo, LIU Lin

2023, 43(12):  107-119. 

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This paper uses data from the China Family Panel Studies （CFPS） and the multiperiod DifferenceinDifferences （DID） method to empirically analyze the impact of urban digital transformation on residents subjective wellbeing from the perspectives of digital inequality and spatial unevenness The study finds that the implementation of Smart City policy overall increases residents subjective wellbeing Disadvantaged groups in the digital divide，such as rural residents，those with lower educational levels，and the elderly，are unable to enjoy the benefits of urban digital transformation The welfare improvement effect of Smart City is more pronounced in developed areas than in lessdeveloped areas In addition，analyzing the influencing mechanism reveals that Smart City policy has improved residents subjective wellbeing through three channels：social support，work satisfaction，and residents income