The Course, Trend and Implications of the Centurial Fiscal and Taxation Reform under the Communist Party of China’s Leadership

YANGCanming(3)

China′s Experience in Helping the Poor through Agricultural Loans during the Anti-Japanese War:Take Beihai Bank, a Red Financial Enterprise, as an Example

CHENZhengpingYINXiuxiu(14)

Does the National Audit Help Advance Haze Governance?

HANFeng(25)

The Impact of CEO Gender on CEO Turnover: Promoting or Inhibiting?

PANZichengLIULiang(38)

Founder CFO and Corporate Financial Assets Preference

ZHOUYuboSHUXinYUBo(51)

Can Financial Openness Alleviate the Zombie Firm Problem?:Based on the Permission for Local Currency Services of Foreign Banks

LIXuchaoWANGXueyuZHAOJing(63)

Covid-19 Epidemic, Investor Confidence and the Effect of Macroeconomic Policy

ZHANGShengJINGXinxin(77)

Has the Belt and Road Initiative Eased the Financial Constraints of Participating Companies: From the Perspective of Information Asymmetry

DAIKuizaoHUANGZiYUZhiyong(93)

Product Density and Quality Upgrading of Export Products of Chinese Manufacturing Enterprises

CAOPingXIAOShengpengLINChangqing(105)

Can Regional Big Data Development Promote Green Innovation of Enterprises?

AIYongfangKONGTao(116)

Agglomeration, Regional Institutional Environment and Cost Mark-up Rate

LIUXinheng(127)

The Impact of Geographical Proximity between Banks and Enterprises on Enterprise Innovation: A Study Based on Chinese Industrial Enterprises Database

HUXuanLUMingjun(142)

JOURNALOFZHONGNANUNIVERSITY

OFECONOMICSANDLAW

No.6.Nov.15，2021

HIGHLIGHTS

TheCourse,TrendandImplicationsoftheCenturialFiscalandTaxationReformundertheCommunistPartyofChina’sLeadership

YANG Canming

·3·

(SchoolofPublicFinanceandTaxationandInnovationTalentBaseofIncomeDistributionandPublicFinance,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:The leadership of the Chinese Communist Party in public finance and economy is an important political guarantee for winning the revolutionary war, maintaining the stability of the state power, and promoting economic and social development. Over the century of trials and hardships, the practice of fiscal and taxation reform under the leadership of the Communist Party of China has always shared the same destiny with the party′s survival and development, and escorted the great cause of national independence, national liberation and national rejuvenation. On the centenary of the party’s founding, this paper attempts to review the history of fiscal and taxation reform under the leadership of the Communist Party of China, summarizes the characteristics of fiscal and taxation work in different periods such as the new democratic revolution, socialist revolution, and socialist modernization, and profoundly grasps the reform trend and development logic of fiscal and taxation practice under the leadership of the party. This paper expects to provide certain empirical reference for better exerting the party′s leadership over the country′s finances and promoting the establishment of the modern fiscal governance system for a major country.

Keywords:Chinese Communist Party; Centenary of the Party; Fiscal and Taxation Reform; Great Power Finance; Closed Distributive Finance; Open Governance Finance; Modern Fiscal System

DoestheNationalAuditHelpAdvanceHazeGovernance?

HAN Feng1, 2

·25·

(1.ResearchInstituteofEco-civilizationCASS,Beijing100028,China; 2.SchoolofEconomics,NanjingAuditUniversity,Nanjing211815,China)

Abstract:Based on the panel data of cities at prefecture level and above from 2006 to 2017, this paper systematically discusses the mechanism of the influence of national audit on haze pollution by Spatial Durbin Model. The results show that, the national audit can not only promote the management of haze pollution of the city itself by accelerating scientific and technological progress and innovation, promoting the industrial structure optimization and upgrading and correcting local fiscal spending preferences, but also has a significant spatial spillover effect on the surrounding areas. Further studies show that, the influences of national audit on haze pollution in large and above cities of type I and large cities of type Ⅱ are not significant, but it can significantly restrain the haze pollution in medium-sized cities and their surrounding cities as well as in small cities. These findings suggest that the government should strengthen the national audit function and promote cross-regional collaborative audit, which is an important way to promote haze pollution prevention and control and improve air quality.

Keywords:National Audit; Haze Pollution; PM2.5; Spatial Durbin Model; Pollution Control

TheImpactofCEOGenderonCEOTurnover:PromotingorInhibiting?

PAN Zicheng LIU Liang

·38·

(SchoolofEconomicsandManagement,SoutheastUniversity,Nanjing211189,China)

Abstract:Based on the data of Shanghai and Shenzhen Non-financial A-share listed companies from 2007 to 2019, this paper mainly focuses on the impact of CEO gender on CEO turnover. The study shows that female CEOs are less likely to quit than male CEOs, and the findings are still valid under robustness tests. Moreover, we find that female CEO ability and proportion of female directors moderate the above relationship,that is,female CEOs have a lower probability of turnover in companies with more competent female CEOs and higher proportion of female directors. Further study shows that the lower turnover of female CEOs is mainly reflected in their involuntary turnover and non-state-owned enterprises. In addition, the inhibition effect of female CEO change on corporate performance is greater than that of male CEO. The study not only enriches the literature on the turnover of CEOs and female executives, but also has important practical significance on how to make personnel decisions and promote the process of gender equality in enterprises.

Keywords:CEO Gender; CEO Turnover; CEO Ability; Proportion of Female Directors

CanFinancialOpennessAlleviatetheZombieFirmProblem?:BasedonthePermissionforLocalCurrencyServicesofForeignBanks

LI Xuchao WANG Xueyu ZHAO Jing

·63·

(SchoolofEconomicsandManagement,WuhanUniversity，Wuhan430072，China)

Abstract:During the course of China′s economic development, the problems caused by zombie firms have become increasingly prominent, which need to be settled immediately. Based on the removal of restrictions on local currency services of foreign banks in different cities in China around 2001, this paper discusses whether opening local currency services to foreign banks helps to reduce the formation of zombie firms and alleviate the problem of resource mismatch in the process of China′s financial opening. The results show that opening local currency business to foreign banks can significantly reduce the probability of zombie firms’ formation. Specifically, after foreign banks start their local currency services, the zombie firm problem has been influenced through several channels, which are foreign banks’ technical advantages, political independence, and the change on the competition level of banking industry. The empirical results on the city level suggest a similar conclusion. On the whole, this financial openness has played a positive role in solving the problem of zombie firms.

Keywords:Zombie Firm; Foreign Banks; Local Currency Services; Financial Openness

Covid-19Epidemic,InvestorConfidenceandtheEffectofMacroeconomicPolicy

ZHANG Sheng1JING Xinxin2

·77·

(1.SchoolofFinance,ZhongnanUniversityofEconomicsandLaw,Wuhan430074,China; 2.SchoolofAccounting,ShandongUniversityofFinanceandEconomics,Jinan250013,China)

Abstract:Quantitative analysis of the Covid-19 outbreak in the economic policy of the stability of the financial market role, is conducive to the effective response of the government to major public events on the financial market impact. Firstly, based on theoretical model analysis, it is concluded that the path of Covid-19′s confidence impact on market investors is a negative public opinion path; Secondly, an autoregressive conditional heteroscedasticity model is established to test the size and characteristics of the impact of Covid-19 on investor confidence; Finally, an empirical test is made on the effect of fiscal and monetary policies adopted by the government on investor confidence. The empirical results show that Covid-19′s impact on foreign investors′ confidence is greater than domestic investors; and the impact effect of domestic investors is heterogeneous. Institutional investors do not play the role of market stabilizers; the impact of Covid-19 on the confidence of investors with high risk preference is stronger. The government′s fiscal policy and monetary policy can significantly reduce the impact of Covid-19 on investor confidence, and the stability effect has the characteristics of high in the front and low in the back.

Keywords:Covid-19 Epidemic; Investor Confidence; Monetary Policy; Fiscal Policy

ProductDensityandQualityUpgradingofExportProductsofChineseManufacturingEnterprises

CAO Ping1XIAO Shengpeng1LIN Changqing2

·105·

(1.SchoolofBusinessAdministration,GuangxiUniversity,Nanning53004,China; 2.SchoolofEconomicsTrade,HunanUniversityofTechnology,Zhuzhou412007,China)

Abstract:Based on the matching of the customs database and the Chinese industrial enterprise database from 2000 to 2013, this paper examines the effect and mechanism of product density on the quality of Chinese manufacturing enterprises′ export products from the perspective of product space theory. The results show that: firstly, product density within cities and provinces have a significant positive impact on the quality of Chinese manufacturing enterprises′ export products, and the product density within cities has a greater effect on the quality of Chinese enterprises′ export products. Secondly, the expansion study shows that intra-city product density has a more significant promoting effect on the export product quality of enterprises in eastern China. Thirdly, further examination of its influence mechanism shows that intra-city product density mainly affects the quality of Chinese manufacturing enterprises′ export products through the mechanism of human capital promotion, technology spillover and intermediate product quality improvement.

Keywords:Product Density；Export Product Quality；Human Capital Promotion；Technology Spillover；Intermediate Product Quality Improvement

CanRegionalBigDataDevelopmentPromoteGreenInnovationofEnterprises?

AI Yongfang1KONG Tao2

·116·

(1.SchoolofBusiness,DalianUniversityofForeignLanguages,Dalian116044,China;2.SchoolofPublicManagement,LiaoningUniversity,Shenyang116036,China)

Abstract:In this paper, the micro mechanism of the impact of regional big data development on enterprise green innovation was theoretically deduced, and then the mechanism was empirically tested by taking China′s A-share listed companies from 2014 to 2018 as the research samples. The results show that the regional big data development can promote the enterprise green innovation, and the promoting effect in theory can be broken down into three aspects: firstly, the enterprise to use big data technology can spur the formation of co-evolution relationship with consumers, so that the green innovation results match the market demand, to ensure the innovation can be reasonable pricing, and thus promote the enterprise green innovation; Secondly, the development of regional big data can also play an indirect role in corporate green innovation by alleviating corporate financing constraints. Thirdly, regional big data development can improve the positive effect of government green subsidies on enterprise green innovation. However, the empirical results of this paper show that although the second path above is statistically significant, it does not have significant economic significance. we can safely draw the conculsion that the promotion effect of big data technology on green innovation of enterprises is mainly reflected in the investment of capital, rather than the solution of the source of capital. Finally, the results of further analysis show that the impact of regional big data development on corporate green innovation has a situational effect, that is, it plays a significant role in large and medium-sized enterprises and state-owned enterprises, but not in small and private enterprises.

Keywords:Big Data；Green Innovation；Co-evolution；Financing Constraints；Government Subsidies