JOURNAL OF HUBEI UNIVERSITY OF ECONOMICS

No.1 Jan.15，2022

Partial Abstract Translation

The Influence of the Coupling Coordination Degree of Technological Innovation and Technology Standardization on the Industrial Economic Growth

——Empirical Study on Six Types of ICT Industry Segmentation

TANG Zhi-jun，WU Xiao-meng

（School? of Business，Hunan? University? of Science? and Technology，Xiangtan? Hunan 411201，China）

Abstract： From the two aspects of input and output， this paper constructs the coupling and coordination model between the two systems of technological innovation and Technological Standardization in China's ICT industry， and calculates the coupling coordina?tion degree between the technology innovation and technology standardization of six kinds of ICT industry segments from 2007 to 2019， This paper empirically tests the impact of its coupling coordination degree on industrial economic growth. The results show that the de ?gree of coupling coordination between technology innovation and technology standardization of six ICT industry segments is on the rise， from imbalance to coordination; the degree of coupling coordination between the two can promote economic growth by improving total factor productivity.

Key? words： technological innovation;technical standardization;coupling coordination degree;ICT Industry

Does the Establishment of Pilot Free Trade Zones Promote the Rationalization of Industrial Structure？

——A Quasi-natural Experimental Perspective Based on FTZ

MAO Wei1， WANG Wei1，LI? Fei-Xing2

（1. School? of Economics，? Guangdong? Ocean? University， Zhanjiang 524088，? China; 2. School? of Finance? and Trade， Guangdong? Polytechnic? of Light? Industry，? Guangzhou 510300，? China）

Abstract： Using the panel data of 30 provinces and municipalities from 2009 to 2018， this paper takes the establishment of free trade zones as the natural experiment， uses the progressive difference method to empirically study the impact of the construction of free trade zones on the rationalization of industrial structure， and analyzes and tests its heterogeneity. The results show that ： The results of progressive difference method show that the construction of free trade zones hinders the rationalization of regional industrial structure; The earlier the batch is set up， the more obvious the blocking effect of the establishment of the free trade zone on the rationalization of the regional industrial structure is; Compared with inland free trade zones， the establishment of free trade zones in coastal areas has amore significant hindering effect on the rationalization of industrial structure. This paper puts forward some policy suggestions from such aspects as innovation-driven development， deepening market-oriented reform of factors， speeding up the planning and imple? mentation of industrial cluster policy and system， increasing intensive factor input for free trade zones that have been established， and vigorously carrying out free trade zones strategy for areas that have not set up free trade zones.

Key? words： free trade zone; rationalization of industrial structure; Time-varying DID; quasi-natural experimental

Study on the Influence of GEM Registration System Reform on Stock Price Volatility

YAN? En-dian， WANG Xin-yue

（School? of Management，? Shanghai? University，? Shanghai 200444，? China）

Abstract： The reform of registration system is the key system construction for the high quality development of capital market. In this paper，the GEM registration system reform is taken as a natural experiment，and the sample data of listed companies on the GEM and SME board during 2019-2020 are selected to build a difference in difference model to test the impact of GEM registration system reform on stock price volatility. The results show that：Under the registration reform policy，the stock price volatility of listed companies increases;The positive correlation between the reform of registration system and stock price volatility is weaker in listed companies with high information transparency and high shareholding ratio of institutional investors，but it is stronger in the case of high economic policy uncertainty;The path for the reform of registration system to increase the volatility of stock prices lies in：The reform of registra?tion system increases investor sentiment，intensifies irrational trading，and then increases the volatility of stock prices of listed compa?nies. These studies not only enrich the relevant literature on stock price volatility，but also provide new theoretical perspective and mi ?croscopic evidence for the comprehensive implementation of the registration system reform.

Key? words： Registration reform;stock price volatility;irrational behavior;GEM;SME

Super Deduction， Political Connection and Firm’s Innovation Expense

WANG? Bao-shun1，LIU? Bing-xi2，YAN Zhen-wen3

（1. School? of Finance? and Taxation， Zhongnan? University? of Economics? and? Law， Wuhan 430073，? China; 2. School? ofFinance? and? Public? Administration，? Hubei? University? of Economics， Wuhan 430205，? China; 3. Shanghai? Deloitte Tax? Ltd.Shenzhen? Branch，Shenzhen? Guangdong 518001，? China）

Abstract： Question that whether super deduction of R&D expense in tax credit policy（i.e.SD policy） effectively promotes firm’s innovation expense， as well as whether the policy is affected by firm’s political connection remained unanswered till now. By exploring how SD policy and political connection influence firm’s innovation expense， the paper empirically examined the causality using data of listed company in China. Results shows that SD policy promoted firm’s innovation expense significantly， which however mitigated by political connection in the sense of geographic regions. Besides， the types of political connection of firm’s CEO have heterogenous ef?fects on the SD policy. The policy implication is that to complete tax incentive policies and to substitute unofficial institutions.

Key? words： super deduction;political connection;firm’s innovation expense

Financing Constraints， Corporate Governance and Earnings Sustainability ——Empirical Research Based on the Adjustment Effect of Financial Flexibility

CHEN? Hong-feng

（School? of Economics? and? Management，Huaibei? Normal? University，Huaibei? Anhui 235000，China）

Abstract： Based on theories such as prioritized financing and agency theory， through empirical research on the panel data model of A-share listed companies from 2013 to 2019， this paper finds that financing constraints negatively affect the continuity of earnings of companies， and financial flexibility has an inverted U-shaped interval on the relationship between the two Moderating effect; the mar ?ginal moderating effect of financial flexibility in the above relationship is more significant in listed companies with a high degree of fi ?nancing constraints; corporate governance factor targeting inhibits the negative effect of financing constraints on earnings sustainability; corporate governance and financial flexibility reinforce each other's empowerment， and have synergistic governance performance on the financing constraint effect. Companies should comprehensively optimize the use of financing constraint governance tools in both corpo? rate governance and financial flexibility in order to improve the sustainability of earnings.

Keywords： financing constraints; earnings sustainability; financial flexibility; corporate governance

Digital Transformation Path of Manufacturing Enterprises ——Longitudinal Single Case Study Based on Weichai

YUN? Le-xin，YAO Xiao-lin，F(xiàn)AN Ya-nan

（School? of Business，Qingdao? University? of Technology，Qingdao? Shandong 273400，China）

Abstract： The implementation of digital transformation is very important for the long-term survival and development of Chinese traditional manufacturing enterprises. Through literature review， this paper puts forward the theoretical framework of "management ex ? planation-Group learning-digital transformation". With the help of an exploratory single case study of Weichai， this paper explores how traditional manufacturing enterprises realize digital transformation and its dynamic evolution by means of management explanation and organizational learning. The research finds that： Under the managers cognitive drive， through the digital transformation of the orga?nizational learning， enterprise gradually to resource integration， stable and rich process ability to continuously improve and perfect the existing digital transformation， integration of online resources， continues to reinvent itself， forming a kind of encourage iterative innova?tion culture， reshape enterprise business model and the ecological system.

Keywords： management explanation; organizational learning; digital transformation; manufacturing enterprises; Weichai