Current Issue

  • Select all
    |
  • On the Logic and Mechanisms for the Digital Economy to Drive the Development of New Quality Productive Forces: A Perspective Based on the“Technology-Economy” Analytical Framework
    LIU Hang, XU Xiang, SUN Baowen
    2025, 0(1): 5-15.
    Download PDF ( )   Knowledge map   Save
    The Third Plenary Session of the 20th Central Committee of the CPC emphasized the need to“improve the system and mechanism for the development of new quality productive forces in accordance with local conditions”and“accelerate the construction of a system and mechanism to promote the development of the digital economy, and improve the policy system for promoting the industrialization of digital industries and the digitization of industries”. In the face of the world's unprecedented changes, using the digital economy as the key to accelerate the formation and development of new quality of productive forces, has a very significant research value and practical significance for China to build a new development pattern and promote high-quality development.This paper reviews the latest literature on the relationship between digital economy and new quality productive forces, summarizes the deficiencies of the existing research, then constructs a“technology-economy”analysis framework for the development of new quality productive forces driven by digital economy from the perspective of the key elements of the formation of new quality productive forces.Based on this framework, this paper summarizes the realization path of the digital economy helping to form new quality productive forces from the technological dimension, factor dimension and industrial dimension, and puts forward the basic idea for constructing a policy system for the development of new quality productive forces driven by the digital economy, so as to provide useful reference for the government to play a more important role in the development of new quality productive forces.
  • An Empirical Study on the Comprehensive Performance Evaluation of Fiscal Operations and the Efficiency of Local Government Fiscal Expenditures: Evidences from Panel Data of Chinese Prefectural Cities
    MA Haitao, LIU Zichang
    2025, 0(1): 16-29.
    Download PDF ( )   Knowledge map   Save
    Various prefecture-level cities in China have actively carried out the comprehensive performance evaluation of fiscal operations since 2018, forming multiple systems and models in practice. The impact of these evaluations, however, requires empirical research.Based on panel data from 2012 to 2021 for prefecture-level cities across the country, we empirically examine the effect of the comprehensive performance evaluation on the efficiency of local government fiscal expenditures using a multi-period difference-in-differences fixed-effects model.The results show that the comprehensive performance evaluation significantly improves the efficiency of local government fiscal expenditures, and this conclusion holds after robustness tests.Mechanism tests reveal that the comprehensive performance evaluation primarily works through enhancing fiscal transparency and reducing government administrative costs.Further research explores the impact of fiscal pressure levels and the degree of fiscal competition on the relationship between the comprehensive performance evaluation and fiscal expenditure efficiency.The results indicate that the comprehensive performance evaluation has a greater impact on improving fiscal expenditure efficiency under higher levels of fiscal pressure and fiscal competition.The study provides theoretical evidence for understanding how the comprehensive performance evaluation enhances fiscal expenditure efficiency in different contexts and offers policy insights for further expanding and improving these evaluations.
  • The Research on Tax Policies to Promote the Development of Silver Hair Economy
    LI Xiangju, XIE Jinhui
    2025, 0(1): 30-39.
    Download PDF ( )   Knowledge map   Save
    With the continuous deepening of population aging and the further application of new technologies, the demand for silver hair economy is showing a new trend, and the silver hair economy is experiencing greater development.Based on the new situation of population aging, China has proposed the strategic goal of developing the silver economy, and taxation, as a tool for macroeconomic regulation, playing an important role in promoting the development of the silver economy.Although the tax policy system for promoting the development of the silver economy in China has initially taken shape and played a certain role in promoting the development of the silver economy, there are still problems such as limited coverage of tax preferential policies, lack of tax incentives for supporting products of elderly care services, weak targeting of the tax system for home-based elderly care, and incomplete tax system for innovative community elderly care services, which are still lagging behind developed countries.Based on this, China should learn from the advanced experience of developing the silver economy abroad, focus on high-quality development of the silver economy, expand the coverage of tax incentives, establish and improve tax incentives for coordinated supporting products in the elderly care service industry, increase tax support for home-based elderly care, and enhance tax incentives for community elderly care services.
  • Interest Spread Risk Management of Life Insurance Companies Based on the CIR Model with Production Delay
    HUANG Fuzhe, LI Xiufang, CHEN Xiaowei
    2025, 0(1): 40-58.
    Download PDF ( )   Knowledge map   Save
    The canonical interest rate models used by life insurance companies mainly rely on current cross-sectional data, making it difficult to fully reflect the predictive information of bond risk premia, which may lead to operational risks such as asset-liability mismatches and interest spread losses.In order to improve the accuracy of interest rate predictions and manage interest spread risk, this paper adopts a CIR model based on production delay to model spread risk, deeply investigates its impact on asset-liability assessment of life insurance companies, and proposes strategies for preventing and mitigating interest spreed risk.Using data from the Chinese government bond market, this paper empirically tests the enhanced effect of the historical path of forward rates in predicting the excess returns of zero-coupon bonds, thereby demonstrating the necessity of introducing a non-Markovian CIR model based on production delay.Furthermore, this paper constructs an asset-liability assessment model for life insurance companies that considers time delay, improving the accuracy of predictions.Numerical analysis results show that strategies such as strengthening the integrated management of assets and liabilities, effectively reducing liability costs, and arranging management durations reasonably can all effectively reduce the interest spread risk of life insurance companies.Finally, this paper suggests that path-dependent information should be fully considered in risk modeling and asset-liability management to enhance the level of interest spread risk management for life insurance companies.
  • Price Limit Dominates Daily Momentum Effect in the Chinese Stock Market
    ZHANG Ruiqi, ZHANG Bing
    2025, 0(1): 59-74.
    Download PDF ( )   Knowledge map   Save
    Momentum effect is the most common and widely verified stock market anomaly, and daily momentum effect is its embodiment at daily level, but there is still insufficient research on it up to now.In this paper, we conduct an in-depth analysis of daily momentum effect in Chinese A-share market from perspectives of existence and driving force.Using trading data from 2011 to 2020, we find a significant daily momentum effect in Chinese A-share market.Through in-depth analysis, we find that momentum strategy return comes from following day's abnormal returns of stocks that reach the up-(down-)price limit in the highest(lowest)group, and delayed price discovery due to price limit mechanism dominates the formation of daily momentum effect.Through comparison between sample excluding stocks which reach price limit and whole sample, we could find that daily momentum effect is insignificant after exclusion, indicating price limits' dominant role.Overnight-intraday decomposition analysis clarifies that delayed price discovery is the core channel.Comparison of A+H shares performance in different markets, and DID analysis based on natural adjustment of price limit range on Chinese market, provides further empirically confirmed.When price limit's effect weaken or disappear, daily momentum effect will weaken and disappear too.Our study indicates that the unique daily momentum effect presented in A-share market, which is different from foreign stock markets, is actually a special product of delayed price discovery effect.This paper not only deepens understanding of the daily momentum effect of A-share market, but provides inspiration for improving price limit mechanism.
  • House Price Fluctuation, Mortgage Asset Value and Enterprise Leverage
    JIANG Kexin, TAN Xiaofen, WANG Yaqi, ZHANG Jinhui
    2025, 0(1): 75-91.
    Download PDF ( )   Knowledge map   Save
    This paper investigates the impact of housing price appreciation on corporate leverage through the change of collateral value, verifying the collateral channel.Based on the theoretical model, this paper empirically tests how collateral value volatility affects the corporate leverage with public listed companies data and housing price data of 35 big cities in China from 2003-2020.We find that real estate assets hold by a corporate has a significantly positive impact on its debt-asset ratio.Besides, housing price appreciation directly influences the collateral value and then affects firm's debt financing behavior as well as leverage ratio, namely, through the collateral channel.Collateral value increase brought by housing price appreciation make firms willing and able to take on more debt, with increasing leverage.
  • Can Managerial Foreign Experience Promote Rural Revitalization:Evidences from Listed Firms in China
    GAO Jingyu, WEI Rui, LI Baixing
    2025, 0(1): 92-109.
    Download PDF ( )   Knowledge map   Save
    We take A-share listed companies from 2016 to 2022 as a sample to investigate whether managerial foreign experience affects listed companies' behavior in promoting rural revitalization.Our empirical findings indicate that when management has foreign experience, their companies are more inclined to participate in rural revitalization, and the degree of the Party embedment, the information level of the company's location will also affect the relationship that aforementioned.Furthermore, this research shows that, the length of foreign experience, the type of managerial foreign experience and the country where they have ever worked or studied also affect the relationship between managerial foreign experience and listed companies' behavior in promoting rural revitalization.Finally, the conclusion still holds after a series of robustness tests.
  • Gifts, Goals and Exercise Behavior: Evidences from Randomized Controlled Trial
    LUO Jun, SHI Ronghao, HUANG Jiaqi, LIU Jinshan
    2025, 0(1): 110-126.
    Download PDF ( )   Knowledge map   Save
    To promote the implementation of the Healthy China Strategy, the government has issued several important documents, proposing to“strengthen students' sports activities”and“cultivate students to form good healthy living habits”. We try to explore whether incentives and goals can help individuals improve the irrational preference of intertemporal choice in exercise behavior, and“nudge”individuals to increase exercise behavior.We conducted a randomized intervention experiment on skipping rope exercise with primary school students as the experimental subjects.We set up intervention frameworks for material incentives and goal setting, and observed the differences in students' exercise volume, goal setting, and exercise habits under different intervention frameworks.The experimental results show that both material incentives and endogenous goal setting can significantly increase individual exercise behavior, and this positive effect shows a U-shaped change with the increase of students' skipping rope willingness.
  • Macroeconomic Control Policy Choices for Preventing Downward Risks in the Real Estate Market
    MENG Xianchun
    2025, 0(1): 127-141.
    Download PDF ( )   Knowledge map   Save
    The existing studies mainly focus on how to curb the risk of housing bubble, and relatively ignore the discussion on preventing downward risks in the real estate market.This paper constructs a dynamic stochastic general model with borrowing constraints for households, enterprises, commercial banks, and local governments, to simulate the regulatory effects of monetary, fiscal, and macroprudential policies on the downward risks of the real estate market.We find that the contraction of housing demand leads to a decrease in housing prices.On the one hand, the decline in housing prices will lead to greater net asset losses and weaker expectations of asset returns for borrowing-households holding housing, reducing the cost of defaulting on housing mortgage loans and exacerbating the default risk of household debt.On the other hand, the decline in housing prices will also lead to tightened budget constraints for saving-households, enterprises and local governments, causing saving-households to reduce consumption and enterprises and local governments to reduce investment, resulting in a negative impact on total demand and total factor productivity.The policy simulation results show that the monetary policy that additionally targets housing prices and the fiscal policy that reduces taxes are both more effective in promoting the recovery of demand in the real sector, while the macro prudential policy of countercyclical adjustment of mortgage to value ratio is only effective in preventing the risk of household debt default.
  • The Impact of Top Management Team Heterogeneity on Organizational Resilience: An Empirical Test of a Management Autonomy Moderated Model
    LIU Xiaoyuan, ZHONG Linchen, LIU Yuxuan, JIA Jia
    2025, 0(1): 142-160.
    Download PDF ( )   Knowledge map   Save
    This study explores the moderating role of management autonomy in the relationship between Top Management Team(TMT)heterogeneity and organizational resilience.Drawing on upper echelons theory and information processing theory, we construct a research model where management autonomy moderates the impact of TMT heterogeneity on organizational resilience.Utilizing a sample of effective data from Chinese A-share listed companies from 2007 to 2021, we employ multiple linear regression analysis to empirically test the relationship between TMT heterogeneity and organizational resilience from two dimensions: identity-related heterogeneity and task-related heterogeneity.The study examines how this relationship changes in direction, magnitude, and heterogeneity under the moderation of environmental autonomy and organizational autonomy.The results confirm that both identity-related and task-related heterogeneity of TMT are positively correlated with organizational resilience.Environmental autonomy positively moderates the relationship between task-related heterogeneity and organizational resilience, while organizational autonomy positively moderates the relationships between both identity-related and task-related heterogeneity with organizational resilience.This research introduces elements of TMT heterogeneity and management autonomy into the discussion of the mechanisms influencing organizational resilience.Through empirical testing, it reveals the internal workings of the relationship between TMT heterogeneity and organizational resilience under the moderation of management autonomy.The study extends the application boundaries of upper echelons theory and information processing theory, enriches the existing literature on strategic management, and provides a theoretical basis for enterprises to enhance organizational resilience through the configuration of TMT.