Archive

  • Select all
    |
  • A Discussion of Fair Tax Obligation under Historical Logic and Realistic Rationality:Compensation Idea in the Construction of Tax System
    ZHANG Xiao-yun, DU Chong-shan
    2022, 0(2): 3-12.
    Download PDF ( )   Knowledge map   Save
    In political practice,the two principles of tax equity,i.e.,benefit principle and ability-to-pay principle have gradually diverged,while the latter has attracted significant attention and has a great influence on the system design and interpretation of tax laws.However,in many cases,this principle is not consistent with the reality.By means of theoretical analysis and summary of historical experience,the authors explore the patterns and motives hidden in the observance and violation of the ability-to-pay principle in political reality,and put forward that the tax system construction in western countries reflects a kind of compensation idea,which is a strategic reconciliation between equity and efficiency.Based on this historical logic,the COVID-19 outbreak could push the world into a new round of tax equity reform.The idea of compensation can also be used to explain the practice of China's reform and development. But different from the passive compensation in the west, China resolves the contradiction between equity and efficiency and unifies them in the essential requirement and fundamental goal of socialism—common prosperity through active and planned strategic deployment.In addition,the authors also analyze the construction of international and domestic tax system and provide some suggestions.
  • Research on Financial Distribution Effect and Income Sharing Optimization Strategy of Transferring the Consumption Tax to the Local Government: Based on Numerical Simulation
    TANG Ming, LING Hui-xin
    2022, 0(2): 13-26.
    Download PDF ( )   Knowledge map   Save
    The reform of local allocation of consumption tax is about to open two precedents:the allocation of central tax to local governments and the horizontal distribution of financial resources among regions.At the same time,it will lead to reallocate financial resources vertically between central and local governments and horizontally between local governments,which will affect the whole body.According to the scheme of GF[2019]No.21 document,We simulate and evaluate the financial distribution effect of local reform under consumption tax.In terms of the longitudinal distribution of central and local governments of “Determine the base and adjust the increment”:the role of making up for the local financial gap in the early stage of reform is weak,and the contradiction between local revenue and expenditure can be effectively alleviated in the medium and long term,but there is a phenomenon that the effect is significant in rich provinces and weak in economically backward provinces.After the tax link is moved late and the consumption tax is transferred to the local government,it will lead to the horizontal distribution of financial resources among regions:the provinces with large production but not large consumption will be obviously damaged in the reform; large consumption provinces benefit as a whole,but there is differentiation; the fiscal balance of provinces has improved,but there is still a big gap with large consumption provinces.We should fully predict the conflict of interest in the reform and prevent and resolve it through the optimal design of income sharing mechanism.
  • The Roles and Influence Factors of Insurance Companies: In the Process of Systemic Risk Resulting from Investment Risk
    ZOU Yi-ge, SU Fang
    2022, 0(2): 27-40.
    Download PDF ( )   Knowledge map   Save
    With the expansion of the investment business of insurance companies,the possibility of systemic risk caused by investment risk is also increasing day by day.Insurance companies play different roles in the process of investment risk causing systemic risk,which are systemic important institutions or systemic vulnerable institutions.Based on the common assets holdings network model,this paper constructs models to measure the systemic importance and systemic vulnerability of insurance companies,as well as the infectivity between both sides.Furthermore,it is pointed out that the asset size,leverage and correlation of insurance companies are the key factors that affect the different roles and different contagion relationships of insurance companies,which is verified by clustering and Gini index.It is revealed that asset size and leverage are the most critical factors that lead to the systemic importance and systemic vulnerability of insurance companies respectively.Then through the regression analysis we find out the influential internal characteristics of companies.By studying systemic important institutions and systemic vulnerable institutions,and summarizing their common characteristics,We mention that regulation department can focus on monitoring objects in advance to prevent and control ris.
  • Wash Trading,Institutional Investor Heterogeneity and Stock Liquidity
    WU Chong-lin, ZHANG Xiao-qin, LIU Jie, TANG Yin-qi
    2022, 0(2): 41-53.
    Download PDF ( )   Knowledge map   Save
    This paper empirically tests the degree and mechanism of the impact of the wash trading on stock liquidity by using 235 wash trading cases disclosed by China Securities Regulatory Commission from 2014 to 2019,and analyzes the role of different types of institutional investors in the relationship between wash trading and stock liquidity.The empirical results show that:(1)the transaction cost is increased and the stock liquidity is decreased by the wash trading.(2)The increase of the volatility of the manipulated stocks is the channel for the wash trading to reduce the stock liquidity,the greater the volatility of the manipulated stock price,the lower the liquidity of the manipulated stock.(3)Different types of institutional investors show strong heterogeneity,short-term institutional investors and diversified institutional investors enhance the damage degree of stock liquidity in wash trading.The concentrated institutional investors reduce the degree of damage to stock liquidity.
  • Does Accounting Conservatism Reduce the Costs of Bond Financing? Evidence from China's Credit Bond Market
    YANG Er-jia, LI Lu, XIAO Tu-sheng
    2022, 0(2): 54-64.
    Download PDF ( )   Knowledge map   Save
    As an important part of multi-level capital market,the sustainable and healthy development of bond market is very important to optimize the function of economic resources allocation.When studying the relationship between enterprise accounting information quality and debt financing cost,the existing literature generally concludes that accounting conservatism can effectively reduce debt financing cost.In contrast,this paper takes the credit bonds issued by China's Listed Companies in Shanghai and Shenzhen Stock Exchange and inter-bank market from 2010 to 2019 as a sample.The empirical study shows that the higher the accounting conservatism of bond issuers,the higher the credit spread of bond issuance,which means that the accounting conservatism will increase bond financing costs.Further evidence shows that the higher the ex-ante renegotiation cost of bond contracts,the stronger the adverse impact of the accounting conservatism on bond financing costs,which supports that the renegotiation cost of bond contracts is an important factor affecting the relationship between accounting conservatism and bond financing costs.The above research conclusions deepen the academic understanding of the relationship between accounting conservatism and debt financing cost,and also provide policy enlightenment for government regulators to improve the role of accounting information quality in economic resources allocation.
  • The Research on the Relationship between Media Sentiment and Corporate Risk-taking:Based on the “Cover up” Effect of Media Sentiment
    LI Qian, WU Hao, GUO Meng-ting, WANG Jia-min
    2022, 0(2): 65-77.
    Download PDF ( )   Knowledge map   Save
    Early studies have shown that media coverage,as an important external governance mechanism,can inhibit the principal-agent contradiction within companies.However,an increasing number of studies have found that media coverage is interfered by many factors,and there are selective and tendentious coverages,that is,media sentiment.Based on the data of listed companies in Shanghai and Shenzhen stock markets from 2006 to 2017,this paper finds that there is a significant negative correlation between media and corporate risk-taking.State-owned enterprises and listed companies with richer relationship networks,the more significant the inhibitory effect of media sentiment on corporate risk-taking.A good level of corporate governance can suppress the negative effects of media sentiment on the corporate risk-taking.This paper also finds that compared with the supervision effect of negative coverage,the cover up effect of positive coverage is more remarkable.Simultaneously,the impact of media sentiment on corporate risk decision-making will decrease with time.The results of this paper confirm that media sentiment may weaken or even lose the external supervision function of the media and aggravate the principal-agent conflict.The research expands the economic impact of media sentiment on listed companies,enriches the relevant theories of media corporate governance,and has certain practical significance for the healthy development of capital market.
  • Theoretical Research on Reputation Controlling Moral Hazard of Credit Asset-backed Securities
    GUO Jian-luan, SONG Jing-jing, LIU Guo-chao
    2022, 0(2): 78-90.
    Download PDF ( )   Knowledge map   Save
    Since credit asset-backed securities are the structured financial product,investors cannot penetrate and observe the underlying assets.Meanwhile there are multiple principal-agent relationships between transaction subjects.In order to realize their own interests,they will make moral hazards that harm stakeholders.The reputation theory provides a good strategy for solving this problem.Based on the transaction structure of credit asset-backed securities,a reputation community model is firstly built to explain how reputation controls moral hazard.Secondly,the “leader”(the originator) is derived by using sequential game in the credit asset-backed securities reputation model.Finally the originator's reputation model is the focus of research.According to reputation dynamics,inter-period discount factors,and payoff gain from misreporting,least cost separating equilibrium,separating equilibrium,partial pooling equilibrium,and pooling equilibrium are distinguished to study how reputation can help investors know originator's types and identify their moral hazard behaviors.This article has concluded that reputation value of a reputation community is the opportunity cost of its moral hazard behavior.And the key to preventing moral hazard of credit asset-backed securities lies in controlling the originator's moral hazard.As well as the reduction of risk retention can be a signal for improving its reputation.This research has some reference significance for analyzing the reputation mechanism of structured financial product trading subjects,and it also inspires for empirical research on reputation.
  • Fertility Status,Care Support and Married Women's Wage
    WANG Ya-di
    2022, 0(2): 91-101.
    Download PDF ( )   Knowledge map   Save
    Based on 2014-2016 China Family Panel Studies,this paper examines the impact of fertility status on married women's wage.The study found that the increase in the number of young children significantly reduced the wage of married women,and that the experience of interrupting employment due to childbirth significantly reduced the future wage of married women,the negative effects of childbirth on married women's wage were long-term.The increase in the number of young children had a greater negative impact on the group of married women with higher and lower wage income than on the group of married women with a median wage,and the negative impact of interrupting employment due to childbirth on the group of married women with lower wage income was greatest.The increase in the number of young children has a greater negative impact on the wage of married women in rural areas,post-90s and post-80s,and the negative impact of interrupting employment due to childbirth on the wage of married women in rural areas,post-80s and post-70s.The increase in the number of children cared by grandparents and children in early childhood institutions significantly weakened the negative effect on the wages of married women,and the negative effects of the interruption of employment on the wages of married women were significantly weakened by the care of grandchildren by grandparents.The mechanism test found that married women's fertility had a negative impact on their wage by significantly reducing the accumulation of their work experience and significantly reducing the probability of participating in on-the-job training.
  • Research on the Framework of Chinese International Business Management Theory System:Three-dimensional Analysis Based on Evolution,Content and Context
    CUI Xin-jian, OUYANG Hui-min
    2022, 0(2): 102-115.
    Download PDF ( )   Knowledge map   Save
    The research shows that the framework of China's international business management theory system is a milestone that scholars should write.This article is based on the literature data of CNKI (1979-2021),using grounded theoretical research methods and quantitative analysis tools such as CiteSpace,NVivo,and systematically coding and analyzing 16 478 literature samples.The history of the three dimensions of evolution,content,and context shows that the evolution of China's international business management theory has gone through the switch of internal management,internal operation,external operation and external management,corresponding to the four stages of initiation,rapid growth,maturity and perfection.The research results show that China's international business management theory has evolved to meet the needs of Chinese companies' internationalization practice.The embryonic form of an interdisciplinary fusion of China's international business management theory system can be seen.The research focuses on the problems in the practice of Chinese enterprises and focuses on solving problems in the application of knowledge.The context elements of international business management theory have disciplinary characteristics,and the exploration and clarification of the context elements can help enhance the academic value of research and the scope of international discourse.Based on the research results,we believe that the academia should continue to base itself on business practices and strengthen the exploration of the general laws of international business management.
  • Research on the Influence Mechanism of Big Data Analytics Capabilities on Manufacturing Firms' Servitization Performance
    FENG Wen-na, MA Jia-qi
    2022, 0(2): 116-128.
    Download PDF ( )   Knowledge map   Save
    The mechanism of big data analytics capabilities improving the servitization performance of manufacturing enterprises is that the application of big data analysis capabilities can reduce the cost of value co-creation while enabling customers to obtain more value.By using questionnaire survey,321 manufacturing enterprises selected.This research try to use SEM to verify the positive impact of big data analytics technology capability,big data analytics management capability and big data analytics talent capability on the servitization performance,and try to find the moderator effect by investigating IT-business strategic alignment.The study proves the positive impact of big data analytics capabilities on the servitization performance of manufacturing enterprises and the positive moderating effect of IT-business strategic alignment.Further heterogeneity analysis shows that the direct effect of big data analytics capabilities on the servitization performance of manufacturing enterprises and the moderator effect of IT-business strategic alignment are not affected by IT investment priorities and IT role.This research explores the mechanism of big data analytics capabilities affecting the servitization performance of manufacturing enterprises,and the conclusions drawn expand the research margins of digital economy and value co-creation theory,enrich the existing literature in the field of servitization,and provides a theoretical basis for manufacturing enterprises to promote servitization through digitalization.