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Table of Content

    25 April 2024, Volume 0 Issue 2 Previous Issue   
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    COVID-19 Impact, Digital Transformation and Corporate Performance—Based on an Empirical Analysis of China's A-Share Listed Companies from 2007 to 2021
    XU Jianling, ZHU Guanghuan, SONG Jiaying
    2024, (2):  5-15.  doi: 10.16716/j.cnki.65-1030/f.2024.02.001
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    At this stage, digital technologies such as big data, the Internet of Things, and cloud computing have brought profound changes to social production and lifestyle. In order to adapt to the development of The Times, Chinese enterprises actively try digital transformation. In order to better reveal the driving role of enterprise digital transformation on the high-quality development of enterprises and promote enterprises to accelerate the pace of digital transformation, this paper constructs enterprise digital transformation indicators through text analysis, and takes China's A-share listed companies from 2007 to 2021 as samples. This paper empirically examines the impact of digital transformation on enterprise performance. The results show that: enterprise digital transformation has a positive impact on enterprise performance improvement, and this positive impact is more obvious in technology-intensive industries, and reducing management cost and financing cost is an important mechanism of enterprise digital transformation to have a positive impact on enterprise performance improvement. In addition, the impact of COVID-19 reinforces the positive impact of digital transformation on business performance.

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    Government Subsidies, Accounting Information Quality, and Incentives for Green Innovation in Enterprises—Take Western Regions of China as an Example
    LI Xiaofan, DING Hua
    2024, (2):  16-27.  doi: 10.16716/j.cnki.65-1030/f.2024.02.002
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    Promoting a green transformation of development mode is crucial, with technological support playing a key role. Based on data from China's A-share listed companies in western regions from 2011 to 2020, this study empirically analyzes the nonlinear relationship between government subsidies and corporate green innovation, as well as the moderating effect of accounting information quality. The findings reveal a positive U-shaped relationship between government subsidies and corporate green innovation, initially declining and then rising. Effective promotion of corporate green innovation is achieved only when government subsidies reach a certain critical threshold, with a more significant effect observed for state-owned enterprises. The analysis of moderation effects further indicates that in high accounting information quality contexts, the positive U-shaped relationship between government subsidies and corporate green innovation is significantly strengthened. Moreover, for state-owned enterprises, non-specific subsidies are more effective in stimulating green innovation beyond the critical threshold. These research findings provide theoretical foundations and practical insights for the formulation of relevant innovation incentive policies by the government and the promotion of corporate green innovation.

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    The Merger of National and Local Tax Authorities in China and Corporate Investment Efficiency: An Empirical Analysis Based on Fuzzy Regression Discontinuity
    SHI Haixia, SHEN Change, ZHANG Boya
    2024, (2):  28-37.  doi: 10.16716/j.cnki.65-1030/f.2024.02.003
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    In 2015, China started the process of the merger of national and local tax authorities. This paper uses private listed companies from 2002 to 2019 as the research sample, and uses the fuzzy regression discontinuity to study the effect and mechanism of tax competition on the investment efficiency of Chinese private enterprises after the merger of national and local tax authorities. The study shows that the merger of national and local tax authorities has improved the level of tax collection and management, thereby inhibiting malicious tax competition among local governments, optimizing the business environment, and improving the investment efficiency of private enterprises. In the future, the Central Government of China should pay more attention to the realization of social public interests when making rules, and the tax competition among local governments should also properly manage the issue of "degree". In addition, it is necessary to comprehensively assess the international situation and impact, examine the economic effects of tax competition from the perspective of international economic relations and economic globalization, and rationally choose tax tools according to the goals of equalization of public services and coordinated regional development.

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    The Effect Measurement of Pairing Assistance Program Self-Development Ability of Four Prefectures in Southern Xinjiang, China
    LI Xiang, Aimaitijiang·Abuduhalike
    2024, (2):  38-48.  doi: 10.16716/j.cnki.65-1030/f.2024.02.004
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    Pairing assistance program is an important regional development strategy in China, as well as an important measure to consolidate poverty alleviation achievements and comprehensively promote rural revitalization. In this paper, 19 provinces and municipalities paired up to help Xinjiang as a quasi-natural experiment. Based on the county-level panel data of the four prefectures in southern Xinjiang from 2005 to 2019, this paper identifies the promoting effect of the corresponding support policies on the self-development capacity of the four prefectures in southern Xinjiang by using the difference-in-differences method. The results show that the pairing assistance policy has significantly improved the self-development ability of the four prefectures in southern Xinjiang, but there is a certain time lag in the implementation of the policy effect. Until 2015, the policy has significantly promoted the four aspects of self-development ability of the four prefectures in southern Xinjiang. At the same time, due to the differences in economic foundation, factor endowment and other aspects of the counties in the four prefectures of southern Xinjiang, the effects of pairing assistance policies are not the same. In counties with high self-development ability, pairing assistance policies have a significant positive effect on the improvement of self-development ability, while in the counties with low self-development ability, the effect of the pairing assistance policies are not obvious.

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    Impact of State-Owned Capital Shares on Dynamic Capability of Technological Innovation of Private Enterprises
    NI Yan, JIANG Junpeng
    2024, (2):  49-60.  doi: 10.16716/j.cnki.65-1030/f.2024.02.005
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    Improving the dynamic capacity of technological innovation is crucial for realizing the high-quality development of private enterprises. Using the difference-in-differences model, the paper tested the impact of state capital participation on the dynamic capacity of technological innovation in private enterprises. The results indicate that state-owned capital participation positively influences the level of differentiated innovation and the ability to transform technological innovation in private enterprises. This positive impact is particularly significant in large-scale, high-tech, and growth-oriented private enterprises. Further research suggests that state-owned capital participation can alleviate external financing constraints, thereby promoting the level of differentiated innovation. Additionally, it can improve the orientation towards social responsibility, enhancing the dynamic capability of technological innovation. However, excessive state capital holdings are detrimental to the dynamic capabilities of technological innovation. Furthermore, the level of differentiated innovation and the transformation capacity of technological innovation have a positive impact on the future performance of private enterprises.

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    Do Zombie Companies Inhibit Quantity and Quality of Urban Entrepreneurship
    HE Xiangmin, LAI Yongjian, HE Xingtao
    2024, (2):  61-69.  doi: 10.16716/j.cnki.65-1030/f.2024.02.006
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    Based on data from industrial enterprises in cities at or above the prefecture level, this paper examines the impact of zombie enterprises on the activity and quality of urban entrepreneurship. The research finds that the degree of urban zombie has a significant inhibitory effect on the entrepreneurial activity and entrepreneurial quality of cities. Comparatively speaking, the degree of zombification has a greater inhibitory effect on entrepreneurial quality than entrepreneurial activity. Further research shows that zombie enterprises have a more prominent inhibitory effect on entrepreneurial activities in western cities and lower-level cities. State-owned zombie enterprises have more obvious inhibitory effect on urban entrepreneurship than private zombie enterprises. The influence mechanism shows that zombie enterprises inhibit entrepreneurship through financing constraint effect, innovation crowding out effect and resource allocation distortion effect. In the future, the government should minimize the excessive protection of state-owned zombie enterprises, and the governments of cities in the western region and cities with lower urban levels should further strengthen the effective disposal and management of urban zombie enterprises, establish and improve the exit mechanism of zombie enterprises, create a healthier urban entrepreneurial environment, and promote the improvement of the "quantity" and "quality" of urban entrepreneurship.

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    On Low-Carbon Logistics Efficiency of Regions along the Silk Road Economic Belt
    LI Feng, GUO Yefeng
    2024, (2):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2024.02.007
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    In the context of China's carbon peaking and carbon neutrality goals, the low-carbon logistics efficiency along the Silk Road Economic Belt has become an issue worth studying. This study selected data from provinces along the Silk Road Economic Belt from 2010 to 2020, analyzed their low-carbon logistics efficiency from both static and dynamic perspectives by using three-stage DEA and global Malmquist index and analyzed its influencing factors by using Tobit regression. The research has found that excellent regional technological level can effectively reduce redundancy in low-carbon logistics investment, and a reasonable industrial structure can effectively reduce waste of manpower investment. The overall low-carbon logistics efficiency along the Silk Road Economic Belt shows a wave like development trend with the distribution characteristics of "high efficiency in the middle and low efficiency at both ends" in each region. The integration of infrastructure construction, import value of goods, and energy utilization all play a role in promoting low-carbon logistics efficiency. Traditional infrastructure construction and purely new-type infrastructure have an inhibitory effect on low-carbon logistics efficiency. In the future, it is of great necessity to actively promote the digital transformation of the traditional logistics industry, further optimize the energy structure, and promote the high-quality development of low-carbon logistics.

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