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25 October 2022, Volume 0 Issue 5 Previous Issue    Next Issue

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Does Delisting Reform Reduce the Risk of Adding the "*ST" Mark to Stocks of Enterprises Again After They Removing It? YU Bo, LIN Longbin 2022, (5):  24-37.  doi: 10.16716/j.cnki.65-1030/f.2022.05.005 Abstract ( )   HTML ( )   PDF (1275KB) ( )   Save Will the risk of adding the "*ST" mark to stocks of enterprises again after they removing it be significantly weakened with the continuous improvement of the delisting system reform? It is crucial to investigate this theory to evaluate the effectiveness of delisting system reform. With intention of evaluating the effectiveness of the delisting system reform, this paper tests the risk of adding the "*ST" mark to stocks of enterprises again after they removing it and the dynamic change of risk with the delisting reform by means of the survival model. The results show that: (1) Although from the perspective of annual evolution, the risk of adding the "*ST" mark to stocks of enterprises again after they removing it has shown a certain growth trend, with the continuous promotion of the delisting reform, such risk has significantly decreased, which means that the stability of performance of decapitated enterprises has significantly improved; (2) in terms of heterogeneity, the longer an enterprise has experienced the special treatment, the lower its risk of adding the "*ST" mark to its stock again, and enterprises with regulatory inquiry experience has lower likelihood of adding the "*ST" mark to their stocks again; (3) as the delisting reform has tightened the conditions for removing special treatment, the influence of special treatment processing time and regulatory inquiry on the risk of adding the "*ST" mark to stocks of enterprises again has weakened, and the reform has a certain substitute significance for risk improvement; (4) it is further proved from the perspective of financial violation that the financial violation punishment experience of enterprises after removing the "*ST" mark will increase the risk of adding the "*ST" mark to their stocks again but with the promotion of delisting reform, such risk is gradually reducing, which means that the reform plays a positive role in mitigating the performance risk under the impact of punishment. Figures and Tables | References | Related Articles | Metrics

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An Exploration on the Optimization Path of Budget Performance Management in the New Era —Qualitative Comparative Analysis Based on Fuzzy Sets JIA Yanan, ZHANG Wenbo 2022, (5):  38-46.  doi: 10.16716/j.cnki.65-1030/f.2022.05.006 Abstract ( )   HTML ( )   PDF (864KB) ( )   Save Budget performance management is a performance management based on budget, which is an important part of government performance management. Taking 31 provincial local governments in China in 2018 as research cases, this paper uses the fuzzy set qualitative comparative analysis (fs/QCA) method to analyze the relevant indicators that affect the reform of budget performance management, and reveals how different factors combine to influence the reform of local government budget performance management. The research finds that economic development, fiscal decentralization, fiscal transparency and organizational redundancy are the main factors affecting the reform of local government budget performance management. Effective promotion of budget performance management requires multiple factors to work together. In the future, local governments should be more active in developing the economy externally and attracting talent inflows. They should further improve financial transparency, eliminate organizational redundancy and reduce administrative costs internally, so as to effectively promote budget performance management. Figures and Tables | References | Related Articles | Metrics

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Tax Collection and Management, Tax Preference and Enterprise Financial Distress Risk LI Guanglong, XIAO Jigang 2022, (5):  47-56.  doi: 10.16716/j.cnki.65-1030/f.2022.05.007 Abstract ( )   HTML ( )   PDF (1199KB) ( )   Save In order to study the influence of strengthening tax enforcement on enterprise financial distress, this paper takes the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2018 as samples and makes an empirical analysis by using difference-in-differences (DID) model, with the implementation of "Golden Tax phase III" as the standard natural experiment. The results show that strengthening tax enforcement enhances the risk of financial distress of enterprises. The influence mechanism shows that strengthening tax enforcement has two different effects. One is to reduce the risk of financial distress by restraining excessive investment and reducing agency cost to exert governance effect. The other is to increase the risk of financial distress by increasing corporate tax burden and reducing corporate performance to produce cost effect. However, on the whole, the cost effect formed by tax enforcement has a greater impact on enterprises, and ultimately leads to the increase of the risk of financial distress of enterprises. Therefore, while deepening tax collection and management system reform, China should also vigorously implement tax reduction measures to promote the healthy and sustainable development of enterprises. Figures and Tables | References | Related Articles | Metrics

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An Analysis of the Impact of Financial and Tax Policies on Corporate Growth—Based on the Perspective of Silk Road Economic Belt Construction HAN Jinhong, ZENG Sheng 2022, (5):  57-69.  doi: 10.16716/j.cnki.65-1030/f.2022.05.008 Abstract ( )   HTML ( )   PDF (925KB) ( )   Save This paper selects the A-share listed companies in 9 provinces along the Silk Road Economic Belt from 2007 to 2020 as samples to empirically examine the impact of financial subsidies and tax incentives on enterprise growth during the construction of the Silk Road Economic Belt. The study found that the financial subsidies and preferential tax policies implemented by the government during the construction of the Silk Road Economic Belt are conducive to improving the growth of enterprises. After the construction of the Silk Road Economic Belt, the financial and tax policies have a more significant impact on the growth of enterprises than before the construction, and compared with the financial subsidies, the preferential tax policies have a more significant role in promoting the growth of enterprises. In the future, enterprises should seize the opportunity brought by the dividend of the Silk Road Economic Belt construction policy in a timely manner to adjust their development strategies and improve their growth; the government departments should speed up the pace of tax reform, improve the preferential tax policies, so that more enterprises can benefit from government dividends, and thus improve the growth of enterprises. Figures and Tables | References | Related Articles | Metrics

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Contagion Effect of Financial Risks Between China and Countries Along "the Belt and Road" —An Empirical Analysis Based on the Perspective of Financial Market Linkage ZHANG Shuai 2022, (5):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2022.05.009 Abstract ( )   HTML ( )   PDF (984KB) ( )   Save The increasing development of financial liberalization has led to the increasing linkage between international financial markets, thus laying the foundation for the international contagion of financial risks. The paper selects countries with high market relevance with China as sample countries for risk contagion from three levels of international trade, investment market and financial market, constructs financial risk indexes of China and countries along "the Belt and Road", and analyzes the contagion characteristics of financial risks between China and countries along "the Belt and Road" using BARX model. The research finds that: (1) China has financial risk contagion effect on Central Asia, West Asia and Central and Eastern Europe, while West Asia, South Asia, CIS and Southeast Asia have financial risk contagion effect on China as a whole; (2) Central Asia and Central and Eastern Europe are the main regions of China's net export of foreign financial risks, while other regions show a net import of China's financial risks; (3) There is a certain difference between the direction of transmission of financial risks to China by some countries in different regions and that of the region as a whole. In the future, we should focus on building a financial governance coordination mechanism and a financial risk contagion coordination and disposal mechanism for countries along "the Belt and Road" and strengthen information sharing with countries along "the Belt and Road" at the level of financial risk supervision, so as to effectively prevent financial risk contagion. Figures and Tables | References | Related Articles | Metrics