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    25 December 2022, Volume 0 Issue 6 Previous Issue    Next Issue
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    Research Progress and Prospect of Internet Financial Risk in China
    NING Zekui, WANG Zhe, QU Qiao
    2022, (6):  23-32.  doi: 10.16716/j.cnki.65-1030/f.2022.06.005
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    This paper uses Bibliometrics, induction and deduction methods to sort out and summarize the main progress and hot topics of Chinese internet finance risk research in the past 22 years, and looks into the future research trends, aiming to promote the sustainable and high-quality development of Chinese internet finance. The results show that, firstly, in the past 22 years, the research on Internet financial risks in China is affected by network information technology, financial market environment and economic policy orientation, and can be divided into three stages: initial stage, development stage and deepening stage. Secondly, the research content mainly focuses on the types and characteristics, measurement and evaluation, causes and manifestations, prevention mechanism and supervision path of Internet financial risks. Thirdly, the research methods have been upgraded from qualitative to quantitative, and the research perspective has changed from macro market to micro consumers. Moreover, the research perspective and dimension are relatively single, which is in urgent need of diversification. In the future, research on internet financial risks should be strengthened in the areas of multi-method and multi-discipline integration, multi-dimensional difference and joint research, we will make more efforts to the development of regulatory technology and the construction of a multi-dimensional measurement index system, and coupling between internet financial risks and green financial challenges to promote a sustainable high-quality development of internet finance in China.

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    Government Intervention, Banking Competition and Financing Constraints of Private Enterprises
    XIE Tingting, GAO Lili, FENG Meiju
    2022, (6):  33-44.  doi: 10.16716/j.cnki.65-1030/f.2022.06.006
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    Private enterprises are an important force to promote the high-quality development of China's economy, however, financing unaffordable or inaccessible hinders their growth. Based on the data of private listed companies in China from 2016 to 2020, this paper empirically analyzes the impact of government intervention and banking competition on the financing constraints of private enterprises. The research finds that banking competition can alleviate the financing constraints of private enterprises through corporate financing channels, but the mitigation effect is restrained when the regional banking industry is in excessive competition or weak competition; The mitigation effect of banking competition on private enterprises' financing constraints varies with the intensity of government intervention. In areas where government intervention is too strong, the mitigation effect is not obvious. Based on this, government departments should speed up the transformation of functions and deepen the simplification of administration and decentralization of power; private enterprises should improve management and strengthen the construction of credit system; financial institutions should develop bank branches according to local conditions, ease the financing constraints of enterprises with optimal competition, and provide more support for the development of the real economy.

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    Does Family Size Affect Per Capita Consumption? —Based on Hierarchical Linear Model Demonstration
    CHEN Hailong, LI Zhiqin
    2022, (6):  45-55.  doi: 10.16716/j.cnki.65-1030/f.2022.06.007
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    In the process of promoting high-quality economic development, stimulating consumption and expanding domestic demand is an important way to form the main body of domestic circulation. Based on the data of 2018 Chinese Household Tracking Survey and 2019 Chinese Statistical Yearbook, this paper empirically analyzes the impact of family size on per capita household consumption in China using a hierarchical linear model. The study finds that the increase of family size has a restraining effect on per capita household consumption; regional differences affect the inhibiting effect of family size on per capita consumption, accounting for 14.39% of the variation of total per capita consumption; at the regional level, urbanization rate, per capita GDP and social security level have a moderating effect on the size of family population, which then affects the per capita consumption level. It is of great necessity to further perfect income redistribution system, improve level of education and promote the process of urbanization to help to achieve the high-quality development.

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    Does Local Government Competition Promote Urban Innovation?
    WANG Qing, ZHENG Ziruo
    2022, (6):  56-66.  doi: 10.16716/j.cnki.65-1030/f.2022.06.008
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    Urban innovation, as a quasi-public good, is influenced by the interaction of intergovernmental strategies. Based on the data of 246 prefecture-level cities from 2009 to 2019, this paper analyzes the impact and internal mechanism of different local government competition models on urban innovation by using spatial econometric model and intermediary effect. The results show that, overall, the local government competition model with single GDP as the development target is not conducive to the improvement of the innovation level of local cities, and has a negative spatial spillover impact on surrounding cities; the local government competition model with scientific and technological innovation as the development target is conducive to local urban innovation and has a positive spatial spillover impact on surrounding cities. From a sub-regional perspective, the economic competition of local governments in the eastern region has a positive but not significant impact on urban innovation, and the innovation competition of local governments in the western region has a negative spatial spillover impact; in terms of periods, the role of local government innovation competition in promoting urban innovation is more obvious in 2014-2019; in terms of the urban hierarchy, local government competition in provincial capital cities and sub-provincial cities has a greater impact on urban innovation. Further research has found that different local government competition models will have different impacts on urban innovation by affecting industrial structure, human capital and opening up to the outside world. Measures such as emphasizing the demonstration effect of local competition and coordinating innovation cooperation between regions can be adopted to promote the overall improvement of urban innovation level.

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    On Influence of Employee Stock Ownership Plan and Internal Control Quality on Enterprise Innovation Performance
    XU Yan, QIAN Jialiang, PIAN Zihan
    2022, (6):  67-78.  doi: 10.16716/j.cnki.65-1030/f.2022.06.009
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    Based on the data of Chinese A-share listed companies from 2011 to 2020, this paper empirically analyzes the relationship between employee stock ownership plan (ESOP), internal control quality and enterprise innovation performance. The results show that ESOP can promote the innovation performance of enterprises, and the promotion effect has a certain lag and continuity; the quality of internal control has a mediating effect on ESOP to promote enterprise innovation performance. ESOP mainly improves enterprise innovation performance by improving the quality of internal control. Further analysis shows that the increase in the number of employee stock ownership will lead to the "free riding" problem in terms of enterprise innovation performance; compared with state-owned enterprises, ESOP plays a stronger role in promoting the innovation performance of non-state-owned enterprises. Based on this, enterprises should formulate employee stock ownership plan reasonably according to their own conditions, and give full play to its role in promoting the improvement of enterprise innovation performance.

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