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25 June 2022, Volume 0 Issue 3 Previous Issue    Next Issue

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Can Environmental Regulation Break "Resource Curse"?—Theoretical Mechanism and Empirical Evidence YANG Tianyu, QIU Shiyan 2022, (3):  5-15.  doi: 10.16716/j.cnki.65-1030/f.2022.03.001 Abstract ( )   HTML ( )   PDF (917KB) ( )   Save Based on the panel data of 115 resource-based prefecture-level cities in China from 2007 to 2019, this paper explores the mechanism of environmental regulation stimulating technological innovation and breaking the "resource curse" by integrating natural resource dependence, environmental regulation and technological innovation into the same analytical framework and establishing the endogenous growth model of four sectors. The results show that the relationship between environmental regulation and natural resource dependence and technological innovation has a significant nonlinear moderating effect, that is, environmental regulation can promote the technological innovation of resource-based cities as a forcing mechanism; Different types of resource-based cities have different threshold values of environmental regulations, which need to implement different intensity of environmental regulations. High-intensity environmental regulation can completely break the "resource curse" in the growing resource-based cities, but can weaken the "resource curse" in the mature and declining resource-based cities. Therefore, differentiated environmental regulation measures should be implemented for different types of resource-based cities, and the synergy of environmental regulation and other policies and measures should be brought into play to promote the transformation and upgrading of industrial structure and gradually get rid of resource dependence. Figures and Tables | References | Related Articles | Metrics

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A Study of Spillover Effect of Fed Rate Raising on the Volatility of China's Stock Market—Based on DAG-SVAR and Spillover Index SHU Xin 2022, (3):  16-29.  doi: 10.16716/j.cnki.65-1030/f.2022.03.002 Abstract ( )   HTML ( )   PDF (1992KB) ( )   Save At the end of 2014, the Fed withdrew from quantitative easing and entered a cycle of interest rate hikes, which led to the return of global capital. While China is at a stage of agglomeration of financial risks, weakness of the real economy and violent fluctuations in asset prices, and the domestic economy was more vulnerable to the impact of foreign monetary policies. This paper uses the DAG-SVAR-based spillover index method to analyze the impact of the Fed rate hike from November 2014 to March 2018 on the volatility spillovers of China's stock market. The results show that: (1) The rise in the federal funds rate under the interest rate hike cycle intensifies the volatility spillover intensity of the Chinese and US stock markets, through channels of RMB depreciation and investor risk aversion, but the positive incentives do not exist for a long time. (2) After the US dollar raised interest rates for the second time, this incentive turned from positive to negative, and there was an inflection point effect. (3) China's increase in long-term interest rates intensifies the spillover intensity of capital market volatility, and the policy of strong financial supervision is not conducive to China's economy against new external information shocks. The research results of this paper provide new evidence for the impact of the Fed rate hike on China's financial market, which is of great significance for the monetary authorities to improve the coordination of monetary policy regulation and risk supervision. Figures and Tables | References | Related Articles | Metrics

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Trade Efficiency and Potential of China's Soybean Imports—Based on the Stochastic Frontier Gravity Model GUO Yanqin, XU Shuhao 2022, (3):  30-39.  doi: 10.16716/j.cnki.65-1030/f.2022.03.003 Abstract ( )   HTML ( )   PDF (1356KB) ( )   Save China's soybean imports are highly dependent on foreign countries and have a single import source. Under the background of Sino-US trade conflict, there is great uncertainty in the future. Therefore, based on the stochastic frontier gravity model and the data from 2001 to 2019, this paper measures and analyzes the efficiency and potential of China's soybean import trade. The results show that the efficiency of China's soybean import trade shows a downward trend with time; China's GDP, population and soybean output of source of import have a significant role in promoting China's soybean import. The GDP and the level of urbanization of the country of source of imports, the level of urbanization in China and the exchange rate have a restraining effect on the China's soybean import trade. The direct import of meat products can also reduce the import of soybeans. The population of source of import has no significant impact on soybean import. Secondly, economic and trade organizations, maritime network construction and investment freedom have a significant effect on China's soybean import. In the future, China should strengthen trade cooperation among countries, participate in investment in the construction of shipping network, and pay attention to preventing financial risks. Figures and Tables | References | Related Articles | Metrics

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On Impact of Infrastructure Investment Performance on Industrial Transformation and Upgrading in Xinjiang AIMAITIJIANG·Abuduhalike , LI Xiang, LIANG JiangYan 2022, (3):  40-49.  doi: 10.16716/j.cnki.65-1030/f.2022.03.004 Abstract ( )   HTML ( )   PDF (848KB) ( )   Save Using the panel data of 15 prefectures and cities in Xinjiang, China from 2009 to 2020, with the help of DEA method and SDM model, this paper empirically analyzes the impact of productive infrastructure investment performance and social infrastructure investment performance on the industrial transformation and upgrading from three levels, that is from the overall, the south and north of Xinjiang, China. The results shows that the performance of infrastructure investment in Xinjiang, China is increasing as a whole; Productive infrastructure investment performance has positive local effect and spatial spillover effect on industrial transformation and upgrading in the south Xinjiang, China social infrastructure investment performance has positive local effect on industrial transformation and upgrading in the north Xinjiang, China positive spatial spillover effect on the whole Xinjiang, and siphon effect on the south Xinjiang, China; Technological progress has a significant regulatory effect on the relationship between the two types of infrastructure investment performance and industrial transformation and upgrading, but the local effect and spatial spillover effect on different infrastructure investment performance are different. In the future, it is of necessity to further strengthen infrastructure planning and construction, and give full play to the supporting role of technological progress in improving infrastructure investment performance and promoting industrial transformation and upgrading. Figures and Tables | References | Related Articles | Metrics

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Tax Reduction Effect on China's New Personal Income Tax System and Policy Inspirations—Simulation Calculation Based on CHFS Micro-Survey Data DENG Xiaolan, LI Yeqin 2022, (3):  50-57.  doi: 10.16716/j.cnki.65-1030/f.2022.03.005 Abstract ( )   HTML ( )   PDF (2080KB) ( )   Save Based on the data of China Household Finance Survey (CHFS) in 2017, this paper uses the micro-simulation method to measure the tax reduction effect of the new individual income tax system from three aspects, overall income, different income groups and different income sources, using the average tax rate and average tax rate. The results show that the individual income tax reform has tax reduction effect on all income groups, but the degree of tax reduction is different for different income groups. The tax reduction amplitude changes with the increase of pre-tax household annual income in an inverted U-shape, that is, with the increase of pre-tax household annual income, the tax burden decreases after the first increase. Tax reform policies, such as raising the basic expense deduction, introducing special additional deductions and adjusting the tax rate structure, have different tax reduction effects among different income groups. Under the comprehensive taxation mode, the tax burden of comprehensive income decreases while that of business income increases. In this regard, it is of necessity to establish a dynamic adjustment mechanism for the deduction of basic expenses so that more low-income groups can enjoy the dividends of special additional deductions. At the same time, efforts should be made to reduce the number of tax rates, reduce the top marginal tax rate and expand the range of low tax rates. For households that have both comprehensive income and operating income, they should be allowed to deduct from their operating income related expenses that are not deducted from their comprehensive income. Figures and Tables | References | Related Articles | Metrics

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Impact of Narrative Innovation Information Disclosure on Enterprise Innovation—Moderating Effects Based on Analyst Tracking ZHOU Ming, XU Yan, XU Guoqing 2022, (3):  58-69.  doi: 10.16716/j.cnki.65-1030/f.2022.03.006 Abstract ( )   HTML ( )   PDF (1193KB) ( )   Save Based on the sample of Chinese A-share listed companies from 2007 to 2019, this paper uses fixed effects model and systematic GMM model to conduct empirical tests to explore the impact of descriptive innovation information disclosure on enterprise innovation level. The results show that descriptive innovation information disclosure has an "inverted U-shaped" influence on innovation effect. Further analysis shows that the "inverted U-shaped" impact of descriptive innovation information disclosure on firm innovation exists significantly in non-state-owned enterprises. Analyst tracking plays a positive moderating effect on the relationship between descriptive innovation information disclosure and firm innovation. In the future, it is of great necessity to further improve information disclosure system to protect core information, introduce innovative policies and provide multi-channel financing as well. Figures and Tables | References | Related Articles | Metrics

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Study on Trade Efficiency and Trade Potential of Sino-African Agricultural Products—Redemonstration Based on China Africa Agricultural Trade Data YANG Yinghong, LI Haifeng, LI Yan 2022, (3):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2022.03.007 Abstract ( )   HTML ( )   PDF (1332KB) ( )   Save Based on the agricultural trade data of 35 countries between China and Africa from 2010 to 2019, this paper constructs a stochastic frontier gravity model and a trade inefficiency model to calculate the trade efficiency and trade potential of China Africa agricultural products, and analyzes the main influencing factors of Sino-Africa agricultural products trade efficiency and trade potential from four aspects: infrastructure level, economic system environment, political system environment, and the signing of "the Belt and Road" cooperation agreement. The results show that the average trade efficiency of agricultural products between China and Africa is 0.35, which shows a stable upward trend; Good liner transportation capacity, higher government financial expenditure, higher government work efficiency, and the signing of the "the Belt and Road" cooperation agreement can significantly improve trade efficiency; The countries with the highest trade efficiency in Sion-Africa agricultural products trade are South Africa, Mauritius and Egypt, and the countries with the greatest trade potential are Nigeria, South Africa and Benin; In addition, from a sub-regional perspective, the trade efficiency of northern Africa is high, the trade potential of Western and southern Africa is large, and the trade expansion space of eastern and Central Africa is large. In the future, it is significance to further optimize the agricultural industrial structure, improve the efficiency of agricultural trade, and promote the sustainable and high-quality development of Sino-Africa relations. Figures and Tables | References | Related Articles | Metrics