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Stimulating Start-up Investment Through government-Sponsored Venture Capital: Theory and Chinese Evidence

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Journal of Systems Science & Complexity 2024年第5期37卷 2021-2053页

作者： NI Xuanming ZHENG Tiantian GAO Feng ZHAO Huimin school of Software and Microelectronics Peking University school of economics and Management Tsinghua University school of Business Sun Yat-sen University

government-sponsored venture capital(GVC) has been used to support financially constrained start-ups as an important policy tool in China. Typically, to motivate the social capital to invest in start-ups, GVC provides subsidies for them to bridge the funding gap in the early-stage venture capital market. However, the effect and mechanism of GVC affecting social capital investment have not been clearly studied. In this paper, the authors not only develop a game model to analyze this issue in theory, but conduct an empirical study by analyzing the 14741 records matched by propensity score matching(PSM) of Chinese venture capital market data from 2011 to 2021. The proposed findings are as the follows. Firstly, the subsidies offered by GVC will simultaneously increase the returns and risks of investments in start-ups of social capital with more volatile incentive effect of GVC. The incentive effect of GVC is only effective when the returns resulting from the subsidies outweigh the risks they introduce. In the context of the Chinese venture capital market, the incentive effect of GVC is effective. Secondly, the incentive effect of GVC is more pronounced in high-tech industries, which can be attributed to the signaling effect facilitated by GVC. In this context, the subsidy mainly helps social capital to bear the costs associated with screening potential investments. Thirdly, the incentive effect of GVC is more significant in underdeveloped venture capital markets, which can be explained by the “virtuous cycle” effect, in which GVC plays a pioneering role in establishing a more robust early-stage market trading system. By examining these three points, this study contributes to a better understanding of how GVC can effectively guide social capital investment, especially in the Chinese landscape.

关键词： government-sponsored venture capital fund incentive effect social capital subsidy venture capital

Evolution and Determinants of Population Agglomeration in Less Developed Metropolitan Areas:A Case Study of the Taiyuan Metropolitan Area,China

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Chinese Geographical Science 2024年第4期34卷 739-751页

作者： QIN Zhiqin LIANG Ye AN Shuwei DOU Yongjing school of economics and Management Shanxi UniversityTaiyuan 030031China school of Urban economics and Public Affairs Capital University of Economics and BusinessBeijing 100070China school of Geography Science Taiyuan Normal UniversityJinzhong 030619China

It is of importance to enhance the urban areas'capacity for population aggregation in underdeveloped regions,aiming to rectify the imbalanced and insufficient pattern of economic development in *** the Taiyuan Metropolitan Area(TMA)in central China as a case study,this paper examines the evolutionary process and characteristics of population agglomeration from 2000 to 2020,and identifies factors associated with agglomeration and their spatial *** findings indicated that:1)against the background of sustained population shrinkage in the provincial area,the TMA showed a demographic trend of steady increase,albeit with a decelerated growth *** the metropolitan area,urban population size continued to grow rapidly,whereas the rural areas endured sustained *** in city size continued to widen,and the polarization of concentrated population in the core cities kept increasing.2)Agglomerations in both secondary and service industries had significant positive effects on local population agglomeration,with the former effect being *** economic development,government fiscal expenditure,and financial advancement all contributed to facilitating local population *** a spatial spillover perspective,service agglomeration and financial development promoted population agglomeration in surrounding ***,fiscal expenditure inhibited such *** for industrial agglomeration and regional economic development,their spatial spillover effects were *** results obtained reveal several policy implications aimed at enhancing the population agglomeration capacity of the metropolitan area in underdeveloped regions during the new era.

关键词： population agglomeration population shrinkage spatial spillover effects Taiyuan Metropolitan Area(TMA) China

Will fuel switching ever happened in China’s thermal power sector?The rule of carbon market design

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Frontiers of Engineering Management 2024年第2期11卷 207-230页

作者： Anqi HE Huarong PENG Wuhan University Institute for International Studies Wuhan UniversityWuhan 430072China Climate Change and Energy economics Study Center Economics and Management SchoolWuhan UniversityWuhan 430000China Collaborative Innovation Center for Emissions Trading System by Ministry of Education and Hubei Provincial government Hubei University of EconomicsWuhan 430200China

To assess the effectiveness of China’s emissions trading scheme(ETS)in facilitating energy structure optimization,we constructed a fuel-switching model utilizing data from 1067 generating units under the Chinese ETS *** model simulates the fuel-switching price in China’s thermal power sector,taking into account various allowance allocation *** results show the following:1)Thermal power plants will transition from coal to gas if the current ETS auction rate surpasses 26%.2)Furthermore,in scenarios where the ETS operates independently,a transition will occur if the carbon allowance market is entirely auction-based and the carbon price attains 119.50 USD/tCO_(2).3)In a collaborative scenario involving both the ETS and a gas feed-in tariff subsidy,a carbon price of 9.39 USD/tCO_(2)will effect a transition from coal to gas,provided both the auction ratio and subsidy price are maximized.

关键词： ETS thermal power plant fuel switching allowance allocation method feed-in tariff subsidy

Interregional Value-Added Tax in the Era of E-Commerce: Tax Policy Design Based on Big Data from Online Retailing

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Journal of Social Computing 2024年第1期5卷 46-57页

作者： Yu Chen Luwei Xiang Hu Yang school of Public Finance and Taxation Central University of Finance and EconomicsBeijing 100008China school of Management and economics The Chinese University of Hong KongShenzhen 518172China school of Information Central University of Finance and EconomicsBeijing 100008China

The value-added tax(VAT)in China is levied and allocated based on the origin *** the background of the increasing substitution of online retail for traditional offline retail,this mechanism will exacerbate the disparity of regional tax revenue,and intensify tax competition among local ***,reconsidering the allocation mechanism of value-added tax in China can be an important policy decision,and it is influenced by various economic and social ***,we utilize large-scale retail transaction data from an e-commerce platform to measure regional disparities in retail and consumption among different regions and then reveals present tax policy results in revenue imbalance in different ***,we establish a model based on game theory to illustrate how the origin principle leads to fierce tax competition among ***,by establishing and solving tax allocation models between local governments and the central government,this study simulates and calculates the degree of revenue imbalance under different scenarios and attempts to propose policy *** results indicate that implementing the destination principle will reduce regional tax ***,adjusting the allocation ratio between the central government and local governments based on city levels is advantageous for further reducing regional tax revenue disparities.

关键词： value-added tax e-commerce destination principle origin principle

Decentralization, Supervision, and Chinese Local government Debt

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China & World Economy 2024年第4期32卷 229-262页

作者： Chunfei Yang Yongyou Li Yu Qi Yanzhe Xu school of economics and Management Wuhan UniversityChina school of economics Shandong UniversityChina school of Public Finance and Taxation Zhongnan University of Economics and LawChina

Decentralization can alter the incentive structure of local governments and one outcome of this is debt accumulation. Based on the “Province-Managing-County” pilot policy, a fiscal decentralization reform devolving fiscal power from the prefecture-level city to the county level, we assess the impact of fiscal decentralization on local government debt using a difference-in-differences model with a unique county-level dataset from 2011 to 2019. According to the study findings, the “Province-Managing-County” reform resulted in an average increase of 5.758 percent in the local government debt ratio across the pilot counties. Mechanism analyses suggest that this may have arisen from changes in the incentive structure, including external pressures from government assessments and internal developmental needs for promotion, leading to a rise in expenditure pressures on local governments. The role of supervision in mitigating the impact of fiscal decentralization on debt growth was also demonstrated, indicating that an appropriate supervision mechanism must be in place in conjunction with a decentralization policy.

关键词： fiscal decentralization incentive structure local government debt supervisior

Optimal production strategy for auto manufacturers with government subsidies in competitive environments

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Frontiers of Engineering Management 2024年第2期11卷 345-355页

作者： Jingjing XUE Bin ZHENG Sijie LI school of economics and Management Nanjing Tech UniversityNanjing 211816China school of economics and Management Southeast UniversityNanjing 211189China

Using the Hotelling model and evolutionary game theory,this paper studies the optimal production strategy of duopoly auto manufacturers and explores the impacts of two government policies(manufacturer and consumer subsidies)on strategies related to the production of electric vehicles(EVs)or fuel vehicles(FVs).The study finds that consumers’environmental preferences have direct effects on manufacturers’market shares and profits,which in turn,affect the manufacturers’production strategy ***,when consumer environmental preference is sufficiently high,both auto manufacturers will eventually choose to produce EVs;when it is moderate,only one with a cost advantage will choose to produce ***,when it is low,neither auto manufacturer will produce *** findings further reveal that the more significant the difference in EV production costs is,the more inclined auto manufacturers are to choose a different final stable *** of whether the government subsidizes manufacturers or consumers,the policy only works if subsidies reach a certain *** study also identifies the conditions under which government subsidies are considered more cost-effective.

关键词： supply chain management low-carbon emission electric vehicle subsidy evolutionary game theory

Evolutionary game analysis of shared parking market diffusion under government management

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Transportation Safety and Environment 2024年第3期6卷 17-27页

作者： Qingqi Wei Guomei Xiao school of economics and Management Chongqing Jiaotong UniversityChongqing 400074China

The imbalance between supply and demand in urban settings poses a significant barrier to the sustainable advancement of urban *** parking serves as a viable solution to mitigate these ***,for its sustained growth,a regulatory mechanism enforced by the government is *** promote shared parking market diffusion,we construct an evolutionary game model that incorporates the government,enterprises and parking *** explores stabilization strategies for these stakeholders and identifies multiple equilibrium states under different parameter *** results show that the rate and stability of these evolutionary strategies are constrained by the mutual benefits derived by the three ***,such stakeholders are reciprocally influenced by their willingness to engage in shared parking to varying *** subsidies serve as a determining factor for the strategic choices made by both enterprises and demanders,albeit at different evolutionary *** who have a higher value of time tend to park on-street,thereby influencing enterprise *** foster the long-term growth of the shared parking market,the government must enact appropriate subsidy policies,maintain consistent regulations and advocate for increased subsidies for parking demanders to reduce the effect of temporal heterogeneity on parking behavioural choices.

关键词： traffic management shared parking government management parking behaviour choice evolutionary game

Spatial Differentiation and Convergence Trend of High-quality Development Level of China’s Tourism Economy

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Chinese Geographical Science 2024年第2期34卷 230-249页

作者： CAO Shanshan HE Zhaoli NIU Jinlan WANG Songmao ZHAO Lei school of Geography and Ocean Science Nanjing UniversityNanjing 210046China school of Business Administration Nanjing University of Finance and EconomicsNanjing 210046China school of economics and Management Shandong Agricultural Uni-versityTai’an 271018China school of Hotel Management Shanghai Business SchoolShanghai 201400China school of Man-agement Zhejiang University of TechnologyHangzhou 310014China

This paper aims to interpret the connotation of high-quality development of tourism economy(HQTE)from the perspective of the new development concepts of innovation,coordination,green,openness and sharing,and then to evaluate the spatial differenti-ation of China’s HQTE based on provincial panel data from 2009 to ***,we employ the spatial convergence model to ex-plore the absolute and conditionalβconvergence trends of HQTE in the whole country and the eastern,central and western regions of *** empirical results reveal that:1)within the decade,from 2009 to 2018,regions of China with the highest HQTE index is its eastern region followed by the central region and then the western region,but the fastest growing one is the western region of China fol-lowed by the central region and then the eastern region.2)Whether or not the spatial effect is included,there are absolute and condition-alβconvergence in HQTE in the whole country and aforementioned three regions.3)The degree of government attention as well as the level of economic development and location accessibility are the positive driving factors for the convergence of HQTE in the whole country and the three *** degree of marketization and human capital have not passed the significance test either in the whole country or in the three *** above conclusions could deepen the understanding of the regional imbalance and spatial conver-gence characteristics of HQTE,clarify the primary development objects,and accomplish the goal of China’s HQTE.

关键词： new development concepts high-quality development of tourism economy(HQTE) spatial convergence China

Central environmental protection inspection and carbon emission reduction: A tripartite evolutionary game model from the perspective of carbon neutrality

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Petroleum Science 2024年第3期21卷 2139-2153页

作者： Zhen-Hua Zhang Dan Ling Qin-Xin Yang Yan-Chao Feng Jing Xiu school of economics Lanzhou UniversityLanzhou 730000GansuChina Institute of Green Finance Lanzhou UniversityLanzhou 730000GansuChina school of Management Lanzhou UniversityLanzhou 730000GansuChina school of Business Zhengzhou UniversityZhengzhou 450001HenanChina Institute of economics Jilin Academy of Social SciencesChangchun130033JilinChina

Since the carbon neutrality target was proposed,many countries have been facing severe challenges to carbon emission reduction *** study is conducted using a tripartite evolutionary game model to explore the impact of the central environmental protection inspection(CEPI)on driving carbon emission reduction,and to study what factors influence the strategic choices of each party and how they interact with each *** research results suggest that local governments and manufacturing enterprises would choose strategies that are beneficial to carbon reduction when CEPI *** the initial willingness of all parties increases 20%,50%—80%,the time spent for the whole system to achieve stability decreases from 100%,60%—30%.The evolutionary result of“thorough inspection,regulation implementation,low-carbon management”is the best strategy for the tripartite evolutionary ***,the smaller the cost and the larger the benefit,the greater the likelihood of the three-party game stability strategy *** study has important guiding significance for other developing countries to promote carbon emission reduction by environmental policy.

关键词： Central environmental protection inspection Local government Manufacturing enterprise Tripartite evolutionary game Carbon emission reduction