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Does Information Exchange Affect Cross-border Tax Avoidance? Evidence from the Common Reporting Standard

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China & World Economy 2024年第4期32卷 179-228页

作者： Muhan Wang Kezhong Zhang Sihan Gao School of Public finance and Taxation Zhongnan University of Economics and LawChina School of Public finance and Taxation Center for International Cooperation and Disciplinary Innovation of Income Distribution and Public Finance(1l1 Center)Zhongnan University of Economics and LawPublic Finance and Development Research Center of HubeiChina Center for international Cooperation and Disciplinary Innovation of Income Distribution and Public finance(1ll Center) Zhongnan University of Economics and LawPublic Finance and Development Research Center of HubeiChina

Using panel data from 2012 to 2020 for publicly traded Chinese companies, we explored the efficacy in mitigation of tax information asymmetry to combat profit shifting and transnational tax avoidance. Our empirical analysis revealed that, after the implementation of the inaugural multilateral automatic information exchange system known as the Common Reporting Standard, there was a statistically significantly increase in the effective tax rate by 1.4 percentage points, accompanied by an increase in instances of tax compliance. These trends were discernibly associated with a reduction in profit shifting and notable changes in reported profit margins, particularly influenced by actions related to debt shifting and strategic management of intellectual property assets. These findings underscore the strong connection between these effects and various factors such as investment destinations, asset portfolios, and industry classifications. The results imply a prospective decline in the incidence of cross-border tax avoidance by Chinese multinational entities and demonstrate the potential of emerging international tax cooperation frameworks for curbing the global tax avoidance practices of multinational corporations.

关键词： cross-border tax avoidance Common Reporting Standard profit shifting tax information

Bureaucratic Culture and Innovation

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China & World Economy 2024年第3期32卷 31-66页

作者： Shigang Li Kexin She Li Zhang international School of Business and finance Sun Yat-sen UniversityChina National School of Development Peking UniversityChina international School of Business and finance Key Laboratory of Mesoeconomics and Coordinated Development of Regions and IndustriesSun Yat-sen UniversityChina

This study explores the effects of bureaucratic culture on *** define bureaucratic culture as a culture in which power and officials are held in the highest *** panel data of publicly listed Chinese manufacturing firms from 2007 to 2015,we found that bureaucratic culture negatively correlated with firms'patent output.A mechanism analysis shows that bureaucratic culture hindered corporate innovation by reducing firms'research and development inputs and decreasing innovation ***,we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate *** study is the first to investigate quantitatively the causal effect of bureaucratic culture on corporate innovation and it can deepen the understanding of the relationship between culture and innovation in *** speculate that promoting a creative culture,particularly one that fosters entrepreneurial spirit,is of utmost importance.

关键词： bureaucratic culture corporate innovation economic growth talent allocation

Data-Based Filters for Non-Gaussian Dynamic Systems With Unknown Output Noise Covariance

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IEEE/CAA Journal of Automatica Sinica 2024年第4期11卷 866-877页

作者： Elham Javanfar Mehdi Rahmani the department of Electrical Engineering Imam Khomeini International UniversityQazvin ***Iran

This paper proposes linear and nonlinear filters for a non-Gaussian dynamic system with an unknown nominal covariance of the output *** challenge of designing a suitable filter in the presence of an unknown covariance matrix is addressed by focusing on the output data set of the *** that data generated from a Gaussian distribution exhibit ellipsoidal scattering,we first propose the weighted sum of norms(SON)clustering method that prioritizes nearby points,reduces distant point influence,and lowers computational ***,by introducing the weighted maximum likelihood,we propose a semi-definite program(SDP)to detect outliers and reduce their impacts on each *** these weights paves the way to obtain an appropriate covariance of the output ***,two filtering approaches are presented:a cluster-based robust linear filter using the maximum a posterior(MAP)estimation and a clusterbased robust nonlinear filter assuming that output noise distribution stems from some Gaussian noise resources according to the ellipsoidal *** last,simulation results demonstrate the effectiveness of our proposed filtering approaches.

关键词： Data-based filter maximum likelihood estimation unknown covariance weighted maximum likelihood estimation weighted sum-of-norms clustering

Import Policy Uncertainty and Innovation

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China & World Economy 2024年第1期32卷 197-230页

作者： Lingshan Chen Yunong Li Qian Xie Mao Zhou School of international Business Southwestern University of Finance and Economics(SWUFE)China School of international Business SWUFEChina Institute of Economics Chinese Academy of Social SciencesChina

The Chinese government has emphasized innovation as the primary driving force for economic development in the new *** paper studies the effect of import policy uncertainty(IPU)on the innovation activity of Chinese manufacturing *** establishes a simple model to show that the presence of IPU encourages innovation and that a reduction in IPU discourages *** distinguishes the almost unnoticed IPU reduction from tariff reduction on China's WTO accession and develops a novel difference-in-differences specification that identifies the negative effect of IPU reduction on innovation using updated data for Chinese manufacturing and patent *** result holds after a battery of identification assumptions and robustness checks are *** import channel explains about two thirds of the effect of IPU on innovation,but not all of the ***,this paper examines the effect across firms of different levels of productivity and ownership types and patents of different categories.

关键词： import policy uncertainty innovation patent WTO

Strong invariance principle for a counterbalanced random walk

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Applied Mathematics(A Journal of Chinese Universities) 2024年第2期39卷 370-380页

作者： TAN Hui-qun HU Zhi-shui DONG Liang international Institute of finance School of ManagementUniversity of Science and Technology of ChinaHefei 230026China Center for Basic Teaching and Experiment Nanjing University of Science and TechnologyJiangyin 214443China

We study a counterbalanced random walkS_(n)=X_(1)+…+X_(n),which is a discrete time non-Markovian process andX_(n) are given recursively as *** n≥2,X_(n) is a new independent sample from some fixed law̸=0 with a fixed probability p,andX_(n)=−X_(v(n))with probability 1−p,where v(n)is a uniform random variable on{1;…;n−1}.We apply martingale method to obtain a strong invariance principle forS_(n).

关键词： random walk martingale invariance principle

FinTech Can Prevent the Formation of Zombie Firms:Evidence from China

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Social Sciences in China 2024年第1期45卷 111-133页

作者： Jiang Jiatong Yang Lu Yin Zhentao School of international Trade and Economics University of International Business and Economics School of Public Policy&Management Tsinghua University Institute of finance and Banking Chinese Academy of Social Sciences

The interplay between financial technology(FinTech)and real economy firms has garnered considerable *** paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to *** research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm *** exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating *** the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor *** analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive *** paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.

关键词： FinTech zombie firms investment efficiency total factor productivity

Global Spillovers of China's Monetary Policy

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China & World Economy 2024年第3期32卷 1-30页

作者： Wenni Lei Dongzhou Mei Mi Zhang School of Economics Minzu University of ChinaChina School of international Trade and Economics Central University of Finance and EconomicsChina

Spillovers from China's monetary policy have become increasingly obvious with China's growing importance in the global economy and its close economic and trade ties with the *** study establishes a proxy structure vector autoregression model to investigate the magnitude and transmission channel of spillovers from China to global and regional economies,taking advantage of high-frequency changes in asset prices in the financial markets to identify monetary policy *** analysis reveals that China's monetary policy can affect the global economy by influencing international trade and commodity prices but there is no evidence of China's monetary policy affecting global financial *** in China's monetary policy can cause a decline in world output whereas expansion in monetary policy can support global trade and *** study also finds that the response of emerging Asian economies to China's monetary policy shock was nearly twice that of developed economies,while the transmission path did not *** results of this study are consistent with the stylized fact that China's monetary policy plays an important role in the global trade and commodity cycle,although it does not drive the global financial cycle.

关键词： China's monetary policy commodity prices external instruments global trade spillovers

Foreign Ownership and international Trade Performance in China

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China & World Economy 2024年第2期32卷 42-72页

作者： Zhiyuan Li Yichun Lin Mingyao Xu School of Economics Fudan University Shanghai Institute of international finance and Economics China School of Economics Fudan UniversityChina

We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade *** findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing,and strongly increased trade *** ownership took effect from the year of the acquisition and persisted for at least 2 *** stimulated both processing trade and ordinary trade,and expanded products and trading ***-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition *** for the underlying mechanisms,we show that firms experienced significant output expansion,increased export dependence,and eased financial constraints after foreign acquisition.

关键词： domestic acquisition foreign acquisition foreign ownership international trade performance

SPARSE RECOVERY BASED ON THE GENERALIZED ERROR FUNCTION

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Journal of Computational Mathematics 2024年第3期42卷 679-704页

作者： Zhiyong Zhou department of Statistics and Data Science and Institute of Digital FinanceHangzhou City UniversityHangzhou 310015China

In this paper,we offer a new sparse recovery strategy based on the generalized error *** introduced penalty function involves both the shape and the scale parameters,making it extremely *** both constrained and unconstrained models,the theoretical analysis results in terms of the null space property,the spherical section property and the restricted invertibility factor are *** practical algorithms via both the iteratively reweighted■_(1)and the difference of convex functions algorithms are *** experiments are carried out to demonstrate the benefits of the suggested approach in a variety of *** practical application in magnetic resonance imaging(MRI)reconstruction is also investigated.

关键词： Sparse recovery Generalized error function Nonconvex regularization Itera-tive reweighted Li Difference of convex functions algorithms