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“China Shock”or China Dividend?-China GVC Participation’s Effects on Trading Partners’Technological Progress

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China Economist 2024年第1期19卷 44-57页

作者： Chen Qifei Yang Jijun Ye Di school of International Economics and Trade Nanjing University of Finance and Economics(NUFE)NanjingChina school of public finance and Taxation NUFE

This paper explores the effects of China’s global value chain(GVC)participation on technological progress in trading-partner countries based on estimated data on value-added trade between China and 52 trading *** find that,first,although China’s exports lowered the total factor productivity(TFP)of its trading partners(competitive effect),its imports greatly increased trading partners’TFP(effect of scale).This implies that China’s GVC participation is beneficial to its trading partners’technological progress in the form of a considerable technology dividend ***,China’s export dividend effect compensates for the negative effect of Chinese competition on trading partners’technological progress;the innovation effects attributable to China’s imports reinforce the positive effects of scale on technological *** innovation is factored in,the China dividend thus becomes further ***,China’s merchandise imports have a diminishing positive effect on technological progress in trading partners as geographical distance increases,but trade in services transcends geographical boundaries,and the positive technological progress effect of China’s service imports do not diminish as distance *** find that the“China dividend”from China’s GVC participation is a significant contributor to technological progress in partner nations,and China’s imports are conducive to innovation and technological progress in developed countries in the long run.

关键词： Global value chains China dividend trade in value-added technology spillover collaborative innovation

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

New Rural Community Construction or Retention Development:A Comparative Analysis of Rural Settlement Transition Mechanism in Plain Agriculture Area of China Based on Actor Network Theory

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Chinese Geographical Science 2024年第3期34卷 436-452页

作者： QU Yanbo DONG Xiaozhen MA Wenqiu ZHAO Weiying school of public Administration and Policy Shandong University of Finance and EconomicsJinan 250014China Institute of Land Science and Policy Shandong University of Finance and EconomicsJinan 250014China College of Engineering China Agricultural UniversityBeijing 100083China

It is an important way to realize rural revitalization and sustainable development to guide rural settlement transition(RST)in an appropriate *** paper uses actor network theory(ANT)to construct a theoretical framework for the study of *** two typical villages with different transition paths in rural areas of North China Plain as examples,this paper reveals the mechanism of RST and makes a comparative *** results show that:1)after identifying problems and obligatory passage point,key actors recruit heterogeneous actors into the actor network by entrusting them with common interests,and realize RST under the system operation.2)Rural settlements under different transition paths have similarities in the problems to be solved,collective actions and policy factors,but there are differences in the transition process,mechanism and *** actor network and mechanism of RST through the path of new rural community construction are more complex and the transition effect is more *** contrast,the degree of RST of retention development path is limited if there is no resource and location advantage.3)Based on the applicable conditions of different paths,this paper designs a logical framework of‘Situation-Structure-Behavior-Result’to scientifically guide the identification of RST paths under the background of rural revitalization.

关键词： rural settlement transition(RST) actor network theory(ANT) transition path transition mechanism plain area China

Can whole steps of grain production be outsourced? Empirical analysis based on the three provinces of Jiangsu,Jilin,and Sichuan in China

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Journal of Integrative Agriculture 2024年第1期23卷 336-347页

作者： Jiacheng Liu Shengzhi Mao Qiufen Zheng Zhigang Xu school of finance and Taxation Nanjing University of Finance and EconomicsJiangsu 210023China school of Economics Southwestern University of Finance and EconomicsSichuan 611130China school of Economics and Management Nanjing Agricultural UniversityJiangsu 210095China

Certain outsourcing services for agricultural management in China,such as pest control in grain production,have experienced prolonged sluggishness,contrasting with the relatively high level of outsourcing services observed in harvesting,land preparation,and *** study examines the feasibility of implementing whole-step outsourcing in grain production by conducting a case study of rice and maize production in Jiangsu,Jilin,and Sichuan provinces in *** provision of outsourcing services hinges on two essential conditions:technological advancements fostering specialized production and economies of scale,coupled with a market size sufficient to realize the aforementioned potential economies of *** results showed that outsourcing pest control or harvesting services had varying economies of *** outsourcing services in pest control were less common than in harvesting services,and their marginal growth space of the economies of scale with technological change was also *** by the operational characteristics of pest control itself,the market scale of its professional services is ***,achieving the whole-step outsourcing of grain production necessitates not only technological innovation but also effective policy interventions to overcome the constraints of market *** interventions include(1)optimizing crop layouts between planning regions and reducing land fragmentation and(2)supplying timely and effective inter-regional agricultural information for service providers aided by information technology.

关键词： outsourcing services economy of scale technical conditions market scale

Impacts of information about COVID-19 on pig farmers'production willingness and behavior:Evidence from China

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Journal of Integrative Agriculture 2024年第4期23卷 1429-1441页

作者： Huan Chen Lei Mao Yuehua Zhang school of public Affairs Zhejiang UniversityHangzhou 310058China school of Insurance Central University of Finance and EconomicsBeijing 100081China Innovation Center of Yangtze River Delta Zhejiang UniversityJiaxing 314100China

This paper examines the impacts of information about COVID-19 on pig farmers'production willingness by using endorsement experiments and follow-up surveys conducted in 2020 and 2021 in *** results show that,first,farmers were less willing to scale up production when they received information about *** information in 2020 that the second wave of COVID-19 might occur without a vaccine reduced farmers'willingness to scale up by 13.4%,while the information in 2021 that COVID-19 might continue to spread despite the introduction of vaccine reduced farmers'willingness by 4.4%.Second,farmers whose production was affected by COVID-19 were considerably less willing to scale up,given the access to COVID-19 ***,farmers'production willingness can predict their actual production behavior.

关键词： COVID-19 randomized experiment information treatment production willingness

Optimal Timing of Business Conversion for Solvency Improvement

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Acta Mathematicae Applicatae Sinica 2024年第3期40卷 744-757页

作者： Peng LI Ming ZHOU school of finance Nanjing University of Finance and EconomicsNanjing 210023China Center for Applied Statistics and school of Statistics Renmin University of ChinaBeijing 100872China

In this paper,we study the optimal timing to convert the risk of business for an insurance company in order to improve its *** cash flow of company evolves according to a jump-diffusion *** conversion option offers the company an opportunity to transfer the jump risk business *** exchange for this option,the company needs to pay both fixed and proportional transaction *** proportional cost can also be seen as the profit loading of the jump risk *** formulated this problem as an optimal stopping *** solving this stopping problem,we find that the optimal timing of business conversion mainly depends on the profit loading of the jump risk business.A larger profit loading would make the conversion option *** fixed cost,however,only delays the optimal timing of business *** the end,numerical results are provided to illustrate the impacts of transaction costs and environmental parameters to the optimal strategies.

关键词： optimal stopping jump-diffusion process conversion option

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A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability

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Social Sciences in China 2024年第1期45卷 157-181页

作者： Gu Leilei Ni Xiaoran Peng Yuchao Business school Central University of Finance and Economics school of Economics Xiamen University school of finance and Belt&Road finance Institute Central University of Finance and Economics

Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed *** show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent *** particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in ***,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market *** have long-term implications for the financial system.

关键词： SARS epidemic experience probability weighting skewness preference stock price crash risk

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

Downstream Competition and Upstream Innovation:Theory and Evidence from China

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China finance and Economic Review 2024年第1期13卷 67-87页

作者： Jing Dai Guanchun Liu Ziqi Ye Haiou Mao Yongwei Ye school of finance Hubei University of Economics Lingnan College Sun Yatsen University school of Business Administration Zhongnan University of Economics and Law College of Economics and Management Huazhong Agricultural University school of public Economics and Management Shanghai University of Finance and Economics

Competition is the catalyst of corporate innovation,which is the foundation of a country's core *** the view of vertical industrial chain,this paper examines how downstream competition affects upstream firms'innovation *** innovation helps reduce the production cost of each product,increasing demand of intermediate products caused by downstream competition enhances the marginal revenue of upstream firms'innovation,thus leading to an innovation incentive *** identify causality,we utilize China's WTO accession,a quasinatural experiment,to calculate downstream competition combined with import tariff reduction and input-output table,and then run a difference-in-difference *** the data of Annual Survey of Industrial Firms and State Intellectual Property Office,our results find that downstream competition has a significantly positive impact on upstream firms'innovation,and this effect is more pronounced in firms with less industry competition,greater initial innovation capacity and weaker financial ***,the number of firms,the degree of industry competition and the scale of intermediate products in the downstream sector increase,confirming the market size *** sum,our findings document that downstream competition can motivate upstream firms to innovate through vertical industrial chain,providing some useful insights for China to build a fair market competition environment and promote innovation-driven growth regime.

关键词： downstream competition upstream firms'innovation vertical industrial chain market size effect