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Cross-border E-commerce and China's Exports during the COVID-19 Pandemic

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China & World Economy 2024年第3期32卷 215-242页

作者： Yi Che Meng Yuan Yan Zhang Lin Zhao school of business East China University of Science and TechnologyChina school of business Xiangtan UniversityChina school of Economics Shanghai University of Finance and EconomicsChina

China's exports experienced a rapid recovery after the outbreak of the 2019 COVID-19 pandemic.A primary engine was cross-border e-commerce(CBEC)trade,which bucked the downward export trend during the pandemic.By exploring the variation in the number of CBEC comprehensive pilot zones across provinces,we identified the causal impact of CBEC on exports using monthly province-product-destination data for 2019 and 2020.We found strong and robust evidence that CBEC contributed to exports during the pandemic by promoting the expansion of incumbent exports(intensive margin)rather than through the expansion of product categories and exporting partners(extensive margin).Specifically,higher pandemic risk suppressed the role of CBEC at the intensive margin while enhancing it at the extensive margin.Exports to developed countries benefited more from CBEC,both intensively and extensively.Compared with final products,a larger number of intermediate products were exported through CBEC after the outbreak of the pandemic.

关键词： China's exports COVID-19 pandemic cross-border e-commerce extensive margin of trade intensive margin of trade

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 innovation.We define bureaucratic culture as a culture in which power and officials are held in the highest regard.Using 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 efficiency.Furthermore,we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate innovation.This 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 China.We 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

Stock transferability,the managerial learning effect and corporate innovation

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China Journal of Accounting Research 2024年第1期17卷 1-27页

作者： Xuehang Yu Junxiong Fang school of business East China University of Science and TechnologyChina school of Accounting Zhejiang University of Finance and EconomicsChina

This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.

关键词： Stock circulation rights loss Discretionary stock halt Managerial learning effect Innovation

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 era.This paper studies the effect of import policy uncertainty(IPU)on the innovation activity of Chinese manufacturing firms.It establishes a simple model to show that the presence of IPU encourages innovation and that a reduction in IPU discourages innovation.It 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 filings.The result holds after a battery of identification assumptions and robustness checks are considered.The import channel explains about two thirds of the effect of IPU on innovation,but not all of the effect.Finally,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

Quality disclosure strategies for small business enterprises under consumer loss aversion

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Journal of Management Science and Engineering 2024年第1期9卷 62-87页

作者： Danli Yao Simai He Meng Zheng business school University of Shanghai for Science and TechnologyShanghai200093China school of Information Management and Engineering Shanghai University of Finance and EconomicsShanghai200433China

In this paper,we focus on small business enterprises(SBEs)that usually have low market power but can rely on retailers to transact sales and gain the ability to disclose quality information.Moreover,consumer loss aversion(CLA)is pronounced when buying from SBEs that have yet to develop a strong reputation and uncertain quality.We focus on two competing SBEs with heterogeneous quality levels and discuss their quality disclosure strategiesd whether selling through a retailerd in the context of CLA.We study the interaction between consumers'prior belief in product quality and CLA and how these factors affect equilibrium outcomes.We show that a situation in which low-quality and high-quality SBEs both choose to disclose will not occur under a neutral consumer attitude,i.e.,it happens only when the aversion level is significant.When the aversion level is low,either the low-quality SBE or the high-quality SBE will decide to disclose,and the disclosing party depends on the prior belief.In addition,CLA significantly impacts the monotonicity of both SBEs'and retailers'prices and profits relating to the consumers'prior beliefs.

关键词： Quality disclosure Consumer loss aversion Competition Game theory

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 sowing.This 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 China.The 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 scale.The results showed that outsourcing pest control or harvesting services had varying economies of scale.The 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 smaller.Determined by the operational characteristics of pest control itself,the market scale of its professional services is small.Therefore,achieving the whole-step outsourcing of grain production necessitates not only technological innovation but also effective policy interventions to overcome the constraints of market scale.Such 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

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 2018.Specifically,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 China.Our 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 regions.The degree of marketization and human capital have not passed the significance test either in the whole country or in the three regions.The 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

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 solvency.The cash flow of company evolves according to a jump-diffusion process.business conversion option offers the company an opportunity to transfer the jump risk business out.In exchange for this option,the company needs to pay both fixed and proportional transaction costs.The proportional cost can also be seen as the profit loading of the jump risk business.We formulated this problem as an optimal stopping problem.By 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 valueless.The fixed cost,however,only delays the optimal timing of business conversion.In 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

Measuring Financial Systemic Risk:Net Liability Clearing Mechanism and Contagion Effect

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Journal of Systems Science & Complexity 2024年第3期37卷 1114-1146页

作者： MA Jiali ZHU Shushang LI Duan College of Big Data Statistics Guizhou University of Finance and EconomicsGuiyang 550025China school of business Sun Yat-Sen UniversityGuangzhou 510275China school of Data Science City University of Hong KongHong Kong 999077China

Following the framework of E-N model(Eisenberg and Noe,2001),the authors consider a new clearing mechanism based on net liabilities among financial institutions since the liabilities between the counterparties should be deducted accordingly when clearing in practice.As the basis for systemic risk measurement,similar to the original E-N model,the authors first establish some good properties for the clearing payment vector according to a more general model.Then,the authors investigate how risk spreads among institutions through the liability network forming the risk contagion channel.Finally,the authors illustrate with a specific example that the original E-N clearing mechanism may misidentify the systemic important institutions,and theoretically show that it may also overestimate the risk compared with the netting clearing mechanism.

关键词： Clearing mechanism contagion net liability network systemic risk