Title：On Rational Construction and Spontaneous Evolution of Self-enforced Fiscal Institutions:A Study on 1994’s Reform of Tax-sharing System and Its Long-term Influence
Abstract：Good institutions as the result of institutional change often cannot self-enforce, neither change comes from rational construction nor spontaneous evolution. On the one hand, rational top-level design can construct good institutions a priori, but sometimes they are incentive incompatible. On the other hand, the institutions coming from spontaneous evolution may be bad institutional equilibrium, even if they can satisfy the constraint of incentive compatibility. As an important institutional change after the year of 1978, the reform of tax-sharing system in 1994 provides a paradigm of change of good institutions which can be self-enforced. The rational construction and spontaneous evolution can match each other when they contribute to the success of reform of tax-sharing system. On the premise of fiscal security and market-augmenting, rational top-level design always focuses on incentive compatibility of game players in the short-term. And spontaneous evolution complements formal arrangement of tax-sharing system in the long-term. The latter is the result of competition between local governments which can satisfy incentive compatibility constraints further. As two kinds of complementary paths of institutional change, rational construction and spontaneous order ensure self-enforcement of good institutions together.
Key Words：Central-local Relationship；Incomplete Credible Commitment；Incentive Compatibility
Title：Natural Resources Export Institutional Quality and China’s OFDI——Based on the Empirical Analysis of 52 OBOR Host Countries
Abstract：The majority of Countries in OBOR area are the developing countries with abundant natural resources. However, these countries are not necessarily ones with high natural resources export intensity. The existing literature mainly focuses on the relationship between natural resource endowment and foreign OFDI and less considers the impact of natural resource export intensity on foreign OFDI. Based on the characteristics of OBOR Countries in natural resource export and institution quality, it analyzes the impact mechanism of natural resources export on foreign OFDI then tests the interaction function of natural resources export and institution quality of OBOR countries on China’s OFDI. It find that the OBOR countries who highly depend on natural resources exports is not conducive to attracting China’s OFDI, and has a significant crowding-out effect on China’s OFDI. Moreover, this crowding-out effect only exists in Asian countries but has no impact in European countries. The OBOR countries with weaker institution quality have more attractive for Chinas OFDI. However, the attraction effect only occurs before the OBOR initiative was proposed. The institution quality of the host countries has no effect on China’s OFDI after the OBOR initiative was proposed. Natural resources export and institutional quality has substitution effect on China’s OFDI in OBOR area. In the OBOR countries who highly depend on natural resources export the ones with weaker institutional quality are more likely to attract China’s OFDI.
Key Words：Natural Resources Export；Institution Quality；China's OFDI；OBOR
Title：The Effect of Industrial Import on China’s Technological Innovation: Impact Mechanism and Empirical Analysis
Abstract：This paper aims at interpreting the effects of imports on technology innovation through Dobbin model with the panel data of 213 prefecture and provincial level cities in China from 2008 to 2018. The following three conclusions are drawn: Firstly, the impact of industrial product import trade on technological innovation whether local effect or neighborhood effectis positive. Secondly, the dominant factors of technological innovation, namely R&D human capital and investment have a positive impact on both local effect and neighborhood effect, which improves technological innovation in local cities. Thirdly, the level of economic development of local cities promotes local technological innovation but curb the technology innovation in neighbor cities. Based on the results of empirical analysis, this paper ends with policy implications to support industrial production import in terms of its efficiency and facilitation.
Key Words：Import Technological Innovation；Local Effect；Neighborhood Effect
Title：Does Fiscal Transparency Improve the Efficiency of Capital Allocation? -Based on the Perspective of Spatial Overflow
Abstract：Achieving fiscal openness and transparency is an important embodiment of the country’s ability to improve governance and improve governance system while the effective allocation of capital is an important embodiment of the marketization of factors. Clarifying the internal logic between financial transparency and capital allocation efficiency is an important practical way to promote the transformation of govenment functions, accelerate the process of factor marketization, and then promote high-quality economic development. Based on the same scale reward Cobb-Douglas (C-D) production function and Solow residual method to calculate 2013~2018 capital mismatch index of 284 cities in our country deeply analyzes the mechanism of action of fiscal transparencyon the capital allocation efficiency, then through empirical research on capital space doberman model mismatch of spatial spillover effect, the empirical study found that: (1)Financial transparency helps to improve capital mismatch. (2)The improvement effect of fiscal transparency on capital misallocation has a significant spatial spillover effect.
Key Words：Spatial Spillover；Effect of Fiscal Transparency；Capital Allocation Efficiency
Title：Theoretical Model and Empirical Test ofthe Economic Effect of China's VAT Rebate Policy
Abstract： The implementation of VAT rebate is an important link to improve China’s tax system, as well as one of the key measures to implement positive financial policies for striving to stabilize the macroeconomic market. Therefore, GTAP model is used to simulate and analyze the impact of China’s VAT rebate policy on its domestic economy in 2022, then the influences of China’s VAT rebate policy on the domestic economy is simulated in the future. The following conclusions are drawn: First, this VAT allowance and rebate policyis not only conducive to promoting China’s economic growth, increasing residents income, consumption and government taxes, but also conducive to promoting investment and improving the terms of trade. Second, this VAT rebate may lead to a decline in the output of China’s construction and real estate sector, but it will help improve the output of other departments; It may lead to the increase of product prices and decrease of exports in various domestic sectors, and increase of imports in most sectors thus reducing net exports. Third, if China expand the scale and scope of VAT rebate, Chinas macro-economic indicators such as GDP, government and residents’ income, investment and consumption, and terms of trade may be further improved meanwhile China’s prices may be further increased.
Key Words：VAT Rebate；Economic Effect；GTAP Model
Title：Food Safety Regulation Efficiency: A Comparison of “Regulation” and “Regulation+Certification”
Abstract：Insufficient government regulation is often regarded as an important reason for repeated prohibitions on food safety incidents. However this paper find that the decper reason lies in the fact that the food safety regulation fails to give fulplay to the incentive and restraint role of the reputation mechanism. First of all, the theoretical analysis based on the KMRW reputation model shows that effective food safety regulation must enable producers to be motivated and restricted by reputation mechanisms. Second, the effect of the mechanism is different in different regulatory methods, and the effect is related to the market structure. Under an oligopoly mar ket structure, “regulation” can achieve a regulatory effect similar to “regulation + certification”，but under a monopolistic competition market structure, “regulation” cannot place producers under reputation constraints, and the effect of regulation is minimal, while “regulation+certification” can still play the role of a reputation mechanism. Finally, in view of the market structure in which China’s reality is closer to monopolistic competition, this paper put forward policy recommendations such as shifting regulatory resources to certified food.
Key Words：Food Safety；Certification；Reputation Mechanism；Market Structure
Title：Do the Change in Political Affiliation Improve Corporate Social Responsibility? --Evidence from the“Document No. 18”
Abstract：Based on the resignation of independent directors of officials caused by the issuance of Document No. 18 of the Organization Department of the CPC Central Committee this paper manually collects and sorts out the resignation data of independent directors of corporate officials from October 2013 to October 2015 according to the announcement, takes China’s Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as the research sample, and uses the propensity score matching and double difference method to investigate the impact of the loss of political association on corporate social responsibility. The study finds that after the resignation of independent directors, enterprises will be more active in fulfilling their social and environmental responsibilities. The impact is more pronounced for enterprises in their industries with fierce market competition and strong government intervention in their regions. Further research shows that companies use social responsibility as a politically linked strategic alternative tool to enhance corporate value and green innovation. The conclusion provides an effective argument for optimizing the relationship between government and enterprises and promoting the sustainable development of enterprises from the perspective of policy effect (corporate social responsibility).
Key Words：Change of Political Affiliation；Corporate Social Responsibility；Corporate Value；Green Innovation