英文目录、摘要

CONTENTS

CONTENTS

The Basic Experience and Enlightenment of the Economic Work of the Communist Party of China in the Past 100 Years

ZHAOLingyunFENGBingbing(3)

The Development of Rural Industry and Township Enterprises in China′s Industrialization：The CPC′s Conception and Practice of Developing Industry in Rural Areas from the Perspective of National Modernization

ZHENGYougui(14)

Financial Statement Comparability and M&A Performance of Listed Companies

YUANTianrongWANGXia(26)

Do School Ties between Auditors and Client Managers Affect the Disclosure Level of Critical Audit Matters?

HUZhiyingHUGuoqiang(37)

The Effect of Foreign Residency Rights of Controlling Persons on the Pricing Efficiency of Capital Market：From the Perspective of Stock Price Synchronicity

GUOZhaoruiZHANGZhen(49)

CEOs with Foreign Residency Rights and Corporate Social Responsibility: An Empirical Study Based on Social Identity Theory

WENWenZHANGXiaoliangLIUFang(61)

The Peer effect of Corporate Financialization: "Adopt Strong Point" Or "Blind Following"?

XIAZihang(74)

Heterogeneity Analysis of Bank Leverage And Its Volatility Risk to Economic Growth

YANGZhihuiYANGSong(89)

Study of the Impact of Rural Medical Insurance on Income Gap of Residents in China

ZHOUQiangZHANGQuanhongCAIZhiquan(105)

Does Digital Inclusive Finance Promote the Technology Innovation of Small and Micro Enterprises?An Empirical Study Based on the data of China Small and Micro Enterprise Survey

YANGJunXIAOMingyueLVPin(119)

Can Digital Inclusive Finance Alleviate the Financial Vulnerability of Rural Households？

CHENChiboGONGZheng(132)

Land Supply, Start-up Cost and Entrepreneurial Activities

SHIZhenhuaiSHENYao(144)

JOURNALOFZHONGNANUNIVERSITY

OFECONOMICSANDLAW

No.4.Jul.15，2021

HIGHLIGHTS

TheBasicExperienceandEnlightenmentoftheEconomicWorkoftheCommunistPartyofChinainthePast100Years

ZHAO Lingyun FENG Bingbing

·3·

(SchoolofMarxism,CentralChinaNormalUniversity,Wuhan430079,China)

Abstract:Looking back in the glorious history of economic work since the founding of the Communist Party of China, we can draw the conclusion of these following basic experience and enlightenment: (1) Uphold and strengthen the leadership of the party′s centralized and unified leadership of economic work. (2) Persist in people-centered economic work. (3) Ensure the position of economic work in the whole work of the party. To determine the major policies and principles of economic work, we should give full play to inner-party democracy. In economic work, we should promote the Sinicization of Marxism; grasp the initiative of economic work through strategic planning and strengthening the party′s economic work capacity through study. We should continuously explore and improve economic work methods to constantly improve the style of economic work.

Keywords:The Communist Party of China; Economic Work; Seeking Happiness for the People; For National Rejuvenation; A Moderately Prosperous Society

FinancialStatementComparabilityandM&APerformanceofListedCompanies

YUAN Tianrong WANG Xia

·26·

(SchoolofAccounting,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:Based on the data of A-share listed companies from 2010 to 2019, this paper empirically studies the impact of acquiring firms’ financial statement comparability on M&A performance. The results show that the financial statement comparability has a positive impact on M&A performance, that is, the higher the comparability, the better the M&A performance. The mediating effect shows that comparability improves the M&A performance by reducing the agency cost of management, and it exerts a governance effect on mergers and acquisitions. Further study shows that the effect of financial statement comparability on M&A performance is more obvious in the enterprises with imperfect corporate governance mechanism and high degree of information asymmetry. This paper contributes to understand the mechanism of the effect of financial information quality on M&A performance, the economic consequences of the financial statement comparability, and provides reference for M&A practice of listed companies.

Keywords:Financial Statement Comparability; M &A Performance; Agency Conflict; Governance Effect

DoSchoolTiesbetweenAuditorsandClientManagersAffecttheDisclosureLevelofCriticalAuditMatters?

HU Zhiying1HU Guoqiang2

·37·

(1.SchoolofEconomicsandManagement,UniversityofScienceandTechnologyBeijing,Beijing100083,China; 2.SchoolofAccountancy,TianjinUniversityofFinanceandEconomics,Tianjin300222,China)

Abstract:Based on the data of A-share listed companies that disclosed CAMs from 2016 to 2018, this paper investigates the influence of school ties between auditors and client managers on the disclosure level of CAMs. The results show that school ties reduce the disclosure level of CAMs, particularly when the engagement partners have no industry expertise and low independence. However, school ties only reduce the disclosure level of CAMs on income and asset accounting. We also find that the disclosure level of CAMs is positive and significant associated with audit fees, but is negative and significant associated with the level of earnings management. School ties weaken the positive relationship between disclosure level of CAMs and audit fees. These results indicate that school ties between auditors and client managers impair the CAM disclosure, providing references for regulators and users of the CAM disclosure.

Keywords:School Ties; Critical Audit Matters; Information Disclosure; Audit Fees; Audit Quality

HeterogeneityAnalysisofBankLeverageAndItsVolatilityRisktoEconomicGrowth

YANG Zhihui1YANG Song2

·89·

(1.SchoolofBusiness,NanjingUniversity,Nanjing210093,China; 2.CollegeofMathematicsandStatistics,GuizhouUniversity,Guiyang55025,China)

Abstract:Based on the panel data of 31 provinces (municipalities and autonomous regions) from 2003 to 2014, the influence of bank leverage and its fluctuation risk on economic growth was studied. The empirical results show that, on the whole, the influence of bank leverage on economic growth is not significant, but the risk of bank leverage fluctuation will have a significant restraining effect on economic growth. Therefore, the heterogeneity of bank leverage and its fluctuation risk on economic growth is further studied from the perspective of different regional effect and different economic growth regions. It is found that there is heterogeneity between different regions and different growth rates. Specifically, bank leverage in Northeast China fails to effectively promote economic growth, but in North China, East China, Central China, Southwest China and Northwest China, it can significantly promote economic growth, but in Northwest China, the promoting effect is not sustainable, and high bank leverage will lead to the decline of economic growth in the next period. The fluctuation of bank leverage inhibits economic growth in North China and Central China, but has no significant effect on economic growth in other regions. In terms of economic growth rate: the leverage of regional banks in economic growth rate can promote economic growth, while the influence of other regions is not significant. The bank leverage fluctuation in regions with slow economic growth has no significant influence on economic growth, while in other regions, it has obvious inhibitory effect. Therefore, the choice of bank leverage level in each region can be combined with local economic development to implement differentiated policies, but the risk of bank leverage fluctuation needs to be more controlled.

Keywords:Bank Leverage; Economic Growth; Risk of Leverage Fluctuation; Financial Sector Development; Bank Loan

DoesDigitalInclusiveFinancePromotetheTechnologyInnovationofSmallandMicroEnterprises?AnEmpiricalStudyBasedonthedataofChinaSmallandMicroEnterpriseSurvey

YANG Jun1,2XIAO Mingyue2LV Pin1

·119·

(1.SchoolofEconomicsandManagement,ZhejiangSci-techUniversity,Hangzhou310018,China; 2.InstituteofIndustrialOpeningandInnovationDevelopment,ZhejiangSci-techUniversity,Hangzhou310018,China)

Abstract:Small and micro enterprises plays an important role in shaping China′s new development advantages, and promoting its technological innovation is of great importance to the realization of China′s innovation-driven strategy. This paper matches the China Small and Micro Enterprise Survey (CMES) and digital inclusion financial data, and analyzes the impact of digital inclusive financial on the technology innovation of small and micro enterprises and its mechanism. The result shows that digital inclusive finance has significantly promoted the technology innovation of small and micro enterprises. After subdividing the innovation indicators, it is found that digital inclusive finance plays more important in promoting innovation behavior than on innovation output. After considering the robustness and endogenous issues, the above conclusions are still valid. Expanding the coverage of digital inclusive finance can promote the technology innovation of small and micro enterprises more than tapping the service depth. Heterogeneity test shows that the role of digital inclusive finance in promoting technology innovation is particularly prominent among smaller enterprises and enterprises that have not settled in industrial parks. Mechanism analysis shows that digital inclusive finance promotes technology innovation of small and micro enterprises by alleviating financing constraints, optimizing the allocation of financial resources among sectors, and complementing traditional financial shortcomings, so digital inclusive finance is a powerful supplement to traditional financial services.

Keywords:Digital Inclusive Finance; Small and Micro Enterprises; Technology Innovation; Financing Constraints

LandSupply,Start-upCostandEntrepreneurialActivities

SHI Zhenhuai SHEN Yao

·144·

(SchoolofEconomics,ShanghaiUniversity,Shanghai200444,China)

Abstract:The improvement of urban entrepreneurial activity and entrepreneurial survival rate is related to the allocation efficiency of entrepreneurial resources and the overall economic vitality. From the perspective of land supply, this paper explored the impact of land supply as a source institutional motivation on urban entrepreneurial activities. Specifically, based on the theoretical analysis of the effect, mechanism and hypothesis, we tested the hypothesis by using the panel data of Chinese cities from 2000 to 2017 and the panel data of industrial and commercial registration collected by State Administration for Industry and Commerce of China. The result shows that:(1) The decrease of land supply increases the entrepreneurship cost, which leads to the increase of entrepreneurial failure rate and the decrease of entrepreneurial activity. (2) There is a significant spatial heterogeneity in the entrepreneurial effect of land supply due to the land policy partial to the central and western regions and the migration of population. (3) Compared with long-established enterprises, urban land supply contraction has a greater impact on new enterprises. In addition, compared with joint stock limited companies and limited liability companies, the negative impact of urban land supply contraction on individual businesses and partnerships is stronger. This paper contributes to identify the fundamental causes of entrepreneurial failure and the differences in entrepreneurial activity between cities, and enriches the relevant research on entrepreneurial activity in transition economies.

Keywords:Land Supply; Start-up Cost; Entrepreneurial Activities; Efficiency of Resource Allocation