Academics have yet to agree on the effectiveness of the precautionary saving theory in explaining Chinese households’saving behavior.With the Wenchuan megaearthquake of 2008 as an uncertain event to overcome the endo...Academics have yet to agree on the effectiveness of the precautionary saving theory in explaining Chinese households’saving behavior.With the Wenchuan megaearthquake of 2008 as an uncertain event to overcome the endogeneity problem of income volatility,this paper puts forward a brand-new hypothesis that"an earthquake influences household saving rate through its effects on expected income and the variance of expected income."Then,we employ propensity score matching-difference-in-differences(PSMDID)method,the systematic GMM methods,the synthetic control method,together with instrumental variable method,for an analysis of Chinese Household Income Project(CHIP)and inter-provincial data at the micro and macro levels,respectively.We find that the Wenchuan mega-earthquake was followed by an increase in the variance of household expected income in Sichuan and a significant rise in the household saving rate.Second,social protection is negatively correlated with expected income,and has a significant substitutive relationship with saving rate.This finding indirectly proves that the earthquake’s impact on the household saving rate is subject to the variance of expected income,shedding light on how the precautionary saving motivation works in the real world.展开更多
Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understa...Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems.This paper,based on a comprehensive analytical framework for fiscal influence on the monetary system,explores the institutional foundation,transmission channels,and regulatory capabilities through which the fiscal authorities affect monetary circulation.There are three findings.First,the Treasury Single Account(TSA)system,the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks,and the fiscal credit system endow fiscal authorities with the ability to influence money creation.Second,fiscal authorities exert a significant influence on the monetary market:With regard to money supply,treasury deposits are a vital factor influencing the broad money,and the impact of treasury deposits on money supply exhibits significant cyclical characteristics;And in terms of public financial product production,over the past decade,the proportion of fiscal credit relative to commercial credit has been on the rise,with 11.04%to 31.29%of loans from financial institutions in 2022 categorized as fiscal credit.Third,relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures,have utilized structural monetary policy tools in conjunction with fiscal production of public financial products,expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor,and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.展开更多
China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency...China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.展开更多
Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corpor...Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.展开更多
文摘Academics have yet to agree on the effectiveness of the precautionary saving theory in explaining Chinese households’saving behavior.With the Wenchuan megaearthquake of 2008 as an uncertain event to overcome the endogeneity problem of income volatility,this paper puts forward a brand-new hypothesis that"an earthquake influences household saving rate through its effects on expected income and the variance of expected income."Then,we employ propensity score matching-difference-in-differences(PSMDID)method,the systematic GMM methods,the synthetic control method,together with instrumental variable method,for an analysis of Chinese Household Income Project(CHIP)and inter-provincial data at the micro and macro levels,respectively.We find that the Wenchuan mega-earthquake was followed by an increase in the variance of household expected income in Sichuan and a significant rise in the household saving rate.Second,social protection is negatively correlated with expected income,and has a significant substitutive relationship with saving rate.This finding indirectly proves that the earthquake’s impact on the household saving rate is subject to the variance of expected income,shedding light on how the precautionary saving motivation works in the real world.
基金supported by the major project of the National Social Science Fund of China(No.20AJY020).
文摘Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems.This paper,based on a comprehensive analytical framework for fiscal influence on the monetary system,explores the institutional foundation,transmission channels,and regulatory capabilities through which the fiscal authorities affect monetary circulation.There are three findings.First,the Treasury Single Account(TSA)system,the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks,and the fiscal credit system endow fiscal authorities with the ability to influence money creation.Second,fiscal authorities exert a significant influence on the monetary market:With regard to money supply,treasury deposits are a vital factor influencing the broad money,and the impact of treasury deposits on money supply exhibits significant cyclical characteristics;And in terms of public financial product production,over the past decade,the proportion of fiscal credit relative to commercial credit has been on the rise,with 11.04%to 31.29%of loans from financial institutions in 2022 categorized as fiscal credit.Third,relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures,have utilized structural monetary policy tools in conjunction with fiscal production of public financial products,expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor,and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.
基金the National Natural Science Foundation of China(No.72002213)Rui Ruan's research was supported by the National Natural Science Foundation of China(No.72303266)+1 种基金the Program for Innovation Research at Central University of Finance and Economics(CUFE)the Program for Innovation Research at Center for China Fiscal Development at CUFE.
文摘China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.
基金This paper is supported by the National Major Project Social Science Fund of China“Quality Governance System and Policy Research to Promote High-quality Development”(No.18ZDA079)Chinese Academy of Social Sciences’Innovation Engineering Project“Mechanism and Effect Evaluation of New-Era Growth Drive Transformation”(No.IQTE2020-01)China Academy of Social Sciences Youth Research Project“Research of Multi-level Capital Market Supporting Corporate innovation for High-Quality Development”(No.IQTE2019QNXM).This paper wins the third prize of Excellent Youth Economics Paper of Chinese Academy of Social Sciences(2022).
文摘Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.
