Journal of Finance and Economics is supervised by Ministry of Education of PRC, and sponsored by Shanghai University of Finance and Economics. It aims to include research results on the major theories and practical problems in China’s reform and opening up and modernization of economic construction. Its scope covers all the major fields of Economics, including Public Economy, Finance, Accounting, Economic history, Regional Economics, Industrial Economics, International Economics. The Journal is included in CSSCI.
In order to avoid double taxation, China has implemented the reform of replacing business tax to value-added tax (VAT). So, has companies’ performance been improved after the reform? Previous studies have shown that only companies with strong bargaining power and ability to transfer tax burden can have profits in the reform. However, this view is mainly based on the perspective of maximizing the interests of a single company. Simply using strong bargaining power to compress each other’s profit margin is not the only way to transfer tax burden, and it is contrary to the idea of modern supply chain management. Due to the increasingly fierce competition, many enterprises have strengthened cooperation with upstream and downstream ones, and promoted the coordinated development of supply chain. So, does supply chain coordination help to enhance the profit effect of the VAT reform? In fact, the VAT reform calls on enterprises to promote supply chain coordination. After the VAT reform, the VAT deduction chain was unblocked, which promoted the specialized division of labor, and put forward higher requirements for supply chain cooperation and efficiency. In addition, the turnover tax rate of enterprises generally rises, but the deductible input VAT is often insufficient, and the nominal tax burden of turnover tax rises. This also enhances the motivation of enterprises to promote supply chain coordination and accelerate the transfer of tax burden. When the supply chain is coordinated, the close upstream-downstream relationship can cultivate unique competitive advantages, bring excess returns to enterprises, optimize resource allocation and reduce transaction costs. Therefore, supply chain coordination should help to enhance the profit effect of the VAT reform. Based on the above theoretical analysis, this paper empirically tested whether and how supply chain coordination can improve the profitability of listed companies after the reform in China from 2012 to 2016. The findings of this paper are as follows. First, supply chain coordination enhances the profit effect of the VAT reform by promoting the growth of operating income and enhancing gross profit margin. Second, when the supply chain coordination motivation and ability are strong, the profit effect of the VAT reform becomes stronger. This paper enriches the relevant literature on the effect of VAT reform and the economic consequences of supply chain coordination, and helps government departments and company management to explore solutions to enhance the effect of VAT reform from the perspective of supply chain management. This article has the following implications. First, it is necessary to promote the coordinated development of supply chain from the macro level. Second, it is necessary to actively cultivate the concept of modern supply chain management. Third, it is necessary to encourage enterprises to pass on tax burden in a reasonable way, reduce costs and enhance the effect of VAT reform.
With the economic and social transformation, China’s family structure has gradually changed from men go out to work while women staying at home to double-paid family. How to achieve the balance between work and family through support programs has become an important goal pursued by individuals and organizations. Most of the previous Chinese studies focus on formal support resources such as enterprise system, ownership type and employee welfare, but the discussion on informal support resources is relatively insufficient. Moreover, the research content is limited to the pressure that causes the family-work conflict, and other factors and consequences are relatively less discussed. Compared with formal support resources, informal support resources from organizations are not only more effective in alleviating family-work conflicts, but also have the advantages of easy access and low cost. This paper discussed the influence of family-work conflict on individual job satisfaction and life satisfaction, and paid special attention to the moderating role of informal support resources. It is found that informal support resources, such as work pressure and management support, will significantly affect the family-work conflict faced by employees, and the family-work conflict will generally reduce their job satisfaction and life satisfaction. In addition to the government’s family-friendly workplace and family-friendly public policies, enterprises should create a culture that supports the balance between family and work, and encourage managers to support employees’ family life. Although the support from managers is an invisible and informal working resource, it is sometimes more effective than the formal welfare system.
The term demand dividend is commonly used in various news media reports, but there are few literatures that empirically analyze the demand dividend of China’s manufacturing development or discuss the demand dividend of China’s manufacturing export trade activities from the perspective of domestic market advantages. In the process of China’s manufacturing industry participating in international trade, with the decreasing relative role of traditional factors, it may be an important way for China to promote the export value of manufacturing industry to rise in the period of transformation, upgrading and high-quality development by releasing the demand dividend. In this paper, the market potential indicators at the city level were used to reflect the domestic market advantages of cities, and the domestic value-added rate of enterprises’ exports was calculated by using the data of Chinese industrial enterprises and customs trade data to reflect the value-added ability of manufacturing exports, and then the influence of domestic market advantages on the rising export value of manufacturing industries was discussed. The results are as follows. First, compared with the international market potential, the domestic market potential is more conducive to improving the domestic value-added rate of manufacturing exports, so China’s manufacturing industry has obvious domestic market advantages in promoting the export value increase. Second, in the process of increasing the domestic value-added rate of export by the advantage of domestic big market, varieties of domestic intermediate products, efficiency of intermediate products and marginal cost of enterprises play an intermediary role. Third, the domestic market potential and the international market potential have obvious synergistic effect, but the excessive intervention of local governments will weaken the role of the domestic market advantage. The marginal contribution of this article may be reflected in the following aspects. Firstly, this article provides a new theoretical support for cultivating and exploring market potential advantages and promoting the export value of the manufacturing industry. Secondly, it uses a reasonable accounting method to fill in the key indicators of the missing database of Chinese industrial enterprises during the sample period. Thirdly, it examines the intermediary role played by varieties of domestic intermediate products and efficiency indicators. Fourthly, it further explores the mechanism and effect of the potential of domestic and international markets on the domestic value-added rate of enterprises’ exports under government intervention.
Since the reform of tax-sharing system in 1994, the central government began to transfer large-scale financial payments to the poverty-stricken areas in the central and western regions, but there was no consistent conclusion on the poverty reduction effect of financial transfer payments. In previous studies, public transfer payments include urban public assistance system, agricultural subsidies, rural old-age security, and urban and rural subsistence allowances, excluding other types of intergovernmental financial transfer payments. The data used are mainly from micro-surveys, and mainly focus on the income level of poor people, family income, and labor supply, without involving macroeconomic indicators in poverty-stricken areas; and there is a lack of investigation on the assisting and growing capabilities of financial transfer payments. This paper selected the intergovernmental financial transfer payment as the core index, constructed a multi-dimensional index system reflecting the poverty reduction effect in poverty-stricken areas, and analyzed the poverty reduction effect of financial transfer payment in poverty-stricken areas from a macro perspective. The findings are as follows. First, the financial transfer payment has a significant impact on the number of rural poor people and the incidence of poverty, as well as absolute indicators such as per capita GDP, per capita fiscal revenue and per capita electricity consumption. However, in some areas, GDP is growing rapidly, and per capita fiscal revenue is falling instead of rising. Second, the poverty reduction effect of fiscal transfer payment on relative indicators such as per capita GDP, per capita fiscal revenue and per capita electricity consumption is not ideal. The above results show that the financial transfer payment has improved the production and living standards in poverty-stricken areas, but compared with the national average, it has not been greatly improved, but has declined. Solving the problem of relative poverty is still the focus of future work. Third, tax refund, general transfer payment and special transfer payment have obvious poverty reduction effects, but the poverty reduction effect of the special transfer payment is better than that of general transfer payment in general. The research in this paper is conducive to perfecting the current financial transfer payment system and improving the use efficiency of financial transfer payment. At the same time, by constructing a multi-dimensional index system, this paper objectively reflects the economic development situation of poverty-stricken areas and the gap with other areas, which provides a certain reference for constructing a long-term mechanism to solve relative poverty.
Reducing the contribution rate of endowment insurance is a long-term institutional arrangement to adapt to the new situation of economic development, and its policy intention is to reduce the burden on enterprises and promote economic growth. However, in the absence of effective financing channels in the pension system, in order to maintain the existing pension replacement rate, reducing the contribution rate will inevitably aggravate the risk of imbalance of fund income and expenditure. In order to maintain the financial balance of the fund, reducing the contribution rate will inevitably lead to a decline in the pension replacement rate. This means that it is difficult to achieve the three goals of constant pension replacement rate, fund financial balance and economic growth by reducing the contribution rate of pension. At the same time, the life expectancy of the population is prolonged. In order to alleviate the shortage of labor supply and curb the rapid increase of population dependency ratio, China plans to implement the policy of delaying retirement. Delaying retirement helps to improve the financial situation of pension funds, and affects economic growth by influencing capital accumulation and labor supply. So, can delaying retirement break the impossible trinity of reducing the reduction rate of pension payment? Based on the neoclassical growth framework and endogenous growth framework, and under the constraint of fund financial balance, this paper investigated the influence of reducing pension contribution rate and delaying retirement on total output growth rate and pension replacement rate, and discussed whether delaying retirement can break the impossible trinity. The findings are as follows. First, reducing the contribution rate of pension increases the growth rate of total output and decreases the replacement rate of pension. This confirms that there is an impossible trinity in the policy objective of reduction rate of pension payment. Second, delaying retirement will increase the replacement rate of pension, which will increase the growth rate of total output under the neoclassical growth framework, but decrease the growth rate of total output under the endogenous growth framework. Third, whether delaying retirement can crack the impossible trinity of reduction rate of pension payment depends on the economic growth model, which can be effectively cracked under the neoclassical economic growth model, but cannot be cracked under the endogenous economic growth model. This article makes contribution in the following two aspects. Firstly, from the perspective of the coordination between economic growth and people’s livelihood security, this paper investigates the influence of reducing the rate of pension payment and delaying retirement on the growth rate of total output and the replacement rate of pension, which broadens the theoretical research horizon in the field of public economy. Secondly, the article confirms that there is an impossible trinity in the policy goal of the reduction rate of pension payment, and finds that whether delaying retirement can break the impossible trinity of reducing the rate depends on the economic growth model, which provides a basis for dialectically consider the economic effect of delaying retirement and making a reasonable policy of delaying retirement.
