The employment and wage effects of export VAT rebates: evidence from China

Review of World Economics - This paper studies the employment and wage effects of VAT rebates to exporters with comprehensive firm-product-level data of China. It is found that the adjustments in...     

The role of coalitions at international tariff negotiations: a CGE perspective

Review of World Economics - Developing countries coalitions form an integral part of tariff negotiations that take place under the aegis of the World Trade Organization. While there was only a...     

理性人的人情味：快手“老铁经济”的内在机制和逻辑

以中国用户规模最大短视频平台之一快手头部主播直播带货推广项目的案例和数据分析为基础,构建解释快手直播电商经济底层逻辑的社会学机制模型.提出快手直播电商经济背后的3种社会学机制:关键影响者逻辑、身份认同逻辑和社会网络逻辑.通过LDA文档主题生成模型将快手主播的直播语义字段进行文档主题生成归类,发现情感因素和理性因素词交互影响受众的购买决策,它背后的社会学作用机制是关键影响者逻辑和身份认同逻辑.2020年快手直播电商半年交易额已达1044亿元,理解快手直播背后的影响机制,能够持续优化推广模型,在互联网流量广告领域具有重要的应用价值.     

Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

The social process of internet appropriation: Living in a digitally advanced country benefits less well-educated Europeans

We generalize and extend the sequential model proposed by the resources and appropriation theory to explain the digital divide in the European Union plus the United Kingdom (EU27+UK). We measure the theoretical constructs of the model with data provided by the EU and test the theoretical predictions using a partial least squares structural equation model. We find support for the hypothesized relationships but find that the effects vary depending on the digital development level of countries. While education overall is the primary determinant of the social production of digital inequalities, a country's digital development level is crucial for less well-educated Europeans. These findings have theoretical and practical implications: (1) they call into question the homogeneity of the effect of causal relationships and the assumption that individuals differ only in terms of motivation, access, and digital skills, and (2) they indicate that socially disadvantaged Europeans benefit from living in more digitally developed countries.     

Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

环境规制、融资约束与企业污染减排——来自排污费标准调整的证据

“十四五”规划提出建设人与自然和谐共生的现代化,这要求持续推进污染减排促进经济绿色低碳转型,实现环境与经济协同发展。基于2007年起排污费提高的政策冲击和2004-2013年工业企业污染数据,本文使用倍差法考察排污费提高的污染减排效果以及融资约束对政策效应的影响。研究发现排污费提高后,污染排放水平显著下降,但产出也受到较大冲击;企业减排方式存在明显差异,大型企业主要通过降低污染强度的方式来降低污染排放,而中小型企业则主要采取降低生产规模的方式来降低污染排放;进一步基于环境投融资角度对企业减排行为的分析揭示,融资约束影响中小企业污染减排,加剧排污费提高对产出的影响。因此,提高绿色金融的环境投融资供给能力是促进经济绿色转型的重要途径。     

体验经济视角下夜间旅游场景营造思路研究

在体验经济时代，旅游地体验场景被赋予了更高和更深层次的期待。夜间场景营造能有效提升和丰富夜间旅游的体验性。在文献分析和实地调查基础上，对夜间旅游场景进行解读并发现:夜间旅游场景具有时空性、交互性、整合性和情感化等特征；叙事主题、支撑素材、科学技术、特定人群和时空氛围等是夜间旅游场景的构成要素。最后提出体验经济下夜间旅游场景的营造目标、路径和五种营造策略，并以昆明南强街夜间旅游场景营造为例展开详细阐述。     

薪酬福利对中小企业人力资源的影响研究

为响应大众创业的号召,我国中小企业不断发展,为社会提供就业岗位也为经济发展添砖加瓦。然而,在市场竞争压力不断增强的当下,中小企业要重视推进人力资源管理质量提升。通过薪酬福利的有效应用来激发工作人员的工作积极性和创造力,以此为中小企业的发展贡献出更高水平的价值。本文在分析中小企业薪酬福利现状的同时,提出相关对策思考。     

创业生态系统视角下的"三农"科技孵化育成体系特征与准则研究——以广清农业众创空间为例

本文基于创业生态系统的视角,分析了三农领域科技孵化育成体系的定义、特征与准则,以广清农业众创空间为例说明了"三农"科技孵化育成体系的功能实现机制,总结了其发展经验和存在不足,不仅是对现有创新创业理论的有机补充,也为乡村振兴战略下培育农村新动能提供了具有一定参考价值的实例论证.