Focusing on Universality and Law: Unremitting Exploration on the Construction of Chinese Public Finance
—In Memory of the 100th Birthday of Professor Wang Chuanlun
Gao Peiyong（ 3 ）
Analysis of the Cost Characteristics of Enterprises in the New Development Stage from
the Perspective of Risk and Our Suggestions
— General Report of Enterprise Cost Research in 2021
“Corporate Cost” Comprehensive Investigation Team of CAFS（ 8 ）
Sound Logic, Improving Potential and Balancing Path of Fiscal Governance from the Perspective of
High-Quality Development in China Li Hua, Dong Yanling, Cai Qian（29）
The Measurement and Structure Analysis of the Basic Public Service Equalization among County
Lv Guangming, Chen Xinyue（52）
On the Strategic Adjustment of Local Government’s Economic Goals under the Pressure of Environmental Goals
—Natural Experiment Based on the System of Responsibility for Environmental Targets
Xie Zhenfa, Wang Xuan（69）
The Impact of Local Government Debt on Total Factor Productivity
Ji Yunyang, Zhong Shihu（87）
Tax Incentives and Corporate Green Transformation
—Empirical Evidence Based on Text Recognition of Listed Companies’ Annual Reports
Wu Fei, Li Wei（100）
Research on Digital Transformation Path of Tax Administration Based on Data Value-Added
Liu Tongzhou, Li Wanfu（119）
Analysis of the Cost Characteristics of Enterprises
in the New Development Stage from the Perspective of Risk and Our Suggestions
— General Report of Enterprise Cost Research in 2021
“Corporate Cost” Comprehensive Investigation Team of CAFS
Abstract: Enterprise cost is an important window to observe the operation of macro-economic. From September to December 2021, the research team of the Chinese Academy of Fiscal Sciences went to 13 provinces including the northeast, eastern, central and western regions for field research, and conducted a nationwide online questionnaire survey. The survey found that due to the existence of various risk factors in the new development stage, enterprises still feel great cost pressure under the favorable policy of continuous cost reduction for recent years. High risk means high costs. The risk is ultimately internalized into the cost of enterprises. The article introduces the risk-cost analysis framework, believing that enterprise cost is a function of risk, and has universality and sustainability. The key to cost reduction in the future is to prevent risks, and it needs to shift from focus on cost factors to focus on risk factors. On the basis of analyzing the cost characteristics of enterprises in the new development stage, we propose relevant suggestions to improve governance efficiency and reduce enterprise risk cost.
Keywords: Risk-Cost; Enterprise Cost; Public Risk; Governance Efficiency
Sound Logic, Improving Potential and Balancing Path
of Fiscal Governance from the Perspective of High-Quality Development in China
Li Hua Dong Yanling Cai Qian
Abstract: It has an important impact on the modernization of national governance to improve the fiscal and taxation system that meets the requirements of high-quality development, strengthen the operational efficiency of fiscal governance and explore the balancing path. This article designs an index evaluation system for fiscal governance efficiency from the perspective of high-quality development, and uses the range standard method to measure fiscal governance efficiency based on the data of 30 provinces and cities from 2009 to 2018, and applies the Dagum Gini coefficient and variance decomposition to reveal the difference and the balancing path from the dual perspective of region and structure. The main conclusions are as follows. China’s fiscal governance efficiency is rising, yet there is great improving potential. Expenditure governance efficiency is high, and revenue governance efficiency is currently the main shortcoming. From the perspective of high-quality development, China’s fiscal governance efficiency is unbalanced. The feature of high efficiency in the east region and low efficiency in the west region is notable, and the regional difference contributes the most. Alleviating the regional difference in revenue governance efficiency is a powerful tool for the coordinated improvement of fiscal governance efficiency. It is helpful to grasp the current status of China’s fiscal governance, and offers a basis for policy optimization to increase fiscal governance efficiency and promote regional coordinated governance.
Keywords: High-Quality Development; Fiscal Governance; Improving Potential; Balancing Path
The Measurement and Structure Analysis of the Basic Public Service Equalization among County
Lv Guangming Chen Xinyue
Abstract: In this paper, the county evaluation index system is firstly constructed, and the data of 1466 counties from 2015 to 2020 are collected to form the county panel data set. Then, four types of county classification methods including specific attributes, urban agglomeration, historical poverty and agricultural and animal husbandry industrial area are analyzed. The GGini coefficient with weighted-α-mean and its decomposition method were used to measure the equalization degree of basic public services among different county types. The measurement results show that: 1) When parameter α is -1, the GGini coefficient meets the need of equalization measure because it fits the actual deficiency of basic public services in China. The degree of equality of basic public services among counties of specific attribute types is the highest, followed by the degree of equality among counties of urban agglomeration type and historical poverty type, and the degree of equality among counties of agricultural and animal husbandry industrial area is generally low. 2) The weak indicators among counties of agricultural and pastoral industrial areas are mainly primary education input, social welfare security, ecological greening, etc. The corresponding weak areas are pastoral and semi-pastoral areas and the Qinghai-Tibet Plateau agricultural counties. The main driving factor of historical rapid growth is social welfare security and the main driving region is the Loess Plateau agricultural counties. 3) The inter-county weakness index of urban agglomeration type is mainly reflected in social welfare security, while the inter-county weakness index of historical poverty type is mainly reflected in ecological greening and infrastructure of county seat. The above conclusions have important policy implications for promoting the equalization of basic public services and promoting common prosperity from the county areas’ shortcomings in the future.
Keywords: Basic Public Service Equalization; County-Level Type; GGini Coefficient; Common Prosperity
On the Strategic Adjustment of Local Government’s Economic Goals
under the Pressure of Environmental Goals
—Natural Experiment Based
on the System of Responsibility for Environmental Targets
Xie Zhenfa Wang Xuan
Abstract: The proposal of carbon peak and carbon neutral targets highlights the trade-off between environmental targets and economic targets. This paper uses the system of responsibitity for environmental targets implemented during the Eleventh Five-Year Plan period to examine the impact of the increase in the importance of environmental goals on the setting of other economic goals. The results show that due to the short-term contradiction between economic growth and environmental governance, the implementation of the system of resonsibility for environmental targets has lowered the local economic growth target and fiscal revenue growth target in high environmental target areas to ensure that economic and environmental targets can be completed smoothly. Regarding the growth target of fixed asset investment, since fixed asset investment could promote local economic and fiscal revenue growth, high environmental target areas would not lower their local fixed asset investment growth target. These results provide a certain policy reference for perfecting the Chinese government goal responsibility system in the new era.
Keywords: System of Responsibility for Environmental Targets; Economic Goal; Local Government Behavior
The Impact of Local Government Debt on Total Factor Productivity
Ji Yunyang Zhong Shihu
Abstract: Improving total factor productivity is the key way to achieve high quality economic development, and the research on its influencing factors has important practical significance. In this paper, we empirically examine the impact, transmission mechanism and heterogeneity of local government debt expansion on TFP using the new data of local government debt. Firstly, the expansion of local government debt is not conducive to the improvement of total factor productivity. Second, the decrease in capital allocation efficiency caused by the expansion of local government debt is an important mechanism that causes the above negative effects. Third, the above effects are more prominent in cities with less dependence on land financing and less marketization. Fourth, further decomposition analysis finds that the expansion of local government debt mainly reduces scale efficiency. The conclusion of this paper provides policy reference for the reform of local government investment and financing system and promotion of high-quality development in China.
Keywords: Local Government Debt; Efficiency of Capital Allocation; Total Factor Productivity; High-Quality Development
Tax Incentives and Corporate Green Transformation
—Empirical Evidence Based on Text Recognition of
Listed Companies’ Annual Reports
Wu Fei Li Wei
Abstract: Effective tax incentive policy is an important means to drive enterprise development and transformation. This paper uses the text information of listed companies’ annual reports (2007-2019) to describe the intensity of green transformation of enterprises, and based on the quasi-natural experiment of the accelerated depreciation policy of fixed assets, empirically examines the relationship and mechanism between tax incentives and green transformation of listed companies. The study found that the accelerated depreciation policy of fixed assets significantly drove the green transformation of enterprises, and realized the dual fitting of pollution reduction and performance improvement. In particular, the policy’s transformational driving force for low-carbon pilot cities and state-owned enterprises is more pronounced during periods of low economic policy uncertainty. The mechanism test shows that the accelerated depreciation policy of fixed assets can significantly improve the financial situation and financial behavior, enhance R&D and green innovation dynamics, and improve the internal and external expectations of enterprises, all of which contribute to the green transformation of enterprises. The expansion test shows that the accelerated depreciation policy of fixed assets has brought a greater driving force to the green transformation of target enterprises under the superposition of the peer effect of green transformation of peer enterprises, thus showing a significant positive spillover effect. This paper provides empirical evidence for understanding the effectiveness and mechanism of action of government tax instruments.
Keywords: Tax Incentive; Accelerated Depreciation Policy of Fixed Assets; Green Transformation of Enterprises; Text Recognition; Spillover Effect
Research on Digital Transformation Path of
Tax Administration Based on Data Value-Added
Liu Tongzhou Li Wanfu
Abstract: The underlying logic of the digital transformation of tax administration lies in the cross-system information transfer through the utilization of data to release data value. This paper deals with data value-added and digital transformation of tax administration from the perspective of systematology, which is regarded as interrelated systems, and studies system structure and correlation. It defines the connotation, function and characteristics of the times of data value in the data value-added system. It clarifies the content, the path and the goal of digital transformation of tax administration, which is integrated into the data generation capacity, innovation of tax administration mechanism and intelligent tax governance. In order to guarantee the stability and order of the digital transformation system of tax administration and match the requirements of intelligent governance, it puts forward the prospective thinking of digital transformation of administration from the perspective of strategic concept layout, institutional innovation, innovative technology empowerment, and legal guarantee.
Keywords: Systematology; Information Transfer; Data Value-Added; Digital Transformation of Tax Administration; Intelligent Governance