The reform of the fiscal and taxation system is important for building a sound livelihood protection system as well as resisting the impact of uncertain events and thus promoting the quality of regional development. We explore the strengths and limitations of China’s fiscal decentralization system from the perspective of peoples’ livelihood expenditures, and provide an empirical basis for institution building for countries to withstand the shocks of uncertain events and promote high-quality regional development, using each provincial-level region in China as the research object. We find that fiscal decentralization has an inverted U-shaped relationship with regional high-quality development, and the inverted U-shaped relationship of fiscal decentralization with regional quality development is significant in the innovation, greenness, and openness dimensions. It is further found that in the process of constructing regional high-quality development, fiscal decentralization will raise the preference for healthcare expenditures, improve the modern public health system, and indirectly promote regional high-quality development, while it will lower the preference for social security employment expenditure, neglect the basic resident social security employment problem, and slow down the process of high-quality development. This paper expands the research on the correlation between fiscal decentralization, livelihood expenditure preferences, and regional development quality, and provides an important theoretical and practical basis for the improvement of the fiscal system and the improvement of social welfare levels in the post-COVID-19 era.
In the post-COVID era, how to improve the level of regional sustainable development has attracted much attention. And the vigorous development of the sports economy may be closely related to the regional sustainable development. This paper explores the impact and mechanism analysis of government sports public expenditure on regional sustainable development from the perspective of sports economic development. The study found that China's sustainable development presents obvious ladder-like characteristics and highlights the regional imbalance and inadequacy of regional green and coordinated development. And the government's increase in public expenditure on sports can significantly promote regional sustainable development and improve the level of regional green and coordinated development. With the continuous improvement of the regional economic development, the effect of sports public expenditure continues to increase. It can be seen from this that implementing the strategy of strengthening the country through sports under the government's guidance is an essential guarantee for the public health and quality of life and the sustainable development of the economy and society. Additionally, the development level of market finance is also an important driving factor for the government's public expenditure on sports to improve the level of sustainable development in the region. From the mechanism analysis, the government activates the local residents' consumption level by increasing the public expenditure on sports, thus promoting regional sustainable development.
Green innovation is an important strategy for companies to achieve sustainable development goals. In addition to helping companies create a green image and improve their competitive advantage, green innovation can reduce pollution and improve the ecological and social environment, with positive external effects. The green credit policy (GCP) is an addition to traditional environmental regulations. Taking the 2012 Green Credit Guidelines as a quasi-natural experiment, this study finds that GCP significantly reduces the quantity and quality of green innovation in green credit-restricted firms by discouraging enterprises' debt financing. Heterogeneity analysis showed that the negative impact was concentrated mainly on non-state-owned enterprises (non-SOEs). This study recommends diversifying financing channels to ease corporate debt financing constraints. The conclusions could enrich existing research on the economic consequences of environmental regulatory policies and provide a reference for the strategic planning of green innovation development in enterprises.
How to improve the development quality of state-owned enterprises is of great significance to the economic and social development in the transition period. And promoting the reform of mixed ownership is an important path for state-owned enterprises to achieve high-quality development. Based on the micro-data of China’s A-share listed state-owned companies, the paper explores the impact of mixed ownership reform on the high-quality development of state-owned enterprises. It clarifies the importance and moderation of equity reform and the heterogeneity of impact effects from the theoretical mechanism analysis and empirical test. It also analyzes the reasons of inverted U-shape from the perspective of the transmission mechanism of the internal competition atmosphere and non-state-owned capital speculation motivation. It is found that the relationship between equity reform and state-owned enterprises’ high-quality development is inverted U-shaped with multi-dimensional heterogeneity. From the analysis of conduction mechanism, on the one hand, the equity reform can enhance the internal competitive atmosphere, stimulate the vitality of enterprises and improve the development quality for state-owned enterprises. On the other hand, it enhances the speculation motivation of enterprises and slows down the high-quality development process.
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