The quantitative effect of Ni content on continuous cooling transformation （CCT） diagrams of novel air-cooled bainite steels was analyzed using artificial neural network models. The results showed that Ni may retard...The quantitative effect of Ni content on continuous cooling transformation （CCT） diagrams of novel air-cooled bainite steels was analyzed using artificial neural network models. The results showed that Ni may retard the high- and medium-temperature transformation and martensite transformation. The results conform to the materials science theories.展开更多
This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corpora...This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.展开更多
To stimulate economic growth,the Chinese government implemented three consecutive policies between 2016 and 2019 to reduce the corporate endowment insurance contribution ratio(CEICR),the highest payment item for Chine...To stimulate economic growth,the Chinese government implemented three consecutive policies between 2016 and 2019 to reduce the corporate endowment insurance contribution ratio(CEICR),the highest payment item for Chinese companies.Using China's CEICR reduction policies as a quasi-natural experiment,this paper evaluates the impact of corporate payment burden reduction on employee wages.Generally,reducing CEICR appears to prompt companies to increase employee wages.Corporate cash flow is a possible channel of influence.Moreover,the positive effect is found to be more pronounced in companies that are more labor intensive,performing better in labor payment compliance,and located in regions with higher pressure for elderly care.This paper offers evidence in favor of implementing CEICR reduction policies from the perspective of improving the well-being of employees.展开更多
文摘The quantitative effect of Ni content on continuous cooling transformation （CCT） diagrams of novel air-cooled bainite steels was analyzed using artificial neural network models. The results showed that Ni may retard the high- and medium-temperature transformation and martensite transformation. The results conform to the materials science theories.
基金All authors contributed equally.The authors thank the reviewers for their valuable comments and acknowledge the generous support from the Fundamental Research Funds for the Central Universities of China.
文摘This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.
基金grateful to anonymous referees for their very helpful comments and suggestions,which significantly improved the paper.
文摘To stimulate economic growth,the Chinese government implemented three consecutive policies between 2016 and 2019 to reduce the corporate endowment insurance contribution ratio(CEICR),the highest payment item for Chinese companies.Using China's CEICR reduction policies as a quasi-natural experiment,this paper evaluates the impact of corporate payment burden reduction on employee wages.Generally,reducing CEICR appears to prompt companies to increase employee wages.Corporate cash flow is a possible channel of influence.Moreover,the positive effect is found to be more pronounced in companies that are more labor intensive,performing better in labor payment compliance,and located in regions with higher pressure for elderly care.This paper offers evidence in favor of implementing CEICR reduction policies from the perspective of improving the well-being of employees.
