Since the beginning of this year, a number of high-level academic papers of EMS have been published in the authoritative Chinese journal "Economic Research" in the subject field.

Professor Li Qingyuan of the Department of Accounting published the Real Economy Effect of Strong Financial Regulation -- Empirical Evidence from the New Regulations on Capital Management in January. This paper selects the natural experiment of new capital management regulations implemented with the goal of preventing and mitigating financial risks and promoting the high-quality development of the real economy, and takes the semi-annual data of China's A-share non-financial non-real estate listed enterprises from 2016 to 2019 as samples to test the real economy effect of strong financial regulation. This paper provides preliminary micro evidence from China on the real economy effect of strong financial regulation, and provides important policy enlightenment for further releasing the dividends of institutional reform of financial regulation and promoting the high-quality development of real economy.

Associate Professor Lin Wanfa from the Department of Accounting and teachers Liu Yan and Zhao Zhongkuang from the Department of Finance jointly published a paper titled "Bond Rating Packaging and the Mystery of" Guarantee Contango "in February. In view of the phenomenon of "guarantee contango" in China's corporate credit bond market, this paper puts forward a new theoretical hypothesis of "rating packaging", that is, in order to successfully issue bonds with poor qualifications, they will create conditions for obtaining high ratings by providing more guarantees and other credit enhancement terms. And investors realize that guarantees and other provisions are actually a signal of a company's poor prior qualifications, so under certain conditions will require higher issuance credit spreads. At the same time, this paper evaluates the economic consequences of rating packaging and a series of regulatory policies based on ratings. This month, Professor Yu Minggui from the Department of Accounting also published an article on "Local government Debt Financing, crowding out Effect and Corporate Employment" in Economic Research.

Professor Luo Zhi from the Department of Economics co-authored a paper on the Relationship between Income inequality and Consumption in China from the Perspective of Urban-Rural Division, which was published in May. This paper aims to analyze the impact of rural-urban segmentation on the relationship between income inequality and consumption. Its innovations include: without distinguishing between urban and rural areas, we find that income inequality is positively correlated with consumption at provincial level in China, and the relationship is quite robust; A theoretical model is built to reveal how urban-rural segmentation affects the relationship between income inequality and consumption. Through a series of empirical analyses, it is proved from different perspectives that the urban-rural division leads to the positive correlation between income inequality and per capita consumption. The policy implications of this paper are as follows: China needs to accelerate the process of urbanization and citizenization, and narrow the gap between the rich and the poor under the premise of full integration of urban and rural areas, so as to boost domestic demand, hedge against the adverse effects of globalization and the once-in-a-century international turbulence, thus unblocking the double cycle and promoting the sustainable development of China's economy.

Xiong Chen, professor of the Department of Finance, published his paper "The Interregional Effect of Hidden Local Government Debt: The Perspective of Bank Network Correlation" in July. This paper aims to clarify the cross-regional transmission channels of hidden debt risks and quantify the degree of risk spillover, which is of great significance for preventing and resolving systemic risks. This paper analyzes the spillover channels and macro effects of local government implicit debt risks from both empirical and theoretical aspects, and constructs a two-region dynamic stochastic general equilibrium model including central and local governments, local government financing platforms and interbank market. This paper emphasizes the systemic risk of the implicit debt of regional local governments and provides a research perspective of bank network correlation.

Professor Jian Xinhua and Associate Professor Yu Jiang of the Institute of Economic Research co-authored the paper "Capital Theory of Socialist Market Economy" published in September. Starting from the objective necessity of capital existence in the socialist market economy, this paper discusses the universal and special laws that the characteristics of capital, the background of production and management of market economy and the social form determine the existence of capital behavior in the socialist market economy, and points out that the socialist capital theory inherits and develops Marx's classic capital theory. In the new development stage, we should give full play to the positive role of capital and effectively control its negative role. We should not only protect, support and encourage capital, but also supervise and moderate the policy suggestions of guiding capital.

Since the beginning of this year, EMS has closely focused on the construction goal of "double first-class", based on the discipline characteristics and advantages, and carried out academic research for the world frontier and Chinese practice, and made beneficial exploration for creating a good research environment, an open research platform and more effective services: First, a series of special conferences on scientific research, such as "Serving Young teachers to Improve their Research Ability", were held to take teachers as the base, grasp the scientific research needs of all kinds of teachers, and identify the strength points for scientific research management and service; Second, promote the "first-level discipline construction plan" and focus on the "Major project rolling cultivation plan", give full play to the academic leading role of senior professors and resident researchers, tap the core research potential of backbone faculty, integrate resources and organize research forces in a targeted way; The third is to innovate research incentive methods, fully mobilize the enthusiasm of teachers of all ages in scientific research work, tap the academic potential of different fields; The fourth is to build an all-round and multi-level academic exchange platform, and hold a series of university-level lectures, Luojia Economic management high-end Forum, elite forum and academic salons of small peers in various majors, so as to promote the prosperity and development of academic exchanges.