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15 January 2020, Volume 0 Issue 1 Previous Issue    Next Issue

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70 Years of Industrialization in New China: From Takeoff to Maturity LU Fucai, MA Shaoxiong, XU Bin 2020, 0(1): 3-18.  Abstract ( )   PDF (382KB) ( )   As an industrial power, China's industrial sector plays a significant role in its economic development, whose development process roughly reflects the economic growth since the founding of New China 70 years ago. According to China's actual conditions and the background of times, this paper applies and extends Rostow's economic growth theory to explore the stage characteristics of China's industrialization and sum up the experience via horizontal-and-vertical comparison. The findings show that China's industrialization is very“tortured”before the completion of the economic“take-off”, and the system has played an important role in the process of completing the economic“take-off”. Moreover, China's economy is still in the stage of“going to be mature”. Finally, combining the problems of China's industrialization in the process of“going to be mature”, it further proposes such suggestions as industrial intelligence, industrial greenization and industrial services, so as to solve the current industrialization dilemma and help China's industry to have high-quality development. References | Related Articles | Metrics

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Paid Maternity Leave and Female Wage Rate: An Empirical Study Based on the Provincial Late-Birth Maternity Leave Awarding Policies JIA Nan, YANG Tianchi 2020, 0(1): 19-34.  Abstract ( )   PDF (288KB) ( )   By making use of the provincial late-birth maternity leave awarding policies after 1988 to construct instrumental variables, this paper empirically examines the causal relationship between paid maternity leave duration and female wage rate. The findings show that the paid maternity leave in China has significant differences before and after 1997, both the coverage rate and the average leave duration decreased dramatically after 1997. The intensifying competition in the labor market and the increasing non-public economic sectors brought about by marketization reform and economic transition have weakened the protection of paid maternity leave to female labors. The coverage rate and duration of paid maternity leave of female labors that have not received higher education or are not working in the governmental or public institutions but working in private sectors are much lower than those who have received higher education and are working in governmental or public institutions or state-owned enterprises. This phenomenon became much more significant after 1997. The paid maternity leave has significantly negative effects on the wage rate of female labors, and this effect still exists even the endogeneity and the sample selection bias are under control. An increase of one day of the paid maternity leave would reduce female wage rate by 2%, this effect is more significant since 1997. Such negative impact is especially obvious on the less educated females. References | Related Articles | Metrics

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A Study of the Fiscal and Taxation Policies Supporting the Commercialization of Research Findings WANG Qiao, HUANG Yaoni, ZHANG Dongsheng 2020, 0(1): 35-46.  Abstract ( )   PDF (231KB) ( )   The commercialization of research findings has obvious technology spillover effects; during the process of commercialization of research findings, there exist positive externalities of varying degrees, so relying solely on the market mechanism will lead to production distortion and lower efficiency of market resources allocation to a certain extent. Therefore, it is essential for the government to play a role of guiding and supporting through the corresponding capital investment and preferential policies. After four decades of reform and opening up, the commercialization of scientific and technological achievements is playing an increasingly prominent role in promoting innovation-driven development and economic development. However, from the perspective of the actual situation, there are still some problems in the commercialization of scientific and technological achievements in China, the root cause of which is not only the problems in the policies of scientific and technological development and the management mode itself, but also the inadaptability and mismatch of fiscal and taxation policies. At this stage, the government should promote the commercialization of research findings from the macroscopic angle, not only giving direct fund support through fiscal policies, but also further implementing the preferential tax policies for scientific research entities, in particular, it should further implement the various measures for the small, medium and micro technology-based enterprises in the new round of tax cuts and fee reductions policies, and reduce the comprehensive costs of the commercialization of scientific and technological achievements through the financial and other supporting measures, so as to strengthen the realistic impetus for the commercialization of scientific and technological achievements. References | Related Articles | Metrics

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70 Years of China's Finance: Historical Context, Contribution of Times and Prospect Forecast LIU Zhenzhong, LIU Jin 2020, 0(1): 47-61.  Abstract ( )   PDF (293KB) ( )   Looking back on the development process of the founding of the People's Republic of China in the past seventy years, China's finance has undergone tremendous changes in terms of its nature, function, total quantity, structure, etc., and has experienced six stages: initiation and consolidation, tortuous development, exploration and reconstruction, fission and subdivision, breaking away from the real to the virtual, and promoting the real economy and preventing financial crisis. From them, great achievements have been made and helpful experiences have been explored, which have played a major supporting role in the prosperity and stability of China's economy and the improvement of people's living standards, and have had an important impact on China's economy and society. Following the historical evolution path, the degree of opening to the world in the financial industry will continue to expand in the future, the economic power of the financial service entities will be greatly enhanced, new financial modes and patterns will be developed rapidly, while the financial risk preven- tion should be further strengthened. Focusing on the direction of financial development in the new era, we should also actively respond to the trend and ensure the stable and healthy development of the financial industry. References | Related Articles | Metrics

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Self-Generated Anchor, External-Provided Anchor and Chinese Firms'Overseas M&A Equity Decisions XIAO Huimin 2020, 0(1): 62-77.  Abstract ( )   PDF (275KB) ( )   There are insufficient information and higher uncertainty in the overseas mergers and acquisitions (M&A). Under these circumstances, senior managers may be inadvertently affected by the anchor information excessively, so as to make sticky decisions. Based on Chinese overseas M&A samples from 2007 to 2018, this paper adopts a two-stage Hedonic method and Tobit model to empirically test the anchoring effects in Chinese enterprises overseas M&A equity decisions. The results show that when there is only the self-generated anchor in the decision making situation, the equity decision shows the self-generated anchor effect. When there is only the external-provided anchor, the equity decision shows the external-provided anchor effect. And when there exist both the self-generated anchor and the external-provided anchor, the self-generated anchor effect is stronger. The overseas M&A experience has significantly weakened anchor effects. The higher the uncertainty of the decision making environment is, the stronger the external-provided anchor effect will be. References | Related Articles | Metrics

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Genetic Distance and China's OFDI: the Importance of Friendly Communication SU Li, HUANG Xinfei 2020, 0(1): 78-89.  Abstract ( )   PDF (221KB) ( )   Genetic distance refers to the time when people of two nationalities traced back to their nearest common ancestors. The longer the genetic distance is, the greater the contractual cost of investment increases, thus affecting the smooth development of outward foreign direct investment. Based on the panel data of China's 104 economic entities from 2003 to 2016, this paper employs the instrumental variable method to analyze the impact of genetic distance on the scale and location of China's OFDI and its mechanism. The empirical results show that, generally speaking, genetic distance has a significant inhibitory effect on the scale of China's OFDI. In the lower genetic distance group, the genetic distance can significantly inhibit the scale of investment, while in the higher genetic distance group, the genetic distance turns to a positive impact on China's OFDI. China's investment in the“Belt and Road”economic entities is negatively affected by the genetic distance, while the investment in the none“Belt and Road”economic entities is positively affected. The friendly city communication can change the inhibitory effect of genetic distance on investment. References | Related Articles | Metrics

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Is Information Sharing Conducive to Collaborative Innovation in Manufacturing Companies? An Empirical Analysis Based on the Survey Data of Business Environment of Chinese Enterprises WANG Zhanxiang, WEI Lin 2020, 0(1): 90-103.  Abstract ( )   PDF (261KB) ( )   The collaborative innovation in manufacturing enterprises is an important approach for Chinese economy to upgrade and transform from traditional low-end manufacturing to high-end manufacturing at the high-quality development phase. In the context of the big data era with increasingly uncertain factors, information sharing is particularly critical to the collaborative innovation of the manufacturing enterprises. By using the World Bank survey data of 2012, this paper discusses the impact of information sharing on the collaborative innovation of the manufacturing companies based on the vertical relationship between the enterprises and the suppliers and customers. The findings show that information sharing can not only increase the probability of investment in collaborative innovation of the manufacturing enterprises, but also help to increase the collaborative innovation investment scale of the manufacturing enterprises, and this effect does not change with the changes of information sharing subjects, information sharing contents, and collaborative innovation types. This conclusion reveals and emphasizes the important role of information sharing in the promotion of collaborative innovation in manufacturing enterprises. It also provides reference and enlightenment for the state in formulating collaborative innovation policies, better advancing the “Made in China 2025”Plan and supply-side structural reforms. References | Related Articles | Metrics

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The Degree of Participation in International Division of Labor of China's Service Industry and the Position Measurement: From the Perspective of Global Value Chain LUO Liangqing, WEN Ting 2020, 0(1): 104-118.  Abstract ( )   PDF (336KB) ( )   By selecting the value-added trade data of service industry in China, the United States, the United Kingdom, Japan and Germany from 2000 to 2011, this paper studies the degree of China's service industries participating in the global division of value chain and the positions in international division of labor, then it explores the comparative advantage of service industry between China and the four trading partners. The findings show that the degree of China's service industry participating in international division of labor is gradually deepening, but it is still at the downstream position of global value chain. On the whole, China's service industry has comparative advantages over Japan and Germany, while it has comparative disadvantages over Britain, as for United States, China's service industry has changed from slightly superior to slightly inferior. For different service industries, changes in the positions of international division of labor and the comparative advantages of bilateral trade are different. References | Related Articles | Metrics

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Does Auditor-Client Compatibility Affect Audit Fees and Audit Quality? JIANG Yaoming, ZHANG Leiyun 2020, 0(1): 119-130.  Abstract ( )   PDF (216KB) ( )   Based on the textual information of“management discussion and analysis”in the annual reports of 6909 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2017, this paper calculates the cosine similarity among the clients in the same industry at the same year in the same audit firm. Then it takes the cosine similarity as the proxy variable of auditor-client compatibility to analyze the impact of auditor-client compatibility on audit fees and audit quality. The findings show that auditor-client compatibility is positively correlated with audit fees and audit quality; and auditor-client compatibility of domestic 10 major firms is also positively correlated with audit fees and audit quality. The conclusion of the study provides a path for China's domestic accounting firms to become“stronger”by improving the auditor-client compatibility. References | Related Articles | Metrics

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The Peer Effects of the Accounting Information Quality of Listed Companies and the Economic Consequences: A Study Based on Social Network Interaction Model FENG Ling, CUI Jing 2020, 0(1): 131-143.  Abstract ( )   PDF (257KB) ( )   By making use of the data of China's A-share listed companies from 2010 to 2015 and constructing the social network interaction model, this paper brings the peer effect into the accounting information decisions of listed companies and conducts an empirical test on the peer effect of accounting information quality. The findings show that there exists peers effect in the accounting information quality of the listed companies. The peer effect will lead low-quality accounting information to spreading among the peer enterprises even within the whole capital market, producing a social multiplier effect. Further study finds out that with the gradual increase of the duration of peer relationship, the positive influence of peer companies' accounting information quality on the corporate accounting information quality will have an inverted U-shaped change that first increasing and then decreasing. The peer effect of corporate accounting information quality is not only unable to help the executives get higher pay in the next term, but also seriously undermine the value of the company in the future term. References | Related Articles | Metrics