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15 January 2018, Volume 0 Issue 1 Previous Issue    Next Issue

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Research on Corporate R&D Investment under the Drive of Political Cycle DAI Jing, WANG Hongjian 2018, 0(1): 3-14.  Abstract ( )   PDF (222KB) ( )   From the perspective of official incentive mechanism, this paper analyzes the action mechanism on local corporate R&D investment during the limited tenure of the government officials. Because the R&D indicators have been included in“the Tenth Five-Year Plan”since the year of 2000, this paper examines the relationship between the enterprise R&D input and the tenure of the provincial officials from 2000 to 2012. The results show that there exists a significant inversed U- shaped relationship between the corporate R&D input and the official tenure: the enterprise R&D input first increases then decrease during the local officials' tenure. Further examination finds that similar inverted U-shaped relationship exists between the part of government fund in the corporate R&D input and the official's tenure, while the part of bank credit is not significantly related with the official's tenure, which indicates that the local officials mainly exert influence on the local corporate R&D input through the use of financial subsidies. The effect of local official's tenure will continue to pass on the corporate R&D input and efficiency. While a comparison to the data of 1990-1999 shows that the official's tenure has no significant influence on the local corporate R&D input before the implementation of the Tenth Five-Year Plan. References | Related Articles | Metrics

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Mobility and Solidification: Analysis on Intergenerational Transmission of Occupational Status in China DING Ying, WANG Cuntong 2018, 0(1): 15-23.  Abstract ( )   PDF (202KB) ( )   The paper uses the data of CFPS 2010 to examine the direct effect of parents' occupational status on the occupation of their children. With regard to data processing, Bayesian multi-interpolation is adopted to fill in the dependent and independent variables for the missing values of the sampled data in order to obtain unbiased estimates of coefficients and standard errors. As for statistical model selection, ordinary least squares (OLS), instrumental variable method, and two-stage least squares (2SLS) method are applied to regional differences and direct effect of all factors, especially fathers' occupation, on that of children. In order to avoid estimation bias brought about by the sample selection, Heckman selection model is used to test the robustness of the estimation result of instrumental variable method and generalized method of moments (GMM). The study has found that those whose parents have high occupational status tend to enjoy the same status correspondingly, which procedurally shows the class solidification in China. Furthermore, through the Heckman selection model, fathers' occupational status has been found to have a significant influence on children's choice of occupation or on the development of their current career. In addition, this effect varies in different regions, evidenced by more developed economy or opener culture bringing the stronger influence of fathers' occupation. However, the educated level of individuals acts as a dominant part in affecting his or her occupational status. References | Related Articles | Metrics

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Strategy of Eastern Region Taking the Lead in Development and Promotion of Total Factor Productivity: An Empirical Analysis Based on PSM-DID Method ZHANG Cheng, CHEN Ning, ZHOU Bo 2018, 0(1): 24-37.  Abstract ( )   PDF (258KB) ( )   The findings of the study of the strategy of the eastern region taking the lead in development are as follows: (1) The eastern region is ahead of other regions in the growth rate of total factor productivity, which relies mainly on the rapid increase of technical progress. (2) The strategy of the eastern region taking the lead in development can improve the total factor productivity by 0.83% annually, and improve the technical progress, pure technical efficiency and scale efficiency by 0.43%, 0.21% and 0.02% respectively. (3) The impact of the strategy has typical regional heterogeneity. Eight provinces have been able to benefit from this strategy and have achieved continual upgrading of their total factor productivity, with eight, seven and six provinces having achieved continual upgrading in technological progress, pure technical efficiency and scale efficiency respectively. (4) The strategy of the eastern region taking the lead in development can promote the total factor productivity through the relative increase of the proportion of foreign direct investment, the proportion of import and export and the degree of marketization, and the relative decline of energy consumption intensity and industrial proportion. References | Related Articles | Metrics

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Forecast and Monitoring on China's Local Government Debt Risk during the 13th Five-Year Period ZHANG Ping, ZHOU Quanlin 2018, 0(1): 38-47.  Abstract ( )   PDF (196KB) ( )   China's economic development has entered the new normal economy during“the 13th five-year period”, during which local government activities of financial revenue and expenditure are faced with more challenges. It can be seen from a multi-angle analysis that although China's local government debt risks are generally under control, yet it contributes too much to the national government debt, there is almost no more space for local government debt to rise. Even the debt risks in some provinces have entered the early-warning interval. Through the forecast for the local governments fund sources to pay the debt and the debt service cost during the 13th five-year period, it can be easily seen that China's local government debts may be faced with greater debt paying pressure, and the risks will be increased continuously. Therefore, the task of controlling the debt risks and relieving the debt pressures should be carried out from the following two aspects: one is to enhance debt management ability, quicken the improvement of local autonomous bond issuing modes, promote the credit evaluation and bankruptcy system, and improve the debt risk warning mechanism; the other is to dissolve the stock of debts, push forward the market-oriented transformation of local financing platform, and improve the public-private partnership modes. References | Related Articles | Metrics

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Fiscal Transparency, Management and Good State Governance: A Theoretical Analysis Framework YANG Yaqin 2018, 0(1): 48-56.  Abstract ( )   PDF (191KB) ( )   Improving fiscal transparency can affect the level of state governance by affecting the core of it - fiscal management. The path of fiscal transparency affecting fiscal management mainly includes the following aspects: controlling the fiscal scale from two aspects of income and expenditure; improving the fiscal efficiency from two aspects of the efficiency of the budget process and the management efficiency of the use of public funds; improving the fiscal security from the aspects of debt scale, debt overdue default, debt cost, debt information disclosure, public confidence and so on. In order to finally realize good state governance, we should start from the following aspects: first, to fully and truthfully open all caliber government revenue and expenditure information, comprehensive government fiscal report, medium-term rolling budget and government debt information in a timely manner in an effort to improve financial transparency. Second, to clarify the subject, time, procedure and method of government fiscal information disclosure to make sure fiscal information can be accessible. Third, to strengthen the supporting system of the government's fiscal information disclosure by perfecting the legal system and setting up a data network platform for fiscal information disclosure. References | Related Articles | Metrics

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A Study of the Endogenous Mechanism and Periodicity of Commercial Bank NPLs: From the Perspective of the Game between Government, Banks and State-Owned Enterprises WANG Haijun 2018, 0(1): 57-67.  Abstract ( )   PDF (248KB) ( )   From the perspective of the relationship between government, banks and state-owned enterprises, this paper systematically studies the endogenous mechanism and periodic law of commercial bank NPLs. The results show that the government control on state-owned enterprises and commercial banks is the root cause of endogenous NPLs. Combined with the orientation of the central and local government performance evaluation under the fiscal decentralization system, this paper further reveals the circulation track of periodic outbreaks of NPLs. Based on that, it points out that the fundamental solution to solving the endogenousness and periodicity of NPLs should be pushing forward the process of reform of state-owned enterprises and banks, especially strengthening the market-oriented reform of state-owned enterprises, and gradually exploring and improving the performance appraisal and assessment methods for the local governments. References | Related Articles | Metrics

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How Bank Connections Alleviate Financing Constraints: Direct Mechanism or Indirect Mechanism DENG Kebin 2018, 0(1): 68-82.  Abstract ( )   PDF (261KB) ( )   Bank connections (BC) are intuitionally deemed to be an effective method to mitigate corporate financing constraints (FC). However, due to the fact that greater mutual interference between bank connections and political connections exists in the corporate financing constraints, apand there exists significant endogeneity between bank connections and financing constraints, the theories and empirical researches based on the emerging countries are still far from sufficient. By making use of a unique research design which takes the BC-FC association into consideration, this paper proves that the relaxation effect on corporate financing constraints by China's bank connections is subject to the strict constraints of political connections. For companies with political connections, bank connections can make them even better by further alleviate the corporate financing constraints; while for companies without political connections, bank connections cannot play a role of alleviating financing constraints. Therefore, political connections are the prerequisite for the role-playing of bank connections. The bank connections have no significant relaxation effect on the financing constraints among private enterprises, but they do have significant effect among SOEs. Thus it can be seen that bank connections in China are playing a role in alleviating corporate financing constraints by means of indirect mechanism, not direct mechanism. References | Related Articles | Metrics

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Can Negative List System Promote Industrial Structure Adjustment: Evidence from the Natural Experiment of Administrative License Law of China LING Yonghui, ZHANG Yueyou, XU Congcai 2018, 0(1): 83-97.  Abstract ( )   PDF (282KB) ( )   Since the pilot negative list system practiced in Shanghai FTZ in 2013, the“negative list”has become one of the hottest economic phrases in recent years. By making use of the panel data of China's 31 provinces (municipalities and autonomous regions) from 1997 to 2014 and the incident of the introduction of the Administrative License Law in 2004, this paper constructs a natural experiment to examine the relationship between the negative list and the industrial structure adjustment. The findings indicate that in general the negative list system is helpful to promote China's industrial structure adjustment through incremental investments, but it is more in favor of providing a positive effect on the speed of the industrial structure adjustment, while the effect on the quality of the industrial structure adjustment is uncertain. When the deviation-share method is adopted to decompose the quality of industrial structure adjustment, it is found that the negative list is in favor of realizing the“structure-bonus”in the industrial structure adjustment through the incremental investment in the tertiary industry, but the“structure-burden”in the industrial structure adjustment cannot be thoroughly eliminated. References | Related Articles | Metrics

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Geographic Distance, FOB Prices and Transportation Costs: A New Source of Welfare SUN Yiping, XU Yang, XU Xiaocong 2018, 0(1): 98-107.  Abstract ( )   PDF (193KB) ( )   By making use of the Customs Data of China in 2006, this paper studies the impact of geographic distance on FOB prices and analyses the economic significance of the heterogeneity of the impact, the theoretic mechanisms and the estimated results. The findings show that: (1) geographic distance has a significant positive effect on FOB prices, each time the distance is doubled, the FOB price charged by export firms will increase by 8.74%; (2) as for the industries with different degrees of product differentiation and enterprises of different sizes, the impact of geographic distance on FOB prices shows a heterogeneity; (3) the theoretic mechanism of the impact probably due to the facts that the firms having charged higher markup percentage, sold products with higher quality, or used more expensive packing materials and methods due to farther transportation distances; (4) a simple decomposition of the elasticity of import prices to distance shows that, after the transportation cost is decreased, the 95% drop of the import prices enjoyed by consumers is because the enterprises have charged lower FOB prices, which suggests that the changes of transportation costs may become a new source of welfare that consumers can enjoy. References | Related Articles | Metrics

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Impact of High-Speed Railway on Industrial Agglomeration of Cities Along the Line--An Empirical Analysis Based on the Panel Data from the Cities in Central China LU Fucai, ZHAN Xianzhi 2018, 0(1): 108-121.  Abstract ( )   PDF (262KB) ( )   This paper introduces the variable of high-speed railway into the research framework of new economic geography so as to construct a theoretical model of the impact of high-speed railway on industrial agglomeration of the cities along the lines, and then it puts forward some relevant assumptions. Based on the data of 80 prefecture-level cities in the six central provinces, it adopts the different-in-different method and the mediating effect method to conduct an empirical test on the relevant assumptions. The results show that the opening of high-speed railways has a significant and robust promoting function on the increase of industrial agglomeration degree, and this function will be strengthened with the increase of high-speed rail lines. The effect of high-speed railways on industrial agglomeration is only significant in the cities with a population of less than 500,000 where the effect is the strongest. The high-speed railway is beneficial to industrial agglomeration of private enterprises, but it has a reverse impact on industrial agglomeration of state-owned enterprises. The high-speed railway would change the degree of industrial agglomeration of the cities along the lines through affecting the mobility of industrial labors. References | Related Articles | Metrics

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Generation and Impact Mechanism of Social Capital in Online Brand Communities: An Exploratory Multiple-Case Study WANG Jia 2018, 0(1): 122-136.  Abstract ( )   PDF (291KB) ( )   In the Web 3.0 era, the grouping and interaction mechanisms in online brand communities have changed significantly, which entails further refinement and development of existing theories and research perspectives. This study, underpinned by the grounded theory and qualitative comparative analysis method, examines the psychological and behavioral characteristics of consumers participating in an online brand community and showing loyalty toward a brand based on a sample of six typical cases. It identifies six categories and their logical relationships for online brand communities. These categories include members' non-interactive participation, lack of perceived value, interaction among members, community social capital, community and brand recognition, and brand loyalty. Finally, it presents a conceptual model for the generation, composition, and impact mechanism of social capital in online brand communities. The study finds that social capital in online brand communities follows a dualistic generation pattern and indirectly influences brand loyalty through such factors as community recognition and brand recognition. Also, social capital is affected by the members' involvement and perceived fit between a community and brand as well as other factors. References | Related Articles | Metrics

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On the Construct and Measurement of Dual Mental Model for Chinese Employees in the Context of Innovation CAO Yuankun, XIONG Li 2018, 0(1): 137-147.  Abstract ( )   PDF (237KB) ( )   Individual duality is the construct footstone of dual organizational feature scenario; however, the academic world is still confused in their cognition about its generation mechanism. Combined with Chinese context, this paper puts forward the construct of a dual mental model. From the perspective of psychological-interrelated sciences, it performs a vertical analysis of the multiple implications of the dual mental model with a focus on the innovation context. It carries out a questionnaire survey on 689 innovation-related Chinese employees. It also develops a three-dimension measuring tool for the dual mental model, which opens a new path to the study on the individual dual level. References | Related Articles | Metrics

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A Study of Behavioral Accounting Measurement: Based on the Measurement Model of Psycho-Technical Measurement System ZHAO Yan 2018, 0(1): 148-157.  Abstract ( )   PDF (205KB) ( )   The current accounting measurement is an integration of technological paradigm and methodological paradigm, which is increasingly lacking power in the organizational management. The future development of accounting depends on its management functions, so that the accounting measurement should turn to the behavioral paradigm. The behavioral accounting measurement based on the psycho-technical measurement system is a redesign of the accounting measurement model with behavior as the main line on the basis of the traditional measurement, whose purpose is to exert influence on the organization and individual behavior so as to realize the value driving and behavior optimizing. The measurement mode of behavioral accounting has an overall structure based on its purpose, through the analysis of the connotation and characteristics of behaviors, it sets up the measurement mode of current market price-the monetary unit of general purchasing power. The application framework is constructed according to the three stages of before, during and after the event. Before the event, it analyzes the behavior process and establishes the behavior index and the behavior standards. During the event, it implements the measurement over the behavior process and provides behavioral differences scales. After the event, it calculates the behavior contribution, evaluates the behavior performance and predicts the behaviors. References | Related Articles | Metrics

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Study on Industrial Heterogeneity of Internal Control Defects Identification Standards in Listed Companies YANG Jing, ZHENG Shiqiao 2018, 0(1): 158-168.  Abstract ( )   PDF (219KB) ( )   Taking the listed companies of Shanghai Stock Exchange in 2015 as the subject of research, the paper examines the industrial heterogeneity of internal control defects identification standards and the impact of industrial characteristics on the standards. The research shows that listed companies' internal control defects identification standards vary generally among industrial categories, the subcategories of the manufacturing industry show no significant difference in internal control defects identification standards in listed companies, and that highly competitive industries tend to have stricter internal control defects identification standards. In the stage where enterprises are entitled with the discretion for internal control defects identification standards and the external regulation is weak, industrial characteristics play an important role in restricting opportunistic behaviors of internal control defects identification. The regulatory authority should not only refine internal control operation guidance, but also implement differentiated supervision based on characteristics of specific industries, so as to optimize the internal control information disclosure of listed companies. References | Related Articles | Metrics