Table of Content

15 September 2020, Volume 0 Issue 9

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Theoretical Economics

Environmental Regulation, Factor Market Reform Dividends and Green Competitiveness: Theory and Chinese Experience

ZHOU Jie-qi, HAN Zhao-zhou

2020, 0(9):  3-15. 

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In the context of the special institution of China's transition economy, the local governments' intervention in the factor market may result in the distortion of the factor market and further impact the effect of environmental regulations on the green competitiveness. Based on China's 2004-2018 urban panel data, this paper employs the dynamic spatial Dubin model and the spatial simultaneous equation model to conduct a test. The results show that strengthening the local environmental regulations will improve the green competitiveness through improving resource allocation efficiency, forcing the upgrading of industrial structure, driving green technology innovation and other channels. However, due to the lack of coordinated governance among local governments on environmental issues, environmental regulations in neighboring areas have a negative impact on local green competitiveness; the distortion of the factor market has weakened the effect of environmental regulation on the promotion of green competitiveness. Such measures as reducing the resource mismatch effect, the suppressive effect on industrial upgrading and the lock-in effect on technology that caused by distortion of the factor market, and releasing potential dividends from the reform of factor market, are the keys to give full play to the effect of environmental regulation on the promotion of green competitiveness. Therefore, a necessary condition for enhancing the green competitiveness is to further deepen the market-oriented reform of factor market, to strengthen the environmental regulations in accordance with the law, and to form a co-ordinated internal and external “dual engine” composed of the market and the government.

Does Strengthening the Juridical Protection of Intellectual Property Contribute to Corporate Innovation? Evidences from the Establishment of Courts for Intellectual Property Right Cases

ZHUANG Jia-qiang, WANG Hao, ZHANG Wen-tao

2020, 0(9):  16-27. 

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Strengthening the judicial protection of intellectual property rights is of great significance to stimulate the vitality of social innovation. The establishments of intellectual property right courts in Beijing, Shanghai and Guangzhou in 2014 have provided the scenario of quasi-natural experiment for the studies of the impacts of strengthening juridical protection of intellectual property on corporate innovation. The empirical analysis based on the data of 2155 listed companies in 222 prefecture-level cities from 2007 to 2016 reveals that the level of China's intellectual property rights protection is still at the efficient innovation motivation stage of“optimal intellectual property theory”, and that strengthening the rule of law for intellectual property rights protection by the establishment of intellectual property right courts has significantly promoted corporate innovation. The intellectual property courts have promoted corporate innovation through optimizing the juridical environment for independent innovation, encouraging enterprises' R&D investment, reducing the losses in corporate R&D profits and other mechanisms. Therefore, to strengthen the linkage between legislation and law enforcement of intellectual property rights protection and to promote the specialization of judicial institutions of intellectual property rights protection is a powerful measure to improve China's rule of law system for intellectual property rights and to further promote social innovations.

Public Economics & Administration

Has Government Procurement Promoted Corporate Technological Innovation? A Comparative Analysis Based on Classified Industries

XU Jian-bin, LI Chun-gen

2020, 0(9):  28-38. 

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Promoting the technological innovation of enterprises is the key to realize the innovation-driven development in China. By creating and stimulating market demand, government procurement can have an important impact on the technological innovation of enterprises. Meanwhile, when analyzing the innovation performance of government procurement, the analysis of industry differences is of vital importance. By using the enterprise survey data from the World Bank and classifies the industry types scientifically, this paper empirically examines the impact of government procurement on enterprise technological innovation and its' industrial differences. The results show that government procurement in China has played a significant role in promoting enterprise technological innovation in general, but there are significant industry differences in this effect. After considering the endogenous problems caused by self-selection of the samples, the conclusions of this paper are still valid. Therefore, in order to give full play to the technological innovation effect of government procurement, we should establish the concept of innovative government procurement, steadily improve the scale, opening and fairness of government procurement, strengthen the accuracy and effectiveness of government procurement, and implement the multi-dimensional methods for government procurement.

A Study of the Driving Mechanism of Credit Leverage of Different Departments on Land Transferring of Local Governments

MA Hai-tao, DING Shu, YANG Yan-ying

2020, 0(9):  39-51. 

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In recent years, China has formulated multi-azimuth credit control measures around the land, including the government special bond not to be allowed to use in land purchasing and storage, the financial institutions not to be allowed to provide financing for housing enterprises to pay land transfer fees, implementing the credit limited policy in purchasing houses, and restricting forcefully the credit leverage of the government, real estate enterprises and house buyers; however, the driving effect of the credit leverage of different departments on land transfer is still not clear. In order to clarify this problem, this paper tries to analyze the driving mechanism of credit leverage of different departments on the land transfer of local governments by introducing credit leverage constraints of different departments into the DSGE model. The results indicate that credit leverage is an important external factor driving local governments to sell land, and that among different kinds of credit leverages, the credit leverage at the stage of house purchase is playing a leading role. Compared with the credit leverage of real estate enterprises and government, the credit leverage of house buyers has a much stronger driving force on land transferring, which well explains the policy easing efforts that local governments have tried to loosen the constraints of real estate's loans on residents when faced with increased financial pressures. Therefore, the macro-control of real estate market should be focused on the limited credit policy for residents to buy houses, the credit loopholes at the house-purchase stage should be prevented, the “hard constraints” on house-purchase credits should be strengthened, a national cross-regional unified networking information system should be established, so as to improve the constraints of the limited credit policy.

Modern Finance

Orientation Evolution and Quantity-Price Transformation of China's Monetary Policy Regulation: Also on the Imitative Effect of the Quantitative Measurement of Regulation Orientation

ZHANG Long, JIANG Long

2020, 0(9):  52-65. 

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On the basis of a mixed-frequency test with the MF-VAR model on the relationship between monetary policy and macroeconomics, this paper employs a SV-TVP-FAVAR model to examine the effects of macroeconomic regulation and control with qualitative description and quantitative measurement. The results show that the orientation transformation of monetary policy regulation conforms to the stage objectives of the macro economy, that the conclusion of the quantitative measurement is consistent with that of the qualitative description, and that the quantitative measurement can reveal the weak changing trend of the regulation orientation, which has certain signal guiding effect. The quantity-price instruments under the same regulatory environment have the similar shock characteristics, and there is no shock heterogeneity. The regulatory effects of monetary policy under different regulatory environment are quite different. The Central Bank should conduct differentiated macroeconomic regulation by discretely employing the quantity-price instrument of monetary policy at different economic period, maximizing the macroeconomic effects of the monetary policy; it should give full play to the regulatory effects and the coordination effects of the quantity-price instrument of the monetary policy in accordance with the different objects of the macro economy, so as to achieve the long-term steady growth of the macro economy; and it should fully utilize the pricy-type instrument, primarily policy interest rate, to regulate macroeconomic operations, give full play to the pre-adjustment and fine-tuning effects of price-type instruments, and strengthen the counter-cyclical adjustment, so as to guide China's economy to a high quality development.

Local Government Bond, Debt Replacement and Wealth Management Products Yield Rates of Commercial Banks

KONG Dan-feng, XIE Guo-liang

2020, 0(9):  66-75. 

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From the interconnected fiscal and financial prospective, this paper examines the impact of local government bonds on the yield rates of commercial banks' wealth management products in different periods with the data of yield rates of banks' wealth management products from 2011 to 2018. The finds show that before or after debt replacement, local government bonds decrease or increase the yield rate of commercial banks' wealth management products respectively. By introducing the dummy variables of local governments' debt replacement, the findings reveal that the different effect of local government bonds is the result of debt replacement. Before debt replacement, local government bonds served as a legal channel of financing, the expansion of its issuing scale weakened the dependence of local governments on the commercial banks' wealth management financing and therefor lowered the yield rate of commercial banks' wealth management products. The debt replacement has aggravated the liquidity constraints of the commercial banks by extending the maturity of local governments' debts that held by the commercial banks, forcing the commercial banks to attract deposits in a covert way by raising the yield rates of wealth management products. Therefore, the regulatory authorities should limit the scale of local governments' implicit debt, optimize the debt structure, pay close attention to the liquidity of commercial banks during the debt replacement period, and broaden the group of government bond subscription.

Business Administration

The Influence of New Product Trial on Consumers' Impulse Purchases: Based on the Dual Mediator Model of Psychological Ownership and Psychological Feeling of Guilt

LIU Jian-xin, FAN Xiu-cheng

2020, 0(9):  76-89. 

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With constant emergence of new products and increasing intensification of retail competition, the way of promoting new product sales by trial has been widely applied. Unfortunately, not much effective attention and researches have been drawn to the impact mechanism and promotion effect of new product trail, especially the study of the impacts on consumers' impulse purchases is seriously insufficient. The findings of this study show that when consumers try the new products, on the one hand, the trial will urge the consumers to purchase on impulse through psychological ownership of the tried new products on the basis of familiarity, on the other hand, a psychological feeling of guilt may be produced on the basis of reciprocity, which may also result in the impulse purchases. The findings of two experiments show that new product trial will facilitate consumers' impulse purchases on new products, and the exploratory new product trial can drive the consumers to buy the new products on impulse more easily than the confirmatory new product trial. The impact of new product trial on consumers' impulse purchases is subjected to the joint intermediation of psychological ownership and psychological feeling of guilt. The joint intermediation of self-construal on psychological ownership and psychological feeling of guilt will produce a moderating effect. These conclusions are conductive not only to the improvement of the theory of new product trial, but also to the promotion of development of the related management practices

Research on Coordination Stability of Platform-Based E-Commerce Enterprises and Logistics Service Enterprises from the Perspective of Symbiosis

WU Qun

2020, 0(9):  90-100. 

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In order to gain a stronger competitive advantage, most platform-based E-commerce companies would absorb logistics service companies into their own ecosystem and choose to cooperate with professional logistics service companies. According to their in-depth cooperation, the types of cooperation between platform-based E-commerce enterprises and logistics service enterprises can be divided into two models: facultative symbiosis model and specific symbiosis model. Regardless of the model, the collaborative stability of platform-based E-commerce enterprises and logistics service enterprises is subject to such factors as the enterprise's survivability, leadership coefficient and collaborative contribution coefficient, etc.. Through the simulation analysis, it is further understood that although the two symbiosis models can increase the market revenue level of the platform-based E-commerce enterprises and the logistics service enterprises, the synergistic effect of the facultative symbiotic model is greater than that of the specific symbiotic model, which indicates that the stability of cooperation between the platform-type E-commerce enterprises and the logistics service enterprises is better over their partial business cooperation. This point can also give light to the platform E-commerce enterprises which currently depend entirely on the cooperation with logistics service enterprises for their logistics business that they should pay more attention to maintaining the stability of the collaborative relationship with logistics service enterprises, and achieve sustained and healthy development of both parties by giving full play to the corporate leadership and collaborative contribution.

Industry & Trade

Has Preferential Tax Policy for Technology Imports Improved Industrial Innovation Capacity? A Quasi-Natural Experiment Based on China's Catalogue for Technologies Encouraged to Import

WU Chang-nan, ZHONG Jia-fu

2020, 0(9):  101-113. 

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Improving the industrial innovation capacity is an urgent task that China is faced with under the new economic normality. Taking the 59 four-digit code industries that enjoy the preferential tax policy for technology import covered in China's Catalogue for Technologies Encouraged to Import released in 2006 as the experimental group and the 501 industries that do not enjoy the preferential tax policy for technology import as the control group, this paper makes use of the data from 2001 to 2015 and employs the double difference method to examine the relationship between the preferential tax policy for technology import and the industrial innovative capacity. The results indicate that the industries that enjoy the preferential tax policy for technology imports can significantly improve their industrial innovation capacity, especially for the high-tech industries. The effective mechanism for the improvement of industrial innovation capacity by the preferential tax policy for technology imports is that this policy can lead the enterprises to increase their spending on imported technologies and technical upgrading. There is a substitutional relation between the support of the financial institutions to the industrial innovation financing and the preferential tax policy for technology imports in improving industrial innovation capacity.

Asymmetric Trade Cost, OFDI and Export Trade: An Empirical Study Based on the Countries along “the Belt and Road”

CHENG Xian-hong, LI Yu-xin, ZOU Zong-sen

2020, 0(9):  114-126. 

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Based on the in-depth implementation of China's “the Belt and Road” initiative and in the context of the solid promotion of enterprises' “going global” strategy, this paper constructs a theoretical model of the relationship between trade cost, OFDI and export trade to discuss the influence mechanism of trade cost and OFDI on export trade, on this basis, it further puts forward the research hypothesis and conducts an empirical test. The results show that, on the whole, China's OFDI and export trade with the countries along the “the Belt and Road” route have a positive complementary effect, and the trade cost will significantly inhibit China's export to the countries along the route. At the same time, both OFDI and trade cost show the characteristics of “preference for commodity attributes”, that is, with the increase of commodity value, the influence of the two on export will increase. The findings of further analysis indicate that China's OFDI has a complementary effect with the export of primary, labor-intensive and capital-intensive products. The export inhibition effect of trade cost on primary and labor-intensive products is relatively higher, and the export creation effect of the OFDI of these two types of products will be significantly inhibited. China's OFDI and export have a complementary effect on the countries with lower middle and upper middle incomes, while in the countries with higher incomes, a substitution effect is found but not significant. The impact of trade costs on exports varies according to national income, and the trade cost can merely significantly restrain the export creation effect of OFDI in middle and low-income countries.

Modern Accounting

Foreign Shareholders' Exit Threats and Stock Price Crash Risks

LIN Chuan

2020, 0(9):  127-137. 

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Foreign shareholders have positive supervision impetus, which can produce good governance effect on listed companies. Taking the top 10 listed companies with foreign shareholders from the A-share main boards of China's Shanghai and Shenzhen stock exchanges from 2007 to 2018 as the samples, this paper empirically tests the impact of the exit threat of foreign shareholders on the stock price crash risks, and at the same time, it considers the regulatory effects of the institutional environment and the opening of high-speed rail. The findings show that the exit threat of foreign shareholders has a restraining effect on the stock price crash risk. The results of further study show that in the regions with better institutional environment, the exit threats of foreign shareholders have a stronger inhibiting effect on stock price crash risks. If the high-speed rail service is opened in the place where the listed company is located, the inhibiting effect of the exit threat of foreign shareholders is also stronger.

Competitive Strategy and Earnings Quality: An Empirical Study Based on Text Analysis

HU Nan, QIU Fang-juan, LIANG Peng

2020, 0(9):  138-148. 

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This paper employs Word2Vec natural language processing method to construct the competitive strategy index in China's scenario, then on such a basis it conducts an empirical test on the relationship between competitive strategy, earnings quality and life cycle. The findings show that the enterprises implementing differentiation strategy have more persistent and less volatile earnings. Viewing from the different stages of enterprise life cycle, such phenomenon is more pronounced in the enterprises at the mature and vibrating stages. In addition, in the policy context of The Outline of the National Program for Long-and-Medium-Term Scientific and Technological Development (2006-2020), the enterprises' strategy transition has strengthened their earnings persistence, which verifies the effectiveness of the policy.