Table of Content

15 February 2014, Volume 0 Issue 02

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Private Capital Participation in Urbanization: Problems and Solutions

GU Sheng-zu, LIU Jiang-ri, CAO Yu-bo

2014, 0(02):  1661. 

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The new urbanization in China should insist on the market-oriented and government-guided development mode and the private capital should be activated. It is necessary to introduce the investment and financing mechanism with actively participated private capital to solve the fund problem during the urbanization, which also offers a new development opportunity for private capital. At present, the introduction of private capital into urbanization is faced with such obstacles as local governments relying heavily on land finance and over-debt, public investment squeezing out private investment, private investment being difficult to find access and being low in enthusiasm, thus the degree of private capital participation in urbanization is not high and its role is limited. In order to promote the participation of private capital in urbanization, such measures should be taken: breaking down the government-guided investment and financing mode, restraining the short-term behaviors of local governemts, improving the public-private cooperation mechanism, lowering the access threshold for private investment, extending the channels of private investment, improving the environment for the existence and development of private enterprises, and removing all kinds of worries of private investment.

An Analysis of the Characters of Antitrust Enforcement: An Analytical Frame

WANG Zi-li, WANG Yue-long, RUAN Min

2014, 0(02):  1662. 

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The leniency or harshness in the enforcement of China’s antitrust law has been widely regarded as a focus of debates. The existing literature shows that there is not yet a normalized and systematic research on such issue. By introducing the concepts of positive and negative costs of antitrust enforcement, this paper sets up a model to decide the optimal law enforcement standard, which can establish the standard to measure the changes of antitrust enforcement. Through the analysis of the influencing mechanism of different variables on the optimal enflrcement standard, it can be seen that the leniency or harshness of the standard of antitrust enforcement is subject to such influencing factors as market environment, legal system, enforcement input, efficiency of enforcement, and benefit of enforcement. The major reason why China’s present antitrust enforcement is relatively lenient is that the enforcement lacks sufficient supply capacity with such characteristics as constitutive property, relativety and stage. At the present stage, China’s antitrust enforcement should adopt a moderate policy mix tool, enhance the ability of antitrust enforcement, establish a coordinative mechanism for the enforcement agencies, construct the classfied supervision system for the antitrust and regulated industries, and dilute the function of anti-administrative monopoly.

A Study of Avishalom Tor’s Behavioral Antitrust Thought

LV Wei, REN Jian-xin

2014, 0(02):  1663. 

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As the representative figure of behavioral antitrust, Avishalom Tor has expanded the analysis of enterprises’ behavior of entering the market made by predecessors. Tor’s study analyzed the consequences of new enterprises entering the market, established a relatively complete analytical framework to combine the empirical results and the economic theories, discussed the application of behavioral antitrust in law, and analyzed from a methodological level the deficiency of the existing researches, and offered some recommendations for the future development. His thought has a high theoretical and practical value in providing possible directions for the future further researches on the behavioral antitrust.

Deterrent Mechanism, Complying Incentives and Optimal Tax Law Enforcement on High-Income Individuals

ZHAO Yong-hui1, LI Lin-mu2

2014, 0(02):  1664. 

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Through simulation experiment, this paper distinguishes and compares the effect of tax compliance between high-income groups and middle or lower-income groups under different tax enforcement strategies. The empirical analysis shows that, among the various tax law enforcement factors which affect taxpayers’ compliance decision, the seized probability for high-income individuals takes on the most significant deterence, the penalty rate and incentives also have positive correlations with it, though the influence of penalty rate is not significant. Among the combined strategies of tax law enforcement, to implement the combination of deterrence and motivation has the effect generally superior to all other combinations on the compliance of the taxpayers. Therefore, in order to maximize the degree of tax compliance of the high-income individuals, the tax authority should exert great efforts to adjust and optimize the current tax law enforcement strategies and construct the optimal enforcement combinations of deterrence and incentive on the basis of improving the seized probability of tax non-compliance for high-income individuals.

Evaluation of Government Subsidy Performance in China’s Listed Companies: from the Perspective of Enterprise Life Cycle

ZHOU Xia

2014, 0(02):  1665. 

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From dynamic perspective of the course of corporate development, this paper selects the data of A-share listed companies that have received any kind of government subsidies from 2007 to 2011 as samples to conduct a research on the economic performance and social performance generated from the government subsidies. The result implicates that the companies have different economic and social benefits generated by government subsidies when they are in different stages of development. The government subsidies can generate most significant economic performance among the enterprises at the growth stage, while for the enterprises at each development stages, ralative significant influence can be found only in the area of environment protection input, with little effect on charitable donation. Therefore, when making government subsidy decisions, targeted dynamical adjustment should be made on the scope and the amount of subsidies according to the different development stages within the corporate life cycle.

Fund Circulation and Debt Crisis Identification of Real Estate Development Enterprises under Policy Regulation

HU Yuan-cheng1, ZHANG Chao-yang1,2

2014, 0(02):  1666. 

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According to the principle of system dynamics, this paper constructs a dynamical model of corporate fund circulation system of China’s real estate development enterprises. With the help of such adjusting and controlling parameters as land supply policy, mortgage interest rate, housing tax policy and house purchase quota policy, it has optimized the system exogenous controlling variables and has for the first time introduced the jump function and conditional functions to simulate the scenario and identify the debt crisis of the fund circulation system of the real estate development enterprises, which reveals the effect of “policy lab”. The derived results from the realistic initial state indicate that the real estate developers, who are faced with greater liquidity risk and debt repayment pressure, would have to choose private financing to alleviate the short-term liquidity pressure, or sell their stock rights to remove the cumulated debt pressure. Meanwhile, the different adjusting and controlling policies have significant differences at the strength and links of their functions. The order of the adjusting and controlling effects from high to low is as follows: land supply policy, mortgage interest rate, housing purchase quota policy and real estate tax policy.

On the Guilding Theory for China’s Market-Oriented Interest Rate: Based on Comparison between Two Interest Theories

TIAN Bi

2014, 0(02):  1667. 

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On July 19th, 2013, the People’s Bank of China announced the Notice on Further Promoting the Market-Oriented Interest Rate Reform, which released the lower limit of interest rate and pushed the interest rate reform forward towards marketization. The interest rate marketization has become the focus of theoretical researches and policy discussions in recent years. Marx and Keynes have great impact on these interest theories. To apply Mark’s interest theory to guild the interest rate marketization reform can help to realize the unified guilding thought for both the ideological sphere and the real economic sphere. It can also help us to keep Mark’s theory as guildance, so as to realize the smooth connection of various reforms and the coordinated process of the overall reform.

A Study of Customer Choice of Retailing Channels in the Era of Omni-Channel Retailing

SHI Lei

2014, 0(02):  1668. 

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With the rapid development of online-shopping, the operation of the traditional retailing stores have been undergone a great impact. By applying the empirical method, this paper conducts a research on the customer choice of retailing channels from perspective of the influence of shopping online on customer shopping behaviors. The results show that the ability of consumers to use the multiple retailing channels is enhanced, which means the era of omni-channel retailing is coming. In order to be successful in the competition, the retailers have to enhance the ability of integration, utilization and management of the retailing channels.

Is Loyalty to Organization rather than to Supervisor Good for Organizations?

LI Sheng-lan, CHEN Xiao-feng, GAO Ri-guang

2014, 0(02):  1669. 

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In China, loyalty is a virtue with long history and unique cultural connotation, so it has been a hot topic among the management academic circles and the practice circles. It is widely believed that loyalty to organization can benefit the organization while loyalty to supervisor would be harmful to the organization. Through empirical studies, this paper proves that loyalty to supervisor can play a role of intermediation between the organizational citizenship behavior which is loyal to organization and employees and the workplace deviant behaviors, in other word, loyalty to supervisor can serve as a bridage between loyalty to organization and employees’ behavior. Without the functional mechanism of loyalty to supervisor, loyalty to organization can not play its proper role. As for organizations, it is obviously not beneficial to the healthy development of any organization if only encouraging its employees to be loyal to the organization rather than loyal to the supervisor.

Impact of Trade Promotion Agencies on China’s Export Binary Marginal Growth

XU Tong-sheng, ZHANG Yu-qing

2014, 0(02):  1670. 

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On the basis of the new-new trade theory, this paper makes use of the micro-level export data of China’s international trade with sixteen major trading partners from CEPII BACI international trade database of 1996-2011 and decomposes the total export growth into the intensive margin and expansion margin, so as to conduct an empirical analysis of the impact of trade promotion agency on China’s export binary marginal growth with the GMM dynamic panel data model estimation method. The results show that trade promotion agency has a significant positive impact on the intensive margin and expansion margin of export growth, the promoting effect on the export growth expansion margin is greater than that on the intensive margin. The trade promotion committees can play more significant role in promoting export than embassies and consulates stationed abroad. The promoting effect of trade promotion agencies on export growth binary margin of medium and high-tech industry products is larger than that on the medium and lower technology industry products. Therefore, China should increase the number of trade promotion agencies, in particular, have more Trade Promotion Committees.

Institutional Quality and Export Complexity of High-Tech Manufactured Goods

LIU Yan

2014, 0(02):  1671. 

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This paper first divides the formal system into three categories including political institution, economic institution and legal institution, and then empirically analyzes the influence of institutional quality on the export complexity of high-tech manufactured goods based on the panel data of 52 economic entities from 1996 to 2011. The result shows that the improvement of the institutional quality can play a significant role in promoting export complexity of high-tech manufactured goods; however, the quality of different institutions has different influence on export complexity of high-tech manufactured goods made by developing economic entities or developed economic entities. Therefore，to improve institutional quality is an important way to promote the export complexity of high-tech manufactured goods．

Financial and Economic Crisis and Corporate Finance Development

LI Xin-he

2014, 0(02):  1672. 

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Financial and economic crisis has challenged the ideological and methodological basis, the basic assumptions and the universal applicability of the research conclusions of the mainstream corporate finance. In order to construct corporate finance appropriate to the state of financial crisis, it is necessary to adjust the objective function of corporate finance, modify the corporate financing theory, extend corporate investment theory, enrich corporate working capital management theory, and adjust corporate dividend policy theory.

A Study of the Impact of Corporate Governance on Managers’ Self-Interest Motivation and Cost Stickiness

QIN Xing-jun, LI Liang

2014, 0(02):  1673. 

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Taking as the samples China’s companies which are continuously listed from 2001 to 2012 and whose managers have self-interest motivations, this paper studies whether corporate governance mechanism can affect cost stickiness through restriction of the managers’ self-interest incentive. The results show that companies with higher corporate governance level can restrict managers’ self-interest incentives, resulting in a cost stickiness of lower level; while in companies with lower corporate governance level, the managers’ self-interest incentives is obvious and the cost stickiness is also at a higher level. Further study reveals that there is a significantly positive correlation between the level of corporate governance and corporate values. These conclusions have practical significance in strengthening corporate governance to alleviate the agency problem by restricting the managers’ self-interest incentive and in strengthening cost control so as to enhance the corporate values.