Table of Content

15 June 2014, Volume 0 Issue 06

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Efficiency Analysis on Tax Policy of Energy Conservation and Emission Reduction: Based on Data of High Energy-Consuming Industries

XI Wei-qun

2014, 0(06):  1687. 

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Taking the ten high energy-consuming industries in the industrial sector as the subjects, this paper applies the co-integration analysis method to study the energy conservation and emission reduction effect of the existing tax policy. The results indicate that tax policy especially VAT policy has obvious effect on energy conservation and emission reduction of high energy-consuming industries, but the adjusting dynamics and directions are different. The adjusting strength and directions of policies of consumption tax, business tax and so on are also different at different industries. Therefore, we should give full play to the policy regulating effect of different tax categories: on one side to largely lower the unit energy consumption level of the high energy-consuming industries and improve the pollution control strength; on the other hand to promote the adjustment of industrial structures, lessen the energy kick-back effect and reduce the gross energy consumption.

Total Factor Energy Efficiency and Influencing Factors in China under Carbon Emission Constraint

ZHANG Bing-bing

2014, 0(06):  1688. 

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This paper tries to calculate China’s inter-provincial total factor energy efficiency under carbon emission constraints and uses the panel data model to conduct an empirical analysis of the factors affecting energy efficiency. The findings show that during the sampling period China’s energy efficiency remains relatively lower, the yearly average is about 0.503. The energy efficiency from high to low is eastern 0.580, centre 0.497, and western 0.422 respectively. Foreign direct investment, export, marketization, human capital, energy consumption structure all have significantly positive effect on the inter-provincial energy efficiency, while investment and government interventions can produce significantly negative effect. At the regional level, the imbalance of inter-regional development results in significant regional differences of the effect of 8 factors on energy efficiency. In the different stages, the effect of 8 factors on energy efficiency presents the feature of differences in stages. Therefore, the adjustment of policies to local conditions and time conditions is the efficient means to improve energy efficiency.

A Study of Inclusion of Local Government Debt into Budget Management

MA Hai-tao, CUI Yun-zheng

2014, 0(06):  1689. 

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It has become a consensus of both the business world and academic circle that local government debt should be included into fiscal budget so as to be better managed and standardized through the legality and seriousness of budget management. The budget management of local government debt consists of three models, i.e., public budget, annexed budget and dual budget. The debt management of the dual budget model is the most ideal and ultimate model for the inclusion of debt into budget management. Local government debt should be gradually included into budget management, following a phase-in model of three modes and three steps, so as to ultimately establish a complete dual budget system covering public finance budget, governmental funds budget, state-owned capital operation budget, social insurance fund budget and government debt budget.

Tax Competition and Hypothesis of Economic Growth Threshold: An Analysis Based on China’s Empirical Data

ZHANG Fu-jin, LUO Zhen-hua, ZHANG Ming-hong

2014, 0(06):  1690. 

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Tax competition has both positive and negative impacts on economic growth, and this impact on economic growth is mainly exerted through affecting corporate decision and the provision of public service. Through the test of the hypothesis of economic growth threshold, this paper finds that the positive effect of tax competition is greater than its negative effect in regions with higher level of economic development, and thus promoting economic growth. While in regions with lower level of economic development, the positive effect is smaller than the negative one, therefore restraining economic growth. In addition, the result also shows that there is actually no vicious tax competition in China yet, but the regional tax burden is not consistent with the local economic development. It is thus clear that only by making rational use of tax competition means can local governments achieve sustainable development of local economy.

Cash Investing or Cash Abusing: Interpretation of Sale and Leaseback Information of China’s Listed Companies

SHI Yan-ping1, CUI Jia-ning1, PANG Jia-ren2

2014, 0(06):  1691. 

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This paper takes the 59 listed companies in Shanghai and Shenzhen stock markets as the samples which carried out sale and leaseback from January 2007 to December 2012 and applies the event study method to analyze the market response to this behavior. The result shows that when China’s listed companies conduct sale and leaseback business, the companies with more abundant cash flow can produce more negative market response than those with less. And this phenomenon can be interpreted as the negative response of the investors who think that the sale and leaseback may have the possibility of cash abusing. Therefore, investers and the supervising departments have to recognize clearly the causes and purposes underlying this financing behavior of sale and leaseback.

A Comparative Analysis of Interactive Characteristics between Stock Markets and Bulk Commodity Markets

YANG Sheng-gang, CHENG Bo

2014, 0(06):  1692. 

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Based on the mechanism of theoretical interaction between stock markets and bulk commodity markets, this paper selectes the stock markets in mainland China, Hong Kong and the U.S. and the international bulk commodity markets of gold, oil and copper markets as research subjects and constructs a VAR-TGARCH-AG-DCC multielement model to test and compare the interactive characteristics between stock markets and bulk commodity markets from the dimensions of the mean value spillover effects and the dynamic correlations. The results show that in the markets of the three bulk commodities, the gold market has the obvious function of risk diversification, its correlation with stock markets keeps low; the oil and copper markets are moving faster in the course of de-financialization under the impact of the financial crisis, their co-movement with the stock markets is increasing significantly in the post-crisis era. As for the interactive difference between the stock markets of China and U.S.A. and the bulk commodity markets, the information transmission and interaction between the U.S. stock markets and commodity markets are most significant, while the co-movement characteristics between the stock markets in China’s mainland and Hong Kong and the bulk commodity markets are relatively weaker. This is not only an important signal of the ever-intensifying depth and breadth of China’s capital market, but also a requirement for us to pay more attention to prevent inter-market risk contagion, strengthen financial supervision, and maintain the coordinate development between stock markets and bulk commodity markets.

International Knowledge Gatekeeper Theory: Research and Evolution

LIAO Jin-qiu, CHEN Hong-zhang

2014, 0(06):  1693. 

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Since the concept of knowledge gatekeeper born in the field of journalism and mass communication is introduced into the research field of industrial clusters, the enterprises with higher capacity of knowledge absorption are called the “knowledge gatekeeper” in the industrial clusters. The international academic researches on knowledge gatekeeper hold the point that knowledge gatekeepers can play three important roles, such as the external function of fulfilling corporate social responsibilities and integrating social resources, the internal function of a liaison and coordinator with the members of the organization, and the bridge function of connecting the organization with the society effectively. These three functions can promote the rapid development of the industry. In fact, when the knowledge gatekeepers are performing their three major roles, they are actually going through a procedure of collecting, screening, sorting, processing and diffusing knowledge. The main mode of China’s industrial development at present is the mode of industrial cluster with industrial parks as the carrier, so the theory of knowledge gatekeeper has very high theoretical value for the development of China’s industrial clusters. From the concept, to the dissemination of the knowledge, and to the role of knowledge gatekeeper, this paper makes a review of the recent achievements of the gatekeeper theory in the international academic world, and then it points out the outlook of the future researches.

A Study of the Factors Affecting B2B Brand Equity: from the Perspective of B2B2C

LU Hong-liang1, LI Gui-hua2

2014, 0(06):  1694. 

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At present, the value of B2B brand is becoming increasingly obvious, and the question about the sources of B2B brand equity has also received academic attention. However, the theoretical cycle has not made sufficient explanation concerning whether B2B brand equity has been affected by B2B markets. From the perspective of B2B2C, this paper takes the terminal market pull and the brand sensitivity as the mediating variables and the brand loyalty as the dependent variable to explore the source of brand equity with B2B element. The results show that the visuality, resource and complexity of the ingredients and the consumer market investment have a positive impact on the terminal market pull, while the impact of service support is not significant. The ingredient resource, the consumer market investment and the service support have a positive impact on brand sensitivity, while ingredient visuality and ingredient complexity have no significant impact. The terminal market pull and the brand sensitivity have a positive impact on the brand loyalty. The above-mentioned conclusion has provided theoretical basis for B2B enterprises to carry out cross marketing and joint marketing and to expand the influence of industrial chain.

A Comparative Study of the Driving Factors for the Development of Chinese and American Cultural Industries

ZHANG Xu1, HOU Guang-ming1，2

2014, 0(06):  1695. 

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Based on the structural decomposition analytic method with the partially closed input-output model, this paper uses the input-output data of cultural industry from 1997 to 2011 to make an empirical analysis of the driving factors for the development of the cultural industries in China and USA. The results suggest that the United States relies on the “dual-core”, capital and technology to drive the development of its cultural industry, while China depends more on capital, so the restriction from technology progress is quite obvious. The rate of labor remuneration is a common major factor restricting the cultural industries in China and in USA. The average propensity to consume and the residents’ consumption pattern have limited contributions to China. The net export has became an important driving factor for China’s recent ten year development, while at the same time it is the main restricting factor in the United States. As for the development of cultural manufacturing industry, China is pushed by net export, while USA is driven by capital. As for the development of cultural service industry, China is pushed by capital while USA is driven by technological progress.

Spillover and Feedback Effects of the Service Industry among the Three Economic Regions in China: Based on a Three-Regional Input-Output Analysis

LI Hui-juan

2014, 0(06):  1696. 

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Through establishing a three-regional input-output model, this paper measures and calculates the regional multiplier effect, the inter-regional spillover effect and the feedback effect of the service industry within the three economic regions of China, including Yangtze River Delta, Pearl River Delta and Bohai Rim.The results show that the inter-regional spillover and feedback effects of the service industry between Yangtze River Delta and Bohai Rim are bigger than that of Pearl River Delta. The Bohai Rim and Yangtze River Delta have bigger spillover effects on other regions than that from them. However, the inter-regional spillover effect of Pearl River Delta is smaller than that received. The service spillover between Yangtze River Delta and Bohai Rim can be seen frequently, while the service spillover between Pearl River Delta, Yangtze River Delta and Bohai Rim is less.

Religion, Political Connections and Donation Behavior: Evidence from China’s Listed Companies

DU Ying-jie1，FENG Wen-tao2

2014, 0(06):  1697. 

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This paper focuses on the influence of religion, one of the classic informal systems, on the donation behavior of China’s listed companies. By making use of internet maps provided by Baidu and Google to fix longitude and latitude of the place of registry of every China’s listed company and the site of every nationally famous monastery and temple, it manually collects the religious data from both the corporate level and the provincial level. By making use of the donation and religious data from China’s listed firms from 2004 to 2010, this study finds that the probability and strength of corporate donation are positively correlated with religious factors significantly. Further analysis indicates that the positive correlation between religious factors and corporate donation is under the negative regulation of political connections, which reveals that political connections and religion have a mutual-substitution effect on corporation donation. These conclusions may evoke the attention from the fields of economics and management to the informal institutional arrangement--religion.

State Audit and Local Government Governance: Effect and Path

LIAO Yi-gang

2014, 0(06):  1698. 

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Based on China’s current local government governance mode of “development-oriented government--decentralized and pressurized system”, this paper explores the effect and path of promoting local government to conduct sound governance through state audit. It holds that in order to promote the improvement of local government governance, state audit should be involved in such activities as the formulation of the performance appraisal indicators in advance and the internal rules and regulations, the distribution of the appraisal indicators during the process and the evaluation after the event. The specific path for the implementation mainly includes intensifying oversight and auditing of the budget, strengthening economic responsibility audit and performance audit, enhancing the local debt audit, and giving full play to the governance role of state audit so as to promote the construction of an ecological civilization. Finally, it also proposes an initial expectation of the features and functions of the state audit under such a local government governance mode as “service government democratic and cooperative type”in the future.