Table of Content

15 October 2014, Volume 0 Issue 10

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The Impact of R&D Capitalization on Macroeconomic Variables: from the Perspective of the Adjustment of NIPAS in USA

WEI He-qing

2014, 0(10):  1735. 

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Based on the results of the 14th comprehensive adjustment of NIPAS published by BEA in July of 2013, this paper employs the national economic accounting principles to analyze the impact of R&D capitalization on Macroeconomic Variables from both the theoretical and empirical aspects. The results show that R&D capitalization will produce impact on many macroeconomic variables; although some changes of the indexes are very small in amount, the implementation of capitalized accounting on R&D is the requirement of SNA2008 and an inevitable trend of international accounting changes. China must further improve the statistical content of R&D, revise the accounting caliber and classification standards for R&D, explore the accounting models for R&D satellite accounts, improve the quality of R&D accounting data, strengthen the understanding of the essence of SNA2008, so as to promote the integration of Chinese national economic accounting system with SNA2008 as soon as possible.

The Driving Factors of Energy Demand and Analysis on the Policy Effect of Energy Conservation and Emission Reduction in China

SHI Dan1, MA Cui-ping2

2014, 0(10):  1736. 

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Judging from the current situation, China’s energy conservation and emission reduction during the 12th Five-Year Plan period is still faced with severe challenges. Because China’s income level is still rather low, with the increase of the income level, China’s total energy consumption, energy consumption per unit of GDP and carbon dioxide emissions will continue to maintain the growth momentum. Therefore, China has a long way to go. Currently, the further development of China’s energy conservation and emission reduction is under the restriction of such factors as less competitiveness in the service sector, lacking of core technologies, limited financing channels, excessive enforcement measures, and insufficient incentives. Hence, we should take the following measures: to reduce the total energy consumption through the internal restructuring of the manufacturing sector; to improve energy use efficiency through further strengthening of technological innovations and promotion; to improve capital use effects through the market mechanisms by expanding financing channels; to turn the “brake mechanism”of the objective assessment into the improving mechanism for energy conservation and emission reduction through the reform of the assessment mechanism; and to encourage enterprises and individuals to make choices in favor of energy conservation and emission reduction through the improvement of the systems of taxes and subsidies.

On Modern Finance and Public Finance: the Construction of Modern Financial System in China

WANG Qing

2014, 0(10):  1737. 

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The Third Plenary Session of the 18th CPC Central Committee proposed to“establish a modern financial system”, which is not to deny the essemtialism of “public finance”, rather, it mirrors a scientific decision made by Chinese government to improve the national organization ability with finance as the core when faced with the future development crisis. However, this also reflects the deficiencies of the public financial theory in such aspects as the definition of the publicity, theory localization and institutional constructions, thus the function of the finance has been restricted. At this stage, we should recognize the economic and ethical attributes of China’s modern finance, and establish the modern financial system from the five aspects, i.e., the macroeconomic regulatory mechanism, the performance appraisal system, the fiscal revenue and expenditure system, the budget system and the fiscal management system.

Agglomeration Effects on Local Government Tax Competition in China: An Empirical Study Based on Industrial Tax Burden

YANG Liu1, FANG Yuan-zi2

2014, 0(10):  1738. 

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Due to the differences of the degree of regional economic agglomeration, the tax competition between China’s local governments can be divided into“race to the bottom”and“race to the top”. The industrial agglomeration would also have a significant impact on the local tax competition. This paper makes an empirical analysis based on the panel data of China’s 30 provincial administrative regions during 2006-2011. The results show that there exist significant differences in the behaviors of tax competition among the regions, and the industrial agglomeration also has different impacts on the tendence of local tax competition. Therefore, when coordinating tax benefits among the regions, the central government should treat the economic regions with different natures differently, and improve the level of economic agglomeration, i.e., to realize the spontaneous tax coordination between the non-homogeneous regions by making use of the agglomeration rent, at the same time, the tax bebefit coordination between homogeneous regions should be strengthened.

Is the Scale Merit of Social Financing Valuable

WANG Yang

2014, 0(10):  1739. 

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Since 1994, money supply has always been regarded as the intermediate target of China’s monetary policy. And since 2011, the People’s Bank of China has been releasing the social financing scale merit, which indicates the total sum of capital that the real economy acquires from financial system in a certain period of time (per month, per quarter or per year). As indicators, both the monetary supply and the scale of social financing have their own endogenous deficiencies. The existing RMB exchange rate system is the major obstacle preventing monetary supply from realizing its expected target. As for the scale merit of social financing, we can find some statistical endogenous deficiencies in it, which is both reflected in statistical repetition and statistical omission.

A Comparative Study of the Nature of Money between the Barter-Based and Debt-Based Views

LI Li-li, ZHANG Hong-mei

2014, 0(10):  1740. 

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In the history of economic thoughts, there have been two diametrically opposed viewpoints about the nature of money: one is the “barter-based” view held by the mainstream economics, the other is the “debt-based” view held by the non-mainstream economists. These two diametrically-opposed views lead to distinct understandings of various monetary categories, such as the origin, evolution, function, roles of money, as well as the nature and policy implications of monetary economy, etc.. This is also reflected by the division and locking on the methodological level. Compared with the mainstream view, the non-mainstream debt-based view tends to conform better to the historical facts and human records, and casts more light upon modern monetary productive economy. However, confined by its methodological differences, this view has been neglected and marginalized for a long time. Money with the possibility of having the dual attributes, both as the goods and the debt, can provide a good prospect for the organic integration of these two different views.

A Study?of the Mechanism for Evaluation and Decision of Negative Word-of-Mouth Re-Diffusion: from the Perspective of Decision Neuroscience Theory

WU Si-zong1, SHAO Chang-bin1, YANG Jing1,2

2014, 0(10):  1741. 

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Based on the relative theories and research results in decision neuroscience, this paper proposes the division of“six stages”during the process of evaluation and decision of negative?word-of-mouth?re-diffusion and constructs a mechanism model. The empirical findings indicate that the evaluation and decision of negative?word-of-mouth?re-diffusion should have an automaticly controlled process for the word-of-mouth information. The perception coincidence is the core link in the evaluation and decision process of the negative word-of-mouth re-diffusion, which is elicited by similarity judgement and credibility judgement of word-of-mouth and formed by their combined action, thus it becomes a major determinant in the re-diffusion intention of the negative word-of-mouth. Also, the perception coincidence and the prior brand attitude jointly determine the subsequent brand attitude after receiving the negative word-of-mouth; however, this subsequent brand attitude would not directly affect the re-diffuse intention.

A Study of Story Marketing Theoretical Construction for Tourist Attractions: Based on Grounded Theory

XU Ji-nan, YU Ke-fa

2014, 0(10):  1742. 

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The story marketing is an effective marketing tool to improve the communication effriciency between tourist attractions and consumers. A successful story can provide fast associations for tourist attractions, much more effective than rational narrations. Taking some famous Chinese scenic spots as examples, this paper applies the research method of the grounded theory to construct the theoretic framework of scenic spots story marketing. It sums up the story marketing theory into “four levels”and“fifteen dimensions”. The results indicate that if the scenic spots want to use the story marketing tools effectively, they must have a scientific design on the value orientation of the scenic spots, as well as the contents, forms and carriers of the stories. The results of this study can provide a new perspective for the tourist attractions to spread or mould their brands.

Probe into the Reasons Why Chinese Export Firms Select Processing Trade: from the Perspective of Productivity and Financing Constraints

LU Yu-duo, DAI Mei-hong

2014, 0(10):  1743. 

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From the perspective of total factor productivity and financing constraints in heterogeneity enterprises, this paper conducts a study from both theoretical and empirical aspects of the reasons why Chinese export enterprises select processing trade. The theoretical analysis indicates that export firms with lower productivity and higher financing constraints tend to select processing trade. Then, this paper makes use of the corresponding data between Chinese Industrial Enterprise Database and China’s Customs Import and Export Database during 2000-2006 and employs the probit binary discrete choice model and the instrumental variable ivprobit model estimation method to conduct an empirical study. The results indicate that the higher degree of financing constraints and the lower productivity the export firms have, the stronger tendency they would have to select processing trade. The results of the robustness tests further show that the enterprises of processing trade with higher degree of financial constraints and lower productivity would enhance the strength of processing trade.

An Analysis of the Measurement of China’s Cultural Products Export Trade Cost and Its Influencing Factors: An Empirical Test Based on China’s Cultural Trade Export Panel Data

WANG Hong-tao

2014, 0(10):  1744. 

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Based on the Anderson and Wincoop (2003) model, this paper deduces a general equilibrium model to measure a country’s import and export trade costs, which has a better microscopic application base than the currently frequently-used Novy (2006) model. On the basis of this derived model, this paper conducts a measurement of the cost level of China’s cultural products export trade from 1998 to 2013, and conducts a test on the factors affecting the export trade cost. The results show that China’s cultural products export trade cost is on the decline as a whole, its exports trade cost and the difficulty to developing economies is lower than that to developed economies. Such factors between China and its trading partners as the differences of the real per capita income, geographic distance, cultural differences, average nominal tariff levels, foreign trade openness, net terms of trade and so on are positively correlated with China’s cultural products export trade costs; while such factors as the RMB real effective exchange rate, land adjacency and preferential trade arrangements, etc., are negatively correlated. The traditional geographic distance is a factor having a significant effect on China’s cultural products export trade cost.

On the Effect of Classified and Batched Mandatory Implementation of Business Internal Control Standard System: from the Perspective of Earnings Management

RONG Li1, LI Jiang-tao2

2014, 0(10):  1745. 

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Taking China’s A share listed companies from the years 2011 to 2013 as the research objects, this paper tries to detect the effectiveness of China’s classfied and batched mandatory implementation of business internal control standard system from the perspective of the restraints of earnings management caused by the implementation of the internal control standard system. The results show that the mandatory implementation of the internal control standard system would have significant effects on the restraints of the degree of earnings management both through accounting choices and real activities. With the in-depth implementation of the internal control system, the degrees of the earnings management through accounting choices or through real activities are showing a downtrend year by year. This indicates that the police of the classfied and batched mandatory implementation of business internal control standard system adopted by China’s supervision department is reasonable, and it has achieved satisfactory effects.

On the Implementation Path of Collaborative State Audit: Based on Cloud Auditing

CONG Qiu-shi, HUANG Zuo-ming, ZHANG Jin-cheng

2014, 0(10):  1746. 

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The collaborative state audit is a new work mode of state audit with the aim of fulfilling the state audit responsibilities. It takes the cooperated audit knowledge as the core, strengthens the coordination of such factors as technology, organization and the audit system, applies the cloud audit techniques, shares the audit resources, and optimizes the audit process. On the basis of an analysis of the organization?principle, the organizational restructuring and?the?drive?of collaborative state audit, this paper points out that the key to realizing collaborative state audit is to establish a seamless platform and eventually to build audit offices into a“seamless organization”. The cloud audit technology can provide the technical support for the realization of the collaborative state audit. The mechanism of collaborative state audit has a three-layer structure: the audit strategy mechanism, the audit running mechanism and the audit guarantee mechanism. The collaborative cloud audit system is composed of four layers: the cloud audit infrastructure layer, the cloud audit resources platform layer, the cloud audit service and application layer, and the cloud audit analysis and presentation layer.