Table of Content

15 November 2014, Volume 0 Issue 11

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Regional Difference in the Quality of State Audit: A SYS-GMM Test Based on Dynamic Panel

MA Yi-qun

2014, 0(11):  636. 

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With the rapid development of state audit, the quality of audit is attracting more and more attention from the public. Based on the existing researches, this paper divides the quality of state audit into the quality of audit behavior and the quality of audit reclification, then it employs the SYS-GMM to test the dynamic effects of the quality of state audit at different regions. The results show that, firstly, the regional difference is significant in the quality of state audit; the audit quality of the eastern region is generally better than that of the central region, and the central region is better than the western region. Secondly, the quality of state audit behaviors has dynamic increasing effect, and this effect in the central and western regions is stronger than that in the eastern region. The dynamic effect of the quality of audit reclification is quite different at different regions; the effect of audit reclification at the eastern region is most significant.

A Study of the Internal Mechanism of Corporate Value Creation Based on Roundabout Production and Intellectual Capital

YUAN Ye-hu

2014, 0(11):  638. 

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Intellectual capital which is based on the core connotation of knowledge has proved to be a key driving factor in present economic growth and corporate value creation. However, due to the absence of the logic clue formed endogenously in intellectual capital, the present theoretical explanations about value creation driven by intellectual capital are not clear. This paper believes that starting from the principle of value creation realized by the means of roundabout production, through the analysis of the capital essence that the advanced capital (monetary capital) and capital goods are unified in the roundabout production means, the formation and evolution route of intellectual capital and the internal mechanism of value creation could be found. With the dynamic formation of knowledge, intellectual capital has progressively evolved into such forms as human capital, organizational capital, social capital, relationship capital and so on, thus value creation has been gradually expanded.

Urbanization and Regional Differences of Investment in Real Estate Development: Evidences Based on the Dynamic Panel Data Model

ZHANG Li-xin1, QIN Jun-wu2

2014, 0(11):  640. 

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Based on the population urbanization variable, this paper tries to introduce the variables of space urbanization and capital urbanization into the analytical framework. Then it makes use of the provincial panel data during 1998-2012 to construct a dynamic panel model. By applying the system GMM estimation method, it conducts an empirical study of the regional allocation and differences of investment in real estate development under the impact of urbanization. The results show that from a nationwide view, when other affecting factors are being controlled, the impact of space urbanization and capital urbanization on the investment in real estate development is much greater than that of population urbanization.The estimated result from the regional level reveals once again that population urbanization alone is not enough to dominate the current pattern of regional allocation of real estate development investment. Instead, space urbanization and capital urbanization are critical for the regional allocation and structural evolution of real estate development investment. This result can correct the improper understanding of the importance of population urbanization to some extent.

Monopoly, Ownership Structure and China’s Industry Income Gap

LIU Hao, LI Xiang-ju

2014, 0(11):  1747. 

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According to the ownership systems, this paper makes a decomposition of Theil index, which is used to measure China’s industry income gap. The results indicate that the industry income gap caused by the ownership has become narrower and narrower; due to the rather smaller income gap of the groups of the state-owned sector, the degree of participation of the state-owned sector has in fact been playing a role in mitigating the overall income gap of China’s industries to a certain degree in recent years. By selecting the relative data of the 19 major industries from 2003 to 2012, this study, which is carried out according to the division of profit and nonprofit industries, shows that the different degrees of industrial monopoly is one of the important factors leading to industry income gap. The influence of the participation of the state-owned sector on the industrial average income level plays entirely different roles in the profit industry and nonprofit industry. On such a basis, this study points out the reform direction to narrow the industry gap.

Environmental Regulation and Multiple Equilibrium of Economic Growth：Theory and Evidence from China

FENG Fu-yu

2014, 0(11):  1748. 

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Based on the theory framework of Ramsey-Cass-Koopmans model, this paper constructs a two-sector economic growth model, including the environmental protection sector and the actual production sector, to analyze the relationship between environmental regulation and economic growth with the dynamic optimization theory. The result shows that there exists a relationship of multiple equilibrium between economic growth and environmental regulation. Then it makes use of China’s provincial pane1 data during 2007- 2012 to conduct an empirical analysis of the relationship between the two. The estimated result of the panel threshold regression model indicates that“Porter Hypothesis”has gained support from China’s evidences: the environmental regulation has promoted China’s economic growth. Further analysis proves that under the different intensities of environmental regulation, the impact of environmental regulation on economic growth is different.

A New Exploration of the Reform of China’s Coal Resource Taxation Means

LI Dong-mei1,2, KOU Tie-jun2

2014, 0(11):  1749. 

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Since November of 2011, the reform of petroleum and natural gas resource taxation has spread all over the country. The 3rd plenary session of the 18th Central Committee of the Communist Party of China even explicitly proposed “to speed up the reform of resource tax”and“to put into practice the system of paid use of resources and the system of ecological compensation”. However, no substantial progress has been made on the resource tax reform of coal, which is of course a special resource product. At present, China has all the feasible conditions to carry out the reform of coal resource taxation into valuation taxation, this reform is at the right time. Meanwhile, considering the possible resistance along the way of reform, China should also prepare a series of supporting measures for the reform.

An Analysis of the Incentive Effects of R&D Preferential Tax Policies on Business Innovative Outputs: A Study Based on the National-Recognized Enterprise Technical Centers

ZHANG Xin-dong1, HE Ya-nan1, MA Xiao-mei2

2014, 0(11):  1750. 

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Taking the data of the listed companies which are identified as National-Recognized Enterprise Technical Centers as samples, this paper focuses on the multiform innovative outputs and conducts an ampirical study by applying the propensity matching approach. The result shows that the firms that have enjoyed the preferential tax policies can have more patents, new products and technological rewards than those without the tax policies, which supports the incentive effects of R&D preferential tax policies; meanwhile, the situations of the firms that enjoyed the preferential tax policies are not satisfactory, there even exist regional and industrial differences. Therefore, firms should apply for R&D preferential tax policies actively, and the government should also strengthen its efforts in carrying out the relevant preferential policies, so as to quicken the pace of independent innovation in the firms.

Financial Inclusion and Regional Income Gap: Based on Empirical Data of 87 Counties in Hunan Province during 2008-2012

LIU Bo, WANG Xiu-hua, PENG Jian-gang

2014, 0(11):  1751. 

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Based on the date of 87 counties in Hunan Province during 2008-2012, this paper constructs a spatial econometric model to study the influence of the level of financial inclusion in geographic units at county scale on the per capita income at county scale. The result indicates that to improve the level of financial inclusion in geographic units at county scale can help to improve the per capita income in the geographic units at county scale. To improve the level of financial inclusion can both directly improve the income level and indirectly improve the income level through improving the level of economic development. The international experiences show that to improve the level of financial inclusion is in favour of the economic development and narrowing the income gap between regions. With a panel quantile model, this study quantifies the relationship between financial inclusion level and the “relative income difference”. The results show that to improve the level of financial inclusion can help to narrow the “relative income difference”, the effect is more obvious for the geographic units of lower income counties. Hence, to improve the level of financial inclusion in geographic units at county scale, especially for the lower income counties, is of great importance in increasing the resident income and narrowing the income gap between geographic units.

Can Financial liberalization Reduce Consumption Volatility: Evidences from China

WANG Wei, LI Fu-wei

2014, 0(11):  1752. 

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The expansion of domestic demand and financial liberalization are two important strategic orientations in China’s current economic activities. Is there any relationship between financial liberalization and household consumption? This paper makes use of the provincial panel data to study the impact of China’s financial liberalization on the household consumption volatility and its mechanism. The results indicate that: (1) financial liberalization would have threshold effect; (2) the capability of financial liberalization to stabilize household consumption volatility depends on the level of financial development in the provinces, the higher the level of financial development of the provinces, the stronger the capability of financial liberalization to stabilize household consumption volatility will be; and (3) financial liberalization can only alleviate the effect of nominal impact on consumption fluctuations, it cannot withstand any actual impact due to the asymmetry of capital account openness in China’s financial liberalization process. Thus, it can be seen that financial liberalization should be a process which need continuous promotion, unceasing deepening and balanced development; only up to a certain level and achieving balanced development, can a high-quality consumption growth be brought about.

Immigrant Networks, Inter-Organizational Imitation and Location Choice of Chinese FDI in the US

WANG Jiang1, CHEN Jun-fu2

2014, 0(11):  1753. 

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From the perspective of social influences, this paper conducts an empirical investigation of the problem of location choice of Chinese FDI in the US with the sample of 741 cases between 2000 and 2013. The study finds that Chinese immigrant networks is an important factor in explaining location choice of Chinese FDI in the US, because Chinese enterprises tend to invest in the states with well-developed Chinese immigrant networks. Meanwhile, inter-organizational imitation occurs in the location choice of Chinese FDI in the US as well. When Chinese enterprises make location choices, they would refer to previous decisions of the enterprises similar to them. In addition, as a means to reduce uncertainty, immigrant networks and inter-organizational imitation are not totally unrelated, rather, they can be substitutes for each other.

A Study of Organizational Embeddedness, Occupational Embeddedness and Job Performance of New-Generation Rural Migrant Workers

CHEN Yun-chuan1,2, LEI Yi2

2014, 0(11):  1754. 

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Based on the work embeddedness theory, this paper extends the concepts of organizational embeddedness and occupational embeddedness about the new-generation rural migrant workers. Then it makes use of the 398 samples to explore the relationship between them and task performance, organizational citizenship behavior and counterproductive work behavior. The results show that organizational embeddedness and occupational embeddedness of the new-generation rural migrant workers are two autonomous variables. Organization embeddedness has significant positive effects on task performance and organizational citizenship behavior, and has significant negative effects on counterproductive work behavior. Occupational embeddedness has significant positive effects on task performance and significant negative effects on counterproductive work behavior. Community embeddedness has a regulating effect on the relationship between organizational embeddedness and task performance and organizational citizenship behavior, but no significant effect on counterproductive work behavior. Community embeddedness has no regulating effect on occupational embeddedness and the three variables of job performance.

Is There an Inter-Regional Industrial Gradient Transfer in China’s Manufacturing Sector

ZHANG Guo-sheng1, YANG Yi-shuang2

2014, 0(11):  1755. 

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Faced with industrial transfer in Eastern China, the regional development strategies of China’s central and western regions all have such an implication of the important deployment that the industries in eastern region would transfer to the central and western regions, they hope to realize the convergence of regional economic development by inter-regional industrial gradient transfer. With the help of the factor mobility in the course of industrial transfer, this paper makes use of the data from 2000 to 2010 to conduct an empirical analysis of the inter-regional labor force transfer in China’s manufacturing sector. The results indicate that on the whole there is no large scale transfer between the eastern, central and western regions in China’s manufacturing sector. Although there is an obvious inter-regional industrial gradient transfer in the labor-intensive industries of the manufacturing sector, this transfer can only be seen from the eastern region to the central region. There is no obvious transfer in the capital and technology-intensive industries and the technology and labor-intensive industries of the manufacturing sector; the existing industrial transfers are still concentrated inside of the eastern region, but there is a tendency of industrial transfer scattering from the inside of the eastern region to the central region. Therefore, the western region has to adjust its regional development strategy and find a new acting point for its development, while the central region has to choose carefully the types of the industries to be accepted. At the same time, in order to compete with the countries in Southeast Asia, the central and western regions should pay attention to the enormous demand in the domestic markets and reduce the transaction costs of the industrial transfers when accepting the industrial transfers.