Table of Content

15 October 2019, Volume 0 Issue 10

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Does the New Media Spread More Negative Energy: From the Perspective of Social Equality Perception

HAN Yu-qing1, XIE Qiang2

2019, 0(10):  1878. 

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Based on the 2015 CGSS survey data, this paper establishes a random coefficient discrete choice model to compare the differences of the influences of the frequency of utilization of the new media and traditional media on people’s perception of social equality. The findings show that: (1) the new media does spread more negative energy, since the increase of the frequency of utilization of traditional media will enhance people’s perception of social equality while the increase of the frequency of utilization of the new media will reduce people’s perception of social equality; (2) the influence of the frequency of utilization of the new media on the perception of social equality is related with the levels of income; the higher the income, the weaker the negative influence of the frequency of utilization of the new media on the perception of social equality; (3) the influence of the frequency of utilization of the new media on the perception of social equality is mainly reflected on healthy people and urban residents.

70 Years of Industrialization in New China: From Takeoff to Maturity

LU Fu-cai, MA Shao-xiong, XU Bin

2019, 0(10):  1879. 

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As an industrial power, China’s industrial sector plays a significant role in its economic development, whose development process roughly reflects the economic growth since the founding of New China 70 years ago. According to China’s actual conditions and the background of times, this paper applies and extends Rostow’s economic growth theory to explore the stage characteristics of China’s industrialization and sum up the experience via horizontal-and-vertical comparison. The findings show that China’s industrialization is very “tortured” before the completion of the economic“take-off”, and the system has played an important role in the process of completing the economic “take-off”. Moreover, China’s economy is still in the stage of“going to be mature”. Finally, combining the problems of China’s industrialization in the process of“going to be mature”, it further proposes such suggestions as industrial intelligence, industrial greenization and industrial services, so as to solve the current industrialization dilemma and help China’s industry to have high-quality development.

Research on the Behavior of Local Superior Governments to Withhold Transfer Payment

SHU Lei, FU Wen-lin

2019, 0(10):  1880. 

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Local superior governments have the advantage of longitudinal financial competition, which makes them have the institutional incentive basis to withhold transfer payment funds. By making use of the panel data of China’s provincial governments from 2000 to 2017, this paper empirically analyzes the local superior governments’ behaviors to withhold the transfer payment funds. The findings show that the local superior governments’ behavior of withholding the transfer payment funds will be decreased with the increase of fiscal revenue at the same level and will be increased with the increase of central government’s transfer payment allocated to the local areas. The interception behavior taken by the local superior government is mainly implemented through general transfer payments. The empirical findings of the heterogeneous regions show that in order to reduce the outflow of local financial funds from the net financial funds outflow regions, the local superior governments will adopt “anti-interception”subsidy measures to increase the transfer payment to governments below the provincial level. Therefore, in order to reduce the withholding behavior of transfer payment funds, it is necessary to strengthen the supervision and management of local governments’ transfer payments, standardize the funding channels and usage procedures of the transfer payment funds, establish and perfect the oversight and accountability mechanisms for the use of transfer payments, protect the rights and interests of local grass-root governments and vulnerable areas in allocating funds, and increase the proportion of classified allocation in transfer payments on the basis of reasonably dividing the responsibilities of vertical inter-governmental expenditures.

Fragmentation and Holistic Governance of Quasi-Public Goods Supply in the Context of Sharing Economy: A Case Study of Sharing Bicycles

NAN Rui

2019, 0(10):  1881. 

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The sharing economy breaks the traditional quasi-public goods supply pattern dominated by governments, realizing the transformation from administrative fixed distribution to market-oriented and individualized on-demand matching. The features of pubic goods and the emergence of market failures make it necessary to govern the sharing bikes; while the fragmentized governance dilemma need to have a holistic governance, it is imperative to govern the sharing bicycles holistically. In view of the current practice, the sharing bikes governance falls into three kinds of dilemmas: fragmentation of the subjects, fragmentation of the objectives, and fragmentation of policies. Against the above-mentioned dilemmas, it is suggested to establish a holistic governance path for the sharing bikes, including integrating the subjects to establish a joint governance pattern by multiple entities and to get rid of the fragmentized dilemma of the governance subjects, integrating the objectives to establish a coordinated and unified goal to get rid of the fragmentized dilemma of governance objectives, and integrating the policies to strengthen the top-level design and grass-roots innovation to get rid of the fragmentation dilemma of the governance policies.

70 Years of China’s Finance: Historical Context, Contribution of Times and Prospect Forecast

LIU Zhen-zhong1, LIU Jin2

2019, 0(10):  1882. 

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Looking back on the development process of the founding of the People’s Republic of China in the past seventy years, China’s finance has undergone tremendous changes in terms of its nature, function, total quantity, structure, etc., and has experienced six stages: initiation and consolidation, tortuous development, exploration and reconstruction, fission and subdivision, breaking away from the real to the virtual, and promoting the real economy and preventing financial crisis. From them, great achievements have been made and helpful experiences have been explored, which have played a major supporting role in the prosperity and stability of China’s economy and the improvement of people’s living standards, and have had an important impact on China’s economy and society. Following the historical evolution path, the degree of opening to the world in the financial industry will continue to expand in the future, the economic power of the financial service entities will be greatly enhanced, new financial modes and patterns will be developed rapidly, while the financial risk prevention should be further strengthened. Focusing on the direction of financial development in the new era, we should also actively respond to the trend and ensure the stable and healthy development of the financial industry.

A Study of the Spillover Effect and Transmission Mechanism of Sino-US Financial Cyclical Fluctuations

DENG Chuang, XU Man

2019, 0(10):  1883. 

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During the two financial crises and since China’s economy stepped into the “new normal”phase, the total spillover effect and the directional spillover effect of the financial cyclical fluctuations between China and the United States have been obviously at a higher level. The directional spillover effect of financial cyclical fluctuations between the two countries shows significant asymmetric characteristics, i.e., the directional spillover effect from financial fluctuation of the United States on China’s financial system is significantly higher than that of China’s financial fluctuation on US financial system. At the present stage, China’s financial cyclical fluctuation is transmitted to the financial system of the United States mainly through the interest rate market and the exchange rate market, while the interest rate market, the money market and the credit market are the main routes through which the financial cyclical fluctuation of the United States is transmitted to China’s financial system. Therefore, while actively adjusting the financial structure to ensure the process of China’s financial opening-up is gradual and orderly, China and the United States should also establish a long-term cooperation mechanism in the financial field, formulate unified financial supervision standards, and improve the transnational risk sharing mechanism, so as to prevent the resonance of the financial systems of the two countries from aggravating the systemic financial risks of the world.

Innovative City Construction and Enterprise Innovation Output

LIU Jia1, GU Xiao-long1,2, XIN Yu2

2019, 0(10):  1884. 

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Based on China’s 230 above prefecture-level cities, 2363 listed companies and 16,566 observation values during the period of 2008 to 2016, this paper adopts the triple difference method to conduct a test. The findings show that the establishment of innovative cities has promoted the adjustment of the innovation output of the local high-tech enterprises towards substantive innovation. This effect has certain regional heterogeneity, which is more significant in the regions with relatively weaker marketization. The fiscal policy and the financial guidance policy are two important tools for local governments to play the role of policy in the early days of innovative urban construction. Through increasing the development-type financial subsidies in the government subsidies and with the support of social security funds, the improvement of substantive innovation is realized. The research conclusions can provide empirical evidences for the government’s“promising hand”to play an active role in promoting regional and corporate innovation output, especially in regions where the“invisible hand”of the market is relatively weaker.

Red Culture and Enterprises Internal Pay Gap: A Test from the Perspective of the Old Revolutionary Base Areas in China

YU Wei1, ZHANG Chun-ying2, HE Xin-ping3

2019, 0(10):  1885. 

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By making use of the data of the A-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2017 and considering the specific situations of the enterprises which are registered in the Old Revolutionary Base Areas, this paper investigates the influence of the red culture on the internal pay gaps of enterprises. The findings show that the red culture can alleviate the pay gap between the management and the ordinary employees, and this effect is more significant in the enterprises controlled by private capitals, or having weaker internal supervision power, or being short of external competition. The result of the extended test also reveals that the “revolutionary examples” of the registration place and the growth experience of the chairman of the board at the old revolutionary base area can positively promote this effect of the red culture. This shows that “model” and “education” are two paths for the red culture to play its role. The research conclusion expands the research connotation of cultural factors from the perspective of finance, and reveals the corporate governance role of cultural factors hidden behind the “Old Revolutionary Base Areas”.

Is Information Sharing Conducive to Collaborative Innovation in Manufacturing Companies? An Empirical Analysis Based on the Survey Data of Business Environment of Chinese Enterprises

WANG Zhan-xiang, WEI Lin

2019, 0(10):  1886. 

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The collaborative innovation in manufacturing enterprises is an important approach for Chinese economy to upgrade and transform from traditional low-end manufacturing to high-end manufacturing at the high-quality development phase. In the context of the big data era with increasingly uncertain factors, information sharing is particularly critical to the collaborative innovation of the manufacturing enterprises. By using the World Bank survey data of 2012, this paper discusses the impact of information sharing on the collaborative innovation of the manufacturing companies based on the vertical relationship between the enterprises and the suppliers and customers. The findings show that information sharing can not only increase the probability of collaborative innovation investment of the manufacturing enterprises, but also help to increase the collaborative innovation investment scale of the manufacturing enterprises, and this effect does not change with the changes of information sharing subjects, information sharing contents, and collaborative innovation types. This conclusion reveals and emphasizes the important role of information sharing in the promotion of collaborative innovation in manufacturing enterprises. It also provides reference and enlightenment for the state in formulating collaborative innovation policies, better advancing the“Made in China 2025”Plan and supply-side structural reforms.

Regional Evaluation of China’s Tourism Industry Efficiency and Its Deconstruction Analysis: An Empirical Study Based on SFA

HU Ya-guang

2019, 0(10):  1887. 

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Centering around the efficiency of tourism economic development, this paper adopts the stochastic frontier method (SFA) to conduct an empirical analysis of the tourism economic efficiency level of China’s 31 provincial-level administrative regions (excluding Hong Kong, Macao and Taiwan) from 2005 to 2014, and at the same time, it integrates the efficiency growth deconstruction method of Kumbhakar and Lovell (2000) to conduct a deconstruction study of the growth rate of TFP. The research findings show that the efficiency of China’s tourism industry has obvious regional heterogeneity characteristics of“Stronger East and Weaker West”. The rate of technological progress and the scale efficiency are the main shortcomings that constrain the growth of total factor productivity in the eastern region of China; the lower rate of technological progress and allocation efficiency are the key factors hindering the improvement of tourism efficiency in the western region. To improve the level of technological production frontier and to optimize the scale structure of the industry will be the key tasks to promote the transformation of the tourism industry towards efficiency in the central region of China.

Research on the Heterogeneity of Signature CPA Teams and Audit Quality

LI Wen-ying1, CHEN Song-sheng2, CAO Yuan-yuan2

2019, 0(10):  1888. 

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From the perspective of the heterogeneity of signed CPA teams, this paper examines the impact of the identity heterogeneity of CPA teams and the task-related heterogeneity on audit quality. The findings show that Party heterogeneity and age heterogeneity of the identity heterogeneity in the signed CPA team members can improve audit quality, while the task-related heterogeneity has no impact on audit quality. Further research finds out that team power structure, team size, teamwork duration and customer importance heterogeneity have significant adjustment effect on the heterogeneity of the signature CPA teams and audit quality. Such research conclusions can provide theoretical reference and experience for the characterization research in the audit field with signature CPA teams as the units.

Tournament Motivation for Executives’ Promotion and Corporate Social Responsibility: Evidences from Listed Companies

ZHANG Lin-yi

2019, 0(10):  1889. 

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By making use of the data from the A-share listed companies during the period of 2003-2016, this paper analyzes the relationship between the tournament motivation for executives’ promotion and corporate social responsibility through measuring the tournament motivation for executives’ promotion with compensation gap. The findings reveal that the tournament motivation for executives’ promotion can stimulate the enterprises to bear more social responsibilities. The further analysis finds out that the perception of the executives towards the probability of the future promotion will affect the relationship between the tournament motivation for executives’ promotion and the corporate social responsibilities, the higher the probability of executives’ promotion, the stronger the incentive effect will be, and the enterprises will be promoted to bear more social responsibilities. If the succeeding executive was a lower-rank executive with excellent performance, the effect of tournament motivation for promotion will be better.

Border-Crossing and Integration of Economy and Literature: A Review of Economic Research and Literary Exploration

ZHANG Yi-wei

2019, 0(10):  1890. 

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