Table of Content

15 December 2015, Volume 0 Issue 12

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Transformation of Accounting Firms, Legal Environment and Accounting Conservatism

LI Lian-jun, BAO Tong, SHEN Yong-jian

2015, 0(12):  482. 

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To promote the transformation of accounting firms into the special general partnership is an important measure to promote China’s CPA profession to be “bigger and stronger”. After the transformation, the firms will face increasing legal risks, and it would be an effective way for the listed companies to increase their accounting conservatism so as to reduce their legal risks. This paper takes the transformed accounting firms during the period of 2012- 2013 as the research objects and classifies the samples to analyze the impact of the transformation and legal environment on the accounting conservatism of the listed companies. The results show that the transformation of accounting firms into special general partnership can significantly increase the accounting conservatism of the listed companies. In the areas with poor legal environment, the transformation of accounting firms has an even more obvious impact on the increment of accounting conservatism of the listed companies. Compared with big companies, the impact on small companies is more significant.

A Study of the Isomorphism of Listed Companies’ CSR Information Disclosure under the Influence of Herd Behavior

JIANG Yao-ming, ZHENG Ying

2015, 0(12):  483. 

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Taking the listed companies which released their CSR reports from 2009 to 2013 as the research samples, this paper investigates the influence of herd behavior on the listed companies’ social responsibility information disclosure and the isomorphism thereby produced. The results show that those sample firms have shown the characteristics of homomorphism in their willingness, timing, level and mock objects when disclosing, which presents obvious herd behavior. Especially during the selection of the reference and mock objects of CSR reports, 85% of the sample firms choose the domestic standards as reference standards for the preparation of their reports, while there are still 15% of the sample firms deviated from the route of the “herd”, choosing the international standard (GRI:G3 standard) for the preparation of their reports, possibly out of their requirements for higher reputation and better corporate image. Among the 15% sample companies, those with business backgrounds of overseas listing or operation are more likely to prepare their CSR reports according to the international standards than those without.

The Path of Changes of Trade Added Value in China’s Finished Products Export

LIU Yao1,2, ZHU Ming-xia1

2015, 0(12):  484. 

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By making use of the world input-output table and based on the data obtained from the two decomposition methods of trade added value, this paper studies the path of changes of trade added value in China’s finished goods export, then it analyzes the changes of positions of Chinese export in the global value chain. The results indicate that the export share of intermediate products export is developing faster, and it has already surpassed the share of the corresponding part of the finished products export in 2011. The impact of the developed countries and the neighboring countries on China’s finished products export is coming down; on the contrary, the impact of the developing countries and the resource-based countries is increasing. Compared with the developing countries, the degree of involvement of the developed countries in China’s export is relatively dropping.

Quality and International Competitiveness of Export Trade Products: An Empirical Study Based on Chinese Manufacturing Industry

LI You

2015, 0(12):  485. 

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In the context of China’s domestic labor, capital, land, environment and other factor costs keeping rising and the international market demands keeping down-turning, to further improve and upgrade the quality of export products is the driving force for further growth of China’s export trade. This paper makes use of the import and export trade data during the period of 2001-2013 to test the relationship between the quality of China’s export products and the market share of the export products in the trade partner countries. The test results show that the upgrading of export product quality has significantly promoted the rising of the market share of China’s export products in the trade partner countries. The upgrading of export product quality presents nonlinear effect in promoting the international competitiveness of export products, i.e., the upgrading of export product quality results in decreasing returns when promoting the market share of the export products in the trade partner countries. The competitive effect against the vertical high quality trade products of the developed countries is bigger than that of the developed countries.

A Study of the Impact of Price Cutting on Customer Complaints in the Context of After-Purchase: From the Perspective of Perceived Price Fairness

CHEN Jin-long, ZHANG Shao-qing

2015, 0(12):  486. 

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Customers may always make complaints about the reduced price of the product they just purchased. From the perspective of the perceived price fairness, this paper explores the influencing mechanism of the size of price cutting on customer complaints in the context of after-purchase. The results of two groups of situational simulated experiments show that firstly, the perceived price fairness can mediate the impact of the size of price cutting on customer complaints; the larger size of price cutting (VS. smaller) would reduce the perceived price fairness, thus increase customer complaints. Secondly, when the time interval is longer (VS. shorter), the degree of impact of the size of price cutting on perceived price fairness will be reduced. Thirdly, when customers perceive higher controllability of price cutting (VS. lower), the regulating function of time interval in the influence of the size of price cutting on perceived price fairness will be reduced. These results have enriched the existing literatures with theoretical and practical significance.

Interest Rate Shock and Rational Stock Price Bubbles: A Test Based on TVP-SV-VAR Model

LI Jing1, WANG Guan-ying2

2015, 0(12):  487. 

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Based on TVP-SV-VAR model, this paper takes the monthly data of Shanghai composite index from 2002 to 2014 as the samples to test the time-varying characteristics of the impact of China’s monetary policy on stock market bubbles. The results show that the impact of China’s interest rate shock on stock market bubbles is consistent with the theory of rational asset price bubbles. The impact of interest rate shock on observed stock prices has time-varying characteristics and structural changes, and the degree of the impact depends on whether the possible positive impact of interest rate shock on the bubbles is enough to offset the negative impact on the base component. The test result of Shanghai and Shenzhen 300 index and Shenzhen component index keeps stable. This means that the central bank has to recognize once again the traditional view that the tight-money policy can alleviate the asset bubbles to some extent, and the counter-cyclical monetary policies should be adopted prudently.

The Impact of Abusive Supervision on Followers’ Workplace Deviance: the Regulating Effect of the Belief in A Just World

CAO Yuan-kun1, ZHU Zhen-bing1,2, WANG Zhen3

2015, 0(12):  488. 

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The individual difference of the followers may reduce the negative influence resulted from abusive supervision. Through the method of paired samples, this paper collects the data of 226 pairs of followers from 3 enterprises to explore the function of the belief in a just world (BJW) and the hostility in the relationship between the abusive supervision and the workplace deviance of the followers. The results suggest that BJW is helpful to moderate the influence of abusive supervision on workplace deviance of the followers, the strength of the relationship between abusive supervision and workplace deviance is more prominent among the groups with lower BJW. Hostility can play a role of partial intermediation between abusive supervision and workplace deviance. Furthermore, the results of an intermediary-adjusting integrated analysis indicate that BJW can adjust the intermediary function of hostility between abusive supervision and workplace deviance of the followers. In addition, on the basis of the research results, it provides relevant suggestions for enterprises to prevent and reduce the negative effects of the abusive supervision.

Commercial Bank Fragility: Interest Rate Shocks and Financial Accelerator Effect

HU Yuan-cheng1, SHU Chang-jiang1，2

2015, 0(12):  489. 

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By making use of the data from the first quarter of 2005 to the first quarter of 2014, based on the vulnerability of commercial banks, this paper brings the interbank lending market into an analysis framework to test the financial accelerator effect on China’s commercial banks under interest rate shocks and the differences. The result shows that faced with the interest rate impacts, the commercial banks of different types with bank vulnerability have not only significantly different financial accelerator effect, but also present significantly nonlinear and asymmetric characteristics. The relevant policy indications are that when formulate and implement monetary policies the central bank should watch for a chance to make decisions according to the state of the external financing premium and adopt the differentiated operational means to improve the effectiveness of monetary policies.

Performance Evaluation of Financial Investment for Rural Education under the County-Dominated System and the New Mechanism

JIN Wei-dong, XU Yin-liang

2015, 0(12):  490. 

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The county-dominated system has forced local governments to be responsible in the education investment, while the new mechanism reform has increased economic incentives for the local government investment in the education sector; both of the two reforms have improved the fund guarantee for rural education and have achieved some results. But in the county-dominated system, local governments are generally prone to the impulse of shirking their responsibilities in education investment; while the new mechanism reform can also bring forward a significant crowding-out effect. Thus, the issue of financial investment initiative in local education has not been completely resolved. Besides, although the two reforms have eliminated the phenomenon of cupped middle part in the financial input for local education, the finally-formed differences in financial investment for local education are also contrary to the principle of fiscal neutrality. Therefore, the important tasks for the future reform of rural education system are as follows: to adjust the local government performance assessment method as soon as possible, to divide clearly the responsibilities of education investment of governments at each level, and to design scientifically the education transfer payment system with regional differences.

Is There A Threshold Effect of Fiscal Expenditure on Employment Evidences from China’s Provincial Panel Data

LU Xiao-jun, ZHANG Ming-hong

2015, 0(12):  491. 

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Based on IS-LM model and Okun’s law, this paper tries to sort out the conduction path of the impact of fiscal expenditure on employment from the macroscopic level. Then it puts forward a research hypothesis, that is, there exists a threshold effect of fiscal expenditure on employment. Compared with the stage of faster economic development, when the economic development is slower, fiscal expenditure has stronger positive effects on employment. Evidences from China’s provincial panel data have verified the research hypothesis. It is also found that the improvement of consumption can play a significant role in promoting employment, while over-investment could play a reverse role in promoting employment. Thus, China should adjust the structure of financial expenditure, increase the expenditure on human capital accumulation, focus on relieving the structural contradictions in employment, so as to promote the positive interaction between economic growth and employment.

The Impact of Income Gap on the Regulating Effect of Commercial Housing Policy: An Analysis Based on Agent Modeling

CHEN Hui-hui

2015, 0(12):  492. 

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By employing the agent modeling method of computational economics and taking the house purchase quota policy and the reality transfer tax policy as examples, this paper designs and constructs a housing market simulation model (PEA2.0) so as to analyze the impact of income gap on the effect of commercial housing policy. The results indicate that both the house purchase quota policy and the reality transfer tax policy have the effect of lowering the prices of commercial houses, increasing the residential housing holding rate, and reducing the residents’ multi-house ownership rate. However, the realizing of this kind of policy effect is affected by the income gap. With the widening income gap, the regulating effect of policies will be reduced gradually, the average price of commercial housing will rise, the commercial house ownership rate will drop, and the rate of residents with multi-house ownership will rise. Therefore, the government should not only make relevant regulating policies according to the development of the real estate market, but also make great efforts to narrow the income gap, so as to have a more effective adjustment of the demand-supply structure in the real estate market.

A Study of the Quality Measurement of Urbanization in Underdeveloped Areas

YU Da-jin

2015, 0(12):  493. 

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By analyzing the existing literatures, this paper establishes an evaluation index system of the quality of urbanization in underdeveloped areas according to their realities. Taking Jiangxi Province as a typical case of underdeveloped area, it conducts an empirical study on the quality of urbanization development with the method of PCA, the UDIT theory and the breaking-point theory. The results show that the urbanization development in Jiangxi province is out of balance. The quality of urbanization in the prefectural-level cities can be divided into three grades with three characteristics, such as the obvious quality gap between the north and the south, the quality of urbanization being inversely proportional to the regional area, and the regions with lower quality of urbanization lacking driving force. The relevant indicators show that the UDIT between Nanchang and the prefectural-level cities is bigger except the ecological environment.