Table of Content

15 August 2015, Volume 0 Issue 08

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Monetary Policy Transmission Channels, Macroeconomic Growth and Business Investment Efficiency

ZHANG Chao, LIU Xing, TIAN Meng-ke

2015, 0(08):  530. 

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Taking China’s A-share listed companies as samples, this paper studies the influences of two kinds of monetary policy transmission channels on corporate investment efficiency in different macroeconomic growth environments. The results show that during the period of steady economic growth, money supply is positively correlated with both corporate under-investment and over-investment, while credit supply is negatively correlated with under-investment and is positively correlated with over-investment. During the period of unsteady economic development, part of the effect of credit channel is inversed. During the period of economic growth lacking of strength, the loose money supply can improve corporate investment efficiency. It is also found that interest rate is an effective substitution variable of monetary channel. The above-mentioned influences have differences in intensity under different nature and characteristics of ownership and different industry characteristics. In further researches, it is also found that during the period of economic growth lacking of strength, enterprises may present significant “dormancy” effect and timely adjustment behaviors.

Management Ability, Nature of Property Right and Value Relevance of Accounting Information

XIE Jian1, WU De-jun1, TANG Jie-long2

2015, 0(08):  531. 

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From the perspective of managerial ability, this paper studies the impact of managerial ability on the value relevance of accounting information. It is found that the stronger the management ability is, the stronger the value relevance of business net income will be, and the weaker the value relevance of the owner’s equity will be. If the nature of property right is taken into consideration, the result shows that the state-owned property right would weaken the impact of management ability on the value relevance of accounting information. This indicates that the use of business accounting information by the investors depends on the information of business management ability. During the process of stock pricing, the investors would focus on different aspects of accounting information for enterprises with different levels of management ability.

Industrial 4.0 and Industrial Internet: Comparison, Enlightenment and Countermeasures

YANG Shuai

2015, 0(08):  532. 

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Industry 4.0 and Industrial Internet are born from the future industrial development mode in Germany and America respectively in the context of the new industrial revolution, and both are promoted jointly by the domestic industry sector, universities and research institutions. This paper makes a deep comparison and analysis of the similarities and differences between Industry 4.0 and Industrial Internet. The results show that the two are basically the same in motivation, kernel, direction, results and so on. But because of the significant differences between the comparative advantage of Germany and America in the fields of internet?and industry, there exist great differences in the connotation, realization path, key points of implementation and effect. Actually, a lot of similarities between Industry 4.0 and Industrial Internet point out a new direction for the future development of global industry, and the differences between them suggest that only the development mode combined with national conditions can receive wide support. Undoubtedly, these conclusions will provide valuable experiences for China to formulate coping strategy and quicken the steps of the integration of the industrialization and informationization.

Can Factor Price Distortion Attract Efficient Enterprises to Locate?

JIANG Han-ming

2015, 0(08):  533. 

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This paper applies the method of stochastic frontier analysis to carry out a comprehensive measurement of the factor price distortion at China’s 267 cities except Tibet from 1998 to 2011. On such a basis, it constructs a conditional logistic model to examine the impact of factor price distortion on the location choice of the enterprises with different production efficiency from the micro-level. The result shows that during 1998-2011, the general factor prices in China are severely and negatively distorted and are presenting an increasing trend year by year. In the aspect of spatial distribution, the negatively distorted factor prices have formed a pattern of stronger in the Midwestern region and weaker in the eastern coastal region and the northeastern region in China. The more efficient the business production, the lower the probability to choose the cities with higher level of factor price distortion. Therefore, to raise the degree of factor price distortion by the local governments is not helpful to attract enterprises with efficient production to locate.

A Probe into the Obstacles and Paths of Food Safety Governance and Reform

WANG Qiu-shi, SHI Hong-yang

2015, 0(08):  534. 

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Neither market mechanism nor government mechanism alone can effectively solve the problem of food safety in the field of food safety governance. The effective solution is to improve the new food safety governance mechanism participated jointly by government, market and the third party organization. This paper holds the idea that we should further improve the related legal system, strengthen the regulation of food safety and the control of the regulators with the courage and insight of rectifying the“four winds”among the leading cadres, establish a severe punishment mechanism of lifelong ban from business towards those who produce and operate the unqualified food knowingly, on this basis a business self-discipline mechanism should be established. At the same time, we should further standardize and strengthen the food safety governance behaviors involving news media and other third party organizations, guard against the willful violation of the legal benefit of the food enterprises, so as to effectively promote food safety management level in China.

Motivation, Capability and Intuition Effectiveness of Knowledge-Based Employees: A Study Based on the Moderating Role of Situational Factors

ZHANG Jing1, CHEN Chuan-ming2

2015, 0(08):  535. 

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Starting from the complexity and flexibility of cognitive schema, this paper discusses the antecedent variables and action mechanism of intuition effectiveness combined with situational factors. The empirical research based on the samples of knowledge-intensive service enterprises shows that self-efficacy and individual ambidextrous competence have a positive correlation with intuition effectiveness of the knowledge-based employees; the market environmental dynamism and technological environmental dynamism can play a positive regulating role in the relationship between self-efficacy and intuition effectiveness; the market environmental dynamism can play a negative regulating role in the relationship between individual ambidextrous competence and intuition effectiveness; the intermediary centrality can play a negative regulating role in the relationship between individual ambidextrous competence and intuition effectiveness.

The Impact of Culture on A Country’s Financial System Structure

LI Meng, ZHANG Xing-long

2015, 0(08):  536. 

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Among so many factors affecting the establishment of the financial system structure of a country or a region, culture as a key factor is playing a significant role. Beginning from the two paths of values and legal systems, this paper conducts a deep analysis of the inner mechanism of culture affecting the financial system. On this basis, it applies the model of feasible generalized least squares (FGLS) and the generalized method of moments(GMM) to perform an empirical test of the related data of 45 countries or areas from 1989 to 2011. The results show that those countries advocating“collectivism”with higher degree of risk aversion would be prone to choosing “bank-based”financial system; conversely, those countries advocating“individualism”with lower degree of risk aversion would tend to build“market-based”financial system. Besides, the civil law countries influenced by“rationalism”prefer“bank-based”financial system because they emphasize national interest and have poor ability to adapt to the environment; whereas the common law countries affected by “liberalism”are prone to establishing“market-based”financial system owing to their emphasis on personal rights and having good ability to adapt to the environment.

Spatial Correlation Effect of China’s Regional Inhibitive Financial Development: An Analysis Based on Generalized Spatial Econometric Model

WANG Shou-kun

2015, 0(08):  537. 

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Whether it is the economic competition based on the struggle for economic resources or the top-down political yardstick competition, the financial intervention by local governments is likely to present its spatial correlation. This paper constructs reverse composite index depicting financial intervention and introduces the asymmetric weight matrix and the two-regime division into the generalized spatial econometric model, then it is found that there do exist imitative competitions towards financial interventions between provincial governments, but the error shock might lead to differentiated responses of the local governments. Meanwhile, those stragglers in the government performance competition will increase the sensitivity of the provincial governments towards the intervention from the competitors, while the inland provinces have higher degree of spatial correlation compared to the coastal provinces. This conclusion may have great significance in policy enlightenment for the central government to strengthen its role of financial coordination and supervision and give up the GDP-oriented performance evaluation as soon as possible.

A Study of the Motivating Effect of Tax Authorities’ Strengthened Incentives on Tax Officials’

ZHANG Tong-jian, LIU Wei-zhong

2015, 0(08):  538. 

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To strengthen the incentive is a conventional way of incentives adopted by China’s tax authorities. Through empirical researches, this paper analyzes the correlation between the strengthened incentives of the tax authorities, tax officials’ organizational identity and taxpayers’ satisfaction. The results show that currently China’s tax authorities have their strengths and weaknesses; therefore it puts forward some measures to improve the strengthened incentives from the operational level. Overall, China should perfect the incentive mechanism from the four aspects of positively strengthened incentives, negatively strengthened incentives, faded incentives and penalty incentives, so as to enhance the efficiency of China’s tax administration.

A Study of the Effect of China’s Environmental Tax: Based on OLG Model with Individual Heterogeneity

CHEN Gong, DENG Yi-qun

2015, 0(08):  539. 

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By constructing an overlapping generation model with individual heterogeneity, this paper conducts a comprehensive quantitative analysis of the environmental, economic, welfare and distribution effects of China’s environmental tax policy. The results show that the determination of the rate of environmental tax should take into consideration China’s economic growth and emission reduction targets; in the early period of collection, low tax rates should be adopted, so as to reflect the relationship between environmental taxes and macroeconomic pro-cycle. In general, the environmental tax policy in line with the principle of tax neutrality is better than non-tax-neutral policies to increase the overall tax burden. Under different expenditure and tax return forms, the policy effects of environmental taxes are quite different. The government needs to balance their efficiency and fairness to select policy options which are consistent with the policy objectives.

A Study of the Time-Varying Effectiveness of Quantitative Monetary Policy in China

WANG Shao-lin1, LI Zhong-da2, LIN Jian-hao2

2015, 0(08):  540. 

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To measure the effectiveness of monetary policy based on VAR model is a common research model. This paper constructs a factor-augmented VAR model with probable time-varying slope coefficients and stochastic volatility to examine the time-varying evolution characteristics of quantitative monetary policy effectiveness in China. The empirical results show that, firstly, the output effectiveness of money supply growth shows obvious time-varying characteristics, and there is no long-time output effectiveness but significant short-term output effectiveness during the period of 1999-2006; while the short-term output effectiveness declined about 50% during the period of 2007-2013, the effectiveness of quantitative monetary policy is gradually waning. Secondly, compared with the output effectiveness, the price effectiveness of quantitative monetary policy is more significant, stable and durable.

Housing Price Fluctuation, Monetary Policy and Economic Fluctuation: A DSGE Analytic Framework

BA Shu-song, TIAN Lei

2015, 0(08):  541. 

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This paper constructs a New Keynesian dynamic stochastic general equilibrium model that includes the two markets: a real estate market and an ordinary consumer market, which is to be calibrated according to the structural parameters gained in the researches both at home and abroad of the theories and experiences of Chinese economy. On the basis of this calibration, this paper studies the effect of exogenous technology impact, preference shock, monetary policy shock and short-time one-off housing price addition impact on such variables as the ordinary consumer goods output, housing output, inflation, housing inflation, real wages and unemployment. It is found in the study that with respect to the technical impact and the preference shock, monetary policy shock and the impact of one-off housing price addition have a greater effect and longer duration on the main macroeconomic variables. Therefore, to stabilize monetary policy and to control the housing prices addition can weaken the harmful impact on the macroeconomic cycle.