Table of Content

15 June 2015, Volume 0 Issue 06

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Corporate Culture and Business Credit: Does “Integrity” Work?

ZHAI Sheng-bao1, LI Xing-tian2, XU Ya-qin1

2015, 0(06):  553. 

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By applying the text analysis method and taking all the A-share listed companies in Shanghai and Shenzhen stock markets during the period of 2002-2012 as samples, this paper tests the impact of the integrity-oriented corporate culture on the level of business credit based on the effective recognition of the integrity-oriented corporate culture. It provides some empirical evidence for the signaling effect of corporate culture from a new perspective. The empirical results show that the integrity-oriented corporate culture can effectively increase the business credit they have acquired. Further examination has found that the impact of “integrity” on business credit can only play a role in non-state-owned enterprises; it does not work in state-owned enterprises. As for non-state-owned enterprises, the “integrity” can play a greater role if the legal environment is rather poor or the formal financing capability of the enterprises is weaker.

A Study of the Optimal Range of State-Owned Shareholding Proportion: Based on Panel Threshold Regression Model

TIAN Kun-ru, JIANG Yong

2015, 0(06):  555. 

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Taking the relative panel data of A share companies, excluding the special treated and the financial industries, listed in both Shanghai and Shenzhen stock exchanges from 2003 to 2013, whose state-owned shareholding proportion is more than zero, as samples, this paper conducts an empirical study with panel threshold regression. The results show that the mixed ownership companies with state-owned shares but not controlled by them have such an optimal range of state-owned shareholding proportion as（5.01%，15.46%）, the state-owned shareholding proportion is approaching 15.46%; the mixed ownership companies relatively controlled by state-owned stocks have such an optimal range of state-owned shareholding proportion as（32.16%，43.86%）, the state-owned shareholding proportion is approaching 32.16%; the mixed ownership companies absolutely controlled by state-owned stocks have such an optimal range of state-owned shareholding proportion as（74.56%，100%）.

Research on Monopsony Effect of International Carbon Emissions Trading：Taking Import Control of Annex B Countries for Example

ZHANG Yun1, YANG Lai-ke2

2015, 0(06):  556. 

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This article makes use of the marginal emission reduction cost curve to analyze the logic of international carbon emissions trading theory and predict the results of free trading among Annex B countries. Then it constructs a theoretical model of deadweight loss and import cost saving to analyze the monopsony effect in the international carbon emission trading market. It is confirmed that the import countries of carbon emission right can reduce the total cost of the reduction obligation by setting up the highest import proportion, increase the net earnings of international carbon emission trading, and keep the import proportion with minimum total cost. The developing countries should strengthen cooperation and carbon resource management, strive for the right to speak in international carbon emission trading and negotiations, carry out the innovation of the related property rights system as soon as possible, and establish domestic market trading mechanism.

Capability of Structural Transformation and Evolution of Specialization Patterns: A Comparative Analysis Based on BRIC’s Export Data

ZHU Shu-jin, LI Ren-yu, JIANG Ming

2015, 0(06):  557. 

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By adopting HS (1992) six-digit export data and taking U.S.A as a benchmark country, this paper makes a comparison between the structure transformation capability and the evolution of specialization patterns of BRIC countries, so as to empirically test the impact of the structure transformation capability on the specialization patterns. The result shows that, compared with the U.S.A, the existing levels of their specialization patterns are relatively lower and their structure transformation capabilities are relatively weaker. China and India have many similarities in the specialization patterns and the evolution process. China’s capability of structure transformation is relatively stronger, followed by India, but the capabilities of Brazil and Russia are declining. In the future, BRIC countries will have more “products with potential advantages” in the sectors with higher level of technical sophistication. At present, however, their capabilities of structure transformation are not consistent with the transformation space.

A Study of the Impact Mechanism of Customer Mistreatment on Working Reactions of Service Employees

ZHAN Xiao-jun

2015, 0(06):  558. 

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Due to the asymmetry of the powers between service employees and their customers, customers often have mistreatment behaviors in the process of consumption. Based on the tracing investigation of 312 employees and their supervisors, this paper discusses the function of negative emotion, conscientiousness and supervisor support in the impact mechanism of customer mistreatment on service employees’ working reactions. The result shows that the negative emotion of the employees plays a partial mediator role between the customer mistreatment and employees’ service performance, while between customer mistreatment and employee sabotage it plays a total mediator role; conscientiousness and supervisor support can relieve the effect of customer mistreatment on employees’ negative emotion. In addition, on the basis of the research result it puts forward some relevant suggestions for service enterprises to prevent and deal with customer mistreatment.

A Study of Systematic Risk Spillover of China’s Listed Financial Institutions: A Comparative Analysis Based on CoVaR and MES

BU Lin, LI Zheng

2015, 0(06):  559. 

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From the two perspectives of bottom-up and top-down, this paper applies CoVaR and MES (Marginal Expected Shortfall) to study the systematic risk spillover effect and its time-varying characteristics of China’s 23 listed financial institutions. The results show that: (1) the MES mean value of securities firms, insurance companies and commercial banks decreases in sequence, and the systematic risk contribution of securities firms and insurance companies is higher than that of commercial banks; within the banking sector, the MES value in both joint-stock and city commercial banks is higher than that in the large-scale state-owned commercial banks. (2) The mean value of of commercial banks, insurance companies and securities firms decreases in turn. As for the general systematic risk contribution of a single financial institution, the risk spillover of commercial banks and insurance companies is higher than that of securities firms towards the overall financial system; in addition, the systematic risk spillover of joint-stock commercial banks is higher than that of large-scale state-owned commercial banks. (3) The systematic risk of China’s financial institutions has obvious periodicity, which is relatively high during crisis and shows evident downward trend after the crisis. In the post-crisis era, the improvement of interbank business has reinforced the relevance between the financial institutions, and the level of systematic risk in China was improved in 2013. These research conclusions can provide useful references for both the construction of macro-prudential regulatory and supervisory framework and the implementation of the macro-prudential policies.

A Study of the Relationships between Organization Embeddedness, Community Embeddedness, Perceived Organizational Support and Turnover Intention

YANG Ting-fang

2015, 0(06):  560. 

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In the former researches of voluntary turnover, most of them reached the agreement on the conclusion that organization embeddedness has a significant impact on turnover intention, but the relationship between community embeddedness and turnover intention is controversial. This illustrates that there probably exist some kind of moderator variable from individual, organization and community between community embeddedness and turnover intention. This study explores whether the controllable organizational factor the perceived organizational support can play a significant moderator role between community embeddedness and turnover intention. Moreover, it is noted that there is a kind of“stickiness”between organization embeddedness and community embeddedness, i.e., they can impact each other. It also explores the moderator function of community embeddedness between organization embeddedness and turnover intention. The results indicate that: (1) community embeddedness has a significant positive moderator effect between organization embeddedness and turnover intention; (2) the perceived organizational support has a significant negative moderator effect between community embeddedness and turnover intention.

Promotion Incentive, Grabbing Hand and Excess Revenue of Local Governments

FENG Hui, SHEN Zhao-zhang

2015, 0(06):  561. 

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Based on the theories of political incentive and new fiscal centralization, this paper conducts an empirical analysis of excess revenue of local governments by making use of the provincial panel data from 2000 to 2012. Under the promotion incentive, local governments will tactically affect the planned GDP growth rate on which the budgeting is based and the core index (namely the actual GDP growth rate) on which the government officials performance assessment is based. Thus, GDP growth beyond the plan lays the economic foundation for excess public revenue. After the reform of tax distribution system, the central government has strengthened fiscal centralization, so the local governments under tremendous fiscal pressure have to improve the efficiency of tax collection and management. If developing high-tax industries can bring about tax growth beyond budgeting, the local governments would adjust the budget made at the beginning of the year in order to pursue overspending. The empirical result indicates that the degree of non-agriculturization is negatively correlated with excess revenue. Therefore, it is necessary to enhance the supervision function of the National People’s Congress when perfecting the achievements appraisal system for government officials.

A Study of Non-Equilibrium Relationship between Financial Development and Real Economic Growth: An Empirical Analysis Based on Double Threshold Regression

ZHANG Yi-chun, WANG Guo-qiang

2015, 0(06):  562. 

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Based on the panel date of 30 provinces from 1992 to 2012 in China, this paper conducts a measurement of the financial deviation and applies the double threshold regression test. The results verify that a simple positive linear correlation does not exist between China’s regional financial development and the real economic growth; instead, some difference is presented between promotion and inhibition, namely, there is the non-equilibrium. Because non-equilibrium can greatly reduce the effective allocation capability of financial market toward capital through different mechanisms, the up and down excessive deviations of the financial development would both suppress the real economic growth with respect to the entity economy. Thus it can be seen that the effective service of the financial development to the entity economy needs not only the subjective support of financial sectors, but also the objective matching between the financial development and the real economic growth.

Fiscal Decentralization, Spatial Spillover and China’s Urban Haze Pollution: Mechanism and Evidences

LI Gen-sheng, HAN Min-chun

2015, 0(06):  563. 

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In recent years, China’s large cities are suffering serious haze pollution one after another, which is threatening the health of urban residents and the sustainable development of economy. Based on the analysis of the changes of local government behavior patterns resulted from fiscal decentralization and the effect of spatial pollution spillover, this paper conducts an empirical test by making use of the PM10 panel data of China’s 29 large and medium cities from 2003 to 2012. The results show that the rising of fiscal autonomy can stimulate local governments to strengthen their governance of haze pollution, while the competition between local governments resulted from fiscal decentralization can weaken this kind of stimulating effect; the pollution spillover at the neighboring areas of cities and industrialization would further boost the formation of haze. Further analysis according to the regional heaviness and mildness of pollution shows that regional differences are obvious in the process of haze formation, so that the most effective method dealing with haze pollution is to adjust measures according to local conditions and to coordinate their efforts in prevention and control of the pollution.

Power Game and Institutional Reconstruction in Land Expropriation

LIN Hui-huang1, OUYANG Jing2

2015, 0(06):  564. 

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With the continuous development of China’s industrialization and urbanization, a large number of land expropriation happened. The process of land expropriation includes preliminary planning, mid-term negotiations and later period placement. During this process, the weighted relationship between farmer rights protection and national economic development is not entirely determined by the subjective will of policy, but rather a game structure more subjected to the relationship between the economic development at the given period, the people’s consciousness of rights and the national administrative intervention, in other words, the interactive relationship between economic power, social power and administrative power throughout the whole process of land expropriation. To reconstruct the system of land expropriation, in fact, is to improve the system of land planning, land expropriation negotiation and settlement of land-lost farmers through the game structure of balancing the three powers.

Development of Great Power：On the Europeanization of Chinese Economy

LU Ming

2015, 0(06):  565. 

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Today China is faced with a very important issue: whether to develop continuously China’s coastal areas at the present stage or to introduce large amounts of resources into the development of the central and west regions of China through the approach of government-led resource allocation? This issue is critical, because it will involve a lot of major national policies, including land policy, the household registration policy, transfer payments policy, fiscal policies and so on, which can affect China’s future population distribution. Therefore, the focus of China’s urban development should be on the two issues: first, to develop big cities or small towns? second, to develop the eastern region or the western region? The analysis shows that China should pursue effective economic growth and balanced regional per capita GDP by free movement of labor across regions, so as to meet the needs of the unified currency area.