Table of Content

15 May 2015, Volume 0 Issue 05

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Managerial Overconfidence, Accounting Conservatism and Corporate Diversification

MENG Xiang-zhan1, ZHANG Jun-rui1, CHENG Zi-jian2

2015, 0(05):  566. 

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Based on the data of China’s listed companies in A-share market during 2008-2012, this paper investigates the effect of the managerial overconfidence on the relationship between the accounting conservatism and the diversification of companies. The results indicate that managerial overconfidence is negatively correlated with corporate accounting conservatism; accounting conservatism can be improved in the companies with managers who are more cautious with earnings forecasts, the level of the related diversification in these companies can be further reduced. Thus, the results can verify that accounting conservatism has a governance role in correcting the behavioral biases in corporate decision-making caused by managerial overconfidence.

Do Listed Corporations Have Impression Management Behaviors in their Internet Investor Relationship Management?

LIN Lin1, PAN Yan2

2015, 0(05):  567. 

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Taking the top ten blacklisted corporations in 2013 as the research samples, this paper conducts a selective presentation analysis. Then taking China’s top 100 listed corporations as samples, it conducts a thematic analysis based on the keywords and statements from the reports made by the chairman of the board and the press releases of performance, which are published on their websites. The results show that there exist impression management behaviors in the internet investor relationship management of the listed corporations, with typical characteristics of selective presentation and intense positive thematic bias, which may mislead the investors. Therefore, it is necessary to bring them into the scope of supervision and regulation, and try to design innovative regulation mechanism with proper guidance and enhanced regulation, so as to provide due guarantee to the protection of the investors’ interests and the continuous healthy development of capital markets in China.

An Evaluation Study of Regional Manufacturing Industry Upgrading Based on Global Value Chain: Mechanism, Capacity and Performance

LIU Chuan

2015, 0(05):  568. 

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Faced with the increasingly fierce international market competition, it is urgently needed for domestic manufacturing industries with low factor cost comparative advantages to carry out industrial chain integration and structural upgrading, since the domestic industrial chain is locked at the lower end by the strategic isolating mechanisms of the transnational corporations. Aiming at the value chain upgrading and industrial structure upgrading of the manufacturing industries, this paper tries to discuss the connotation, influencing factors and mechanism of the upgrading of the manufacturing industries in terms of value chains and innovation chains. Meanwhile, it constructs an evaluation model to conduct an empirical analysis of the upgrading capacity and upgrading performance of the manufacturing industry in the mid-eastern China. The research result shows that there are three ways for manufacturing enterprises to promote the changing and upgrading of the domestic manufacturing industry in the embedding link of the global value chain, namely, deep embedding in the original value chain, up or down stream embedding in the value chain, and the new value chain embedding. The upgrading capacity of manufacturing industry at a certain area is closely related to its industrial resources input, while the upgrading performance is mainly affected by industrial structure and resource use efficiency.

A Study of the Development of Strategic Emerging Industries Based on“Four Chains”Co-Upgrading: Taking China’s Rare Earth Industry as an Example

ZHANG Qi-chun, XI Yong-qin

2015, 0(05):  569. 

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The “four chains” upgrading is the basic form and path for the upgrading of the strategic emerging industries. But the separated upgrading of each of the “four chains” would hinder the fast development of the strategic emerging industries. Only through the coordinated upgrading can the healthy and fast development of the strategic emerging industries be realized. The practical development of China’s rare earth industry shows that grasping terminal market demand, patented techniques and standardized leading technology, vertical integrative operation and development of circular economy are the important means for the upgrading of the product chain, the technique chain, the value chain and the ecological chain of the strategic emerging industries. And the key to promote the upgrading of the strategic emerging industries is to restructure the “four chains” by establishing the four strategic alliances with the “four chains” as the links, so as to bring about the matching and connecting of the “four chains”.

The Dynamic Impact of Unexposed Enterprises’ Response on Consumer Purchase Intention in Group-Occurring Crisis: Moderating Effect of Brand Reputation

FENG Jiao1,2, LU Qiang1, LI Hui3

2015, 0(05):  570. 

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Based on the construal level theory, this article systematically?analyzes the dynamic change process and the internal mechanism of unexposed enterprises’ response influencing consumer purchase intention before and after group-occurring product harm crisis. It is found through two experiments that during the dynamic change process of group-occurring product-harm crisis, in terms of the timing of intervention, the active intervention of the unexposed enterprises would generate higher purchase intention among consumers, compared with passive intervention. In terms of the coping styles, the compensation strategy and service strategy adopted by the unexposed enterprises can generate different purchase intention among consumers. Under the regulating function of brand reputation, different timing of intervention and coping styles adopted by the unexposed enterprises will have different effects on consumer purchase intention.

A Research of the Social Capital’s Influence Mechanism on Corporate Innovation Development: Taking Alibaba Corporation as an Example

LI Hai-chao, PENG Er-xia

2015, 0(05):  571. 

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In the era of knowledge economy, innovation development is a vital strategic choice for enterprises. As an important resource for corporate innovation, social capital is playing a more and more important role during the process of corporate innovation. Taking Alibaba?Corporation as an example, this paper analyzes the social capital composition of Alibaba’s innovation development and discusses the function mechanism and the influence mechanism of social capital on Alibaba’s innovation development. It is verified that corporate innovation activities need the support of social capital; corporate social capital can effectively promote the innovation and development of enterprises through the study mechanism, the risk control mechanism, the incentive and restrictive mechanism, the cooperating mechanism, and so on.

A Study of German Exit Mechanism for Venture Capital

YU Si-ming

2015, 0(05):  572. 

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Exit is the most important link in the whole operation process of venture capital. The quality of exit can directly decide the success or failure of the investment and the degree of appreciation of the venture capital. There exists a series of issues in China’s venture capital, which are restricting the healthy development of the venture investment industry, such as single exit channel, imperfect related laws, unestablished multi-level capital markets, etc.. The venture investment industry in Germany has experienced similar stages like China in its development process; both German law and Chinese law have the possibility of law transplantation because both belong to the civil law system. Therefore, researches on the exit mechanism of German venture capital are of great significance, for they can provide reference for China to establish and perfect a healthy and efficient capital market.

A Study of the Economic Stabilization Function of China’s Fiscal Macro Policies

WU Jun-pei, LU Sheng-feng

2015, 0(05):  573. 

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Based on the provincial panel data from 1997 to 2013, this paper empirically analyzes the actual effects of China’s fiscal macro policies on the promotion of economic stability. The result shows that: (1) China’s macro economy presents a significant cyclical feature; (2) the current fiscal macro policies are not effectively playing a role of promoting economic stability, namely, the fiscal revenue policy can help stabilize the economy and prevent inflation only to a certain extent, and the role played by fiscal expenditure policy is only reflected in economic output; (3) further analysis of periodic fluctuation stages shows that such conclusions are robust. Therefore, in order to give full and effective play to the economic stability function of the fiscal macro policies, it is necessary to deepen the reforms of the financial system and the corresponding economic systems. At the same time, do not rely excessively on macroeconomic regulation and control; attention should be paid to the perfection of the micro-institutional arrangement in the socialist market economic system.

A Research on the Definition Standard and System Reconstruction of China’s Local Tax System

SHI Zi-yin

2015, 0(05):  574. 

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According to the division of tax powers, there are two kinds of standards in distinguishing local taxes, one is tax autonomy, and the other is the right of tax revenue. Under the different standards, there are different mechanisms to configure local taxes. The tax autonomy pays attention to the liquidity and benefits of the taxes, while the right of tax revenue pays close attention to the regional financial resources equilibrium and the stimulus to local government behaviors. Based on the constraints of practical conditions, China’s local taxes should be configured according to the standard of the right of tax revenue; and its main body is the portion of VAT shared by local governments, while the exclusive taxes of the local governments can only play a supplement role. Therefore, the core of China’s local tax system reconstruction is the reform of the sharing mechanism to VAT.

A Reliability Analysis of the Systematic Risk β Coefficient

WANG Xing-yun, BAI Qin-xian

2015, 0(05):  575. 

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This paper redefines the stability and time-varying characteristics of risk β-coefficient and conducts a statistic measurement on them. Through a two stage econometric test with both the classic CAPM and the conditional CAPM, a conclusion can be drawn that the risk β-coefficient is not reliable. The test result with more explaining variables shows that both the Model and its risk β coefficient are more significant; while the significance of other explaining variables is different in individual shares and in the industry, and no method has been found to identify this difference. The reason why the risk β coefficient is not reliable is that the decisive factor of the present yield rate should be able to reflect the future Knight Uncertainty, the method based on historic data cannot explain the present and future earnings.

The Influence of Married Women Employment on Income Gap among Families in Urban China

LU Li-li

2015, 0(05):  576. 

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Based on the couples’ paired samples of China’s UHS (Urban Household Survey) during the period of 1988-2009, this paper studies the impact of the married women employment on income gap among families in urban China at a single time-point by using the decomposition formula by income source of the variable coefficient and the various counterfactual income distributions. The results show that women employment can play the role of promoting more equalized income distribution among families. Compared with the research results of other market economy countries, this kind of reducing effect is more significant. Moreover, the staged study finds that the impact of the married women employment on the income gap among families has rather significant difference at different stages of China’s reform of economic system. By making further use of the variance decomposition formula at different time-point, this paper studies the impact of the changes of married women employment on the changes of income gap among families. The results indicate that the drop of the employment rate of married women has enlarged the income gap among families, especially during the period of 1997-2002. The changes in family employment patterns resulted from the drop of the employment rate of married women can account for the 37.12 percent extension of the income gap among families.

The Impact of Income Mobility on Economic Growth: Interaction and Dynamic Effects

CHEN Li-zhong1, CHEN Yong-wei2

2015, 0(05):  578. 

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By making use of the data from CHIPS, this paper constructs the indexes of income mobility and income inequality of the residents in 66 cities so as to conduct an empirical study of the relationship between income mobility and economic growth with reference to the data from the urban statistical yearbooks and regional statistical yearbooks over the years. It is found through the regression that higher income mobility has significant positive impacts on economic growth, but these effects will fade away when the income distribution becomes more unequal within the regions. Besides, these effects may last for a long time, namely, the higher income mobility within one period will still keep its role to promote the economic growth in the next period. However, in the regions with a higher degree of income inequality, this effect is relatively weak. The implication of the policy is that to create fair opportunities and promote social mobility is not only a measure to promote social equality but also a way to promote economic growth. In addition, when dealing with the issue of income distribution, both dynamic fairness (income mobility) and static fairness (income inequality) are of great significance.