Table of Content

15 March 2019, Volume 0 Issue 03

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Has China’s Green Credit Policy Been Implemented? An Analysis of Loan Scale and Costs Based on“Two Highs and One Surplus”Enterprises

CHEN Qi

2019, 0(03):  1. 

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Taking the“Green Credit Guidelines”issued by the former China Banking Regulatory Commission in 2012 as the quasi-natural experiment, this paper makes use of the data of A-share listed companies from 2007 to 2017 and employs the double-difference model to examine from a corporate perspective whether Chinese commercial banks have implemented green credit policies. The results of the empirical research show that after the introduction of the“Green Credit Guidelines”, compared with other enterprises, the loan scale of the“two high and one surplus”enterprises has been significantly reduced, while the loan cost has increased significantly. The results of further adjustment effect test show that compared with the state-owned enterprises, the non-state-owned“two high and one surplus” enterprises are more inhibited by the“Green Credit Guidelines”; in areas with lower marketization levels, the loan scale of the“two high and one surplus”enterprises is even more inhibited by the“Green Credit Guidelines”; the higher the financing demand, the greater the inhibition of the“Green Credit Guidelines”on its loan size, but it weakens the effect of the loan cost.

Party Organization Governance, Marketization Process and Social Responsibility Information Disclosure

ZHANG Rui, JIANG Xu-han

2019, 0(03):  2. 

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Taking China’s A-share listed companies during 2012-2016 as the research samples, this paper conducts an empirical test of the relationship between Party organization governance, marketization process and the level of social responsibility information disclosure. The results indicate that the Party organization governance has improved the level of corporate social responsibility information disclosure; the marketization process can play a positive moderator role between Party organization governance and the level of social responsibility information disclosure. Further study shows that the Party organization governance can promote the enterprises to disclose such information as the proposed dividend policy, the customer satisfaction, the environmental investment, and the total?amount of tax payment, however, its impact on such information disclosure as charitable donation and carbon emission reduction is not significant.

Revelation of the Relationship between Literature and Economy: Comment on The Economic Dimension Observed from the Perspective of Literary in the Past Dynasties

LIANG Hao

2019, 0(03):  3. 

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Has Entrepreneurial Vitality Promoted the Economic Growth of Urban Service Industry?

WANG Ye-jun

2019, 0(03):  4. 

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Based on the city panel data of China, this paper empirically studies the impact of entrepreneurial vitality on the growth of urban service industry by using the system GMM panel estimation method. In the empirical study, it not only uses the national urban samples to carry out the benchmark regression analysis, but also performs group estimation from three aspects, i.e., regions, scales of cities and levels of market opening. The findings show that the entrepreneurial vitality has significantly promoted the economic growth of urban service industry; the entrepreneurial vitality of the eastern and central regions has significantly promoted the economic growth of urban service industry, while the promotion effects in the western and northeastern regions are not significant; the effect of entrepreneurial vitality on service growth in large cities and middle cities is higher than that in small cities, while it is not significant in megacities; the promotion effect of entrepreneurial vitality on economic growth of service industry in open cities of Type I and open cities of Type III is greater than that of cities with no special economic zone.

Research on the Symbiosis Level and Trade Efficiency of the Manufacturing Industries in China and Countries along“the Belt and Road”Route

PAN Yu-chen, ZHANG Hong

2019, 0(03):  5. 

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Based on the Symbiosis Theory, this paper constructs an“Industrial Symbiosis Level Evaluation Index System”from the four dimensions of integration, competition, complementation and dependence, then it analyzes the symbiosis of the manufacturing industries between China and the countries along“the Belt and Road”route. On such basis, this paper extends the Stochastic Frontier Gravity Model to study the trade efficiency of the manufacturing industries in China and in the countries along the“Belt and Road”route in the market field and the product domain respectively under the symbiosis environment during the period of 2008-2016. The results show that the bilateral manufacturing industries have a better level of symbiosis; the integration and dependence have a significant positive impact on the bilateral trade, while the competitiveness and complementation have a significant negative impact. On the level of market field, the overall trade efficiency between China and the countries along the route is lower and relatively stable, while the efficiency of Southeast Asian countries is relatively higher, and it is relatively lower in Central and Eastern European countries. On the level of product domain, the trade efficiency is relatively lower in the primary product sector in China and the countries along the route, while it is relatively higher in the industrial manufactured product sector.

Family Involvement, Non-Market Strategies and Corporate Performance: From the Multi-Dimensional Perspective of Social Emotional Wealth

WU Fang, ZHANG Yan

2019, 0(03):  6. 

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From the multi-dimensional perspective of social emotional wealth, this paper takes into consideration the possibility that the different dimensions of social emotional wealth existing in the family business would bring heterogeneous effects to the corporate behaviors and their consequences. Then it analyzes the relationship among family involvement, non-market strategies and corporate performance. The results show that family involvement can negatively affect the employee responsibility, but positively affect charitable donation. The findings of further study indicate that employee responsibility can play a mediating role in the relationship between family involvement and corporate performance, but charitable donation will suppress the above mentioned relationship. This conclusion can contribute to an in-depth exploration of the complicated relationship between family involvement and corporate performance, it can also to some degree offer an explanation to the inconsistency of the research findings of previous literatures.

Research on the Contagion of Listed Companies’ Fraud Based on the Linked Senior Management

WANG Jian-qiong, CAO Shi-jiao

2019, 0(03):  7. 

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By establishing the incidence relation of A-share listed firms based on the linked senior management during the period of 2011-2016, this paper measures the fraud atmosphere of the linked company with each of the target company, then it examines the contagion of such fraud in the incidence relation. The findings show that the fraud atmosphere of the linked company will significantly encourage the fraud tendency of the target company, and the target company with stronger fraud habit is easier to be infected, while the target company without any record of fraud is immune to it. Further study finds that whether the linkage relationship is established by the chairman of the board or the general manager or other senior executives, it will certainly lead to the contagion of the fraud behavior. When the fraud behaviors are classified, it is found that information disclosure fraud and operation fraud are highly contagious, while leadership fraud has almost no contagion. After distinguishing the regulatory intensity faced by the target firms, it is found that the fraud behavior is more contagious when the regulatory intensity is weaker.

Life Cycle, Age Structure and Indebted Consumption Behavior of China’s Households

WANG Cong, DU Yi-xuan

2019, 0(03):  8. 

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Based on the data of China’s household finance survey in 2013, this paper examines the indebted consumption behavior of China’s households from the perspective of life cycle and age structure. The results show that there exists life cycle effect in the impact of the age of household head on the indebted consumption behavior of China’s households. With the increase of the age of household’s head, the possibility of families with indebted consumption and the debt scale of house property, education and credit cards will show an inverted U-shaped distribution, while the debt scale of automobiles will decrease continuously. The aged population ratio will significantly reduce the possibility of households with indebted consumption and the scale of indebted consumption, the children proportion ration will significantly increase the possibility of households with indebted automobile consumption and the scale of debt in housing estates, automobile and credit card, and the 15-23 year-old population ratio will significantly increase the possibility and scale of households’ education liabilities. In this regard, the government and the financial institutions such as the banks should pay attention to the impact of life cycle and age structure on the consumer credit markets; they should meet the reasonable needs of residents’ consumer credit through institutional construction and credit product innovation, so as to stimulate the households’ consumption potential.

Can Industry & Finance Integration Promote Corporate Technology Innovation? Evidence from Listed Companies Holding Shares in Non-Listed Banks

XIONG Jia-cai, GUI He-fa

2019, 0(03):  9. 

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From the perspective of industry and finance integration, this paper investigates the effect of enterprises holding shares in non-listed banks on their technical innovations. It is found that the enterprises holding shares of the non-listed banks have more patents for innovations and other patent applications, indicating that holding shares of non-listed banks can help to increase the number of corporate technical innovations and improve the quality of the innovations; compared with the big enterprises and the enterprises located in regions with higher level of financial development, small enterprises and the enterprises located in the regions with lower level of financial development will have more significant effects of innovation when holding shares of the non-listed banks; further analysis finds that firms holding shares in non-listed banks can get more bank loans with lower costs, suggesting that holding shares in non-listed banks can affect the technical innovation mainly through relieving financing constraints. Besides, the technical innovations resulted from holding shares in non-listed banks can improve the corporate operational performance.

Implicit Debt of Local Governments: Boundary, Classified Estimation and Governance Path

LI Li-zhen, AN Xiu-mei

2019, 0(03):  10. 

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It is stated by the Third Plenary Session of the 18th Congress of CPC that finance is the foundation and important pillar of national governance. The risks of local finance mainly come from the implicit debt of local governments, whose governance is related to the improvement of national governance capacity and the success or failure of the fight against the major risks. By clarifying the boundary, types and specific forms of the implicit debt of local governments, and setting the debt risk coefficients, contingent debt conversion rates, and indicators of government burden ratio, this paper makes a classified estimation of the scale of the implicit debt of local governments, which is between 9-15 trillion yuan in 2017; the risk of local government debt including implicit debt is generally within the security boundary, but the regional distribution of debt risks is significantly different, and in some provinces the warning line has been broken through. In the recent three years, the implicit debt of local governments is showing a tendency of expansion, which is mainly centered around the debts of rescue responsibilities. Therefore, the governance of implicit debt of local governments should follow the classified governance path, including the following specific measures, such as insisting on the idea of“integrality, coordination and systematicness,”adhering to the basic principle of giving priority to stability, classified implementation of policies, and combination of both incentives and accountability, pushing forward the national pension scheme, formulating rational risk-sharing mechanisms, optimizing the governance structure of debt entities, improving the overall planning ability of financial funds, implementing the administrative accountability and so on.

Migration Stresses, Social Capital and Mental Health of Migrant Population: A Study Based on the Stress Process Theory

XIAO Min-hui1, WANG Sui-sui2, PENG Hao-ran3

2019, 0(03):  11. 

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According to the stress process theory, the stressors produced in migration process and individual stress vulnerability would affect the mental health of migrants, while the stress vulnerability is affected by the social capital owned by individuals. Based on the dynamic monitoring data of the National Migrant Population Health and Family Planning Survey in 2014, this paper quantitatively examines the urban and rural stressors faced by migrants in the process of migration and the influences on migrants’ mental health by social capital. The results show that: (1) parental pension, children’s education, family medical treatment are the three most important stressors for the migrant population, which have a negative impact on their mental health; among the urban stressors, social exclusion and lower degree in social and cultural adaptation are the main factors affecting the mental health of the migrant population. (2) Individual social capital and social participation have no effect on improving the mental health of the migrant population. (3) The stronger the hometown identity of the inter-provincial migrants, the better mental health they will have; while for the intra-provincial migrant population, their mental health will be better if they have stronger city identity.

Fiscal and Tax Incentive Policies, External Environment and Corporate R&D Investment: An Empirical Study Based on A-share Listed Companies in China’s Strategic Emerging Industry

LI Xiang-ju, YANG Huan

2019, 0(03):  12. 

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Based on the data of A-share listed companies in China’s strategic emerging industry in the period of 2008-2016, this paper studies the effects of fiscal subsidies and tax preferences on corporate innovation investment, and analyzes the performance difference of this effect in different external environments. The results show that fiscal subsidies and preferential tax policies can effectively stimulate enterprises to increase their R&D investment. Considering the time effect, it is found that the incentive effect of the fiscal and taxation policies have a certain time lag, and the best effect will be usually achieved after a period of policy implementation. At the same time, the incentive effect of the fiscal and taxation policies also has a certain continuity; the fiscal subsidies are conducive to the short-term technological innovations, but not enough to stimulate the long-term innovations, while the tax preference policies have incentive functions on both the short-term and long-term technological innovations. The results of the further research also show that the optimization of market environment and the improvement of intellectual property protection system can strengthen the incentive effect of the fiscal and taxation policies, while the distortion of factor market will weaken the incentive effect of the fiscal and taxation policies. Therefore, it is necessary to improve the tax preference-oriented innovation incentive policies, to take the fiscal subsidies as the supplementary policy to stipulate enterprises’ independent innovations, at the same time, to improve the local external environment and give full play to the innovation incentive function of the fiscal and taxation policies.

Web Users’ Attention and Government Investments in Pollution Control: An Analysis Based on Big Data

SHI Dan, CHEN Su-mei

2019, 0(03):  13. 

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With the severe situation of China’s environmental pollution, the public is paying an increasing attention on this issue. Thus, this paper explores the difference of environmental attention in the pollution types and the regional levels based on big data. It is found that the attention is mostly focused on PM2.5, while less on water pollution and soil pollution; as for the regional difference, attention on the northern and eastern regions is the highest, while it is the smallest on the northwest; as for the city difference, the top ten cities on the list of pollution type attention are also the top ten cities which pay close attention to green development. Then by taking the panel data of 29 provinces from 2012 to 2016 as the samples, this paper conducts a further study. The findings show that improvement of the attentions on air pollution and water pollution could significantly promote the investments of the local governments in pollution control; comparatively speaking, the investments in pollution control are more sensitive to the changes of air pollution attention. Therefore, it is suggested to guild more people and investors to join in pollution control based on the current growingly strong attentions on environmental pollution, to establish and improve China’s ecological environment monitoring and early warning system, and to comprehensively strengthen the protection of ecological environment.