Table of Content

15 November 2018, Volume 0 Issue 11

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Stock Pricing Bias and Cash Holding Level

ZOU Ling, CHENG De-qiao

2018, 0(11):  50. 

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Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2016 as samples, this paper uses the ratio between the stock prices and the intrinsic value as the proxy variable of stock pricing bias, so as to explore the impact of stock pricing bias on the corporate cash holding level. The findings of the study show that stock pricing bias has a significant impact on corporate cash holdings, and this effect is different when the stock price is undervalued or overvalued. Further study finds that the correlation between cash holding levels and stock pricing bias is affected by the corporate growth opportunities and their profitabilities.

Economic Policy Uncertainty and Audit Fees: A Test of Mediating Effect Based on Agency Cost

MA Dong-shan, HAN Liang-liang

2018, 0(11):  51. 

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Based on the samples of China’s A-share listed companies from 2007 to 2016, this paper constructs an agent cost intermediary effect model to study the impact of economic policy uncertainty on audit fees. The findings show that economic policy uncertainty will increase audit fees, while the agency cost is the intermediate variable between economic policy uncertainty and audit fees. Further research has found that enterprise risk-taking ability can regulate the intermediary effect of agency costs. Large-scale enterprises, state-owned enterprises and lower-growth enterprises are less affected by the intermediary effect of agency costs.

Servicization Development and the Status of Manufacturing in GVC: Influencing Mechanism and Threshold Effects

LUO Jun

2018, 0(11):  52. 

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Servicization is the feasible path for the manufacturing industry to climb in the GVC. This paper explores the influencing mechanism of servicization on the status of manufacturing in GVC from such aspects as resource allocation, technological innovation and cost reduction, it also analyzes the moderating effects of producer services efficiency and trade liberalization on the impact of servicization on the status of manufacturing in GVC. By making use of the WIOD database and other related data, it conducts an empirical test of the relationship between China’s manufacturing servicization and the status of manufacturing in GVC. The results show that：firstly, through servicization transition, the manufacturing industry has promoted its status in the GVC, but this promotion effect is different among the manufacturing industries with different factor intensities; secondly, servicization has promoted the status of manufacturing in GVC through resource allocation and cost reduction, but it has not promoted the upgrade of GVC status of labor intensive manufacturing through technological innovation channels; thirdly, the efficiency of producer services plays an important role in the impact of servicization on manufacturing status in GVC, there exists a threshold effect in the producer services efficiency; fourthly, trade liberalization plays an important role in the impact of servicization on manufacturing status in GVC, there exists a threshold effect of tariff rate．

On the Interactive Path between the Development Quality of China’s Manufacturing Industry and the International Competitiveness

HE Zheng-chu, CAO De, WU Yan

2018, 0(11):  53. 

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This paper makes an analysis of the development quality of the manufacturing industry and the connotation of the international competitiveness from the perspective of domestic supply and international demand according to the modern economic system theory and the industrial international competition theory. Based on the evolutionary economics theory, it explores the interactive structure and the path of the manufacturing industries development quality and the international competitiveness from the perspective of industry and products, so as to construct an interactive evaluation index system. Then it employs a canonical correlation analysis model to explore the impact factor and impact degree between the manufacturing industry development quality system and the international competitiveness system, as well as the interaction inside of the systems. The empirical evidences show that, firstly, the development benefit, the medium and high-end industrial structure, the market allocation and the innovation potential (patent) of the manufacturing industry development quality have formed an effective interaction with the trade competitive index, the comparative advantage, the international market share and the scale economy of the international competitiveness, but the development speed, the innovative commercialization and the innovation potential (the intensity of science and technology funds input) of the manufacturing industry development quality would exert a weaker negative effect on the interaction of the above systems; secondly, the service guarantee can play a certain inhibiting role in the development of the manufacturing industry development quality system and the international competitiveness system, while the efficiency promotion effect of the production service industry is not given its play. Therefore, in order to promote the interaction between China’s manufacturing industry development quality and the international competitiveness, it is necessary, starting from the domestic supply side, to pay attention to the balanced development of the internal economic development quality system, efficiency system and power system of the manufacturing industry development quality, as well as to optimize the supply structure of the production service industry.

An Empirical Study of the Tactile Compensation Effect of Online Metaphorical Product Pictures Display

YANG Hui1, LENG Xiong-hui1,2

2018, 0(11):  54. 

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Through two experiments, this paper empirically tests the compensation effect of online metaphorical product pictures display in the tactile absent context of online sales and the mechanism of consumers’ willingness to purchase. The first experiment is carried out with the single factor intergroup experiment method, it is found that online metaphorical product pictures display can positively wake up consumers’ tactile image and affect their purchase intention; consumers’ tactile image plays the role of mediation in the influence of the product pictures display on customers’ purchase intention. The second experiment uses 2 (online product display mode: metaphorical display vs. direct statement display) by 2 (individual structural need: high vs. low) inter-subjects experimental method; the findings show that the consumer structural need plays the role of mediation in the influence of the product pictures display ways on customers’ tactile image. This conclusion can not only have important practical significance?to solve the natural barriers and difficulties of online sensory absence, but also have practical reference value for online retailers to design product display web pages and improve consumers’ purchase intention.

Leader’s Non-Contingent Punishment, Employee’s Moral Disengagement and Deviant Behaviors: Based on Neutralization Techniques Theory

ZHANG Hao1,2, DING Ming-zhi2, ZHANG Zheng-tang3

2018, 0(11):  55. 

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Based on neutralization techniques theory, this paper puts forward the hypothesis about the relationship between leader’s non-contingent punishment and employee’s deviant behaviors; then it constructs a mediated moderation effect model by introducing employee’s moral disengagement as mediating variable and organizational differential atmosphere as moderating variable. The findings of the empirical analysis on the basis of the data of paired samples between the superiors and subordinates show that leader’s non-contingent punishment has a positive impact on employee’s deviant behaviors, that employee’s moral disengagement can partially mediate the relationship between leader’s non-contingent punishment and employee’s deviant behaviors, that organizational differential atmosphere can positively moderate the impact of leader’s non-contingent punishment on employee’s moral disengagement and deviant behaviors, and that the moderating effect of organizational differential atmosphere between non-contingent punishment and deviant behaviors should be realized through the partial mediation of employee’s moral disengagement.

Internet Use and Household’s Financing Behaviors：An Empirical Analysis Based on the Data from Chinese Family Panel Studies

QIU Xin-guo1,2, RAN Guang-he1

2018, 0(11):  56. 

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This paper examines the impact of internet use on household’s financing behavior and its mechanism based on the data of Chinese Family Panel Studies (CFPS) 2014. The results show that the use of Internet has significantly improved the accessibility to formal family financing and the amount of financing, while significantly reduced the accessibility to informal family financing. The use of Internet has significantly improved the accessibility to formal financing for urban and rural families, and has significantly inhibited the availability of informal financing for rural families. The use of Internet has significantly increased the amount of formal financing for urban families and has significantly reduced the amount of informal financing for urban households, but it has no significant effect on the amount of formal financing or informal financing for rural households. Family financing behaviors are affected by the use of Internet mainly through information search effect and social network effects. Therefore, the government should pay close attention to the informal financial governance effect of Internet, give Internet a full play in the revitalization of rural areas, and actively boost the Internet-oriented rural financial service supply.

Rural Finance and Farmers’ Income Growth in Poverty-Stricken Areas: Benefit the Poor or Benefit the Rich?

WANG Han-jie1, WEN Tao1, HAN Jia-li2

2018, 0(11):  57. 

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Based on the survey data of the microcosmic farmers in the poverty-stricken areas, this paper empirically examines the impact of rural finance on the growth of farmers’ income from the perspective of farmers’ heterogeneity. The conclusions are as follows: (1) the rural formal finance in the poverty-stricken areas has effectively promoted the income growth of the farmers, but the effect has obvious heterogeneity, specifically, the growth effect on the“elite farmers”is far greater than that on the“poor farmers”. (2) the inhibitory effect of rural informal finance on farmers’ income growth in poverty-stricken areas is mainly manifested in the groups of“poor farmers”. Thus it can be seen that at present stage the rural finance in the poverty-stricken areas shows obvious characteristics of “benefit the rich”. Therefore, it is necessary to improve the accuracy of financial resources input, to perfect the rural financial system, and to consolidate the basic conditions for rural financial poverty reduction and income increase in the poverty-stricken areas.

A Study of the Behavior of Commercial and Residential Land Transfer by Local Governments: From the Perspective of Replacing Business Tax with Value-Added Tax

WANG Jian1,2, YAN Si-qi1, WU Qun1

2018, 0(11):  58. 

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By making use of the panel data of the prefecture-level cities in Guangdong Province from 2008 to 2015, this study employs the strength DID model to conduct an empirical test of the impact of replacing business tax with value-added tax on the local governments’ behavior of commercial and residential land transfer. The findings show that replacing business tax with value-added tax can give the local governments that are faced with higher financial pressure more income from commercial and residential land transfer, but the listing-for-sale method is preferred to the auction method, and the prices of the listing-for-sale method are significantly raised. After RBTVAT, local governments can not only obtain greater amounts of commercial and residential land transfer fees, but also introduce the strong enterprises to have a spillover effect on the regional development through the listing-for-sale method. Therefore, in the future process of fiscal and tax system reform, land finance regulation and transformation, the local governments should not only consider how to relieve financial pressure, but also consider improving the process of listing-for-sale, or constructing a transparent intervention mechanism for land transfer.

Fiscal Model Innovation and Policy Choice in the Context of High Quality Development of China’s Economy

WANG Xiong-fei, LI Xiang-ju, YANG Huan

2018, 0(11):  59. 

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Since the beginning of reform and opening up, China has made brilliant achievements in economic and social development. However, the current advantages of traditional economic development are weakening, the structural supply and demand of the real economy is imbalanced, and the effective supply of middle and high-end products and services are not sufficient, these problems need to be fundamentally resolved. Therefore, to explore actively an economic development model which confirms Chinese characteristics will be the highlight of the follow-up work. As the foundation and pillar of national governance, finance has a unique advantage for high-quality development and can play an important role at both ends of supply and demand. Thus, to analyze some of the practical problems of finance and high-quality development can help us fully grasp the role of finance during the high-quality development process. The fiscal model under high-quality development can be constructed from the three dimensions of innovation-driven development, ecological civilization construction, and opening and sharing economy, which can be complemented and enriched in the following four aspects, i.e., the creation of a multi-level modern fiscal system, the establishment of a modern tax system, the improvement of the business environment and the promotion of the matching between finance reform and other reforms.

Habit Formation, Intertemporal Substitution and Rural Residents’ Consumption: An Empirical Analysis Based on Dynamic Panel Data Model

FENG Fu-yu, RAO Xiao-hui

2018, 0(11):  60. 

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Based on the theory of habit formation, this paper firstly establishes a dynamic panel data model by making use of the provincial data of China from 2003 to 2015, then it conducts an empirical study of the habit formation and intertemporal substitution of rural residents’ consumption with the generalized method of moment. The findings show that firstly, the consumption behavior of rural residents has significant characteristics of internal habit formation, and their consumption expenditure is affected by the levels of previous consumption expenditure; secondly, the consumption of rural residents has a significant demonstration effect, the individual consumption behavior will be affected by the level of consumption of surrounding residents; thirdly, the elasticity of intertemporal substitution of rural residents is relatively higher; fourthly, the product of the elasticity of intertemporal substitution and the relative risk aversion parameter is less than 1, which indicates that the assumption of time separability of consumption utility function is disconfirmed, namely, the utility function of the consumers is not separable in time.

Short-Term and Inflection Point Forecasting of CPI by Using Internet Searching Big Data: An Empirical Study Based on MIDAS Model

LIU Kuan-bin1, ZHANG Tao2

2018, 0(11):  62. 

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The CPI index plays an important role in monitoring and managing the operation of a country’s macro economy, and the timely and effective prediction of its future trend is conducive for the country to take reasonable regulatory measures in time. Therefore, starting from the price determination theory, this paper constructs a logical framework for the relationship between commodity price volatility and individual web search behavior, then it establishes a mixed-frequency data sampling model (MIDAS) for monthly CPI prediction by using the daily frequency data of network search index. The findings show that: (1) the prediction method using web searching high frequency data can improve the accuracy of both the inside matching and outside prediction of CPI samples; (2) the high frequency data using web search can improve the success rate of capturing the“inflection point”in the CPI trend; (3) the high frequency data using web searching can provide the value of CPI forecasting with higher prediction accuracy approximately half a month before the official release of CPI data.