Table of Content

15 October 2018, Volume 0 Issue 10

Previous Issue    Next Issue

An Analysis of Prospects of Opportunities and Risks of RMB Internationalization Development: A Review of The Theortical Reflection and Practical Exploration of RMB Internationalization

HU Shi-li, DU Jie

2018, 0(10):  61. 

Asbtract ( 150 )  

Related Articles | Metrics

Government Accounting Information Disclosure, Official Promotion Incentives and Local Governments’ Choice of PPP Mode

WANG Zhuo-jun, GUO Xue-meng

2018, 0(10):  63. 

Asbtract ( 187 )  

Related Articles | Metrics

In recent years, the promotion of the PPP cooperation between government and social capital in China’s infrastructure sector has received extensive attention from the academic circles. By making use of the World Bank data, this paper conducts a theoretical and empirical study of the relationship between the level of government accounting information disclosure, the degree of official promotion incentives and the PPP mode chosen by local governments. The research results show that the level of government accounting information disclosure has played a role in promoting local governments to choose PPP mode and that to improve the level of government accounting information disclosure will reduce the information asymmetry between local governments and social capital, in this way the PPP cooperation will be promoted. In addition, the degree of official promotion incentives is the channel through which the government accounting information disclosure can act on PPP cooperation. In order to promote the rapid and healthy development of the PPP mode, it is necessary to promote the transparency of government accounting information at different levels and revise the assessment mechanism for officials’ promotion that is traditionally based on “GDP Championships”.

Civil Liability, Partner Behavior and Audit Quality of Limited Liabilities Partnership Accounting Firms: From the Perspective of Game Theory

JIANG Yao-ming, XIAO Jie

2018, 0(10):  64. 

Asbtract ( 182 )  

Related Articles | Metrics

By constructing an incomplete information game model of company management, practicing partners, other partners and investors, this paper studies the different behaviors of the practicing partners and other partners of the limited liabilities partnership accounting firms when faced with civil liabilities with different natures and different degrees and the impacts of these behaviors on the audit qualities. The findings show that with the increase of civil liabilities of the limited liabilities partnership accounting firms, the practicing partners will reduce the collusion motivation with the company’s management and improve their professional competence, which will have a positive impact on audit quality. In addition, in order to avoid bearing the joint and several liabilities, other partners will interfere with the collusion between the practicing partners and the company’s management, which also has a positive impact on the audit quality.

The Impact of Industrial Structure Distance on China’s Outward Foreign Direct Investment: A Test Based on Country (Region) Panel Data

HAN Shen-chao

2018, 0(10):  65. 

Asbtract ( 185 )  

Related Articles | Metrics

In the context of the new pattern of overall opening up formed by the deepening supply-side structural reform put forward by the 19th Congress of CPC, more and more Chinese enterprises have chosen the way of “going global”. Based on the data of 164 countries (regions), this paper examines the impact of the distance between the host country (region) and China’s industrial structure on the level of OFDI of China in the host countries (regions). The results show that the impact of the industrial structure distance on the level of existing China’s OFDI in the host countries (regions) is significantly remarkable, which is reflected in the characteristics of “downstream industrial structural complementarity” and the motives of “marginal industries transfer”. In addition, the impact of industrial structural distance on China’s OFDI is significant in the samples of Asian and European countries (regions), while in the samples of African and South American countries (regions) is not significant. Such factors as level of economic growth, labor force abundance and proportion of high-tech industry will affect the effect of industrial structural distance on OFDI to some extent. However, the impact of industrial structural distance on China’s OFDI presents no significant differentiation in the countries (regions) along the route of “the Belt and Road”.

Strategic Flexibility and Business Performance: The Role of Entrepreneurial Orientation and Market Competitive Intensity

MA Li1,2, ZHAO Bei2

2018, 0(10):  66. 

Asbtract ( 201 )  

Related Articles | Metrics

Strategic flexibility can help enterprises adapt to the environmental changes, but there is no consensus reached as to the impact of strategic flexibility on business performance, for the relationship between the two has a high situation dependence. On the basis of the attention-based view and the resource-based view, this paper tries to study the relationship among strategic flexibility, entrepreneurial orientation and market competitive intensity. It takes the data from 221 firms in China as samples to conduct an empirical test on the three-dimensional interaction model with the method of regression analysis. The findings show that strategic flexibility can promote business performance, that entrepreneurial orientation can strengthen the promotion effect of strategic flexibility on business performance, and that when the market competitive intensity is weaker, entrepreneurial orientation will have a stronger moderating effect on the relationship between strategic flexibility and business performance.

The Impact of Foreign Trade Institutional Changes on China’s Export Ternary Margins: An Empirical Study Based on China’s WTO Accession and Registration System of Foreign Trade Business

BIAN Ze-yang, QIANG Yong-chang

2018, 0(10):  67. 

Asbtract ( 178 )  

Related Articles | Metrics

Based on the theoretical analysis, this paper employs the LSDV method of panel data and makes use of the matched data between Chinese Customs Trade Statistics (CCTS) and Annual Survey of Industrial Firms (ASIF) during the period of 2000-2007 to conduct an empirical study of the micro impact of the two foreign trade institutional changes, i.e., China’s WTO accession in 2001 and the registration system for foreign trade business in 2004, on China’s export ternary margins. The findings are as follows: (1) as to the export extensive margins, compared to foreign demand pull brought by WTO accession, the domestic export market supply push brought by the registration system has exerted more remarkable impact on the promotion of both the export participation of the potential enterprises and the product expansion of the existing enterprises; (2) as to the export intensive margins, the impact of WTO accession on export quantity expansion shows an inverted?U-shape of first rising then falling, while the registration system has intensified the domestic export competition, leading to the distinctive compression of the export quantity of the traditional products; (3) as to the export product prices, the marginal impact of the two institutional changes presents a U-shape tendency of first falling then rising over the time, which implies that the competition effect brought by the changes of foreign trade systems may compel enterprises to drop their product prices to keep their competitiveness in the short run, while in the long run it is in favor of encouraging enterprises’ export innovation in order to gain sustainable export competitiveness; (4) after distinguishing the different trade patterns, the impact of the two institutional changes on the ternary margins of the ordinary trade export is more significant than on the processing trade.

Research on the Influence of Enterprise’s Government-Social Capital Endowment on Financing Constraints: Capital Market Evidences of Government’s Role in Resources Allocation

WANG Zhu-quan, HAN Xing-jia

2018, 0(10):  68. 

Asbtract ( 180 )  

Related Articles | Metrics

There are a large quantities of literature which studies the impact of government function on business operation from the perspective of political relevance, but fewer to explore it from the perspective of social capital. Based on the concept definition and measurement of enterprise’ government-social capital endowment, this paper selects the empirical data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2016 as samples to explore the impact of enterprises’ government-social capital endowment of different proper right natures on their financing constraints, so as to provide effective evidences of capital market for the role of government played in resource allocation. The results show that the listed companies in China are generally confronted with external financing constraints, and the private enterprises are faced with more serious problems, and that the enterprise’s government-social capital can play a positive role in alleviating the financing constraints, this effect is also influenced by the nature of property rights, namely, as for the private enterprises, the government-social capital has a higher value.

The Construction of Quantitative Index of Central Bank Communication Behaviors: On the Policy Effects of Central Bank Communication

ZOU Wen-li1, WANG Xi2

2018, 0(10):  69. 

Asbtract ( 206 )  

Related Articles | Metrics

As a new kind of monetary policy operational tool, central bank communication has been given sufficient attention by the monetary authorities of all countries, because the central bank would announce its future policy intention to the public, which may guide the expectations of the economic subjects and further influence the behaviors of them. Although central bank communication behavior is very important, there is still no proper method to identify and quantify this behavior in China, thus it is very necessary to construct a set of quantitative indicators that can accurately measure the communication behavior of China’s central bank. Through extracting the information containing the central bank communication behaviors from quarterly session minutes of China’s Monetary Policy Committee and constructing a set of quantified index of central bank communication behaviors by combining the linguistic and logic automatic scoring technology, the findings of this study show that the quantitative index obtained from the automatic assignment method can well reflect the communication behaviors of the central bank, in addition, the communication behaviors of the monetary authorities are equally valid with the actual operation of the monetary policy.

Can the Reform of Real Right System Help Enterprises De-Leverage

LI Jian-wei, WANG Zhen-shan

2018, 0(10):  70. 

Asbtract ( 177 )  

Related Articles | Metrics

By making use of the data of private listed companies from the 2005 to 2009, this paper applies the fixed effect model to empirically analyze the influencing mechanism of the real right reform which is marked by the implementation of the Property Law on the enterprise leverage ratio. The findings show that: (1) the implementation of the Property Law has significantly reduced the enterprise leverage ratio; (2) reducing the enterprise leverage ratio by the implementation of the Property Law is realized through strengthening the protection of the property rights; (3) through reducing the enterprise leverage ratio, the Property Law has optimized the enterprise capital structure. The enterprise is the microcosmic body which would generate financial risks, to reduce the enterprise leverage ratio is also to reduce the level of the social financial risks accordingly, which provides microscopic evidences for the fact that the property right reform can reduce the level of the social financial risks. Therefore, we should continuously strengthen the protection of property rights and further strengthen the protection of intellectual property and other intangible assets, so as to reduce the enterprise leverage ratio, optimize the capital structure, and release financial risks.

An Analysis of the Threshold Effect of China’s Local Government Debt on Economic Growth

CHEN Jing

2018, 0(10):  71. 

Asbtract ( 178 )  

Related Articles | Metrics

Taking the provincial panel data from 2007 to 2016 as the sample, this paper conducts an empirical analysis of the relationship between the local government debt and China’s economic growth with the threshold model. The findings show that the local debt has a significant threshold effect on China’s economy, and there exists only one threshold value. When the level of the local debt is lower than this threshold value, it has a positive effect on the economic growth; once it exceeds the threshold value, the economic growth would be restrained. At the same time, compared with the advanced regions, the local debt of those underdeveloped regions has an even more significant and stronger impact on the promotion of the economic growth, and the threshold value is also higher. Once the local government debt goes beyond the threshold value, its negative impact on economic growth is also more obvious in the economically underdeveloped regions. Therefore, the economic growth mode of“to promote economic growth with debt”is not sustainable. Instead, the local governments should take adequate considerations of the regional conditions, control the local debt according to the circumstances, establish a local debt control and risk prevention mechanism which is suitable for Chinese conditions, promote the existing debt replacement, and strengthen the checking and disclosure of the local debt information.

Country Image, Trust in Transaction and Duration of Export: Evidences from Product-Level of China

DENG Lu

2018, 0(10):  72. 

Asbtract ( 205 )  

Related Articles | Metrics

The stability of a country’s trade relationship with other countries will be affected by the level of trust between the two sides; transaction cost is an important factor to determine whether a bilateral trade can be maintained for a long time in the international market with widely existed information asymmetry. On the basis of the export product data of China to 45 countries between 2006-2013, this paper adopts the results of BBC global influence survey to measure the country image and employs the survival analysis method and the binary dependent variable analytical method to check the influence of China’s country image in the eyes of its trade partners on the export duration of China’s products. The findings show that in addition to the factors related to the traditional trade trust, the better China’s country image judged by the trade partners, the longer the duration of its export and the fewer the risks of export failure will be, namely, the lack of trust in the transaction of export products can be offset by trust of a country. In addition, the positive effect of country image on the duration of export is much more significant in homogeneous goods, consumer goods, lower-evaluated countries and developed countries.

Lessons and Enlightenment from the Failed PPP Project of Spain-France Cross-Border High-Speed Railway: A Risk Analysis of Public Utilities Development Based on PPP Model

OU Chun-zhi1, JIA Kang2

2018, 0(10):  73. 

Asbtract ( 213 )  

Related Articles | Metrics

As a device and mechanism to attract and promote social capitals to invest in public utilities, the public-private partnership (PPP) model has been extensively applied. The PPP model can reduce government’s risks in their responsibilities and performances, however, the risks involved in its whole life cycle and the cost derived from itself need to be focused on. The failed PPP project case of Spanish-French cross-border high-speed railway investment in recent years has not only alarmed China’s development with the PPP model, but also provided valuable lessons and enlightenments. At present, some PPP projects in some provinces in China are called off urgently, which reminds us that more considerations should be given to the PPP model. It is urgently required for us to establish the risk prevention and resolution mechanisms for the PPP model, which mainly includes the risk allocation, the restriction of social capital gains, and the clarification of the risk responsibilities of the government and the social capitals.

An Analysis of the Spatial Distribution of China’s Green Development Indexes and the Regional Differences：Based on Exploratory Spatial Data Analysis Method

WEI He-qing, LI Ying

2018, 0(10):  74. 

Asbtract ( 146 )  

Related Articles | Metrics

Based on the analysis of the connotation of the green development index in the “2016 Annual Review of the Evaluation Result of the Ecological Civilization Construction” issued by the National Bureau of Statistics and other ministries, this paper applies the exploratory spatial data analysis method to conduct an exploratory analysis of the spatial distribution law, correlation model and regional development differences of China’s green development index and its secondary index. The findings indicate that China’s green development index and the resource utilization index in its secondary index are basically presenting a random distribution in space, and the regional development characteristics of strong east and weak west are not significant. Other remaining five secondary indexes have significant spatial positive auto-correlation, the agglomeration tendency of them is obvious, which evolves toward the“high-high”and“low-low”binary spatial distribution. The causes of the differences in the green development in each region are different. This proves that the concept of regional development must shift from a single economic development concept to a coordinated development concept between resources, environment and economy.