Table of Content

15 April 2017, Volume 0 Issue 04

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Privatization of State-Owned Enterprises and Corporate Innovative Ability: Based on the Estimation of Difference in Differences Model

ZHAI Sheng-bao, XU Ya-qin, TANG Wei

2017, 0(04):  281. 

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This paper selects the data of A-share companies in manufacturing industry listed in Shanghai and Shenzhen stock markets during the period from 2002 to 2015 to conduct a test on the impact of the privatization of state-owned enterprises on the enterprise innovation with the difference-in-differences model. The empirical results show that there is a significant negative correlation between the privatization of the state-owned enterprises and enterprise innovation, namely, compared with enterprises always keeping the state-owned nature, the privatization reform of the state-owned enterprises has weakened the innovative strength of enterprises. Based on the privatization reform of state-owned enterprises, this paper investigates the economic results of the privatization reform of state-owned enterprises from the management perspective and on the micro enterprise level, which can provide some empirical evidences for the state-owned system reform being carried out in China.

An Exploration on Value-Driving Mechanism of Intellectual Capital: Based on the Threshold Effect of Organization Capital

YUAN Ye-hu, ZHAO Yu，SHU Hai-tang

2017, 0(04):  282. 

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Based on an analysis of the dynamic formation and dynamic relationship of the constitutional dimensions of corporate intellectual capital, this paper uses for reference the panel threshold model developed by Hansen (1999) and takes the organizational capital as the threshold variable to explore the action mechanism of value-driving intellectual capital through the organizational capital threshold effect. The findings show that the value driving effect of intellectual capital has stage characteristics, namely there is the threshold effect with organizational capital as the threshold variable. When the organizational capital enters the mature stage from the initial stage, the organizational capital exceeding the first threshold value will significantly promote the value-driving effect of human capital in the interaction with human capital. When the organizational capital breaking through the second threshold value and entering a rigid stage, the value-driving effect of human capital will fall sharply.

Industrial Cluster, City Agglomeration and Economic Growth: Taking the City Agglomeration in the Central Region as a Case

XIANG Wen-biao, CHEN Yan-yun

2017, 0(04):  283. 

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Industry cluster is promoting the expansion of urban construction and the rational flow of population and other resources between cities, while city cluster is providing industrial cluster with high-quality urban construction facilities, production factors and various scientific, technological and system innovations. When analyzing the spatial-temporal evolution and interaction between urban agglomeration and industrial agglomeration in the central region, this paper finds that there exists a certain difference in the time and space between them, there is no complete synchronous development. At the same time, the panel data regression model of the interaction between industrial agglomeration, urban agglomeration and economic growth is built. The results prove that industrial agglomeration has a great influence on the regional economic growth and that urban agglomeration has less effect on regional economic growth, while the interaction between industrial agglomeration and urban agglomeration has no significant promoting effect on regional economic growth.

OFDI, Technology Selection and Enterprise Production Efficiency

NIE Fei1, LIU Hai-yun2

2017, 0(04):  284. 

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This paper makes use of the penal data at enterprise level covering from 2005 to 2007 to conduct a statistical analysis and empirical test of the production efficiency distribution characteristics of OFDI firms with gradient productivity structure. The results indicate that the overall production efficiency of China’s OFDI firms is higher than that of the non-OFDI firms. Viewing from all the samples, the production efficiency of China’s OFDI enterprises presents an inverted U-shape changing trend of first rise then fall along with the sectional progressive increase of productivity, and the adaptive difference in technology selection is the main cause of the phenomenon. Compared to capital-intensive industries, the lower productivity in the labor-intensive and technology-intensive industries and the technological choice mismatch of the OFDI enterprises at the high-productivity sections are more serious, and the inverted U-shape relationship between productivity and production efficiency is more obvious.

Research on the Impact of FDI Entry Mode on Regional Green-Technical Innovation Efficiency: From the Perspective of Strength Difference of Environment Regulations

LIU Bin-Bin1, HUANG Ji-yan2

2017, 0(04):  285. 

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On the basis of a theoretical analysis of the disparate impact of environment regulation strength on FDI entry mode choice and on the regional green-technical innovation efficiency, this paper conducts an empirical test with China’s provincial penal data from 2008 to 2014 as the sample. The findings show that FDI is more inclined to enter the regions with more rigorous environment regulation by taking joint venture mode and to enter those regions with less rigorous environment regulation by taking single proprietorship. FDI with the joint venture mode will hinder the improvement of regional green technical innovation efficiency in the regions with more rigorous environment regulations, while FDI with the single-proprietorship mode will greatly promote the green technical innovation efficiency in regions with less rigorous environment regulation.

The Influence of the Interactive Features of the Brand Web Spokesman on the Consumer Brand Resonance

FAN Xiao-ming, WANG Xiao-yu

2017, 0(04):  286. 

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In the network relationship, the interaction between the brand web spokesman and the consumers has an important influence on the brand resonance. This study examines the impact of the three features, i.e., interaction reputation, interaction density, and interaction authority, on the dimensions of consumer brand resonance. The findings show that interaction reputation can improve consumers’ brand loyalty and their sense of community belonging, that the interaction density can enhance the consumers’ brand attitude, and that the interaction authority can enhance the consumers’ sense of community belonging. What’s more, the findings also show that brand resonance has a positive impact on the willingness of consumers to invest in brand relationship. These research conclusions are significant to identify the interactive features of brand web spokesman and its impact on brand relationship to a certain degree.

Research on Enterprise Involvement in Place Branding: From the Perspective of Cultural Cognition

ZHAO Wei-hong1, ZHANG Yu-dong2

2017, 0(04):  287. 

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Among the fierce regional competitions, to drive the firms to be involved in place branding has become a core strategy in regional development. Through the corporate dimension of cultural cognition in exploratory development of place branding and the mechanism of driving the enterprises to be involved in it, this paper empirically verifies the four dimensions of firm’s cultural cognition in the place branding context, namely collective beliefs, traditional norms, conventional routines and role orientations. Among them, the collective beliefs are generated by self-achievement, benefit acquisition and vision orientation; the traditional norms include sense of emotional belonging, traditional customs and unity consciousness; the conventional routines include mutual consensus, implicit norms and thinking orientation; and the role orientations include responsibility consciousness, voluntary consciousness as well as learning consciousness. These dimensions of firm’s cultural cognition have a significant positive impact on firm’s involvement and the promotion of place branding. These findings can bring managerial enlightenment to the development of strategies for driving firms to be involved in place branding from the perspective of cultural cognition.

An Analysis of the Evolutionary Game of Supervisory Strategies for Internet Crowd-Funding Platforms

WANG Xian-jia1, HE Qi-long1, Quan Ji2

2017, 0(04):  288. 

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In the online financing crowd-funding market, the consumers are faced with greater risks when selecting investment projects due to the asymmetry information between the project sponsors and the consumers. While the crowd-funding platform as the intermediary can avoid such problems effectively with its punishment effects under the sponsor supervision mechanism. This paper employs the evolutionary game theory to analyze the interactive mechanism between the crowd-funding platform with bounded rationality and the project sponsors’ strategic selection in the internet crowd-funding. The findings are as follows: when the platform and the sponsors’ incentive from outside reputation are not taken into consideration, the heavier the supervision punishment by the crowd-funding, the greater the possibility that the sponsors’ strategic evolution will tend to be revealing the truth; otherwise, the greater the sponsors’ deceitful degree, the greater the possibility that the crowd-funding strategic evolution will tend to be the supervision strategy; while the safety of the consumers’ funds will be the responsibility of the platform. Therefore, effective implementation of the supervision and application of the punishment strategy of different degrees can regulate effectively the behaviors of concealing the product information to deceive consumers by the project sponsors, lead the sponsors to reveal the true projects, reduce the adverse selection resulted from asymmetric information, and raise the consumers’ enthusiasm to participate the crowd-funding.

The Determination of Interest Rate of China’s P2P Online Lending: An Empirical Study Based on Cross-Section Data of Cross-Platform

ZHENG Ying-fei1, CHEN Xiao-jing1, XIN Yuan2

2017, 0(04):  289. 

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As the representative of the private finance in China, P2P online lending initially carries out the practice of interest rate marketization. Compared to foreign P2P online lending interest rate which is mainly affected by the borrowers’ hard information and soft information, China’s P2P online lending interest rate is heavily affected by the platforms. When studying the factors deciding China’s online lending interest rate, we should take into consideration the impact from both the platform attributes and the specific loan attributes. The results show that the interest rate on the private platform is significantly higher than that on the platforms with other investment backgrounds. Such principal and interest guarantee modes as the platform funds deposited by the third party and the institutional guarantee can significantly reduce the interest rates of loans, while the risk degree of the platform region, the term of loan and so on can significantly increase the lending rate. But the effects of the mortgage guarantee method of the project itself on the interest rate is not significant. China’s P2P online lending investors pay special attention to the platform risks in their risk identification, so that concrete specifications must be made for the P2P online lending platforms.

A Realistic Choice to Put into Practice the Combined Comprehensive-Classified Income Tax System in China: From the Perspective of the Tax Pattern of Factors Reward

ZHANG Tian-jiao

2017, 0(04):  290. 

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According to the tax pattern of factors reward, the patterns of individual income tax system can be divided into the classified income tax system, the comprehensive income tax system and the mixed income tax system. In nature, the combined comprehensive-classified income tax system still belongs to one form of the classified income tax system. Because China’s current classified income tax system has increasingly visible disadvantages in aspects as adjusting income distribution and narrowing the gap between the rich and the poor, the central government clearly points out that the combined comprehensive-classified income tax system should be put into practice. Viewing from the current reform trend of personal income tax system in China, the combined comprehensive-classified income tax system should be the target model of the reform. Under the new mode of tax system, it is necessary to explore the design of the key tax elements of the personal income tax system, such as the taxation scope, deduction items and deduction standards, tax rate, and so on.

Research on the Quality Effects of Economic Growth in the Fiscal Expenditure Structure: From the Perspective of Five Developmental Concepts

ZHAN Xin-yu, WANG Su-li

2017, 0(04):  291. 

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Under the new economic normality, to improve the quality and efficiency of economic growth is an important goal of the current economic and social development. This paper makes use of China’s provincial panel data during 2000-2014 to explore the effects of the provincial fiscal expenditure structure on the quality of economic growth. The results show that the effect of the general economic growth quality of both productive expenditure and service expenditure is significantly positive, while the non-productive expenditure is negative. From the perspective of the five developmental concepts, the productive expenditure, service expenditure and non-productive expenditure have significant differences on the marginal effects of innovation, coordination, greenness, opening up and sharing. The quality effects of economic growth of inter-regional fiscal expenditure structure are also different. Therefore, in order to improve the performance of fiscal expenditure and its quality effect of economic growth, the government should further optimize the fiscal expenditure structure under the guidance of “Five Development Concepts”, increase the fiscal support to the service sector, such as science, education, culture, health, social security and so on, while keeping the existing efforts in productive expenditure and compressing the scale of non-productive expenditures.

Research on Corporate R&D Input under the Drive of Political Cycle

DAI Jing1, WANG Hong-jian2

2017, 0(04):  292. 

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From the perspective of official incentive mechanism, this paper analyzes the action mechanism on local corporate R&D input during the limited tenure of the government officials. Because the R&D indicators have been included in “the Tenth Five-Year Plan”since the year of 2000, this paper examines the relationship between the enterprise R&D input and the tenure of the provincial officials from 2000 to 2012. The results show that there exists a significant inversed U-type relationship between the corporate R&D input and the official tenure: the enterprise R&D input first increases then decrease during the local officials’ tenure. Further examination finds that similar inverted U-shaped relationship exists between the part of government fund in the corporate R&D input and the official’s tenure, while the part of bank credit is not significantly related with the official’s tenure, which indicates that the local officials mainly exert influence on the local corporate R&D input through the use of financial subsidies. The effect of local official’s tenure will continue to pass on the corporate R&D input and efficiency. While a comparison to the data of 1990-1999 shows that the official’s tenure has no significant influence on the local corporate R&D input before the implementation of the Tenth Five-Year Plan.

The Spatial Evolution of Coordinated Development of Beijing-Tianjin-Hebei Region: From the Perspective of Environmental Regulation

SHI Dan, MA Li-mei

2017, 0(04):  293. 

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From the perspective of environmental regulation, this paper makes use of the data of Beijing, Tianjin and 11 cities in Hebei province to study the spatial evolution characteristics of coordinated development of the Beijing-Tianjin-Hebei region. The findings of the spatial correlation analysis show that the environmental regulation in Beijing-Tianjin-Hebei region did not show significant spatial correlation until 2010. And the coordination began to increase from that year. The “center” of the region presents obvious “demonstrative effect”, and there is the possibility of “race to top” with significant spatial effects. However, the “periphery”of the region shows a trend of “race to bottom”. Furthermore, the results of the empirical study based on the spatial Durbin model show that the “regulatory benefits”of the strict environmental regulation area are drown due to the existence of pollution spillover effect, so that the improvement of local environmental regulation cannot improve the environmental quality. Only the improvement of the overall environmental regulation in the vicinity region can improve the quality of the local environment. Therefore, in order to improve the environmental quality in that region, it is necessary to enhance the spatial association, break the administrative division, and further deepen the regional cooperation, which is the important link for the improvement of the whole regional environmental regulation.