Table of Content

15 March 2017, Volume 0 Issue 03

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A Study of Behavioral Accounting Measurement: Based on the Measurement Model of Psycho-Technical Measurement System

ZHAO Yan

2017, 0(03):  294. 

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The current accounting measurement is an integration of technological paradigm and methodological paradigm, which is increasingly lacking power in the organizational management. The future development of accounting depends on its management functions, so that the accounting measurement should turn to the behavior paradigm. The behavioral accounting measurement based on the psycho-technical measurement system is a redesign of the accounting measurement model with behavior as the main line on the basis of the traditional measurement, whose purpose is to exert influence on the organization and individual behavior so as to realize the value driving and behavior optimizing. The measurement mode of behavioral accounting has an overall structure based on its purpose, through the analysis of the connotation and characteristics of behaviors, it sets up the measurement mode of current market price - the monetary unit of general purchasing power. The application framework is constructed according to the three stages of before, during and after the event. Before the event, it analyzes the behavior process and establishes the behavior index and the behavior standards. During the event, it implements the measurement over the behavior process and provides behavioral differences scales. After the event, it calculates the behavior contribution, evaluates the behavior performance and predicts the behaviors.

A Study of Industrial Heterogeneity of Judging Standards for Internal Control Deficiencies of Listed Companies

YANG Jing，ZHENG Shi-qiao

2017, 0(03):  295. 

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Taking the listed companies in Shanghai stock market in 2015 as the research objects, this paper examines the impact of the industrial heterogeneity and the industrial characteristics of the judging standards for internal control deficiencies on judging standards for the internal control deficiencies. The findings indicate that there generally exist differences in the judging standards for the internal control deficiencies of listed companies among different industries. There exists no significant difference in the judging standards for the internal control deficiencies of the listed companies among the subcategories of the manufacturing industry. The more intensified the industrial competition is, the stricter the judging standards for the internal control deficiencies will be. At the stage that the enterprise has free judging right for the standards and the external supervision is rather weaker, the industrial characteristics are playing an important role in restricting the opportunist behaviors when judging the internal control deficiencies. The supervision departments of the government should not only detail the operation instruction of internal control, but also carry out differentiated supervision in accordance with the industrial characteristics, so as to optimize the quality of information disclosure about the listed companies’ internal control.

An Empirical Study of the Differences of Price Changes between Outside-Controlled Industries and Domestically-Controlled Industries

MAO Yi

2017, 0(03):  296. 

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What kinds of differences exist in the price changes between the outside-controlled industries and the domestically-controlled industries? Are the prices of the former rising higher? Or the latter? These are the important issues concerned by the government and academic circles. Based on the identification of the outside-controlled industries and the domestically-controlled industries, this paper makes use of the data of China’s industrial sector to conduct an empirical study of the differences of price changes between the two. The results show that the average annual price rising rate of the outside-controlled industries is 2.2% lower than that of the domestically-controlled industries, and the price changes of the outside-controlled industries are more average. When the domestically-controlled industries are divided into state-controlled industry and private-controlled industry, it can be found that the average annual price rising rate of the outside-controlled industries is 2.4% and 1.9% lower than that of the state-controlled and private-controlled industries respectively. The study also finds out that the gap of price changes between the outside-controlled industries with stronger foreign capital control and the domestically-controlled industries is more obvious. These findings provide new empirical support for further objective evaluation of the foreign investment policy effect in the new era.

Monopoly Power and Structure of E-Business on Internet Platform: A Measurement of Customer Concentration on Baidu Search Platform

XU Qi-li

2017, 0(03):  297. 

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To make up for the lack of researches on E-commerce enterprise monopoly on the internet platform, this paper puts forward a progressive theory and model to measure the monopoly power and structure of E-commerce enterprises on the internet platform around the concentration ratio: the measurement from the perspective of concentration is to define the main body and dimensions of monopoly, the integrality is to measure the monopoly power from the given perspective, the decomposability is to measure the monopoly structure under the given monopoly power, the oligopoly is to measure the oligopoly structure under the given monopoly structure, and the liquidity is to measure the entry barriers under the given monopoly power and structure. The results of the actual measurement on Baidu search engine show that the concentration index of the simple share type, such as Gini coefficient, can better reflect the monopoly power of the E-commerce enterprises on internet platform, that the monopoly power of the E-businesses on the platform is stronger with a Gini coefficient above 0.9, that the monopoly structure forming the monopoly power is mainly made up of the E-businesses in healthcare, education and training, investment joining, and business services, that the monopoly structure has been polarized into a dual structure of oligopoly and catching-up, and that the solidification of the monopoly power and structure makes the entry barrier even harder to break. Through the empirical test, it can be seen that this concentration measurement system (market definition ?monopolistic power ?monopolistic structure ?entry barriers) is a marginal advance on the basis of the existing system (market definition ?monopoly power ?entry barriers), and the empirical results can play a certain role in guiding China’s “Internet +” Action Plan.

Research on Investors’ Investigation and Top Executive Compensation Contract Effectiveness

LI Hao-yang1, CHENG Xiao-ke1, LI Xin-zi2

2017, 0(03):  298. 

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From the perspective of information asymmetry, taking the listed companies in Shenzhen Stock Exchange from 2013 to 2015 as samples, this paper conducts an empirical test on the relationship between investors’ investigation and the effectiveness of top executive compensation contracts from the two aspects, i.e., the sensitivity between compensation and performance and the stickiness of compensation, then it further explores the impact of corporate equity structure on the relationship between the two. The results show that the firms with greater intensity of investors’ investigation would have higher compensation-performance sensitivity and lower stickiness of compensation. This kind of impact is more notable in the companies without absolutely controlling stockholders. Further test finds out that investors’ investigation will act on the top executive compensation contracts through improving the quality of financial reports. In addition, compared with the buy-side institutions, the investigation intensity of the sell-side institutions has a more significant impact on the effectiveness of top executive compensation contracts.

Influential Effects of RMB Offshore Deposits on Domestic Currency Circulation: An Empirical Test Based on Hong Kong Data

ZOU Ling, ZHOU Chen-xi

2017, 0(03):  299. 

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Hong Kong has the world’s largest pool of RMB funds. Its balance of RMB offshore deposits holds the first place among the largest international financial centers. Taking the data of monthly RMB offshore deposits of Hong Kong’s banking industry from 2004 to 2012 as the sample, this paper establishes a state space model to inspect the impact of the growth of RMB offshore deposits in Hong Kong on the domestic currency circulation. The results show that the operation of Hong Kong’s RMB offshore deposit market has strengthened the effectiveness of the domestic and foreign economic policies, thus indirectly affecting the domestic currency circulation. Under such influence, the changes of the variables related with the monetary circulation also demonstrate time consistency and the characteristics of volatility callback. Therefore, we should both enhance the coordination and cooperation between Hong Kong and the domestic monetary authorities and strengthen the management and control of the extralegal circulation of RMB offshore deposit in Hong Kong.

Corporate Corruption and Internal Pay Gap

LIU Xiao-wei1, LIU Jin2, JIANG An-yin1

2017, 0(03):  300. 

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By making use of the corporate survey data provided by World Bank, this paper examines the relationship between corporate corruption and the internal pay gap between employees at different levels. The results show that corporate corruption has expanded the salary gaps between the CEO and the middle managers, between the middle managers and the ordinary employees, and between the CEO and the ordinary employees, however, this effect of corporate corruption exists only in domestic enterprises. The above conclusion provides microcosmic evidences for the corruptive income distribution effect in the macro economy, which can also offer new explanations for the widening pay gap within the firm.

Modeling and Forecasting of Implied Volatility Surface

ZHENG Zhen-long, WANG Rao-sixing

2017, 0(03):  301. 

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Based on the term structure and the smile features of implied volatility, this paper presents a new semi-parametric model of implied volatility, which provides a new idea and method for the modeling of implied volatility surface. This model contains nine parameters with practical economic implications, corresponding to the level factors, slope factors, curvature factors and interaction factors of the two elements: the residual maturity and the on-value degree. By adopting the data of mini HSI option, this paper verifies the result that when the parameter is adjusted to be 0.6, this model can fit the implied volatility surface optimally. Then according to the daily cross-section data in the sample period, it estimates the time series of the nine parameters. The findings show that these time series have periodic characteristics that the peak value appears in the settlement days. By making use of the MATLAB programming, the extrapolation forecast on the periodic time series of the parameters is realized by adopting the chain-weighted mean method and the BP neural network method, the results show that the BP neural network method is obviously superior to the chain-weighted mean method.

Modern Social Governance: An Analytical Framework of Fiscal System

TIAN Fa1, ZHOU Chen-ying2

2017, 0(03):  302. 

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The fiscal system has an endogenous relationship with the modern social governance; it acts on the modern social governance through the four inherent elements, i.e., division of powers, fiscal resources distribution, transfer payment and budget control. As for the division of responsibility of social governance costs, the central government shoulders 26.64% of the expenditure, while the equilibrium level of the inter-regional social governance expenditure keeps rising. As for the financial allocation of the social governance, the local financial resource available actually accounts for 88.23%, and there is a tendency of the differences of inter-regional financial resources being narrowed. The transfer payment of the central government shares 22.17% of the local social governance expenditure, which has raised the financial resource equalization among the regions. The path of fiscal system reform, which can match the modern social governance, is to clarify the division of the social governance powers and expenditure responsibilities, rationalize the financial allocations of social governance, optimize the transfer payment mechanism and establish a modern budget system.

Challenge and Innovation of PPP in the Public Interest Realization Mechanism: From the Perspective of Public Governance Framework

OU Chun-zhi, JIA Kang

2017, 0(03):  303. 

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Since 2014, the government has strongly advocated the cooperation between government and social capital (PPP), making it one of the core tools to improve the performance of the supply system and to realize the more flexible and extensive modern governance with the guidance of the system supply of the supply side. To date, the attention of PPP has been focused mainly on such levels as management, financing, efficiency and technical aspects in the framework of economics, while such social governance elements as fairness and justice, public interests, state responsibility and public participation under the framework of politics are not sufficiently and extensively discussed. PPP is a risk sharing and revenue sharing all-win mechanism between the government, social capital and the third party specialist agencies, butt jointing the market and matching the public policy, which is conductive to seeking the progressive maximization of public interests. As a kind of partner relationship management tools, PPP can introduce social capital to cooperate with the government, so as to jointly bear the state responsibility, promote more adequate public participation, make public services more responsive and more beneficial to the people, which can better realize the public interests.

Driving Factors of China’s Carbon Emission: From the Perspective of Population and Urbanization

FANG Qi-yun, TAO Shou-lai

2017, 0(03):  304. 

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From the perspective of population and urbanization, this paper constructs a seven factors model of China’s carbon emission to calculate the contribution of each factor by the LMDI approach. The results reveal that in terms of the action direction of the variables, such factors as population size, rate of urbanization, employment rate in urban areas and energy intensity have a positive correlation with carbon emission, the factor keeps a negative effect on carbon emission is the urban-rural structure of employment, while such factors as economic structure and carbon emission intensity present an interlaced positive-negative effect in stages. In terms of the action effects of the variables, the impact of such factors as the rate of urbanization, urban-rural structure of employment, economic structure and energy intensity is rather significant; while the impact of such factors as population size, urban employment rate and carbon emission intensity is rather weaker. Moreover, it is inevitable that the increasing rate of urbanization will bring about more carbon emission. However, there does exist win-win situations in which the rate of urbanization increases while the environmental cost reduces when such factors as the rate of urbanization, urban employment rate and the urban-rural structure of employment are taken into consideration.

Population Aging and Monetary Policy Efficacy: An Empirical Analysis of Emerging Economies

ZOU Jin

2017, 0(03):  305. 

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Based on the data from six emerging economies, this paper probes into the impact of ageing on the effectiveness of monetary policy with the variables representing the effectiveness of monetary policy obtained with the method of TVP-VAR. The results show that the population ageing has weakened the effectiveness of monetary policy and there exists asymmetry in that impact, i.e., the impact on the output is greater than that on the inflation, and the impact on the interest regulation is greater than that on the money supply regulation. In addition, this effect is more significant after the Chinese sample is removed, which reflects the robustness of the result and the heterogeneity in the Chinese samples. With the financial systems in emerging economies being improved gradually, the impact of population aging on monetary policy efficacy will be more and more obvious. Thus, we should not only pay attention to the adoption of diversified monetary policy operation methods but also match them with other macro policies and structural reforms, so as to cope with the challenge of ageing with considerations of the situation.