Table of Content

25 May 2020, Volume 0 Issue 3

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Can Land Marketization Alleviate the Financing Constraints on Enterprises?

GONG Guang-xiang, ZHU Yue-ji

2020, 0(3):  3-13. 

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The financing difficulty of enterprises has always been the focus of attention and discussion from all walks of life.However,there has not been any research on the impact of the special land marketization system reform on financing constraints on enterprises in China.By making use of the survey data of Chinese enterprises obtained by the World Bank in 2012 and from the perspective of the impact of land marketization system reform on the mortgage value of land and its appendages,this paper investigates the impact of land marketization on the enterprise financing constraints.The findings show that land marketization can significantly alleviate the enterprise financing constraints,and this conclusion is still valid after overcoming a series of robustness tests such as the potential endogenous problems.In terms of urban characteristics,land marketization plays a more significant role in alleviating financing constraints on the enterprises with lower administrative level,narrower financial gap and located in eastern regions.In terms of enterprise characteristics,compared with state-owned enterprises,land marketization can better alleviate the financing constraints on private enterprises.In order to alleviate the financing constrains on the enterprises,it is necessary to improve the land marketization system continuously,improve the level of land marketization,improve the efficiency of land resource allocation,and give full play to land financing.

Spatial Correlation and Spillover Effect of China’s Inter-Provincial Green Development

LIU Xiao-yu, YU Hai-hua

2020, 0(3):  14-24. 

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Based on the 2016 Green Development Index of 31 provinces in China jointly issued by four ministries,this paper applies the gravitational model and social network analysis method to comprehensively analyze the spatial correlation and spillover effect of China’s inter-provincial green development.The findings show that the spatial correlation of China’s inter-provincial green development has remarkable accessibility,stability and non-equilibrium.There is a close connection and significant spillover effect between provinces or plates;the eastern provinces are mainly net income segments,having more close relevance between each other;the central and western provinces are mainly net spillover plates.The center of green development is mainly concentrated in the eastern regions,which receive more spillovers and constantly attract the inflow of green development elements and resources,exerting greater impact on the green development of the related provinces.Each province has significant differences in geographical location,ecological environment endowment,technological innovation,urbanization level and environmental regulations,etc.,that has jointly promoted the formation of inter-provincial correlation and spillover effect of green development.We should establish the green development concept of spatial integration,give full play to regional correlation and spillover effects,make differential regional policies,and form green development pattern of regional equilibrium and synergy.

A Study on the Efficiency and Potential of China's OFDI in Countries along the Belt and Road Route: Also on the Choice of Investment Location

WU Han-ran, HU Qing-jiang

2020, 0(3):  25-37. 

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Based on the theory of foreign investment in developing countries and the literature review of investment efficiency,investment potential and investment location choice,this paper constructs a stochastic frontier investment gravity model and a comprehensive evaluation system of principal components of the investment potential respectively to measure and evaluate the investment efficiency and investment potential of 55 countries along the Belt and Road route.Through the combination of the efficiency and the potential,these countries are divided into four types,such as“high efficiency and high potential”,“high efficiency and low potential”,“low efficiency and high potential”and“low efficiency and low potential”.On the basis of the combined analysis,this paper draws a conclusion that investment priority should be given to the HEHP countries and LEHP countries.It is necessary to optimize the distribution structure of China’s OFDI and guide China’s capital to have a better“going out”from the two aspects of accurately choosing investment locations and investment types and systematically strengthening the investment risk control.

Intergenerational Transmission of Poverty, Human Capital and Employment Mobility of Graduates: An Analysis Based on Box-Cox Quantile Regression Correction Model

JIANG Cui-zhen, LUO Chuan-yong, YU Lai-wen

2020, 0(3):  38-51. 

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The intergenerational transmission of poverty often aggravates the persistent poverty and low social mobility,which has become a strong resistance in today’s poverty alleviation task.Based on the Box-Cox quantile regression correction model,this paper makes an analysis of the impact of intergenerational poverty transmission on the employment flow of college graduates and the moderating effect of human capital on the spatial effect of intergenerational transmission of poverty.The empirical results show that the intergenerational transmission of poverty suppresses the tendency of graduates’long-distance employment mobility,but the places that accept short-distance employment also stimulate poor graduates to choose to leave their hometowns for employment;and the high-level human capital is conducive to the long-distance employment mobility of the graduates.The adjustment effect coefficient shows a trend of “first decrease then increase”,which further proves that the accumulation of human capital can effectively reduce the barrier of intergenerational poverty to the long-distance employment flow.Therefore,it should be the focus in the design of the future poverty alleviation system to establish and improve the long-term mechanism for poverty alleviation,the mechanism of academic incentive,the mechanism of employment guidance,the employment subsidy system for poor graduates and the public employment information system,so as to reduce the cost of employment,improve human capital,and block the intergenerational transmission of poverty from the root.

Is China's Commercial Health Insurance Complementary or Substitutive to Social Medical Insurance? An Analysis Based on Inter-Provincial Panel Data and Threshold Effect

XIE Ming-ming, LI Qin-ying

2020, 0(3):  52-60. 

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Based on the provincial panel data of 7 provinces in China from 2009 to 2017,this paper employs panel fixed effect model and panel threshold model to investigate the differences in the relationship between social medical insurance and commercial health insurance on different income levels.The results of the study show that the development of social medical insurance has promoted the development of commercial health insurance in general,but the relationship between the two is non-linear complementary and promotive,and this promotive effect is growing with the increase of residents’income level.However,when the per capita income of residents is lower,this promotive effect is not significant.Therefore,vertically,with the development of China’s economy,the improvement of social medical insurance will comprehensively promote the development of commercial health insurance.Horizontally,there is a big income gap between urban and rural residents in China;the focus of medical security system should have some differences towards rural and urban residents.The commercial insurance companies should design commercial health insurance products for people at different income levels from both macro and micro perspectives to meet people’s diversified medical security needs at different economic stages,which will also be connected with the basic medical insurance.

Evaluation of the Impact of the New Rural Social Pension Insurance Policy on Rural Residents’ Consumption

HE Hui, LI Xiao-qin

2020, 0(3):  61-72. 

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Based on the two groups of panel data of CFPS in 2010-2012 and 2010-2018,this paper first eliminates the“self-selection effect”and the endogenous problem of the new rural social basic pension insurance policy through PSM-DID,then it conducts an assessment of the impact that may brought about by the new rural social pension insurance policies on the consumption of the rural residents.The research results show that the facilitating effect of the new rural social pension insurance policy on rural residents’consumption is mainly reflected in the short-term,and this short-term consumption promotion effect is mainly manifested in the samples of rural residents aged 60 and above.From the perspective of consumption structure,the new rural social pension insurance policy has mainly promoted the three types of basic living consumption,i.e.,the rural residents’food consumption,clothing consumption,and daily consumption.At the same time,there still exists some regional heterogeneity in the impact of the new rural social pension insurance policy on rural residents’consumption,of which,the promoting effect on the consumption in the western underdeveloped areas is significant,but this promotion effect will be gradually weakened as the regional economic development level gradually increases.

Research on the Influence of Family Background on Farmers' Entrepreneurial Mode: An Empirical Analysis Based on China's Thousand Village Survey

FAN Bo-wen, YING Wang-jiang

2020, 0(3):  73-86. 

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It is crucial to retain the young rural labors to implement the strategy of rural revitalization.In order to do this,promoting farmers to start self-business in rural area is an appropriate way.Based on the data of China’s Thousand Village Survey (CTVS),this paper makes an empirical analysis of Chinese farmers’entrepreneurial mode by employing the binary choices model from the perspective of family background.The findings show that the imitation entrepreneurship is the mainstream choice of entrepreneurial farmers in current rural China.Some factors,i.e.,family background,will have an impact on the entrepreneurial mode of farmers;the entrepreneurial farmers born in elite families are more likely to choose the innovative entrepreneurship than those born in ordinary families.The findings of further research show that migrant working experience and regional differences can significantly affect farmers’entrepreneurial mode born in ordinary families,while the age,risk preference and venturing years would significantly affect farmers’entrepreneurial mode born in elite families.Based on the research conclusion,the policy enlightenment for the promotion of farmers’entrepreneurship and rural revitalization are as follows (1) setting up examples to explore farmers’entrepreneurial potential;(2) setting up entrepreneurship schools in rural areas;(3) cooperating with universities to hatch innovative entrepreneurship modes and copy and popularize them to farmers’entrepreneurship;(4) making inclusive finance serve the farmers’entrepreneurship and help rural revitalization.

Research on Labor Transfer, Heterogeneity of Poverty and Poverty Alleviation of Farmers: Taking 995 Households in Jiangxi Province as an Example

LIAO Wen-mei, QIAO Jin-di, WU Feng

2020, 0(3):  87-96. 

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Labor transfer is still one of the important ways for farmers to improve their income and get rid of poverty.Based on the data of poverty-stricken households in Jiangxi Province,this paper uses the tool variable method to explore the effect of poverty reduction of poverty-stricken households with labor transfer.The results show that the number of labor transfer has a significant positive impact on poverty reduction of poor households;the transfer distance has an obstacle effect on poverty reduction of poor households,the farther the transfer distance is,the more unfavorable to the increase of farmers’income.In the grouped samples with the head of household over 60 years old,the impact of the number of labor transfer on the family income is more obvious,and it is easier to get rid of poverty,while the obstacle effect of the transfer distance is relatively smaller.In addition,in the poor families caused by illness,the marginal effect of the number of labor transfer on family income and the obstacle effect of the labor transfer distance on family income are both higher than that of the poor families caused by other reasons.Therefore,the government should strengthen the training of rural labor force,encourage the migrant labor to return to their hometown for entrepreneurship,and promote the diversified growth of family income,so as to realize the effective docking of rural revitalization and poverty alleviation.

The Way to Harmony: Research on the Power and Mechanism of Party Construction Leading Community Public Security Governance: Taking the“Pastoral Model”in District A of Shanghai as an Example

LIU Le-ming

2020, 0(3):  97-106. 

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The integration and remodeling of fragmented communities is the key to promoting community governance,and it is also an important issue of concern for the study of community governance.This paper takes community public safety governance as an object and the “pastoral model”of safety governance in District A of Shanghai as an example to study the driving force and integration mechanism led by Party building in community governance.The findings show that the essence of the“pastoral model”lies in the injected momentum into the community governance through grassroots Party building,thereby leveraging the operation of community public safety and getting rid of the plight of collective action.After years of accumulation and precipitation,the“pastoral model”has formed five major working mechanisms for the governance of community affairs.The leading and integrated role of grassroots Party building has always penetrated through it,forming a“Party embedded”working mechanism.It is through the embedded working mechanism that the will of the political party enables it to take root in community governance,thereby activating the collaborative and cooperative ability among the four main subjects of community governance,and providing continuous driving force and integration for community public safety governance.

An Exploration of the Narrative Mechanism and Communication Strategies of the Red Land Films in the Integrated Media Era

WANG Qi

2020, 0(3):  107-114. 

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The Red Land films,which are shouldering the national mission of writing and recognizing the construction of history,strive to ponder the inheritance and evolution of the narrative theme in the typological and plural scales.The traditional narrative themes generally continue in the three categories red,green,and ancient.The innovation and expansion of narrative themes in the era of media fusion are mainly manifested in two ways one is classic remakes that reflect the narrative characteristics of different eras,the other is clever weaving and multi-dimensional retelling of classic materials based on different narrative methods.For character modeling,a variety of narrative strategies are comprehensively used,such as the hinting and bonding of proper names,the hierarchical contrasting narrative method,and the round character modeling method under the collision of a specific environment,so as to create groups of portraits that meets the audience’s aesthetics and expectations.In terms of communication strategy,it organically integrates the media platforms of newspapers,terminals,Internet,micro medias and so on with different transmission characteristics,so as to exert a joint force during the whole process of production and transmission.It is expected to skillfully use the full-text narrative techniques in order to produce a multi-voice synergistic resonance transmission effect.

Theoretical Review of Execution Objection Litigation of Corporate Actual Contributors and Path Selection of Judgment

ZHAO Zhong-kui

2020, 0(3):  115-125. 

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The execution objection litigation by the actual contributors is another difficult problem derived from the identification of the shareholders’qualification of a limited liability company;both anonymous capital contribution and the change of equity base relation will lead to these kinds of lawsuits.In view of the widespread phenomenon of“same cases with different judgment”in judicial practice,the theoretical circle has formed two completely different views,i.e.,“preferential protection of right appearance”and“questioning of preferential protection of right appearance”.In order to make up for the“avoidant property”,“insufficiency”and“logical loopholes in argument”in the existing researches,and to break the“no solution”dilemma in disputes,we can measure the interests adequately on the basis of summarizing and listing the specific interests involved in the“contract regulation”and the“public right regulation”,and gain the value orientation of interest protection combined with the social effect of interest protection.As a system tool,the“appearance standard of rights”is exactly in line with the value orientation.It is unfair to strictly apply the substantive law to resolve disputes at the stage of“validating equity transfer contract + company receiving notification and recognizing”.Therefore,we can introduce the equity objection registration system by referring to the German Limited Liability Company Law and endow the actual contributors (equity transferee) the right to withstand the registered shareholder creditors.

On the Legislative Reconstruction of China’s Corporate Bond System: Based on the Linked Revision of The Company Law and The Securities Law

NIU Zheng-hao, ZHAO Chen-guang

2020, 0(3):  126-137. 

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At present,Chinese corporate bonds are still operated and designed according to the simple contract theory,while corporate bond holders are faced with the problems of normalization of corporate bond defaults and the generalization of“thunderstorm”.The existing institutional logic cannot virtually balance the two parties,nor being able to fully protect the interests of bondholders.The principle of debt law in the ordinary sense cannot reflect the financial commodity attributes of corporate bonds;according to the theory of financial consumers,corporate bond holders should be given special protection and relief as financial consumers.Under this theoretical premise,the corporate bond regulations in Chapter 7 of the Company Law should be translated and integrated into the Securities Law for unified supervision and regulation,and the corresponding bond information disclosure system should be improved in the Securities Law to better safeguard the legitimate rights and interests of financial consumers and support the healthy and orderly development of the corporate bond system.

The Choice of the Regulatory Path of Online Ride-Hailing Industry: From Administrative Regulation to Cooperative Regulation

JIANG Yan-Bo, HUANG Juan

2020, 0(3):  138-147. 

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Being an innovative business model that has emerged with the development of the sharing economy in recent years,the online ride-hailing industry should be regulated according to its technical and business characteristics,which should be different from the traditional cruising taxis.Although the Interim Measures issued by China in 2016 clarified the legal status of online ride-hailing cars and covered it into administrative regulation,the outdated and backward regulatory concepts and methods have failed to facilitate a reasonable and effective regulation.The regulation for online ride-hailing should give full play to the judiciary in implementing public regulatory policies.On the basis of confirming the boundary of property rights of the urban travel service industry,a cooperation regulation system of online ride-hailing centered on tortious liability should be established,which mainly adopts the regulation of “liabilities”oriented by judicial institutions.The rights,obligations and responsibilities of online ride-hailing operators should be clarified beforehand,the self-regulation of the industry should be encouraged and restricted,which should be supplemented with an ex post liability mechanism,so as to eliminate the disadvantages of administrative regulation in information and efficiency and promote a healthy development of the whole industry.