Table of Content

25 July 2020, Volume 0 Issue 4

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Discrimination of Financialization Appropriateness of Chinese Entity Enterprises: Modeling and Application

WANG Shao-hua, GUO Wei, HUANG Xian-huan

2020, 0(4):  3-14. 

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The moderate financialization of enterprises is an inevitable requirement for the enterprises to achieve lone-term development while maintaining profit growth.Based on the theory of financial sustainable development,this paper defines the connotation of the corporate financialization appropriateness from the perspective of maximization of shareholder value and constructs a scientific and reasonable model to discriminate the appropriateness of financialization of Chinese entity enterprises.The results show that from 2008 to 2017 the financialization conducts of Chinese entity enterprises are constantly deepening and present a tendency of over-financialization as a whole.And the proportion of the over-financialized enterprises is nearly half,among which the proportion of the over-financialized enterprises is the highest in 2008,and it has declined since 2013.Further analysis shows that the scale of financial assets of the enterprises will increase significantly when the enterprises turn from not over-financialized into over-financialized.At the meantime,over-financialization will lead to a decrease of the proportion of profits from the main business,an increase of the profits from financial channels,a decrease in investment in fixed assets and intangible assets,and a decrease in total factor productivity,which will hinder the development of enterprises.While not over-financialization will increase the proportion of profits from the main business,promote the fixed asset investment,improve the total factor productivity,which will promote the development of enterprises.Such research conclusions can provide new measurement method for the related theoretic researches of financialization and have significant meanings for scientific discrimination and effective supervision of corporate over-financialization,and for prevention of the real economy from being real to being virtual.

Interest Rate Liberalization, Diversified Bank Operation and Liquidity Risks: An Empirical Analysis Based on Dynamic Panel

ZHANG Guo-xing, ZHANG Ao-qian, XU Che

2020, 0(4):  15-26. 

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Based on the data of 40 commercial banks from 2008 to 2017,this paper adopts the dynamic panel system GMM method to empirically test the impact of interest rate liberalization and diversified bank operation on their liquidity risks.The findings show that the diversification of the traditional and non-traditional business can both reduce the liquidity risks of banks,among which the diversification of traditional business has more significant effects,and the effects on state-owned banks are most prominent.During the process of interest rate liberalization,the diversification effect of state-owned banks and joint-stock banks have been enhanced,but that of urban commercial banks has been significantly weakened,and the level of liquidity risks has been increased.Besides,in the late period of interest rate liberalization,the diversification of non-traditional businesses has further lowered the level of liquidity risks of banks;while continued expansion of the deposit and loan business will weaken the positive effects of diversification of the traditional businesses on bank liquidity risks.

Will Government Health Expenditure Squeeze into Residents’ Health Care Consumption? An Analysis Based on the Panel Threshold Regression Model

TAO Chun-hai, JIAO Rong-rong

2020, 0(4):  27-39. 

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Based on the panel data of 26 provinces in China from 1997 to 2017,this paper conducts an empirical analysis of the relationship between government health expenditure and health care consumption of urban and rural residents by constructing a panel threshold regression model.The results show that taking residents’income as a threshold variable,both the national and urban samples have a threshold and can pass the robustness test,indicating that government health expenditure will squeeze into residents’health care consumption,and the crowding effect will decreases with the increase of residents’income;while the rural samples do not have the threshold effect of residents’income.When further dividing the regions according to the urban residents’income threshold,the result shows that the income of urban residents in the central and western regions of China is at a lower level and the government health expenditure has a strong crowding-in effect,while the income of urban residents in eastern coastal areas is at a higher level and the government health expenditure has a weak crowding-in effect.

Information Sharing, Financing Methods and Corporate Investment Efficiency

YE Song-qin, HUANG Jin, LIAO Fei-mei

2020, 0(4):  40-52. 

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The construction of information sharing mechanism is an important supporting point for the development of the national economy.Taking the listed companies of the National Top 500 Companies as the investigation objects,this paper constructs a difference-in-differences model to study the impacts of information sharing on the investment efficiency of enterprises from the perspective of financing methods according to The Work Specifications for Business Accounting Informationization.It also studies the acting path of the impact.The research results show that information sharing can effectively inhibit the inefficient investment of enterprises.At the same time,it is found that information sharing can significantly inhibit the inefficient investment of enterprises through debt financing,but no significant impact on equity financing,indicating that the main path of the inhibiting effect of information sharing on corporate inefficient investment is debt financing.The results of further study show that in the environment of low level of internal control and poor information transparency,the possibility of information sharing inhibiting corporate inefficient investment through debt financing is more significant.This study fully confirms the active governance effect of information sharing on the inhibiting of inefficient investments,and incorporates information sharing-an important external governance mechanism-into the research framework of corporate investment efficiency,which has certain reference value for corporate governance and national information sharing reform.

A Study on the Sustainability of Pension Insurance Coordination Fund in Government Organs and Public Institutions Based on Policy Simulations

WANG Ya, XUE Hui-yuan

2020, 0(4):  53-64. 

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Through constructing an actuarial model,this paper studies the sustainability of the pension insurance coordination fund in government departments and public institutions.The findings of the measurement show that the expenditure of the coordination fund has an increasing tendency year by year from 2015 to 2050,but the tendency turns to decline year by year from 2051 to 2060.The expenditure of the coordination fund is much larger than its income,and the gap has been created since the beginning of the system.To lower the pension adjustment coefficient can effectively reduce the expenditures and improve the balance of the coordination fund.In the short term,the larger the contribution base,the larger the gap between the income and expenditure of the coordination fund and the heavier the burden.But in the long run,the larger the contribution base,the narrower the gap between income and expenditure of the coordination fund,which can effectively improve the balance of coordination fund.If the retirement age is delayed,the balance of coordination fund can be significantly improved.If the contribution rate of the units is lowered,the balance gap of coordination fund will be increased.Therefore,it is suggested that to raise funds from multiple sources and make up for the gap of the coordination fund in the same year,to establish a reasonable pension adjustment mechanism,to put into effect and appropriately increase the payment base,to introduce and implement the policy of delayed retirement age as soon as possible,not to lower the payment rate of pension insurance in government departments and public institutions,to bridge the use of the coordination fund with the personal account fund,and to turn the personal accounts into nominal accounts.

An Analysis of the Root Causes for the Underwriting Profit Differences in Automobile Insurance: A Two-Way Research Based on both the Supply and Demand Sides

LU Si-ting, SU Fang

2020, 0(4):  65-75. 

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This paper explores the factors affecting the underwriting profit differences in automobile insurance from the perspective of the supply of insurance companies and from the perspective of the demand of consumers at different regions.The detailed contribution degrees of all the influencing factors are also measured accurately by using Oaxaca-Blinder decomposition.The results show that the factors from the supply side of insurance companies,such as the number of branches,whether listed or not,operation years,market situation and company nature,all have an impact on the underwriting profits,among which,the number of branches has the most important effect.From the demand side of automobile insurance,such factors as the regional economic development level,the average mileage and the direct property loss in traffic accidents also have impacts on the underwriting profit of automobile insurance,among which the economic development has the most significant impact.The conclusions of the study from both the supply side and demand side indicate that at present the winning strategy in China’s automobile insurance market is still the“quantity”.Only by making great efforts to continuously possess larger market share in the ever increasing numbers of cars,can the insurance companies obtain some profits by virtue of their scales.All the input concerning the“quality”of automobile insurance shows no significant effect for the time being.

Comparison of Grain Competitiveness and Research on the Influencing Factors on Grain Trade between China and Other Countries along“The Belt and Road”

HAN Dong, LI Guang-si, ZHONG Yu

2020, 0(4):  76-92. 

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This paper makes an analysis of the influencing factors on grain competitiveness and grain trade between China and other countries along the“the belt and road”,which is conductive for China to improve the foreign grain trade environment and to enhance its own competitiveness.By making use of the grain trade data of China and the other countries along“the belt and road”from 2012 to 2017,this paper calculates the indexes of trade integration and comparative advantages,constructs a bilateral gravity model and a hurdle model,and conducts a quantitative test.The findings show that China has heavy grain trade with only part of the countries along“the belt and road”and enjoys a certain competitiveness on some specific grain varieties towards some individual countries,but has no regional overall competitive advantage.Fine economic development level and cultural exchange degree have significantly promoted the development of the bilateral grain trade,while geographical distance has significantly hindered the bilateral grain trade;the amount of bilateral grain trade between the countries with good agricultural and natural resources and China is much higher.Besides,the institutional distance is an important factor affecting China’s grain export decision,and the economic development level,the geographical distance and the cultural exchange degree have all affected the trade amount of China’s grain export.Therefore,China should continue to promote the strategy of “the belt and road”initiative,choose the trade partners according the principle of comparative advantages,strengthen the infrastructure construction to reduce the negative influences brought by geographical distance,actively promote the“people-to-people bonds”and the“cultural connection”,strive to achieve“policy coordination”,and ease the hindering effect of the institutional distance on the trade.

Three Types of Transformation in the Evolution of Agricultural and Rural Policies: Implications of EU Experiences for China’s Practice

SUN Juan-juan

2020, 0(4):  93-101. 

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During the exploration of the theoretical guidance and practice approaches to achieve rural revitalization,China can draw on EU’s experiences of transformation and success in implementing its common agricultural policies.EU is aware that placing emphasis on the development of agricultural production as a single priority and relying on the investment and exploitation from external resources and the top-down government intervention will lead to the imbalanced agricultural and rural development,as well as the marginalization of local resource utilization and public participation.Therefore,its reform of the common agricultural policies has shifted to the integrated positioning of the policy goals,the combination of exogenous and endogenous development models and the community governance participated by the local people,so as to achieve the intelligent,sustainable and inclusive development at rural areas.To carry out the rural vitalization strategy,China should also depend on the regional approach that focus on the local,i.e.,to combine the local natural and human resource endowment and to encourage the local farmers to actively participate and explore the potential for development,so as to achieve the integrative development of rural?vitalization and economic society.

Criticism and Reconstruction: the Practical Logic of the Construction of Rural Leisure Culture in the New Era

GUO Li-yuan

2020, 0(4):  102-112. 

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Rural leisure culture is a key factor in determining whether or not the rural culture is civilized.However,at present,the cognitive bias of the main meanings of rural leisure culture,the neglect of the construction of the value core,and the misreading of attribute characteristics of the people all have led to the“subject absent”,“value misplacement”and“role dislocation”of the rural leisure culture.Therefore,the construction of rural leisure culture in the new era should be based on the logical path of criticism and reconstruction,“to reshape the dominant position of the leisure culture of villagers as the foundation”,“to rebuild the value world of the socialist core values nourished with the traditional rural leisure culture as the center”,and“to reaffirm the free nature and individual characteristics of the leisure culture as the focus”,so as to promote the establishment of its subject,the clarity of its value,and the return of its role in the rural revitalization.

The Path Generation of“Diction Polishing and Tao Manifesting”in Han Yu’s Classical Proses

XIA Gang, TAO Shui-ping

2020, 0(4):  113-121. 

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“Diction polishing and Tao manifesting”is an important topic in the researches on Han Yu,however,many scholars have not paid enough attention to the specific path of “diction polishing and Tao manifesting”in Han Yu’s classical proses.“Diction polishing and Tao manifesting”has actually become an isolated theory of“diction polishing theory”or“rhetoric theory”.Based on the careful reading of Han Yu’s classical proses and combining the related theories,this paper conducts a specific analysis of the path generation of“diction polishing and Tao manifesting”in Han Yu’s classical proses,i.e.,how did Han Yu put forward the unified standard of literary and moral principles of“proportional rhetoric,combine goodness and beauty”,pursue the way that following the classics then creating classics as his words of“summarizing the essences of the Six Classics before composing”,criticize,inherit and surpass the parallel rhythmical proses and the “eight-legged essays”through the eight generations,and then become mellowed into success.This not only reversed the creative direction and aesthetic ideals of the articles of the Six Dynasties,but also established a new paradigm of prose creation after the Middle Tang Dynasty,highlighting Han Yu’s works and his actual creation process to reveal this path of comprehensive innovation of classical culture.

The Dilemma of Providing Proofs for Lawsuits against Abuse of Market Dominant Position and the Countermeasures: An Empirical Analysis of 67 Written Judgments

YU Ling, LAN Jiang-hua

2020, 0(4):  122-134. 

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The results of an empirical research show that the lawsuits against abuse of market dominant position in China do have some problems,such as the plaintiff being difficult in providing proofs,the rate of winning the lawsuits being too low,and the symbolic compensation being damaged,etc..Because the proofs for the lawsuits against the abuse of market dominant position have the characteristics of “changeable”,plaintiffs are often in the position of being difficult?to get started.The plaintiffs who lack the ability to collect proofs will?easily use news reports and publicly known matters as evidences.This is mainly due to the general application of the general rules for distribution?of proof?burden in the lawsuits against abuse of market dominance,while the particularities of such cases are neglected.In order to give full play to the relief values that antitrust civil litigations should have,it is necessary to crack down the proof-providing dilemma and to clear the relief channels for the plaintiffs by enriching the means for evidence collection,reducing the burden of proof-providing on the plaintiffs,improving the rules of presumptive evidences improving the applicable conditions for the lawsuits against abuse of common market dominant position and other related substantive rules.

The Causes of the Global Influence of EU Personal Data Protection Law and Its Enlightenment

TIAN Xu

2020, 0(4):  135-147. 

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The EU Personal Data Protection Law is not a specific law,but a general term for a legal system for the protection of personal data rights evolved and formed over decades of years.It has a self-contained evolutionary context,that is,from metaphysical human rights principles to regional directives at the rule level,then to the unified EU laws,and further developed to a personal data protection legal framework system with EU characteristics.The global circulation of information along with the popularization of Internet technology has produced the extensional power for EU’s personal data protection law.The internal jurisdiction rules that use the cyberspace have not yet formed a time window of international custom,it is trying to break through the principle of territory and continuously broadening the range of “domains”directly controlled by law and under its jurisdiction.As for the outside,i.e.,the so-called “domains”that cannot be directly governed,compliance obligations should be indirectly imposed on the legal standards of the places that data acquired and the overseas subjects that are not directly under the jurisdiction of the law through the formulation of supervision rules for the exit of personal data,thus the collection,processing and other related actions of the acquired personal data can be made to comply with EU regulations.The growth and the expansion path of EU Personal Data Law conforms to the development rules of international law rules that start from scratch,and it has even brought influences on the future global integration of personal data protection rules.