Table of Content

21 January 2021, Volume 0 Issue 04

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An Analysis of the Theory and Realistic Logic of Economic Law: A Review of The Economic Law (Third Edition)

By ZHOU Mi

2018, 0(04):  194. 

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On the Supervision of the Institutional Investors’ Commission Division: The Practice of the United States and Its Enlightenment

ZHANG Wei-cheng1, ZHANG Guo-qing2

2018, 0(04):  195. 

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The commission division area of institutional investors is subjected to serious conflicts of interests. The developed countries represented by the United States have built a relatively complete regulatory system around the prevention of conflicts of interests, which focuses on such aspects as clarifying the scope of application and prohibition of the Safe Harbor clauses, strengthening the obligations of asset managers, clarifying information disclosure requirements, increasing the transparency of the commission divisions, strengthening the internal control over the brokerage business, etc., so as to minimize the occurrence of conflicts of interests. China’s supervision over the institutional commission divisions is relatively coarse in general, and the operability of the system is not strong enough. Therefore, it is necessary to formulate special regulatory rules for institutional commission divisions, raise the level of supervision, clarify the nature of fund brokerage commissions and the basic principles for fund managers to use brokerage commissions, strengthen their obligations and responsibilities, and improve the information disclosure and internal control of commission divisions.

The Theory and Legal System Framework of the Effective Integration between Government and Market in Ecological Compensation

XU Li-yuan

2018, 0(04):  196. 

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Government-oriented ecological compensation is based on the “Pigovian tax”, while the market-oriented ecological compensation is based on the “Coase Theorem”, each has its merits and demerits. The theory of multiple social objectivism from the international perspective points out that both the government-oriented and market-oriented ecological compensation should be effectively integrated, not only pursuing the maximization of efficiency and social welfare, but also paying attention to fairness and sustainable development. In China, the key to the integration of the two is to delegate powers to the market players, to adopt multiple and integrated models to solve the ecological compensation dilemmas caused by unclear property rights and ensure the right of economic freedom, and to leave the market to play the decisive role in resources allocation. The boundaries of government-oriented ecological compensation should be reasonably defined, so as to give better play to the government. It is necessary to strengthen the legal regulations and incorporate it into the framework of the rule of law, so that the effectiveness of the two configuration systems of the government and the market can be brought into full play. It is also necessary to mainly rely on the “Ecological Compensation Ordinance” to change the legislative thinking, establish the integrated legislative purpose of ecological compensation and the legal principles, carry out the related system construction, and coordinate through legislation the hidden conflicts brought by the integration .

The Measures, Effects and Contemporary Enlightenment of the Clean Government Culture Construction in the Central Soviet Area

WANG Xiao-yuan1,2, XU Zhi-hong1

2018, 0(04):  197. 

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In the 1930s, the Communist Party of China launched a vigorous anti-corruption campaign in the Central Soviet Area and built an “unprecedented true clean government” in Chinese history. In the process of combating corruption and advocating honesty, the Communist Party of China has opened up the arduous course of building a clean and honest administration of culture through such organized, systematic and concrete measures as grasping propaganda, managing education, establishing regulations, and setting examples. The practice of the Communist Party of China in the construction of a clean government culture in the Central Soviet Area initially explored the road of building a clean and honest government culture, formed a mass line centered around the people, and laid the organizational foundation for the ultimate victory of the Chinese revolution. The practice of building a clean and honest government culture in the Central Soviet Area still has a far-reaching enlightenment for China to adhere to the correct guidance of public opinion, to conduct a clean and honest education in schools, to improve the clean government system, and to insist on the principle of punishing corruption and advocating honesty in the construction of a clean and honest culture in the new era.

Situational Game: the Action Strategy of Rural Land Transfer and the Benefit Distribution Order—A Case Study of G Village in Southern Jiangxi

LIU Jian ,WU Li-cai

2018, 0(04):  198. 

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The process of rural land transfer is essentially the game process of the redistribution of interests among various stakeholders in a specific scenario. Through a case analysis of the land transfer in G village in southern Jiangxi, it is found that such strategies as farmers’ interest demands relying on “legalization”, the game mode of collective “violence”, the signing of situational contracts and so on have constructed the forms of situational game in the process of rural land transfer. On the operation field of situational game, the practice logic of villagers’ benefit sharing is realized; but due to the lack of institutionalized game mechanism, the benefit distribution order of this kind of benefit sharing is rather unstable in reality, so the rural land transfer is prone to fall into the pattern of invalid equilibrium. In current exploring of the reform of rural land property rights system, we need to speed up the establishment of institutionalized benefit distribution mechanism and construct a game mechanism of “symmetrical equilibrium”.

Family Farm: the Preferred Endogenous Business Mode in the History of Chinese Agricultural Development

WEN Rui, MIN Gui-lin

2018, 0(04):  199. 

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Over the past century, there have always been a lot of controversies over the development of family farms in Chinese agriculture. Among them, some defined the family farm as“Imported Goods”, while others held the “Transitional Theory”. This article argues that, the so called“Country Estate”“Manor”“Farmstead”“Manor Land”and“Large Household” in Chinese history from the Qin and Han dynasties to the nineteenth century are actually different appellations of Chinese family farms in different historical periods. After entering the twentieth century, as a kind of management mode of traditional Chinese agriculture, it is combined with the family farm due to the same type and same nature as the western family farms in the tide of learning from the Western economy. In the practice of exploring large-scale corporate farming, it has become the preferred management mode of the return of agricultural economic development. When entering the Republic Era, although it had been forced into “extinction” at one point under the transformation of “large in size and collective in nature”, it regained a new life in the reform of the household contract responsibility system and became one of the four major management entities in China’s modern agriculture. In the history of more than 2,000 years of agricultural development in China, the family farm has been the preferred management mode through repeated sufferings in China’s traditional agricultural economy, though it is regarded a “borrowed word” in modern China.

Will Bank Shareholders’ Background Affect the Efficiency of Life Insurance Companies? A Study Based on the Comparison between Bank-Related and Non-Bank-Related Life Insurance Companies in China

YANG Xia

2018, 0(04):  200. 

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In recent years, the rapid expansion and growth of the bank-related insurance companies is attracting the attention of the business circle and has become the “Redeemer” in the development of bank insurance industry in China. Under such conditions, this paper focuses on the operating efficiency of the bank-related insurance companies as well as their influencing factors and discusses whether the reason for their rapid development lies in the background of bank shareholders. The empirical result of the DEA efficiency from the samples of 10 bank-related and 12 non-bank-related life insurance companies from 2010 to 2015 shows that in average the operating efficiency of the bank-related life insurance companies is still lower than that of non-bank-related life insurance companies, but the gap between them is shrinking. Among the bank-related life insurance companies, the operating efficiency of the life insurance companies directly controlled by banks is higher than that of life insurance companies controlled by financial groups that are directed by banks. The bank-related life insurance companies present an overall feature of increasing returns to scale, while the non-bank-related life insurance companies present an overall feature of decreasing returns to scale. Against the above mentioned differences between the operating efficiencies, this paper further makes an empirical analysis with the Tobit regression. The findings show that there is a positive relation between the operating efficiency and such factors as the degree of bank insurance specialization, the nature and the size of the companies, and so on, while the impact of such factors as shareholders’ background, the years of establishment, etc. on the operating efficiency has not been verified.

Convergence or Divergence：China’s Social Security Level from the Perspective of Time and Space

LU Yu, YANG Cui-ying

2018, 0(04):  201. 

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In recent years, the gap of social security levels between provinces in China has been gradually narrowed, and the social security levels of local governments have the characteristics of spatial agglomeration. By constructing a spatial Durbin model of local governments’ social security levels with a weight matrix of spatial adjacent, geographical distance and economic distance, this paper empirically tests the convergence of inter-regional social security level and the convergence mechanism. The results show that the convergence speed of the expenditure level of inter-regional social insurance fund is greater than that of the expenditure level of the fiscal social insurance. Population mobility has a promoting effect on the convergence of the inter-regional social security level, while the fiscal decentralization would slow the speed of convergence. In addition, the narrowing of the gaps between the inter-regional economic levels and between the fiscal capacity levels is also the reason for the convergence of social security level. Therefore, it is recommended to promote and perfect the transfer and continuation system of social insurance, to improve the overall planning levels of social insurance system, to narrow the gap of the inter-regional urbanization levels, and to establish a special transfer payment system for social security.

Research on Water Environment Regulation Based on Environmental Kuznets Curve

CHEN Ming, QIU Jun-qin

2018, 0(04):  202. 

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With the acceleration of China’s urbanization process, the investment in water environment governance led by government investment has been unable to meet the growing demand for sewage treatment. By studying the relative efficiency of water environment regulation during the period of 2006—2015, this paper makes use of the three-way mixed strategic game to analyze the Nash equilibrium point of governments, enterprises and the social public, then it conducts an empirical test on the reliability of the game analysis. The results show that the pollution situation of water environment in China is repetitive and presents a slight anti-N-type. The game between the interest groups based on water environment regulation will affect the effect of water environment regulation. Therefore, it is necessary to increase the regulation on corporate wastewater discharge, strengthen the punishment intensity on the violations by the water environment supervision departments, and improve social supervision mechanisms.

An Evolutionary Game Model Analysis of Strategic Cooperation among Third-Party Platform Enterprises of Sharing Economy

CUI li1,2, LEI Hong-zhen2

2018, 0(04):  203. 

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In order to achieve sustained competitive advantages, the third-party platform enterprises of the sharing economy would actively carry out competitive and complementary strategic co-operations with other enterprises. By using the evolutionary game method, this paper constructs the evolutionary game models of these two kinds of strategic cooperation and analyzes the stability and performance of each strategic choices and strategic cooperation. The results show that the stability of the strategic cooperation system of the sharing economy is relatively fragile, that the strategic choices of each side will be influenced by such factors as the extra gain of strategic cooperation, cooperative costs, the ratio of income distribution and the risk of resources suitability, etc., which will ultimately affect the final results of strategic cooperation. By constructing a sound strategic cooperation mechanism, the cooperation costs and innovation losses in the strategic cooperation can be reduced. At the same time, we should strengthen the value recognition of both sides of strategic cooperation and carry out the pre-evaluation on the resources invested, so as to reduce the risk of resource suitability.

Urban Housing Price and Households’ Consumption Expenditure: An Empirical Study Based on the Data of CFPS

FANG Qi-yun, HU Fei

2018, 0(04):  204. 

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Based on a general equilibrium model of economic structural changes, this paper tries to distinguish the income effect and substitution effect of housing price on households’ consumption expenditure; then it makes use of the data of China Family Panel Survey to study the impact of housing prices on households’ consumption expenditure. The findings show that, from the overall urban sample data, it can be seen the housing price has a positive effect on households’ consumption expenditure, and there is no sign of negative effect. However, when the heterogeneity of households’ income is considered, there are significant differences between the impact of housing price on the consumption expenditure of the families with lower or higher incomes and the impact on the consumption expenditure of the families with middle income. The consumption expenditure of the middle income families is mostly twisted by the impact of housing price. When households’ expectation of housing price is considered, the expectation of housing price has negative impact on households’ consumption expenditure, namely, to squeeze the households’ consumption expenditure, which indicates that what twists households’ consumption expenditure is not housing price itself, but expectation of housing price.

Clarifying Property Rights and Improving Efficiency: Taking the Reform of Official Car System as an Example

YUAN Qing-ming1, YIN Yu-ting2

2018, 0(04):  205. 

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The clarity of property rights is highly related with the rights, responsibilities and interests of the subject. Compared to single subject organizations, multiple subject organizations have more difficulties in clarifying property rights. Starting from the beginning of the 1990s, China’s reform of official car system has experienced three modes earlier or later across the country, i.e., from strengthening management, to marketization (or called half-monetized) reform, then to monetized reform; its essence is to improve continuously the consistent degree between the user of the official car and his rights, responsibilities and interests in using the car, namely, to clarify the property rights of the cars when being used. As the newest mode of the reform of official car system, the reason why the monetized reform mode has replaced the other two modes and become the mode widely adopted throughout the country at present is that it not only let the public officials who use the official cars bear the highest consistent degree of their rights, responsibilities and interests, but also through the independent choice of the users of the official cars it can improve the consumption efficiency, further reduce the operating costs of the official car system and improve the institutional efficiency in the premise of meeting the requirements for cars for official duties.

Has “Low Growth, Low Inflation” Driven the Rapid Rise of China’s Macro-Economy Leverage Ratio

LIU Jin-quan, CHEN De-kai, XU Ning

2018, 0(04):  206. 

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The result of the estimation of the macro-economy leverage ratio equation shows that there is a significant negative correlation between economic growth and inflation and leverage ratio. In the wake of the financial crisis, the slowdown of economic growth and the decrease of inflation rate have greatly enhanced the capacity to drive the macro leverage ratio, which means that at the current stage the economic pattern of “low growth and low inflation”has driven the rapid rise of China’s macro-economy leverage ratio. While the result of the impulse response function shows that both the increase of economic growth and the rise of inflation rate in the short term and medium term have a significant “de-leveraging” effect. And after the financial crisis, the de-leverage effect of the economic growth impact in the short term has been greatly enhanced. In addition, at the present stage, the impact of economic growth on the macro-economic leverage rate has the fastest speed, and the degree of the impact is the biggest in the short-term, while the side effect is the smallest in the long-term. Although the impact of inflation is slightly weakened, the “leverage-plus” range is the minimum in the long term. Therefore, at present it is really an effective way to reduce the leverage rate by promoting economic growth and increasing inflation rate.

Social Justice: Characteristics and Approaches of National Governance in the New Era

LIU Hai-jun, WANG Ping

2018, 0(04):  208. 

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General Secretary Xi Jinping pointed out in the report of the 19th National Congress of CPC that“continuously promoting social fairness and justice, forming effective social governance and a good social order” is an important support for “improving security and improving people’s livelihood.” Integrating social justice into the concept system and institutional supply of state governance is an inevitable choice for state governance in the new era. Social justice is an important feature of state governance in the new era, which constitutes the value interest and practice orientation of state governance. The improvement efficiency of the social justice embodied in the national governance system and the capacity of the state governance is of great significance in shaping the traction mechanism of state governance and promoting its modernization process. The important way to get rid of the imbalance and inadequate development and to promote the modernization of the national governance in the new era is to shift from the unified and one-way government management into the social justice-oriented state governance. In this regard, it is necessary to construct the state governance under the guidance of social justice on such levels as the political support, economic support and cultural support, that is, to build a governance system of co-construction, co-governance and co-sharing, to construct a distribution justice-oriented national governance in the new era, and to foster the cultural soil for the concept of social justice.