Table of Content

21 January 2021, Volume 0 Issue 03

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Financial Crisis, Financial Flexibility and Corporate Investment and Financing Behavior: A Review of Financial Flexibility and Corporate Investment and Financing Behavior

BAO Qun

2017, 0(03):  293. 

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Probe into the Legal Application Problem of the Administrative Penalty for the Case of Allopurinol Tablets Monopoly Agreement: A Normative Analysis Based on Article 46 of The Anti-Monopoly Law

JIANG Yan-bo, XIAO Xiu-juan

2017, 0(03):  294. 

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To reach and implement the monopoly agreement to restrict competition by the operators is one of the economic monopolistic acts that are regulated heavily by the anti-monopoly law of every country. In February 2016, the National Development and Reform Commission issued an administrative penalty decision on the case of allopurinol tablets monopoly agreement reached by five domestic pharmaceutical companies. Compared with the provisions of Article 46 of Chinese Anti-Monopoly Law on the administrative responsibilities of the monopoly agreement, there exist such problems in the penalty made by the NDRC as lower proportion and amount of the penalty, lacking of the penalty of confiscation for the illegal gains, lacking of effective corrective measures for the illegal acts, and so on, so that the legislative norms and legislative purposes to regulate illegal monopoly behaviors by the Anti-Monopoly Law cannot be achieved in specific cases. In view of this, we should strengthen the coordination among the three major anti-monopoly law enforcement agencies in China and unify the concepts of anti-monopoly law enforcement, develop specific and reasonable penalty standards and recognition standards for confiscation of illegal income, guide the anti-monopoly law enforcement agencies to carry out their anti-monopoly work, and detail the relief measures for the bad consequences of illegal monopoly behaviors. Through the above three aspects of the work, we can further standardize and improve China’s anti-monopoly law enforcement, form the effective deterrence against the operators who conduct illegal monopoly behaviors, so as to protect the interests of consumers.

Out of PPP’s Dilemma: A Response of Economic Law to the PPP System Supply from the External Perspective

XU Jiu-jiu

2017, 0(03):  295. 

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The nature of the external problems of PPP system is a state of imbalanced interests. From the subjective angle, it presents a positive externality at the three levels，i.e., the government department, the private sector and the public; from the objective angle, it has a negative externality at the other three levels, i.e., the speculativeness of the public investment, the dual character of the scale economy and the uncertainty of risk-transferring. Viewing the dilemma of PPP from the external perspective, it can be seen that the core of the PPP positive external problems is the attributes of public interests being restricted by the constraint conditions of the bounded rationality of the subject; while the core of the negative external problems is the attributes of the incomplete contracts being still restricted by the constraint conditions of the opportunistic behavior trending. However, there exist realistic disagreements among the development volume, the institutional supply and the practice effect of present China’s PPP system; this development plight stems from the mismatch between the institutional supply and the demand. The economic law should give full play to its motility of responsive law, so as to optimize the constraint conditions of the external problems of PPP through the competitive transformation of pluralist good-governance. In order to enrich and perfect a flexible and suitable soft law governance mechanism, an effective incentive and supervision mechanism should be formed that is oriented with different externalities. And a coordinate balance mechanism with different law branches should be used comprehensively.

A Bridge between the CPC and the Masses: On the Function and Construction of the Correspondent Network of the Party’s Newspaper before 1949

DAI Li-chao, WANG Li-hua

2017, 0(03):  296. 

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The Party’s newspaper is one of the most important bridges connecting the Communist? Party of China (CPC) with the masses. The correspondent network is also the bridge connecting the Party’s newspaper with the masses, so that it becomes indirectly the bridge connecting the Party with the masses. Under the revolutionary situation, the construction of a correspondent network can meet the internal need of developing the Party’s journalism, achieving the Party’s social mobilization, and consolidating the Party’s mass base. In 1926, the Party’s propaganda resolution put forward the construction task of a correspondent team from workers and peasants. Since then, along with the development of the Party’s newspapers, the construction of the correspondent network has gradually become institutionalized and standardized with significant achievements: on the one hand, it can provide sources of contributions for the newspapers, feed-back the situations, help to issue newspapers, set up newspaper reading groups, and so on; on the other hand, it can contribute the transition from“a newspaper by the reporters”to“a newspaper by the masses”, strengthen the intimate connection between the Party and the masses, and enrich the Party’s theories of journalism and communication.

The Paper of Reasons for Commercial Case Investigation and the Accounting in the Late Qing Dynasty

FU Lei, CUI Xin-ting

2017, 0(03):  297. 

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In the proposals of commercial legislation in the late Qing Dynasty, The Paper of Reasons for Commercial Investigation formed a series of consensus concerning accounting and financial problems, including the corporate juridical person accounting subject, accounting period, property valuation, asset impairment treatment, profit calculation, profit distribution, provident fund extraction, capital preservation, information disclosure and so on. This shows that the process of accounting modernization at the end of the Qing Dynasty is not limited to the introduction of Western double entry accounting method, but also has some knowledge and application in accounting confirmation, measurement, report and some basic accounting theories, and is quite close to the world advanced theory at that time. The accounting content in The Paper of Reasons for Commercial Case Investigation shows the development of modern accounting in China from a multiple perspective, which has aroused a new understanding of the development of accounting in the late Qing Dynasty.

On the Practical Plight of the Residency Support System and Its Consequences in the Context of Precise Poverty Alleviation: A Case Study of the“First Secretary”Poverty Alleviation at J County in Henan Province

XU Han-ze, LI Xiao-yun

2017, 0(03):  298. 

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From the analysis of the survey data of the “first secretary” poverty alleviation system at J County in Henan province, it can be seen that there is a interactive relationship between the “first secretary” and such multiple subjects as the superior government, the supporting unit, the township leaders, and the village leaders; the current residency system is involved with complicated social and structural factors. The findings of the study indicate that on the one hand the first secretary’s work is restricted by the conditions that his responsibilities do not match the target set by the superior government and the resources of his supporting unit are limited; on the other hand his work is challenged by a “conspiracy” between the township leaders and the village leaders and the close-up of the township-village relations. Such dual exclusive structural changes not only affect the first secretary’s poverty alleviation work itself, but also results in the changes of the support system, thus the control ability of the state on the rural grassroots society is weakened. Therefore, relevant measures should be taken to strengthen the power of the leaders stay at the villages, increase the resource support, and break the “conspiracy” and “monopoly” between the township leaders and the village leaders.

Stakeholders’ Performance Evaluation during Scale Farmland Transfer: Conflict, Balance and Symbiosis

LI Can

2017, 0(03):  299. 

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Large scale farmland transfer would involve various stakeholders, including not only the peasant family at the outflow side and the scale operation entity at the inflow side, but also the government decision supervision departments and the local rural communities. Various stakeholders form organic symbiotic relationship by means of benefit connections. The formation mechanism of the symbiosis benefits relays on the interest balance of the mutual contradictions and conflicts. Therefore, the performance evaluation of scale farmland transfer should not only directly measure the economic performance of both the inflow side and outflow side, but also include the balance between the short term operation income and the future agricultural sustainable development, the balance between the dominant economic performance and the recessive social performance, and the balance between internal economic performance and external social responsibility performance.

Research on the Effect Evaluation Priority of Farmers’ Wetland Protection and publicity Means in Poyang Lake Area and the Influential Factors

LIU Xiao-chun1，2，ZHAO Dan2

2017, 0(03):  300. 

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By making use of the microcosmic survey data of 1009 farmer households in 11 counties (districts) around Poyang lake area in Jiangxi province, this paper applies the descriptive statistics and a multiple Logistic model to conduct an empirical analysis of the effect evaluation priority of farmers’ wetland protection and publicity means and the influential factors. The results show that the priority order is as follows: firstly, broadcast and television, then plays being performed in the countryside, and lastly the special publicity columns. At least one of the three most effective means of publicity is significantly affected by such nine factors as whether or not being located in the natural reserves, the distance to the township government, the level of economic development, the per capita income in the village, the number of pure agricultural households, age, major source of income, family income level, and the trust to village leaders. Therefore, the governments at all levels and the relevant departments should attach great importance to the three kinds of publicity means when publicize the wetland protection policies, and the new medium in the era of “Internet +”, such as Weibo and WeChat, should be integrated into their work, so as to improve the publicity effects of wetland conservation ideas, policies, principles and means.

Delayed Retirement, Devisor Factor and Financial Burden of the Pension Personal Account

CAO Yuan

2017, 0(03):  301. 

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The extension of the life expectancy of the population leads to the difficulty in achieving self-balancing of China’s personal accounts of pension. When the remaining life after retirement exceeds the prescribed devisor factor, the government will be faced with a financial burden due to the continued payment into the personal accounts of pensions. According to the current calculation and payment method, when the retirement age is raised, the devisor factor of the pension payment will be reduced accordingly. Therefore, on the one hand, delayed retirement will increase the accumulated amount in personal accounts and improve the pension level, with the effect of increasing the financial burden; on the other hand, delayed retirement will shorten the pension overdraft period, with the effect of reducing the financial burden. Through the establishment of personal account financial burden model, this paper makes use of the numerical value to conduct a simulation calculation, the results also verify the conclusion that the delay in retirement will eventually increase the financial burden of individual accounts, while to increase the number of months will significantly reduce the financial burden. Therefore, it is recommended that, while implementing the delayed retirement policy, the devisor factor should be increased and the calculation and payment method should be reformed, so that the devisor factor will be more in line with the remaining life of the retired employees.

A Study of the Impact of Different Demographic Change Paths on Economic Growth and Social Insurance: Based on the Analysis of CGE Model

WANG Mei-feng1, CHEN Rong2, WANG Yong-hua3

2017, 0(03):  302. 

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With the fertility rates falling and the life expectancy gradually extending, China’s population age structure will be turned from the“spindle shape”into the“inverted triangle shape”in the near future. The social and economic consequences that may resulted from have attracted high attention from the government and the academic circle, so that the “double alone two child policy”, the “one along two-child policy” and the “universal two-child policy” have come into being one by one. Then how will birth policy adjustment impact on economic growth and social insurance in China? This paper employs the CGE model to compare and analyze the impact of different demographic change path on China’s economic growth, endowment insurance and medical insurance in the future. The findings show that if the fertility rate rises to the level close to the replacement level, the GDP gross and per capita GDP will be the highest, the accumulated pension debt will be the minimum, and the accumulated surplus of medical insurance will be the maximum, which can reduce the public financial burden in China.

Collectivism-Oriented Human Resource Management and Employee’s Positive Reciprocity: The Multiple Mediating Effect of Organizational Identification

GUO Sheng-hao, XIAO Ming-zheng

2017, 0(03):  303. 

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Through studying the impact of the collectivism-oriented human resource management in the oriental context on the employee’s positive reciprocity, this paper examines the multiple mediating effect (including the organizational identification and relational identification) and finds the mediating path in the parallel two stages. The empirical results (N=373) indicate that the collectivism-oriented human resource management is positively related to the employees’ positive reciprocity, the Bootstrap analysis and the Sobel test also show that the relationship is partially mediated by both organizational identification and relational identification, but the organizational identification effect is stronger. A further study of the multiple mediating effect through a comparison between the parallel path effect and the two stage mediating path finds that the mediating effect is a parallel two stage mediating path with a combined action between C-HRM→OI→PR and C-HRM→RI→OI→PR, which contributes 85% of the effects. These findings may have important enlightenment and value for the study of the behavioral economics in the oriental context, especially for the elaborate study of the identification function in the organizations.

A Study of Shareholders’ Wealth Effect in Cross-Border Mergers & Acquisitions: Based on the Panel Data of the Listed Companies

ZHANG Juan1, SUN Hai-liang2

2017, 0(03):  304. 

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With the rapid development of China’s economy and the deep participation in the globalization, a large number of Chinese enterprises have crossed the border to carry out cross-border mergers and acquisitions, during this process they must be faced with the financing problems resulted from the large amount of funds involved in cross-border mergers and acquisitions. The endogenous financing is often difficult to meet its large amount fund requirements, while the exogenous financing is faced with a strong preference for equity financing by the domestic listed companies. The related financing theory shows that the debt financing is often more helpful to the appreciation of shareholders’ wealth than the equity financing, in order to realize the optimization of the enterprise value. This paper takes the cases of cross-border mergers and acquisitions carried out by Chinese listed companies in recent years as the research objects to study the impact of the shareholders’ wealth by means of the debt and equity financing through theoretical and empirical analysis. The results are generally in agreement with the relevant theoretical assumptions, that is, compared with equity financing, the way of cross-border M & A debt financing adopted by domestic listed companies can bring more wealth effect to shareholders in a short term.

A Study of the Regional Differences of Industrial Relevant Effect in R&D Industry: Taking the Economically Developed Eastern Provinces and Cities as Examples

SI Zeng-chuo1, CAO Jing-yun2

2017, 0(03):  305. 

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The research and development industry is a new sector of the service industry, through studying the industrial relevant effect of R&D, we can systematically understand the technology-economy relation during the process of the R&D input and use. By calculating the industrial relevant coefficient of the R&D industry in the six economically developed provinces in Eastern China, this paper measures and compares the industrial relevant effect of the R&D industry in these provinces. The results indicate that the R&D sector in Beijing and Shanghai has become an important modern service industry to drive the regional economic growth, and a certain capacity has been formed to export R&D products to other regions. The R&D sector in Jiangsu and Guangdong provinces mainly provide services for their own industrial development, there is a stronger interactive ability between the R&D industry and the industrial system in the two provinces. The R&D industry has an obvious restrictive effect on the industrial system in Shandong province, to which attention should be paid so as to accelerate the development. The R&D industry in Zhejiang province lacks a stronger ability to coordinate its development with the industrial system, so the industrial structure should be transformed and upgraded urgently.

Research on Debt Risks of Local Governments from the Perspective of System Dynamics: Simulation Based on China’s Regional Panel Data

LIU Wen-qi, HE Yi-qing

2017, 0(03):  306. 

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According to the causes and characteristics of local government debt risks, this paper makes use of the system dynamics archetypal analysis technology to analyze the multiple feedback in local government debt risk system and constructs a rate-variable foundational in-tree model with such variables as fiscal revenue, regional GDP, the level of urbanization, local government investment volume, scale of local debts and debt risks, etc.. A test is carried out with the panel data of China’s Eastern, Central and Western regions, and the findings show that currently the local government debt risk in China is relatively controllable, there is a tendency of not increasing but declining latterly. However, the regional differentiation is more serious. According to the results of the parameter regulation, this paper offers some policy-related recommendations, such as establishing and perfecting the local government debt risk assessment and early warning mechanisms, improving the local government fiscal risk resisting ability, improving the check-up system of officials’ career achievements, accelerating the development of the tertiary industry, strengthening the transparency and standardization of local government debt management, and so on.