Table of Content

21 January 2021, Volume 0 Issue 06

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Western Newspapers’ Media Convergence Strategies and Its Enlightenment：Taking WSJ as an Example

ZHANG Li-ping

2015, 0(06):  416. 

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After entering the new media era in the 21st Century, the newspaper industry has become the greatest losers in traditional media. However, contrary to most newspapers that are apparently declining, the Wall Street Journal has been able to follow the trend and explore the convergence strategies in newspaper adversity, so that it has won great business success. Based on the case study of the Wall Street Journal, this paper tries to explore the convergence strategies of western newspapers. The results indicate that WSJ’s media convergence strategy is revealed in two aspects: journalistic convergence strategy and economic convergence strategy, either of which can effectively integrate WSJ’s news resources to create its competiveness in news business. The enlightening significance for Chinese newspapers’ media convergence is that they should focus on content convergence and at the same time pay attention to such aspects as the application of high and new technology, the diversified operation and their international media promotion.

Justification, Restriction and Way-out of Local “Trial-and-Error” for Farmland Mortgage

ZHAO Zhong-kui

2015, 0(06):  417. 

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In the context of China’s Property Law accepting the numerous clausus principles, the exploratory activities of farmland mortgage carried out in various regions are in essence the kind of gradual“trial-and-error”behavior. The local “trial-and-error” behavior for farmland mortgage is not inconsistent with the rule of law, which is the legitimacy basis of its existence. The digging of the functions of farmland property and the construction of rural endogenous finance also call for this kind of “trial-and-error” behavior. The local “trial-and-error” behavior for farmland mortgage is by no means limitless, so it is necessary to limit the “trial-and-error” behavior from such aspects as subject, procedure, time limit and so on. In the specific local “trial and error” behaviors for farmland mortgage, the local governments should not be overly dependent on finance but moderately expand the main participation body of farmland mortgage. They should improve the trading markets for rural property rights and further dig out the functions of farmland property, so as to promote the substantial development of farmland mortgage.

Party Culture, Institutional System and Behavior Patterns: A Perspective to Study the Mass Line in Soviet Area

XIAO Wen-yan1, ZHANG Hong-qing2

2015, 0(06):  418. 

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From the level of political culture, institutional system and behavior patterns, this paper makes an in-depth study of the CCP mass line during the Soviet period. From their attitudes, emotions and values, Chinese Communists identified that the masses of the people is the lifeline of its development and growth. A series of systems were also formulated during the Soviet period, which provided a platform and security for the political participation of the general public. The behavior patterns of the Chinese Communists were closely related to the actual effects of the mass line. As a political party, Chinese Communist Party takes the “mass line” as the main line and has basically achieved a positive interaction and balance between the “political ecology” and “Human Ecology”, which can also provide some lessons for the party activities in reality.

A Study of China’s Present Counter-Modernization Phenomena in Urban Agricultural Spatial Framework

SONG Zhi-jun1, LIU Li-ming2

2015, 0(06):  419. 

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China’s urban agriculture has the background of multi-functionalization, urbanization, industrialization and non-agriculturization. From the perspective of the evolution of the social and economic foundation, the development of non-agricultural functions since the reform and open policy is the supplement?and contribution to the general modernization of urban agriculture, while at the same time it inhibits, delays and destructs the narrow-sense agricultural modernization. The changes that are caused by it and moving reversely to the narrow-sense agricultural modernization in the space have formed the “counter-modernization” in the spatial framework of urban agriculture. The present urban agriculture is a coupling process of modernization and "counter-modernization”. The present overall spatial state of China’s urban agriculture is the type of “counter-modernization” with various cross distributed agricultural forms, its existence has certain rationality.

A Comparison between the Experiences of the Economic Policies to Increase Farmers’ Income in Developed Countries and Its Enlightenment

WEN Tao, WANG Han-jie, WANG Xiao-hua

2015, 0(06):  420. 

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Through a thorough and comprehensive induction of the economic policies to increase farmers’ income in the United States, Japan and France and a summary of their development experiences, this study finds out that the increase of farmers’ income in developed countries is mainly realized with the help of the policies, such as the land policy, the agricultural protection policy, the organization for economic cooperation, the scientific research system, the financial service policy and so on. In consideration of the present situation of China’s agriculture, the rural areas development and the farmers’ income growth, this paper believes that in order to realize sustainable, stable and fast increase of farmers’ income, it is necessary to further promote the large scale operation of land, speed up the confirmation process of land property rights, improve the agricultural protection policies, promote the standardized construction level of farmers’ specialized cooperatives, pay attention to the investment for agricultural scientific researches, improve the financial ecological environment, so as to realize the inclusive financial development in China’s rural areas.

Wealth Effect of Bank Insurance Mergers and Its Micro Influencing Factors

REN Yan-yan, SONG Dan-dan, LV Hong-qu

2015, 0(06):  421. 

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Along with the relaxation of China’s financial regulatory policies and the acceleration of interest rate liberalization, the integration between banks and insurance companies has been gradually deepened. This paper takes the events of banks merging or acquiring insurance companies during the period of 2009-2013 as its research objects. On the base of event-study analysis, it employs GARCH model to explore the wealth effect generated by such mergers and acquisitions and its micro influencing factors. The results show that there are significant differences in the wealth effects generated by different mergers and acquisitions. The increase of the relative size of the target enterprises, the premium growth rate of insurance companies and the increase rate of operation revenue of banks would lead to the fall of the wealth effects, while the bank charges, the growth rate of commission net income and the capital adequacy ratio are positively correlated with the wealth effect.

Where Should the Aging Service Go: Evaluation and Thoughts on Family Supporting Resources

HUANG Xiu-nv, WU De-an

2015, 0(06):  422. 

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How to care for the aged is always a hot topic concerned by the whole society, and family supporting resources can play a key role as an important force in the pension security. From the perspective of traditional family supporting and intergenerational economics, based on the discussion on the present function of family supporting resources, this paper build a Life Cycle Hypothesis (LCH) model in economics of family supporting resources. Through the analysis with this model, it is inferred that with?the realistic plight of population flowing, changes of family structure, lacking of family supporting resources, expansion of the service demand for the aged, and insufficient funds and resources, a tendency is inevitably coming into being that the ecological function of traditional family supporting the aged will disappear by and by. On the basis of the investigation data, this paper proposes to build a system which is based on economic compensation for family children supporting the aged, relying on caring funds, and providing commercialized, industrialized and socialized service for the aged.

On the Choice of Auditor Reputation during Corporate Control Transfer Deals: Empirical Evidences from China’s A-Share Listed Corporations

CAO Wen-pei, XIA Kang-jian, LIAN Hui-ying

2015, 0(06):  423. 

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Auditors are important factors in the process of corporate control transfer that could determine whether the deal is a success or not. With the corporate control transfer deals from 2007 to 2013 as the research samples, from the perspective of management self-interest motivation, this paper conducts an empirical study of the causes of auditor reputation choice in the corporate control transfer deals. The results indicate that management may manipulate the choice of auditors in the control transfer deals under the influence of self-interest motivation. After full considerations are given to the trust relationship with auditors, the information superiority and the market reaction, management are more inclined to choose the auditors with close reputation in annual audits. Once the management receives the non-standard annual audit report, it will lose its faith in the auditors, ignore the adverse market reaction due to the changes of auditor reputation and concern more about information superiority, and then choose the auditors with lower reputation in the deals. The results of the study can provide theoretical basis for the regulation and supervision of the process of choosing auditors for listed companies.

A Study of the Impact of Electric Word-of-Mouth and Its Credibility on Consumers’ Purchase Decisions

WANG Ke-xi

2015, 0(06):  424. 

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At present, the impact of electronic word-of-mouth (e-WOM) on consumers’ purchase decisions has become a hot topic in the field of electronic commerce. The information of e-WOM can effectively reveal consumers’ psychology. This paper firstly introduces e-WOM credibility and constructs a model of consumers’ purchase decisions impacted by B2C platform e-WOM from such five dimensions as volume, dispersion, grading, property and content. Then it makes an in-depth analysis of the e-WOM effect on B2C platform and the impact of e-WOM on consumers’ purchase decisions. The results indicate that the above five elements are significantly and positively correlated with the e-WOM credibility. However, the property of e-WOM has no significant impact on the credibility and consumers’ purchase decisions. The e-WOM credibility plays a partial mediator role between the e-WOM elements and the consumers’ purchase decisions.

Research on the Relationship between Performance Evaluation and Local Government Debt：An Analysis Based on Panel Data of the Central Provinces

LU Chang-ping1, HU Jun1, 2

2015, 0(06):  425. 

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From the perspective of performance evaluation, this paper makes a theoretical analysis of the dynamic mechanism of local government debt expansion and establishes the model assumptions to dissect the internal mechanism of the continuous local government debt expansion. On the basis of the estimation of the debt scale of the six central provinces, this paper establishes a signal-equation regression model to conduct an empirical analysis with the data from 2001 to 2013 in the six central provinces. The results show that the incentives produced from the performance evaluation mechanism within the local government can increase the preferences of government officials to investment and financing, thus the local government debt stays in a situation of constant expanding. Meanwhile, with the increasing pressure of economic downturn brought forward by China’s economic growth mode transformation, the political incentives under the performance evaluation make local governments more willing to “borrow money”. As a quantitative indicator of performance evaluation, GDP has brought a strong expansionary effect to the scale of local government debt.

Establishment, Stagnation and Reestablishment of China’s Real Estate Registration System: Based on Institutional Economics Analysis

XIONG Yu-mei, LUO Chang-han

2015, 0(06):  426. 

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The real estate registration system is not only a legal system, but a formal system in the new institutional economics. It is a system for publicizing real property rights and their changes; therefore, it has great significance in the protection of property rights, the maintenance of transaction security and the promotion of economic development., The real estate registration system with publicity and transaction security as its value goal was first introduced into China in The Draft of Civil Law in Qing Dynasty and was fully established in the period of Nanjing National Government of the Republic of China. Since the founding of New China, the system has undergone the process of stagnation and reconstruction. From the early years of New China to 1978 before the initiation of reform and opening-up, the development of the real estate registration system in China remained at a standstill. Since 1978, the system has gradually returned to market-oriented, the role of the registration authority has transformed gradually from registration administrator to registration service provider, and the registration functions also changed from management functions to the instinct of real right publicity.

An Empirical Analysis of Fiscal Decentralization and Local Economic Growth at Lower-Provincial Level: A Case Study of Fujian Province

XU Lv-min1, MEI Jian-ming2

2015, 0(06):  427. 

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The relationship between fiscal decentralization and economic growth is an important research field of financial subjects. Most domestic empirical researches on the relationship between fiscal decentralization and economic growth focus on the decentralization of the central and provincial governments, while less empirical analysis has been done on the relationship at lower-provincial level. Based on the panel data of the counties and cities of Fujian province during the period of 2003-2010, this paper conducts an empirical analysis of the relationship between the local economic growth and the four fiscal decentralization indicators, i.e. the tax revenue decentralization, the fiscal revenue decentralization, the fiscal expenditures decentralization and the degree of fiscal self-financing at lower-provincial level. The results show that the tax revenue decentralization, the fiscal revenue decentralization and the improvement of the fiscal self-sufficiency rate at lower-provincial level can play a significant role in promoting the local economic growth; while the fiscal expenditure decentralization has no significant effect on local economic growth. Based on these empirical results, this paper offers such suggestions as promoting tax revenue decentralization, having a multi-dimensional understanding of the fiscal decentralization, and making an in-depth study of the system and humanity factors underlying the fiscal decentralization.

New Urbanization, System Changes and Household Consumption Growth

ZHAO Yong-ping1,2，XU Ying-zhi1

2015, 0(06):  428. 

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By making use of the panel data of China’s 30 provinces from 2000 to 2012, this paper conducts an empirical study of the effect of new urbanization and system changes on household consumption growth. The results show that the new urbanization has always had significant positive effect on household consumption growth, while the three system changes (including land, household registration and social security) have no obvious effect; instead, they are even playing a role of blocking. Further analysis with a lag model shows that changes of land system have a significant lag-behind effect, while the lag-behind effect of the changes of household registration and social security system is positive but not significant. There is a larger gap between the theoretical expectation and the result of the exploration of the combined effect of new urbanization and the changes of the three systems on the household consumption growth. As you can see, the present three systems have become a bottleneck to new urbanization development and household consumption growth. Therefore, in order to implement the new urbanization strategy out-and-out and give full play to its role of growth engine to stimulate domestic demand and promote household consumption growth, it is necessary and urgent to innovate the land system, the household registration system and the social security system.