Table of Content

21 January 2021, Volume 0 Issue 05

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On the Property of Dual Structure of Land Contracted Management Right

SUN Hong-chen

2015, 0(05):  429. 

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The land contracted management right has its duality in the internal structure of the right: it is a usufruct from the point of view of having dominant right over the contracted land; and it is a membership in a collective economic organization from the angle of the internal relations of a collective economic organization. The usufruct is a kind of property right, the membership in a collective economic organization is a right related to the identity; and in the right structure of the land contracted management right there is the property of dual structure at the same time: the membership and the usufruct. In order to better protect the rights and interests of farmers, the land contracted management right can be divided into two relatively independent rights: the rural land contract right and the farm land use right. The farm land use right can be established as a private property right, which can be inherited or freely transferred.

An Analysis of the Deep-Level Problems of Ukrainian Constitution and the Reforming Tendency

YANG You-sun

2015, 0(05):  430. 

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Since February 21, 2014, Ukraine has resumed the 2004 Constitution, but there also exist in the Constitution such deficiencies as the President having too much power, undefined division of responsibilities between the President and the Prime Minister, excessive centralization, and so on. Since early 2014, the central government of Ukraine, the eastern provinces of Ukraine, Russia, the European Union and so on have offered their views on the modification of the Constitution of Ukraine, the focus of their controversy is on the two fundamental problems: “how much autonomy the eastern provinces can get” and “how to separate the powers between the President and the Prime Minister”. In the short term, the first problem is more urgent; but in the long run, the second problem is more critical.

A Study of the Construction of the Performance Evaluation System for the Implementation of Rule by Law

LU Yu, ZHOU Jing-ya

2015, 0(05):  431. 

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In recent years, to quantify the rule of law is recognized, studied and adopted by more and more scholars and governments around the world. In China today with continuous construction of the rule of law, to establish a quantified indicator assessment system is obviously a reasonable way to objectively reflect the degree and progress of contemporary Chinese rule of law. The quantitative evaluation of the rule of law is carried out in full swing both at home and abroad, however, how to make this“exotic goods”adapt to Chinese soil and eventually become an important part of China’s rule of law remains a problem demanding prompt solution. We should establish a performance evaluation system for the construction of the rule of law chaired by a neutral organization with the principle of scientificity, systematicness and operability, whereby to carry out the assessment of the legal construction from the following seven aspects: politics, legislation, administration, judiciary, human rights, supervision, and citizens’ legal awareness and legal education.

The Handan Dream: A Pinnacle of Drama Text Narration among“Linchuan Four Dreams”

WANG Qi, LIU Song-lai

2015, 0(05):  432. 

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In the“Linchuan Four Dreams”written by Tang Xianzu, the scholastic circle has always regarded The Peony Pavilion as the first of the“Four Dreams”. However, if reading the drama text carefully from the perspective of narratology, it can be found that the narrative techniques of The Handan Dream actually ranks the first and is the pinnacle of drama text narration among the “Linchuan Four Dreams”. Compared to other three dreams, the unique narrative techniques of The Handan Dream are mainly reflected in the following four aspects: the first is the heavy and deep narrative theme, that is the multiple purport of the complement of virtual and real and the unity of Confucianism and Buddhism. The second is the characterization method for the complex and round characters, that is the dynamic aggregation of the parameters of character traits, “function multivalent”character functions and open character traits. The third is the fast moving of space and time, Which help to reveal the complete life processes of the characters and strengthen the dramatic conflicts of the plot. And the fourth is the clever use of“discovery”and“sudden changes”, Which help to enhance the tortuosity of the dramatic plots and the readability of the text.

Economical and Philosophical Reflection on Issues of Justice and Rule by Law

YANG Juan

2015, 0(05):  433. 

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The reality of China’s transformation and promotion of in-depth reform calls for fairness and justice, and social fairness and justice requires the protection of the rule by law. Reflections from the perspective of economic philosophy can discover the deep-seated reasons highlighted by the problem of justice and rule by law, which are closely linked with the three important factors of market, capital and power. In particular, the market“de-intercalated”from society would lead to polarization; the“disembodying”capital would give rise to the modern paradox; the fuzzy authority limitation is faced with the double tests of whether power is sustainable and whether society can be healthy. Therefore, the implementation path for social fairness and justice and the rule by law is to handle the dialectical relationship between market and government, to abandon actively the logical paradox of capital so as to foster civic spirit, to clarify the authority limitation and grasp firmly and continuously the work of anti-corruption and anti-corrosion.

Evolution of Impacts of China’s Financial Sector Development on Urbanization: Based on Spatial Econometrics of Sectional Data from 2003 to 2012

ZHU Yue-pu1, HUANG Xin-jian1, FAN Han-lu2

2015, 0(05):  434. 

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By making use of the cross-sectional data of 31 provinces, municipalities and autonomous regions from 2003 to 2012 and selecting the model suitable for the period of 2003-2012 through LM test, this paper makes an analysis of the evolution of the impacts of China’s financial industry development during the decade on the urbanization. The empirical results show that the impact of the financial industry development during the decade on urbanization presents such an evolution trend: not significant - increased - not significant - reduced - increased. As a whole, the financial industry development can play a positive role in promoting urbanization, and in the long term the effect is gradually increasing. However, this effect is easily affected by macroeconomic fluctuations, macro-policy adjustments and other external objective factors to become transitory non-significant. Based on the above analysis, we propose that the financial support should be strengthened from the three aspects of the urban infrastructure construction, the urban industrial development, and the citizenization of the rural migrant population, so as to strengthen the role of the financial sector development in promoting urbanization.

Current Stage Characteristics of Farming Households and Choice of Development Route: With 4795 Farming Households in China’s 31 Provinces (Autonomous Regions and Municipalities) as Survey Objects

HU Ya-qiong, XU Yong

2015, 0(05):  435. 

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Taking the survey data of 4795 farming households in China’s 31 provinces (autonomous regions and municipalities) from 2011 to 2013 as samples, this paper makes an analysis of the current situation, characteristics, changes and development trends of farming households. The results show that such aspects as age, gender, level of education, household economic capacity of farmers will directly affect their farming behaviors. The existing small farmers and their extensive operation mode are difficult to ensure food security effectively. Considering the major farming subjects, the farming households currently at their prime of life with a moderate size of farm land and a certain economic capacity are suitable to grow into the business entities of food production.

A Study of the Level of Basic Replacement Rate of China’s Pension Insurance: Based on Empirical Analysis of Jiangxi Province

ZHANG Yan, LI Chun-gen

2015, 0(05):  436. 

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Based on the“securing the basics”principle of the basic old-age insurance, this paper starts from the security of the basic living needs of the retirees and adopts the field investigation data to conduct an in-depth analysis of the actual living cost of retirees and the consumption structure. Then it employs the extended linear expenditure model to calculate the replacement rate of Jiangxi Province basic pension insurance. According to the results of the calculation, it is found that the pension insurance replacement rate of“securing the basics”is far below the replacement rate target set by the State, and the actual replacement rate of the employees from government organs and institutions is much higher than the estimated guaranteed value, while the actual replacement rate of the employees from enterprise has dropped below the guaranteed value. Thus, the following measures can be taken into consideration: to lower the level of replacement rate of“securing the basics”appropriately, to unify the pension insurance replacement rate at the basic level of the government organizations and institutions with that of the enterprises, and to improve the overall replacement rate of the pension insurance system by stepping up the construction of the supplementary pension insurance system.

A Study of the Influence of Extending Retirement Age on the Balance of Payments of the Basic Pension Insurance Pooling Funds

DENG Da-song, XIAN Mi-hua

2015, 0(05):  437. 

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The aging population and the prolongation of people’s life expectancy have posed threats to China’s workers basic pension insurance system; to extend the retirement age is one of the possible measures to relieve the fund payment pressure. By constructing a population predictive model and a pension balance model, this paper designs 11 kinds of retirement age plans and calculates the impact of different programs on the balance of payments of the pension insurance fund. The results of the calculation show that to extend the retirement age can delay the coming of pension gap, which will improve the solvency of the fund to some extent. It also proposes to extend the retirement age to 65 for both men and women, to lay emphasis on flexible retirement, and to increase the protection for older workers.

Corporate Overinvestment and Power Game between Major Shareholders and Executives under Equity Incentive

YANG Hui-hui1, PAN Fei2, XI Yu-qin1

2015, 0(05):  438. 

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A corporate financial decision-making is the result of the power game between the controlling shareholders and the executives as the insiders. Therefore, it is necessary to investigate whether equity incentive can restrain the self-interested behaviors of overinvestment by executives and major shareholders in order to realize their control power and personal gains. By adopting the difference analysis and OLS regression, this study finds out that to carry out equity incentive in the state-owned holding listed companies can restrain the excessive investment behaviors of large shareholders and executives, the higher the equity incentive level, the greater the inhibition will be; while the option incentives would undermine the suppression effect. However, in the non-state-owned holding listed companies to carry out the equity incentive would exacerbate the over-investment behavior of the large shareholders and executives, the higher the level of equity incentive, the higher the level of corporate over-investment will be; when the option incentive is adopted, this kind of intensifying role is more significant.

Investment Opportunity Set, Agency Conflicts and Audit Governance Effect: Based on the Empirical Evidences from the Perspective of Excessive Investment

LIAO Yi-gang, YANG Xuan

2015, 0(05):  439. 

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Taking China’s A-share listed companies during 2003-2011 as samples, this paper examines the governance effects of quality audit on the agency problem of the high investment opportunity set companies and the paths from the perspective of overinvestment. The study finds out that the companies of the high investment opportunity set generally tend to over investment; with the increase of investment opportunity set, the high-quality accounting information can significantly alleviate the problem of excessive investment triggered by the high investment opportunity set. Finally, if a company hires a high quality auditor, the accounting information will be able to alleviate more significantly the over-investment behaviors caused by the high investment opportunity set, which indicates that by improving the quality of accounting information, high quality audit can relieve the over-investment problem more effectively. Furthermore, the additional tests show that the governance efficiency of high quality audit on the overinvestment by the high investment opportunity set companies is only significant in the companies with lower debt levels, which indicates that there exists a substitution effect between debt management mechanism and high quality audit to some extent.

A Study of the Logistics Industry in Yangtze River Delta and the Coordination Degree of Regional Economic Coupling

XIE Shou-hong, CAI Hai-ya

2015, 0(05):  440. 

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By establishing a regional logistics and regional economy evaluation index system, this paper employs the entropy method to evaluate the regional logistics development level and the economic development level in the Yangtze River Delta from 2002 to 2011 and depicts their characteristics of space-time evolution. With the help of the model of coupling coordination degrees, it measures the coordination degrees of the two. The results show that both of the level of the regional logistics development and the level of economic development in Yangtze River Delta are on the rise and that the coordination degrees of the two are increased to some extent. It is also found that space distribution of the coordination degree presents significant spatial clustering with growing spatial agglomeration benefits, but the overall level of coordination is not high, which remains to be further improved.

Reflection on the Countermeasures to Alleviate the High Financing Costs of the Real Economy and the Small and Micro Businesses

GU Sheng-zu, ZHUANG Qin-qin

2015, 0(05):  441. 

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To strengthen the real economy need not only stronger large and medium-sized enterprises, but also overwhelming small and micro enterprises. The development of small and micro enterprises concerns the vigor and staying power of national economic growth. Currently, the real economy, especially small and micro enterprises, is facing unprecedented financing difficulties,“expensive financing”and“difficult financing”have become an outstanding issue restraining the health and sustainable development of China’s economy. To alleviate the financing plight faced by the real economy and the small and micro enterprises, a combination of measures should be taken to resolve the current problems and eliminate the root causes. Starting from the supply side, we should construct the multi-level financial system, the diversified organization system and the three-dimensional service system to match the real economy, integrate effectively a variety of financial resources to serve small and micro enterprises, and support the development of small and micro enterprise of entity type, so as to consolidate the solid foundation for the real economy.

Logical Errors and Practical Harm of the Theoretical Base for Interest Rates (Full) Marketization

LI Ji-guang

2015, 0(05):  442. 

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The financial deepening theory contains such idea that the higher market-oriented interest rate can mobilize savings, expand investment scale, improve investment efficiency, and promote fair credit, which is wrong in the theoretic logic, nor is verified by practice. The problem of fund shortage is not difficult to solve during the age of credit money. Neither the fully market-oriented interest rate nor the market-oriented interest rate under indirect control can improve the efficiency of credit markets and the efficiency of monetary policy; on the contrary, they would increase financial risks, trigger the financial crisis, and interrupt economic growth. The conclusion that the market-oriented interest rate can optimize investment and consumption structure through curbing investment is not universal. The historical performance of interest rate controls is significantly stronger than the interest rate liberalization. The market economy should adopt the combination of the controlled market interest rate and the statutory interest rate under market constraints.