Table of Content

21 January 2021, Volume 0 Issue 02

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The Reform on the Joint and Several Liability in American Tort Law and Its Enlightenment

GUAN Chang-yu, SHANG Xi-wen

2015, 0(02):  471. 

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In the United States, the joint and several liability was once the favorite of the judges in their judgments. However, lots of issues have been revealed when it was prevailing in the courts. Along with the beginning of the reform of American Tort Law, the joint and several liability has been suffering a great impact. After years of intense debate, the reform of the tort law finally led to the result of restricted application of the joint and several liability. In China, there also exist abuses of the joint and several liability. Therefore, by referring to the development and changes of American joint and several liability, China’s joint and several liability system should be improved by introducing the theory of post redistribution, so that the interests of the related obligees can be better protected.

Governmental Responsibilities and Measures in Investing National Nature Reserves

YANG San-zheng

2015, 0(02):  472. 

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The protection of natural reserves is nothing else but protecting the nature itself, which can consolidate the foundation for the construction of the eco-civilization. However, it cannot be denied that China’s national nature reserves are faced with a realistic problem of fund shortage. To solve the problem fundamentally, it is necessary to clarify the responsibilities of the governments in their investments in conformity with the Constitution and the related laws, with the present finance system, and with the theory of public products. Accordingly, in order to carry out their responsibilities, the following measures should be taken: such as making clear the investment proportion between the central government and the local governments, issuing special lotteries for the natural reserve protection, budgeting the natural reserve protection fund separately, and?bringing the natural reserve management and protection into the officials’ performance appraisal.

Liang Qi-Chao’s Land Ownership Thoughts and Its Enlightenment to Today’s Land Reform

LI Xue-tao

2015, 0(02):  473. 

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Liang Qi-chao believed that the pursuing for the proprietary right is the momentum to develop society and economy and that the private ownership is the source of all the human civilization. He emphasized the rationality and inevitability of private land ownership from the non-exclusivity of the rural land, the history and tendency of human economic development, the maintenance of economic stability, the promotion of economic development, and so on. In fact, the essence of the rationality and inevitability of private property right, especially the private land ownership, is to promote economic development through the protection and development of private property rights. Liang Qi-chao’s thoughts on the problem of modern land ownership is based on the demand of economic development and the purpose of protecting farmers’ rights in land, which can be taken as reference for the coming new land reform.

An Exploration of the Construction of Clean Governance Culture Mechanism in the Central Soviet Area

CHEN Shi-fa, LI Li-e

2015, 0(02):  474. 

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A clean and honest government was unprecedentedly established in the Central Soviet Area, because a whole set of new values and ways of thinking and behaving was established and reinforced during the construction of its incorrupt government culture. This mechanism is mainly made up of three dimensions: the first is relying on schools at all levels to plant the outlook of people standard the new gene of clean governance culture into the influential cadres, establishing a new concept of serving the people and a new way of behaviors to maintain close ties with the masses; the second is giving full play to the newspapers and magazines run by the masses to publicize and implement timely the outlook of people standard, as well as the guidance of public opinion for the concept of serving the people and the role of supervision; the third is relying on a variety of organizations and through community education to inspire the subject consciousness and the related actions of the masses to participate and supervise the government, which provided a powerful ideological and intellectual support for the implementation of the outlook of people standard and the concept of serving the people. Thus a healthy atmosphere was fostered and no one wanted to commit corruption. The construction mechanism of a clean governance culture in the Central Soviet Area can be taken as important reference for the present construction of a clean governance culture at least in the above-mentioned three dimensions.

China’s Farmland Fragmentation Problem and Its Solution

TIAN Meng, HE Xue-feng

2015, 0(02):  475. 

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Farmland fragmentation has become a fundamental reality in China. At present, there are two main ideas against land fragmentation, i.e., land transfer and land consolidation and readjustment. Although both of them have achieved some obvious results, there still exist some shortcomings. To fight against land fragmentation through land reallocation has its feasibility. In order to solve this problem of land fragmentation, we have to further free our minds. To allow land reallocation is in line with the actual situation of the rural areas and the practical needs of farmers, which can not only help to concentrate land ownership and land parcels, solve the problem of land fragmentation and facilitate agricultural production and the life of the farmers, but also are beneficial to strengthen the construction of the primary-level organizations, so that the farmers can be organized more effectively.

A Study of the Efficiency of China’s Agricultural Insurance Development: From the Perspective of Enterprises and Regions

LI Xin-yu1, ZHAO Jing-tao1, LIU Zhong-yi2

2015, 0(02):  476. 

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This paper applies the BCC model and the panel Tobit model to analyze the efficiency of agricultural insurance development from the perspective of enterprises and regions respectively. The results of the business sample analysis show that the overall efficiency of agricultural insurance development is not high. The regional empirical results show that over the past five years the overall efficiency of agriculture insurance is quite low, but there is an increasing trend year by year. The Efficiency of agricultural insurance in the major agricultural provinces are below the national average; while in the western region, although its economy is underdeveloped, the efficiency of agricultural insurance is higher than that in the central and eastern regions, indicating that the oriented policy plays an important role in the development of agricultural insurance.

The Alienation of China’s Village-Contract Movement and the Transformation of Poverty Alleviation System

WANG Wen-long

2015, 0(02):  477. 

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The village-contract movement, as a poverty alleviation means, has revived in some places due to the emphasis put on the Mass Line by the new central government and the impulse of the executive departments in their political performance competition. Although the village-contract movement could effectively solve the poverty problems to some extent for farmers in some areas, it has such disadvantages as focusing on short-term effect, serious formalism, low efficiency, cultivating dependence on poverty alleviation, and worsening the unfairness of political performance competition. In the long run, such competition built on the legal right to hurt by the executive departments will further intensify power rent-seeking, upgrading the common material rent-seeking to show-off rent-seeking, which will lead to the vicious expansion of government powers and twisted resources allocation. Only by establishing the correct Mass Line concept, limiting the scale and power of the government to a reasonable extent, enhancing supervision toward the government powers and building up a relatively fair political performance evaluation system, will we be able to get rid of the dependence on mobilized poverty relief, so as to build up a long-term poverty alleviation mechanism with lasting effect and speed up the poverty alleviation process in China.

On the Motivation of Enterprises, Employees and Government Conspiracy to Evade Social Security Payments: An Analysis Based on Tripartite Game Model

DUAN Ya-wei

2015, 0(02):  478. 

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The main body responsible for the social security system consists of enterprises, employees and the government, and the choice made by each side based on its own interests will directly affect the coverage of social insurance. On the basis of the tripartite game model, this paper tries to analyze the game behaviors of enterprises, employees and the government; then it studies the motivation of their conspiracy to escape participation in the social security system. The result shows that the probability of their conspiracy to escape participation in the social security system is closely related to the corporate profitability, the payment rate of social insurance, the benefit level of social security, and government supervision cost. When the payment level of social security in an area is beyond the affordability of the enterprises and the earnings of the employees from the social insurance, the enterprises, employees and the local government in that region will have less motivation to participate. Then the probability of their conspiracy to evade social security payments will rise, which cannot be solved by relying simply on strengthening the collection.

Domestic and Foreign Institutional Investors and Accounting Conservatism：Who Is Involved in Corporate Governance?

LIN Yu-chen1, LIN Hong2, KONG Xiang-ting3

2015, 0(02):  479. 

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Different investment styles and share holding motives of heterogeneous institutional investors may lead to different demands and influences on accounting conservatism. Based on the analysis of the investment funds and QFII, which are the most representative ones of domestic and foreign institutional investors respectively, this paper tries to explore their influences on corporate governance, particularly the relationship between institutional holdings and accounting conservatism. The results suggest that fund holdings can significantly reduce the accounting conservatism of the listed companies. By contrast, QFII holdings can help to improve the level of corporate governance, so that the level of accounting conservatism from both individual governance and institutional interaction can be improved. This study has not only confirmed that the heterogeneous institutional investors have different effects on the corporate governance mechanism, but also provided the evidences of the involvement of QFII in corporate governance, and extended the understanding of the influence of inter-institutional interaction on corporate governance.

A Study of the Impact of Government Intervention on the Effectiveness of Internal Control of Local State-Owned Enterprises

ZHAO Hui-fang, WANG Xiao-li, ZHANG Xuan

2015, 0(02):  480. 

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Taking 2394 local state-owned listed companies from 2009 to 2013 as the samples, this paper conducts an empirical study of the impact of government intervention on the effectiveness of internal control of local state-owned enterprises in different sections from the five dimensions of control objectives. The results show that during the course of realizing the different internal control objectives by local state-owned enterprises, the government intervention has different effects, i.e., the government intervention can significantly promote the realization of such objectives as corporate strategy, legal compliance and assets safety, while it is not helpful to the improvement of business performance and the quality of financial reports. Moreover, government intervention may in general weaken the effectiveness of internal control of the local state-owned enterprises.

Information Quality and Forecast Accuracy of Securities Analysts

ZHANG Wen, WANG Hao, YUAN Jun

2015, 0(02):  481. 

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This article conducts an analysis of the impact of information quality of listed companies on the forecast accuracy of sell-side analysts based on the financial forecasting data of the sell-side analysts from 2004 to 2013. The empirical result indicates that the information quality of the financial reports of listed companies can significantly impact the forecast accuracy of the sell-side analysts. The worse the information quality, the lower the forecast accuracy will be. At present, the sell-side analysts in China are still incapable of recognizing the financial information changes in the listed companies in advance, to improve the information environment of the securities markets can improve the forecast accuracy of the analysts to some extent. This conclusion can provide new empirical evidences to interpret the tracking behavior of the sell-side analysts, provide meaningful implications for the improvement of the voluntary information disclosure mechanism of the listed companies, and provide theoretical references for the supervision departments to introduce some relevant policies for the development of analyst service industry.

Financing Constraints, Financing Channels and Business TFP: A Test of China’s Industrial Enterprises Based on GPSM Method

LI Si-fei1, JIN Lai-qun2

2015, 0(02):  482. 

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Based on the improved LP method, this paper makes use of the data of China’s industrial enterprises from 2005 to 2007 to estimate the total factor productivity (TFP) of the enterprises in different industries. Then, it applies the generalized propensity score matching method (GPSM) to analyze the effect of the financing constraints from both internal and external sources on TFP, which is faced by state-owned enterprises, non state-owned enterprises and especially private enterprises. The result shows that to reduce the financing constraints from internal sources can significantly promote TFP in the enterprises of different natures; meanwhile, to reduce the financing constraints from external sources can also significantly promote the TFP in the non state-owned enterprises and private enterprises. However, as for most state-owned enterprises, to reduce financing constraints from external sources cannot obviously promote their TFP.

A Research of Farmers’ Collective Ownership and Income Distribution System Reforms: With the Background of Household Registration Reform

ZHANG An-yi

2015, 0(02):  483. 

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Because the farmers’ rights in the collective ownership are not clear and the farmers’ membership in the collective property is determined by the household registration, the farmers will meet systematic obstacles when they enjoy their rights in the collective property after settling in the towns. To carry out the household registration reform smoothly, the property rights of the migrant farmers cannot be harmed; therefore the farmers’ collective ownership system and the collective income distribution system should be reformed. The original intention of the collective ownership is to maintain the rights and interests of each member in the collective, so the status of the collective should be blurred in the subject of right, and more rights in the collective property ownership should be directly given to the farmers. The income distribution right of the farmers in the collective property should be designed as the independent rights separated from the family register, and a special implementation and relief system should be constructed.

Wage Discrimination, Economic Spillovers and Regional Economic Growth：A Theoretical Framework and Empirical Study of the Discrimination against the Labor Force Transferred from Rural Areas

ZHANG Jin-hua, WU Fang-wei, WANG Ya-li

2015, 0(02):  484. 

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Rural labor migration and mobility have produced regional economic spillovers, and these spillovers are amplified by the twisted wage of the transferred labor force when the factor returns of the capital and labor departments are being changed, which leads to a wider economic gap between the regions. Meanwhile, the outflow of labor is affected by the cost of living and the wage differentials between the areas of origin and the areas of destination, as well as by the population structure. Along with the gradual disappearance of population bonus and the structural changes in the transferred labor force markets, the changes in the cost of living and the wage structure may produce an effect on the labor force fluxion and the extent of wage distortion, which will result in a convergence effect on regional economic growth.