Table of Content

21 January 2021, Volume 0 Issue 04

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Tax Statutory Principle in China: No Timetable for Recovery of Tax Legislation

YUAN Ming-sheng

2014, 0(04):  527. 

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The tax statutory principle is one of the important principles of modern constitutions of all the countries, and it is one of the basic principles of the Chinese constitution too. However, in 1984, the NPC Standing Committee granted the tax legislation power to the State Council, since then, the tax legislation of most tax categories has been carried out by the State Council in the names of administrative laws and regulations, except the personal income tax and corporate income tax which are still exercised by the NPC or its Standing Committee. With the repeal of the authorization decision made in 1984, the legal basis for tax administrative legislation has ceased to exist; it has become extremely urgent to return the tax legislative power to the highest organ of state power. In this case, the state legislature should earnestly fulfill its legislative responsibilities, replace the original administrative legislation with national legislation as soon as possible, and effectively protect the property rights of the people.

Theoretical?Interpretation and Implementation Mechanism of Socialist Common Prosperity

YAN Wen-bo, ZHU Huang-he

2014, 0(04):  528. 

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Common prosperity is the value pursuit of socialism, it contains rich scientific connotations. A correct understanding is required to face China’s current status of widening gap between the rich and the poor. As for the problem of how to realize the common prosperity, to narrow the gap between the rich and the poor, and to prevent polarization, one of the most important solutions is to strengthen the input and enhance the innovation at both the institutional and policy levels, give full play to the role of institution and policy in narrowing the gap between the rich and the poor, and establish the mechanism to realize fair and rational income distribution.

Judicature Recognition of Pledge Loan Contract Effectiveness in Commercial Bank’s Financial Products: with Alleviation of the Numerus Clausus Principle as the Entry Point

WU Fei-fei

2014, 0(04):  529. 

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The strict numerus clausus has set legal obstacles for the current pledge loans in financial products offered by China’s commercial banks and increased the legal risk of pledge loan contracts in financial products. In terms of legal nature, there is comparability between financial products, “accounts receivable” and “stock equity” in essence. From the perspective of promoting the market development of financial products and maintaining the applicable value of law, in the context of the existing relevant system framework which is difficult to change in the short term, the alleviated standpoint of the numerus clausus principle should be insisted on in juridical practice, the relevant provisions on “accounts receivable” pledge and “stock equity” pledge can also be applied to financial products pledge by analogy, its validity of changes of the property right should be recognized.

Criticizing Reality in A Hallucinatory Way: An Interpretation of Mo Yan’s Frog

JI Da-fang

2014, 0(04):  530. 

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Mo Yan’s“Frog”is a masterpiece of contemporary Chinese literature, which integrates hallucinatory realism into the reality of rural China revolving around the implementation of family planning policy. With the main line of frog-infant╞the goddess Wa, the work portrays vividly a group of original characters, whose fate is moving, touching and thought-provoking. From the three perspectives that best reveal the author’s technique, i.e. the creation of the major characters named after their body parts or features, the organic combination of exotic characters and scenery with the local native land, and the hallucinatory magic of frog as the symbol of human being, this paper analyzes and explores the construction of the characters, plots and settings in the work, so as to reveal the everlasting charm of mythological archetypes in realistic works.

An Empirical Study of China’s Rural Financial Development and Farmer’s Income Growth

LI Ming-xian, YE Hui-min

2014, 0(04):  531. 

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By making use of the statistical data of China’s rural financial development from 1990 to 2009 and employing the multiple linear regression model, this paper conducts an empirical analysis of the influence of the scale, efficiency and structure of rural financial development and the distribution density of rural financial resources on the increase of farmers’ income. The results show that only the increase of loan-to-deposit ratio of rural financial institutions and the increase of the number of practitioners in rural financial institutions per ten thousand people can play a significant role in promoting the increase of farmers’ income, while the expansion of rural deposit scale, the improvement of township enterprises’ loan ratio and the increase of number of rural financial institutions per ten thousand people do not play a significant role in promoting the growth of farmers’ income. Therefore, this paper proposes that in order to really benefit farmers and low-income groups from the new policy of incremental reform of China’s rural finance, this round of incremental reform must advance steadily, the number of new financial institutions should not expand blindly, and the national exogenous leading mode should be gradually transformed into the private endogenous growth mode, so as to improve the contribution of the rural financial development to the farmers’ income growth.

An Empirical Study of the Impact of Pension Level in Cities and Towns on the Re-Employment Decisions of Retired Workers: A Case of Guangdong Province

YANG Yi-nan

2014, 0(04):  532. 

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The questionnaire survey data of 10,000 retired workers in 21 cities in Guangdong province in 2011 shows that the re-employment rate of the retired workers is 4.6% (male 4.27%, female 4.54%). The regression results of the Binary Logistic model show that the current pension level of Guangdong province has a significant negative effect on the re-employment of the retired workers, which reduced the re-employment rate. While the regression coefficient of the quadratic term is significantly positive, which indicates that only when the pension level exceeds some inflection point, it may reduce the re-employment rate. This is due to the excessively fast adjustment of pension level in Guangdong province. The study indicates that education level and health have a significant positive influence on the re-employment after retirement; the influence of working years is significantly negative. The influence of position is significantly positive; the re-employment behavior is not different between workers in the public and private sectors.

Research on Influence of Old-Age Insurance System for Enterprise Employees on the Reform of Old-Age Insurance System for Government Organizations and Institutions

ZHANG Zu-ping

2014, 0(04):  533. 

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The three pillar pattern propelled actively in the old-age insurance system for enterprise employees provides a sample for the mode construction of the old-age insurance system for government organizations and institutions. However, the problems existing in the old-age insurance system for enterprise employees has also brought some negative impact on the reform of the old-age insurance system for government organizations and institutions. The huge gaps between the old age security pension of enterprise employees and the pension of the government organizations and institutions have reduced the confidence of the employees of the government organizations and institutions in the reform of old-age insurance. If the problem of transformation cost cannot be resolved, the?phenomenon?of“empty account”in individual account may continue to exist in the old-age insurance system for government organizations and institutions. It is suggested that the Chinese government should make arrangements for the transformation cost, conduct a unified management for the annuity business, and stand at a higher platform to reform the old-age insurance system for government organizations and institutions, so as to set an example for perfecting the old-age insurance system for enterprise employees.

Construction of the Financial Audit Supervision System under the Financial Innovation Trend

WANG Yong-hai, ZHANG Tao

2014, 0(04):  534. 

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With the development of China’s financial industry and the increasing dynamic of financial innovation activities, how to use the means of financial audit to prevent financial risks has become an urgent issue. Drawing lessons from American financial audit supervision system, and based on China’s national situation, the authors of this paper propose to establish a “trinity” financial audit supervision system with the government financial audit as the main body, the CPA audit as the supplemented and the internal audit of the financial institution as the core. Then, its role and the realization of its “immune function” are discussed. The construction of such a system will be beneficial for the supervision departments to restrain risks brought by the financial innovation more effectively and give full play to the important role of audit in economic activities.

Accounting Information Disclosure of Biological Assets in Forestry Listed Companies: Problems and Countermeasures

HU Yu-ke1,2, TIAN Zhi-wei1, LI Wei1

2014, 0(04):  535. 

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This paper makes an analysis of the accounting information of biological assets in forestry listed companies over the year of 2012, which is required to disclose by “Accounting Standards for Business Enterprise No. 5 - Biological assets”. The results show that the accounting information disclosure of forestry biological assets provided by most of the listed companies have such problems as lack of standardization, insufficient comparability, inadequate disclosure, and so on; while the information disclosure of the appreciation in forestry biological assets and the information disclosure of ecological and social benefits are even short of. Therefore, relevant measures concerning both mandatory and voluntary disclosure of accounting information should be adopted to improve the accounting information disclosure of biological assets of China’s forestry listed companies.

A Study of the Impact of China’s Resident Income Distribution Gap on the Residents’ Consumption Tendency

FANG Zhen-min1, XU Bing-qing2

2014, 0(04):  536. 

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Based on the Keynesian consumption theory and employing the three indicators of Gini coefficient, the marginal propensity to consume and the average propensity to consume, this paper establishes a linear regression model to analyze the relation between income distribution and residents’ consumption at the current national level. The results of the empirical study show that the enlarging gap of income distribution reduces the residents’ average propensity to consume and marginal propensity to consume. It is necessary to increase the residents’ consuming intention on the basis of increasing residents’ income, and to narrow the income distribution gap between residents and improve the demand, so as to gradually eliminate the problem of consumption stagnation.

Family Control, Managerial Ownership and Accounting Information Quality

LIN Bo1, CHEN Shao-hua2, WU Yi-bing2

2014, 0(04):  537. 

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With the trends of the equity openness and socialization and the managerial professionalization in China’s family business, the principal-agent problem in family business has aroused widespread concerns. Managerial ownership and accounting information, as the main solutions to the principal-agent problem, have become an important content in academic researches. Taking the private listed companies in China’s A-share market during 2007-2010 as the research samples, this paper empirically examines the differences of accounting information quality between family listed companies and non-family listed companies. The results indicate that compared to the non-family listed companies, the family listed companies have lower earning quality and information disclosure quality. Further examine reveals that managerial ownership can play a role of invigorating the accounting information quality of family firms.

A Study of the Impact of Fiscal Competition on Local Governments’ Fiscal Expenditure Structure: Based on the Balance between People’s Livelihood and Development

LENG Yi, YANG Qi

2014, 0(04):  538. 

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With a simple model of sequential games, this paper makes an analysis of the mechanisms and characteristics of the expenditure behavioral strategies between local governments under the two conditions: the closed area under administration and the free capital flow between the areas under administration. It is found throuth comparison that competition can drive the local fiscal expenditure to support heavily the infrastructure construction; this part of input will become the social overhead capital, which played an extremely important role in the development of the society and economy for some time past. But at the same time, competition can also easily cause the local governments to neglect their public service expenditures, thus lowering the overall levels of social welfare. Hence, it is necessary to guide and regulate the local governments’ fiscal expenditures to have a scientifical balance between economic development and people’s livelihood through the authority of the central government and its powerful macro-control capacity, so as to promote the sound and faster economic development.

A Study of Characteristics of Environment Kuznets Curve in Poyang Lake Ecological Economic Zone

LIU Man-feng, XIE Han-jing

2014, 0(04):  539. 

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Based on the environmental kuznets curve (EKC) theory, this paper makes use of the sample data from the six prefecture-level cities (Nanchang, Jingdezhen, Jiujiang, Xinyu, Yintan, and Fuzhou) in the Poyang Lake Ecological Economic Zone during 2000-2011 to study the curve characteristics and the formation reasons between per capita GDP, the level of industrial “three wastes” emission and the pollution composite index. The results show that, according to the environmental kuznets curve indicated by the pollution composite index, the environmental kuznets curve of Nanchang presents a linear monotone increasing, namely, the economic growth is accompanied with deteriorating environment. The environmental kuznets curve of Jingdezhen shows a classic inverted U type, namely, the environment follows the economic growth along the path of first deteriorating, and then improveing. While the kuznets curves of Jiujiang, Xinyu, Yingtan and Fuzhou present the N type, namely, the environment follows the economic growth along the path of “first deteriorating, then improveing, and then deteriorating again”.

Measurement of China’s Regional Economic Growth Efficiency and Carbon Emission Reduction Efficiency: with a View on Their Coordination

SHENG Peng-fei1, YANG Jun2, CHEN Yi3

2014, 0(04):  540. 

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From the viewpoint of environmental economics, this paper establishes the index of coordination degree to describe the two indexes of economic growth efficiency and carbon emission reduction efficiency with the non-radial directional distance function and the TOPSIS method. And then it conducts an empirical study based on the data from China’s 29 provinces from 1998 to 2010. The results suggest that on the whole China’s technical efficiency of economic growth has a downward tendency, while the efficiency of carbon emission reduction has a bigger gap with respect to the efficiency of economic growth. Such phenomenon exists widely in China that carbon emission reduction lags behind economic growth. However, some provinces have started to change from the situation that carbon emission lagging seriously behind economic growth into the coordinated development between economic growth and carbon emission reduction, which indicates that China is gradually stepping on the road of low carbon development.

On the Development Strategy of Tourism in Jiangxi Province

ZHU Hong

2014, 0(04):  541. 

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Jiangxi province enjoys advantageous conditions for the construction of a strong province of tourism, such as the national first-class ecological environment, rich and colorful tourism resources, long history and brilliant culture, etc. But there also exist some restraining factors, such as weak industrial foundations, imperfect tourist facilities, insufficient brand competitiveness, and lower degree of resource development. In order to realize the development strategy of strong tourism in Jiangxi province, it is necessary to build the first-class destination, adhere to the first-class publicity and marketing, perfect the first-class facilities, establish the first-class smart tourism, implement the first-class management, cultivate the first-class talents, and provide the first-class services.