Table of Content

21 January 2021, Volume 0 Issue 03

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On the Challenge of Catastrophic Risk Administrative Regulation to the Traditional Administrative Legal System and Its Response

YI Jun

2014, 0(03):  542. 

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Catastrophic risks refer to the possibilities and the adverse consequences with unclear incentives, lower probability of occurrence and extremely serious perniciousness, which are difficult to predict, hard to control and unable to effectively deal with. In response to catastrophic risks, the administrative organizations have comparative advantages over the legislative and judiciary organizations and the administrative law has comparative advantages over the criminal law and civil law. But the practice of the administrative organizations’ regulation to control catastrophic risks has posed a challenge to the current China’s traditional administrative legal concepts, the basic principles of administrative law and the existing framework of the legal system for risk control. Thus, it is required to respond from the three major aspects: to transform the regulation logic of catastrophic risk controlled by administrative laws, to breakthrough the basic principles of administrative laws, and to innovate the specific administrative law system.

A Study of Cost-Benefit Decision-Making Model for Enterprises’ Responses to Anti-Dumping Charges: Based on Dynamic Game Analysis

LIU Ai-dong, ZENG Hui-xiang

2014, 0(03):  543. 

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The decision-making of enterprises involved in the anti-dumping charges concerning whether or not to give response or to what degree of participation depends on the tradeoffs between benefits and costs. Based on the dynamic game theory, this paper establishes a dynamic game model of the export enterprises’ decision-making to give response to suits in the context of incomplete information. It quantifies the respondent costs and benefits and constructs a decision-making model for export enterprises to respond to anti-dumping charges based on the “cost-benefit” theory. Taking the price and quantity of export products as standards, it works out the five critical points for export enterprises involved in the charges to make decisions through mathematical derivation. It is thus clear that to quantify the decision-making of responding to anti-dumping charges is the essence for Chinese enterprises to overcome the lack of confidence, avoid being defeated and build efficient mechanisms for responding to anti-dumping charges.

Government-Dominated Economic Development: An Analysis of the Relationship between Nanjing KMT Government and Market Adjustment during 1927-1937

WEN Rui, ZHOU Hai-yan

2014, 0(03):  544. 

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The economic development under the dominance of Nanjing KMT Government has some features of compulsory institutional evolution; it is also a continuous breakthrough of China’s two-thousand-year route of “encouraging agriculture while restraining business”. Through the safeguard of system and legislation and the state capitalist policies, the government constructed a modern financial system, strengthened the control of national key resources management, promoted the protection of free contract, property rights and free enterprises, activated factor markets and product markets, and promoted the development of new industries and commerce and the revitalization of the traditional agriculture. The openness and freedom made the financial markets, commodity markets and land markets more active; the rural revival turned the traditional agriculture to the modern transformation; the non-government economic organizations, such as chamber of commerce, peasant unions and guilds, together with free opinions protected the economic development, and helped the optimization of the government’s decision-making. The two-way interaction between the government and the market ushered in the second Golden Age in the economic development of Modern China. All the measures taken by the Nanjing KMT Government during that period left us with significant historical enlightenment: the reconstitution of government authority and the timely and effective intervention to economic development, the formation of the double driving-force in the economic and social development by the government and the market, the participation of a large number of experts and elites in the system designing and decision-making which reduced trial and error costs, and so on.

The Way of Borrowing: From Ovid’s Poems to Milton’s Paradise Lost

ZHAO Lei

2014, 0(03):  545. 

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Ovid, the ancient Roman poet, left the Western literary world with many poetic masterpieces, of which Metamorphoseon is a representative. The 17th-century English poet John Milton in his Paradise Lost carried forward the great Christian proposition -- the fall of man ╞ in the form of literary epic. This paper studies the intertextuality between Ovid’s poems and Milton’s Paradise Lost. Starting from text reading, it conducts a comparative analysis of the characters, natural imagery and Genesis legends in Ovid’s poems and Paradise Lost in both Chinese and English versions. In Paradise Lost, Milton integrated all kinds of reference methods used to study Ovid’s poems during the Renaissance Era, placed Ovid’s poems into the evaluation system with Christian doctrines as the criterion, and stressed the perfect transcendence of Christian literature that he firmly believed over the classical literature.

Efficiency Sources of Village Land Rights Configuration: Property Matching Logic -- A Case Study of Langshan Village

HU Xin-yan, ZHU Wen-jue, LIU Kai

2014, 0(03):  546. 

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By applying the“bottom-up”approach of case study, this paper analyzes the formation of land rights allocation efficiency in Langshan Village and the practical effect. It puts forward a theoretical analysis framework of“the matching of the three elements-farmland value property, behavioural capacity of the subjects and configuration of property rights and powers can promote the generation of efficiency”. The practical analysis of the village’s land rights configuration system shows that the bidding for farmland operation right can promote the realization of the value of farmland elements and the efficiency of division of labor in the large-scale and specialized agriculture, that the farmland contract rights of value type for all households can promote the realization of the asset value of farmland and farmland transfer efficiency, and that the farmland regulation rights of village organizations can promote the realization of the farmland public value and the public goods supply efficiency. Hence a conclusion can be drawn that the seperation of village land rights has formed a variety of basic powers and functions, corresponding to the appropriate property right subjects, which is conducive to the realization of the multi-value attributes of farmland and the balance of the multiple efficiency goals of the village. The summary of the case can provide experience and enlightenment for Chinese villages to choose the path for innovation of land right system and transformation of village development.

A Game Analysis of Audit of Government Special Funds for Supporting Agriculture

ZHANG Xin-rong, CHENG Jie, XU Xiang-li

2014, 0(03):  547. 

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How to increase the audit success rate of special funds for supporting agriculture and keep away fraud is a major practical issue currently faced by the government and the society. Through combing the relationship in the game among all sides whose interests related to the government special funds for supporting agriculture, this article finds that if fund user and regulators conspire to fraud, audit will become harder for auditors. Therefore, it constructs a game model concerning the three parties related to the special funds for supporting agriculture, i.e., the auditor, the regulator and the fund user, to analyze the process of their strategy selection. The results show that to reduce audit cost and increase the audit success rate can reduce the probability of conspired fraud between fund users and regulators; the independence of government audit is weak, so it is hard to lower the rate of conspired fraud between fund users and regulators completely through government audit. Therefore, in order to reduce the audit cost and improve the cability of spotting fraud through audit, the following measures must be taken, such as cloud audit, improvement of government internal control system, cross audit through the government audit departments, and independent third party audit.

A Probe into the Relationship among the New Rural Social Pension Insurance Financing Bodies and the Balance Mechanism: From the Perspective of Game Theory

KE Hua1, kE Yuan2

2014, 0(03):  548. 

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During the pilot process of the new rural social pension insurance, in order to maximize their own interests, the four major financing bodies (central government, local government, collective organizations, farmers) are performing a variety of games, which has reduced the expected earnings of the new rural endowment insurance policy to a certain extent and increased the difficulty of policy implementation. Therefore, in order to balance the interests of the four financing bodies, the following four mechanisms must be established and perfected, i.e., the protection mechanism for financial subsidies at all levels, the incentive mechanism to encourage farmers to buy insurance with the gradient payment subsidies, the constraint mechanism for collective subsidies, and the appealing and expression mechanism for farmers’ interests, so that the four major financing bodies can trust each other in their cooperation and games.

An Analysis of Cost Integratedion between Land-Losing Farmers Pension Insurance and Urban-Rural Residents Pension Insurance

CHEN Zheng-guang, LUO Zheng-qing, LU An

2014, 0(03):  549. 

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Through estimation of the revealling-all-the-details costs of personal accounts and government subsidies cost in the integration between land-losing farmers pension insurance and urban-rural residents social pension insurance, it is found that the increased scale of the revealling-all-the-details cost of individual accounts accounts roughly for 1.23% in the proportion of the land transferring fees. The increased government subsidies scale in the integration of the in-payment links and the integration of the out-payment pension accounts for less than 4.2% and 5.04% in the proportion of land transferring fees. The integration between land-losing farmers pension insurance and urban-rural residents social pension insurance at the in-payment link can prevent the responsibility of government contributions from being blurred, while making the transferring and renewing process of pension insurance relationship easier. Therefore, the integration at the in-payment link is the preferential policy option for the integration between the land-losing farmers pension insurance and urban-rural residents social pension insurance.

An Analysis of the Influence of Informal Organizations on Organizational Citizenship Behavior

SUN Li-xin, YU Lai-wen

2014, 0(03):  550. 

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As an extra-role behavior with positive influence on organizational performance, organizational citizenship behavior can manifest the so-called “Lei Feng” spirit, “good soldier” image and “master” awareness, to which great attention is paid by both scholars and the business circles. The empirical analysis shows that the centrality of individual degree and the solidarity strength in informal organizations have a positive impact on organizational citizenship behavior; therefore, it is necessary to give an active play to the central figures of the informal organizations. Meanwhile, individual social capital can play a role of suppression and buffer between degree centrality and organizational citizenship behavior; managers need to change their perception of the individual social capital and strengthen the management of individual social capital.

Voluntary Audit, Corporate Governance and Agency Costs

DU Xing-qiang

2014, 0(03):  551. 

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Agency conflict between management and shareholders is one of the most important issues in the realm of corporate governance, while auditing is viewed as one of the mechanisms to alleviate information asymmetry and reduce agency costs. But there is no literature to provide systematic empirical envidence though it is quoted frequently. By making use of the unique institutional background of China’s capital market and hand-collected data of public listed firms’ voluntary semi-annual audit from 2002 to 2009, this paper empirically investigates the argument whether and how voluntary semi-annual audit can reduce agency costs. The results consistently show that voluntary semi-annual audit does significantly reduce agency costs between management and shareholders, revealing the information value and corporate governance function of audit, regardless of the methods of Heckman two-stage model, OLS model, matched sample study or firm-level fixed effects regression. Moreover, there is no systematic difference between choosing BIG4 or non-BIG4 in reducing agency costs, indicating that what matters more to shareholders is the presence of voluntary audit rather than the choice of the auditors.

Model Establishment for M-V Commercial Bank Capital Allocation Based on RAROC

CHEN Liang1, ZHANG Zhong-yong2

2014, 0(03):  552. 

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This paper conducts a theoretical analysis of the problem of capital allocation in capital management. After summarizing the merits and defects of all kinds of theories, it establishes an M-V commercial bank capital allocation model based on the RAROC theory, so as to analyze the capital allocation problem in the system of banking homogeneity and branch heterogeneity. The empirical study of the capital allocation in the business division system of China Minsheng Bank indicates that this model is more effective than the popular M-V model based on VaR theory.

An Evaluation on Coordinate Development of China’s Modern Logistics and Low Carbon Economy

XIE Fei, HUANG Xin-jian, JIANG Rui-qing

2014, 0(03):  553. 

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Intensive utilization of resources is an important way to realize the development of low carbon economy, and the development of the modern logistics plays an active role in the intensive utilization of resources. Taking the logistics industry and the low carbon economy in China as the researching subjects, this paper constructs an evaluation index system and evaluation model for the modern logistics and low carbon economy and conducts an empirical analysis with the relevant data from 2000 to 2012. The result indicates that before 2005 the coupling coordination development degree between China’s modern logistics and the low carbon economy is slightly imbalanced, even seriously imbalanced, reflecting that logistics scale could not meet the demand of the economy development. However, since 2005, the modern logistics and the low carbon economy in China have been gradually coordinated, reaching quality coordination in 2012. Thus, in order to realize the development of low carbon economy, it is required to further integrate and utilize the logistics resources available and strengthen the construction and connection of the infrastructures of the logistics industry.

Intra-Production Specialization, Value Chain Positioning and Development of Yiwu Model

LIN Sai-yan

2014, 0(03):  554. 

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Yiwu has made remarkable achievements and formed the Yiwu Model so called by all walks of life in the development of the specialized markets and the local industries promoted by world trade. The core of the success lies in its distinctive industrial characteristics, flexible linkage mechanism between trade and industries, and so on. However, when the trade and industries expanded to a certain dimensions, restrictions of resources in land, human and government public services become obvious, Yiwu’s commerce and trade and its driving effect on the industries will surely be weakened. Yiwu should explore the intra-production specialization from the perspective of the national value chain and the global value chain, continue to strengthen the leading position of commerce and trade, while at the same time transfer some parts of the production chain, and launch international cooperation in design and R&D, so as to improve the positioning of the value chain of Yiwu’s whole economy, promote the transfer of the regional economic functions, and turn the Yiwu Model from the linkage between trade and industries to the level of international economy.