Table of Content

21 January 2021, Volume 0 Issue 01

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Demands of the Times for Localization of Marxism in China and Countermeasures Analysis

LU Qin1, LIU Peng2

2014, 0(01):  555. 

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Localization of Marxism in China is both inevitable requirement of the development of Marxist theory, and the practical need of Chinese social practice. However, currently there are some unsatisfactory issues in advancing the process of localization of Marxism in China, which should be given great attention. The development of Marxism is a process without end, so the localization of Marxism in China is equally endless. In contemporary China, the localization of Marxism in China should not be just a slogan, but a great action both in depth and everlasting, which should be carefully planned at a height favourable to the long-term development of the country.

On Tax Legislative Power Return from the Perspective of Tax Statutory Principle

YI You-lu1, LI Ting2

2014, 0(01):  556. 

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Tax statutory principle is the theoretical basis and the logical starting point of the problem of tax legislative power return. To include the principle in the Constitution is the only way to achieve the return of the tax legislative power fundamentally. Before the abolition of tax legislation in authorized decisions and achieving the tax statutory principle included in the Constitution, to insist on legal reservation and strictly limiting tax delegated legislation is a realistic path to achieve the return of tax legislative power. After the abolition of the tax legislative authorized decisions, the tax statutory principle should be followed to deal with the relationship between the legal reservation and tax authorized legislation. After the return, the exercise of tax legislative power should follow the equity principle and democratic principle.

A Review of Local Public Debt Management Policy of the Nationalist Government

LIU Xiao-quan

2014, 0(01):  557. 

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When the rule of the nationalist government was established, it formulated a series of laws and regulations to stipulate the issuance procedures, the issuance purposes, the proceeds and the redemption funds of local bonds; on such a basis it exercised supervision over the local government bonds. During the Anti-Japanese War, the Third National Financial Conference of the Nationalist government decided to take over and clear up the local government bonds issued in all provinces. It also stipulated that since 1942 each province could not issue local bonds. The supervision of the Nationalist government over the local government bonds is in nature the supervision of local finance. As the most comprehensive and most systematic supervision over the local government bonds in modern China, it to some extent ended the disordered situation of local bond issurance. To take over and clear up local government bonds further strengthened the control of the central government over the local finances and adapted to the needs of wartime finance. In theory, it is conducive to maintaining the government’s debt rating.

A Tentative Study of the Profound Impact of “Shanghai Culture” on the Creation of “Shanghai Literature”

LIN Xue-fei

2014, 0(01):  558. 

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“Shanghai Culture” is a product of constant collision and fusion of Eastern and Western cultures at the late 19th and early 20th century, it is a typical urban culture, commercial culture and modern culture. “Shanghai Literature” is a literary genre developed in the context of “Shanghai Culture”, mainly reflecting the modern urban life in Shanghai and the psychology of its citizens. With a variety of modern artistic and creative skills, it possesses a distinctive modernity and pioneer spirit. “Shanghai Culture” has changed the fundamental properties of Chinese traditional culture, caused a great change in all aspects of Chinese society, and also brought a substantial shift in modern literary creation. Specifically, “Shanghai Literature” is under the profound influence of “Shanghai Culture” in such aspects as creative consciousness, creative way and nature of literature; therefore it is a direct manifestation of the attributes of “Shanghai culture”.

A Study of Investment-Oriented Life Insurance Demands from the Perspective of Financial Assets Portfolio

WANG Li-xin, WU Liang-gang

2014, 0(01):  559. 

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Starting from the perspective of financial assets portfolio, this paper employs the investment-oriented life insurance premium data of 35 large and medium cities in China from 2001 to 2010 to test the factors that affect demands. The results show that the rapid growth of investment-oriented life insurance is mainly due to a substantial increase in people’s income, so as to fight and hedge against inflation. Stock has a substitution effect for investment-oriented life insurance demand. The empirical study shows that consumers pay more attention to investment function of investment-oriented life insurance in short term; while in the long run, they would consider its security function. However, because its investment function is stronger, the impact of security function is not significant.

Knowledge Gap Effect, Policy Cognition and the Lowest Payment Dilemma of the New Rural Endowment Insurance System: An Empirical Analysis Based on the Survey Data from Anhui Province

DENG Dao-cai, JIANG Zhi-tao

2014, 0(01):  560. 

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By making use of the survey data from 393 insured farmers in Anhui province, this paper constructs the two-classified and the multi-classified orderly Logistic models respectively to analyze the causes of the lowest payment level dilemma in the New Rural Endowment Insurance System(NREIS) on the basis of the “knowledge gap” hypothesis, so as to study the reason why the low-income famers choose the lower payment. The empirical results show that although the amount of payment may not be an economic burden for farmers, there is a “knowledge gap” effect among the farmers in their access to policy information of the NREIS, making the lower-income farmers stay in disadvantage to information acquisition. Thus the lower-income farmers have lower cognition towards the policy of the NREIS, leading them to choose the lowest payment level. Therefore, the publicity of NREIS should be strengthened, particularly, attention should be paid to give the lower-income lower-literacy farmers detailed explanation.

A Study of Directed Additional Issuance and Investment Efficiency

TIAN Kun-ru1, WANG Xiao-liang1,2

2014, 0(01):  561. 

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Taking the corporations that made directed additional issuances during 2008 and 2009 as the research objects, this paper conducts a comparative analysis of the investment efficiency three years before and after the directed additional issuances by using Richardson (2006) residuals measurement model and a comparative analysis of the different issuing objects three years after the directed additional issuances. The results show that, compared with that before the issuance, the underinvestment of listed companies has been eased after the issurance. Compared with the issurances faced to the major shareholders and the related shareholders, the issurances to the institutional investors can effectively solve the problem of the inadequate investment of the listed companies. This discovery has practical significance of guidance for securities regulatory authorities to supervise the inefficient investment behavior controlled by the major shareholders and to improve corporate performance.

Corporate Governance Mechanism, Earnings Management Motivation and Disposal of Financial Assets Available for Sale

ZHOU Dong-hua, ZHAO Yu-jie

2014, 0(01):  562. 

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The current accounting standards stipulate that the changes in fair value recognised in profits or losses of the financial assets available for sale should be written into the statement of assets and liabilities or the profit statement respectively when the companies are holding or disposing it, making it a borrowed natural instrument for the listed companies to be engaged in earnings management behavior. Taking China’s A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2010 as the research objects, this study conducts a deep analysis of the earnings management motivation of the listed companies in disposing the financial assets available for sale and the constraining function of various corporate governance mechanisms on the earnings management motivations. The results of the study indicate that: (1) the listed companies will make use of the disposal of financial assets available for sale to turn loss into profit in their current profit-lossing year; and if they cannot turn loss into profit in their current profit-lossing year, the listed companies will delay the disposal until the future year when required, then they will be engaged in the great purge of earnings management behavior of disposing the financial assets available for sale; (2) different corporate governance mechanisms of the listed companies can play different constraining role in various earnings management behaviors during the disposal of financial assets available for sale, the stock proportion of the major stockholders can play a significant constraining role in the behaviors of turning loss into profit and the great purge of earnings management during the disposal of financial assets available for sale by the listed companies; but other corporate governance mechanisms cannot achieve the desired effect in constraining the behaviors of turning loss into profit and taking a great purge of earnings management by the listed companies.

“Two Lags”in China’s Urbanization Process and Long-Term Pressure of Farm Land Conversion

CHEN Wei1,2, WANG Zhe2, DU De-rui3

2014, 0(01):  563. 

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Industrialization, demographic urbanization, and land urbanization are the three dimensions to measure urbanization. According to the existing partitioning standards of industrialization at different stages, China has been in the later stage of industrialization. During this period, China is faced with the present “two lags” situation: the demographic urbanization lagging behind industrialization; the demographic urbanization lagging behind land urbanization. The key issue affecting the land urbanization is how to convert the farm land into non-farm land, such as housing land, factory land, public land, etc.. China is in urgent need to establish market-oriented farmland conversion system with high efficiency.

How Deos Fiscal Resource Reallocation Affect the Economic Efficiency of the Manufacturing Sector

AN Yuan

2014, 0(01):  564. 

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Taking tax and subsidy as the entry point, this pater explores the impact of fiscal resource reallocation inside of China’s manufacturing sector on the total economic efficiency of the manufacturing sector. The results indicate that, firstly, during 1998 to 2007, there existed obvious fiscal resource reallocations inside of China’s manufacturing sectors at different regions, especially the reallocation of subsidy; secondly, the fiscal resource reallocation has no significant effect on TFP and labor productivity of the manufacturing sectors; thirdly, through decomposing the main ingredients of the productivity, it is found that the reallocation significantly promotes the accumulation of capital per labor and the improvement of technical efficiency, but restrains the technical advances; fourthly, through the analysis of the institutional conatraints, it shows that the improvement of maketlization, especially the protection for the producer and the constraining of the government’s behavior, can significantly ease the negative effect of the reallocation on technical advances.

On Mechanism Innovation of the Supply of Village-Level Public Goods during the Transtitional Period

WANG Kui-quan1, FAN Shi-qiang2

2014, 0(01):  565. 

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During the transitional period from central planning to market economy, from people’s?communes to rural autonomy, from small-peasant economy to urbanization, how can the provision of the village-level public goods approximate the Pareto optimal? The reality shows that the pure government-leading pattern of supple can not meet the effective supply of present village-level public goods, nor solve the problems of short supply of village-level public goods and the imbalanced structure of supply and demand. Based on the current conditions of the development of the village collective economy, this study believes that it should be a practicable way to introduce the power of the village collective economic organizations and to innovate and realize the supply pattern of village-level public goods with the combination of government-leading and government-inducing. In addition, through the relative and matching financial input and supporting policies, it is possible to realize the virtuous circle of the development of the village collective economy and the government-inducing pattern of village-level public goods supply.

An Exploration of the Psychological Contract Structure Dimensions Perceived by Leading Agricultural Enterprises: Based on the Investigation Data in Jiangxi Province

YANG Hui, LIU De-jun

2014, 0(01):  566. 

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Judging from the cooperation practice between the leading enterprise and farmers at present, the signed written contract doesn’t mean that the relationship is stable, because there are cases that the written contract would also fail and become invalid. Therefore, the content of the unwritten psychological contract should also be understood then. For this purpose, we conducted a survey analysis of the leading agriculture enterprises in Jiangxi province. The results show that there is an obvious psychological contract between leading enterprises and farmers, and the structural equation modeling of the two dimensions, i.e., the “transactional contract” and the “relational contract”, is optimal. We suggest that, in practice, both sides should pay great attention to such factors as the interests and contributions of the other side, providing necessary assistance, enhancing cooperation satisfaction, and so on.

A Study of the Pricing Strategy of Bilateral Platform under the Externality of Negative Intra-Group Network

CHEN Fu-liang1, GUO Lan-ping1,2

2014, 0(01):  567. 

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By setting up a monopoly platform model and a competitive platform model, this paper introduces the externality of the negative intra-group network into the market pricing model of bilateral platform to study the pricing strategy of bilateral platform under the combined action of the externality of negative intra-group network and the externality of positive inter-group network. The results show that the users’ negative intra-group network externality and positive inter-group network externality have an opposite direction of impact on the pricing strategy of bilateral platform, and that the strength of impact depends on the strength of the two types of externalities.

An Analysis of the Spatial-Temporal Changes of Grain Production Based on Utility of Farmland Utilization: with A Case of Jiangxi Province

ZHANG Li-guo, CHEN Su

2014, 0(01):  568. 

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Grain is a special product related to the national economy and the people’s livelihood, the guarantee of long term stable development of the national economy, and the social and political stability; while farmland is the basic condition and material carrier of grain production, the development of grain production is closely related to farmland. Based on the grain yield calculation model, this paper studies the impact of the utility of cultivated land utilization on the spatial and temporal variation of grain production from the two dimensions of time and space. Taking Jiangxi Province as a case, from the time dimension, this study finds that the total grain output of Jiangxi province from 1992 to 2011 has undergone a change of first rising, then dropping, then continuously rising. Among the arable land utilization factors of grain production, the strength effect plays a strongest role in promoting grain production, followed by the scale effect and structure effect; the scope effect can inhibit grain production.

Reflection on Current Issues Related to Agriculture, Farmer and Rural Area

LIU Jian

2014, 0(01):  569. 

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The Dcisions of the Third Plenary Session of the 18th Central Committee of the CPC have made significant strategic plan for the reform and development of the issues related to agriculture, farmers and rural areas, pointing out clearly the direction to resolve the outstanding problems currently existing in our country in this area. By studying and understanding the spirit of the Decisions, combining the current actual situation of agriculture, farmer and rural area, this study believes that there are problems worthy of serious consideration in the follow seven areas: (1) the initial understanding of the discourse concerning the reform of agriculture, farmer and rural area in the Decisions of the Third Plenary Session of the 18th Central Committee of the CPC; (2) the four issues should be prevented in the current work related to agriculture, farmers and rural areas; (3) the construction of a new type of agricultural management system; (4) further promotion of agricultural mechanization; (5) the promotion of rural financial reform ; (6) paying close attention to the problem of soil pollution; (7) deepening the reform of collective forest rights system.