Table of Content

21 January 2021, Volume 0 Issue 04

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The Practice of Internal Control and Supervision in Europe and U.S.A and the Enlightenment to China: A Legal Perspective

MIAO Yan-Juan

2012, 0(04):  633. 

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The internal control has its origin in the field of accounting and auditing, then it begins to sublimate in the field of corporate governance. It has become an international consensus to require an internal control on the traditional field with legal means. However, there exist different practices and disputes on how to require internal control over corporate governance with legal means. In addition to the FCPA, SOX and other laws, the American Model Business Corporation Act, the Federal Sentencing Guidelines, and so on also refer to the internal control, and there is a trend of internal control demand expanding from traditional areas to the area of ??corporate governance; the EU member states have their requirements on the internal control of corporate governance mainly through the Code of Corporate Governance rather than laws, but the EU Directives with legal effects have requirements on the internal control in different areas. China should learn from the experiences of Europe and America, when revising the relevant laws, the internal control requirements for different areas should be embedded in the relevant laws, so as to ensure the mutual coordination and support between different laws, at the same time, avoiding the embarrassment of lacking of legal basis to exercise internal control specifications.

A Study of the Operation and Legal System Construction of China’s Cooperative Associations: An Empirical Case Analysis of Q County

ZHANG Rui

2012, 0(04):  634. 

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China’s cooperative associations have the moral basis of cooperation and mutual assistance, the external incentives from life, production and market, the organizational mechanism of rules and procedures, and the restraint mechanism on information and reputation. Along with the economic and social development and changes, negative changes are happening in the cooperative associations with increasing risks, sometimes the association would fail, which is increasingly affecting the regional financial security, even spreading to other departments of the financial system, causing serious damages to the society and economy. China’s swing policies make the cooperative associations lacking of relevant laws and regulations, which makes the Justice being at a loss when dealing with related cases. The legal system framework of financial security is difficult to effectively absorb its implementation of the behavior regulation and the system, and it is likely that a dilemma may appear which would harm the economy or endanger the financial security. Therefore, a legal system should be established for the associations with the contents of one value target, two fundamental principles and five specific rules, so as to guide the associations to operate orderly and promote the realization of the value targets of their legal systems.

The Influence of the Diversion of Ruan Ji’s Aesthetic Ideology in His Later Years on Chinese Culture

ZHENG Lin

2012, 0(04):  635. 

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Ruan Ji’s aesthetic thinking can be divided into two periods, the early period is soaked with aesthetics of Confucianism, the latter is a combination of Confucianism, Taoism and Peripateticism in his old age. During the diversion of his aesthetic thinking in the later period, Ruan Ji formalized and aestheticized the natural Peripateticism, looking at individuals with a new vision, indulging in his inner emotions, being arrogant to look down upon the world, being broad-minded and uninhibited, having great impact on the aesthetic ideas of the world, and bringing a profound impact onto the Chinese culture.

On the New Business Trend in Cities of Zhejiang Region from the Perspective of Song Poetry

JIANG Dong-ling

2012, 0(04):  636. 

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There are large number of business-related poems during Song Dynasty which give vivid description of the commercial activities in cities of Zhejiang region, showing the new changes in the development of the urban commerce and economy in Zhejiang. This kind of new changes are mainly reflected in three aspects: firstly, mercantilism is becoming more and more popular, the number of business people is increasing all the time, people involved in business have diversified social identities; secondly, the structure of the urban commerce and trade begins to break the traditional patterns, the layout of business and the operating hours tends to be more freely exercised, business streets with different trades are emerging in large numbers; thirdly, the business and cultural psychology of Zhejiang merchants is changing, advertising strategies are rich in creativity, the awareness of brand and the awareness of quality are polarized, the consciousness of God blessing is reinforced, which is revealed explicitly in a variety of customs of commercial worships.

Inheritance and Change: A Historical Survey of the Transition of Huizhou Tea Merchants in Shanghai during the Period of Republic of China

PENG Jing-tao

2012, 0(04):  637. 

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In modern times, dramatic changes have occurred in the society and economy of Shanghai, the existing social order is unsustainable, forcing social groups to make the necessary response to address the complex and changeable economic environment. The activities of the Huizhou tea merchants in Shanghai are thriving because of Huizhou tea exports, forming the characteristics of providing services of exports together with domestic sales. Sheltering themselves in the fast developing and changing Shanghai society, the Huizhou tea merchants begin to change their business model from the traditional into the modern; during the change, the traditional factors are still playing an important role. The interaction between the traditional factors and the modern factors has won achievement for the Huizhou tea merchants. The continual and large-scale development of Huizhou tea merchants in Shanghai tea markets has confirmed the effectiveness of this change.

A Tentative Analysis of the Influence of Ancient Greek Mythology and Religion on Christianity

ZHAO Lei

2012, 0(04):  638. 

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Ancient Greek mythology and religion exerted certain influence upon the birth and rise of Western Christianity. The birth of Christianity was influenced by Orphism in ancient Greece and its transmission in the West could attribute to its fusion with the vision of ancient Greek heroic mythology. The Greek heroism and the concept of fate had a negative effect upon the social external environment and people’s inner spiritual world, promoting Christianity up to the summit of Western religion.

An Empirical Analysis of the Influence of Human Capital on Rural Economic Growth: Validation of Data from Jiangxi Province

GONG Li-xin

2012, 0(04):  639. 

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Taking the countryside of Jiangxi Province as a case, this paper establishes a endogenous economic growth model of human capital in Jiangxi rural area to analyze the influence of the accumulation of human capital on rural economic growth and the reasons for the slow economic growth in rural areas, then verifies the contributions and roles of human capital to the economic growth in rural areas. This analysis shows that the contribution of the human capital investment of Jiangxi Province from 1995 to 2010 to economic growth is 64.72%, the contribution rate of physical capital investment to the economic growth is 27.41%, which is far less than the contribution rate of human capital. From the perspective of human capital, in order to promote the human capital accumulation in Jiangxi rural area so as to boost the rural economic development and increase farmers’ income, such measures must be taken as to guide the rural people to have the idea of human capital investment, to improve farmers’ level of education and skills, etc..

A Study of the Factors Affecting Farmers’ Willingness to Join in the Forestry Cooperation Organizations: A Case of Jiangxi Province

LIAO Wen-mei

2012, 0(04):  640. 

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This paper conducts a game analysis of the willingness of farmers to join in the forestry cooperation organizations and a regression analysis of each factor affecting the willingness of farmers by using the logistic model. The results show that the following factors have some influences on the directions and degrees of willingness: the age of householder, labor force, forest area, with or without forest ownership, whether taking the forestry income as the principal income, the proportion of forestry income in the total income, the main sources of woodland investment, yearly investment funds to forestry, woodland management methods after forestry property rights reform, the degree of difficulty in maintaining the woodland, with or without forestry cooperation organizations, whether hoping to have professionals to tend woods, whether the Government having set up related technical service organizations, the stability of forest policy, the rationality of policy, and so on.

A Simulation Analysis of the New Farmers’ Insurance Fund Entering the Market and the Proportion of Asset Allocation

XUE Hui-yuan

2012, 0(04):  641. 

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With the new farmers’ insurance coverage continues to expand, the accumulated amount of the new farmers’ insurance fund is becoming higher and higher; now it is a top priority to keep and increase the value of the new farmers’ insurance fund. The existing investment policy of bank deposits and buying government bonds will bring risks of depreciation to the fund. At present, the conditions are ripe for China’s new agricultural insurance fund to enter the capital market; when full coverage of the new agricultural insurance system comes into being, we can consider to invest the fund into the capital markets. By applying the portfolio theory to the simulation analysis of the proportion of asset allocation of the new farmers’ insurance fund, it is found that the proportion of the fund to be invested in bank deposits should not be less than 20 percent, the proportion of investment in government bonds should not be less than 20 percent, the proportion to be invested in corporate bonds should be no more than 50 percent, and the proportion to be invested in stocks should be no more than 10 percent.

Measurement and Analysis of the Funding Criteria of Old-Age Insurance for Urban Residents

HUANG Han

2012, 0(04):  642. 

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China’s old-age insurance for urban residents is funded by individual contributions, government subsidies, and other economic and social organizations. This paper analyzes the data on population and finance of the provinces and cities nationwide in 2009, measures the basic living standard of urban residents according to the minimum wage standards set by different provinces (autonomous regions and municipalities), and analyzes and estimates the personal and financial contribution capabilities. The study finds that at present in China both the individual contribution standards and the financial subsidy standards are lower, to some extent, they cannot meet the basic needs of the life of urban residents in old age. Therefore, along with the increase of residents’ payment and the amount of government subsidies as well as the investment operations of the account funds, the replacement rate of old-age insurance should be gradually increased.

Designing of the Psychological Contract Mechanism to Maintain System Stability of the Industry-University-Research Strategic Alliances

WANG Yao-de

2012, 0(04):  643. 

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The construction of the regional innovation system requires universities, research institutes and enterprises to form strategic alliances, carry out sincere and effective cooperation and work together to enhance regional innovation capacity. The reasons of the problem of instable system of the strategic alliance are various. Starting from the psychological contract that can improve the industry-university-research strategic alliance, we can design some mechanisms to enhance the system stability of the industry-university-research strategic alliance, including the ally selection and exit mechanism, the inherent mutual trust mechanism for promoting cultural integrations, the dynamic coordinating and supervising mechanism for adherence to contract, and the interest distribution mechanism for mutual interests, with the purpose of enhancing the system stability of the industry-university-research strategic alliance.

Debt Governance, High Quality Auditing and Company Value: Empirical Evidences from China’s A-Share Listed Companies

LIAO Yi-gang

2012, 0(04):  644. 

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This paper selects China’s A-share listed companies during the years from 2003 to 2010 as the samples to inspect whether the high quality auditing as the information medium can enhance the effectiveness of the debt governance mechanism by improving the quality of the accounting information and reducing information risks from the perspective of company value. The result proves that high quality auditing can produce a synergistic effect together with the debt governance mechanism and finally enhance company value. Moreover, the synergistic effect between short-term debt and high quality auditing is more notable, while the nature of the proprietary right and the financial development level in different regions will also have significant impact on the synergistic effect between the high quality auditing and the debt governance mechanism.

On the Relationship between Corporate Citizenship Behavior and Corporate Governance and Financial Performance: Based on An Empirical Study of China’s Agriculture-Related Listed Companies

SHI Sheng-xu

2012, 0(04):  645. 

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By making use of the sample data of agriculture-related listed companies in China, this paper conducts an analysis of the correlation between the corporate citizenship behavior and the corporate governance and financial performance on the basis of three theoretical assumptions. It also constructs the relevant measurement models to carry out the regression tests. The results of the study indicate that good corporate governance characteristics, large corporate scale and better financial performance have positive impact on corporate social contribution rate, which is conducive to the construction of corporate citizenship behavior.

An Efficiency Analysis of China’s Listed Commercial Banks under the Constraint of Non-Performing Loans

ZHANG Jin-ming

2012, 0(04):  646. 

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This paper applies the directional distance function and the super-efficiency data envelopment analysis to measure the efficiency of China’s 11 listed commercial banks under the constraint of non-performing loans, and makes a comparative analysis with the bank efficiency without considering non-performing loans. The results show that the great asset size of large state-owned commercial banks do not lead to higher earnings and better performance, the efficiency value is falling behind that of joint-stock commercial banks. Influenced by the financial crisis, the efficiency of China’s listed commercial banks presents a changing trend of going up first and then down. The bank efficiency without considering non-performing loans is lower than that under the constraints of non-performing loans, so it is necessary to consider the non-performing loans when measuring bank efficiency.

Market Competition of the Lottery Industry and Its Economic Consequences

ZHANG Xin-rong

2012, 0(04):  647. 

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In China, lottery is a business launched in the name of charity to raise funds from the public across the country. Whether the social welfare effect is positive or negative is a fundamental issue deciding the sustainable development of the lottery business. By analyzing the competitive patterns, means and effects of the lottery business, it is found that the market competition of the lottery business does not reduce the issuing cost, nor bring any positive improvement to the social welfare. On the contrary, this business has created a new vested interest group and a puny group. Therefore, the financial departments should pay close attention to these problems and try to solve them by formulating regulations and strengthening supervision.

Institutional Environment, FDI and Industrial Structure Adjustment: An Analysis Based on ESCP Framework

LU Chang-ping

2012, 0(04):  648. 

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Because the classical FDI theory cannot explain completely the characteristics of Chinese economy depending severely upon foreign capital，this paper, in view of China’s particular institutional environment, constructs an analytical framework of environment-strategy-conduction-performance (ESCP), which examines the specific effects of FDI on industrial structure under the institutional constraints. It is found that the institutional constraints have brought non-typical characteristics to China’s FDI inflow, such as “too large scale, lower quality, too small project type, dispersed industries”, etc. which differs from those of other countries. Under the institutional constraints, China’s FDI inflows generally lack correlation effects, the positive spillover-effect is suppressed, the income-leakage effect and the structure-locking effect are highlighted，which go against the industrial growth and the advance process inside the industry. The policies of attracting foreign capitals in the new period must be based on the improvement of the institutional environment to attract high quality foreign capitals, so as to promote the optimization and upgrading of the industrial structure.

Transaction Costs Deciding the Choice of Farmland Transfer Contracts: A Regional Comparative Study

MENG Zhao-jiang

2012, 0(04):  649. 

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The size of farmland transfer and the contractual arrangements have significant regional differences in China; sublease or shareholding cooperative system are the typical embodiments of the regional differences in farmland transfer and contractual arrangements. The contract selection theory and the transaction cost theory can be used as the theoretical basis for the analysis of the regional differences of farmland transfer and contract selection. Through a difference comparison between the typical cases of Zhongshan City and Qingyuan Region in Guangdong Province, the policy implications can be seen that as a relative advanced contractual arrangement in farmland transfer transactions, the shareholding coproduction system is still subjected to the strict constraints of the factor of the organization and management (fees), but that does not mean that it cannot become a conscious choice in the late developing areas. We can have an optimistic expectation for the self-improvement of the adaptability driven by policies.