Journal of Jiangxi University of Finance and Economics

Logical Considerations and Practical Direction of Political Risk Prevention of Chinese Communist Party in the New Era

WANG Lin-lin, SHUANG Chuan-xue

2021, 0(2): 3-11.

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The political proposition of“preventing political risks”essentially manifests the rational reflection and dialectical criticism of political party subjects on the issue of governance, which conforms to the theoretical logic of Marx and Engels on the construction of proletarian parties, follows the historical logic of the political risk evolution and introspection of the communist parties of Soviet Union and Eastern Europe, and meet the realistic logic of the construction of the legitimacy of governance in the new era. However, the diversification of ideology, the deviation of value cognition, the arduousness of social transformation and the interference of power politics have caused the historical and current natures of political risks of communist parties to be superimposed, and the endogenous and exogenous natures to be intertwined. In order to respond to the situation of the times and the political challenges, we must strictly clarify the political bottom line, stick to the political boundaries, keep a firm political stand, optimize the political system, improve the political guarantees, and continuously improve the Party’s political judgment, political insight, and administrative capacity to identify, prevent and resolve risks.

A Study of the Spatial Correlation Network Structure Characteristics and Convergence of China’s Local Government Bond Risks

HU Cai-long, WEI Jian-guo

2021, 0(2): 12-23.

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Based on the gravity model, this paper tries to recognize the spatial network relationship of provincial local government bond risks. It employs the social network method to analyze the spatial network structure characteristics and the dynamic evolution trend of the bond risks during the debt swap period and empirically examines the spatial convergence of the bond risks. The results show that: (1) the local government bond risks present a rather typical“scale-free network”structure, and the network contagion mechanism has a“small world phenomenon”; (2) local government bond risks have a stronger spatial network connectivity, correlation and accessibility, and they are dynamically strengthened year by year; (3) local government bond risks present obvious characteristics of cohesive subgroup structure, and the connected effect varies among different subgroups; (4) the bond risks of different provinces have a large difference in the“power”status of infection in the spatial network, and the ability of risk transmission among them is relatively stable; (5) the local government bond risks have significant convergence characteristics, and the convergence speed is different under different circumstances, indicating that the effect of the debt swap policy is more obvious. Therefore, it is necessary to prevent bond risks from such aspects as strengthening the coordinated management of bond risks across provinces, preventing bond risk contagion among regions, enhancing early warning of bond risk contagion in different regions, promoting classified bond risk management in different provinces, further promoting bond risk mitigation, and so on.

The Evolution of Corporate Value Creation from the Perspective of Resource Orchestration: A Vertical Case Study of Lidu Distillery from 2002 to 2019

HU Hai-bo, FEI Mei-ju, HU Jing-bo, LU Hai-tao

2021, 0(2): 24-39.

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The effective link and cooperation of resources have become the important premise of corporate value creation to build competitive advantage. To conduct an exploratory single case study of Jiangxi Lidu Distillery Co., LTD (hereinafter referred to as Lidu Distillery) can answer the question of how to open the“black box”of resource behavior behind corporate value creation through effective resource scheduling and optimization of value creation at different stages. The findings show that: (1) the general logic of resource scheduling is in the order of “resource identification—resource structuralization—resource binding—resource utilization”; (2) based on resources providing subject, resources relation degree, value creation behavior and differences of value creation causes, three types of value creation at different corporate development stages can be identified, which presents the evolution law of “value chain link improvement—value chain iteration—value net creation”; (3) under the dynamic environment, the enterprises’ strategic adjustment responding to the environment will directly act on the process of resource scheduling, which will indirectly optimize corporate value creation.

Research on Systematic Financial Risks Based on CoVaR Spillover Characteristics

ZHOU Liang

2021, 0(2): 40-54.

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The network correlation between modern financial institutions is getting stronger and stronger, and the risks are easy to overflow among the institutions, therefore, to effectively identify and analyze systemic risks is a key step to prevent financial crisis. This paper selects all the daily data of 45 financial institutions from January 2012 to September 2019 and uses the Diebold information spillover network to analyze the spillover characteristics of CoVaR among the institutions. The results show that, firstly, the systemic risks among financial institutions are very contagious, the static and dynamic total spillover values ??are as high as 71.41 and 86.78 respectively, and the banking industry is the most important source of risk spillovers, while the net spillover value of the securities industry will increase significantly when the risks break out. Secondly, in terms of industries, the systematic risk contagion inside of the securities industry is more close, followed by the banking industry, the insurance industry is the smallest; the moderately-sized banking institutions and the larger-scale securities institutions have greater influence throughout the system. Therefore, we should establish financial firewalls to prevent the rapid spread of financial risks among different industries, adopt different regulatory measures for different industries, and strengthen the identification and supervision of important systematic institutions.

The Fragmentation and Integrating Path of the Pilot Policies of China's Long-Term Care Insurance System

DAI Wei-dong, YU Yang

2021, 0(2): 55-65.

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To solve the dilemma of the traditional service for the aged in the context of China’s aging population, a long-term care insurance system has been put into effect in China’s 15 piloting cities across the country since 2016. Through the evaluation of the effect of the long-term care insurance policy in the pilot cities, this study finds out that the long-term care insurance presents a series of“fragmentation”characteristics in such aspects as the coverage, the source of financing, the care service, the fund management and the business operation. This means that the policy should be designed at the top level, and an integration should be carried out in terms of the service concept, the beneficiaries, the financing mechanism, and service delivery, etc.. Then, a directional and functional integration should be carried out from such aspects as the improvement of disability assessment standards, the full coverage of urban and rural residents, the multi-channel financing, the payment level of special treatment, the home care services, the focused rehabilitation services, and the breeding of PPP market services, so as to lay the foundation for the further expansion of the coverage.

A Study of the Anti-Poverty Effect of the Medical Insurance for Urban Residents

GU Xin, ZHOU Yan, ZHANG Xu

2021, 0(2): 66-79.

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This paper establishes a theoretical model to illustrate the effectiveness of anti-poverty of medical insurance. Based on the data of China Health and Aging Trace Survey and adopting the propensity score matching method, it conducts a comprehensive evaluation of the anti-poverty effect of China’s Urban Resident Basic Medical Insurance (URBMI) in terms of the range, depth and vulnerability of poverty. The results show that the medical insurance policy can increase the medical consumption of the participants and help to improve their health status, which can play a positive role in poverty reduction. In practice, the impact of the URBMI policy on the range and depth of poverty is not significant, while it has significant negative effect on the poverty vulnerability, reducing the vulnerability by 5-8.5%. It has also played an effective role in alleviating the impact of serious diseases on the households who suffered from catastrophic diseases; but for the households suffering chronic diseases, its effect of poverty reduction is limited, there is a gap between the accuracy and expectation.

A Study of the Impact of Benefit Expectation on Farmers' Farmland Quality Protection Behaviors: Empirical Evidences from Jiangsu Province

LU Hua, ZHOU Ying-heng

2021, 0(2): 80-92.

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The quality protection of cultivated land is an important way to realize the storage of grain in the land and to lay a solid foundation for agricultural production. Farmers are the ultimate subjects and the micro-foundation to realize the protection of farmland quality. By making use of the data of farmer household micro-survey in Jiangsu province in 2018, this paper adopts the mvprobit model to quantitatively study the impact of benefit expectation on farmers’ intention and behavior of farmland quality protection. The findings show that benefit expectation is an important factor affecting farmers’ intention and behavior of farmland quality protection. Farmers’ expectation of improving the quality of agricultural products and increasing the yield of farm products through returning straw to the land will increase the probability of farmers’ adoption of the straw returning to the field; and the expectation of improving the quality of agricultural products by applying organic fertilizer and the expectation of increasing the yield of production by deep and loose ploughing will both significantly increase the probability of adoption. Based on the findings of this study, it is suggested that the relationship between farmers’ benefit expectation and farmland quality protection behavior should be fully utilized, the government should continue to improve the ways and channels to realize high price for high quality agricultural products, improve the expected profits of comparative returns from farmers’ farmland quality protection, reduce risks, and give full play to its exemplary role. In addition, the government should reduce the number of plots, reduce the costs of farmland quality protection, strengthen policy publicity and provide policy support, so as to promote farmland quality protection.

Measurement and Evaluation of China's Agricultural High Quality Development

WANG Jing

2021, 0(2): 93-106.

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With the transformation of China’s economy from high-speed growth to high-quality development, agriculture, as the foundation of China’s national economy, has also entered a high-quality development stage of comprehensively promoting the transformation from the old kinetic energy to the new one and the transformation from output efficiency to quality efficiency. The high quality development of agriculture has become the new direction and goal of the Party Central Committee in the new era to further promote agricultural modernization. According to the connotation and characteristics of high-quality development of agriculture, this paper constructs the measurement index system of high-quality development of agriculture in China from four dimensions of high-quality agriculture, high-benefit agriculture, high-efficiency agriculture, high-competency agriculture, so as to measure and evaluate the development level of high-quality agriculture in 30 provinces except Tibet. Finally, according to the measurement results, it puts forward the policy suggestions to effectively promote the development of high-quality agriculture.

The Aesthetic Character and Aesthetic Paradox of Micro-Culture from the Perspective of Media Technology

LI Xu

2021, 0(2): 107-115.

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Based on mobile Internet and web2.0 technology, Micro-culture is a network culture formed and dominated by user-produced and disseminated contents, such as Weibo, WeChat, QQ, video websites, and online forums. Since the micro-culture is on the basis of media technology, its aesthetic character reflects distinctive media and technical characteristics, which are mainly embodied in four aspects: visual aesthetic perception across time and space, fragmented virtual aesthetic experience, interactive sharing of aesthetics production, and diversified and fashionable aesthetic fashion. Meanwhile, the micro-culture that is highly dependent on media technology presents a series of unavoidable aesthetic paradoxes: substantial body online and vanity subject presence, satisfaction of aesthetic pleasure and lack of aesthetic emotions, the fullness of aesthetic illusions and the dissolution of aesthetic values, and the freedom of aesthetic choices and the strengthening of aesthetic control, etc.

A Study of Rule of Law of the Relief Path for Financial Emergency Response Mechanism under Contingencies

LI Nan-nan

2021, 0(2): 116-129.

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When the COVID-19 epidemic suddenly broke out, China’s financial system responded quickly, providing active financial support and financial guarantee for the anti-epidemic action. However, under a comprehensive inspection against the epidemic, it has also been exposed that many links of the existing fiscal emergency mechanism are still faced with operational difficulties. The fiscal emergency mechanism dominated by government administration still has certain path dependence in terms of emergency concept, emergency rules and emergency methods; the fiscal emergency mechanism that is out of the rule of law and guarantees cannot play its due role. Fundamentally speaking, the relief of China’s fiscal emergency mechanism should be to seek a response to the rule of law. This requires comprehensive efforts from both macro and micro levels. In terms of the relief at the logical level, the basic positioning of the fiscal emergency mechanism reform should be clarified, including clear concepts, rule determination, method selection, etc.. In terms of the relief at the level of system, it is necessary to improve the legal path of fiscal emergency mechanism reform, including building an emergency fiscal fund guarantee system, improving the emergency fiscal relationship system between central and local governments, and improving the emergency fiscal fund supervision system, so as to finally realize the rule of law of the fiscal emergency mechanism.

An Economic Analysis on the Property Ownership of Personal Data

ZHANG Yu-ping

2021, 0(2): 130-139.

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Under the premise of agreeing to set up the property rights of personal data, the ownership of the personal data, which is recorded, uploaded and stored in the enterprise system during the process of using the goods or services of the enterprise, belongs to the enterprise; this conforms to the property right granting rules of law and economics. According to the preemption rules, creation rules and subsidiary rules, the property rights of personal data should be given to enterprises. According to the principle of fairness, the property rights of personal data cannot be attributed to individuals. In addition, personal data in the hands of enterprises can achieve economies of scope and scale, and play a greater role. While to give the property rights of personal data to individuals is not in line with the cost-benefit principle; the rights cannot be implemented smoothly and personal information protection cannot be realized. During the process of using personal data, there always exist the risks of personal information leakage and data monopoly. The property rights of personal data given to enterprises does not necessarily increase this kind of risk, which can be made up or corrected through further system design on the basis of the current laws.

Research on Dual Equity Structure System in the Context of Science and Technology Innovation Board

HU Yi-long, MA Guo-yang

2021, 0(2): 140-148.

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The system design of“same share, same right”and“one share, one right”has always been of positive significance in protecting the rights and interests of small and medium shareholders. However, the development of the capital markets pursues a more flexible institutional design of the shareholding structure. The institutional design of the“special voting rights”in the science and technology innovation board system is a breakthrough towards the traditional corporate equity structure, which means that the theoretical dispute of the dual equity structure at the commercial level in China has been transformed into a realistic demand. In the context of the Science and Technology Innovation Board, this paper takes the special voting rights as the starting point to discuss the implementation of the dual-equity structure system and to explore the connecting issues existing in the dual-equity structure and the corporate equity structure system, such as the cumulative voting system, the stipulated supervision matters, the risks of internal personal control, and judicial remedies. It re-examines and re-designs the dual-equity structure system arrangement in China’s equity structure system, so as to promote the healthy development of the securities market.

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