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15 January 2016, Issue 01 () Previous Issue    Next Issue

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Effects of Household Debt and Firm Debt on Macroeconomic Fluctuation inChina Based on the SVAR Model GUO Xin-hua, SHI Zhao-hui, WU Zai-hua 2016 (01):  1-9.  Abstract ( 232 )   PDF (1303KB) ( 1187 )   This paper aims to prove the relations between China's macroeconomic fluctuation and the household debts and firm debts by formulating the SVAR model with the seasonal data from 1997 to 2013. The results embody that both household debts and firm debts have different influences on China's macroeconomic fluctuation. The household debts accounts for 30% of the output fluctuation while the firm debts accounts for 40%, a relatively bigger influence. In the short term, the growth of household debt and firm debt will promote the expansion of total output; and the long run, high household debt will hinder economic growth, the impact of firm debt to output leveling off. Therefore, the government should strengthen supervision of financial markets, and guide the household sector and the firm sector to borrow based on their own resources, the reasonable control of debt, reducing the risk of macroeconomic fluctuations. References | Related Articles | Metrics

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FDI Spillovers,Human Capital Threshold and Regional Innovation Capacity-Empirical Research Based on China's Provincial Panel Data LI Jian, FU Jun-ming, WEI Ping 2016 (01):  10-18.  Abstract ( 271 )   PDF (1129KB) ( 1077 )   Using the panel data of 30 provinces, municipals, autonomous regions from 1998 to 2012 in China and estimating FDI stock according to Perpetual Inventory Method, the paper conducts a panel analysis of impacts of FDI stock on regional innovation capacity. The findings are as follows: After introducing the human capital threshold variable, the interaction terms of FDI and human capital promotes the innovation capacity and prove the existence of human capital threshold, and we also confirm the above conclusion through the researches on the east, middle and west regions in China.FDI does not indirectly promote the innovation capacity.Only if when surpassing the human capital threshold, FDI could promote the regional innovation capacity. References | Related Articles | Metrics

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Industry Tax burden and the analysis of its influencing factors ZHANG Li-li 2016 (01):  19-27.  Abstract ( 191 )   PDF (1367KB) ( 1110 )   On the basis of depicting the track about the tax policy changes of industry, this article calculated the industrial taxation in absolute terms and the tax burdens from 1991. Factors which impact the changes in taxation of industry in absolute terms are analyzed by using time series vector auto-regression model (VAR model) empirical analysis, the model indicates that broad money supply (M2), manufactured goods exports and gross domestic product have great impacts,which reached the maximum influences in the lag of three years, then gradually weaken. The changes in the tax burden of industry significantly downward trend after the tax reform in 1994, and from 2001 it began an upward trend. This reflects the tax policy for the regulation of the tax burden is the most direct and fastest response. In the process of industrial transformation and upgrading, tax policy can form different tax systems for different sectors of the economy in the process of changing and guide the future direction of industry. References | Related Articles | Metrics

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Entrepreneurial Finance, Crowdfungding Platform ' Transition and Intelligent Manufacturing in China-A Case of the "Demohour" Platform HUANG Ling, NI An-mu, ZHOU Ke 2016 (01):  28-38.  Abstract ( 231 )   PDF (1345KB) ( 992 )   Based on efficient venture capital portfolio size model, this paper explores the causes and effects on the transition of the China's largest crowdfunding platform. The study found that the focus of the "Demohour" Platform transits from comprehensive projects to smart hardware projects is not only a rational choice according to the analysis of historical trading data, but also passive measures for the lack of perfect environment for developing crowdfunding. The shift expands the scale of the platform rapidly and be within trend of the development for smart industry in China. Smart hardware startups can make use of crowdfunding to raise the capital gap which can not be covered by traditional financing channels, and access to the information about market demand, product design and optimization through the platform's validation and promotion. That can be conductive to the commercialization of smart products' creative ideas and the growth of innovative enterprises. However, crowdfunding platform has not able to give full play to the role, it needs to rely on trust environment and crowdfunding ecosystem to build, and the necessary guidance to the smart industry. This paper put forward the corresponding suggestions. References | Related Articles | Metrics

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Gene, Cognitive Ability and Household Financial Decisions-Based on Analysis of the Literatures HU Zhong-liang 2016 (01):  39-47.  Abstract ( 257 )   PDF (1129KB) ( 1115 )   Based on the literatures, we find that the cognitive ability is related to genes, as well as an effect of household financial decision making in many aspects. At the same time, household financial decision making, to a degree, makes contribution to economic prosperity, which contains several modalities that can cause different effects on the environment and milieu, whose influence on transcriptions can be a factor of genetic quality. Therefore, judging by the modern scientific literature, genes, the Physiological Characteristics of the human race, plays an important role in economic growth, and the cognitive ability and household financial decision making are the significant bonds of genes and economic development. Our research not only helps the economists have a better understanding of the formation of human biases and shows a way to modify models in financial market, but establishes the theoretical basis for predicting the economic growth, economic fluctuation and the trend of social development in the view of genetic quality, cognitive ability, household decision making and natural and social environment. References | Related Articles | Metrics

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MAX effect and market microstructure noise-An empirical study based on transaction data in American ZHANG Xin-dong, ZHAI Yue 2016 (01):  48-60.  Abstract ( 290 )   PDF (1144KB) ( 1214 )   Our sample include all NYSE, Amex and NASDAQ common stock for the period from July 1962 through December 2014, using midpoint of bid-ask quotes, bid price and return weighted these three ways to eliminate the effects of prices' noise in stock returns and stock portfolio returns, reexamining MAX effect. Meanwhile, considering the fact that more than 53% in the extreme daily returns stocks belongs to NASDAQ, this paper also test three exchange markets separately. The empirical results do not give evidence that interpret the "MAX anomaly", suggests that combination of market microstructure noise and Fama-French-Carhart four factor model, as well as market characteristics, is not the causes of the "MAX anomaly". References | Related Articles | Metrics

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Why the New Generation of Employees Frequently Turnover-A Empirical Study from Organization Justice Perspective HAN Hong-wen 2016 (01):  61-69.  Abstract ( 332 )   PDF (1279KB) ( 1257 )   This study took employees of the new generation as the research object, based on the perspective of organizational justice, integrated the organizational identification and power distance, built a theory model between three types of organization justices (distributive justice, procedural justice, interactive justice) and turnover intention of new generation employees, analyzed the mediation effect of organization identification and the moderation effect of power distance between the three types of organization justice and turnover intention, and proposed the corresponding research hypotheses. Through statistical analysis of 376 valid sample data, the research results showed that the three types of organization justice had significant negative impact on turnover intention of the employees of new generation, and the effects from strong to weak were interactive justice, procedural justice and distributive justice; organization identification play an partial mediator role in the relationship between distributive justice, interactive justice and turnover intention of the new generation employee, organization identification play a complete mediator role between procedural justice and turnover intention; power distance play an positive moderator role in the relationship between distributive justice, interactive justice and turnover intention of the new generation employee, in other words, the lower the power distance, the stronger the relationship between the three types of organization justices and turnover intention. References | Related Articles | Metrics

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Can shared vision improve employee's creativity ZHANG Su-ya, GU Jian-ping 2016 (01):  70-78.  Abstract ( 243 )   PDF (1154KB) ( 1063 )   The domestic research on visionary leadership has been stuck at the theoretical level. In recent years, visionary leadership in smart enterprise attracted increasing attention to researchers. Yet it is at this initial stage. The visionary leadership in smart enterprise an important incentive on employee creativity. Data are collected from smart enterprises in Yangtze Delta area. The paper uses hierarchical regression, structural equation and bootstrapping to make statistical analysis. It is resulted that: the visionary leadership has a positive effect on employee creativity. Creative self-efficacy mediates the effects of visionary leadership and job security on employee creativity. Furthermore, the indirect effect of visionary leadership on creativity will be moderated by job security. These results enrich the theory of leadership style and provide valuable practical significance for the smart enterprise management entrepreneurs. References | Related Articles | Metrics

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Private Equity Investment and the Enterprise Growth-An Empirical Study Based on the GEMListed Company Data in 2009—2013 YU Jin-song, LUO Xue-zhu 2016 (01):  79-88.  Abstract ( 218 )   PDF (1167KB) ( 1018 )   With the deepening and development of capital market in China, PE has been one of the main financing waysfor the enterprises. So research on private equity investment impact on the enterprise has important practical significance.In this paper, we will study private equity investment's influence on the GEM listed company growth.Study found that although overall PE to the enterprise growth without significant role in promoting,Statefunds and foreign funds to the company's growth ability was significantly positive correlation. However,Private funds will not affect the company's growth abilitysignificantly.The results showed that our country shouldintroduce foreign funds actively, and guide the private fund correctly. References | Related Articles | Metrics

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Urban Scale Influence on the Well-being of Floating Population-Empirical evidence from the RUMIC (2009) CAI Jing-hui, REN Bin, HUANG Xiao-ning 2016 (01):  89-99.  Abstract ( 235 )   PDF (1217KB) ( 1124 )   Urban expansion impact on the well-being of the floating population is a "double-edged sword". This paper is based on RUMIC (2009) and uses Instrumental Variable Method to study the influence on the well-being of the floating population and its transmission mechanism. We found that the relationship of the urban scale and the well-being of the floating population is significantly "U" type curve, city municipal district population scale is about 3.4 million people, city scale for the well-being of the floating population effect appeared inflection point. Among them, Income is the main transmission path for urban scale affecting on the well-being of the floating population, city scale by influencing the individual income and indirect effect of impact on the well-being of the floating population accounts for about 64% of the total effect; At the same time, the city scale by increasing productivity and reducing unemployment which might affect the well-being of the floating population accounted for 6.1% of the total effect and indirect effect of about 9%.This article research conclusion is sound, to promote the development of urbanization in our country and safeguard the welfare of the floating population to provide the beneficial enlightenment. References | Related Articles | Metrics

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North-South Trade, Property Right Asymmetry,and Ecological Resources Impoverishment in Developing Countries ZENG Zhi-wei 2016 (01):  100-110.  Abstract ( 214 )   PDF (1199KB) ( 865 )   Based on the standard renewable resources model of Brander and Taylor (1997), this article introduces asymmetric property rights of North-South countries to investigates the effect of North-South trade on the change of ecological resources of trading countries. The result shows that if both countries have weak governments of resources conservation, the South's relative price of resource goods is lower than that of the North, and the South exports resource goods and imports manufactured goods, thus the South's short-run welfare declines, and the North's short-run welfare increases. On the other hand, if both countries have strong governments of resource conservation, then the relative price ranking, trade patterns and the short-run welfare results reverses. But regardless of the governmental type, as a result of which that the property right enforcement level of the South is lower than that of the North, which uniquely determines that the international trade leads to the gradual ecological resources depletion in the South, and its long-run welfare worsens; while the ecological resources stock increase gradually in the North and its long-run welfare improves. References | Related Articles | Metrics