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15 March 2017, Issue 02 () Previous Issue    Next Issue

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Regional Difference of Urban Household Energy Consumption and Contribution Degree in China A study based on the Theil Index method LIU Man-zhi, LIU Xian-xian 2017 (02):  1-9.  Abstract ( 214 )   PDF (1273KB) ( 980 )   Based on the eight regions of China and the method of the Theil index, this paper has measured the total regional difference of urban household energy consumption, compared the inter provincial differences and their changing trends of the eight regions and analyzed the contribution of the difference among regions and within regions. To analyze the impact on regional difference caused by the living standard of urban residents and population, this paper has compared the Theil index which takes the urban income and urban population as weights. The results show that the overall difference of Chinese urban household energy consumption is getting smaller from 2000 to now, and the difference is revealed by the Theil index based on the urban income while partly covered by the Theil index based on urban population. China urban life energy consumption difference mainly comes from the regional differences whose contribution rate is always maintained between 60%-70%, and the regional differences are mainly caused by the interprovincial differences in southern, eastern coastal regions and central regions. It is suggested that we should change the way of urbanization and develop a more targeted regional policy to reduce the energy consumption differences and promote coordinated regional development. Related Articles | Metrics

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The Adjustment Paths of Pension Contribution Rate and Comprehensive Tax Rate and the Reform of Individual Account GAO Yan, YANG Zai-gui, WANG Bin 2017 (02):  10-20.  Abstract ( 230 )   PDF (1277KB) ( 895 )   This paper builds up an overlapping-generations model to study China's enterprise employee public pension,and tries to introduce factors of empty account of individual and public capital income into the model. We estimate the optimal adjustment paths of pension contribution rate and the comprehensive tax rate:1. Reducing enterprise contribution rate will increase the individual contribution rate with the substitution elasticity of 1.51, and the optimal total contribution rate will be below the current level. The decline in the growth rate of employment will increase the substitution elasticity to 1.66.2. Increasing individual contribution rate will decrease the optimal comprehensive tax rate with the substitution elasticity of 0.69. It can really reduce the tax burden. The decline in the growth rate of employment will decrease the substitution elasticity to 0.56.3. The optimal total contribution rate and the optimal comprehensive tax rate are reduced by 1.5-2 percentages after the nominal reform of individual account. So nominal reform of individual account is conducive to further reducing taxes and fees burden. Related Articles | Metrics

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Does Aging Have the Same Effects on China and Japan-a comparative study based on the population data SHI Xian-jin 2017 (02):  21-30.  Abstract ( 270 )   PDF (1712KB) ( 1018 )   Based on the demographic data of China and Japan, this paper makes an empirical study on the differences of the aging process between China and Japan, the impact of aging on the social economy of both countries and the government's response to the aging. We find that Japan's aging is about 20 years ahead of China, but the characteristics of population aging of the two countries will converge in the future. Japan's pension system, savings rate and the industrial structure are more seriously impacted by aging than those of China. China's aging problem is not yet fully exposed. In order to solve the aging problem, Japanese government adopts positive fertility policy, flexible immigration policy, delayed retirement policy, silver resource development policy and industrial adjustment policy. Compared with Japan, China social policy is relatively tardy and conservative; the intensity and effectiveness of policy implementation is not obvious at present, so Chinese government should take more active population policy, family policy, industrial policy and labor market policy to defeat potential aging threat. Related Articles | Metrics

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An Empirical Research on Price Bubble Dependence among Real Estate Industry Chain and its Crisis Contagion Effect GUO Wen-wei, CHEN Shun-qiang, CHEN Yan-ling 2017 (02):  31-42.  Abstract ( 219 )   PDF (1910KB) ( 827 )   This paper makes an empirical research on the dependent structure of the price bubbles from 2000 to 20015 in real estate industry by the means of R-Vine Copula and makes an analysis on the impact caused by the 2006 subprime mortgage crisis and the 2009 European debt crisis. Our research shows that there are some significant bubbles in the real estate chain during the above period. The most serious bubble occurred in the period from 2006 to 2007. Real estate industry is the biggest price bubble and plays an important central connection role which has high dependence on the non-ferrous metal industry, construction and decoration industry, the banking industry and machinery industry. Subprime mortgage crisis and European debt crisis enhance the dependence between the real estate and its related industries, which shows obvious crisis contagion. At the same time, these crises have changed the dependence structure among real estate chain. Related Articles | Metrics

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The spillover effects of the Fed to Raise Interest Rates and Chinese Countermeasures-based on the DSGE model HE Yan-qing, WU Xin-ru, LU Chun-yi 2017 (02):  43-55.  Abstract ( 256 )   PDF (1678KB) ( 854 )   This paper constructs a model of an open economy with the financial accelerator including nominal and real rigidity to study the spillover effects of the Chinese economy and China's policy response to the Fed's interest rate raise. By Bayesian estimation and numerical simulation, we find that after Fed rate raise, domestic interest rates show a "hump" shaped rising, the spot exchange rate depreciates and the exchange rate appreciates lightly in the long-term. Currency devaluation makes a sharp drop in demand for imports and a surge in exports. Domestic inflation spurs. Real interest rates raise makes consumer generate intertemporal substitution and domestic consumption remains in the doldrums. The corporate external financing costs rise and the domestic investment plummets because of the financial accelerator effect. Thus, after the Federal Reserve raised its interest rates, China's total domestic demand, export demand, net output increased while inflation spurred. Further analysis on the performance benefits shows that if the monetary authority implements single optimal monetary rules, it can greatly improve the social welfare. Based on this, we put forward relevant recommendations of monetary policy and exchange rate regime reform. Related Articles | Metrics

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The Real Economy, Capital Market Stability and Their Interactive Relationship ZHAO Jing, ZHANG Li-ge, ZHAN Jiang 2017 (02):  56-62.  Abstract ( 258 )   PDF (1050KB) ( 880 )   The virtual economy and real economy promote the overall social economy level jointly. This study finds that the interaction between virtual economy and real economy has contributed to the rising of the overall economy level, but it doesn't mean that the two are always consistent. The main function paths of the two are as follows. On the one hand, sound capital market system can make interest rates reflect the change of the capital stock situation and avoid the risks of loan demand expansion and capital gap expanding caused by interest rates fall so as to achieve the optimal allocation of capital and to speed up the development of entity economy. Otherwise, it will barrier the financing needs of the real economy development due to the capital operation inefficiency. The real economy, on the other hand, also directly affects the development of capital market through its initial development path and specific changes. In the future, we should give full play to the effectiveness of various types of financial institutions in China's capital market to provide necessary funding for the sustainable development of the real economy. Furthermore, we should continue to optimize the structure of capital market and improve its efficiency in allocation. Moreover, we should reduce the entity economic fluctuations and strengthen the financial enterprise's own ability of resisting risks. Related Articles | Metrics

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Does Entrepreneurship Promote Business Innovation-an analysis on the ownership heterogeneity of provincial industrial enterprises LI Xiao-ping, LI Xiao-ke 2017 (02):  63-74.  Abstract ( 234 )   PDF (1603KB) ( 912 )   Entrepreneurship is an important engine to promote innovation and economic growth. This paper, starting from the market consequences of entrepreneurship and innovation activities, focuses on the impact of entrepreneurial entrepreneurship on business innovation and its differences under the ownership of heterogeneous enterprise level. Based on the dynamic panel data response model of provincial industrial enterprises in 2009-2013, we find that the entrepreneurial level can significantly promote enterprise innovation and the positive influences of enterprise innovation lag and the cumulative effects were very significant; compared with foreign enterprises, domestic entrepreneurs' influence on enterprise innovation in new products is low; in both phases of innovation inputs and innovation outputs, there are positive competition effects in inter-enterprise product innovation; foreign investment enterprises and Taiwan funded enterprises have a strong spillover effect of innovation, while innovation spillover effect in China mainly depends on foreign enterprises. The main cause that leads to a low innovation spillover effect in domestic enterprises and state-owned enterprises is that they focus too much on the behavior of foreign enterprises. Related Articles | Metrics

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Empirical Analysis of the Influencing Factors of the Allocation Effect for Capital Factors in the High-and-New Technology Firms-based on the financial data of the high-and-new technology firms in A share market CHEN Xu, HA Jin-hua 2017 (02):  75-83.  Abstract ( 253 )   PDF (1162KB) ( 856 )   This paper selects the financial figures of high-and-new technology firms in manufacturing industry in A share market during the period of 2013 to 2015 as samples and use the multiple liner regression method to make an empirical analysis of allocation effect on capital factors. The research finds that each capital factor has positive correlation with the allocation effect of capital factors. Human capital, financial capital, physical capital and technological capital play important roles in creation of corporate value; they are essential capital factors for the further development of a firm. The main factors of the enterprise growth are technological capital, capital input and output and its structural behavior, which produce a directly effect on a firm's core competitiveness. The profit rate of asset has strong positive correlation with the allocation effect of a firm's capital.This illustrates that there will be a rise in the allocation effect on a firm's capital as the firm's ability of making profit increases; total assets turnover ratio has positive correlation with the firm's capital allocation efficiency. As the rate of total assets turnover increases, the flexibility of firm's capital increases and the allocation effect on a firm's capital increases; profit rate of assets has significantly positive correlation with the allocation effect on a firm's capital. It means that there will be more allocation efficiency in the firm, which has potential effect on further development; the allocation effect on firm's capital may be affected by the size of the firm etc. The analysis of regression concludes that the size of the firm has positive correlation with a firm's capital allocation effect. This empirical analysis proposes solutions so as to increase the allocation effect of a firm's capital factors and promote the firm's health growth. Related Articles | Metrics

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A Research of China's OFDI Location Selection Determinants-based on panel data of 28 economies from 2003 to 2014 LIANG Wen-hua 2017 (02):  92-99.  Abstract ( 273 )   PDF (1048KB) ( 931 )   In the perspective of national differences, we choose 2003-2014 panel data of 28 major countries and regions, and divide them into two categories as developed economies and developing economies. By means of investment gravity model, we emphasize on the host country's market factors, resource endowment factors and technical factors on China's foreign direct investment location choice. The study indicates that China's OFDI location choice shows a significant country difference. Its investment to the developed economies is influenced by market size factors and technology endowment factors, and to the developing economies, its investment is influenced by both the market size and resource endowment factors investment. In addition, we find that with the promotion of technology level and the innovation of transport, distance is no longer a determining factor to China's OFDI location choice. Related Articles | Metrics

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Review on the Green Innovation Performance Evaluation XIAO Ren-qiao, DING Juan, QIAN Li 2017 (02):  100-110.  Abstract ( 325 )   PDF (1575KB) ( 971 )   Based on the concept of green innovation, this paper reviews and comments on the comprehensive evaluation and efficiency evaluation of green innovation performance in China from such aspects as indicator system, methods, performance level and influence factors. The results show that the main objects of green innovation performance are manufacturing industries and heavy industries closely related to energy consumption, and the number of studies on high-tech industries is increasing. But there is a lack of research on service industries and modern agriculture and so on; Scholars tend to analyze the performance gap between regions, while the study on the gap between enterprises, industries and international communities remains to be furthered; In the selection of evaluation indicators, the unified evaluation standard or index system is lacked, especially for some specific industries and divided areas; Most existing researches focus on the overall efficiency and external factors, yet less attention is paid to the stage efficiency and internal factors; Finally, based on the influence factors of green innovation performance, the incentive mechanism is going to be one of the focuses of further study. Related Articles | Metrics