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15 January 2018, Issue 01 () Previous Issue    Next Issue

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Fiscal expenditure,residents' disposable income and service consumption of urban and rural residents LI Pu-liang, JIA Wei-li, YU Fa-wen 2018 (01):  1-12.  Abstract ( 316 )   PDF (1657KB) ( 966 )   In the context of accelerating the consumption structure of Chinese residents and increasing the tendency of fiscal expenditure on people's livelihood, the effect of fiscal expenditure on residents' service consumption and the influence mechanism are of great concern. Based on the empirical study of China's provincial panel data simultaneous equations model and the three-stage least squares estimation (3SLS) in 2007-2015, it is found that the expenditure of the people's livelihood has a significant effect on the service consumption of the residents. Resident's disposable income is an important intermediary variable through which financial expenditure on people's livelihood affects residents' service consumption, but the size of the intermediary effect shows a little difference between the urban and rural residents to a certain degree. For urban residents, 50.7% of the crowding in effect is generated through the disposable income of residents, and for rural residents, the contribution of resident's disposable income to the crowding in effect is up to 70.8%. Therefore, it is an effective way to promote the growth of service consumption of urban and rural residents and to narrow the service consumption gap between urban and rural residents by increasing the expenditure of the people's livelihood in rural areas. References | Related Articles | Metrics

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People's well-being financial expenditure, population migration and economic growth-An empirical analysis based on nonlinear panel threshold odel LIU Huan 2018 (01):  13-24.  Abstract ( 267 )   PDF (1658KB) ( 793 )   This paper establishes a nonlinear threshold model which includes population migration factor to study the relationship between the people's well-being financial expenditure and economic growth in different regions based on the provincial panel data in China from 2007 to 2014. We find that there is significant nonlinear relationship between people's well-being financial expenditure and economic growth. When the level of people's well-being financial expenditure enhance, their impact on economic growth will increase firstly and then decrease, and the population migration factor is the important reason which leads to the structural change. With the expansion of the population inflow, the increase of the people's well-being financial expenditure will generate lager economic growth effect, but only a few areas locate in this interval, which means that the allocation of fiscal resources is non-equilibrium. This paper provides a direct empirical evidence for promoting the reform of the fiscal system and establishing the allocation mechanism of fiscal resources to meet the migration of population across regions. References | Related Articles | Metrics

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Private Enterprises' Political Connections and Debt Contracts' Fulfillment ZHANG Xing-liang, YAN Ming 2018 (01):  25-38.  Abstract ( 210 )   PDF (1657KB) ( 798 )   This paper studies whether the political connections of private enterprises affect the extent of the supervision of the banks on the debt contract' fulfillment. The paper uses the demand for accounting conservatism of banks as the measure of banks' supervision over debt contracts' fulfillment, and finds that in area of serious government intervention, private enterprises connect with government to form "bottom-up" connections, so banks strictly supervise debt contracts' fulfillment. While in area of low government intervention, private enterprises connect with government to form "top-down" connections, so banks will not strictly supervise debt contracts' fulfillment. The additional test in the paper finds that the above results significantly exist in local political connection enterprises. The paper not only has implications for comprehensive understanding the causes and consequences of political connection, but also extends the research of political connections from the influence on the signing of contracts to the influence on the fulfillment of contracts. References | Related Articles | Metrics

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Land Exit Mechanism for Industrial and Commercial Capital Investment in Chinese Agriculture LIU Run-qiu, LI Hong, ZHANG Zun-shuai 2018 (01):  39-46.  Abstract ( 194 )   PDF (1297KB) ( 814 )   With the encouragement and guidance of national policy,more and more industrial and commercial capital invested into agricultural sector in China,which not only promote the development of modern agriculture, but also brings enclosure, predatory operation, destruction of arable land and ecological risks. We must strengthen its risk prevention while leading industrial and commercial capital to invest in agriculture. In addition to improving on the entrance and supervision regulations for industrial and commercial capital leasing farmland, we should also establish an exit mechanism for industrial and commercial capital investment in agriculture, which guides the industrial and commercial capital entering the non-direct production processes in agriculture, to reduce the social cost after mismanaged capital exit agriculture. This paper builds the exit mechanism for industrial and commercial capital investment in Chinese agriculture from four aspects:Voluntary exit incentive mechanism to encourage industrial and commercial capital exit the directly production chain into agricultural secondary and tertiary sectors; Reconstruction and disciplinary punishment mechanism to reform those unscrupulous companies which endanger food security, harm the interests of farmers, destroy land ecological; Exit cost accounting mechanism to measure and calculate exit costs of land reclamation and farmers or other stakeholders, in order to protect arable land and the interests of farmers; Information disclosure and reputation mechanism to disclose and warn the anomie behavior of industrial and commercial capital investment in agriculture, establish credit files of industrial and commercial capital investment in agriculture, in order to reduce and prevent market risks. Effective exit mechanism for Industrial and commercial capital investment in agriculture need for coupling the four coordination mechanisms to promote the healthy development of Chinese agriculture, achieve the win-win situation for stakeholders. References | Related Articles | Metrics

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A Study of the Effect of Financial Connections on Earnings Management of Listed Companies-The Mediating Role of Agency Costs MENG Yan, ZHOU Hang 2018 (01):  47-56.  Abstract ( 270 )   PDF (1197KB) ( 849 )   Taking China's A-share listed companies from 2013 to 2016 as research samples, the paper adopted Bootstrap method to examine the effect of financial connections on earnings management, and the mediating effect of the three kinds of agency costs of equity, debt and control on the relationship of the two sides. The study found:There are significant negative impacts of financial connections on both accruals and real earnings management; between financial connections and accrual-based earnings management the equity and debt agency costs play a partial intermediary role, meanwhile the role of the agency costs of control is nothing special; between financial connections and real earnings management the mediating role of the three kinds agency costs is not obvious. References | Related Articles | Metrics

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The industry asymmetry research in monetary policy transmission mechanism-Based on financial data of the listed Corporation MAO Ling-ling 2018 (01):  57-63.  Abstract ( 218 )   PDF (961KB) ( 789 )   This article based on the change of economic developments and the monetary policy implementation of past decade, detailed analysis for the impact generated during the implementation of monetary policy.There are several conclusions as follows:firstly, The presence of the industry asymmetry mean that various industry have different sensitivity for the same monetary policy;secondly, financial structure is an important reason for its impact on the monetary policy of sensitivity;finally, Different financial indicators play different role in monetary policy transmission mechanism, The effect of working capital is small but total assets and debt ratio are bigger,Smaller scale enterprises are more vulnerable to the impact of monetary policy than bigger scale. References | Related Articles | Metrics

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The Interactive Relationship between Unit Labor Cost, Exchange Rate Fluctuation and Export-Based on the Panel Vector Auto Regressive (PVAR) Model CHENG Li-yan 2018 (01):  64-76.  Abstract ( 298 )   PDF (1762KB) ( 765 )   Based on the panel data of 34 industrial sectors in China, this paper studies the relationship between unit labor costs, exchange rate fluctuation and the exports of our country by using the panel vector auto regression model (PVAR). Results show that there is bidirectional inhibition between unit labor costs and exports, rising wages is not conducive to the expansion of export scale and the promotion of wage growth rate, but exports significantly enhance the labor productivity. The impulse response function value indicating the influence of exchange rate risk on export presents positive and negative alternation, which is characterized by uncertainty. Exports emerge overshoot phenomenon as a result of exchange rate changes. In addition, there exists "import induces export mechanism" in our country and export also has influence on import through two paths including the income effect and the exchange rate. The impacts of output on exports display uncertainty, but exports can drive production growth. In the variance decomposition, the unit labor cost variable possesses strong capability of explaining exports, is the main factor leading to changes in China's exports. Exchange rate risk is powerful to explain exports in the short term, import possesses long-term explanation ability, the explanation capability of output are basically the same in three different periods, but exports has a generally lower explanation ability compared to other variables. References | Related Articles | Metrics

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Processing Trade, Income Transfer and Income Disparity Processing Trade, Income Transfer and Urban-rural Income Gap WANG Huai-min, WANG Zi-rui 2018 (01):  77-84.  Abstract ( 253 )   PDF (1203KB) ( 787 )   We construct a model incorporating processing and assembly, income transfer and income gap, then empirically analyze the impact of processing trade, induced labor mobility and income transfer on income disparity. The results show that processing trade causes a flow of rural surplus labor from the agricultural sector to the urban sector, and these migrant workers in turn transfer their salaries to their home countries, improving per capita income in rural area. However, when we counting per capita income by using household population, labor mobility induced by processing trade can not narrow our income gap between city and country. Assembly and processing may widen income disparity between urban and rural areas with the intergenerational replacement of migrant workers. References | Related Articles | Metrics

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The Targeted Poverty Alleviation, Poverty Aiming Mechanism and the Policy Model of China WANG Chao-ming, WANG Yan-xi 2018 (01):  85-90.  Abstract ( 271 )   PDF (941KB) ( 787 )   This article demonstrates a comprehensive explanation to The Targeted Poverty Alleviation from three dimensions of the connotative meaning, aiming mechanism and policy model of the targeted poverty alleviation. In this paper, the connotations and the logical connections of the targeted poverty alleviation and targeted anti-poverty have been well elaborated. Then the authors have summarized and depicted shortcomings of aiming mechanism through time based analysis of its development. And the last part propose to modify our anti-poverty policy from six aspects including accurate poverty aiming, precise help, poor county exit mechanism, education and etc, so that we can achieve the Two Centenary Goals in 2020 smoothly and perfectly. References | Related Articles | Metrics

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What leads to the rural household's risk of poverty-Measurement and decomposition of poverty vulnerability HUANG Xiao 2018 (01):  91-102.  Abstract ( 255 )   PDF (1756KB) ( 868 )   Analyzing the origin of the poverty helps to reduce poverty predicted. Based on the CLDS data, this paper firstly measures the rural household's poverty vulnerability; then answer a question that which economic-social status contributes to the poverty vulnerability most, by the method of Shapley Value Decomposition; and finally analyzes the dynamic reason of status transformation in poverty vulnerability using Order Probit model. Results Show that individual factors such as education, non-agricultural job, social capital and immigration, family background including productive loan all help to decrease the poverty vulnerability; however, the disadvantage from intergenerational transfer leads to higher poverty vulnerability. According to the contributions, the difference among individual's education, non-agricultural job and health explain most part of poverty vulnerability. In addition, 9% and 24% of samples have fell into transient and persistent poverty vulnerability respectively, and healthy problems are viewed as the main reason of translating to higher poverty vulnerability. Consequently, the systematic poverty reduction solutions should not only pay attention to the poor's no-agricultural job opportunities right now, but also take some measures including education and health to eliminate the poverty trap in the long time. References | Related Articles | Metrics

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Research on Sustainable Livelihoods of Relocate Migrants based on Poverty Alleviation-Investigation and Analysis on the Migrants of Guizhou Province XU Xi-guang, SHEN Peng 2018 (01):  103-110.  Abstract ( 260 )   PDF (1160KB) ( 807 )   Based on the theory of sustainable livelihood framework, this paper chooses the relevant indicators in the relocate migrants of Guizhou province to measure the livelihood capital including human capital, natural capital, material capital, financial capital and social capital. By investigating and analyzing the data of the current situation of migrant capital in Guizhou province, the results show that the livelihood capital data of the relocate migrants of Guizhou province is 0.539, which indicates that the livelihoods of migrants have typical unsustainable characteristics and need to cultivate the accumulated capacity of sustainable livelihoods around the livelihood capital to migrants. References | Related Articles | Metrics