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15 November 2019, Issue 06 (203) Previous Issue    Next Issue

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Shck Effect of Demand Shift and Innovation Activity on the International Market Power of Chinese Export Enterprises LV Zhao-he, XU Shuang-li, ZHANG Feng-yun 2019 (06):  1-15.  Abstract ( 440 )   PDF (1971KB) ( 795 )   In this paper, we first develop an integrated theoretical model including markup, production cost, market scale, competitive parameter and innovation investment by introducing the innovation function into the general equilibrium model, and carries out the theoretical proposition of export demand change and innovation activity impact markup. Then we empirically test these theoretical propositions based on the matching data of China industrial enterprises database-China customs database-United Nations commodity trade database. The results indicate that the increase of competition caused by the shift of export demand has a negative impact on the enterprise markup, while the high production efficiency and innovation activities of enterprises can largely weaken the negative impact. But the innovation activities of enterprises with low initial productivity cannot effectively weaken the negative impact brought by competition, and it is uncertain for whether enterprises with high initial productivity can completely weaken the negative effect of competition through innovation activities. Further comparative analysis from the perspective of factor density, region, and mode of trade show that, for the firms with technology-intensive and capital-intensive, locating in the eastern region, and conducting general trade, their markups are less affected by the negative impact of demand changes and more affected by the positive impact of innovation activities. References | Related Articles | Metrics

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Spatial Agglomeration of Service Industry and Wage Inequality in Manufacturing Industry-Empirical Analysis Based on Panel Data on China's Prefecture-level Cities LIANG Jun, CONG Zhen-nan 2019 (06):  16-24.  Abstract ( 430 )   PDF (1250KB) ( 795 )   By expanding the wage equation of new economic geography through introducing the index of service industry agglomeration into it, and using panel data of 271 prefecture-level cities in China, this paper studies the effect of the diversification and specialization agglomeration of services on the wage disparity of manufacturing industry through the use of spatial econometric models. The empirical results indicate that the wage level of manufacturing industry in cities of China shows a significant spatial correlation, which results in an increasingly significant polarization effect in spatial distribution of the wage level. In addition, it is the diversification agglomeration of service industry rather than specialization agglomeration of it can promote the wage level of manufacturing. According to the regression results of regional differentiation, the positive correlation can be seen in the eastern regions of China, while no obvious effect can be seen in the middle regions. But in the western regions, there is a negative correlativity between both. The impact of specialization agglomeration of service industry on the wage level of manufacturing is always insignificant in all regions. The conclusions of this paper can be used for reference to reduce wage inequality of manufacturing industry and promote coordinated development among regions. References | Related Articles | Metrics

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Crisis and Response: Transition and Alternation of Japan's Macroeconomic Policy Theory after World War II SUN Hui-zong 2019 (06):  25-35.  Abstract ( 374 )   PDF (1788KB) ( 722 )   After World War Ⅱ, Japan's macroeconomic policies theories transition and alternation not only presented the trait of inheritance from tradition but also showed the reform and enrichment of the tradition from 1945 to 1990. In Japan, three traditional macro economic theories:Keynesianism, Neoliberalism and rational expectation school are successively amended and improved after entering the recovery period. In dominant period of each theory, the relationships among these three theories were expressed as mutual exclude and overlapping. Japan's history itself and economy characteristics of real economy could explain the reasons for the phenomenon. The research on the transition and alternation of Japan's macro economy theories is intend to clarify the laws when the theory system was affected by the external and comply with the law to ensure the normal working of the economic system. According to characteristics and track of the Japan's three macro economic theories,it is expected that three macro theories would keep the trend of continuous development, which is the presentation of reversion of things development and it is not a simple return but the negative negation. In order to keep Japan's economy system normal operation, it is needed to strengthen the coordination between the fiscal policy and currency policy; government should establish a reasonable policy law for a stable expectation instead of discretion of fiscal policy and currency policy; when there lies contradiction between the international policies coordination and domestic policies goals, autonomy and rational countermeasures should be taken. References | Related Articles | Metrics

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Can Environmental Regulation Stimulate China Enterprises' Innovation?-Based on the analysis of the Lagrange mathematical model ZHOU Qian, GE Yang 2019 (06):  36-43.  Abstract ( 298 )   PDF (1119KB) ( 732 )   The internal driving mechanism of environmental regulation is to enhance the ability of industrial technological innovation. Can environmental regulation force industrial technological innovation? Based on this proposition, this paper divides industrial technological innovation into pollution control technological innovation and production technological innovation, constructs the transmission mechanism model of environmental regulation and industrial technological innovation, and makes empirical verification.The results show that the relationship between environmental regulation intensity and technological innovation is similar to Kuznets curve, and positively related to technological innovation of pollution control.Enhanced environmental regulation not only promotes technological innovation of pollution control in enterprises, but also intensifies investment crowding in technological innovation of production, which makes technological innovation of production appear uncertain when environmental regulation reaches medium intensity.To this end, we should implement differentiated environmental regulation policies and strengthen the follow-up effect of the implementation of regulatory policies.We will improve the incentive and subsidy mechanism for pollution control and strengthen the government's support and supervision for hazardous waste disposal industries,enrich the design of matching policy for environmental regulation.We should strengthen the organic combination of command control and public participation environmental regulation tools, improve environmental information feedback system, and force enterprises to strengthen and innovate pollution control technology. References | Related Articles | Metrics

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Corporate Financial Asset Allocation and The Puzzle of Total Factor Productivity-A GMM Analysis Based on A-share manufacturing industries Listed Companies XU Ping-xiang, LI Bao-wei 2019 (06):  44-55.  Abstract ( 450 )   PDF (1896KB) ( 728 )   The "productivity puzzle" that growth of total factor productivity is slowing down, One of the roots maybe lie in the financial behavior of enterprises, which shows that enterprises are increasingly prefer to allocate financial assets. In theory, the allocation of corporate financial assets has a dual mechanism of "savings" and "squeezing out" for total factor productivity. Further, Based on the data on the A-share listed companies of manufacturing industry from 2008 to 2016, a GMM method is used to demonstrate the hypothesis of financial interpretation to explicate"productivity mystery".The results show:(1) Although manufacturing enterprises' TFP has been continuously increasing, the allocation of financial assets is not a "promotion factor" in this process, but rather a restraining force. (2) The "crowding out" effect of financial asset allocation is greater than the "savings" effect; it means that the arbitrage motivation of companies is stronger than that of savings. (3) Moreover, The "savings" effect of non-state-owned manufacturing companies is even more pronounced, while the state-owned manufacturing companies are more "extruded". (4) In addition, the smaller the financing constraints, the higher the leverage ratio, the more concentrated the institutional investors, the larger the scale of the enterprise, and the lower the Tobin Q value, the more preference the financial asset allocation has to the "crowd-out"effect. Therefore, we must be alert to the over-expansion of corporate financial activities and adopt a differentiated economic policy of "sparse" and "blocking" so that manufacturing companies can "have peace of mind to do their own job". References | Related Articles | Metrics

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A Research on Asset Liability Management Model of Life Insurance Company-From the Perspective of Premium Payment Term Structure Optimization GAO Tian 2019 (06):  56-65.  Abstract ( 423 )   PDF (1483KB) ( 764 )   This paper introduced insurance products with different period of premium payment, established a dynamic asset-liability management model based on multi-stage stochastic programming, which takes the present value of expected profits of life insurance companies as the optimization objective, and takes the sales ratio of insurance products with different period of premium payment, the invest ratio of stock funds and fixed-term bonds as decision variables. Empirical results show that fixed-term bonds, as the main investment varieties of life insurance companies, maintain a high invest ratio, while the invest ratio of stock funds is greatly affected by the stock market prosperity; interim payment products are the main selling force of life insurance companies' products, while wholesale products are more affected by the stock market prosperity; compared with the rate of return of stock funds, the present value of expected profit is more sensitive to the changes of interest rate in the fixed-term bond market; the change of the sell ratio of stock funds affects the asset allocation and product sell decision-making at the same time, life insurance companies should take the initiative to strengthen the flexibility of stock asset allocation. References | Related Articles | Metrics

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Does Corporate Social Responsibility Have an Impact on Innovation?-Based on the Heterogeneity of R&D Investment and Nature of Property Right GU Qun, Wang Wen-wen, ZHENG Yang 2019 (06):  66-75.  Abstract ( 466 )   PDF (1340KB) ( 876 )   Takes a sample of all A-share listed companies from 2008 to 2017 to study the relationship between corporate social responsibility and corporate innovation and consider the impact of R&D investment heterogeneity and property heterogeneity. Research indicates:The performance of corporate social responsibility and the innovation activities of enterprises show a positive correlation;After considering the heterogeneity of R&D investment, the positive incentive effect of corporate social responsibility performance on the enterprise's exploratory innovation is greater;After considering the heterogeneity of ownership, the positive correlations of the overall innovation activities and exploratory innovation activities between corporate social responsibility performance are more obvious in non-state-owned enterprises. References | Related Articles | Metrics

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Influencing Mechanism of Organizational Attributes on Breakthrough Innovation of Large Enterprises XIE Xin-yan 2019 (06):  76-84.  Abstract ( 347 )   PDF (1419KB) ( 727 )   Based on the systematic analysis of the relevant theoretical methods and literature, this paper uses empirical analysis and case study to deeply analyze the mechanism of organizational attributes on breakthrough innovation of large enterprises. The conceptual model of "organizational attributes-knowledge acquisition-breakthrough innovation" is constructed by introducing two knowledge acquisition modes of knowledge exploration and knowledge utilization as intermediary variables, and the structural equation model is used to conduct empirical research on large enterprises with breakthrough innovation activity in the Yangtze River Delta region. The results show that the attributes of control-oriented organization are negatively correlated with knowledge exploration and breakthrough innovation. Flexible-oriented organizational attributes are positively correlated with knowledge exploration and breakthrough innovation; knowledge exploration and breakthrough innovation are positively correlated; knowledge exploration plays a part of intermediary role between the four organizational attributes and breakthrough innovation; control-oriented organizational attributes are positively correlated with knowledge utilization. At the same time, we also find that in the context of China, the impact of risk taking and organizational redundancy under flexible guidance on knowledge utilization is not significant, and the intermediary effect between organizational attributes and breakthrough innovation is not significant. References | Related Articles | Metrics

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Study on the Endogenous Motivation of Poverty Reduction and Development of Poverty-stricken Population in Ethnic Minority Areas-An Analysis Based on Cultural Perspective ZUO Ting, LI Zhuo, ZHAO Meng-yuan 2019 (06):  85-91.  Abstract ( 385 )   PDF (1287KB) ( 715 )   Poverty-causing factors of poverty-stricken people in ethnic minority areas are diverse and complex, and their manifestations are special and diverse. Insufficient endogenous power has become a key problem restricting the process of poverty alleviation. The results show that cultural perspectives should be included in poverty reduction and development practice, which can help poor people build up self-confidence in development, reshape development culture and explore new development paths. In view of this, poverty alleviation and development based on culture should focus on exploring the excellent elements of national culture for development; developing culture in practice to provide a catalyst for stimulating the endogenous motive force of the poor; building a platform and space for development, creating conditions for stimulating the development self-confidence of the poor, so as to promote the stable poverty alleviation of the poor in ethnic areas. References | Related Articles | Metrics

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Understanding ‘the Poor's Mind’: An Empirical Study on Risk Attitudes of Poor Farmers with the Evidence from a Field Experiment in Rural Minority Villages in Western China LAI Yue, LIU Yi-yi 2019 (06):  92-101.  Abstract ( 415 )   PDF (1422KB) ( 748 )   Using the method of field experiments, this paper interprets the "thinking of the poor" from the influencing factors of risk attitude of poor farmers. Sample survey and experiment in Guangxi and Guizhou, two minority nationality villages (towns) found that poor peasants generally hate risk, especially when faced with possible losses, the degree of risk aversion increased significantly, but some risk preferences were more risk-averse when faced with possible losses; the more risk-averse peasants got risk-averse, the more risk-averse peasants got risk-aversion. The lower the experimental returns, the higher the experimental returns of the risk-preferent; the higher the educational level of spouses and mothers, the lower the risk aversion of the poor peasants; the heavier the educational burden the family bears, the higher the risk aversion of the poor peasants. The development and implementation of poverty alleviation policies should take into account the risk attitude of poor peasants, improve diversified financial support for risk preferences and low-interest financial support for risk averse, so as to cover a wider group of poor peasants. In the long run, poverty alleviation through education should be a sustained and key poverty alleviation policy. Reducing the burden of family education, increasing women's education years and strengthening adult continuing education and training will have a long-term, positive and significant impact. References | Related Articles | Metrics

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On the Construction of Local Audit Supervision between Interventionism and Laissez-faire in Republic of China Period XIAO Gao-hua 2019 (06):  102-108.  Abstract ( 0 )   PDF (1133KB) ([an error occurred while processing this directive])   The politician and academics thought deeply about local audit supervision between interventionism and laissez-faire,and put forward the construction plan of audit supervision of Provinces and counties,and put them into practice in some extent in the period of republic of China.Modern system of local Audit Supervision did not really form in that year because of many institutional defects in these ideas and practices, but some of the ideas and practices still have reference value. References | Related Articles | Metrics