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15 July 2020, Issue 04 (207) Previous Issue    Next Issue

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Does the Credit Policy Inhibited the Excessive Financialization of China's Economy? RAN Yu, WANG Qiu-yue 2020 (04):  1-10.  Abstract ( 470 )   PDF (1858KB) ( 1068 )   Financial institutions and real economy will be included in the macro-control framework of credit policy, and the governance mechanism of credit policy for China's economy will be systematically discussed. It is found that the credit policy plays an important role in the governance of China's economy. After 2012, the intensively issued credit policies have obviously restrained the commercial banks from "disenchantment from the real to the virtual", and significantly improved their motivation to serve the real economy. Further, based on the perspective of macro Prudential Management, it is observed that urban commercial banks, banks with high growth and risk-taking level are more active in the face of "de facto to virtual" credit policy through grouping test. Based on the requirements of policy orientation and risk balance, commercial banks have realized the inhibition of enterprises' behavior of "getting rid of the real to the virtual" through their credit resource allocation management, which is more obvious in non-state-owned enterprises, regions with high growth and low financial development. Therefore, in the process of economic development in which resources are mainly allocated by the market, in the face of special circumstances such as the anomie of economic structure, it is helpful for the economy to return to the path of healthy development to adopt the structural control means of credit policy. References | Related Articles | Metrics

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Property Redistribution Effect of Real Estate Tax-A Perspective of Household Scale and Household Property factors CAI Chang, LIN Miao 2020 (04):  11-17.  Abstract ( 399 )   PDF (5317KB) ( 864 )   Using the database of China's family financial survey, combined with the factors of family property value and family size, this paper calculates the wealth redistribution effect of real estate tax under three tax rates and four collection schemes. The results show that the redistribution effect of real estate tax on family property value is stronger, but the redistribution effect on family property value is weaker; per capita area deduction, family area deduction and The wealth redistribution effect of real estate tax under the plan of per capita value reduction changes in an inverted U-shape with the increase of deduction area; under various property standards and tax rate frameworks, the wealth redistribution effect of the plan of per capita value reduction is always the strongest, which also becomes the best choice to optimize China's real estate tax collection and management mode in the future. References | Related Articles | Metrics

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Product Market Competition, Corporate Governance and Real Estate Investment-Empirical Evidence from Chinese Listed Firms MI Xu-ming, LIU Chun-yu 2020 (04):  18-28.  Abstract ( 434 )   PDF (1519KB) ( 927 )   This paper researches on the relation between real estate investment and performance based on the data of Chinese listed firms from 2007 to 2015. It is found that that the companies who are with low industry competition or poor governance tend to invest real estate, and their investment intensity is high. In general, the real estate investment will damage the company's market performance (Tobin's Q) and accounting performance (ROA), but it is not obvious in the non-competitive industries. The negative impacts of real estate investment gradually disappear with the improvement of governance level in the competitive industries. The classification studies show that there is a U-shaped relationship. In the case of lower or higher corporate competition or corporate governance, the negative impacts on market performance and accounting performance are small. In other intermediate states, the negative impact is significant. The improvement of accounting performance is only found in the highly competitive product market and poor governance environment accompanied by a significant deterioration in market performance. References | Related Articles | Metrics

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Media Attention and Enterprise Innovation Performance ZHANG Yue, PENG Shi-guang 2020 (04):  29-39.  Abstract ( 505 )   PDF (1466KB) ( 1043 )   Will media attention exert positive effect of information function to promote enterprise innovation, or will it exert negative effect to form external pressure on managers to restrain enterprise innovation? On the basis of combing the information function of media attention, this paper analyzes the relationship between media attention and enterprise innovation performance based on the data of A-share listed companies from 2010 to 2018. The research finds that: media attention plays a role in promoting enterprise innovation performance, and this conclusion still holds after controlling the endogenous problems; by distinguishing the nature of reports, it finds that non negative reports promote innovation performance In the analysis of influence mechanism, it is found that financing constraints play an intermediary role between media attention and enterprise innovation performance, that is, media attention improves innovation performance by alleviating enterprise financing constraints. References | Related Articles | Metrics

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An Investigation on the trust mechansim in the Sharing Economy in the perspective of role MENG Tao, HE Chang 2020 (04):  40-49.  Abstract ( 340 )   PDF (1582KB) ( 872 )   On the basis of trust theory, the paper explores the influence of elements of trust on the sharing economy behavior in the view of different roles. Based on the conceptual model of trust mechanism and the empirical research, the results show that in the perspective of demand-side, trust in peer (ability, benevolence and integrity), trust in platform’s benevolence and trust in product’ ability have positive effects on the intention to consume, while in the perspective of supply-side, trust in platform (ability, benevolence and integrity) and trust in peer’s ability have positive effects on the intention to supply. It can be seen demand-side concerns more on interpersonal trust, whereas supply-side pays more attention to platform-based trust. In addition, demand-side focuses more on trust in platfom and peer’s benevolence, whereas supply-demand stresses more on trust in platfom and peer’s ability. References | Related Articles | Metrics

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Power Conversion of Industrial Structure Change and Reform of State Owned Enterprises XU Bao-liang, DENG Hong-tu 2020 (04):  50-60.  Abstract ( 387 )   PDF (1685KB) ( 753 )   This paper explains the reasons for the reform of state-owned enterprises from the perspective of the transformation of industrial structure and the influence of state-owned enterprises on market development, and meanwhile it provides a tentative explanation for the reform of mixed ownership of state-owned enterprises with the logic of marketization. The empirical results show that with the improvement of the market level, the marginal effect of the state-owned enterprises on the rationalization and advancement of the industrial structure is 3.61 and 12.12, respectively; and the choice of the critical time point for the power conversion perspective of industrial structure change is the result of comprehensive trade-offs between the state-owned enterprises and the market, or industrial policy and the competition policy on the overall effect of the rationalization and advancement of the industrial structure; under the premise that the market has replaced state-owned enterprises as the leading of industrial structure change, the influence of state-owned enterprises on the development of the market is a direct reason for the reform of state-owned enterprises. In addition, the paper examines the feasibility of the reform of mixed ownership of state-owned enterprises in improving the level of Marketization from the aspects of corporate governance structure, asset management mode and industry access, which provides a possible explanation for the choice of the reform path of mixed ownership of state-owned enterprises. References | Related Articles | Metrics

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Under the background of regional integration, the industrial ecological efficiency of urban agglomeration and its characteristics of spatial and temporal transition LI Wen, GUO Wen-hao, XIA Hai-li, ZHANG Tong-jian 2020 (04):  61-68.  Abstract ( 396 )   PDF (2020KB) ( 899 )   Under the context of regional integration, this paper takes 2009-2018 new material industry panel data of Jiangsu, Zhejiang and Shanghai provinces and cities as research samples, and analyzes the industry of urban agglomerations in this region based on DEA model and spatial autocorrelation model Ecological efficiency and its temporal and spatial transition characteristics. The results show that the total GDP and growth rate of Jiangsu Province are the fastest, and the concentration of new material industry is higher. The ecological efficiency of new material industry in Jiangsu Province shows a rapid upward trend, with Suzhou and Wuxi in the South as the center, and decreases towards the surrounding area. The ecological efficiency of Zhejiang province rises slowly, generally showing a downward trend from north to south, while Shanghai shows a downward trend pure technical efficiency and industrial scale efficiency prove the accuracy of the ecological efficiency evaluation results. The gray correlation between administrative support and financial support and ecological efficiency of new material industry shows a downward trend, while the rest shows an upward trend. Relevant departments should promote the construction of regional integration in combination with the characteristics of ecological efficiency development and time-space transition of urban agglomerations, narrow the differences of ecological efficiency between cities, and realize the coordinated development of the region. References | Related Articles | Metrics

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Delaying Retirement, the Burden of Working Population, Subjective Wellbeing YANG Hua-lei, WU Yuan-yang, SHEN Ying-xi, SHEN Zheng 2020 (04):  69-77.  Abstract ( 436 )   PDF (2105KB) ( 930 )   Based on realistic parameters, the simulation finds that delayed retirement not only does not crowd the welfare of the working population, but instead improves the welfare of the working population, and this result is stable for the changes in the parameters and the pension system, and the mechanism is that the delay in retirement increases the per capita output and reduces the burden on the working population. In turn, the welfare level of the working population will be improved. The policy inspiration of the article is to publicize and convey this fact to the public, and to provide a delayed retirement plan as soon as possible in response to the post-60 baby boom. However, it is appropriate to control the rise in fertility costs and pension replacement rates, which can ensure the future delayed retirement plan will not reduce the welfare of the working population. References | Related Articles | Metrics

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Is the Protection of Green Water and Green Hills Conducive to Regional Anti-Poverty-New Evidence from Poor Areas Along the Yangtze River Economic Belt DUAN Long-long, WANG Lin-mei 2020 (04):  78-88.  Abstract ( 412 )   PDF (1683KB) ( 873 )   Protecting green water and mountains to achieve green poverty reduction is one of the core elements of General Secretary Xi Jinping's "Two Mountain Theory". Based on the theoretical framework of reconstructing the Green River Green Mountain Protection Poverty Reduction Mechanism, This paper explores the relationship between the green hills protection and the regional anti-poverty in 76 cities and counties along the Yangtze River Economic Belt by means of the panel feasible generalized least squares model (FGLS) and the panel simultaneous equation model (PSEM). The study found that there is a significant "U"-type association between the conservation behavior of green water and green hills for the purpose of improving ecological quality and regional poverty. The protection of green water and green hills with the goal of accumulating ecological capital is characterized by a specific inverted "U" relationship between regional poverty. The two major supporting mechanisms for green water and green hills protection for regional poverty reduction are the continued growth of green industries and the expansion of healthy human capital levels of poor groups. Although the protection of green water and mountains has a clear "pro-poor" character, the margin of improvement in the income level of residents is significantly weaker than the margin of improvement in capacity poverty, and therefore needs to be further strengthened in synergy with poverty reduction factors such as infrastructure construction, urbanization, government financial capacity and openness. References | Related Articles | Metrics

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Study on the Spatial Effect of Green Investment in the Process of Marketization for High-quality Economic Development-Empirical Analysis based on Space Dubin Model ZHANG Ming-long 2020 (04):  89-100.  Abstract ( 488 )   PDF (1688KB) ( 1098 )   China's economy is changing from high-speed growth to high-quality development, the green investment is an important measure to promote high-quality economic development, based on the five dimensions of the new development concept, we will construct a high-quality economic development evaluation index system, measure the high-quality development level, use the panel data of 30 provinces and cities from 2004 to 2017, establish the spatial Dubin model, and empirical study the impact of green investment on high-quality economic development. The results indicate that: during the sample period, the high-quality development of China's overall economy is on the rise year by year, but the differences between regions are large. Judging from Moran's I results, there is a significant spatial correlation in China's economic development. The effect of the combination of green investment and marketization process on economic development is more significant than that of the single indicator of green investment. Green investment under market-oriented conditions only has an effective effect on the economic development of the region, but it will have a certain inhibition effect on neighboring provinces and cities, showing the "siphon effect" of regional economic development. References | Related Articles | Metrics

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Financial Pressure, Local Government Behavior and Environmental Pollution GUO Xiao-hui 2020 (04):  101-110.  Abstract ( 490 )   PDF (1577KB) ( 1075 )   Local government is the key subject of ecological environment governance,Fiscal pressure has an important impact on environmental pollution with local government behavior as a conductive variable.This paper empirically examines the response of local government actions to the impact of financial pressure. The result shows that:Local government incentives for production have the effect of increasing pollution, and the greater the financial pressure, the more obvious the effect.Environmental protection expenditure is an effective tool to reduce environmental pollution. and fiscal pressure has an enhanced effect on pollution control.The collection of sewage discharge fees has no effect on reducing environmental pollution, on the contrary, it aggravates environmental pollution,fiscal pressures have intensified this pollution effect.In order to reduce the pollution effect of local government behavior, we can start from three aspects: eliminating the incentive of institutional financial pressure, strengthening the supervision and restraint of local government behavior, and optimizing the governance tools to improve environmental governance performance. References | Related Articles | Metrics