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15 September 2021, Issue 05 (214) Previous Issue    Next Issue

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How Impoverished Counties Removed from The Poverty List-The Central-Local Relations and Promotion Incentives in Poverty Alleviation WANG San-gui, ZHONG Yu 2021 (05):  1-7.  Abstract ( 399 )   PDF (1179KB) ( 773 )   A brand new type of Central-Local relations and cadre promotion incentives model has played a significant role in the battle of targeted poverty alleviation,especially in the process of removing from poverty list for 832 impoverished counties. The central government delegated the authority of approve projects to counties, and gave impoverished counties rights to allocate and use financial transfer payments, which resolved the fiscal mismatch between "financial power" and "expenditure responsibility". A special cadre management method maintaining the stability of the main leaders of impoverished counties,and withdraw the leaders from the regular political tournament and enter a "poverty alleviation qualifying competition" with the goal of removing from the impoverished counties list. In this qualify, the central government mobilized the enthusiasm of officials and improved the efficiency of governance by tying the poverty alleviation performance with promotion. In addition, the central government also introduced third-party evaluation to solve the problem of information asymmetry. This special governance model for special tasks like poverty alleviation has fully motivate the local officials, improved the efficiency of targeted governance, and enriched the connotation of national governance. References | Related Articles | Metrics

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Policy tools and Rural Revitalization-Text analysis based on the change of poverty alleviation policy in the 100 years since the founding of the party XIE Zhi-ju, CHEN Xiang-ning 2021 (05):  8-19.  Abstract ( 403 )   PDF (2449KB) ( 1322 )   Since the founding of the party 100 years ago, China has taken many original and unique major measures in poverty reduction and governance, accumulated a series of replicable and popularized poverty reduction experience, and contributed China's plan and Chinese wisdom to the cause of international poverty reduction. In order to sort out and summarize China's experience and characteristics of poverty reduction in the past 100 years since the founding of the party, and realize the effective connection between consolidating and expanding the achievements of poverty alleviation and rural revitalization, taking the central policy texts closely related to poverty alleviation from 1921 to 2021 as the research object, starting from command tools, incentive tools, symbol and admonition tools and capacity-building tools, nvivo11 software is used, This paper excavates and analyzes the poverty alleviation policies issued by the central government since the founding of the Communist Party of China, explores the historical changes of China's poverty alleviation governance, analyzes the mode characteristics of Poverty Alleviation Policies in various stages, and discusses the application and Enlightenment of these policy tools in the stage of Rural Revitalization. References | Related Articles | Metrics

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Research on the use of China industrial enterprise database (1999~2013): Comparative analysis of missing value processing methods ZHANG Shao-hua, LI Su-su 2021 (05):  20-29.  Abstract ( 492 )   PDF (2675KB) ( 1377 )   China industrial enterprise database has become the preferred database to study China's micro enterprise activities. However, the lack of key indicators in the database seriously affects the update and use of the database. On the basis of referring to the main literature processing methods, this paper uses five interpolation methods to improve the database, including single imputation, MICE1、MICE2、MMICE1和MMICE2, so as to extend the Chinese industrial enterprise database to 2013, and evaluate the relative effectiveness of various interpolation methods by calculating the total enterprise productivity. The results show that:In the five interpolation methods, the single imputation method and MMICE1 are the two most effective interpolation methods, which can not only achieve the consistency of database features before and after interpolation, but also achieve the consistency of data structure features of total factor productivity. It is worth emphasizing that in terms of improving the database and calculating the total factor productivity, the former is a relatively economic method because of its simple process, while the latter is a relatively effective method because it can retain more sample information The research value of this paper is to provide basic research work for the use of Chinese industrial enterprise database. References | Related Articles | Metrics

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The Realization of Public Sentiment and Economic Fluctuations: The Perspective of Financial News LI Shou-hao, DING Li-gui 2021 (05):  30-41.  Abstract ( 3297 )   PDF (2324KB) ( 3662 )   To systematically analyze the relationship between public expectations and economic fluctuations, we construct a system to analyze economic climate based on public opinion by text mining. Through the creation of a financial sentiment dictionary and natural language processing, we quantify the public's judgment on the economic situation reflected in multi-channel news, that is, the financial sentiment score, which could be used to measure the chaos of economic activity. Because the financial sentiment score can be obtained and updated in real time, it is forward-looking and can be used to portray public expectation. In the empirical analysis, there is indeed a linkage between economic fluctuation and public expectation. The empirical analysis finds that official information tends to reversely realize, and free public expectation and professional expectation could self-realize, that is, optimism brings economic growth, and pessimism brings economic decline. A further Granger test finds that there is a two-way causal relationship between economic fluctuations and public expectations, verifying their self-realization relationship. For the mechanism and path of self-expectation realization, we believe that news information shows the consistent and stable preferences of rational individuals, i.e., the financial sentiment score. Such emotion is finally transmitted to the economic activities of entrepreneurs, causing self-realization. This finding could help the public and regulators further understand the interaction between expectation management and macroeconomic regulation. References | Related Articles | Metrics

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The Impact of Financial Marketization on the Bank Performance-Heterogeneity and Mechanism Analysis LIU Jun-feng, LI Wei, ZHANG Wei-feng 2021 (05):  42-52.  Abstract ( 348 )   PDF (3532KB) ( 907 )   Based on the research background of global financial marketization reform, this paper takes 175 countries(regions) from 1996 to 2017 as samples to investigate the heterogeneous impact of financial marketization on bank performance, test the transmission mechanism of bank credit, and summarizes the strategic enlightenment of China's financial reform in the future combined with the strategic background of the new pattern of dual circulation. The results show that:global financial marketization hinders the improvement of commercial banks' performance, developed economies show the characteristics of first promotion and then inhibition, while developing economies show the characteristics of continuous inhibition; bank credit is the intermediary variable of financial marketization affecting the performance of commercial banks, and financial marketization mainly affects the performance of commercial banks through private credit channels; under the background of dual cycle development, China should strengthen the financial marketization reform, and at the same time, it should be supplemented by necessary supporting regulatory measures to play a positive role in financial marketization. References | Related Articles | Metrics

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Digital finance, SME debt financing and creditor heterogeneity CHEN Lian, YI Lu, CHEN Qiang 2021 (05):  53-60.  Abstract ( 328 )   PDF (1698KB) ( 1018 )   Based on the data of listed companies on the SME board from 2011 to 2018, this paper explores whether digital finance reduces the cost of corporate debt financing and its mechanism. It is found that digital finance negatively affects the cost of corporate debt financing. Further, from the perspective of creditor heterogeneity, it is found that digital finance promotes bank loan financing and inhibits commercial credit loan financing. From the perspective of the transmission mechanism of digital finance, enterprise internal control plays an intermediary role in the mechanism identification of the impact of digital finance. Based on this, combined with the empirical research conclusions, this paper puts forward some suggestions on the financing relief of small and medium-sized enterprises from the perspectives of implementing digital financial policy, financial supply side reform and improving the internal construction of enterprises. References | Related Articles | Metrics

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The impact of financial technology on commercial banks' risk-taking-From the perspective of credit structure of commercial banks REN Bi-yun, ZHENG Zong-jie 2021 (05):  61-69.  Abstract ( 870 )   PDF (1418KB) ( 2931 )   The integrated development of financial technology and commercial banks has attracted extensive attention from all walks of life in recent years, but the research on the relationship between financial technology, credit structure and risk-taking of commercial banks is not sufficient. Therefore, this paper manually collects some data of Baidu search index and listed banks, constructs the financial technology development index, makes an empirical analysis based on the panel data of listed banks from 2013 to 2019, and discusses the relationship between the three. The results show that:(1) the integrated development of financial technology and commercial banks is conducive to reducing the risk-taking of commercial banks(2) There are significant differences in the effect of applying financial technology in different commercial banks. Compared with state-owned commercial banks, the effect of other joint-stock commercial banks applying financial technology to mitigate risk is more obvious(3) The application of financial technology to different credit structures has significant differences in the impact and preference of commercial banks on risk-taking. State owned commercial banks prefer to adjust the loan guarantee structure with the help of financial technology to mitigate risk-taking, while other commercial banks prefer to adjust the loan term structure with the help of financial technology to mitigate risk-taking. The research conclusion of this paper provides important enlightenment for the deep integration of fintech and commercial banks, optimizing credit structure and mitigating risk. References | Related Articles | Metrics

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Human Capital, Doing Business Optimization and Innovation of Foreign-Owned Enterprise-The Importance of Introducing Intelligence JIN Ting-ting, LIU Jun 2021 (05):  70-80.  Abstract ( 377 )   PDF (1408KB) ( 711 )   In the context of ease of doing business has become the cultivating new advantages in attracting foreign investment and technology, the impact of ease of doing business in developing countries on the intention of foreign-owned enterprises to innovate and the moderating effect of human capital in foreign-owned enterprises have been analyzes in this paper. The results are as follows:the ease of doing business has reduced the intention of foreign-owned enterprises to engage in technological, process and product innovation, and the average marginal effect has increased in turn; the internal mechanisms are the reduction of preferential degree of foreign-owned enterprises and the elevation of competitiveness of domestic enterprises; human capital of foreign-owned enterprises enhances the reducing effect of ease of doing business on their innovation intention, which achieving through enhancing the reducing effect of preferential degree of foreign-owned enterprises on their innovation intention and the promoting effect of ease of doing business on the competitiveness of domestic enterprises; human capital of foreign-owned enterprises has a significant innovation spillover effect, and the absorption capacity of domestic enterprises has a positive moderating effect. References | Related Articles | Metrics

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Natural Resources and Assets Accountability Audit of Officials and Green M&A-Evidence from Chinese Heavily Polluting Listed Companies CAO Yu-shan, MA Ru-hui 2021 (05):  81-91.  Abstract ( 354 )   PDF (1930KB) ( 1478 )   Taking China's A-share heavily polluting listed companies from 2011 to 2017, and examines the effect of natural resources and assets accountability audit of officials on corporate green M&A. The studies founds that natural resources and assets accountability audit of officials can significantly promote the local enterprises implement green M&A; and when the regional market competition is higher, the more they will inhibit the expansion of green M&A in the context of natural resources and assets accountability audit of officials. The further studies found that corporate green M&A will significantly increase corporate value, and the promotion effect is more significant in the year of M&A. Based on heterogeneity analysis, natural resources and assets accountability audit of officials will restrict the environmental governance behaviors of enterprises with different property rights, so as to promote them to adopt green M&A and implement green development. Further, natural resources and assets accountability audit of officials will be more conducive for companies in the eastern region to green M&A, but not obvious to the companies in the central and western regions.green M&A; regional market competition References | Related Articles | Metrics

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The Development of Smallholder Farmers in the Context of Enhancing Agricultural Competitiveness in China JIANG Yong-mu, LIU Qian 2021 (05):  92-100.  Abstract ( 329 )   PDF (1873KB) ( 860 )   There is an urgent need to boost the competitiveness of agriculture as well as to develop the massive smallholder farmers in China. First, this article redefines the agricultural competitiveness into three dimensions based on China's institutional and agricultural conditions, that is, to improve the production competitiveness is the basic requirement, to maintain the safety competitiveness is the strategic bottom line and to increase the market competitiveness is the key. Then, this article analyzes the internal mechanism of how smallholder farmers could improve agricultural competitiveness from these three dimensions. We conclude that we must not ignore the smallholder farmers in China and the key to improve the agricultural competitiveness is to develop smallholder farmers. However, the development of small farmers is limited by internal and external conditions currently. This suggests the following targeted policies:strengthen government support; enhance the self-development ability of smallholder farmers; promote the innovation and application of agricultural technology and material equipment and integrate smallholder farmers into the value chain. References | Related Articles | Metrics

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Influencing Factors of the Development Factors of Cultural and Creative Products in Rural Tourism LIU Min-kun, SANG Hong-li, LIANG Jian-hua 2021 (05):  101-110.  Abstract ( 597 )   PDF (1492KB) ( 1255 )   Using unique cultural as tourism attraction, developing cultural and creative products and bringing culture to life not only conform to the trend of integration of culture and tourism, which are conducive to the rural revitalization, but also can promote the cultural consumption of rural tourism and the development of local economy, society and culture. Based on a questionnaire survey of 314 rural tourists from two survey sites in Guangxi Zhuang Autonomous Region, this paper empirically analyzes the types of tourism consumers and the development factors of rural tourism cultural and creative products from the perspective of consumer values and perceived values.The results show that:in the development of cultural and creative products, external perception should be the basis to attract rural tourists' consumption, behavioral functionality should be the booster to stimulate purchasing behavior, and cultural carrying capacity can be a necessary condition to guarantee tourism consumption. Rural tourists can be divided into four types:functional rational tourists (35.4%), active enjoyment tourists (40.4%), potential development tourists (11.8%) and face perception tourists (12.4%). The development of cultural and creative products in rural tourism destinations should avoid product homogeneity, innovate folk and rural characteristics, guarantee price matching quality on the basis of paying attention to practical function, extend the cultural transmission chain, and promote cultural consumption experience. References | Related Articles | Metrics