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15 March 2016, Issue 02 () Previous Issue    Next Issue

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Public Services, Government Competition, Industrial Agglomeration LIU Yan-jun 2016 (02):  1-9.  Abstract ( 308 )   PDF (1332KB) ( 1035 )   To local public service, competition between local governments and industry agglomeration development into local government behavior logic, establish three interactive influence mechanism, using the Chinese provincial panel data from 1980 to 2013, validated by PVAR model, draw the conclusion:the local government for the realization of the local economic growth target, through the provision of public services to attract industrial investment promotes the development of industrial agglomeration; But local governments' public service not directly promote industrial agglomeration, must compete with other local government, after winning can effectively promote the industrial agglomeration; And the development of industry cluster can effectively stimulate the local government to further increase investment, providing more public products. Competition between local governments and local government behavior logic are two important factors that the government must consider in the process of industrial agglomeration. References | Related Articles | Metrics

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Housing Price and Residents' Income Distribution Gap-Based on the Empirical Study of the 26 Large and Medium-sized Cities YANG Qiao, YANG Yang-chang 2016 (02):  10-16.  Abstract ( 314 )   PDF (1048KB) ( 1473 )   Income distribution gap widening gradually and house price rising rapidly are the two major problems needed to be solved under China's new normal. In this paper, we consider the relationship between house price and income distribution gap to clarify the interaction mechanism. Based on panel data of 26 large and medium cities from 2003 to 2012, we construct house price' and gini coefficient's panel data regression model. The empirical results show that house price's influence on gini coefficient is positive; Gini coefficient's influence on house price is positive. And gini coefficient is more pronounced impact on house price. In addition, we find that the urbanization rate, GDP and development of the third industry also have significant impacts on house price and income distribution gap. Thus, in the process of urbanization, based on the interaction between house price and income distribution, we should connect the real estate regulatory policies with the income distribution policies. It's effective to restrain the house prices rising and narrow the income distribution gap. References | Related Articles | Metrics

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Measuring and Factors Affecting Total Factor Productivity of China's policy-based banks-Macro-Perspective and Micro-Dissection LIN Chun 2016 (02):  17-25.  Abstract ( 295 )   PDF (1112KB) ( 1157 )   In this paper,on the basis of reasonable definition of the input and output indicators of policy-based banks,a comprehensive and systematic comparative analysis of 2000-2014 total factor productivity of three China's policy-based banks.In conclusion,the productivity of our policy-based banks overall is low, it needs to further enhance efficiency and social benefits.Secondly,factors affecting the total factor productivity of China's policy-based banks through macro and micro perspective,we found that the factors which affect the total factor productivity of each bank is different,so our China's policy-based banks should take a bank a policy.Based on this,put forward suggestions of the reform and development of policy-based banks. References | Related Articles | Metrics

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Managerial Cognitive Bias, Corporate Government Quality and Over-investment-Evidence Based on Consistency of High Financial Performance ZHONG Ma, XU Guang-hua 2016 (02):  26-36.  Abstract ( 353 )   PDF (1092KB) ( 1598 )   Based on theory of behavioral and psychological science, people are prone to be overconfident because of self-attribution bias (SAB) when facing a serie of successes. Based on China's listed corporate data during 2001-2013,due to managerial SAB, we find that overinvestment firms overinvest more when high past performance exists; moreover, the overinvestment levels are high in the firms with 2-year-least consistent high performance, especially 3 years consistent ones. At last, our study provides evidence that the present corporate government in China can reduce but not remove this relationship between consistency of high performance and overinvestment. Our suggestion is that top executives should notice SAB in decision-making when facing past consistent successes. References | Related Articles | Metrics

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Enterprise Innovation Source:the Credit Market or the Stock Market LIU Pei-sen, LI Hou-jian 2016 (02):  37-50.  Abstract ( 287 )   PDF (1111KB) ( 1148 )   From 1999 to 2009 using the unbalanced panel data of China industrial enterprises as the research sample, build Heckman selection model to investigate the mechanism of action of the credit market, stock market and the influence factors of enterprise innovation. Study conclusion shows that the credit market development have to improve enterprise innovation in probability, reduce the scale of enterprise innovation double-edged function; Stock market development innovation participation and the scale of the enterprise has positive role; The credit market and stock market innovation of state-owned enterprises to participate in the development of private enterprises and collective enterprises, promoting effect is greater than the size of its innovation is smaller than the effect of private enterprises and collective enterprises; Credit market, stock market innovation in high technology industry and promote innovation scale were greater than the general industrial, dependent on high financing industry innovation participation and size of not less than the general industrial and low financing dependent industries. References | Related Articles | Metrics

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Growth, Product Market Competition and Cash Holdings-Empirical Evidence from Chinese Listed Companies WU Hao-min, HAN Jian-qiang, LI Wan-li 2016 (02):  51-61.  Abstract ( 396 )   PDF (1092KB) ( 1111 )   Industry environment and the corporate growth capability and competition can significantly affect the value effect of cash holdings, this paper investigates the value of cash holdings effect by using Shanghai and Shenzhen A shares in 2003-2013 annual data of listed companies, combined with the corporate and industrial growth capability and competition under the endowment difference (financing constraints and the nature of property rights). The study shows that:corporate cash holdings has significant value effect, competition can promote the value effect of cash holdings by weakening the information asymmetry and inhibiting agency problem; high-growth (corporate growth and industrial growth) can promote the value effect of cash holdings, and the promoting effect is more significant in non-state-owned companies of higher financing constraints than others; Product market competition is the critical path which high-growth promotes value effect of cash holdings, high-growth (corporate growth and industrial growth) promotes the value effect of cash holdings by enhancing the degree of competition (corporate competition and industrial competition). References | Related Articles | Metrics

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Living in the city: how can business immigrants enter into the self-employed domain MAO Feng-fu, BAI Yun-hao, ZHANG Miao 2016 (02):  62-70.  Abstract ( 281 )   PDF (1120KB) ( 1040 )   Business immigrants self-employment is an effective way for agricultural transfer population to live in the city. This paper analyzes the ways entering into self-employment of urban business immigrants and its influence factors, based on 668 questionnaires of self-employed entrepreneurs in the four typical cities of Zhejiang province and Jiangsu province. The modes of urban business immigrants into Self-employed business are divided into self-fumble, social network and experience shifting, and on the basis of this classification to discuss the effects of individual characteristics, human capital, social networks and enterprise features to different entering types. The results show that the choice about self-employment types of urban business immigration depends on the social network strongly, meanwhile, it is impacted significantly by the individual characteristics, work experience, the strength of network, network heterogeneity and enterprise feature factors.However, the influence of education lever and social network size to the manner of business immigrants' self-employed is not significant. References | Related Articles | Metrics

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Local Government Intervention, Rural Credit Capital Allocation and Anti-poverty XIE Ting-ting, GUO Yan-fang 2016 (02):  71-79.  Abstract ( 373 )   PDF (1274KB) ( 977 )   The local government intervention credit capital allocation can help poor rural to anti-poverty? Be present in poverty alleviation and development work need to clarify the problem. By building a dynamic panel model, using the system GMM to 30 provinces from 1988 to 2011 in our country local government intervention, the relationship between rural credit capital allocation and anti-poverty is analyzed. Conclude that China's local government intervention and poor slow inverted U type nonlinear relationship, the moderate local government intervention will help the poor to slow, and excessive local government intervention can form local government intervention trap, inhibit the anti-poverty effect; At the present stage in our country rural credit funds to help solve the financing difficulties, poor implementation poverty to slow, but our country rural credit allocative efficiency at a lower level, no significant effect on poverty slow; Compared with the local government intervention in the poorer areas, local government intervention degree of strong regional scale and efficiency of rural credit capital allocation for poor slow effect is more significant. References | Related Articles | Metrics

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Influence of Health Shocks on Farmers' Participation in Private Lending-Empirical Evidence from CHARLS Data YANG Qing, MA Chao, LIU Wei-zhong 2016 (02):  80-89.  Abstract ( 303 )   PDF (1129KB) ( 909 )   This paper, based on 6220 farmers' family samples of 25 provinces by China Health and Retirement Longitudinal Study(CHARLS) in 2013 and using the Logit Model, has empirically analyzed the impact of health shocks on farmers' participation in private lending.The results are as follows:First,different health shocks have different effect on farmers' participation in private lending.The chronic health shocks have no significant influence on farmers' participation, but the acute health shocks have a positive impact on it. Second, the effects of different health shocks on farmers' participation are different in terms of age and marriage.In the respect of age difference, chronic health shocks have no influence on both the old and the middle-aged farmers' participation in private lending.Acute health shocks have a positive effect on the middle-aged farmers' participation, but no significant impact on the old farmers' participation. In the respect of marriage difference, chronic health shocks have no significant influence on both the married and the unmarried farmers' participation. Acute health shocks have no impact on the unmarried farmers' participation, but have a positive effect on the married farmers' participation in private lending. References | Related Articles | Metrics

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Can Investment Growth Increase the Industrial SO2 Discharge-An Overall Judgment and Structural Compare Based on Spatial Panel Model XU Zhi-wei, CHANG Xu-rui 2016 (02):  90-99.  Abstract ( 340 )   PDF (1229KB) ( 978 )   For verifying if the investment increased pollution discharge load, according to a spatial panel model, the article focuses on the empirical analysis about the effect of the total investment growth and structure difference to the industrial SO2 emissions in China's 31 provinces from 2004 to 2013. The article finds the industrial SO2 emissions have a significant spatial spillover among the inter-provinces and also form a "high-high" agglomeration in some regions. From the overall views, there is a significant inverse "U" relationship between industrial SO2 emissions and total investment. From the structural views, the local investment has a significant influence to emissions. For the given high discharge industry, non-state-owned investment is the primary cause leading to the emissions, even though there are no difference between the state-owned and non-state-owned investment superficially. The different scale of investment has a similar effect to industrial SO2 emissions and also nothing to do with the segmented industry. The expansion and reconstruction project is nearly unrelated to industrial SO2 emissions, and the key factor is mainly from the new construction project. References | Related Articles | Metrics

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Mechanisms and Outcomes of Circular Economy Implementation in Chinese Manufacturing Companies HUANG Cheng-lei 2016 (02):  100-110.  Abstract ( 397 )   PDF (1724KB) ( 1512 )   Comprehensive understanding of mechanisms and outcomes of circular economy implementation is critically important for companies in their environmental and operational practices. Based on data collected from 291 Chinese manufacturing companies, structure equation modeling (SEM) has been employed as the major research method to test a hypothesized theoretical model. Analysis results suggest that the mechanism of circular economy implementation includes three dimensions:reduction, reuse, and recycle; companies' circular economy implementation positively impacts their environmental and business performances; and companies' environmental and business excellencies can be complimentarily achieved. References | Related Articles | Metrics