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15 January 2017, Issue 01 () Previous Issue    Next Issue

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Factor Price Distortion, Capital Deepening and Labor Income Share in China DING Jian-xun 2016 (01):  1-13.  Abstract ( 349 )   PDF (1329KB) ( 1676 )   This paper links the share of labor income with the factor price distortion and capital deepening to explain the decline of the share of labor income in China. On the one hand, based on the study of factor substitution elasticity and the relative distortion of factor prices since the 1990s, it is inferred and observed that the relative distortion of factor prices has negative effects on the share of labor income. On the other hand, rigorous econometric analysis also shows that the relationship between the share of labor income and the relative distortion of capital-labor prices changes in the opposite direction, while the relationship between the share of labor income and the ratio of interest rate to wage rate changes in the same direction. That is, the relative distortion of factor prices (Interest rate/wage rate ratio is artificially depressed) reduces the share of labor income in China. The conduction path is:the relative distortion of factor prices→capital-biased technological progress→capital deepening→decline of labor income share. To correct the relative distortion of factor prices, it is necessary to accelerate the market-oriented reform of factor markets. Related Articles | Metrics

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How the Biased Land Supply Pushes up House Prices-Empirical Analysis Based on Spatial Durbin Model WEN Le, PENG Dai-yan 2016 (01):  14-24.  Abstract ( 386 )   PDF (1196KB) ( 1151 )   Using panel data of 281 cities from 2001 to 2013 and employing spatial econometric models, this paper studies the reasons of the rise in house prices and spatial effects of land supply on house prices. Our empirical analysis comes to the following conclusions:the total effect of land supply for national house prices is -0.0532, which shows that land supply plays an important role in house prices; land supply has a significant negative spatial spillover effect on house prices, its role in regional house prices will be overestimated if spatial spillover effect was neglected. Besides, spatial effect is different in time and space. The influence of spatial effect of land supply on house prices is greater in the east than that in the Midwest China since 2003, which shows that the biased policy of land supply has led to a further rise of house prices in the east. In addition, we found that the ratio of industrial land has important influence on house prices. Therefore, in order to rein in house prices from rising too fast, it is necessary to deepen the reform of land supply, increase amount of land supply and adjust land structure to prevent the excessive expansion of industrial land. Related Articles | Metrics

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How to Reduce the Banks' Collateral Requirements for Small and Micro Enterprises Effectively-Based on the perspective of lending technology DONG Xiao-lin, CHENG Chao, SHI Xiao-lei 2016 (01):  33-42.  Abstract ( 336 )   PDF (1109KB) ( 1055 )   Based on the theoretical analysis on collateral mechanism, this paper empirically researches the lending technologies which can effectively replace the collateral and further analyzes the reasons why it is difficult for certain lending technologies to be alternatives which can reduce the banks' collateral requirements for and ease the credit rationing of small and micro enterprises. The result of the study indicates that the collateral and the borrower default risk have a significant negative correlation; customer selection effect dominates the collateral mechanism; relationship lending technologies and guarantee lending technologies can significantly reduce the bank's collateral requirements. Meanwhile, it also shows that the substitution effects of financial statements and credit rating technology are quite weak. With the improvement of financial infrastructure, the substitution effect of credit rating technology is gradually emerging, but it would be difficult for the financial statements to substitute collateral even if they are audited. On the basis of the above, we suggest improving the financial infrastructure and the capability of risk assessment for the lending technologies. Related Articles | Metrics

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Regional Difference of Guarantee Institutions' Service Efficiency and its Effective Service Section-Based on the Survey of Different Modes of Guarantee Institutions XUE Jing, DENG Fan-fan, XIAO Min-na 2016 (01):  43-52.  Abstract ( 322 )   PDF (1098KB) ( 1005 )   We design questionnaires to get basic data from 204 financing guarantee institutions in 15 cities to analyze the financing guarantee service efficiency of policy guarantee agencies, commercial guarantee agencies and mutual guarantee agencies for small and medium enterprises. Conclusions from the empirical analysis reveal that the function of the above guarantee institutions in financing service system for small and medium enterprises varies in different areas. Regional economic development, industry concentration degree, the level of enterprise credit system, the degree of government support, the fund demand of small and medium enterprises and the development and location of commercial banks are the main factors to cause regional differences in financing guarantee service efficiency. Moreover, the impact of the above factors on the financing guarantee institutions is quite different accordingly. These conclusions provide a basis for reasonably defining the service function of the above three patterns of guarantee institutions in the financing service system for small and medium enterprises. Related Articles | Metrics

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Research on Social Capital, Political Connection and Company Investment Behavior LI Zhen, CHEN Qian-kun 2016 (01):  53-58.  Abstract ( 408 )   PDF (1071KB) ( 1188 )   Based on the theoretical analysis of sociology, political science and economics, this article researches the effect of social capital, political connection as well as its interaction term on the investment behavior of companies. Empirical findings include:the state-owned companies have effectively reduced the level of excessive investment with the increase of social capital. But there are no enough reasons to reckon that the non-state owned companies have also reduced their level of excessive investment accordingly. The political connection has improved the excessive investment behavior of the state-owned and non-state owned companies. In the context of political connection, social capital will restrain the company's excessive investment behavior. The influence of political connection on the over-investment of state-owned companies and non-state companies is more significant than that of social capital. Related Articles | Metrics

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Profitability, Environmental Enforcement and the Share Price Response to Environmental Law-based on the release of “The New Environmental Protection Law” ZHANG Gen-wen, ZHANG Wang-fei 2016 (01):  59-69.  Abstract ( 351 )   PDF (1207KB) ( 1202 )   Based on the theory of compliance cost, this paper takes the release of "The New Environmental Protection Law" as an example and uses the event study method to measure to effects of "The Strictest Environmental Law" on the share price. Furthering, we analysis the factors which influence the share price volatility with use of Multiple Regression. The empirical shows that:(1) Not only the new law enacts, but also the implementation of the new law makes a negative effect on the share price; (2) In the window period of new law enacts, the company with good profitability and more stringent environmental enforcement face more obvious negative effect; (3) In the window period of new law implement, the profitability contribute to the fall of the share prices and we do not find significant correlation between the enforcement of environmental law of the local government and the share price volatility. The research indicates that the share price react to the law enacts behaviors as a "policy shock effect", while the share price react to the law implements behaviors as a "revelation effect". The results can contribute to a better comprehension of investor behavior characteristics, decision making process and influencing mechanism. Related Articles | Metrics

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Self, Green Consumption Situation and Relationship Building between Consumers and Green Brands ZHANG Qi-yao, SUN Xi-xiang, CAI Ling-hui 2016 (01):  70-80.  Abstract ( 376 )   PDF (1112KB) ( 1628 )   The research system of the relationship between consumers and green brands is built based on the consumer self, green consumption situation and green brand attachment. The measurement scales of consumer self, green consumption situation and green brand attachment are confirmed by the exploratory factor analysis and confirmatory factor analysis. The variable combinations of consumer self and green consumption situation which led to green brand attachment are explored by the fuzzy-set qualitative comparative analysis based on the correlation analysis. The social self and ideal self of consumer self is found to be the essential requirement for the relationship building between consumers and green brands. And variable combinations of consumer self and green consumption situation have lock-in effects and complementary effects on the relationship building between consumers and green brands. The research results will offer different options to and enrich the theoretical system of green brand management. Related Articles | Metrics

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Local Knowledge Spillovers and Evolution of Enterprise Total Factor Productivity-A research based on Chinese manufacturing enterprise data TANG Xue-liang, ZONG Da-wei 2016 (01):  81-93.  Abstract ( 318 )   PDF (1151KB) ( 1027 )   By building the local knowledge spillover model, this article introduces the effects of neighbor enterprises of local areas into the total factor productivity evolution equation of the enterprise-the Tobit-II regression equation. Based on the manufacturing enterprise data (2000-2007), this empirical analysis finds that:(1) the neighbor enterprises at the county, city and province levels have significantly positive spillover effects on the total factor productivity evolution of the observed enterprises; (2) the neighbor enterprises at the county level have the largest spillover effect, the neighbor enterprises spillover effect at the city level is the second, while at the province level the neighbor enterprise spillover effect is the weakest and the most unstable; (3) more communication opportunities among the neighbor enterprises can encourage local productivity spillovers; (4) the higher ratio of the neighbor enterprises in the same industry would promote local productivity spillover effect; (5) the source of regional productivity spillover mainly comes from the neighbor with high efficiency, while the influence of the neighbor enterprises with low efficiency is negative. Related Articles | Metrics

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Nature of Ownership,Female Executive Participation and R&D Investment-The Evidence from Technology-Based SMEs GU Qun, WU Zong-yao, WU Jin-dan 2016 (01):  94-100.  Abstract ( 377 )   PDF (1091KB) ( 1142 )   Based on Upper Echelon Theory, taking listed companies in Shenzhen Stock Exchange from 2008 to 2014 as samples, this paper analyzes the impact of female executive participation on the R&D investment. The nature of ownership plays a significant moderating role. This study finds out that female executive participation has a significant negative effect on R&D investment. In private enterprises, female executive participation has a stronger impact on R&D investment. Related Articles | Metrics

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The Antecedents and Consequences of Corporate Social Responsibility-A Structural Literature Review SHEN Yi, XU Guang-hua 2016 (01):  101-110.  Abstract ( 346 )   PDF (1212KB) ( 1729 )   Corporate Social Responsibility (CSR) is becoming a hot topic in both academics and industry sectors. Although the theory of CSR has been built for more than three decades, we are still not very clear about its entire logic frame. Based on the Chinese and English literature in the last 30 years, we begin our literature review with the concept of CSR and then we develop it to a "line" which includes the relations between CSR and financial performance. Finally, we built a net, including the antecedents and consequences of CSR. This study contributes to the literature in understanding the entire structure of CSR. Related Articles | Metrics