Journal of Guizhou University of Finance and Economics

Factor Substitution, Technical Progress and Dynamic Comparative Advantage in China's Manufacturing Industry Sector

ZHENG Meng, YANG Xian-ming

2017 (06): 1-18.

Abstract ( 400 )

PDF (2397KB) ( 929 )

This paper links the dynamic comparative advantage in china's manufacturing industry sector with capital-labor factor substitution and technical progress to explain the transmission mechanism of factor substitution growth effect. In view of this, we take 29 manufacturing industry sectors in China from 2001 to 2014 as an example and get the following conclusions after theoretical derivation and empirical survey. Firstly, the improvement of factor elasticity of substitution can realize dynamic comparative advantage changes by accelerating capital accumulation. Secondly, both innovation and imitation technology progress can make the transformation of dynamic comparative advantages. Thirdly, the above two kinds of technological progress are replace each other for the marginal effect of dynamic comparative advantage. The conclusion are still reliable after considering endogenous and robustness. Therefore, we should focus on the capital accumulation effect of factor substitution and improve the change of technological progress to productivity in the future. On this basis we should optimize the resources distribution of factors and select appropriate technology progress path to realize dynamic comparative advantage changes.

References | Related Articles | Metrics

Regional Financialization, Governmental Behavior and Industrial Structure Upgrading——An Empirical Study on the Panel Data of four Economic Regions in China

XU Yun-song, QI Lan

2017 (06): 19-31.

Abstract ( 394 )

PDF (1752KB) ( 880 )

Based on the panel data of China's four economic regions from 2006 to 2015, this paper empirically analyzes the impact of promotion of regional financialization on industrial structure upgrading by using instrumental variable method and whether the impacts are significantly different under different degrees of government intervention in the financial sector. And the following conclusions are achieved:(1)the rising of level of regional financialization has a significant role in promoting the industrial structure upgrading, and the less developed region has a larger contribution margin than the developed region. (2)the intervention of local government in the financial sectors leads to the distortion of financial function and market allocation mechanism, which will weaken the promotion of industrial structure upgrading. The greater pressure on fiscal revenue and expenditure, the more serious the weakening effect. Therefore, to establish a benign circulation mechanism of financialization and industrial structure upgrading, the core is to accelerate the reform of regional financial marketization, putting the fiscal system reform into the same analysis framework to realize the coordinated and orderly development with regional financial evolution.

References | Related Articles | Metrics

Analysis of Regional Energy Efficiency and Influencing Factors in China——Based on DEA-Malmquist model

CHEN Hai-yue

2017 (06): 32-39.

Abstract ( 543 )

PDF (876KB) ( 1008 )

Based on the panel data of 28 provinces (municipalities and autonomous regions) in China from 1995 to 2015, the results of the study on the energy efficiency of China's provinces based on the DEA model and the Malmquist index show that:On the whole, energy efficiency and total factor energy productivity in each region increased from 1995 to 2015; Energy efficiency and total factor energy productivity in different regions were different; Energy efficiency in many regions, such as Sichuan, were in the frontier, while energy efficiency in Qinghai was low. In most, the technical efficiency of the region is high, indicating that the region has maintained a high level in improving the management technology level, introducing advanced technology equipment and production management optimization.

References | Related Articles | Metrics

The Impact of Social Responsibility Information Disclosure on Firm Financing Cost——Empirical Evidence Based on Listed Companies in China

ZHAO Liang-yu, RUAN Xin-yi, LIU Fen-fen

2017 (06): 40-52.

Abstract ( 425 )

PDF (1634KB) ( 966 )

Based on the angle of corporate finance and the background of social responsibility information disclosure in our country 1 this paper first discusses the four influence paths of social responsibility information disclosure on corporate finance. Then 1 use the information of Listed companies from 2014 to 20151proved that corporate social responsibility information disclosure can reduce the cost of equity capital and the cost of debt capital 1 the higher the quality of its social responsibility information disclosure 1 the lower the cost of these two capital. What's more 1 as the same quality level of social responsibility information disclosure 1 the impact on the cost of equity capital is greater than the cost of debt capital.

References | Related Articles | Metrics

An Analysis on Donation-based Crowdfunding with the background of Charity Law:Current Situations, Challenges and Responses

KE Xiang

2017 (06): 53-60.

Abstract ( 451 )

Based on an empirical study of some major crowdfunding platforms and their operation, the author categorizes donation-based crowdfunding as the following three main models:self-service model, leveraging model and mixed model. Each model has its advantages and disadvantages. Donation-based crowdfunding contribute to enhancing the public's participation in public good, innovation of charity projects, transparency of the charity industry and the public's trust for the whole charity industry. In the same time, donation-based crowdfunding faces many risks. Before the formulating of Charity Law, donation-based crowdfunding is at the stage of growing wildly. With the enforcement of Charity Law, the legality of some operation models of donation-based crowdfunding will be challenged. In order to make sure that donation-based crowdfunding getting onto the right track, some effective measures from the perspectives of both the regulator and the supervised have to be taken to reduce the risks and meet the challenges.

References | Related Articles | Metrics

An Analysis of the Employment Effect of Foreign Direct Investment on Small and Small Enterprises:An Empirical Study Based on the Perspective of Enterprise Size Heterogeneity

WANG Yan, ZHANG Hong-zhen

2017 (06): 61-69.

Abstract ( 413 )

PDF (1229KB) ( 916 )

In the context of China's large and medium-sized enterprises in foreign direct investment in full swing and small micro-enterprises' development being in difficult situation, from the perspective of corporate heterogeneity, this paper systematically examines the impact of large and medium-sized enterprises' foreign direct investment on the employment of small and medium enterprises in the home country. On the basis of clarifying the influence mechanism of the large and medium-sized enterprises OFDI to the employment mechanism of small micro-enterprises, this paper use of China's 2001 to 2013 panel data to verify the theoretical analysis of the conclusions. The study found that, on the whole, China's large and medium-sized enterprises have a significant impact on the employment of small and medium enterprises in the home country, and the net effect is positive;from the results of sub-regional estimates, the impact of large and medium-sized foreign direct investment on the employment of small micro-enterprises exists spatial heterogeneity;The level of financial development in the region plays an important role in the impact of large and medium-sized enterprises OFDI on the employment of small and medium enterprises in the home country.

References | Related Articles | Metrics

Environmental information disclosure and the managerial effect of environmental performance improvement——Panel data analysis of 2011-2015 heavy polluting enterprises in China

MENG Ke-xue, YANG Li-yao

2017 (06): 70-81.

Abstract ( 382 )

PDF (1505KB) ( 922 )

The short panel data of 97 Chinese listed companies with heavy pollution during 2011-2015, and conducts an empirical study on the relationship between senior officials and the environmental information disclosure of enterprise environmental performance and found that there were significantly positive correlation between gender, age education and tenure and corporate environmental performance, environmental performance of enterprises to improve management effect of process, and the moderating effect of environmental information disclosure; but have different effects on the state-owned enterprises and non state-owned enterprises environmental performance in different aspects of executive characteristics, gender is an important aspect of corporate environmental performance. Finally, suggestions and suggestions for improving the environmental performance of heavy polluting enterprises in China are given.

References | Related Articles | Metrics

Organizational learning capacity, new product development speed and organizational performance:the moderate effect of demand uncertainty

DENG Xin-cai, CHEN San-ke, MA Li

2017 (06): 82-91.

Abstract ( 354 )

PDF (1291KB) ( 905 )

This article identifies the relationships between the organizational learning capacity, new product development speed and organizational performance, as well as considering the effect of demand uncertainty. The empirical results based on the data from 101 shoes and clothing enterprises in Fujian concludes that:organizational learning capacity enhances the organizational performance through the mediate effect of the new product development speed. But the demand uncertainty positively moderates the positive relationship between NPDS and organizational performance. Finally, there are also some limitations and expectations should be considered in the future.

References | Related Articles | Metrics

Debt Decision-making and Debt Level of the Chinese Rural Households:Evidence from CHFS

CHEN Yi-li, ZENG Lin-lin

2017 (06): 92-101.

Abstract ( 467 )

PDF (1207KB) ( 895 )

Basing on the micro-data of the Chinese Household Financial Survey (CHFS), we investigated debt decision-making and debt level of the Chinese rural households. The study found that the production management and the housing of a family were two important factors to debt decision and debt level, the financial assets significantly decreased the possibility and level of debt. There are financial needs of rural residents in various income groups, and the income does not significantly affect the decision-making and degree of debt. Interest rates and price expectations, which were both factors that involved cost and benefit directly, impacted the debt decision-making of residents.

References | Related Articles | Metrics

Integrated Poverty Alleviation:A New Model of Poverty Alleviation Governance——Taking Dali's Experience of Poverty Alleviation as an Example

MA Guang-xuan, LIU Qiang

2017 (06): 102-108.

Abstract ( 378 )

PDF (1163KB) ( 911 )

A comparative analysis of the developmentist paradigm, the institutionalist paradigm, and the policy paradigm in the study of poverty alleviation will find that the practice of poverty alleviation in some parts of the region is more in line with the policy poverty alleviation path under the policy paradigm. This path is easy to form the "ratcheting effect" of the poverty alleviation effect, resulting in the "Matthew effect" of the policy result,and triggering the "alienation effect" of the grassroots regime. Through the investigation of the practice of poverty alleviation in Dali state of Yunnan province, we find an integrated poverty alleviation model, which has the overall emissive characteristic in the sense of integration and follows the endogenous logic, the whole logic and the comprehensive logic, Effectively enhance the implementation of national poverty governance policy performance and to resolve the local government policy risks, can be seen as a poverty alleviation theory and practice model of innovation.

References | Related Articles | Metrics

Table of Content