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15 May 2018, Issue 03 () Previous Issue    Next Issue

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The Distribution Effects of China's Monetary Policy: An Open Economy Perspective CHEN Li-feng, LEI Pan-pan 2018 (03):  1-13.  Abstract ( 511 )   PDF (1588KB) ( 136 )   In this paper, we consider a open economy NK-DSGE model with trade and nontrade sector, and investigate the distribution effects of China's monetary policy. The result shows that, consumption and real wage belongs to different household behaves differently, and consumption inequality and income inequality significantly upward when the positive technology shocks of trade sector shots the economy. Based on this, the result of policy evaluation argues that:(1)the optimal policy tends to decrease consumption inequality and income inequality;(2)if strict growth targeting policy implemented, consumption inequality and income inequality tends to the largest range of deterioration, and the nominal exchange rate targeting policy follows;(3)the impact of real exchange rate targeting policy on consumption inequality and income inequality is closer to optimal policy than other policy regime. Therefore, based on the perspective of the inequality that led by the distribution effect of monetary policy, monetary policy should respond to real exchange rate. References | Related Articles | Metrics

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The Political Economics Analysis on Financing Support of Supply-Side Structural Reform HE Si-jin, DU Qing, FAN Cong-lai 2018 (03):  14-20.  Abstract ( 0 )   PDF (1110KB) ([an error occurred while processing this directive])   Overproduction is the result of the contradiction between the production conditions and the realization conditions,attributed to the contradiction between the productive forces and the consumption force. Supply-side structural reform is to relieve the contradiction between productive forces and spending power. Consumption power is based on productivity, so the key to solving the contradiction between productivity and consumption is to improve the level of social productivity. Driving innovation, especially the financing of innovative enterprises, is the core of productivity in the context of supply-side structural reform. At the same time, innovative companies have the characteristics of uncertainty much, investment risk high, investment cycle long. Considering the match between benefits and risks, capital finance (private equity, venture capital, etc.) is an important financial support for supply-side structural reform, in addition to the traditional forms of credit. References | Related Articles | Metrics

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The Influence Mechanism of National Capital and Private Capital Layout Structure on Manufacturing Performance -Panel Threshold Analysis Based on Micro Data of Manufacturing Industry CHEN Hong, YANG Li-yuan 2018 (03):  21-29.  Abstract ( 403 )   PDF (1112KB) ( 98 )   Based on the expansion of Solow-Barro model, we build a growth model of the proportion of state-owned capital and private capital, and reveal the proportion relationship between state-owned assets and private capital under the path of steady growth. Based on the panel threshold regression model, an empirical analysis of the balance panel data of 7308 enterprises in 1998-2014 years is constructed based on the Chinese industrial enterprise database. The impact coefficient of the proportion of national capital and private capital on the overall economic (enterprise) output index before and after the threshold value is investigated. The difference of the influence coefficient is analyzed in detail. It can be the reason. The empirical evidence shows that the state-owned economic components have the function of leading the development in the economic post area, and the cumulative effect will be produced by continuously strengthening the leading and demonstration role of the state capital in the rear area. The western region of China can make greater efforts to attract the surplus of state-owned capital in the eastern part, so as to promote the development ofeconomy. References | Related Articles | Metrics

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Risk Assessment of “The Belt and Road” from the Grand Strategy Theory: Vector Autoregressive Analysis of China's Multivariate Indexes to Singapore YANG Da 2018 (03):  30-40.  Abstract ( 392 )   PDF (1443KB) ( 105 )   The Belt and Road initiative concerns the development of China and the world, and a clear ranking of its risks involved from the Grand Strategy theory would help optimize the allocation of limited resources. Based on quantitatively measuring initiative objective and means of "The Belt and Road", then through the Vector Autoregressive method applied to the analysis of the objective and means, and those among the means, we hope to determine the ranking of risks by intensity. Take Singapore as an example, the ranking of risks is consistent with the empirical facts. For China, it is imperative to formulate a macro-level coordination of its initiative means, along with making hedges with political means. The above attempts, based on cross sectional data of Singapore, are expected to lay the foundation for future research using multiple country panel data. References | Related Articles | Metrics

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How does Strategic Deviance Affect Corporate Cash Holdings YANG Xing-quan, ZHANG Zhao-hui 2018 (03):  41-53.  Abstract ( 452 )   PDF (1346KB) ( 141 )   Using data of A-share listed firms in China from 2007 to 2015 as samples,combined with the firms' competition position,this paper examines the impact of firms' strategic deviance on firms' cash holdings. The research shows that:strategic deviance is positively related to firms' cash holdings level. Firms' competitive position can weaken the positively relationship. The further test shows that:the higher strategic deviance can enhance firms' financing constraints,increase firms' risk and innovation investment,thus promote firms' cash holdings level. Strategic deviance can enhance corporate cash holdings' competitive effect,but such effect will be not significantly in higher competitive position firms. This study shows that the degree of strategic deviance is one of the important influence factors of corporate cash holdings,and the research can provide reference for firms' management to make cash holding strategy and choice corporate strategy to gain competitive advantage. References | Related Articles | Metrics

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A Study on The Efficiency Evaluation of Technology Finance Development Based on PCA-DEA-Moran Index LONG Yun-fei, YANG Hui, ZHU Yan 2018 (03):  54-63.  Abstract ( 386 )   PDF (1194KB) ( 127 )   through the construction of the scientific and technological financial efficiency evaluation model based on the combination of principal component analysis, enveloping data analysis and Moran index, the efficiency of science and technology finance in China is evaluated by using the scientific and technological financial input index and output index of 31 provinces (cities and autonomous regions) in 2015.It is found that the scientific and technological financial efficiency of most parts of the country is relatively low, while Beijing, Shanghai, Zhejiang, Jiangsu, Guangdong and Tianjin have high efficiency in scientific and technological financial input-output, and the scientific and technological financial efficiency in each region shows an obvious regional unbalanced development trend. Further, according to the results of the empirical analysis, We should improve the overall efficiency and level of technology finance development from the innovation of scientific and technological financial products, the optimization of the investment channels of scientific and technological finance, the construction of the service platform of scientific and technological finance and the coordinated development of the scientific and technological financial regions. References | Related Articles | Metrics

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The Research of the Relationship between SOE's Past Performance and CEO Forced Turnover under Multiple Situational Factors WU Ming-xia, XIE Yong-zhen 2018 (03):  64-71.  Abstract ( 358 )   PDF (978KB) ( 89 )   Using comprehensive financial and accounting data on China's State-owned listed firms from 2007 to 2016, we estimate the relationship between past performance and CEO forced turnover in order to prove that China's State-owned listed firms have multiple goals. There is a significant negative relationship between past performance and CEO forced turnover in loss-making firms but no such relationship in profit-making firms. These results indicate State-owned enterprises' multiple goals have effects on the relationship between past performance and CEO forced turnover. References | Related Articles | Metrics

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A Study on the Double Benchmark Effect of Executive Compensation Contract of Affiliated Group Enterprise SUN Yuan-yuan, MA Zhong 2018 (03):  72-84.  Abstract ( 373 )   PDF (1534KB) ( 97 )   Based on the 2008-2015 annual data, this paper empirically examined the double benchmark effect in the executive compensation contract of affiliated group enterprise in our country. Research indicated that, in the process of executive compensation, the executive compensation of affiliated group enterprise is affected not only by the influence of the executive compensation of the external peers, but also by the benchmark of the other listed companies within the affiliated enterprise group. As the number of companies in affiliated enterprise group increases, the internal benchmark effect is even more pronounced. Further research found that, there is tradeoff behavior in the selection of external and internal benchmark. The listed company will increase the weight of the higher of the two benchmarks. This shows that the board pay attention to the social psychology of executives when making executive compensation contracts and satisfy the executive's fair preference through the use of internal and external benchmarks,and helps us to understand and improvement the decision mechanism of executive compensation for affiliated group enterprises. References | Related Articles | Metrics

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Work for Welfare and Community Governance: Double Effcets of Public Job Program for Poverty Alleviation in Rural China -An Action Research Project in Qinba Mountain Area ZUO Ting, WANG lin-ying, KUANG Zong-ren 2018 (03):  85-92.  Abstract ( 389 )   PDF (1645KB) ( 110 )   With the weakening of the effectiveness of conventional intervention programs and the frequent negative incentives in poverty alleviation, the system of poverty reduction governance needs to be improved and perfected urgently. Poverty alleviation through public job provision based on the idea of work for welfare has not only effectively responded to the problem of welfare reliance and negative incentives in poverty control, but also realized the income growth of impoverished individuals, the integration of communities and the improvement of their capabilities. While effectively boosting poverty and tackling poverty, the governance and practice of their right to participation, decision-making and development have made rural governance significantly improved by stimulating the subjectivity of poor people. Poverty alleviation by public job provision through maximizing the subjective initiative of the poor, improve the viability, gain a sense of identity and feeling of happiness other than remuneration for work, and attach importance to the well-being of rural governance, burst endogenous development momentum. References | Related Articles | Metrics

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The Trend of Intergenerational Transmission of Income gap: From the Perspective of Sectors Segmentation XU Xiao-hong, CAO Ning 2018 (03):  93-101.  Abstract ( 424 )   PDF (1086KB) ( 106 )   Based on the micro data of CHIP 1988-2013 and the method of quintile regression,this paper examines the trend of intergenerational transmission of income gap.The results show that:the level of intergenerational transmission of income gap of non-state sector is lower than that of state sector,but presents a slowly rising trend.In the top quintile of state sector,the intergenerational transmission of income gap has been improved significantly,but in the bottom quintile of both sectors,the mobility is very slow and easily fall into poverty. Througn further analysis of the intergenerational income flow matrix and Shorrocks index, it shows that:the state sector has higher flow quality, children in this sector are more likely to achieve a net upward flow. References | Related Articles | Metrics

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Study on the factors influence ethnics areas residents'attitude to tourismdevelopment and their resources protection behavior based on SEM PANG Juan, HE Yuan-qing, SUN Jin-ling, HE Ze 2018 (03):  102-110.  Abstract ( 454 )   PDF (1214KB) ( 96 )   A structural relationship model consists of five factors was proposed. The model is based upon 322 questionnaires by world culture heritage site residents of NAXI Minority in Lijiang. The influencing factors of residents' attitude to tourism development and their resources protection behavior were tested by utilizing structural equation modeling approach involving Confirmatory Factor Analysis.The results show that:(1) Perceived economic benefits and cultural benefits have significant positive effects on residents' attitude to tourism development, whereas perceived economic costs and cultural costs have significant negative effects on residents' attitude to tourism development. (2) Perceived economic benefits, cultural benefits and environment benefits have significant positive effects on residents' resources protection behavior, whereas perceived cultural costs and environment costs have significant negative effects on residents' resources protection behavior. (3)Place attachment had an indirect positive effect on residents' attitude towards tourism development through the perceived economic benefits and cultural benefits, and had an indirect negative effect on residents' attitude towards tourism development through the perceived economic costs. Place attachment had an indirect positive effect on residents' resources protection behavior through the perceived economic, cultural and environment benefits.(4) Community involvement had an indirect positive effect on residents' attitude towards tourism development through the perceived economic and cultural benefits, and had an indirect negative effect on attitude towards tourism development through the perceived economic costs. Community involvement had an indirect positive effect on residents' resources protection behavior through the perceived economic, cultural and environment benefits, and had an indirect negative effect on residents' resources protection behavior through the perceived environment costs.(5) There are different factors that influence residents' attitude to tourism development and their resources protection behavior. References | Related Articles | Metrics