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15 November 2018, Issue 06 () Previous Issue    Next Issue

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Does Export Quality Influence Firms' Export Volatility-Empirical Evidences in Financial Crisis Period LI Xiao-ping, DAI Zhi-hui 2018 (06):  1-14.  Abstract ( 422 )   PDF (5863KB) ( 933 )   When studying the economic effect of export quality, literatures focus on "the puzzle of China's trade growth", while insufficient attention has been paid to trade volatility under crisis impact. Based on China customs trade data and industrial enterprises data from 2006 to 2011, this paper adopts a mediation effect model to investigate influences of export quality on export volatility and the action mechanism during the period of financial crisis. It is found that enterprise's export quality negatively affects export volatility during financial crisis, and higher export quality is associated with less export volatility. Income effect of the demand side and diversification effect of the supply side are important channels, via which relatively high export quality suppresses export volatility, and approximately account for 1/2 of the suppression effect.An enterprise with relatively high export quality inhibits export volatility due to a relatively high consumption proportion of a higher-income country, relatively low demand volatility and relatively low market concentration. However, high export quality of enterprises within high-tech industries is related with higher export volatility, since the relatively high demand volatility of the product category during the financial crisis period aggravates export volatility. The conclusion provides theoretical and empirical supports for the trade strategy of "high-quality development" and "structural adjustment for stable growth" under China's new economic normal. References | Related Articles | Metrics

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Can FTA Promote Export Diversification-Empirical Analysis Based on Chinese FTA YU Zhen, ZHOU Bing-hui 2018 (06):  15-25.  Abstract ( 423 )   PDF (2434KB) ( 890 )   Based on the heterogeneous firms model under the monopolistic competitive conditions established by Melitz & Helpman, this paper analyzes the influence mechanism of FTA on Chinese export diversification. Then the paper verifies the impact mechanism by using China's HS-6-digit export product panel data from the 17 countries covered by Chinese trade preferential policy in 2005-2014. The results indicate that the FTA signed by China can promote Chinese export diversification to a certain extent, but there are significant national differences in the promotion effect. Only when the partner country is a developing country will the implementation of FTA promote the export diversification, and a 1% reduction in tariffs in developing countries will lead to an increase of 0.061% in the number of export commodities. In addition, the improve of the Chinese relative TFP, the growth of the agreement countries' GDP, the increase of the relative price level of the agreement countries, the narrowing of differences in the political systems and the reduction in transportation costs will also promote Chinese export diversification. In summary, we should take the "the Belt and Road" as an opportunity to promote the process of signing trade preferences with neighboring countries, further enhance Chinese export diversification and promote the upgrading of Chinese trade structure. References | Related Articles | Metrics

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Estimation of Investment Environment Index in Trans-Himalayas Region and The Impact on INFDI-Empirical Studies Based on The Five Major Economies in The Region LIU Jun-rong 2018 (06):  26-35.  Abstract ( 399 )   PDF (8132KB) ( 70 )   The Trans-Himalaya region is an important part of the "Maritime Silk Road". The investigation over the relationship between investment environment and inward foreign direct investment (INFDI) is of great significance to the construction of the "Maritime Silk Road". In this paper, the five major economies in the Trans-Himalaya region are sampled, of which financial, economic, political, and overall investment environment index are estimated based on the PRRG Group's ICRG data, and the empirical analyses on the impact of the investment environment over INFDI are conducted bases on the investment environment index estimations. The analyses show that (1) the financial, economic and over investment environments in Trans-Himalaya region are improving and integrating regionally, but (2) the political investment environment has been even deteriorating, and the political differences among countries are huge. And the empirical results manifest that (3) in trans-Himalayas region, the impacting channels of investment environment on INFDI exist, but(4) the operational mechanism between the investment environment indicators and INFDI has not yet been functional well. The analysis findings of this paper are conducive to recognizing and managing investment risks in the region, and inspiring for host governments in the region to lay out policies in promoting INFDI. References | Related Articles | Metrics

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The Estimation of the Optimal Financial Expenditure Scale for China's Basic Old-Age Insurance -A study based on Cobb-Douglas production function WANG Cui-qin, LI Lin, XUE Hui-yuan 2018 (06):  36-45.  Abstract ( 348 )   PDF (2089KB) ( 877 )   Based on the theory of endogenous growth, using Barrow's natural efficiency of financial expenditure and improved Cobb-Douglas production function, this paper calculates the optimal financial expenditure scale of basic old-age insurance for urban employees and for urban and rural residents in China. It finds that the optimal financial expenditure scale of basic old-age insurance for urban employees is 2.33%, while that for urban and rural residents is 0.81%. At present, the actual financial expenditures of both basic old-age insurance in China exceed the optimal financial expenditure scale. In order to alleviate the pressure of financial subsidies and ensure reasonable operation for basic old-age insurance, it is proposed to put the policy of transferring state-owned capital into National Social Security Fund to practice, implement basic pension national co-ordination and stimulate the enthusiasm of urban workers and urban and rural residents to pay contributions. References | Related Articles | Metrics

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Research on the Heterogeneity and Growth Capability of Manufacturing Industry in China Based on TFP Decomposition YAN Yong-qin, YIN Li-qin 2018 (06):  46-55.  Abstract ( 339 )   PDF (2111KB) ( 888 )   By using the panel data of 28 industries of manufacturing industries in our country from 2003 to 2016 and using a translog production function to change the technical efficiency stochastic frontier model, this paper estimates total factor productivity (TFP) and its decomposition of manufacturing industries, and analysis TFP growth in the presence of heterogeneity of manufacturing industries and the impact of industrial heterogeneity on growth capability.The results indicate that China's manufacturing industries show a great difference in technical efficiency, technical progress and technical efficiency improvement, scale efficiency improvement, improvement of allocation efficiency and TFP index. At the same time, industrial heterogeneity has a significant positive role in promoting its growth capability for manufacturing industries. This indicates that enhancing industrial heterogeneity is benefit to promote growth capability of manufacturing industries in China by promoting technical progress efficiency, transformating increasing manner and improving the total factor productivity. References | Related Articles | Metrics

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Research on the Effect of Network Relationship Construction on Enterprise Innovation Performance: The Regulating Effect ofAbsorptive Capacity and Organizational Learning Mode WANG Yu, ZHANG Lei 2018 (06):  56-65.  Abstract ( 407 )   PDF (2688KB) ( 902 )   In the inter-organizational network, network position reflects the ownership and control of resources and knowledge by enterprises. It is of great significance for enterprises to acquire resources needed for innovation through the alliance with central network position enterprises. Based on the theory of enterprise network and the theory of resource dependence, and from the perspective of network embeddedness, this paper constructed 247×247 Chinese computer industry inter-organizational network through the 2013-2017 years cooperation data of this industry to explore the effect of position asymmetry alliance on firm innovation performance, and further explore the moderating effect of absorptive capacity and organizational learning mode on the above relationship. The findings are as follows:firstly, position asymmetry alliance contributes to the improvement of enterprise innovation performance. Secondly, absorptive capacity has a positive moderating effect on the relationship between position asymmetry alliance and corporate innovation performance. Finally, the more the organizational learning mode tends to explore, the more obvious the effect of position asymmetry alliance on enterprise innovation performance. The study reveals the inherent impact of position asymmetry alliance on enterprise innovation performance, and has a certain reference value for the realization of enterprise innovation performance. References | Related Articles | Metrics

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Can Bank-Share Holding Really Promote the Enterprise Innovation: -Based on Nature of Property Right and R&D Investment Heterogeneity GU Qun, YUE Zeng-yan, JIA De-zhi 2018 (06):  66-71.  Abstract ( 407 )   PDF (1506KB) ( 904 )   With the special double role of stockholder and creditor, banks influence the investment decisions of enterprises. Taking the data of China's Shenzhen stock exchange SME board high-tech listed companies as the research object, basing on nature of property right and R&D investment heterogeneity, this paper researches the impact of bank-share holding on enterprise innovation. The results show that:(1) Bank-share holding can promote enterprises to carry out technological innovation activities; (2) Bank-share holding can promote the innovation of private enterprises, whereas for the promotion of state-owned enterprises is not significant; (3) Bank-share holding can promote enterprises to carry out exploratory innovation activities, whereas, the role of bank ownership in promoting developmental innovation is not significant. References | Related Articles | Metrics

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Research on the Impact of Real Estate Industry's Reform of Replacing Business Tax for VAT on Corporate Financial Efficiency-an Empirical Test Based on DEA Model DU Jian, WANG Zhao, YANG Yang 2018 (06):  72-80.  Abstract ( 424 )   PDF (2154KB) ( 909 )   In this paper, we measure the enterprise comprehensive financial efficiency in the real estate industry listed companies in China between the period before and after the reform. We use the BCC model which is modified and based on data envelopment analysis (DEA) model.At the same time in state-owned listed wholesaling and retailing enterprise.Furthermore, we measure the policy effect which is used by difference-in-differences model on real estate industry enterprises' comprehensive financial efficiency. Research shows that:in view of the Reform of Replacing Business Tax for VAT on the real estate industry has significantly promote effect on the enterprise financial efficiency, policy effect is starting to show.But state still need to constantly improve and adjust the related policy,we still need to follow the research in the relevant industry policy effect for a long time. References | Related Articles | Metrics

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The Research on Public Land Tragedy Governance from the Perspective of Virtual Corporate Governance in State Corporation -Based on the Intermediate Effect Test of Rent-seeking, Collusion and Opportunistic Behavior Inhibition ZHANG Cheng-hua, WANG Hai-jun, WANG Hua 2018 (06):  81-90.  Abstract ( 419 )   PDF (2496KB) ( 858 )   Due to the influence of rent-seeking, collusion, opportunism and other corrupt acts, the strategy of industry-university is far from reaching the expected goal. The theory of corporate governance of virtual companies can provide guidance for the development of industry-university in theory and practice. The empirical research reveals the micro promoting mechanism of the virtual corporate governance of the industry-university to the tragedy governance of the common land under the intermediary effect of rent-seeking, collusion and opportunism. The research shows that under the existing system and system, our country should give priority to improve the virtual information disclosure of industry-university, and then gradually optimize other virtual corporate governance elements, in order to get rid of the passive situation as soon as possible. References | Related Articles | Metrics

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Study on the Effect of Backward Immigration Policy: Based on Regression Discontinuities WANG Zhan-chen, LIU Fu-hua 2018 (06):  91-100.  Abstract ( 372 )   PDF (2630KB) ( 1007 )   Based on the framework of sustainable livelihood capital analysis, this paper empirically studies the income effect of post-migration policy based on Regression discontinuities(RD).The empirical results of this article has the following three main findings:first, the immigration policy for involving the group there were significant negative income effect, immigration has involved family than non-migrant family income less than 3000 yuan. Second, relative to engage in more than 4000 yuan in agricultural livelihood family income loss, engaged in non-agricultural livelihood strategies of family has higher adaptability for policy, loss 1800 yuan is far less than the agricultural livelihoods strategy. Third, the immigrants to different income scale families should not be the same. References | Related Articles | Metrics

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Does Agricultural Insurance Promote The Improvement of Agricultural Green Productivity in China LI Yan, CHEN De-ning, LI Peng 2018 (06):  101-108.  Abstract ( 458 )   PDF (1979KB) ( 984 )   Agricultural insurance is an important means to promote the transformation of agricultural development from over reliance on resource consumption to green and sustainable development. The article constructs a panel data of agricultural input-output and polluting emission in 31 provinces of the whole country from 2001 to 2015, calculates green productivity of agriculture using GML index and decomposes it into green technical change and green technical efficiency, then empirically tests the influencing mechanism of agricultural insurance on green productivity of agriculture with system GMM. The main conclusions are as follows:agricultural insurance plays a significant role in promoting green technical change of agriculture while it has a significant inhibitory effect on green technical efficiency of agriculture. The promoting impact of agricultural insurance on green technical change of agriculture is larger than the inhibitory impact of agricultural insurance on green technical efficiency of agriculture, which makes it significantly promote green productivity of agriculture. References | Related Articles | Metrics