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15 July 2019, Issue 04 () Previous Issue    Next Issue

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City System and Regional Development in China: Based on The Prospective of Structuralism MAO Feng-fu, WANG Qi, PAN Jia-shun 2019 (04):  1-12.  Abstract ( 494 )   PDF (1422KB) ( 920 )   Based on the perspective of structuralism, this paper defines regional economic development from three dimensions:regional gross domestic product, regional labor productivity and regional per capita gross domestic product, using the data of permanent resident population of prefecture-level cities in 23 major provinces and regions of China from 2005 to 2011. It is found that the greater the primacy, the greater the concentration and the unequal distribution of population, the more can promote regional economic development. Moreover, in the regional economic growth model, the phenomenon of "diminishing returns to scale of factor input" has appeared, and the industrial structure of "industrialization" tendency has a negative and significant effect on China's regional economic development. It shows that in the driving force of promoting regional development, the impact of industrialization is gradually weakening, and the role of urbanization is gradually highlighted. At the same time, the degree of urban population integration with "the proportion of registered population to permanent population" has a negative impact on regional economic development. This shows that a more open and inclusive urban population policy will not only help to achieve social stability and social equity, but also ultimately promote regional economic development. References | Related Articles | Metrics

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An Analysis of the Internal Relationship Between the Coordination and Cooperation of the Government and the Revitalization of Macroeconomics MU Juan, QI Ying 2019 (04):  13-22.  Abstract ( 469 )   PDF (1550KB) ( 885 )   In order to explore the role of inter-governmental cooperation in macroeconomic revitalization, starting from the theoretical basis and the research status at home and abroad, and based on the game theory to verify the government's collaboration, it will bring greater value to economic development. Establish an econometric regression model to determine the intrinsic correlation between government collaboration, social capital input and other explanatory variables, and other series of control variables, and regional economic growth rates. The results of statistical analysis show that the government coordinates cooperation and economy. There is a high degree of correlation between developments. The statistical results of empirical studies also show that the increase in the value of coordination indicators between local governments can lead to faster economic growth, and can also drive the growth of total fixed asset investment and fiscal revenue across the market. References | Related Articles | Metrics

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On Spatial Effects of Knowledge Spillovers on Regional Economic Growth: Based on Spatial Econometric Model ZHANG Mei-tao 2019 (04):  23-30.  Abstract ( 569 )   PDF (1003KB) ( 1017 )   Knowledge spillovers are highly dependent on geographical proximity. the level of knowledge spillover determines the disparity of regional economic development. we empirically measure and analyze the knowledge spillover effect and its impact on regional economic growth based on Griliches-Jaffe Knowledge production function that includes three kinds of knowledge stock substitution variables of R & D expenditure, human capital and patent level by SEM model. The research shows that three knowledge stock variables have significant knowledge spillover effects. the Jacbos Porter effect has a strong positive impact on China's regional economic growth. Therefore, it is suggested that knowledge spillovers should be brought into full play in all regions, especially in less developed areas. we should improve urban agglomeration degree, regional human capital stock and increase R &D expenditure to enhance the role of knowledge spillover effect on regional economic growth. References | Related Articles | Metrics

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Can Participating in PPP Reduce Firm's Tax Liability in China-A Quasi-natural Experiment Analysis WANG Bao-shun, DENG Xi-yuan, LIU Bing-xi 2019 (04):  31-39.  Abstract ( 514 )   PDF (1328KB) ( 1049 )   PPP(Public-Private Partnership) can reduce the government's fiscal expenditure pressure and improve the efficiency of public service provision, which is widely used in China. In PPP projects, Private companies as the social capital establishes a special interest relationship with the government, which facilitates the explicit or implicit tax benefits, thus reducing their tax liability. Based on the data of the financial report disclosed by the listed company, the paper uses PSM-DID to study the quasi-natural experiment in the influence of the PPP project on its tax liability. Results show that companies involved in the PPP project improve the degree of tax avoidance, reduce the tax liability. The effect is statistically significant in construction industry, however tax increase in municipal construction industry such as electricity, heat companies. From the regional perspective, the companies in the eastern and central regions have significantly reduced their tax rates on the PPP projects, while the western regions are not statistically significant. The main policy implications are while governments strictly enforce explicit tax breaks, they should specify implicit interest between between government and companies who involved in PPP projects to prevent the active or passive tax benefits given to the companies. References | Related Articles | Metrics

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Executive Academic Experience, Financing Preference and Firm Performance QIN Fei 2019 (04):  40-50.  Abstract ( 584 )   PDF (1062KB) ( 1028 )   Executive academic experience is a unique phenomenon with the development of Chinese economy, which is an important and special experience for executives, and then will executive academic experience influence the financing preference and cash holdings of listed companies? Will it affect the performance of the company? Based on the sample of Chinese listed companies from year 2006 to 2017, this paper studies the influence of executives' academic experience on financing preference, cash holdings and corporate performance. The results show that:executives' academic experience reduces the company's debt ratio and bank loan ratio, reduces the company's interest expense ratio and debt cost ratio, improves the company's cash holding level, and improves the company's performance. In the further study, the paper finds that the impact of executive academic experience on financing preference, cash holdings and corporate performance is more obvious in non-state-owned enterprises. References | Related Articles | Metrics

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The Research of Correlation Between Equity Incentive and Corporate Performance under the Perspective of Property Right -Based on the Empirical Data from 2006 to 2018 SHANG Yu 2019 (04):  51-59.  Abstract ( 532 )   PDF (1232KB) ( 963 )   From perspective of property right difference of listed companies, this paper studies choice preference of stock incentive mode in both state owned holding companies and non-state owned holding companies since 2006, as well as the relationship between the implementation of stock incentive and corporate performance. Sample data, from January 1st, 2006 to June 30th, 2018, are analyzed according to Enterprise Performance Evaluation System issued by the Ministry of Finance. With the method of Factor Analysis,Logistic Analysis and Paired Samples Test being used, it is found that equity incentive model preferences are different according to different property rights, and it has different influences on the performance. With the same incentive mode, two types of state-owned companies' incentive effect are not the same. Then, the paper analyzes stock with stock options in a mixed-mode as a complement research. References | Related Articles | Metrics

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Systemically Important Financial Institutions: International Supervision Practice and China's Financial Regulatory Reform ZHU Nan-jun, XIE Li-yan, DENG Bo-wen 2019 (04):  60-69.  Abstract ( 529 )   PDF (1853KB) ( 901 )   In this paper, using the method of literature and comparative analysis, through reading regulatory documents issued by Financial Stability Board and Basel Committee or other institutions on supervision of Systemically Important Financial Institutions, I sum up the current assessment methods and regulatory policies of Global Systemically Important Financial Institutions. At the same time, looking at the financial regulatory reform measures and the design of Systemically Important Financial Institutions supervision system of United States, Britain, Australia and the Netherlands after the subprime crisis in 2008 and taking the progress of China's current Systemically Important Financial Institutions supervision system and the situation of financial regulation into consideration, it is concluded that China should change the existing regulatory model and take " central bank & micro-prudential regulator & financial regulatory authority" regulatory model. References | Related Articles | Metrics

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Research on Performance Evaluation Index System of Venture Capital from the Perspective of Macroeconomics NI Yan-xia, HUANG Jing 2019 (04):  70-79.  Abstract ( 545 )   PDF (1837KB) ( 875 )   From the macroeconomic perspective, this paper establishes a performance evaluation system of venture capital covered by all indicators. Based on questionnaire survey and expert evaluation method, 27 secondary indicators of six influencing factors, namely macroeconomic fluctuation, supply and demand of venture capital, growth of enterprises, technological innovation ability, internal control ability and financial status of enterprises, are selected, and a preliminary risk performance evaluation index system is established. After removing the interference evaluation index, a more comprehensive, scientific and reasonable performance evaluation index system of venture capital is established, and then the weight proportion of each evaluation index's importance degree is determined based on AHP. The results show that the evaluation results of the proposed performance evaluation system of venture capital are more accurate than those of the traditional evaluation system, and tend to the real value of risk of investment activities. References | Related Articles | Metrics

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Study on Evaluation and Spatial Difference of Interprovincial Industry Greening in China SHI Dun-you 2019 (04):  80-88.  Abstract ( 423 )   PDF (1192KB) ( 891 )   This paper evaluates industrial greening level based on the panel data of 30 provinces from 2007 to 2016 and weighted TOPSIS method by constructing the industrial greening indicator system from resource consumption greening, waste discharge greening and industrial transformation greening and demonstrates spatial difference of inter-provincial industrial greening by Theil's Entropy index, Gini coefficient and variation coefficient in China. The result shows that:firstly, the industrial greening level from high to low is the eastern region, the central region, the western region and the northeast region in turn and the eastern region is rising steadily, the central and western regions are relatively stable and the northeast region has a significant downward trend; secondly, the overall change of spatial difference of inter-provincial industrial greening is not large, and trend of spatial difference of inter-provincial industrial greening measured by Theil's Entropy index, Gini coefficient and variation coefficient shows obvious synchronization; thirdly, the space difference of inter-provincial industrial greening is becoming smaller in same region, while the space difference of inter-provincial industrial greening is slightly larger in different regions through spatial decomposition of Theil's Entropy index. References | Related Articles | Metrics

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Can Green Tax Incentives Promote Green Transformation of Enterprises BI Qian, LI Hong-yuan 2019 (04):  89-99.  Abstract ( 531 )   PDF (1570KB) ( 952 )   By using the green transformation data of listed firms in 2006-2014, we investigate how green tax incentives affect enterprise green transition. The results show that green tax preference has incentive effect on enterprise green transformation. This conclusion remains robust after a battery of robustness checks. Further analyses find that green tax incentives exert positive effect on enterprises' green transformation by reducing the adjustment cost in the transformation. In addition, the positive effect varies with the nature of property rights and the regional marketization process. This paper promotes the study of enterprise green transformation from the micro perspective, explores the driving force and existing problems of green transformation caused by green tax preferential policies, broadens the horizon of the research on transformation and upgrading, and is helpful to enrich the literature on green tax incentives and enterprise green transformation. References | Related Articles | Metrics

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How Can Chinese Enterprises' OFDI Reverse Technology Spillovers Improve Green Technology Innovation under the High-quality Development Stage?-Empirical Evidence Based on the Yangtze River Economic Belt KONG Qun-xi, CHEN Hui, NI Ye-hui 2019 (04):  100-111.  Abstract ( 569 )   PDF (1517KB) ( 895 )   Based on the CH model, this paper measures the environmentally-constrained level of green technology innovation in 11 provinces and cities in the Yangtze River Economic Belt from 2003 to 2016, and investigates the foreign direct investment reverse technology by using the system generalized moment estimation method which can effectively control endogeneity problems. The impact of spillovers, market segmentation and other factors on regional green technology innovations revealed that:First, Chinese enterprises' outward direct investment reverse technology spillovers can significantly improve green technology innovation, but market segmentation indirectly hinders green by distorting transaction costs in the local market. The improvement of the level of technological innovation; secondly, when considering the role of market segmentation, the impact of Chinese technology on foreign direct investment reverse technology spillovers on the absorption capacity of technology has a certain degree of uncertainty; third, from a regional perspective, downstream productivity The improvement is mainly due to the reverse technology spillover effect of Chinese enterprises' foreign direct investment, while the middle and upper reaches rely on market segmentation to a greater extent; and in the case of inter-regional differential market segmentation, Chinese enterprises are externally Direct investment for China References | Related Articles | Metrics