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15 March 2020, Issue 02 (205) Previous Issue    Next Issue

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Deindustrialization, Technology Gap and Technology Spillover Effect of Industrial Relocation ZHENG Chong-yang, HE Pei-ke 2020 (02):  1-11.  Abstract ( 680 )   PDF (5955KB) ( 1002 )   The lack of significant positive technology spillover effect of undertaking industrial transfer in the central and western regions of China is one of the core factors widening inter-regional technology gap after 2000 and inducing the premature de-industrialization in recent years. Though calculating the panel data of 30 provinces in 2001-2017, there is a significant positive correlation between the technological level and their own share of industry value add in local GDP, and the industrial transfer toward to the central and western regions in 2005-2014 has contribute to the technology gap widening among regions for significantly negative spillover effects. Due to the relatively low technical level, the central and western regions have attracted industrial transfer mainly rely on cheap factor costs for more than a few decades, their independent innovation capability and resources is hardly to resist the combine effects of local consumption upgrading, rising factor costs and weak international demand. Finally, the widening of technology gap and net export deficit for goods and services at least has accelerated the de-industrialization of some less developed regions. References | Related Articles | Metrics

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Ownership Structure and Regional Labor Productivity Convergence in China LI Dan-dan 2020 (02):  12-21.  Abstract ( 602 )   PDF (2699KB) ( 911 )   Based on the panel data of China's industrial sub enterprise ownership, sub region and sub industry from 2001 to 2017, this paper makes a descriptive analysis of the growth and convergence of labor productivity of state-owned enterprises, private enterprises, foreign businessmen, Hong Kong, Macao and Taiwan enterprises in China and sub region by using the indicators of relative labor productivity and coefficient of variation, and uses the two-way fixed effect model to test it. The structure shows that:from the perspective of the whole country, the labor productivity of the three types of enterprises shows significant characteristics of absolute convergence and conditional convergence, but the convergence rate is different. The convergence rate of private enterprises is the fastest, followed by foreign businesses, Hong Kong, Macao and Taiwan enterprises, and that of state-owned enterprises is the slowest. From the regional perspective, the convergence rate of northeast and West China is relatively fast, followed by the central region, while the convergence rate of labor productivity of the three types of enterprise ownership along the coast is the slowest. Therefore, the government should further deepen the reform of state-owned enterprises, encourage the development of non-public economy and improve market competition, which will help to narrow the regional development gap, promote the convergence of ownership structure and promote the convergence of the overall economy. References | Related Articles | Metrics

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Investment Facilitation and Its Impact: Evidence from China's OFDI to the Belt and Road Countries LIAO Jia, PAN Chun-yang, LEI Ping 2020 (02):  22-27.  Abstract ( 814 )   PDF (1649KB) ( 917 )   Although the academic community has made some research on investment facilitation, it is mostly qualitative analysis, and it is less analyzed for the investment facilitation of countries along the "Belt and Road". According to this topic, investment facilitation is constructed through principal component analysis. The indicator system measures the degree of investment facilitation and characteristics of countries along the "Belt and Road". Furthermore, the extended gravity model is used to empirically analyze the impact of host country investment facilitation on China's OFDI. It is concluded that the host country's GDP and the general indicators of investment facilitation have a significant positive role in attracting China's foreign direct investment. Based on this argument, the sub-regional and sub-indicator effects are examined. It is found that the effects of investment facilitation in different regions are different, and the promotion of technology is significant in all regions. In addition to the obvious technical factors, the Central and Eastern European countries have a significant role in promoting the OFDI of China. In addition to the technical effects, the establishment of bilateral industrial parks in Southeast Asian countries also has a significant positive effect, and accordingly proposes corresponding policy recommendations. References | Related Articles | Metrics

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Export product quality and wage gap-research based on industry-level data in China LIU Jun-ting, WANG Zi-rui, TONG Ji-ying 2020 (02):  28-38.  Abstract ( 607 )   PDF (3816KB) ( 849 )   This paper uses the micro-trade database of BACI-HS02 in CEPII, and uses the "quality-adjustment" price method to measure the quality of export products at the Chinese industry level. The relevant data of 22 sub-sectors in manufacturing industry from 2007 to 2016 were selected. With the OLS method and the differential GMM model, the impact of export product quality on wage gap was analyzed from both theoretical and empirical aspects. Theoretical analysis shows that the impact of the quality of export products on the wage gap is uncertain. The empirical study found that the improvement of China's export product quality will expand the wage gap through the skill premium mechanism and profit sharing mechanism. Labor productivity and foreign direct investment also have a significant impact on the expansion of wage gap. Technological progress and foreign direct investment have obvious adjustment effects on the impact of export quality on wage gap. Among them, technological progress has a positive adjustment effect, while foreign direct investment has a negative adjustment effect. The robustness test indicates the reliability of the estimation results. In order to narrow the wage gap, the government should increase investment in human capital for low-skilled labor groups. At the same time, enterprises should increase the skills training for low-skilled labor and improve the skill level of low-skilled labor. References | Related Articles | Metrics

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How Do Institutional Ownership Affect Excess Capacity of Enterprises-Reduce or Aggravate? WEI Lin, SUN Qing, XU Li-wen 2020 (02):  39-48.  Abstract ( 517 )   PDF (2218KB) ( 801 )   The role of institutional investors in companies has been controversial for years. Prior research suggests that institutional ownership can either have a positive impact or a negative impact on the company. Based on data from the listed manufacturing A-share companies in China over the period of 2008 and 2018, we examine the impact of institutional ownership on the excess production capacity of enterprises and analyze the mechanism of action. We find that institutional ownership helps promote capacity utilization of the enterprise through two mechanisms:governance mechanism and information mechanism. The results show that:Institutional ownership has a more significant effect on excess capacity in the group with low level of internal and external corporate governance; Strategic institutional investors who can provide more information to companies have more significant inhibitory effect on excess capacity. References | Related Articles | Metrics

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The Impact of Training on Knowledge Worker Organizational Commitment-The Mediating Effect of Career Commitment and Moderating Effect of Internal Employability LING Ling, ZHANG Lu-lu 2020 (02):  49-55.  Abstract ( 631 )   PDF (2023KB) ( 920 )   Most Knowledge workers have strong career commitment and weak organizational commitment. How to simultaneously improve the career commitment and organizational commitment has been puzzling the human resources management practice all the time. Taking training as the starting point, analyzing the obtained 385 valid questionnaires and introducing career commitment as mediator and internal employability as moderator, this study explores the influence mechanism. Research results show that:training is positively related to both career commitment and organizational commitment of knowledge workers, career commitment partly mediates the relationship between training and organizational commitment, internal employability moderates the relationship between training and organizational commitment, and the relationship between career commitment and organizational commitment. References | Related Articles | Metrics

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A Study on the Stickness of Enterprise Tax-Burden: From the Perspective of Tax Inspection by Tax Authorities DU Jian, SHI Yan-min, YANG Yang 2020 (02):  56-66.  Abstract ( 702 )   PDF (2475KB) ( 942 )   Based on the data of A-share listed companies in China from 2008 to 2017, this paper finds that there is obvious tax stickiness in China's listed companies, that is, when business income decreases, the reduction of corporate tax burden is less than the increase of corporate tax burden when business income increases equally. Further research finds that the above-mentioned tax stickiness of enterprises is affected by the tax inspection of tax authorities. The tax stickiness of enterprises is significantly affected by the income ratio of state tax inspection, while the tax stickiness of enterprises is not significantly affected by the income ratio of local tax inspection. Finally, we also find that the degree of tax stickiness of enterprises is significantly different in enterprises with different property rights. At the same time, the impact of tax inspection income ratio on enterprises with different property rights is also different. The impact of tax inspection income ratio on tax stickiness of state-owned enterprises is not significant, but in non-state-owned enterprises. In the enterprise, it is remarkable. References | Related Articles | Metrics

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Replacing Business Tax with VAT, Enterprise Investment Efficiency and Company Option Value QIANG Guo-ling, WANG Meng-yue 2020 (02):  67-75.  Abstract ( 517 )   PDF (2089KB) ( 835 )   Real enterprises are keen to obtain investment income from the financial market, and some enterprises even tend to over finance, which has become a unique economic phenomenon under the background of the new normal of economy. This paper studies the development trend of China's macro-economy in the 10 years from 2009 to 2018, as well as the specific data of real enterprise financialization. Taking 3567 effective panel data of Shanghai and Shenzhen stock markets in the same period as the research object, a multiple regression statistical analysis model is established to study the impact of financial investment income of real enterprise on macro-economic fluctuation. The empirical analysis results show that the financial returns of the real enterprise investment are significantly related to the macroeconomic fluctuations. This kind of excessive financial investment behavior increases the instability of the financial market and brings new resistance to the stable development of the macroeconomic. References | Related Articles | Metrics

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A study on the stable economic growth under the coordination of asset price and RMB exchange rate BAI Jie, GONG Chun-yan 2020 (02):  76-83.  Abstract ( 558 )   PDF (2441KB) ( 1012 )   Under the overall development trend of global economic and financial integration, China's financial market, capital market and the integration degree of macroeconomic operation and international economy are constantly improving, which brings new opportunities to China's economic development, but also brings new risk factors; it brings impact to China's macroeconomic operation and affects the stability of China's economic development. In order to alleviate the sustained impact of RMB exchange rate changes on the macro-economy, this paper analyzes the impact of asset price and RMB exchange rate coordination on the stable economic growth from the perspective of theoretical research and empirical analysis. The results show that there is a significant correlation between the RMB exchange rate and the stock price index. The stock price index will change in the same direction with the change of the RMB exchange rate, but there is a significant lag period. The asset price and the RMB exchange rate are linked and have a stable economic growth effect. References | Related Articles | Metrics

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Income Increase And Poverty Reduction Effect of Cultural Industries Poverty Alleviation: Theory and Experience from Farmer Paintings in Guizhou Province YE Lin, LI Yan-qiong, FANG Zheng, YU Jiang, GUO Zi-zhen 2020 (02):  84-97.  Abstract ( 685 )   PDF (3379KB) ( 1049 )   The cultural industries poverty alleviation model based on household model shows that the policy not only changes household's production and family welfare level by investing cultural resources, but also reduces the resource and environmental constraints in poor areas. In addition, the non-competitiveness of intangible inputs of production reduces the cost of poverty alleviation and stabilizes poverty alleviation. The Evaluation of Farmer Painting Poverty Alleviation Project in Guizhou using the difference in difference (DID) and the data of the rural family survey data of the World Bank(2006-2017) finds the policy can lead to an additional 22.6% increase in the annual per capita income growth of poor families, and the effect is still significant after considering the policy intensity and quality. According to theory of mediation effects, the policy indirectly increases the per capita income of families by increasing the production time and sales income of cultural products, which results in the poor families to invest an additional 348 hours of cultural product production every year and obtain 9670 yuan of sales income of farmers' paintings. Estimates of the annual and cumulative poverty reduction rates show that the policy also has significant poverty reduction effects. The average annual and cumulative poverty reduction rates of the eight village groups covered by the project can be increased by 7.69% and 13.82% respectively. The estimated annual effect of the policy shows that the cultural industries poverty alleviation project can increase income and alleviate poverty. References | Related Articles | Metrics

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Property Right, Targeted Poverty Alleviation Behavior And Capital Market Reaction YI Xuan, WU Rong, XIE Zhi-ming 2020 (02):  98-104.  Abstract ( 583 )   PDF (1962KB) ( 871 )   Based on the AShare listed companies from 2015 to 2018. The results show that:SOEs and non-SOEs with political connections are more active in targeted poverty alleviation. SOEs are more likely to choose integrated poverty alleviation, while non-SOEs with political connections are more likely to choose charity poverty alleviation. Further, Enterprises' targeted poverty alleviation information disclosure brings positive market response; non-SOEs have more positive market response to it compared with SOEs,especially in non-SOEs with political connections. And poverty alleviation methods and continuity of poverty alleviation have impacts on the market response of targeted poverty alleviation information. References | Related Articles | Metrics

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Comparative Study on the Benefits of Different Land Management Models in Deeply Impoverished Areas under the Background of Rural Rejuvenation-Taking Diqing Tibetan Area of Yunnan Province as an example MA Guang-xuan, LIU Qiang 2020 (02):  105-110.  Abstract ( 549 )   PDF (1786KB) ( 892 )   Based on the consideration of three factors:farmers' willingness to operate, capital investment, and labor use, this paper divides the existing land management model into a market-based small-scale farmer plan management model, a capital-intensive employment management model, and a labor-intensive joint management model Types, A comparative study on economic and social benefits of different land management modes.Regardless of judging from the peasant household economic or social benefits maximization, the labor-intensive joint management model is the land management model with the highest peasant household income in the deeply impoverished areas of Diqing Prefecture. References | Related Articles | Metrics