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Table of Content

    15 May 2020, Issue 03 (206) Previous Issue    Next Issue
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    Capital Allocation,Embodied Technological Progress and High-Quality Sustained Growth of China's Economy
    DING Jian-xun, LIN Yi-xiao
    2020 (03):  1-11. 
    Abstract ( 603 )   PDF (2800KB) ( 1519 )  
    Rational allocation of capital is very important for China to maintain an appropriate growth rate on the premise of ensuring economic quality. Based on a growth model with construction capital and equipment capital, this paper first makes a theoretical analysis of the relationship between economic growth rate and the ratio of construction capital to equipment capital. The results show that the more the ratio of construction capital to equipment capital deviates from the steady state, the higher the economic growth rate. On the left (right) side of the steady state, the economic growth rate is negatively (positively) correlated with the ratio of construction capital to equipment capital. Secondly, based on the provincial panel data from 2008 to 2017, this paper empirically examines the impact of the two capital ratios on China's economic growth. The results show that there is a negative correlation between China's economic growth rate and the ratio of construction capital to equipment capital. The deeper empirical analysis results show that because the ratio of construction capital to equipment capital increases, embodied technological progress rate in equipment capital decreases, which reduces the economic growth rate. Therefore, in order to make our economy grow continuously with high quality, we must reduce the ratio of construction capital to equipment capital. Based on the above conclusions, this paper puts forward corresponding policy recommendations.
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    Financial Development, Environmental Regulation and Green Total Factor Productivity—An Empirical Analysis Based on Spatial Durbin Model
    NI Ying, CHEN Bai-yun, WANG Yi-wen
    2020 (03):  12-21. 
    Abstract ( 713 )   PDF (1773KB) ( 1751 )  
    The panel data of 30 provinces, municipalities directly under the central government and autonomous regions in mainland China from 2006 to 2015 were selected to calculate green total factor productivity using DEA-BCC model and entropy method. Spatial durbin model was adopted to study the spatial spillover effect of financial development and environment on green total factor productivity. The results show that:(1)there is a significant spatial spillover effect of green total factor productivity in Chinese provinces. (2)single financial development and environmental regulation can promote green total factor productivity to some extent;(3)at the present stage, the mode of "financial development and environmental regulation" combined inhibits green total factor productivity. Therefore, it is necessary to deepen the reform of financial system and optimize the effect of financial development. Improve the environmental regulation system and make reasonable investment in pollution control; Formulate appropriate environmental regulation policies and consider financial development.
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    How Does Green Credit Affect Bank Financial Performance—Based on the Heterogeneity of Regional Green Development
    ZHANG Lin, LIAN Yong-hui, CAO Hong
    2020 (03):  22-32. 
    Abstract ( 775 )   PDF (1591KB) ( 2256 )  
    Based on the unbalanced panel data of 34 Chinese commercial banks from 2007 to 2017, this paper empirically tests the influence of green credit on banks’ financial performance and examines the moderating effect of green development on the relationship between green credit and bank financial performance using the provincial green development index provided by "China Green Development Index Report". Results show that: green credit granted is helpful to improve banks’ financial performance, and the improvement effect is mainly achieved by improving banks’ return on interest bearing assets; green development can enhance the economic benefits of green credit granted by banks, and the enhancement effect is mainly related to the greening degree of local economic growth and the support degree of local governments for green development.Commercial banks should actively carry out green credit business; government departments should strengthen and improve green credit incentive policies to promote the coordinated development of green finance and green economy.
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    How does Local Government Debt Affect Entity Enterprises’ Credit Financing—The Heterogeneous Analysis of China’s Industrial Firms
    HUA Xia, MA Shu-cai, HAN Yun-hong
    2020 (03):  33-39. 
    Abstract ( 597 )   PDF (1269KB) ( 2147 )  
    Using micro-data of China’s industrial firms, this paper empirically tests how local government debt affect entity enterprises’ financing credit from both linear and nonlinear perspectives. The empirical results discover that increasing local government debt has crowding-out effect on entity enterprises’ financing credit, and this crowding-out effect presents statistically entity scale heterogeneity and ownership heterogeneity. Linear test shows that the crowding-out effect on small and micro enterprises and non-state-owned enterprises is much bigger than large scale enterprises and state-owned enterprises respectively. The nonlinear test with quadratic term and panel threshold model proves the conclusion above again, and specifically compared with large scale enterprises, crowding-out effect on small and micro enterprises is linear and without threshold effect.
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    An analysis of the impact of financial investment income of real enterprises on China's macroeconomic fluctuations
    WANG Shuai, ZHANG You-xiang
    2020 (03):  40-48. 
    Abstract ( 527 )   PDF (1557KB) ( 1603 )  
    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.
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    Does Tax Enforcement Improve Financial Reporting Quality—Based on the quasi-natural experiment of “The third stage of Golden tax”
    WANG Xue-ping
    2020 (03):  49-60. 
    Abstract ( 543 )   PDF (1706KB) ( 1254 )  
    Based on the sample of China's A-share listed companies from the 2011 to 2018 period, this paper takes tax-check system reform "The third stage of Golden tax" as quasi-natural experiment, discusses the corporate governance effect of tax enforcement, and uses difference-in-difference model to empirically test the effect of the third stage of Golden tax reform on financial reporting quality. It arrives at the conclusions as follows: First, the third stage of Golden tax reform significantly improved firms’ financial reporting quality. Second, the corporate governance effect of the third stage of Golden tax reform is more pronounced in companies with weaker governance, lower information transparency and higher financing demand. Third, from the perspective of the mechanism, the third stage of Golden tax reform significantly enhanced tax enforcement and reduced corporate tax avoidance.
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    Research on the Influence Mechanism of Social Capital on External Knowledge Acquisition——Knowledge Identification Capability Perspective
    CAO Chang, YU Fu-hai
    2020 (03):  61-70. 
    Abstract ( 404 )   PDF (1698KB) ( 1166 )  
    This paper focuses on the social capital on external knowledge acquisition,based on the theory of absorptive capacity,to distinguish knowledge recognition ability from knowledge acquisition. On the basis of the related literature,we construct research hypothesis of the relationship between different dimensions of social capital and its interaction with external knowledge recognition ability and knowledge acquisition. We also empirically analyze the survey data of China,and do an empirical test with the help of AMOSA23.0 and SPSS23.0. The research results show that the role of structural social capital in promoting knowledge identification capability is partly mediated by cognitive social capital, while the role of structural social capital in promoting external knowledge acquisition is partly mediated by relational social capital. Knowledge identification capability significantly affects the external knowledge acquisition. This study will promote the relevant theoretical research,but also provides useful enlightenment for innovative enterprises to identify knowledge through external networks and design knowledge management practices for external knowledge acquisition.
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    Social capital, marketization and rural poverty reduction—Evidence from rural micro survey
    PENG Wen-hui, WANG Dong
    2020 (03):  71-80. 
    Abstract ( 573 )   PDF (1489KB) ( 1428 )  
    Using micro-data of own farming households, marketization factors are included in the research of social capital and poverty governance issues, and also non-linear regression models are used to examine the role and impact of social capital on rural poverty reduction under the influence of marketization. It is found that both social capital and marketization can reduce poverty to a certain extent, but different dimensions and levels of social capital in the context of marketization have certain differences in reducing poverty in rural areas. Among them, excluding marketization factors, social networks of farmers’ families and social trust can significantly reduce the incidence of poverty. Along with the marketization process, the role of social capital in reducing rural as a whole has weakened, whereas family social networks and village social trust can significantly reduce poverty. At the same time, the effect of human resources on poverty reduction based on the "strong relationships" of farmers’ families decreases with increasing marketization, whereas the information effect based on the "weak relationship" of farmers’ households increases with the improvement of the degree of marketization.
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    Analysis on the willingness to adopt agricultural technology and its heterogeneity in small farmers in poverty-stricken areas—Based on the “information-motivation-behavioral skills” model
    ZHANG Hai-xia, WANG Ming-yue, ZHUANG Tian-hui
    2020 (03):  81-90. 
    Abstract ( 522 )   PDF (1423KB) ( 1129 )  
    Using the "Information-Motivation-Behavior Skills" (IMB) behavioral change model, this paper explores the influencing factors of farmers'willingness to adopt agricultural technology in poverty-stricken areas, and analyses the heterogeneity of influencing factors of farmers' willingness to adopt agricultural technology in different poverty levels, different business scales and different income structures. The main conclusions are as follows: The adoption motivation and agrotechnical skills have a significant impact on farmers'willingness to adopt agrotechnical technologies. The key factors affecting farmers' willingness to adopt agrotechnical technologies are non-agricultural income, expected income, agricultural labor force quantity, risk attitude, risk guarantee, scientific and technological training and operation scale. Different types of farmers have different factors affecting their willingness to adopt agricultural technology. Family management scale and scientific and technological training have more significant impact on poor households'willingness to adopt agricultural technology, and access to agricultural technology information and non-agricultural income have more significant impact on non-poor households' willingness to adopt agricultural technology; labor motivation and agricultural technology use skills have more significant impact on farmers'willingness to adopt agricultural technology with smaller scale of operation; agricultural technology understanding degree has more significant impact on farmers with agricultural income as the main factor. The household's willingness to adopt agricultural technology has a more significant impact, and the non-agricultural income and the village-based agricultural technicians have a more significant impact on the farmers'willingness to adopt agricultural technology mainly based on non-agricultural income.
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    Environmental Protection Taxes and Green Technology Innovation of Enterprises—Evidence from the Adjustment of Pollution Charges Standard in China
    WEN Hu-wei, ZHONG Qi-ming
    2020 (03):  91-100. 
    Abstract ( 825 )   PDF (2078KB) ( 2719 )  
    Based on the reform practice of adjusting the environmental tax standard, this paper adopts the difference-in-difference method to investigate the heterogeneous effect of policy intervention, and discusses the impact of environmental protection tax on the green technology innovation. The results show that environmental tax has a significant positive effect on both the extensibility and intensiveness of green technology innovation, which supports "Porter Hypothesis". The environmental tax forces the green technology innovation for medium-sized and lager firms, but the impact on small firms is not significant. The effect of environmental tax adjustment policy on green technology innovation is more prominent for firms in high-polluting industries, in cities with strong policy execution and in regions with green tax policy. Environmental protection taxes will bring dividends to environmental governance, but supporting policies are needed to reduce the adverse impact on small and micro-enterprises.
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    Local Government Competition and Environmental Governance—the Regulation of Environmental Decentralization
    LI Qiang, LI Xin-hua
    2020 (03):  101-110. 
    Abstract ( 648 )   PDF (1464KB) ( 1563 )  
    Opinions are divided in existing researches as to whether local government should carry out "race to the top" or "race to the bottom" strategic interactions in environmental governance. The article, based on environmental decentralization, starts by explaining the impact mechanism of local government competition on environmental governance. Then, empirical study is conducted on the impact of local government competition on environmental governance. Three conclusions are drawn in the study. Firstly, competition between local governments has a significant negative impact on environmental governance, which means environmental governance of local government has the characteristics of "race to the bottom". Secondly, research on the interaction of environmental decentralization and local government competition shows that, environmental decentralization has a positive regulation on the environmental governance, which enhances the strategy of "race to the top". Thirdly, the robustness tests of local government competition and environmental decentralization reveal that reform of environmental decentralization is the key to green development in China, which further verifies the conclusion of the article.
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