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15 March 2021, Issue 02 (211) Previous Issue    Next Issue

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Mixed reform of state-owned enterprises, government subsidies and innovation YANG Xing-quan, HAN He-yang 2021 (02):  1-10.  Abstract ( 707 )   PDF (1511KB) ( 2139 )   Based on the unbalanced panel data of the state-owned enterprise mixed reform in China's Shenzhen-Shanghai A-share market from 2003 to 2017, this paper uses fixed effects regression to analyze the influence of government subsidies and state-owned enterprise innovation, and the influence of state-owned enterprise mixed reform on the innovation effect of government subsidies. The results show that government subsidies can promote the innovation of state-owned enterprises; the mixed reform of state-owned enterprises significantly enhances the innovation effect of government subsidies. Further analysis found that the higher the quality of government, the better the innovation effect of government subsidies, and the stronger the effect of mixed reform of state-owned enterprises on the innovation effect of government subsidies. Finally, this article examines the policy trend of "highlighting the main business" in the "Operational Guidelines for the Reform of Mixed Ownership of Central Enterprises". The results show that government subsidies have significantly increased the R&D investment in the main business of enterprises, and the mixed reform of state-owned enterprises can not only promote the R&D investment in the main business subsidized by the government, but also curb its non-main business R&D investment. References | Related Articles | Metrics

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A comparative study of non tariff measures between China and ASEAN LIANG Xiao, GONG Xiao-ying 2021 (02):  11-19.  Abstract ( 524 )   PDF (1543KB) ( 1369 )   With the increasing complexity of the international environment, non-tariff measures are increasingly restraining the international trade of China and ASEAN. It is very important to master the impact of non-tariff measures on China's international trade and the composition of China's non-tariff measures, and scientifically use non-tariff measures to deal with international trade disputes and frictions. This paper discusses the impact of non-tariff measures on the import and export trade and different import and export products of China and ASEAN countries by using the three indicators of impact intensity, impact area and impact amount in the ratio index method. At the same time, this paper makes a comparative analysis of the current situation of non-tariff measures in China and ASEAN countries, and makes a comparative study of the situation of non-tariff measures in China and ASEAN countries under international standards, relying on normative measures and other indicators, and finally gives some suggestions on the rational use of non-tariff measures. References | Related Articles | Metrics

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Heterogeneous Impact of Policy Supervision and Compliance Transformation on transaction scale of China's P2P platforms YU Bo, LI Xin-yi 2021 (02):  20-30.  Abstract ( 467 )   PDF (1885KB) ( 1019 )   This paper, taking a special regulatory policy released in China's P2P market as a natural experiment, valuate the impact of policy introduction and the effect of platforms' compliance process on the change of platforms' transaction scale. The main findings are that:(1)The introduction of the policy had a significant positive impact on the volume of P2P platforms, and it was more significant for the platforms with specific backgrounds, platforms with current bid, and platforms whose executives have had worked as senior manager in other companies. (2)By using DID specification and treatment effects, this paper test the causal relationship between platforms' compliance process and transaction scale, and found compliance transformation has a positive effect on transaction scale, although it was only effective for those join in bank escrow earlier. (3)Although joining bank escrow leads investors to invest more,it reduces the average investment period which means that the process of compliance transformation can influence the decision between scale and period. This paper proves that there was a risk substitution effect between period decision and scale decision for the first time. References | Related Articles | Metrics

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The predictive power of aggregate illiquidity for stock returns—based on ARFIMA model XIE Jun, HU Nan, GAO Bin, LUO Tian-tian 2021 (02):  31-40.  Abstract ( 565 )   PDF (1856KB) ( 1853 )   From the concept of illiquidity, we calculate seven illiquidity proxies by using samples from Shanghai and shenzhen stock exchange (csi) 300, and use principal component analysis (pca) to obtain the comprehensive illiquidity proxy(prin). We use ARFIMA model to fit the long memory and residual correlation of various variables, monte carlo simulation is constructed to measure the influence of long memory and residual correlation on prediction regression, and Bootstrap sampling method is used to adjust the deviation and screen the illiquidity measure with robust prediction ability. The results show that:the illiquidity measure can predict the short, medium and long term excess returns, R2 measures of fht and prin are high, which reflects that the important role of illiquidity factor in liquidity risk pricing; The short-term forecasting ability of most illiquidity indexes to the market excess returns comes from the market volatility, while the medium-term and long-term forecasting ability is dominated by the illiquidity factors which have nothing to do with the volatility. References | Related Articles | Metrics

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Does the Participation of Major Shareholders in Private Placement Promote Enterprise Innovation LI Dan, CHI Hao 2021 (02):  41-50.  Abstract ( 515 )   PDF (1442KB) ( 1419 )   In recent years, there have been many scandals about the participation of major shareholders in private placement. Whether the participation of major shareholders in private placement has a positive impact on the production and operation activities of enterprises has become an issue of close attention to the regulatory authorities and the public. Based on this, from the perspective of enterprise innovation, this paper selects Chinese A-share listed companies from 2007 to 2019 as samples to test the impact of large shareholders' participation in private placement on enterprise innovation and its mechanism. The results show that the participation of large shareholders in private placement is conducive to enterprise innovation. Further mechanism tests show that large shareholders' participation in private placement can promote enterprise innovation through "internal financial market" mechanism and "supervision effect" mechanism, while "tunneling effect" mechanism will inhibit enterprise innovation. In addition, we found that the "supervision effect" is the most significant among the three mechanisms. The study of this paper not only reveals the influence and mechanism of the participation of major shareholders in private placement on the innovation activities of enterprises, but also contributes to an in-depth understanding of the role of major shareholders in the capital market. In addition, it also provides empirical evidence for the country to use the capital market to promote the innovation strategy. References | Related Articles | Metrics

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A research on relationship among marketing ambidexterity, absorptive capacity and marketing performance JIANG Yuan-yuan 2021 (02):  51-61.  Abstract ( 514 )   PDF (1813KB) ( 1165 )   Based on the resource orchestration theory, high-level marketing exploration and marketing exploitation may not necessarily bring higher marketing performance to firms. This study defines marketing ambidexterity as the balance between marketing exploration and marketing exploitation, and at the same time exploits and explores in marketing activities, and examines the moderating effect of firms' absorptive capacity on relationship between marketing ambidexterity and sales growth. Through a questionnaire survey of 227 small and medium export-oriented private enterprises in Guangdong Province, combined with second-hand financial data for empirical research. The results show that:(1)The influence of marketing ambidexterity on the sales growth presents an upward concave curve; (2)Among high-level marketing exploitation firms, marketing ambidexterity has a stronger second order effect on sales growth, that is, marketing ambidexterity has a positive impact on sales growth;(3)Marketing exploration and marketing exploitation indirectly affect the sales growth of firms through marketing ambidexterity. References | Related Articles | Metrics

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Research on the Influence Mechanism of Followership Prototype—Trait Matching on Employees' Following or Withdrawal Behaviors WANG Jian-ju, YANG Jun, DENG Zhi-hua 2021 (02):  62-71.  Abstract ( 538 )   PDF (1459KB) ( 1550 )   For employees, if their personal traits match the Followership Prototype of their leader and achieve match with them,they are more willing to actively follow the leader. However, if the role is overloaded, overwhelmed, and physically and mentally burdened by overused,employees may choose to withdraw from work instead. Based on the theory of resource conservation, this paper discusses in the case of following the prototype-trait matching when employees actively follow the and when they withdraw from work. Using the structural equation model and based on the statistical analysis of 256 pairs of superior and subordinate matching data in 35 teams, the conclusion is drawn that the match of following prototype and trait can, on the one hand, stimulate the employees' passion for harmonious work and encourage them to actively follow. On the other hand, they may overload their roles and choose to withdraw from work instead. The above conclusions deepen the research on the field of following, also provide practical guidance for the interaction between superiors and subordinates and leadership strategies in organizations. References | Related Articles | Metrics

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Family Capital and Social Class—Empirical research based on CGSS2017 survey data XU Li, YI Xiao-man 2021 (02):  72-79.  Abstract ( 835 )   PDF (1291KB) ( 2214 )   With the concerns of social facts such as the "second-generation phenomenon" and "stratum consolidation", whether family capital affects the acquisition of individual social classes arouses people's thinking. Based on the CGSS2017 survey data, this research uses multiple linear regression analysis methods to investigate the influence of family capital on the social class of offspring from three aspects:family economic capital, family cultural capital, and family social capital. The study found that the family economic capital has a significant effect on the acquisition of the upper class of society. In the family cultural capital, the mother's education level has a positive effect on the social class of the offspring, but the significance disappears over time. In family social capital, the occupation level of the mother has a positive effect on the social class of the offspring, and this effect is also no longer significant over time. References | Related Articles | Metrics

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The Influence of Urban and Rural Medical Insurance System on the Medical Burden of Residents—Based on the Difference in Urban and Rural Areas CHANG Xue, SU Qun, XIE Hao-ran 2021 (02):  80-89.  Abstract ( 703 )   PDF (1589KB) ( 1872 )   Based on the Chinese Labor-force Dynamic Survey data in 2014 and 2016, this paper built the difference-in-difference model to analyze the impact of Urban and Rural Medical Insurance System on the medical burden of urban and rural residents. The results show that the implementation of the Urban and Rural Medical Insurance System will increase the medical expenditure of low-income rural residents rather than share of the medical expenditure in total expense. The policy has reduced the medical burden of middle-income rural residents. However, high income community and urban residents are less subject to economic constraints, their medical consumption is hardly affected by the medical insurance. the improvement of medical insurance treatment has alleviated the medical burden of the medium-to-income rural residents. The regression results by medical expenditure group also show that the current medical insurance system could not share the pressure of medical treatment for families with heavy medical burden. Therefore, from the perspective of policy making, we should improve the medical insurance treatment for serious diseases and reduce the pressure of medical treatment for people with heavy burden to avoid the occurrence of poverty caused by diseases. References | Related Articles | Metrics

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Study on the Registered Residence and Land Quit of Rural Households Buying House in the Cities ZHANG Cheng-yu 2021 (02):  90-99.  Abstract ( 416 )   PDF (1195KB) ( 1270 )   The rural households buying house in the cities are the special peasant group who can quit their registered residence and land from countryside with low risk. According to the policy provisions, they have many choices to quit their registered residence and land from countryside. The theoretical analysis holds that there are six good choices like quit the part of household registered residence and part of land. The analysis shows that there is nearly 30% the rural households buying house in the cities have quit their registered residence and land partly. This low rate is not a good idea so that the government should take some measures to increase it. References | Related Articles | Metrics

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Study on Farmers' Cooperative Behavior, Cooperative Willingness and Willingness to Choose Contracts in the Process of Capital Going to the Countryside SHI Min, LI Da-sheng, WU Sheng-jin 2021 (02):  100-110.  Abstract ( 473 )   PDF (1592KB) ( 1052 )   To implement the rural revitalization strategy, we must adhere to the main position of the peasants. However, in the practice of industrial and commercial capital participating in the rural revitalization strategy, the willingness of farmers to cooperate is easily overlooked, and even the phenomenon that farmers' interests are infringed. Based on the micro-farmers' perspective, this paper uses the Binary Logit Model and Multinomial Logit Model to analyze the cooperative behavior and willingness of farmers to invest in the countryside, and analyzes the willingness of farmers to choose different kinds of contracts and identify the influence factors of farmer behavior and willingness. The research shows the following results. First, the differences in cooperative behavior and willingness between farmers and industrial and commercial capital are significant, and the willingness to cooperate is higher than that of cooperative behavior. Second, the cooperative behavior of farmers is influenced by their own productive characteristics, industrial and commercial capital characteristics and the external environment. Third, the willingness of farmers to cooperate is influenced by demographic characteristics, productive characteristics, and industrial and commercial capital characteristics, and the impact of the external environment is not significant. Fourth, the willingness to choose the farmer's contract model is closely related to the length of education of the head of the household, the investment in agricultural facilities, and whether the industrial and commercial capital provides support. References | Related Articles | Metrics