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15 May 2021, Issue 03 (212) Previous Issue    Next Issue

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Historical Implications of Peasant Poverty and Its Resolution in the Collectivization Period for Rural Revitalization—Take the Overspending Phenomenon of the October Brigade in Hubei Province as an Example WANG Li, QU Shang 2021 (03):  1-11.  Abstract ( 341 )   PDF (2884KB) ( 938 )   Peasant poverty during the collectivization period manifested itself in widespread phenomenon of overspending households.Allowing overspending can be seen as a moral subsidy from the government to the farmers and a historical starting point for China's anti-poverty cause.The design and practice of the collectivized system of centralized labor and uniform distribution is the institutional root of the overspending phenomenon.Overspending occurs when the distributed income is greater than the labor input, reflecting the averaging in the collectivization system:The collective quantifies labor inputs while taking into account the needs of farmers' "survival ethics".Such system is designed to become a livelihood guarantee for farmers in need, but it also leads to problems of equity and efficiency, resulting in a vicious circle of overspending and thus affecting the stability of the collective economy.Although the state and farmers have made many attempts to solve the overspending problem, it was not until the widespread household contract responsibility system in rural areas released the reform dividend, motivated farmers to develop production, and improved the efficiency of resource allocation and resource utilization that the overspending problem was completely solved.This provides important historical insights for the current implementation of the rural revitalization strategy, consolidation of poverty eradication and promotion of rural development. References | Related Articles | Metrics

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Balance of Payments Structure and the Mystery of Low Interest Rates in China—A Dual Analysis Based on TVP-VAR Model and DSGE Model YANG Yuan-yuan, GAO Jie-chao 2021 (03):  12-24.  Abstract ( 345 )   PDF (4227KB) ( 852 )   In this paper, the TVP-VAR model is firstly constructed to examine how changes in international payments affect interest rate evolution, and then the DSGE model of the two countries is constructed to explore the differential impacts of structural international payments shocks on interest rate evolution. It is found that the continuous accumulation of foreign exchange reserves caused by the deepening of opening-up does exert downward adjustment pressure on the interest rate. The surplus of international balance of payments is an important factor contributing to the formation of low interest rate in China, and the money supply is the important mediating variable. The impact of direct investment and portfolio investment shocks on interest rate is far greater than that of trade shocks. With the further promotion of capital account facilitation in the future, China's interest rate adjustment will be increasingly constrained by the fluctuations of balance of payments. Therefore, this paper argues that the government should further deepen the reform of the foreign exchange management system, gradually realize the "pooling of foreign exchange with the people", improve the independence of monetary policy to reduce the impact of foreign exchange market fluctuations on interest rate. References | Related Articles | Metrics

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Analysis on the Spatial Effect of China's Economic Growth Efficiency and Its Influencing Factors with Resource and Environmental Constraints XU Xiao-ying, CHEN Mi 2021 (03):  25-34.  Abstract ( 289 )   PDF (1941KB) ( 772 )   Based on the data from 1999 to 2018, we adopt spatial autocorrelation, spatial analysis and spatial panel model to conduct a comprehensive analysis of economic growth efficiency with resource and environmental constraints. Research shows that most provinces and cities have a spatial agglomeration effect on economic growth efficiency with their geographically neighboring provinces and cities or provinces and cities with their similar economic level. And a small number of provinces and cities show a certain degree of spatial heterogeneity. In addition, the influencing factors of economic growth efficiency show significant positive spatial spillover effects with technical innovation, industrial structure, human capital, opening up and market-oriented reform significantly promoting the improvement of economic growth efficiency. The impact of financial development and environmental governance on the economic growth efficiency is not considerable, and government intervention has an obvious hindering effect on the improvement of economic growth efficiency. References | Related Articles | Metrics

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Research on the Impact of Rural Inclusive Finance on Agricultural Industrialization ZHANG Cheng, HONG Zheng, WANG Lin 2021 (03):  35-44.  Abstract ( 372 )   PDF (1436KB) ( 1137 )   Based on the analysis of the impact path of Inclusive Finance on agricultural industrialization, this paper uses the panel data of China's 30 provincial administrative regions from 2006 to 2017 to evaluate the development level of rural Inclusive Finance and agricultural industrialization in multiple dimensions. The results show that rural inclusive finance has a significant spatial spillover effect on the improvement of agricultural industrialization, and the level of economic development, the number of years of education in the primary industry, and agricultural fixed asset investment have a positive role in promoting the level of agricultural industrialization.The impact of rural inclusive finance on agricultural industrialization coexists in direct and indirect channels under different weight matrices, and it has a characteristic of increasing marginal effects as the level of economic development increases. The impact of digital financial inclusion on agricultural industrialization shows a trend of diminishing marginal effects. References | Related Articles | Metrics

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Local Government Debt and Corporate Financing Structure CHEN Juan-juan, ZHAO Hong-yan, XU Yi-hong 2021 (03):  45-52.  Abstract ( 317 )   PDF (1228KB) ( 1073 )   This paper systematically explores the impact of local government debt scale on corporate financing structure based on the macroeconomic level of local government debt data and the micro level of corporate data. The empirical results show that the scale of local government debt significantly squeezed out the scale of debt financing. And the crowding out effect exists in both long-term government debt and short-term government debt samples, and is more significant in eastern and western regions. But local government debt obviously pushed up the level of corporate endogenous financing and equity financing.The implementation of PPP projects effectively alleviates the crowding out effect of local government debt scale on debt financing of enterprises. The empirical research further found that local government debt has different degrees of impact on the corporate financing structure through the investment environment. The local government debt has a significant impact on endogenous financing and equity financing by improving market openness and infrastructure level. References | Related Articles | Metrics

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How do credit constraints affect household risk asset participation—Evidence from CFPS data ZHOU Hong, SHI Jian-tao 2021 (03):  53-61.  Abstract ( 311 )   PDF (1346KB) ( 886 )   Based on the data of China Family Panel Studies in 2014, this paper conducts an empirical test on the effect and mechanism of credit constraint on household participation in risk assets. The results show that there is a significant negative correlation between credit constraints and the extent and depth of household participation in risky assets. At the same time, compared with households subject to informal credit constraints, formal credit constraints have a more obvious inhibitory effect on household participation in venture capital investment. Further research shows that credit constraints inhibit household participation in risk assets mainly through the two channels of increasing risk aversion and decreasing future expectations. Heterogeneity of sample regression results also show that the credit constraints for high income family, eastern urban families and families involved in the inhibitory effect of risky assets is stronger or more significantly, at the same time, the inhibition effect is influenced by the family financial literacy level, financial literacy, the higher the family, credit constraints for the lower level of to participate in the suppression of risky assets. References | Related Articles | Metrics

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The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity—An Analysis Based on the Mediation Effect Model HU Hai-feng, SONG Xiao-xiao, ZHANG Chao 2021 (03):  62-73.  Abstract ( 412 )   PDF (1686KB) ( 1148 )   This paper takes the data of listed companies in China from 2000 to 2017 as a sample, and studies the relationship and mechanism between enterprise leverage and total factor productivity (TFP) by constructing a mediation effect model. The research shows that: (1) enterprise debt leverage has a significant negative impact on TFP in general, but short-term leverage is more harmful to TFP than long-term leverage; (2) enterprise debt leverage will adversely affect the future TFP by increasing financial costs, reducing capital efficiency and labor efficiency; (3) Large-scale enterprises, state-owned enterprises, and companies with high financing constraints are more affected by debt leverage. References | Related Articles | Metrics

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Does Corporate Executive's Positions in the Industry Associations Can Reduce the Cost of Debt—Evidence from Listed Companies in China QI Zi-peng, ZHOU Yun-chen 2021 (03):  74-82.  Abstract ( 280 )   PDF (1391KB) ( 785 )   Financing costs have a huge impact on the business development of enterprises. Reducing corporate financing costs is a key area of "cost reduction" in China's supply-side structural reforms. Based on the resource dependence theory, reputation theory, and information asymmetry theory, this article uses the panel data of 2290 listed companies in China from 2008 to 2017 to study the relationship between the corporate executives’ positions in the industry association and the cost of debt financing. The empirical study found that: The corporate executives’ positions in the industry associations can significantly reduce the cost of debt financing of enterprises; The corporate executives’ positions in the industry associations help enterprises reduce the cost of debt financing through the role of resource extraction, reputation guarantee and information transmission. The research conclusion of this article provides microscopic evidence for the important role of social intermediary organizations such as industry associations in economic and social life, and has important reference significance for vigorously cultivating the development of social intermediary organizations such as industry associations in China. References | Related Articles | Metrics

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Heterogeneous Environmental Regulation, Technological Innovation and Industrial Greening in China SHI Dun-you 2021 (03):  83-93.  Abstract ( 279 )   PDF (1571KB) ( 785 )   Based on the mediating effect model and provincial panel data from 2007 to 2016, this paper builds a theoretical analysis framework of the mechanism of heterogeneous environmental regulation, technological innovation and industrial greening and the index system of heterogeneous environmental regulation and industrial greening, in order to empirically test the mechanism of heterogeneous environmental regulation and technological innovation driving industrial greening. The results show that administrative environmental regulation has an inhibitory effect on industrial greening, and there is no mediating effect of technological innovation, that there are a partial mediating effect of market-based environmental regulation on industrial greening, which can be restrained by "crowding out effect" of technological innovation, that the relationship between public environmental regulation and industrial greening is a sole mediating effect, and public environmental regulation can promote industrial greening through the "incentive effect" of technological innovation, that the conclusion that the mediating effect of technological innovation driven by heterogeneous environmental regulation on industrial greening remains unchanged after the robustness test. References | Related Articles | Metrics

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Environmental Effects of Agricultural Intellectual Property Protection: Optimal Protection, Environmental Technology Spillover, and Green Institutional Design LI Ling-ling, ZHAO Guang-hui 2021 (03):  94-102.  Abstract ( 276 )   PDF (1493KB) ( 762 )   Based on the panel data of 30 provinces in China from 2009 to 2018, a static and dynamic panel data model was established to explore the environmental effects of agricultural intellectual property protection from the perspective of international transfer of environmental technology.The results show that the environmental effect of the current period is not significant, but the environmental effect of the lagging period is significant. The relationship between the degree of protection of agricultural intellectual property and environmental technology spillover is nonlinear, and there is the optimal environmental effect value of the degree of protection of agricultural intellectual property.The protection of agricultural intellectual property rights has indirect positive impact on environmental technology spillover through foreign direct investment, R&D investment and human capital stock, while indirect negative impact on environmental technology spillover through international trade.The protection degree of agricultural intellectual property should be matched with the development of agricultural economy, the consumption ability of human capital to the new knowledge of agricultural environmental technology should be enhanced, the property right consciousness of the public should be cultivated, and the green design of the protection system of agricultural intellectual property should be strengthened. References | Related Articles | Metrics

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Analysis of the decoupling relationship between ecological footprint and economic growth of cities along the Yellow River Basin and influencing factors LI Rui, LIU Teng-hua 2021 (03):  103-111.  Abstract ( 278 )   PDF (1414KB) ( 902 )   The primary task of implementing the national strategy for ecological protection and high-quality development of the Yellow River Basin is to study and judge the current status of the ecological environment and economic growth of cities along the route, and to clarify the "family basis" for high-quality economic development in the Yellow River Basin. Based on the use of emergy-ecological footprint to measure the ecological environment of cities along the route, the article analyzes the decoupling relationship between ecological footprint and economic growth, and discusses its influencing factors. The results show that, on the one hand, there is a significant decoupling between the ecological footprint and economic growth of the cities along the route, and there is significant spatial heterogeneity in the decoupling state. The downstream "good" decoupling states account for the most, followed by the upstream, and the middle reaches the least. Among them, 38 of the 40 catching-up and decoupling cities are close to double-excellent model cities, and catching-up and decoupling are in a good state; on the other hand, in terms of factors affecting decoupling, the increase in the proportion of the secondary industry is not conducive to the transformation of decoupling, The increase in fiscal expenditure is conducive to the better transformation of the decoupling state. References | Related Articles | Metrics