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    15 July 2021, Issue 04 (213) Previous Issue    Next Issue
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    Research on the practical logic, theoretical crystallization and sharing strategy of the Chinese Communist Party's anti-poverty in the past century
    WANG Zhi-zhang, YANG Ke-fan, WANG Jing, YANG Zhi-hong
    2021 (04):  1-14. 
    Abstract ( 514 )   PDF (1778KB) ( 1178 )  
    As a worldwide problem, poverty contains historical categories and developmental significance. Since its establishment in 1921, the Communist Party of China has been adhering to the lofty ideal of "eliminating poverty and achieving common prosperity." Over the past 100 years, the party has made bold explorations based on different historical backgrounds and social environments. It has successively experienced the Shaanxi-Gansu-Ningxia pilot project in the early days of the founding of the party, the difficult explorations in the early days of the founding of the People's Republic of China, the developmental poverty alleviation practices during the reform and opening Targeted poverty alleviation and poverty alleviation fight four different anti-poverty stages. During the period, a pedigree of anti-poverty thoughts based on Mao Zedong's anti-poverty theory, Deng Xiaoping's theory of common prosperity, Jiang Zemin & Hu Jintao's thoughts on poverty alleviation and development, and Xi Jinping's on poverty alleviation was condensed, and a large amount of valuable poverty alleviation experience based on practice was accumulated, forming an anti-poverty theory with Chinese characteristics.The Chinese Communist Party's century-old anti-poverty practical exploration and theoretical crystallization has provided a Chinese solution for global poverty governance, which has been highly praised. As an important part of the world's modern civilization achievements, different strategies should be adopted to share with mankind, for global poverty governance, and construction of poverty-free Make new and greater contributions to the world.
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    The Participation of the Party Committee in the Governance, the Internal Quality Control and the Performance of State-owned Enterprises
    CUI Jiu-jiu
    2021 (04):  15-23. 
    Abstract ( 512 )   PDF (1351KB) ( 1385 )  
    Using the hand-collected data of party committees participating in governance of state-owned enterprises listed Shanghai and Shenzhen A-share from 2010 to 2019, this paper studies the influence of party committees participating in governance on the state-owned enterprises performance and its role path. The results show that party committees participating in governance can significantly improve state-owned enterprises performance; party committees participating in governance by embedding board of directors and managers can improve state-owned enterprises performance while party committees participating in governance by embedding board of supervisors has no significant effect on improving state-owned enterprises performance; party committees participating in governance can significantly improve internal control quality of state-owned enterprises and internal control quality plays a partial intermediary role in the relationship between party committees participating in governance and state-owned enterprises performance. Further, this paper examines the heterogeneity that party committees participating in governance affect the performance of different types of state-owned enterprises, find that party committees participating in governance plays a significant role in improving the performance of commercial competitive state-owned enterprises and internal control quality plays a partial intermediary effect, but party committees participating in governance fails to effectively improve the performance of state-owned enterprises with specific functions.
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    From competition to cooperation: an analysis of the promotion path of financial behavior in Guangdong, Hong Kong and Macao
    WU Wen-zhong, TANG Fei, LI Qin
    2021 (04):  24-32. 
    Abstract ( 492 )   PDF (1267KB) ( 1103 )  
    The coordinated development of Guangdong, Hong Kong and Macao has become a major national strategy. The Party Central Committee and the State Council have always attached great importance to the planning and design of Guangdong, Hong Kong and Macao Bay area. In the process of the coordinated development of Guangdong, Hong Kong and Macao, in order to build a world-class Bay area and a world-class megalopolis, we should give full play to the unique effect of fiscal policy and fiscal behavior leverage, especially through the in-depth cooperation of fiscal behavior to promote the leapfrog integrated development of the bay area. On the basis of exploring the evolution law of intergovernmental financial behavior, this paper studies the urgency and particularity of financial cooperation among Guangdong, Hong Kong and Macao, and then constructs the operation mechanism and implementation path of financial cooperation among Guangdong, Hong Kong and Macao, so as to promote the high-quality and high-speed development of Guangdong, Hong Kong and Macao.
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    Embedded in GVCs and Markups of Chinese Manufacturing Firms
    GAO Yun-sheng, ZHU Jia-chun, DAI Rui
    2021 (04):  33-43. 
    Abstract ( 554 )   PDF (2085KB) ( 1437 )  
    With the deepening of China's integration into the global production network, the competitive effect of trade liberalization and the optimal allocation of resources among different productivity enterprises have promoted the overall markups of export enterprises in a country. However, it is contrary to the previous research. This paper uses Chinese firm-level data to verify from the perspective of GVCs embedding. The result shows that participation in GVCs has effectively increased markups on the whole, but there is an "inverted u-shaped" relationship between them,meanwhile the influence of different enterprise types is heterogeneous. Further analysis of the influence mechanism shows that enterprises' participation in GVC will improve markups through technology spillover effect and large market effect, but the cost saving effect will play a limited role and have a negative impact with further integration into GVCs.
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    Does “De-globalization” Have an Impact on China's Foreign Direct Investment
    ZHANG Jun-yan, JIA Yu-cheng, ZHANG Cheng
    2021 (04):  44-54. 
    Abstract ( 603 )   PDF (5058KB) ( 1279 )  
    Based on entropy theory,the degree of "de-globalization" of countries around the world is measured.The theory of "proximity-concentration" the influence mechanism of "de-globalization" on Chinese foreign direct investment (OFDI).Empirical this article tests the influence of host country's "de-globalization" measures on Chinese OFDI through China's investment data from 2003 to 2018.The results show that:(1) According to the calculated "de-globalization" index,"de-globalization" has broken the original trend of economic globalization after 2016.(2) The "de-globalization" of the host country has a negative impact on Chinese enterprises' direct investment in the country.(3) The host country's political risk strengthens the negative impact of the host country's "anti-globalization" phenomenon on Chinese OFDI,while trade barriers weaken this negative impact.(4) Chinese OFDI is more sensitive to the negative impact of developed countries' "de-globalization".Finally,this paper gives relevant policy suggestions.
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    Research on the Investment and Financing Mode of Urban Regeneration in China
    XU Wen-ge
    2021 (04):  55-64. 
    Abstract ( 701 )   PDF (1841KB) ( 1580 )  
    Driven by macroeconomic factors such as urbanization,industrial structure and housing land supply,china's urban regeneration development has entered the fast lane. Quantitative calculations show that first,China's urban renewal has begun to take shape,with annual investment exceeding 3 trillion yuan since the "13th Five-Year Plan"; second,the "14th Five-Year Plan" and a period of time in the future,the scale of urban renewal investment has a large potential growth Space,the average annual growth rate of urban renewal investment is about 11%,and the investment scale is expected to reach 9.2 trillion yuan by 2030,which is about 2.8 times the current scale. Looking back at the historical changes of China's urban renewal investment and financing models,the practice of exploring and innovating in various parts of the country,and the summary of foreign experience,we will build a market-oriented and government-led investment and financing model to steadily promote urban renewal activities in the future. In this regard,one is to change our thinking and concepts,and to reshape the investment and financing model that supports the organic renewal of the city from the financial support method mainly based on demolition and reconstruction; the second is to promote and solve the investment and financing problems of different types of urban renewal projects; the third is to innovate many financial support methods to guide and attract the participation of social capital.
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    The impact of business diversification on performance of commercial banks-Mediating effect based on risk taking
    WANG Xin-xin
    2021 (04):  65-73. 
    Abstract ( 562 )   PDF (1395KB) ( 1540 )  
    In this paper,we choose the agency variables of the diversification of commercial bank business from the two dimensions of income diversification and asset diversification,and take 28 commercial banks listed in A-share market in 2006~2019 as the research samples.Through the establishment of dynamic panel data model,this paper studies the impact mechanism of business diversification on performance and risk-taking in China's commercial banks,and empirically tests the intermediary role of risk-taking in business diversification and performance impact.The results show that,no matter from the perspective of income diversification or asset diversification,business diversification is negatively related to the performance of commercial banks in China,and positively related to the risk-taking of commercial banks in China,but its effect varies according to the ownership structure.In the role of business diversification on the performance of banks,risk-taking partially or completely plays an intermediary effect.
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    Women's Family Status and Its Impacts on Children's Human Capital Investment
    LI Xin-rong, CAO Xiao-yong, ZHANG Shan-shan
    2021 (04):  74-82. 
    Abstract ( 523 )   PDF (1315KB) ( 1116 )  
    The accumulation of human capital is an important source of economic growth.Firstly,this paper constructs a theoretical model which assumes that the depreciation rate of labor force productivity is different between father and mother.Our model concludes that women will be more willing to increase the children's human capital investment because of their faster depreciation of labor force productivity.Secondly,empirical evidence from household education investment decisions in the CFPS (2014) data suggests that the improvement of women's family status significantly increases the proportion of children's human capital investment,and this effect is more obvious for rural female groups.Furthermore,sons get more human capital investment over all.This suggests that poverty alleviation projects targeting women,especially improving women's family status,will be more conducive to improve children's human capital.
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    The Study on the impact of city size on the gender wage gap
    PAN Li-qun, ZHANG Shao-hua
    2021 (04):  83-91. 
    Abstract ( 587 )   PDF (2778KB) ( 1555 )  
    The gender wage gap is a common phenomenon in the urban labor market,and the rapid urbanization process has brought city size wage premium to workers due to the expansion of the scale of the city,but the degree of obtaining city size wage premium to different workers varies.So,does our country's urbanization process help narrow the gender wage gap? Based on the data of latest 2017 China Migrants Dynamic Survey (CMDS) with 247 cities,this paper constructs a two-step regression model to test whether the size of the city affects the level of gender wage gap.The empirical results show that the male labor force in 233 cities has a higher salary level,but the female labor force obtains a higher city size wage premium than the male labor force,which reduces the wage gap with the male labor force in increment.In specific,the city size increases by 1%,the city-scale wage premium received by women is 0.097% higher than that of men.It can be seen that the gender wage gap will decrease as the size of the city expands.In this paper,changing the empirical analysis method and the micro data sample have been tested for robustness,and the empirical results are proved robust.This research provides a new perspective and new answer to explain the gender wage gap in China.
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    The influence of brand social media advertising content on consumers' social media involvement
    HOU Tian-yi, DENG Fu-min, WANG Xiao-yan
    2021 (04):  92-100. 
    Abstract ( 753 )   PDF (1294KB) ( 3086 )  
    How to optimize the content of brand social media advertising is a hot issue in academia.Based on the involvement theory and the characteristics of social media,this study defines the four dimensions of consumer social media participation:consciousness,emotion,rational thinking and identity.After collecting second-hand data,variance model is used to analyze the impact of brand social media advertising content on consumers' social media participation.The results show that the type of social media advertising content has a significant impact on consumers' social media involvement,and new product content has the best effect,followed by promotion,game/lottery and social responsibility content.This study not only enriches the theoretical research of brand social media advertising from the perspective of consumer behavior,but also provides valuable management suggestions for brand design of social media advertising content marketing.
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    Fiscal Pressure,Technological Innovation and Green Total Factor Productivity
    ZHENG Wei, LU Yuan-quan
    2021 (04):  101-110. 
    Abstract ( 633 )   PDF (1394KB) ( 1867 )  
    The typical Chinese-style "pressure-type" finance in economic and social transition period has important influence on local innovation activities and green sustainable development.By using the panel data of 256 prefecture-level cities in China in 2004~2017,this paper empirically examines the influence of fiscal pressure on green total factor productivity and the transmission mechanism.The results of benchmark test show that fiscal pressure significantly inhibits the improvement of green total factor productivity,and technological innovation significantly promoted green total factor productivity; The intermediary effect test found that the financial pressure prevented the green total factor productivity by restraining the technological innovation; Further threshold effect test shows that the effect of technological innovation on green total factor productivity has a double threshold effect based on financial pressure.In the different threshold range of financial pressure,the promotion effect of technological innovation on green total factor productivity shows a significant step down.In the future,it is necessary to comprehensively improve the Chinese-style "pressure-type" financial incentive system,reasonably control the range of financial pressure,and help technological innovation to enhance urban green total factor productivity.
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