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15 November 2021, Issue 06 (215) Previous Issue    Next Issue

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Can the Party Organizations Promote Private Enterprises' Environmental Protection Investment-Evidence from the Survey of Private Enterprises in China TANG Xue-liang, WANG Sheng-hao, WU Wan-zong 2021 (06):  1-10.  Abstract ( 521 )   PDF (1679KB) ( 1108 )   Based on the number-rule of establishing the party organizations, this paper uses FRDD approach to test the causal relationship between the party organizations and the environmental investment of private enterprises. (1) By controlling the endogenous problem, it is found that the establishing party organizations can significantly improve the environmental investment of the enterprises, and OLS approach may underestimate the role of party organizations; (2) "Supervision and Guidance" is the important mechanism for the party organizations to play a role, which is manifested in restricting private enterprises to comply with the government environmental protection policies and regulations; (3) The role of party organizations in promoting investment in environmental protection will be positively moderated by the "party membership" of the private entrepreneurs; (4) The stronger the external environmental protection constraint is, the stronger the promotion effect of the party organization is. The conclusion of the study provides useful reference for improving the environmental governance system of the private enterprises, and helps to expand the understanding of the social value of "Non-Public Organizations' Party Building". References | Related Articles | Metrics

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Technological Change, Rate of Profit and China's Economic Growth-Based on the Marxist Economic Growth Model LUO Zhen, XU Hao-xiang 2021 (06):  11-18.  Abstract ( 566 )   PDF (1618KB) ( 1244 )   Based on Marxian theory of capital accumulation, this paper constructs an economic growth model and demonstrates the important influence of technology change and income distribution on economic growth through profit rate. Using the data of China's national economy, this paper calculates the relevant indicators of labor theory of value, and verifies the theory through regression analysis. Based on the decomposition of the rate of change of profit rate, we find that the decline of profit rate caused by the rising organic composition is an important factor for the slowdown of China's economic growth in the previous stage. Combined with Marx's theory of technological change, this paper points out that through the organic combination of market and government, improving the efficiency of technological innovation, increasing the share of labor income, maintaining a certain level of profit margin and sustained economic growth is the inevitable direction of the development of socialist market economy. References | Related Articles | Metrics

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The “Information Derailleur” Effect in the Economic Fluctuation-An Numerical Simulation Analysis based on the RBC Model BAO Tian-wei 2021 (06):  19-28.  Abstract ( 454 )   PDF (8608KB) ( 212 )   Economic fluctuation has always been an area where economists are committed to research and difficult to reach a consensus. The prevailing RBC theory in the West has been questioned by many parties in recent years and has been continuously improved. The "financial accelerator" theory is the most famous expansion. This paper holds that in addition to the "financial accelerator" effect, there is also an "information derailleur" effect in the economy:information will change their economic behavior by affecting the expectations of micro subjects, so that a small fluctuation may be amplified and changed by the "transmission", which may cause large economic fluctuations. This paper demonstrates the "information derailleur" effect in the economy by establishing the RBC model, and believes that the transmission of information may cause economic fluctuations in the short term, but the long-term release of information will smooth economic fluctuations, which also proves the positive effect of market effectiveness on the economy from another aspect. Based on this, this paper believes that reducing information control and realizing market efficiency is the necessary path to achieve long-term and stable economic growth. References | Related Articles | Metrics

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Bridges or Traps? Research on Transition Results of Non-Standard Employment PAN Zhuo-chao 2021 (06):  29-35.  Abstract ( 466 )   PDF (1115KB) ( 894 )   The influence of non-standard employment on the employment development of workers is the main content of this paper. Based on the China Labor-force Dynamics Survey and some report data, this paper takes transition as the main index, and discusses the role of non-standard employment as a "bridge" or "trap" in the career of workers, as well as the influencing factors and result differences. The study finds that only 5 percent of workers have shifted to standard employment through non-standard employment. On the whole, non-standard employment is more in line with the "trap theory". But at the same time, the transition from traditional non-standard employment to new employment form will effectively increase the wages of workers, so the new employment form provides the "third development path" for the internal transition of non-standard employment. References | Related Articles | Metrics

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“Financial Accelerator Effect” or “Rational Asset Price Bubble Effect”-Research on Time-varying Relationship based on Monetary Policy, Asset Prices and Economic Fluctuation ZHANG Rui, GUO Xiao-man, SHEN Cheng-cheng 2021 (06):  36-47.  Abstract ( 489 )   PDF (4639KB) ( 1392 )   China's economy is facing downward pressure, and asset prices have reached high level at the current stage. It is very necessary and urgent toexplore how monetary policies balance "steady growth" and "risk prevention" in different financial and economic environments. However, the theory of "Financial Accelerator" and "Rational Asset Price Bubble" provide contradictory theoretical basis for the choice of monetary policies. In this paper, principal component analysis method is adopted to construct comprehensive price indexes of Chinese financial assets including stocks, real estate, bonds and funds. By taking the fourth quarter of 2006 to the first quarter of 2020 as the research period,the time-varying relationship among monetary policy, asset prices and economic fluctuation is studied based on TVP-SV-VAR model. This paper provides empirical evidence for the interaction relationship among the above three and the time-varying characteristics of structural shock volatility. The conclusions are as follows:In the general economic environment, China has a "financial accelerator effect", but after asset prices reach a high level, the "rational asset price bubble effect" appears, which means, asset prices will rise as interest rate rises;As time goes by and China's asset price bubble has increased,the effectiveness of the policy transmission channel of "decline in interest rate → growth of macro-economy" is gradually decreasing;In the short run, rise of asset price drives economic growth while severe bubble may dampen growth;The current impliedmacro-control direction is "expanding credit, stabilizing monetary policy and slack fiscal policy". References | Related Articles | Metrics

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On the Design of Financial Supervision of Government and Market in Modern XIAO Gao-hua 2021 (06):  48-56.  Abstract ( 380 )   PDF (1347KB) ( 1007 )   Many ideas of financial supervision system were put forward from the aspects of banking supervision, securities supervision and insurance supervision in the transformation of financial supervision in modern times. Although different of the government's supervision of financial markets varies in different historical periods due to factors such as regime change,these contain the value of state power and market rights generally. These not only had provided public opinion preparation and intellectual support for the construction of the financial supervision system in that year, but also provide some useful references for the realization of promising government and effective market in the current financial field of our country. References | Related Articles | Metrics

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The Impact of Heterogeneous R&D and the productivity dilemma-Research based on Government Support and Market-oriented Reforms Moderating Effects ZHANG Shuai, LIU Chun-xue, JIANG Rui 2021 (06):  57-66.  Abstract ( 446 )   PDF (2591KB) ( 839 )   This article is based on the productivity dilemma theory, using provincial data from 2000 to 2017 in china, through the structural decomposition of the technical efficiency of the real economy, analyze the impact of heterogeneous R&D on the persistent technical efficiency of the real economy and the regulatory effects of the government support and market-oriented reforms in it. The results show that persistent technical efficiency growth stagnated is the main reason that restricts the improvement of the overall technical efficiency of the real economy, disruptive innovation has an inhibitory effect on improving the sustainable technical efficiency of the real economy; incremental innovation can promote the continuous technical efficiency of the real economy. To break through the productivity dilemma of the real economy, we must pay attention to the moderating effects of the government and the market on different innovative activities, disruptive innovation needs the strong support of "promising government". incremental innovation pays more attention to the allocation function of the "effective market" and the external effects of the "limited and promising government". References | Related Articles | Metrics

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Research on the Impact of High-Speed Rail on the Investment Location Choice of Listed Companies ZHUANG De-lin, BAO Yuan-juan, ZHU Chen 2021 (06):  67-76.  Abstract ( 488 )   PDF (1848KB) ( 1329 )   Accurately identifying the impact of the opening of high-speed rail on enterprises' investment location selection is of great significance to the optimization of corporate investment decision-making and regional industry optimization. Using the micro data on the remote investment of Chinese listed companies from 2008 to 2017, based on the new perspective of the opening of the high-speed rail, the multi-period double difference method was used to conduct an empirical analysis of the investment location selection of listed companies, and analyzed from the two paths of market scale effect and transaction cost effect Internal influence mechanism, and then use the mediation effect model to test the mechanism. The study found that:(1) the opening of high-speed rail increased the number of listed companies' remote investment companies, and the number of new remote investment companies of listed companies that opened high-speed rail in the city where the headquarters is located increased by about 5.2% on average; (2) the average geographic location of listed companies' remote investment Distance has no significant impact. The analysis of heterogeneity found that the opening of high-speed rail only increased the average geographic distance of listed companies' off-site investment in the eastern region; (3) The mechanism test found that, on the one hand, the opening of high-speed rail promotes listed companies' off-site investment by expanding the market size. It strengthens the influence of the site city information environment on the investment location selection of listed companies, thereby promoting remote investment of listed companies by reducing the cost of information search. References | Related Articles | Metrics

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A Research on Performance Improvement Configuration of Location Strategy-CSR Strategy Collaboration WANG You-chun, WANG Yi-min, LI Feng-juan 2021 (06):  77-86.  Abstract ( 479 )   PDF (1671KB) ( 919 )   Based on the optimal distinction between strategic differentiation ("To be Different") and legal consistency ("To be Same"), we use the qualitative comparative analysis (QCA) method to explore the configuration of location strategy-CSR strategy collaboration to realize corporate performance improvement. The research shows that:First, there are three different ways to achieve significant performance in strategic collaboration, which can be summarized as global-resource-superiority driven, region-innovation-driven and region-market-seeking. Second, we integrate the "uniqueness mechanism" of location strategy and the "legitimacy mechanism" of CSR strategy, and try to explain how enterprises "go out" to obtain sustained competitive advantages and significant performance by integrative perspective. Third, through the propensity score matching (PSM) test, it is found that global-commercial resource-driven, region-innovation-driven and region-market-seeking enterprises can achieve performance improvement through positive strategic synergy. References | Related Articles | Metrics

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Exploring the path choice from poverty alleviation to Rural Revitalization-practical experience from 2047 counties (districts) from 2006 to 2018 HONG Ming-yong, LI Fu-hong, LOU Lei, LONG Jiao 2021 (06):  87-98.  Abstract ( 520 )   PDF (2164KB) ( 1238 )   Based on the panel data of 2047 counties (districts) in China from 2006 to 2018, the policy practice of setting up 592 poverty alleviation and development key counties and 203 rural reform pilot areas in China is regarded as a natural experiment, and the double difference method is used to identify the practical performance of the two regional policies. The analysis shows that the two policy practices can improve the economic performance of the policy implementation areas; among them, the minority areas in the poverty alleviation and development key counties, the areas with higher dependence on exogenous financial transfer payment and the areas with weak market economic vitality will have the policy performance enhancement effect; but at the same time, based on the differences in the effectiveness of the regional, provincial, municipal and county levels and the different effects of the two policies Urbanization reflects the inherent weakness and endogenous motivation of deep poverty-stricken areas, which will rely on policy support for a long time. More importantly, based on the market-oriented, management oriented and political transaction cost theory, this paper explores the behavior path of Rural Revitalization from the three dimensions of rural industrial revolution, rural business entities and institutional innovation. In addition, we must adhere to the constraints of the stability of land property rights, the dominant position of farmers, and the principle of equity of collective ownership, and put the improvement of land usufructuary rights, the construction of long-term industrial development mechanism, and the realization of the equalization of basic public services such as education, medical care and human settlements in urban and rural areas on the reform agenda to achieve the goal of Rural Revitalization. References | Related Articles | Metrics

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Research on the Channel and Difference Effect of Government Financial Subsidies and Rural Pension Service Supply ZHENG Jun, QIN Yan 2021 (06):  99-108.  Abstract ( 451 )   PDF (1348KB) ( 1052 )   Based on the profit maximization theory and public goods theory, this paper attempts to build a rural pension service supply function model which includes both construction subsidies and operation subsidies in developed and underdeveloped areas, and systematically analyzes the relationship between government financial subsidies and rural pension service supply; secondly, by establishing a panel simultaneous equation model, this paper further investigates the relationship between government construction subsidies and operation subsidies It is found that construction subsidies have a direct impact on the supply of local rural old-age services; operation subsidies can inhibit the positive impact of some construction subsidies on the supply of local rural old-age services, and the total positive effect of operation subsidies on the supply of rural old-age services in underdeveloped areas is relatively large. Therefore, in the development of rural pension service supply, the government should not only increase the construction subsidies and operation subsidies for rural pension institutions, but also consider the channels of government construction subsidies and operation subsidies for rural pension service supply, so as to better develop rural pension service supply. References | Related Articles | Metrics