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15 May 2022, Issue 03 (218) Previous Issue    Next Issue

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Measurement and Research on the Foreign Trade Cost of China's Manufacturing Industry under the Dualistic Export Framework LI Xiao-ping, YU Yuan 2022 (03):  1-15.  Abstract ( 534 )   PDF (2024KB) ( 876 )   Based on the latest development of value-added trade, using the data of distinguishing trade types, this paper studies and depicts the changing characteristics of foreign trade costs of China's manufacturing industry under the dual export structure. The results show that if the differences of trade types are not considered, the foreign trade cost level of China's manufacturing industry will be overestimated and the low trade cost of low and medium technology categories will be ignored; Because the foreign trade cost of processing trade is lower than that of general trade and the division of labor and integration is biased towards the category of low and medium technology, processing trade not only constitutes the main driving force of China's manufacturing foreign trade facilitation, but also an important incentive for China's manufacturing trade facilitation to be biased towards the low and medium technology sector; Moreover, with the prominence of low and medium technology bias and foreign trade preference of processing trade, the trade cost facilitation maintained by processing trade will face the severe challenge of "main capture of value chain → enhancement of foreign trade preference → negative foreign trade cost → further enhancement of foreign trade preference → intensification of capture". Therefore, under the background of rising domestic factor costs, the foreign trade facilitation of China's manufacturing industry urgently needs more scientific and effective changes. References | Related Articles | Metrics

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Does Value-Added Tax Reform promote the Price-Cost Markup?- Evidence from Chinese industrial enterprises KUANG Hao-yu, WANG Chong 2022 (03):  16-26.  Abstract ( 642 )   PDF (2363KB) ( 811 )   the transformation and reform of value-added tax has realized the transformation from production-oriented value-added tax to consumption-oriented value-added tax, and brought preferential policy dividends to enterprises. Clarifying the internal mechanism of the economic effect of value-added tax transformation on enterprises is of great significance to understand the economic effect of China's value-added tax transformation policy and further reform the tax policy in the future. Based on the database of Chinese industrial enterprises from 1998 to 2007, the revised enterprise cost plus is estimated by semi parametric ACF method. The research using propensity matching score and double difference method shows that the transformation reform of value-added tax has significantly improved the enterprise cost plus; Considering the sample selection error, the calculation method of replacement cost plus and the placebo test results all confirmed the robustness of the regression results; Mechanism analysis shows that the transformation and reform of value-added tax has promoted the increase of cost plus by reducing production costs and increasing industrial added value. References | Related Articles | Metrics

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The Influence of Internet Use on the Transfer of Agricultural Land and its Optimization Path - Based on the Perspective of Non-agricultural Income ZHENG Wen-quan, DI Ang, GUO Jin-guang 2022 (03):  27-36.  Abstract ( 565 )   PDF (1383KB) ( 832 )   Actively guiding the orderly transfer of land is an important way to realize rural revitalization. Based on the data of China household Tracking Survey (CFPS2016 and CFPS2018), the panel Logit model was used to analyze the impact and mechanism of internet use, information acquisition and social capital acquisition ability on the transfer of agricultural land from the perspective of non-agricultural income, and discussed the impact of Internet use, urbanization and market integration on the transfer of agricultural land. Furthermore, the optimization path of farmland transfer under internet use was proposed. The results show that internet use significantly promotes land transfer, and the relationship between non-agricultural income and land transfer is u-shaped. The internet's ability to acquire information and social capital not only promotes labor transfer and increases non-agricultural income, but also promotes the transfer of agricultural land. Internet use has a more significant promoting effect on the transfer of agricultural land from households with higher education, higher income and non-agricultural employment, and there is an obvious complementary effect between internet use, urbanization and marketization, and the integrated development of the two is conducive to promoting the transfer of agricultural land. Therefore, this paper proposes an optimal path of farmland transfer under the use of Internet, in order to provide some reference for promoting the orderly transfer of farmland. References | Related Articles | Metrics

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Population Aging, Socialized Agricultural Services and Agricultural High Quality Development SUN Zhong-yi, WANG Li, LI Xing-feng 2022 (03):  37-47.  Abstract ( 652 )   PDF (1438KB) ( 1052 )   The aging of the rural population has promoted the process of agricultural service and land transfer, and has brought a significant impact on the high-quality development of agriculture. In order to reveal the mechanism of each factor, this article is based on 31 inter-provincial panel data from 2000 to 2019 The dynamic panel model and the intermediary effect model examine the impact of rural population aging on the high-quality development of agriculture. The results show that:the high-quality development of agriculture in my country presents the characteristics of differential distribution and spatial agglomeration decreasing from the coast to the inland; the aging of the rural population has a significant negative effect on the high-quality development of agriculture, and the central region is the most affected, and the western region is less affected. Among them, the east is the lowest; the aging of the population mainly uses the "reverse mechanism" to make the two important transmission channels of agricultural servicing and land transfer play a positive partial intermediary effect, alleviating the inhibitory effect of population aging on the high-quality development of agriculture. Therefore, guiding the rural population to return in an orderly manner, advancing the appropriate large-scale operation of land, and improving the level of agricultural socialization services are the basic footholds for promoting the high-quality development of agriculture. References | Related Articles | Metrics

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The Impact of Internationalization Strategy on Corporate Debt Financing Cost: Risk Effect or Governance Effect ZHU Jie 2022 (03):  48-58.  Abstract ( 557 )   PDF (1565KB) ( 950 )   How the corporate strategic model affects the economic decision-making of stakeholders is an important but relatively neglected problem in the capital market. Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper examines the impact of internationalization strategy on corporate debt financing cost from the perspectives of risk effect and governance effect. The study finds that the implementation of internationalization strategy can effectively reduce the debt financing cost of enterprises, which supports the governance effect hypothesis of internationalization strategy at the enterprise level. The mechanism tests find that the reduction of corporate earnings volatility, the increasing of the proportion of executives with overseas background and the improvement of innovation willingness are important ways for the internationalization strategy to give play to the governance effect and reduce the cost of corporate debt financing. Further heterogeneity tests show that for enterprises with higher financing constraints and higher product market competition, the implementation of internationalization strategy is more conducive to give play to the corporate governance effect of transnational operation, and then promote the reduction of debt financing cost. This paper shows that internationalization strategy is an important factor affecting creditor debt risk pricing, and the research conclusion is of practical significance to guide enterprises to reduce costs and increase benefits. References | Related Articles | Metrics

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Research on the upgrading effect of industrial structure in the development of sci-tech finance- Based on the perspective of entrepreneurial vitality BAI Wan-ping, SUN Rong-mei, BAI Ge, SU Yang 2022 (03):  59-68.  Abstract ( 558 )   PDF (1365KB) ( 817 )   From the perspective of entrepreneurial vitality and on the basis of literature research, this paper analyzes the mechanism by which the development of science and technology finance affects the upgrading of industrial structure, puts forward theoretical assumptions, collects panel data of 30 provinces in China from 2009 to 2019, and uses the mediating effect model and panel threshold model. To reveal the role of entrepreneurial vitality in the process of technological finance affecting the upgrading of industrial structure. The results show that:first, technology finance has a significant promoting effect on industrial structure upgrading, and the promoting effect exists regional heterogeneity. The promoting effect in western China is stronger than that in eastern and central China. Secondly, technological finance can promote the upgrading of industrial structure through improving the level of entrepreneurial vitality, and then promote the upgrading of industrial structure. Thirdly, there is a significant single threshold effect of science and technology finance in the promotion of industrial structure upgrading by entrepreneurial vitality. That is, the more developed science and technology finance is, the stronger the ability of entrepreneurial vitality to promote industrial structure upgrading is. References | Related Articles | Metrics

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Executives’ Famine Experience and Corporate Debt Default ZHANG Xing-liang, YIN Qi-hua 2022 (03):  69-79.  Abstract ( 542 )   PDF (1498KB) ( 825 )   Basing on the upper echelon theory and psychological theory, and taking A-share listed companies from 2007 to 2019 as research sample, this paper studies the impact of executives' famine experience on corporates debt default. The paper finds that executives' famine experience make them pay more attention to their hard won achievements and reputation, and make their debt decision-making behavior more conservative and cautious, thus the possibility of corporate debt default is lower. The above phenomenon is more significant in corporates with low level of internal control and in areas with poor legal environment. Further research shows that after the 2008 Wenchuan earthquake, the corporates with famine experience are less likely to default on their debts, and that the ratio of borrowing new to repay the old is smaller in the enterprises with famine experience executives. Therefore, banks and other financial institutions should pay attention to non-financial information such as executives' experience when making credit decisions. References | Related Articles | Metrics

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Construction and Application Research of Cooperation-Competition Development Pattern on Route-type Culture Resource Tourism - A Case Study of Qin Straight Road DUAN Chun-e, XU Wei-min, LI Xin-meng 2022 (03):  80-89.  Abstract ( 458 )   PDF (5541KB) ( 681 )   Based on the characteristics of linear culture resources, this paper discusses the construction of the development pattern of the cultural corridor tourism by referring to the development mode of cultural corridor tourism and introducing the theory of competition and cooperation.Firstly, the evaluation system of tourism development capacity of each section of cultural corridor is established by AHP. The result shows that resource condition (0.49) is the key factor affecting its tourism development, and the rest are regional development capacity (0.23), regional environmental condition (0.16), and regional social condition (0.12).Secondly, taking Qin Straight Road as an example, the empirical research is carried out. According to the comprehensive evaluation results of its regional tourism development capacity, "Recent-Medium-forward "development timing, and" a faucet, one base, two centers, three circles level "space competition strategy are established. Therefore, the construction of cultural corridor tourism cooperation-competition development pattern should be based on the evaluation results of tourism development capacity of each section, so as to clarify the characteristics of each section, to construct differentiated tourism pattern of each section, and then to establish the overall spatial competition and cooperation strategy to boost regional development along the line. References | Related Articles | Metrics

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The Impact of Targeted Poverty Alleviation on Resident’s Subjective Well-being - An Empirical Analysis Based on the China Family Panel Studies ZHOU Qiang, WANG Qian-ling, LUO Liang-wen 2022 (03):  90-101.  Abstract ( 625 )   PDF (1766KB) ( 759 )   Based on the 2010~2018 data of the China Family Panel Studies (CFPS), this paper uses the regression discontinuity method to empirically study the impact of rural targeted poverty alleviation policies (TPAP) on residents' subjective well-being. We also further analyze the influencing factors or spillover effects of TPAP on residents' subjective well-being. The research results demonstrate that the TPAP has a significant U-shaped effect on residents' subjective well-being. Moreover, the overall impact of this policy on residents' subjective well-being is positive. Although the targeted poverty alleviation policy is object-oriented at the poor, the "blood-forming" poverty alleviation has also generated significant positive spillovers to the non-poor under the effect of the market mechanism. For one thing, this method offsets the partial negative externalities of the "blood transfusion" poverty alleviation of transfer payments. For another, strengthens the positive effect of poverty alleviation policies on residents' subjective well-being has been enhanced, in which the specific anti-poverty policies between subjective well-being residents and showing a "U-type" relationship. Deeper analysis found that the TPAP also affected resident's subjective well-being by improving the residents' health status, medical expenditure, non-agricultural employment, education level and family level employment. It also improves residents' subjective well-being by increasing poor residents' confidence in the future feel. Finally, this study has enriched the quantitative evaluation results of the impact of TPAP on residents' welfare and provided empirical support for consolidating the effects of poverty alleviation and the coordinated development of rural revitalization. References | Related Articles | Metrics

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Enlightenment of the establishment of poverty-stricken counties to enhance the ability of regional coordinated development to poverty alleviation and consolidation - Empirical evidence from typical poverty-stricken areas ZHONG Wen, ZHENG Ming-gui, ZHONG Chang-biao, YAN Zhi-qing 2022 (03):  102-111.  Abstract ( 494 )   PDF (1802KB) ( 647 )   This study regards the establishment of national poverty counties as a large-scale quasi-natural experiment, and by matching the economic and social development data of Yunnan Province from 2007 to 2018 with the data of poor counties, the effect of the establishment of national poverty counties on the ability of regional coordinated development and its mechanism of action are tested. The study found that the overall level of regional coordinated development capacity in Yunnan Province is low, and the spatial distribution pattern is low around the middle and high, and the establishment of state-level poverty-poor counties can continuously and effectively promote the improvement of regional coordinated development capacity, with an average effect of 13.90 percent, and with the establishment of national poverty-poor counties for longer, the improvement of regional coordinated development capacity is more obvious, and the implementation of precision poverty-relief strategy is a clear dividing point. In this paper, PSM-DID method is used to reduce endo-nature problems, change matching method and adjustment of matching variable indicators and other robust tests, the conclusion is still sound, the mechanism analysis shows that the impact of the establishment of poor counties on regional coordinated development capacity from the optimization of industrial structure, capital accumulation and fiscal revenue and expenditure dilemma improvement three paths, and mainly through infrastructure access to improve the realization. References | Related Articles | Metrics