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15 November 2022, Issue 06 (221) Previous Issue    Next Issue

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The goal turn and improvement of social assistance in the new development stage CHEN Ye-hong, GUO Yun 2022 (06):  1-10.  Abstract ( 436 )   PDF (2781KB) ( 299 )   As an important policy tool, social assistance has played a positive role in promoting the national poverty alleviation strategy. After achieving the goal of building a well-off society in an all-round way and historically eliminating absolute poverty in rural areas, China's society has entered a new development stage of building a socialist modern country in an all-round way, and China's poverty reduction governance has entered a new period of solving relative poverty from getting rid of absolute poverty. This paper holds that if social assistance is to effectively play an important role in the governance of relative poverty in the new stage, it should surpass the concept and practice of current social assistance, and make target adjustment and improvement for the institutional shortcomings that the current social assistance system does not meet the requirements of relative poverty governance. Therefore, this paper analyzes the goal turn of social assistance against poverty, and puts forward the goal orientation of social assistance to meet the needs of relative poverty governance from the directions of assistance drive, assistance function, assistance mode and assistance operation mechanism. Then, from the fields of social assistance such as empowerment, development promotion, poverty prevention, service innovation and expansion, and governance efficiency enhancement, this paper analyzes the improvement measures of how China's social assistance system can actively respond to the demand of relative poverty governance under the goal turn of poverty governance. References | Related Articles | Metrics

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Analysis on Spatial Convergence and Decoupling Level of Social Expenditure in China FENG Jian-feng, YUE Jin-lun 2022 (06):  11-19.  Abstract ( 345 )   PDF (2210KB) ( 261 )   This paper deeply analyzes the temporal and spatial distribution of social expenditure in China through convergence model and decoupling index. It is found that in the process of welfare expansion, China's social expenditure has an absolute (conditional) convergence trend, but there are differences in various regions and types of social expenditure. Among them, the convergence speed in the western region is the fastest, followed by the middle, and the eastern region is the slowest; The convergence rate of household survey expenditure is faster than that of social insurance expenditure and inclusive expenditure, and the convergence rate of social protection project expenditure is faster than that of education expenditure. In addition, the dynamic relationship between social expenditure and economic growth focuses on expansion connection, relatively negative decoupling of expansion and relatively decoupling of expansion. The development trend of social insurance expenditure and economic growth remains relatively stable, while the decoupling degree of household survey and inclusive expenditure from economic growth is more obvious, which is affected by "top-by-top competition", The decoupling ratio between education expenditure and economic growth is significantly higher than that between social protection expenditure and economic growth. In the future, China should reasonably plan the spatial layout of people's livelihood security resources, actively allocate welfare resources according to population factors, and strive to realize the common vision of an all-round well-off society. References | Related Articles | Metrics

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Research on the Differences of Incentive Effect of Innovation Policy based on process - A Dual Perspective on Resource Based theory and Signal Theory PENG Yi-chen, CAI Jing-tao, PENG Ji-sheng 2022 (06):  20-30.  Abstract ( 408 )   PDF (2627KB) ( 272 )   Using a longitudinal datasets of Chinese manufacturing firms (2011~2013), this paper divide innovation policies into R&D subsidies、R&D deduction policy、high-tech tax incentives policy according to the process of innovation (ex-ante、interim、ex-post) and assess whether innovation policies promote or inhibit innovation based on resource theory and signal theory. Further, This paper further analyses the incentive differences between state-owned enterprises and private enterprises in terms of resource acquisition and resource utilization. The research shows that the tax incentives have greater incentives for corporate innovation than R&D subsidies. Compared with state-owned enterprises, innovation policies have more obvious incentives for private enterprises' innovation performance. Further, for state-owned enterprises, R&D subsidies are only a short-term incentive for innovation, while two types of tax incentives are more conducive to the medium- and long-term innovation performance of state-owned enterprises,. Therefore, the future policy adjustment should gradually strengthen the innovation policy that follows the market logic, and the focus is different for enterprises with different property rights. References | Related Articles | Metrics

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Does the digital economy promote consumption upgrading DA Yuan-yao, WANG Shan-shan, ZHOU Jing-kui 2022 (06):  31-42.  Abstract ( 631 )   PDF (4004KB) ( 512 )   In the context of the digital economy and the new development pattern of "dual-circulation paradigm", residential consumption, which is one of the fundamental driving forces of economic and social development, is playing an increasingly important role. Based on theoretical analysis of the impact of digital economy development on residents' consumption and its transmission mechanism, we use panel data of 30 provinces and cities in China from 2006 to 2018 to measure the indicators of digital economy development and verify the theoretical mechanism, which shows that (1) digital economy development significantly promotes the improvement of residents' consumption level and the upgrading of consumption structure; (2) digital economy development affects residents' consumption through credit constraints and convenience of circulation; (3) digital economy development has differential effects on different consumption types, different consumer groups, different regions and different age groups; (4) further analysis finds that digital economy development has spatial spillover effects on residents' total consumption expenditure, survival-oriented consumption expenditure and development of hedonic consumption expenditure. Based on the above analysis, relevant policy recommendations are proposed. References | Related Articles | Metrics

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Do the Irrelevant Answers of the Executives Can Increase the Risk of Share Price Collapse - An Analysis Based on the Text of the Q&A Session of the Earnings Presentation QIU Jing, YANG Ni 2022 (06):  43-53.  Abstract ( 324 )   PDF (2649KB) ( 253 )   Using a sample of firm-year observations from the Chinese stock market for the period 2005 to 2020, we examine the economic consequences and mechanisms of strategic disclosures of executives at earnings presentations. The results show that executives’ strategic responses can cover the bad news and cause irrational investor sentiment in a short time, with the result of increasing the risk of share price collapse. Further analyses show that executives’ strategic responses to the questions about forward-looking issues, such as strategic planning issues and future operating issues are more likely to increase the risk of stock price collapse. It is clear that " answer beside the point" is an opportunistic tactic that is beneficial in the short time but will lead to negative economic consequences in the long turn. References | Related Articles | Metrics

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Analysis of the Effectiveness of Illegal Fund Raising Disposal Based on Fuzzy Information Axiomatic Evaluation Model - Taking Twelve Cities in Northeast China as an Example LI Fu-you, ZHANG Fei, LIU Xi-zhang 2022 (06):  54-64.  Abstract ( 344 )   PDF (3298KB) ( 308 )   Disposal effect evaluation is an important guarantee to promote the formation of illegal fund raising disposal prevention mechanism and the improvement of illegal fund raising disposal effect. Based on Triz theory, the evaluation index system of illegal fund raising disposal effect is constructed. The corresponding research questionnaires were designed to obtain data on the disposal effect of illegal fund raising and the expectation of disposal effect indexes in twelve cities in Northeast China from U1-U12. Applying the fuzzy information axiom evaluation model to the above cities, the information quantity of illegal fund raising disposal effect is obtained as INF, INF, INF, INF, 54.28, INF, 61.14, 67.05, 54.96, 66.45, INF, 69.24, where INF is infinity. According to the information axiom, the smaller the amount of information corresponds to the better disposition effect, the best disposition effect of illegal fund raising in U5 city; the main advantage of the city is reflected in the indicator of publicity and prevention efforts. The six cities with INF information have several indicators that fail to meet the expectations of the disposition effect indicators, and the disposition effect is relatively weak, and the shortcomings of their illegal fund raising disposition effect are mainly the supervisory and disposition efforts of the competent departments and the publicity and prevention efforts. References | Related Articles | Metrics

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The exit decision in the China venture capital market YANG Zi 2022 (06):  65-74.  Abstract ( 452 )   PDF (2273KB) ( 292 )   This article analyses the exit decision in the China venture capital market, studying what factors can affect the exit decision of venture capitalists. Using a competing risks model and multinomial logistic regression model, this article examines the impact on the exit decision of not only the characteristics of venture capital investors as their investment duration and investment amount, of their investments but also the characteristics of invested start-ups as the location they are and the industry they located. Our results reveal that, in China, a longer investment duration means a higher chance to choose Go IPO exit. In contrast, the size of the investment amount has no significant influence on choosing a different exit strategy. Moreover, the results show that, in China, invested start-ups located in three entrepreneurial urban agglomerations of China can bring a higher chance of venture capitalists choosing the Go IPO exit strategy. An unexpected result is that the industry of invested start-ups belonging to high-tech industries cannot improve the possibility for venture capitalists to choose the Go IPO exit strategy; on the contrary, the start-ups that belong to high-tech industries could decrease the chance for venture capitalists to choose Go IPO exit strategy. References | Related Articles | Metrics

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Does R&D Outsourcing Improve Total Factor Productivity - Empirical Analysis Based on Threshold Regression XUE Ying-ying 2022 (06):  75-86.  Abstract ( 352 )   PDF (2592KB) ( 265 )   On the basis of systematically analyzing the linear and nonlinear effects of R&D outsourcing on total factor productivity, this paper empirically examines the effects of R&D outsourcing on total factor productivity from two aspects of "incentive-nonlinear incentive". The results show that R&D outsourcing significantly promotes total factor productivity; Due to the impact of independent R&D investment intensity, government support and human capital level, there is nonlinear threshold characteristics. With the increase of R&D investment intensity and human capital level, R&D outsourcing plays a stronger role in promoting total factor productivity. As the level of government support increases, the promotion effect weakens. The heterogeneity test for different ownership, industry type and regional classification shows that R&D outsourcing has a significantly stronger effect on total factor productivity in non-state-owned enterprises, companies with high capital intensity and enterprises in east and central China. Affected by relevant threshold factors, there are significant differences in threshold characteristics among enterprises of different categories. References | Related Articles | Metrics

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Research on the Effect of Consumer's Cognitive Miserliness on Price Sensitivity in Sinking Market - The Moderating Effect of Group Norms LU Hong-liang, SHEN Hui-hui 2022 (06):  87-97.  Abstract ( 457 )   PDF (2926KB) ( 343 )   The price sensitivity of consumers in the sinking market is an important basis for enterprises to make marketing strategies for them. This paper analyzes the effect of consumers' cognitive miserliness on price sensitivity and the mediating effect of perceived value, as well as the moderating effect of group norm on perceived value. The results show that cognitive miserliness negatively affects price sensitivity, and negatively affects price sensitivity through the mediation of functional value and social value. Reference group norms moderated the mediating effect of social value on cognitive miserliness and price sensitivity, but did not moderate the mediating effect of functional value. Based on this, enterprises deeply engaged in the sinking market should re-examine the sinking market, change the stereotype of high price sensitivity to the sinking market, improve the quality of their own products, use existing social channels to change the perceived value of consumers, and maintain the retention and re-purchase of consumers. References | Related Articles | Metrics

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The new urbanization path of "inverted U-shaped" urban-rural income gap in underdeveloped areas - Based on the practical test of Guizhou province LIU He, HONG Ye-ying 2022 (06):  98-108.  Abstract ( 368 )   PDF (3146KB) ( 315 )   How urbanization affects regional economic development has been attracting academic attention.In particular, the most prominent manifestation of the current unbalanced and inadequate development is the urban-rural gap, which is mainly manifested in the urban-rural income gap.This paper is based on the time series data of Guizhou province from 2000 to 2021.Based on Theil index, this paper constructs an economic theoretical model to empirically analyze whether the income gap between urban and rural residents meets the "inverted U" hypothesis in the process of new-type urbanization in Guizhou Province.The results show that: (1)In theory, the inflection point of urban-rural income gap in the "inverted U-shaped" hypothesis appears, but in reality, the income gap between urban and rural residents in the underdeveloped region of Guizhou Province has been further expanded, not reduced, because of the weak industrial base.(2)When economic growth and other control variables are excluded, the income gap between urbanization and urban and rural residents conforms to the characteristics of the "inverted U shape" hypothesis.Economic growth, capital intensity and other indicators are conducive to narrowing the income gap between urban and rural residents.Industrial structure, education level and other indicators have widened the income gap between urban and rural residents.On the basis of diagnosing the "crux" of the widening income gap between urban and rural residents, it is necessary to accelerate the construction of new urbanization with mountain characteristics. This requires, as follows.(1)Give full play to the people-centered new urbanization as the driving force for economic growth;(2)Continuously enhance the county industry support ability;(3)Strive to promote the equalization of human capital investment for urban and rural residents. References | Related Articles | Metrics