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15 November 2023, Issue 06 (227) Previous Issue    Next Issue

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High Level Opening-up of Capital Market and Corporate Financial Asset Allocation - Evidence from the "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" Stock Connect Programs Hu Haifeng, Dou Bin 2023 (06):  1-10.  Abstract ( 532 )   PDF (1370KB) ( 324 )   The existing literature has done rich research on the impact of the "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" stock connect programs, but few have connected it with the high level opening-up of the capital market. This paper focuses on the impact of the high level opening-up of the capital market marked by the start of "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" stock connect programs on the financialization of listed companies in China. The results show that: 1) High level opening-up of capital market effectively reduces the proportion of corporate financial investment, showing a significant "de-financialization" effect; 2) For non-manufacturing industry, SOEs, companies with high transparency and high dependence on external financing, capital market opening-up promotes a greater reduction in the proportion of financial investment; 3) High level opening-up of capital market can further increases the intensity of capital expenditure and R&D investment, providing financial support for R&D innovation and high-quality development of listed companies. The conclusions provide rich empirical evidence for promoting the all-round and high-level opening-up of the capital market and strengthening the function of financial services for the real economy. References | Related Articles | Metrics

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Which industries are affected by risk spillovers from the Shanghai crude oil futures market more SONG Jiashan, WEI Siyao, JIANG Kunliang 2023 (06):  11-21.  Abstract ( 454 )   PDF (2573KB) ( 230 )   Since its establishment in 2018, the association between the Shanghai crude oil futures market and the risk volatility of China’s stock market has become more and more obvious. Different from previous studies that focus more on the overall stock market, we investigate the risk spillover effects from the Shanghai crude oil futures market to the industries in China from the industry dimension in this paper. The 5-minute returns of ten first-level industry indices of the Shanghai Stock Exchange for the period from September 1, 2019, to September 1, 2022, are selected, we introduce the GAS model to make up for the shortcomings of the GARCHs model, and we establish the MIDAS-Copula-CoVaR model to measure the conditional risk of each industry as well as the risk spillover effects it carries. The results show that, first, the Copula model containing the MIDAS structure fits better, which fully demonstrates the importance of incorporating high-frequency data. Second, the upside risk of each industry conditional on the Shanghai crude oil futures market is significantly larger than the downside risk, showing a more obvious asymmetry, which indicates that the oil price increases have a greater impact on each industry. Third, in terms of industries, the falling Shanghai crude oil futures prices have the greatest impact on the energy industry and the smallest impact on the utility industry, while rising prices have the greatest impact on the medical industry and the smallest impact on the financial industry. Fourth, compared to normal cases, extreme upside risk has the largest risk spillovers for the medical industry and the smallest for the consumer industry, and extreme downside risk has the largest risk spillovers for the optional industry and the smallest for the financial industry. References | Related Articles | Metrics

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Bank Liquidity Creation and Systemic Risk-From the Perspective of Interbank Business ZHOU Ye, CHEN Juejin 2023 (06):  22-32.  Abstract ( 528 )   PDF (1301KB) ( 471 )   This article uses data of listed banks in China from 2011 to 2021, to examine the impact of bank liquidity creation and its structure on systemic risks. The empirical results show that banks that create more liquidity have a greater impact on systemic risk. From the perspective of structure, the systemic risk effect of liquidity creation basically comes from the interbank liquidity creation. The impact mechanism is that liquidity creation intensifies the individual risks of banks, while the interbank liquidity creation increase both the individual risks and systemic linkage. Based on the facts that liquidity creation plummeted in 2017, it is found that intensive financial supervision has restrained banks' excessive liquidity creation and defused systemic risks. Finally, this article also finds that the risk effect of liquidity creation is more pronounced in banks with smaller scales, higher inter-bank participation, and higher profitability. When the economic growth slows down and the stock market is turbulent, this effect will increase; and loose monetary policy can alleviate the risk effect. Based on the interbank business perspective, this paper complements related research on the impact of liquidity creation structure on systemic risk. References | Related Articles | Metrics

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Research on the Evolution of Agricultural Insurance Policy in China-Based on Text Analysis GU Zheng, WANG Suqin 2023 (06):  33-43.  Abstract ( 528 )   PDF (2730KB) ( 508 )   Since the reform and opening up, the development of agricultural insurance in China has experienced four stages: restoration, stagnation and shrinkage, exploration and expansion, and quality improvement. At present, the academic research on the evolution of agricultural insurance policy is mostly focused on the macro level of qualitative research, lack of quantitative and qualitative comprehensive analysis of empirical research. From the perspective of policy evolution, this paper combs the policy documents on agricultural insurance from 1982 to 2021. Based on text analysis, this paper uses GooSeeker and co-word analysis to mine the text of 785 local policy documents and uses Gephi to realize the visualization of mining results. The results show that the inherent logic of the evolution of agricultural insurance policy in China is as follows: the mode of policy change changes from government compulsion to pluralistic coordination; the policy orientation gradually shows the characteristics of strong response; the policy tools gradually change from singleness to diversification; policy orientation changes from expending coverage to high-quality development. Based on the critical period of structural adjustment, transformation and upgrading and the reconstruction of governance system in agricultural and rural areas, this paper puts forward the following policy suggestions: strengthen the synergy between government and market, improve the systematic top-level design of agricultural insurance, and speed up the pace of policy innovation and cooperation. References | Related Articles | Metrics

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The institutional advantages and risk prevention of the centralized management system -Based on the study of public works Ding Huang, Li Chengyang 2023 (06):  44-50.  Abstract ( 402 )   PDF (1261KB) ( 336 )   At present, the typical public works management systems in our country are decentralized management system, market-oriented construction agent system and centralized management system. In recent years, the extensive practice of centralized management system has aroused much discussion in academic circles, but these studies rarely go into the operational details of centralized management system to examine its advantages and risks. Based on an in-depth analysis of the actual operation of the centralized management system, this paper proposes that compared with the decentralized management system and the market-oriented construction agent system, the centralized management system has obvious advantages in efficiency, specialty and scale, at the same time, it is faced with the risks of preventing and controlling the risks of clean government, disconnection between construction and demand, rigidity of personnel establishment and insufficient motivation. It is necessary to carry on the reform and innovation in the institutional mechanism, so as to give full play to its institutional advantages and guard against potential risks. References | Related Articles | Metrics

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Spillover effect and internal mechanism of pro-environment purchasing behavior: Based on the analysis of the influence of personal values, attitudes and cognitive WANG Jianhua, ZHOU Jin, MA Ling 2023 (06):  51-60.  Abstract ( 408 )   PDF (1271KB) ( 272 )   Under multiple modes of environmental governance and protection, promoting the public to adopt pro-environment behavior is an effective way to improve the efficiency of current environmental governance. Based on the spillover effect theory, this paper taking 839 consumer samples from Jiangsu and Anhui provinces as examples to explore the spillover effect of consumers' pro-environment purchasing behaviors on other pro-environment behaviors by using Propensity Score Matching (PSM). Then, the Ologit and CMA models was used to further explore the internal mechanism. The results show that authoritative conformity values, environmental attitudes and pro-environment purchasing cognition significantly affect consumers' pro-environment purchasing behavior. Pro-environment purchasing behavior has a positive spillover effect on social environmentalism and environmental media use behavior, but there is no significant spillover effect on item recycling behavior. Further internal mechanism analysis shows that environmental self-identity plays a mediating role in the positive spillover effect of pro-environment purchasing behavior. References | Related Articles | Metrics

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Human capital investment under the new development pattern -The research of coordination degree based on industrial structure and employment structure in Guizhou YANG Jie, GAO Rongman 2023 (06):  61-69.  Abstract ( 357 )   PDF (1276KB) ( 206 )   The coordinated development of industrial structure and employment structure is conducive to solving the employment problem and promoting regional economic growth. As a result, the research on how to improve the coordinated development of industrial structure and employment structure has always been the focus of academic attention. However, the extant research has neglected the specific impact of human capital investment modes on the coordinated development of the two structure. In order to reveal the relationship between various human capital investment modes and the coordination degree of industrial structure and employment structure, drawing on human capital theory, this study used the grey correlation method to analyze the influence of five human capital investment modes on the coordination degree of industrial structure and employment structure in Guizhou province. The results revealed that the influence degree from high to low is migration, training, education, scientific research and health human capital investment. The findings enriched the research of antecedents of the coordination degree of industrial structure and employment structure, and provided insights for improving the effectiveness of human capital investment and promoting the coordinated development of industrial structure and employment in relevant regions. References | Related Articles | Metrics

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The Impact of AI on Employment in Enterprises:A Study on Aggregate, Source and Heterogeneity YE Xiangsong, LI Meiling, PAN Liqun 2023 (06):  70-79.  Abstract ( 436 )   PDF (1330KB) ( 334 )   The existing research on the impact of artificial intelligence on the employment of micro enterprises in China mainly uses industry data, focusing on analyzing the impact of artificial intelligence on the total employment at the industry level, neglecting the significant industry impact that micro enterprises will have when using robots. There is no in-depth analysis of the impact of robot use on different enterprises within the industry, and there is no further direct comprehensive analysis of job creation and job destruction in micro-enterprises. By matching the industrial robot data provided by the International Federation of Robotics with the data of Chinese industrial enterprises, we can empirically analyze the employment effects of robots on Chinese micro enterprises in terms of total quantity, heterogeneity, and increment. Research has found that in terms of total quantity, robots significantly reduce the number of labor employed by enterprises. For every 1% increase in robot investment, the labor demand of enterprises will decrease by 1.41%. In terms of heterogeneity, robots have a greater impact on non-state-owned enterprises; the impact on capital intensive, technology intensive, and labor intensive industries is gradually weakening. In terms of increment, robots can both create and destruct jobs, but the significant effect is the job destruction, which mainly occurs in exiting enterprises rather than surviving enterprises. This conclusion has important theoretical value and practical guidance significance for the direction and mode of technological progress, the driving force of economic growth, and the implementation of employment security in China. References | Related Articles | Metrics

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Does Digital Economy Reduce Inter-Industry Wage Differentials -A Perspective of Industry-Employment Structure Deviation ZHANG Jing, JIN Bo 2023 (06):  80-89.  Abstract ( 413 )   PDF (1297KB) ( 197 )   Clarifying the mechanism by which the digital economy optimizes China’s industrial employment structure and affects the wage gap in industries can help to gain a deeper understanding and handling of the relationship between industrial structure and employment quality. Different from previous single dimensional studies, this study incorporates the digital economy, industry employment structure, and industry wage gap into the same framework. From the perspective of industry employment structure bias, it empirically tests the causal relationship, mechanism of action, and spillover effects between the digital economy and industry wage gap. The research results found that the development of the digital economy has a significant positive effect on narrowing the industry wage gap. Further testing of the mechanism of action indicates that the digital economy can narrow the industry wage gap by correcting the deviation in the industry employment structure. At the same time, based on the spatial Durbin model, the existence of spatial spillover effects in the digital economy has been directly confirmed, and the development of the digital economy can simultaneously narrow the industry wage gap between the local and neighboring cities. References | Related Articles | Metrics

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How Does the Relocation Policy Affect Rural Women’s Poverty Alleviation and Development: Research and Analysis Based on the Perspective of Sen’s Capability Approach GAO Bofa, LI Cong, LI Shuzhuo, WANG Xinhong 2023 (06):  90-99.  Abstract ( 359 )   PDF (1262KB) ( 200 )   Against the backdrop of the successful completion of poverty alleviation goals, it is urgent to go beyond the perspective of poverty reduction and scientifically analyze and evaluate the impact of relocation policies on women’s groups from a comprehensive development perspective. Previous studies related to relocation have mostly used quantitative methods to analyze the poverty reduction effects and mechanisms of policies, with less emphasis on qualitative analysis. Based on this, based on on-site research and interviews with resettlement communities in Shaanxi, Guizhou and other provinces, this study explores the path and mechanism of the impact of relocation policies on rural women’s poverty alleviation and discovery from the perspective of feasible capacity theory, which has been rarely studied in the past, in order to clarify the logic of the role of policies on women’s groups. Research has found that women’s ability to achieve poverty alleviation and development after relocation is mainly due to the "pulling force" formed by women’s active participation and subsequent assistance measures under family livelihood pressure, and the result of the interaction with the "push" formed by women’s passive participation as the main body of family and community construction after men go out to work; The impact of relocation policies on women’s poverty alleviation and development includes two paths: external conditions and internal potential. The external conditions include two dimensions: functional protection and development empowerment, while the internal potential includes two dimensions: capacity building and awareness shaping; Under the policy of relocation, it will have a dual impact on individual women and families. This conclusion can supplement research on public policy and women’s development. References | Related Articles | Metrics

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The effect of industrial poverty alleviation cooperative on farmers’ total factor productivity of agriculture -A quasi-experimental study of industrial poverty alleviation pilot project in the Wumeng Mountain and Liupan Mountain Area WANG Sangui, GUO Jianbing, Li Mengsi 2023 (06):  100-109.  Abstract ( 406 )   PDF (1341KB) ( 253 )   Improving total factor productivity of agricultural is an important path to comprehensively promote rural vitalization and move faster to build up China’s strength in agriculture. Based on the quasi-experimental research data of the industrial poverty alleviation pilot project in the Wumeng and Liupan mountain area, this paper uses the Differences-in-Differences model (DID) to address potential endogeneity and the panel data of 807 farmers in 7 countries across 3 provinces to analyze the effect of industrial poverty alleviation projects on total factor productivity of agricultural. The study found that industrial poverty alleviation cooperatives can significantly improve farmers’ total factor productivity of agriculture. Robustness analysis and placebo test further strengthen the reliability of empirical analysis results. The heterogeneity analysis showed that the industrial poverty alleviation cooperative project had a greater impact on the agricultural total factor productivity of the sample groups of large cultivated farmland area, less agricultural labor, high age of household head and non-registered households. Mechanism analysis shows that industrial poverty alleviation cooperatives can improve farmers’ total factor productivity by providing technical training. It was further found that industrial poverty alleviation cooperatives can improve the agricultural income of farmers by improving the total factor productivity of agriculture. Based on the above conclusions, we should continue to support industrial cooperatives in the rural revitalization stage to drive the development of farmers, pay attention to the differential impact of industrial cooperatives on different farmers, and improve the supply capacity of industrial cooperatives for technical training and technical training, so as to continuously improve farmers' total factor productivity of agriculture and increase farmers’ income. References | Related Articles | Metrics