Table of Content

16 June 2014, Volume 34 Issue 6

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NATIONAL INCOME，PRICE LEVEL AND THE
EXPENDITURE OF PROVINCIAL GOVERNMENT OF PUBLIC CULTURE

QU Ru-Xiao-1,LIU Yang-2

2014, 34(6):  5-15. 

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Could the growth of national income and rise in the price level promote the proportion of provincial governments expenditure on public culture? This paper applied the panel data of 31 provinces to test the above relationships over the period 2004—2010The empirical results showed that the proportion of provincial expenditure on public culture had a significant negative correlation with national income，which implied the “rich” provincial government failed to increase investment in public cultureThe “cost disease” did exist，which meant the rising price level was the main cause to force the provincial government to increase expenditure on cultureTherefore，the system reform from provincial government level required a further improvement and more concerns among policy makers

AN EMPIRICAL STUDY ON URBANRURAL INCOME GAP，
INSTITUTIONAL CHANGE AND LOCAL GOVERNMENT EXPENDITURE
—— Evidence from Provincial Panel Data in China

YU Ju,DENG Ang

2014, 34(6):  16-27. 

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Based on 1997—2009 panel data model with variable coefficients，an empirical study on urbanrural income gap，institutional change and local government fiscal expenditure scale of the 30 provinces in China has been conducted，after controlling for factors such as the regional economic openness，the change of industrial structure，urbanization rateThe results show as followsFor the country as a whole，institutional change，local government intervention in economic activities and local government investment expenditure are positively correlated with urbanrural income gap，while local government social security expenditure is negatively correlated with urbanrural income gapFor the specific provinces，institutional changes in the process of marketoriented and local government investment expenditure expand urbanrural income gap in most regions，and it is beneficial for local government social security expenditure of more than half of the provinces to narrow urbanrural income gap，but the effect of different regions shows some differencesThe policy implication is that，during the process of marketization in China by considering both justice and efficiency，the regulatory role of local government should be strengthened on income inequality，to improve the local fiscal expenditure structure especially the social security system，and narrow the income gap between urban and rural area

CORRUPTION，ECONOMIC GROWTH AND THE ENVIRONMENTAL KUZNETS
 CURVE: EVIDENCE FROM THE DATA OF SULFUR DIOXIDE EMISSIONS

JIN Sheng-Wu,WU Juan

2014, 34(6):  28-40. 

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So far，there is scant literature addressing the relationships of corruption，economic growth and environmental pollutionIt can provide direct evidence for understanding and verifying the relationship between corruption and the environment by putting them in the same research frameworkTo fill this gap，this paper introduces corruption into the traditional EKC model to verify the impacts of corruption on economic growth as well as the corruption and economic growth on the environment based on provincial panel data from 1995 to 2011 in ChinaThe paper finds as follows: first，the corruption is not conductive to economic growth in China；second，there is an inverted “U” shaped relationship between economic growth and environmental pollution，where China is still in the faster economic growth，environmental pollution is more serious stages；third，the corruption weakens the negative effect of economic growth on environmental pollutionThe paper suggests that the government should increase efforts to combat corruption，construct an integrity government and reduce the occurrence of corruption during economic transformation to achieve economic growth and environment optimization

THE EFFECT OF MACROECONOMIC FACTORS ON THE PERIODICAL
 CHANGE OF CHINAS LISTED FIRMS TRADE CREDIT BEHAVIOR

ZHANG Xi-Zheng-1,LIU Zhi-Yuan-2

2014, 34(6):  41-56. 

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This paper constructs a theoretical framework to analyze the effect of macroeconomic factors on Chinese listed firms trade credit behavior from macro and micro two aspects, and tests how macroeconomic situation, monetary policy and inflation factor affect Chinese listed firm trade credit behavior using seasonally panel data. The results show that the net trade credit funds provided by Chinese listed firms are reduced with loosing monetary policy, macroeconomic expansion and increasing of inflation level. These findings reflect that the listing corporate sector provides more trade credit funds to the unlisted enterprises sector through trade credit channel in period of tightened monetary policy or macroeconomic shrinkage. Conversely, the listing corporate sector absorbs trade credit funds from the unlisted enterprises sector through the trade channel in period of too loose monetary policy or macroeconomic excessive expansion.

TECHNOLOGY INNOVATION AND CHINAS INDUSTRY
ENERGY SAVING AND EMISSION REDUCTION EFFICIENCY
——Analysis on Regional Difference Based on SBMDDF and Paneldata Model

CAI Ning-1,CONG Ya-Jing-2,LI Zhuo-1

2014, 34(6):  57-70. 

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Based on the SBM directional distance function model，this paper assesses the industry energy saving and emission reduction (ESER) efficiency of 30 provinces in China from 2005 to 2011 by constructing the industry energy saving and emission reduction index (IESERI)It focuses on the impact of indigenous innovation，domestic innovation and technology imports on Chinas industry ESER efficiencyEmpirical results show as followsThe eastern region of Chinas ESER efficiency is generally higher than the middle and western regionsIndigenous innovation，domestic innovation，and technology imports has a significant positive impact on Chinas industry ESER efficiencyIn terms of the degree of impact，indigenous innovation plays the most significant role in all of three regionsDomestic innovation plays a more significant role in the eastern region，where there is an excellent innovation environmentWhile technology import plays a more prominent role in the middle region，where there is a relatively low degree of opennessEnvironmental regulation plays a limited role on Chinas industry ESER efficiency，and industrial structure plays a significant role on it

THE ECONOMIC CONSEQUENCES OF VOLUNTARY
 DISCLOSURE OF AUDITORS REPORTS ON INTERNAL CONTROL
——Based on Propensity Score Matching and Differenceindifference Approaches

YUAN Rong-Li-1,CHEN Li-Ming-2,WEN Wen-1

2014, 34(6):  71-83. 

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Based on the nonfinancial firms listed on the Shanghai and Shenzhen stock exchanges during 2006—2010, this paper explores the economic consequences of voluntary disclosure of auditors reports on internal control. With propensity score matching, firms that disclosed their auditors reports on internal control continuously during 2006—2010 (disclosure firms) are matched with control firms that did not disclose any auditors reports on internal control (nondisclosure firms). Using the differenceindifference approach, this paper compares firms earning quality and cost of equity capital between the two groups. This paper finds that disclosure firms have higher earnings quality and lower cost of equity capital. These findings provide empirical evidence for the mandatory disclosure policy on auditors reports on internal control that was gradually implemented from 2011.

THE  EFFECT OF US MONETARY POLICY ON CHINAS MARCOECONOMY

HE Jun-1,HU Jia-Lian-1,ZHANG Yu-Juan-2

2014, 34(6):  84-91. 

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This paper mainly studies the volatility effect of US monetary policy on Chinas macroeconomy from the view of volatility effects existence test and intensity measurementThis paper defines a dummy variable to characterize the quantitative easing monetary policy，and introduces an upper tail dependence coefficient of Gumbel Copula to precisely detect its existenceThe empirical results demonstrate that US monetary policy will brings out the negative volatility effect，and that the synergistic effect will come into being between the traditional monetary policy and the quantitative easing monetary policy.

STUDIES OF INDUSTRIAL STRUCTURE EVOLUTION AND
POLICY ORIENTATION OF THE YANGTZE RIVER ECONOMIC ZONE

HUANG Qing-Hua,ZHOU Zhi-Bo,LIU Han

2014, 34(6):  92-101. 

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This paper deploys SSM model to research industrial structure evolution of the Yangtze River economic zone from 2003 to 2012，and analyzes its mechanism of industrial structure evolutionThe results show as followsFirst，output value and share of the Yangtze River economic zone industry have been steadily improved，while the second and third industry played a leading role alternately in the industrial structure evolutionSecond，there is rational industrial structure in the Yangtze River economic zone and tertiary industry with stronger competitiveness has become a leading industry of regional economyThird，there is faster economic growth in the middle and lower reaches of the Yangtze River，with stronger competitiveness of the first and second industry，forming the second industry leading systemFourth，policyoriented influence，changes in factor prices，regional division of labor and the objective law of industrial development are the mechanism of the industrial structure evolution of the Yangtze River economic zoneThis paper proposes reasonable industrial policy suggestions in order to promote sustainable development of the Yangtze River economic zone

THE MEASURE OF STRUCTURAL BONUS AND
INFLUENCE FACTORS IN COUNTY ECONOMY
——Evidence from 1 820 Counties in China

ZHANG Guang-Sheng,WANG Zhen-Hua

2014, 34(6):  102-112. 

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The upgrade of industrial structure is the source of economic growthBased on the panel data of 1 820 counties in China，this paper estimates elasticity of production factors with the Translog production function and makes the further measure of structural bonusThe results show that contribution of structural bonus to the GDP in county economy reaches 444% and to the growth rate of GDP is 2435%The spatial econometric model examines that the per capita capital and per capita cultivated land area have significant effect on structural bonus，and in the three areas，the structure of fiscal expenditure proportion in GDP has significant negative impact on structural bonus