Table of Content

16 May 2015, Volume 35 Issue 5

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AN EMPIRICAL TEST ON CHINESE HIGHTECH INDUSTRY
PRODUCTIVITY INFLUENCING FACTORS

LUO Lai-Jun-1,LI Jun-Lin-1,YAO Dong-Min-2

2015, 35(5):  5-16. 

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This paper uses enterprise data to empirically test the influencing factors of Chinese hightech industry productivity, and concludes that the growth of assets, human capital, corporate profits, and enterprise scale have significant effect on productivity. Government subsidies, capital labor ratio,and inventory play negative roles.Foreign direct investment, trade credit, sales cost, market concentration, and industrial chain status have little effect. Different from the normal expectation of people, R&D investment on productivity may not work or play a negative role.This paradoxical conclusion reflects the special circumstances in China.The motive of many enterprises  R&D investment is to rent for an access to government subsidies and monopoly interests.Lack of protection for intellectual property rights makes many enterprises unwilling to put a lot of money in the use of technology research and development. Bank loans and government subsidies seriously distort and impede productivity. This paper suggests that the problems arise in Chinese financing system and government funded system, which not only fails to promote enterprise efficiency, but also inhibits the development of enterprise efficiency.

EMPIRICAL ANALYSIS OF FARMLAND TRANSFER S INFLUENCE FACTOR ——Based on 8 000 Household Data of CHIPS

HU Xia,DING Hao

2015, 35(5):  17-25. 

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：The smallscale agriculture management system has been difficult to maintain due to the loss of labor force. The construction of new agricultural management system requires the farmland transfer in the expansion of farmers business scale and substitution of labor. However, the land transfer is affected by various factors. The speed of the land transfer is still very slow in reality. Based on the data of 8 000 households, this paper applies Probit model to analyze the farmland transfer s influence factor and uses IVProbit and 2SLS methods to avoid endogeneity problem. The empirical results suggest as follows. First, the transfer probability is increased by the rising ratio of nonagricultural employment in farm family, but suffered by the negative effect of agriculture sideline business. Second, compared with the nonagricultural income level, the stability of the nonagricultural employment has a higher influence degree to the farmland transfer, which reveals that the operating behaviors of Chinese small holders farms under the binary separation of urban and rural household system are different to the foreign farming enterprises behaviors who purely pursue profits.At last,the pension and health insurance could relieve the farm familys worries and reduce their dependence on the land as a means of social protection. However, the effect of whether have the city hukou is greater than the pension and health insurance.

CONSUMPTION STABILITY, CONSUMPTION GROWTH AND CONSUMER
WELFARE ——New Implications for Expanding Domestic Demand

CHEN Tai-Ming

2015, 35(5):  26-39. 

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Based on the urban and rural provincial real consumption per person data for the period of 1985—2011 in China, this paper estimates the welfare costs of consumption volatility and slowdown in consumption growth rate. The results show that the welfare cost of consumption volatility is not essentially less than the welfare cost of slowdown in consumption growth rate. As a result, Chinese government should pay attention to consumption volatility while it attaches importance to consumption growth.

ON PRICE TRANSMISSION MECHANISM OF DIFFERENT STAGES IN CHINA ——An Empirical Analysis Based on Industrial Data in China

ZHU Han-Xu-1,HE Ben-Lan-2

2015, 35(5):  40-50. 

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This paper employs the dynamic Bayesian network method to measure the price transmission of different stages, the transmission effect among the subdivided industries of different price indexes between 2000 and 2014. This paper analyzes the driving effect of money supply factor on different price indexes. The results show that the conduction effects of the monetary policy to the upstream and the downstream price indexes are all significant and the effect to CPI is the strongest. In the process of transmission, the prices in the early and intermediate stages have significant causal relationships with the price in the last stage by degrees while the crossstage conduction effects decrease. Besides, the price violation in the last stage will drive changes of the prices in the early and intermediate stages in reverse but there is not trend among the crossstage conduction effects.

RESEARCH ON REDISTRIBUTION EFFECT OF INCREASING BLOCK
TARIFF：IS EMBEDDED TIMEOFUSING TARIFF MORE EFFECTIVE

LIU Zi-Min-1,ZHANG Xin-Zhu-2,FANG Yan-3,YU Ying-Feng-4

2015, 35(5):  51-65. 

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This paper empirically estimates the cost of efficiency based on theoretical model, which embodies some characteristics and structure of efficiency cost. The total efficiency cost is decomposed into two subcategories. Using microdata on household income and electricity consumption of Hangzhou residents, and counterfactual scenarios, we have estimated the efficiency costs in family and societys perspectives, respectively. The result shows that the IBP does have distinctive income redistribution effects between family groups with different incomes, with lowincome family obtaining certain welfare benefits, and high earners losing welfare more than middleincome household. With the deepening implementation of IBP, the total efficiency cost is declining, and redistribution effect is smaller, but adding up the timeofuse pricing can hinder the trend. This paper establishes the foundation for systematically improving and assessing nonlinear pricing policies.

LABOR STRUCTURE EFFECT ON ECONOMIC GROWTH:
 A SUBINDUSTRIES CALCULATION MODEL AND ITS APPLICATION

ZHANG Jie-Fei-1,LI Xun-Lai-2,LIU Meng-Fei-3

2015, 35(5):  66-76. 

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The existing research has not considered deeply the industrial structure, just generally calculated the labor structure effect. Taking into account Chinas characteristics of industry and regional development, this paper develops a subindustries calculation model based on Chenery et al. This paper concludes that labor structure effect was 1711 5 percentage points during 1979—2012, which has made a positive contribution to labor productivity and economic growth.The labor structure effect between primary and secondary industry is large, which mainly due to the East region. At the same time, the labor structure effect between primary and tertiary industry is small, because there is tertiary industry lags behind, and labor productivity in tertiary industry is too low. A lot of untrained agricultural surplus labor is absorbed by the tertiary industry caused its low labor productivity.In order to fully explore the labor structure effect from agriculture to nonagricultural industry, governments at all levels should vigorously develop the tertiary industry, strengthen the vocational skills training of agricultural labor. Governments of the central and western regions should also actively undertake industrial transfer.

DOES PROVINCE DIRECTLY GOVERNING COUNTY FISCAL SYSTEM
REFORM IMPROVE LIVELIHOOD PUBLIC SERVICE

NING Jing-1,ZHAO Guo-Qin-1,HE Jun-Cheng-2

2015, 35(5):  77-87. 

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This paper investigates the effects of province directly governing county (PGC) reform on livelihood public service based on countylevel data by using differenceindifferences propensity score matching approach. Our empirical results indicate that the PGC reform inhibits the improvement of counties livelihood public service. The PGC reform does not have an obvious impact on the number of medical beds per capital, but decrease the proportion of county governments  health expenditure to total expenditure significantly by 1167%.The reform also have a small negative effect on the ratio of primary and secondary students to total population and a significantly negative effect on the share of education expenditure, reducing the share by 419%. In addition, the results show that the PGC reform has heterogeneous effects between provinces and timelag effects.

CORPORATE INCOME TAX COMPETITION AMONG LOCAL
GOVERNMENTS IN CHINA ——An Empirical Analysis of Panel Data Based on the Spatial Lag Model

PAN Xiao-Zhen-1,PANG Feng-Xi-2

2015, 35(5):  88-97. 

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There is no independent legislative power of tax in China's local governments, but they still can take Chinesestyle tax competition through preferential corporate income tax. Based on the construction of provincial preferential corporate income tax measurement, this paper uses the spatial lag model of panel data to conclude that, there is complementary strategy type of tax competition between local governments in China, and the competition in normal preferential corporate income tax is more intense than real preferential tax. The central government should start from the nominal preferential corporate income tax, take measures to regulate corporate income tax competition behavior between local governments, but should also keep the continuity of government's preferential tax policy and its implementation effect.

PUBLIC CAPITAL IN GROWTH MODELS

JIN Ge-1,ZHU Dan-2

2015, 35(5):  98-112. 

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The theoretical literature on the link between public capital and economic growth has boomed in recent years. By providing a general framework this paper unifies the work of the various economistsin this area to show how the theory develops. First in a basic model it explores the fundamental questions that the researchers mostly care about, including the growth and welfare maximizing fiscal rules and the optimal and equilibrium transition paths. Then in extended models it relaxes the assumptions of the basic model, one by one, to see if the core results still hold. That is, we test the results when public capital is congested rather than nonrival, its deprecation is endogenous rather than exogenous, both the flow and the stock of public investment rather than the stock alone affect private production, and public investment is carried out by two levels of governments rather than only one. Finally after presenting a comparison of the results for the various assumptions, this paper further discusses several challenges to the theory development and then proposes three possible directions for future research.