Table of Content

16 November 2015, Volume 35 Issue 11

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MECHANISM OF INDUSTRIAL INNOVATION AND TRANSFORMATION  OF INDUSTRIAL STRUCTURE

HONG Yin-xing

2015, 35(11):  5-14. 

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The concept of industrial innovation is required in the innovationdriven development strategy to drive the industrial structure transfer to the middleend/highend. The mechanism of industrial innovation includes technology innovation and technology venture. The technology ventures operational goal is different with general corporations, which is to seek to enhance its overall value. Therefore the basic functions of GEM (growth enterprises market)board and mother board are value discovery and evaluation.The stock market is not only to the scientific evaluation of the success of the enterprise value of industrial innovation, in support of its scale, but also to build an effective mechanism to drive the industrial structure transfer to the middleend/highend.

MONETARY POLICY WITH DUAL TARGETS OF STABILIZING GROWTH  AND PREVENTING RISK UNDER NEW NORMAL IN CHINA

RUC Research Group of Macroeconomic Analysis and Forecast

2015, 35(11):  15-27. 

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The debtdeflation effects under the present high leverage ratio situation in China not only aggregate the potential systematic financial risk but also decrease the efficiency of monetary policy. Moreover, soft budget constraint and absolute no risk return in financial market increase the no risk interest rate and increase the difficulties and costs of loan borrowing of small and middle sized enterprises. Under this circumstance, it is proper to decrease the leverage ratio by increasing the net assets through expansionary monetary policies. So, with the help of market reform, the shift of the present tightening monetary policy to the expansionary one will fulfill the dual targets of stabilizing growth and preventing risk under New Normal.

THE PRICINGTOMARKET BEHAVIOR OF CHINESE FIRMS

ZHANG Cheng-si1,ZHANG Guo-bin1,Zenghui2

2015, 35(11):  28-37. 

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Based on aggregatelevel, industrylevel and regionlevel data, this paper investigates pricingtomarket behavior of Chinas export manufacturers. The results show that pricingtomarket is a pervasive phenomenon. Also, there is a remarkable difference among the degrees of pricingtomarket of various industries. Taking mining and wood industries for example, resource intensive industries show the lowest degree of pricingtomarket, which indicate the strongest pricing ability, while labor intensive industries, such as rubber and plastic industries behave quite the opposite way. Capital and technology intensive industries, such as machinery and automobile manufacturing industries, the pricingtomarket level of which are somewhere in between. In addition, the extent of pricingtomarket varies when exporting to different regions. We find that PTM index is higher for sales by oligopolistic industries into major trading companions, compared with other trading companions.

LAND FINANCE HAS BEEN MISUNDERSTOOD——Reexamine the Reasons of Expansion and Effect of Welfare

WEN Yan-bing

2015, 35(11):  38-53. 

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Unlike existing studies only emphasize the causes and impacts of land finance respectively from fiscal decentralization and economic performance, based on the firstgeneration panel and secondgeneration panel unit root test, this paper analyzes the expansion and impacts of land finance, using 1998—2012 provincial panel data and pooled OLS, FE OLS, SYSGMM.The results show: firstly, land finance not only affected by the homogeneity of the central taxation system, but also by heterogeneity of local noninstitutional factors, like as human capital, population size, industrial structure and technological development; secondly, land finance is not exist “absolute grab”, it is essentially “nominal grab” and has some benefits in shortterm. This paper finds that land finance is misunderstood in causes and consequences. In postera of land finance, we must change the perspective of income from “sell for money” to “make money by itself”, change the perspective of from “capital accumulation” to “credit financing”, change the business model from the “capital accumulation” to “land fund”, to resolve the slow growth of local governments finance and to make up payments gap for promoting new city.

THE STUDY OF RELATIONSHIP BETWEEN THE AGING, SOCIAL  SECURITY PAYMENT AND THE ESTABLISHMENT OF ENTERPRISE

XU Feng-hui,ZHAOZhong

2015, 35(11):  54-63. 

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This paper analyzed the changes of the aging and the elderly dependency ratio in different economic regions, and found that the aging showed a downward trend in economically developed areas. This paper estimated the enterprises biggest social security payment ability and payment burden of the different provinces, and found that the burden of social security contributions in Chinese enterprises were still overweight.This paper applied the negative binomial distribution model and empirically analyzed the factors influencing the number of the establishment of different industries in different provinces, also found that the ability of social security contribution had a positive effect,and social security burden had a negative effect on the number of establishment, both the effect are statistically significant but less influential. Based on those empirical results, this paper put forward policy recommendations about division of social security burden between state, enterprises and individuals reasonably.

A THEORETICAL CONSIDERATION ON THE EVOLUTION OF  BIG COUNTRIES FINANCIAL STRUCTURE

YING Zhan-yu

2015, 35(11):  64-76. 

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Since late 1980s, stock markets have become more active and efficient relative to banks measured in terms of size, activity, and efficiency in big (or large economic scale) countries. There is some tendency for national financial systems to become more market oriented for big countries despite the difference of their origin financial modes.It is the core reason that the transformation of their economic development mode from growth to innovation, or the continuous evolution typical of the market economy. Openup (or the financial globalization) and technology change are the direct force to enforce the evolution of their financial structure. With the change of Chinas economic environment, further development of the stock market is the most important and urgent task in the near future.

POLITICAL ASSOCIATION, FINANCIAL ECOLOGICAL  ENVIRONMENT AND CORPORATE FINANCE——Based on the Listing Corporation Data of Shandong Province

ZHANG Hong-feng1,JI Changlin2

2015, 35(11):  77-86. 

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Based on listed companies from 2006 to 2013 in Shandong province of 858 samples, this paper examined the relationship between the political association and the corporate financing when the financial ecological environment index was on different level. The results showed that: (1) the financial ecological environment development level and their subordinate dimensions were both do help to alleviate the pressure of the corporate finance; (2) there was a “reputation substitution effect” between the financial ecological environment and the political association, when the financial ecological environment index reached a critical value, the enterprise who established a link to government would do more harm than good. This paper had a certain reference of policy significance for speeding up the development of private economy and the construction of regional financial center at present stage in China.

INDUSTRIAL LAND SUPPLY IN FOUR TYPES OF REGIONS OF CHINA——An Explanation from NEG

XU Ying

2015, 35(11):  87-96. 

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Based on industrial land supply model, this paper modified the assumption of preferenceofvariety, and divided China into four kinds of regions to analyze the land supply strategy of local governments. After solving the Nash equilibrium, this paper discovered as follows. In less developed regions, local governments supplied more industrial land than that in developed regions, which resulted in bigger scale firms in developed regions. This paper also proved that higher transaction cost, homogeneous competition, lower technology would lead to more industrial land supply. Therefore, in order to improve productive efficiency of industrial land, this paper suggested to encourage innovation to decrease homogeneous competition, reduce transaction cost by lower logistics cost and less trade protection among regions, and promote technological advance to decrease marginal input.

THE DETERMINANTS OF CHINA S TRADE BALANCE——An Empirical Study Using the International InputOutput Based Measure of “TiVA”

MA Shu-zhong1,ZHANG Hong-sheng1,MENG Bo2

2015, 35(11):  97-112. 

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There has been great political and economic attention paid to the long term trade imbalance in China, and particularly to the bilateral trade deficit with the US.In this context, identifying the determinants of the Chinas trade balance has been a key issue for policymakers on both sides. However, in most existing studies, the nature and significance of international fragmentation production in the determination of bilateral trade balance has not been considered explicitly. The mainly reason is that the conventional grosstrade based measure of bilateral trade balance used in these works can cause a crucial “double” counting problem when intermediate inputs cross multiple borders. In this paper, using the international inputoutput based measure of “trade in valueadded”, which can remove the double counting when estimating sources and destination of value in bilateral trade, we reidentify the determinants of the USChina trade balance. Our results show that the macroeconomic forces and foreign direct investment (FDI) in China are mostly responsible for Chinas trade surplus in the short and long run, while the official exchange rate play a smaller role in the long run. As a policy implication, China should keep RMB stable at least in the short run and put more efforts on industry restructuring in the long run.