Loading...

Table of Content

    17 April 2017, Volume 37 Issue 4
    STUDY ON THE UNEMPLOYMENT TREND OF DIFFICULTY EMPLOYMENT GROUPS IN THE NEW ECONOMY NORMAL
    WANG Yang
    2017, 37(4):  5-18. 
    Asbtract ( )   PDF (8132KB) ( )  
    Related Articles | Metrics
    This paper analyzes the influences of macro economy on urban unemployment (UU for short). It finds out that there is a positive relationship between UU and average wage, there is a negative relationship among UU, fiscal expenditure, oneyear lending rate and average educated years, and there is none prominent relationship among UU, economic growth rate, total factor productivity. The aged persons of “4050”, new graduates and young migrant workers are focal unemployment people. The three unemployment trends are the worse longunemployment issues, the more difficulty employment and the larger risk of exacerbating unemployment. This paper suggests to set up the higher rate of employment to focal unemployment people as the goal of our
    employment work, so that China may properly handle the unemployment in the new economy normal.
    THE CHOICE OF CHINAS AGGREGATE PRODUCTION FUNCTION MODEL——Analysis from the Elasticity of Substitution and the Elasticity of Output
    ZHANG Shang-feng,DONG Jun,XU Bing
    2017, 37(4):  19-29. 
    Asbtract ( )   PDF (5729KB) ( )  
    Related Articles | Metrics
    The aggregate production function is the basis of economic growth and macro policy, and different production function model assumption may lead to different conclusions. This paper systematically studies the choice of the Chinas aggregate production function model, from the aspect of the implicit hypothesis of the elasticity of substitution and the elasticity of output. The results find as follows. Firstly, the bounds of the Chinas elasticity of substitution is \[0.8, 1.5\], and converge to 1. Secondly, the timevarying elasticity production function can describe the change of the Chinas labor share appropriately. Thirdly, the accounts results of total factor productivity for the CobbDouglas production function, the standardized CES production function and the timevarying elasticity production function tend to be consistent. This paper provides the theoretic and empirical support for the choice of the Chinas aggregate production function model.
    CREDIT RESOURCE ALLOCATION AND ENTERPRISE OVERCAPACITY——Analysis on the Perspective of the Supply Side
    QIAN Ai-min1,FU Dong1,2
    2017, 37(4):  30-41. 
    Asbtract ( )   PDF (7400KB) ( )  
    Related Articles | Metrics
    Analyzing the reason of overcapacity from a micro perspective of listed companies, has great significance for resolving the overcapacity and promoting the supplyside structural reforms. This paper adopts a sample of manufacturing listed companies from 2003 to 2015 to investigate the influence of credit resource allocation on enterprise overcapacity. We find that under the background of Chinas financial repression, lowcost supply of credit stimulates the enterprises capacity expansion, reduces the capacity utilization, and improves the probability of overcapacity. The governments intervention on credit resources allocation makes the capacity utilization of stateowned enterprises, especially the local stateowned enterprises, decreasing more seriously. The funds from issuing bonds reduce the capacity utilization of listed companies and raise their probability of overcapacity. This paper helps to understand the formation mechanism of enterprise overcapacity, which is the micro base of industrial overcapacity, and has the important enlightenment for the government to dissolve the overcapacity.
    HUMAN CAPITAL AND SOCIAL CAPITAL CAN IMPROVE THE LEVEL OF EMPLOYMENT OF LANDLESS PEASANTS——Based on Followup Survey Data in Beijing
    WANG Yi1,CHEN Jian-wei2,WANG Qi3
    2017, 37(4):  42-59. 
    Asbtract ( )   PDF (9477KB) ( )  
    Related Articles | Metrics
     Based on 2008 and 2015 two times the landless peasants social survey data, through the analysis of the employment mechanism of landlost farmers, this paper constructs logistic regression model and tests for “rare event deviation” to analysis the influence of human capital and social capital on employment opportunities, employment promotion and employment industry of landless peasants in the process of urbanization. The study finds as follows. In terms of land lost farmers to obtain nonfarm employment opportunities, 2008 human capital and social capital have a significant positive impact on employment opportunities for landless peasants, 2015 human capital and political landscape of the impact is not significant, but significantly affect the job search channels and household registration. In terms of employment promotion, the results of the two surveys are basically consistent, political affiliation, education and vocational training promotion has a significant positive impact on employment promotion of landless peasants. However, there is no significant influence of the household registration. In terms of employment industry, with the advance of time, the employment of landless peasants in the industry has chosen a new change in 2015. There is 4.4% of the landless farmers to public sector employment. In 2008, the human capital and politics have no significant impact on the employment of landless peasants in the traditional industries, 2015 begin to highlight. In particular, there is a significant positive impact on the employment of landless peasants into the public sector. The job search channels and household registration have positive impacts on the traditional industries, no effect on access to public sector.
    ART AS AN INVESTMENT: A PORTFOLIO ALLOCATION ANALYSIS IN CHINESE MARKET
    HUANG Jun,LI Yue-xin,XIA Xiao-hua
    2017, 37(4):  60-71. 
    Asbtract ( )   PDF (6593KB) ( )  
    Related Articles | Metrics
    This paper examines risk, return and the prospects for portfolio diversification among major paintings and financial markets in China over the period 20042014. This paper constructs a new data set of repeated sales of artworks and estimates a semiannual index of art prices for the period 20002014. The study finds that the returns on art, 13.08%, are much higher than those of conventional investment markets. Art is also found to have lower volatility and lower correlation with other assets, which suggests opportunities for portfolio diversification. Moreover, the construction of Markowitz meanvariance efficient portfolios indicates that diversification benefits in portfolios comprised of art works are possible. The results provide some greater insight into the art market, the timeseries properties of the art market, and the potential diversification benefits for both private and institutional investors worldwide.
    MERITOCRACY OR NEPOTISM IN CORPORATE GOVERNANCE——Evidence from Cultural Startup Enterprises in Beijing
    JIANG Ting1,FANG Ming-yue2,LI Hai-long1
    2017, 37(4):  72-81. 
    Asbtract ( )   PDF (5802KB) ( )  
    Related Articles | Metrics
     It has been long debated whether corporate governance in China should be more structured toward meritocracy or nepotism in a market economy that is deeply embedded in the traditional culture. From a practical point of view, these two governance models have their respective pros and cons. Thus a more relevant question to ask is that under what circumstances an entrepreneur will recruit partners on their merit. In this paper we propose an analytical framework based on the theory of optimal delegation and put it to an empirical test using a unique survey data set on startup enterprises. We find that entrepreneurs with former entrepreneurial experience or low education levels prefer to employ relatives (nepotism), while male entrepreneurs with an educational background in management who get loans from banks tend not to appoint relatives to management (meritocracy). These results have
    implications for the promotion of popular entrepreneurship and innovation.
    THE ROLE OF GOVERNMENT AND THE DEVELOPMENT OF MEDIUM SMALL AND MICROSIZED ENTERPRISE——Based on the Survey Data of 13 Prefecturelevel Cities in Jiangsu Province#br#
    LUN Xiao-bo,LIU Yan,SHEN Kun-rong
    2017, 37(4):  82-96. 
    Asbtract ( )   PDF (8561KB) ( )  
    Related Articles | Metrics
    Based on the background of economic growth from factordriven to innovationdriven, this paper explores the different effect of government roles in medium small and microsized enterprises from a historical and logical view, and uses the survey data of 13 prefecturelevel cities of Jiangsu province to test the hypotheses by ordered Probit model. The results show as follows. The direct support policies such as special subsidies and tax incentives can significantly increase the profitability and innovation advantage, so does the government efficiency or service level, which represents indirect support policies. Whats more, different governments roles play a number of different functions in the innovation and profit ability, the marginal effect of improving government efficiency or service level is larger than tax incentives and special subsidies. Therefore, as economic growth is mainly driven by innovation instead of by factors, the government should not only offer a variety of direct support measures, but also have to adjust their roles, converting from direct support to indirect management and services.
    THE EFFECT OF TRADE ON TECHNOLOGICAL INNOVATION——The Coordination between the International and Domestic Trade with Specialization Trade#br# off
    XIE Li-juan,WANG Shi-xun
    2017, 37(4):  97-112. 
    Asbtract ( )   PDF (8859KB) ( )  
    Related Articles | Metrics
    The international trade improves the technology innovation performance through technology spillover but the effect may be hindered with the GVC lowlocked in the developing country like China. Under the circumstance the coordination between the international trade and domestic trade becomes a possible way to strengthen the spillover effect. Specifically this coordination enhances the effect of completion and imitation as well as the relationship between the enterprises, which is named as ‘competitive driving’, ‘information diffusion’ and ‘connection of the value chain’. The specialization of the trade sectors also positively moderates the coordination. In the empirical section, we construct three indexes to measure the coordination and investigate the relationship between the coordination and the technology innovation with the fixedeffect model and the panel quantile model. Several robust tests are also utilized including changing the proxy of the technology innovation and using the discrete independent variable. We find that the coordination between the international and domestic trade is positively associated with the technology innovation and the effect of the coordination is strengthened in the area of which domestic trade sector is highly specialized.