Economic Theory and Business Management

NEW REFORMING IDEAS OF NEW STATEOWNED ENTERPRISES IN THE NEW ERA——The Logic，Path and Implementation of the Classification and Reform of Stateowned Enterprises

RUC Research Group of Macroeconomic Analysis and Forecast

2017, 37(5): 5-24.

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The nature of the socialist market economic system determines that the stateowned economy and the private economy should not be mutually exclusive，but can be developed togetherThe key is to confirm that they play a role in their respective areas of developmentThis report objectively develops the functionguided classification method from the product nature and industry characteristics，in order to provide different types of stateowned enterprises with different models of reformThat is，stateowned enterprises providing public goods should choose stateownedstateoperated modeStateowned monopoly enterprises should choose stateownedstatecontrol modePart of the competitive stateowned enterprises should get
shareholding system reform with diversified property rights，and part of them should be privatizedPromote the mixed ownership reform of stateowned enterprises under the principle of classification reform，which means promoting the longtermguided mixed ownership reform in the public goods areas，promoting the controlrightguided mixed ownership reform in the natural monopoly areas，promoting the liquidityguided mixed ownership reform in the competitive areas，and establishing a stateowned assets supervision system compatible with the classification and reform strategy of stateowned enterprisesMoreover，under the logic of stakeholder cooperation，promote the innovation of the governance structure of stateowned
enterprises with classification and stratification，and construct the incentive mechanism of stateowned enterprise operators with classification

THE PASSTHROUGH EFFECT OF THE FOOD PRICE SHOCKS ON CORE CPI——The Comparative Research of Three Kinds of Core CPI

LV Jian-xing,MAO Xue-feng,ZENG Yin-chu

2017, 37(5): 25-39.

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Based on the calculation of several core CPI，in this paper we analyze the passthrough effect of food price shocks on core CPI during 2001 to 2015The results show，food CPI has high inertia characteristics，which has great impact on core CPI，and the longterm passthrough coefficient is 0140After considering the endogenous structural breaks，we find the longterm passthrough coefficient of core CPI still reach to 0186 and 0097，before and after the break of December 2008 respectivelyAlthough the impact of food prices on the core CPI decreased greatly after December 2008，the longterm passthrough coefficient remains significantly increasedThese results suggest that the food price shocks have a significant impact on the persistent component of Chinas inflation，and the monetary policy should pay attention to the passthrough effect of food price shocksAlthough the policy adjustment effects have appeared，the stable price pressures are still strong

MISALLOCATION，AGGREGATE DISTORTION AND WELFARE LOSS——A Perspective of TFP Decomposition Based on Unit Factor Cost

QU Yue1,CHENG Wen-yin2

2017, 37(5): 40-52.

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We extend productivity decomposition model of Petrin et al by introducing unit factor cost，and obtain a more accurate reallocation effectEmpirical results calculated with Chinas abovescale industrial firm data (2000—2007) suggest that，during the sample period，technical effect and aggregate distortion explain most of aggregate productivity growth，while reallocation effect only contributes 324% and comes to near zeroHowever，welfare loss from misallocation accounts for about 2663% of manufacturing value addedThese evidences indicate that its next to impossible to improve allocation depends only on market mechanism under existing system，and the economic structure seems to be unchangeable Further reallocation should come from the reform of existing economic structure，which helps alleviate misallocationFinally，we compute the potential of reallocation in each region，and thus provide a quantitative reference for the optimization of regional structure

FISCAL REVENUE MAXIMIZATION AND LAND PRICE COMPETITIONOF LOCAL GOVERNMENT

WANG Jian-feng

2017, 37(5): 53-62.

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Based on the research methods of institutional economics and contract theory，this paper embeds some measures of central government into the land price decision function of local governmentIt can support comparative institutional analysis for different governance strategies of central government on competition of attracting business and investments among local governmentsIn view of the fact that the local governments follow the principle of maintaining equal marginal revenue in the land transfer for different industries，a moderate increase in the expropriation price of agricultural land and tax burden of service industry，can compress the impulse and behavior space of local government on attract lowend manufacturingFurthermore，the incentive industrial tax policy may be valid only when it is directed to the taxpayers who are renting rather than owning the propertyGovernment can adjust the structure of fiscal revenue by increasing the tax burden of residential real estate owners and reducing fee for land use，and continue to maintain the incentive tax policy on the knowledge and technology intensive taxpayers who often rent rather hold property

DOES THE PROVINCIAL GOVERNMENT EXPENDITURE MULTIPLIER EXIST DIFFERENCE IN CHINA

LIN Tong,WANG Wen-fu

2017, 37(5): 63-77.

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In this paper，considering the heterogeneity and dependence of provincial government expenditure multiplier exist difference in China，two methods，which are used to deal the crosssectional dependence，the common correlation effect (CCE) and principal component (PC) are introduced into the dynamic heterogeneity panel structural vector autoregression (PSVAR) modelThe results of small sample comparative analysis show that the effect of CCE is betterBased on the PSVAR model with dynamic heterogeneity and crosssectional dependence，which estimated by the idea of CCE，this paper discusses the difference of provincial government expenditure multiplier of our countryThe results of event study show that both the all province government expenditure multiplier of short and long term exist difference，and the difference is not consistent with area distribution of the East，Middle and WestIn addition，we also find the reason of difference，which is that the bigger trade openness，the lower government debt ratio，the higher economic development level and the smaller distant of income distribution should result a bigger government expenditure multiplier

THE IMPACTS OF PUBLIC HEALTH INSURANCE ON LABOR MARKET PERFORMANCE#br#

ZHU Chen1,LIU Xiao-ou2,LIAN Da-xiang3

2017, 37(5): 78-89.

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paper studies the impacts of public health insurance on labor force participation and incomeThe theoretical model decomposes the total effect of a change in the health service charge into a substitution effect and a wealth effectThe two effects take the opposite signsWhen the substitution effect is greater than the wealth effect，an individual prefers to substitute health care with leisure time by participating more in the labor force to increase income and then to purchase better health insuranceWe use the data from China to test the theoretical findingsEmpirical results illustrate that the substitution effect in China is greater than the wealth effectA possible reason is that the public health insurance system in China dictates barriers across different insurance schemes according to household registration types or occupationsIndividuals are not able to move freely between different insurance schemes through participating in the labor forces or increasing labor supply

INCLUSIVE FINANCIAL DEVELOPMENT AND URBANRURAL INCOME INEQUALITY——The Empirical Study from Provincial Panel Data in China

ZHANG Tong-jin1,REN Bi-yun2

2017, 37(5): 90-101.

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Referring dual sector economic growth model，we analyze the relationship between inclusive financial development and urbanrural income inequalityAdopting 2011—2015 provincial level panel data，we test hypothesis empirically by using panel data models and modelsThe findings are:(1) Inclusive financial development has a apparent effect on narrowing urbanrural income inequality(2) Financial service cost of traditional bank and internet bank have negative impact on narrowing urbanrural income inequality，which suggests that the direct effect of inclusive financial development on urbanrural income inequality brings into play by lowing financial service cost(3)The impact of traditional banks financial inclusion in east is more apparent than that in middle and westThe impact of internet financial inclusion in middle and west is more significantAccordingly，this paper presents that we should pay attention to the influence of inclusive financial development on the urbanrural income inequality，in order to narrow the urbanrural income inequality in China

STUDY ON THE INTERACTION BETWEEN URBANIZATION AND MANUFACTURE STRUCTURE UPGRADE——Based on Crowd inout Effect

HUANG Chen1, QIU De-rong2

2017, 37(5): 102-112.

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There are industrial relations and resource allocation competition between urbanization and upgrading of the manufacturing industryIn order to promote urbanization and upgrade of the manufacturing structure，it is urgent to identify the interaction between the twoDifferent from previous research，this paper bases on the theoretical analysis of crowding out effect of real estate investment and hightech industry investment，puts forward the interactive conceptual framework of urbanization and manufacturing industry structureThen the empirical method of simultaneous equations is used to analyze the panel data from 2002 to 2012It is found that: the real estate investment has obvious crowdingout effect on the investment of hightech industry，and has a weak crowdingout effect on the traditional industry，and the urbanization has an inhibitory effect on the upgrading of manufacturing industry; Different from eastern region，in central and western regions，investment of real estate has a crowdingin effect on the traditional industryThe upgrading of the structure of manufacturing industry which is characterized by high technology investment promotes the process of urbanization

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