Table of Content

16 January 2018, Volume 38 Issue 1

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OVERCOME THE POVERTY TRAP AND OPEN UP A NEW JOURNEY OF MODERNIZATION IN A NEW ERA——Learn from the 19th CPC National Congress about the Important Strategy of New Development#br#

LIU Wei

2018, 38(1):  5-10. 

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With the great practice of socialism with Chinese characteristics, our country has bid farewell to poverty and has achieved a leap from getting up to getting richWe have adhered to the path of building socialism with Chinese characteristics, adhered to the Partys basic theories, basic lines and basic strategies, adhered to the “FivePronged Overall Plan” for developing Chinese socialism, promoted the “Four Comprehensives” strategy, engaged in an allout push to build a moderately prosperous society in all respects, and worked constantly towards overcoming the poverty trap and attaining the “Two Centenary Goals” We could contribute Chinese wisdom and Chinas solution to the whole world by improving these four matters of confidence


PEER EFFECT ON CORPORATE R&D——Evidence from China

LIU Jing1，WANG Ke-min2

2018, 38(1):  21-32. 

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This paper investigates the impact of peer firms R&D expenditure on corporate R&D investment behaviorWe find that firms tend to give higher weight on their own R&D investment if their peers raise R&D input levelMoreover, the R&D peer effects are more significant if firms and their peers locate in the same province, or if peers are covered by more analystsFurther, R&D peer effect appears to be positive since it could increase corporate R&D investment efficiencyThe preceding results imply that firms will change their R&D investment behavior if they have learned what their peers doAlso, corporate R&D peer effects might be more significant when the cost of decoding information is relatively lowThis paper enriches research that concerns factors affect R&D input, as well as developing studies related to R&D spillover effectsBesides, findings of this paper could shed light on the corporate R&D policy

ON THE DISTRIBUTIONAL EFFECT OF INFORMATION TECHNOLOGY——How “Internet+” Affects Labor Income Share

SHEN Guang-jun1，LIU Chao2

2018, 38(1):  33-45. 

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The “growth effect” of information communication technology (ICT) is widely discussed, while its “distributional effect” deserves more studiesUsing firmlevel data from Chinese Industrial Enterprises Database, this paper studies how ICT impacts income distribution between two kinds of production factors:labor and capitalWe find that firms with websites have higher labor income share, which is robust to different indicators, alternative samples, and various specificationsThe effects of ICT on factor income distribution show heterogeneity across ownerships, export status, regions and between light and heavy industriesWe also explore the mechanism behind the correlation between ICT and labor income share and find that ICT increases average compensation more than value added per worker, leading to higher labor income shareThis paper not only makes up a deficiency in this field, but has important policy implications as well


THE CONSTRUCTION OF CHINAS FINANCIAL CONDITION INDEX IN POST CRISIS ERA

2018, 38(1):  46-60. 

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In this paper, we categorize different methods to construct the financial condition index and analysis the research status of constructing Chinas financial condition indexDue to the variation of financial mechanism in China after the crisis, there are some limitations in the conventional construction methodsWe improve the construction methods in two ways:timevarying weights and the introduction of nonfinancial variablesIn the empirical part, we construct a fixedweight FCI as the control, then we use TVPVAR model to construct a FCI for the Post Crisis EraAt last, we test the ability of the timevarying weight FCI to explain and predict inflationThe results suggest that the timevarying weight FCI is better than fixedweight ones in reflecting Chinas financial statusThe introduction of creditavailability optimizes the FCIFCI constructed in this paper goes ahead of inflation for about 11 months, and has a strong ability to explain and predict the inflationIt is of great practical significance to construct a reasonable FCI to improve the effectiveness and predictability of the monetary policy after the crisis, and to achieve the economic and financial stability


RESEARCH ON THE INFLUENCE OF CHINESE STOCK INDEX FUTURES TRADING RESTRICTIONS ON PRICING EFFICIENCY——From the Perspective of Market Information Transmission

XU Rong，LIU Cheng-li

2018, 38(1):  61-74. 

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From the perspective of information transmission in transnational financial markets, this paper analyzed the impact of the trade restrictions policy of Chinese stock index futures marketsEmpirical conclusions are as follows:The spillover effect of USstock index futures on Chinese stock index futures tends to enhance significantly after the trade restrictions of Chinese stock index futures markets, especially in the down marketChinese index futures overnight return influenced by USdaytime return is reflected as a Vcurve by using quantile regression modelThe impact of the negative impact from the USmarket on the Chinese market in a bear market has become greater after the implementation of the policyThe policy implication of the paper is that policy makers should liberalize the trade restrictions and increase the degree of market openness furtherBesides, it is important to consider the effect of the USstock index futures market in regulating local markets and the USmarket impact should not be ignored by local investors

FINANCIAL STRUCTURE, FIRM HETEROGENEITY AND R&D INVESTMENT——Evidence from Chinas Listed Firms#br#

ZHANG Jing，LIU Xiao-hui

2018, 38(1):  75-86. 

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Using a panel dataset of Chinas listed firms from 2007 to 2015, this paper empirically studies the relationship between firms financial structure and R&D investmentThis paper finds as follows:First, R&D investment intensity will be higher if the firm uses more equity financeSecond, there is an optimal financial structure facilitating R&D investmentsThird, the existence and magnitude of the optimal financial structure are subject to firms heterogeneityOur findings will not only deepen our understanding of the relationship between financial structure and R&D investment, but also provide policymakers with evidences from micro firms in policymaking to optimize macro financial structure


STATEOWNED ENTERPRISES REFORM IN CHINA:EXPERIENCE, PROBLEMS AND SOLUTIONS

ZHOU Min-hui，TAO Ran

2018, 38(1):  87-97. 

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Mixed ownership reform is regarded as a dominant approach for Chinas SOE Reform However, there are still a serious question about whether mixed ownership reform can help to increase the value of stateowned asset and whether it can help to promote Chinas sustainable growthBased on an analysis of SOE reform experience over the past 30 years, this paper argues that the mixed ownership reform can be only viewed as intermediate step for the reform of local SOEsFor central SOEs with natural monopolies, China should also draw lessons from the international experiences of regulatory revolutions and begin to set up a competitive market structure in these sectors to provide opportunities for private firms and to consolidate Chinas banking and social security system

INCLUSIVE FINANCE AND COUNTY CAPITAL OUTFLOW:POVERTY ALLEVIATION OR WORSEN——Evidence from 592 Poverty Counties in China#br#

WANG Wei，ZHU Yi-ming

2018, 38(1):  98-108. 

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Using the data of 592 poverty counties in China, this paper analyzes the effects of inclusive finance on the county capital outflow by using spatial econometric models, and verifies whether capital overflow will produce a poverty effect in poverty countiesThe results indicate as follows:If inclusive finance only pays attention to the solution of exclusion of financial institutions in poverty areas, it will further exacerbate capital outflow, and have a negative impact on poverty reduction, which is a significant poverty effectAt the same time, the poverty effect has an obvious spatial spillover effectsTo a great extent, the poverty situation in neighboring counties will be “contagious”This kind of spatial spillover effect has a geographical boundary which has spatial attenuation characteristicTherefore, we need to understand the nature of inclusive finance objectively, and choose appropriate and effective carrier of implementation to solve the exclusion of credit products and other key financial services