Table of Content

16 December 2018, Volume 38 Issue 12

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THE URBAN HOUSING SYSTEM REFORM IN CHINA FOR 40 YEARS

LI Zhengtu1,YANG Weigang1,MA Lizheng2

2018, 38(12):  5-23. 

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The objective reason of urban housing supplyside structural changes is the change of social and economic conditions, and the subjective reason is the change of concept of housing supply. We also believe that the change of housing concept leads to the change of housing system; the change of housing system leads to the change of housing finance; and the changes of housing system and housing finance lead to the change of housing livelihood improvement. The changes of housing system, housing finance and housing livelihood improvement are the core contents of Chinas housing supplyside structural changes. Based on the above understanding, the paper is divided into the following six parts: (1)It elaborates the general principle and historical experience of housing supply based on modern economics. (2)It expounds the historical evolution of the socialist urban housing supply system with Chinese characteristics in the past 40 years of reform and openingup. (3)It expounds the financial support of urban housing in China during the 40 years of reform and openingup. (4)It expounds the improvement of peoples livelihood in urban housing in China during the 40 years of reform and openingup. (5)It summarizes the achievements of Chinas housing supplyside structural changes in the 40 years of reform and openingup. (6)Taking Shanghai as an example, it expounds the ideas of the supply side structural reform of urban housing with Chinese characteristics in the new era.

FINANCIAL STRUCTURE, TECHNOLOGICAL PROGRESS AND THE UPGRADE OF INDUSTRIAL STRUCTURE: CROSSCOUNTRY EVIDENCE#br#

QIAN Shuitu,LI Zhengmao

2018, 38(12):  24-32. 

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The paper analyses different mechanisms that financial structure influences industrial structure through technological progress, and tests its effects using a data set including 30 developed and emerging countries. The results show that considering technology transfer, proper financial structure will promote the upgrade of industrial structure through technological progress. However, financial development level appears to be insignificant in this case.

MONETARY POLICY, ENTREPRENEURS CONFIDENCE AND THE INVESTMENT EFFICIENCY OF LISTED COMPANIES

GENG Zhongyuan,ZHU Zhisan

2018, 38(12):  33-46. 

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The responses of microsubjects such as enterprises and entrepreneurs to monetary policy have a great influence on the effectiveness of monetary policy. Monetary policy can affect firms investment efficiency by influencing entrepreneurs confidence. Based on the 40 quarters samples of Ashare listed companies in China during 2007-2016, the empirical results show that entrepreneurs confidence cannot be neglected in the process of monetary policy transmission. Increased entrepreneurs confidence or easing monetary policy will exacerbate overinvestment and weaken underinvestment while decreased entrepreneurs confidence or tightening monetary policy will effectively curb overinvestment but will intensify underinvestment. Stateowned enterprises are more sensitive to entrepreneurs confidence and monetary policy. Further, the influence of monetary policy on the investment efficiency of enterprises will also take an effect through the interaction of monetary policy and entrepreneurs confidence, which shows no significant difference between stateowned enterprises and nonstateowned enterprises.

STUDY ON CREDIT CONSTRAINTS OF CHINESE SMALL AND MICRO ENTERPRISES FROM THE PERSPECTIVE OF BANK TRUST——Evidence from a Questionnaire Survey

TANG Ying1,DENG Chao2

2018, 38(12):  47-56. 

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Trust within lending relationship has important implication for alleviating credit constraints for small and micro enterprises because it can reduce both opportunistic tendency and agency problem. This paper empirically examines the impact of bank trust on small and micro enterprises credit availability on the basis of survey data by applying General Structural Equation Modeling (SEM). The results indicate that a high level of ability trust and integrity trust is helpful to small and micro enterprises in improving credit availability. However, bank trust plays no significant role in decreasing the loan rate or relieving the collateral requirement. This paper provides a new perspective for studying credit constraints of small and micro enterprises.

TECHNOLOGY INNOVATION SUBSIDY SUPPLYSIDE REFORM AND FIRMS R&D STRATEGY

HUANG Zhixiong

2018, 38(12):  57-69. 

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Using technology innovation subsidy data and R&D data of Shanghai and Shenzhen Ashare listed companies from 2010 to 2015, this paper analyses the guidance and incentive effects of innovation driven policies on firms innovation behaviors and strategies. The results show that: (1)With the implementation of innovation supplyside reform, firms  R&D investment incentive has been significantly improved, and the will to invest in longterm R&D research has been strengthened. (2) The reform of innovation subsidy identification and the assessment standard policy suppressed local governments invalid innovation subsidies. (3) Enterprises have made rational tradeoffs between shortterm economic benefits and longterm development by reducing designpatent innovation output. (4) The incentive effect of stateowned enterprises is higher than private enterprises. During the innovation supplyside reform, the innovation output quality of stateowned enterprises has increased, while private enterprises still take conservative strategies.

ASIAPACIFIC RTAS ECONOMIC GROWTH EFFECT——Based on Comparative Research of RTAs Quantity and Quality

SUN Jin1,SHI Shujie2,FENG Yuyao1

2018, 38(12):  70-83. 

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In 21th century, AsiaPacific RTAs have been increased dramatically, which is a paradox between the theory and the reality. This inspires researchers to search for the reasons behind it and new method to study it. For the first time, this paper examines which effect is more important, RTA quantity or RTA quality. Through comparative analysis of developed and developing countries, we find why developed countries improve trade agreement rules in the new era. Comparing each clause in RTA, we measure RTAs quality by the coverage and statutory commitment rates in the WT+/WTOX areas. The empirical test shows that signing high quality RTA has significant positive effect on the AsiaPacific countries economic growth and welfare. The effect is more significant among developed countries. However, the effect for developing countries is not obvious because of their limited executive ability.

CHINAS OFDI，HOST COUNTRYS INFRASTRUCTURE CONSTRUCTION AND BILATERAL ECONOMIC GROWTH——From the Perspective of “The Belt and Road” Host Country System#br#

JIANG Hui1,SUN Yuqin2

2018, 38(12):  84-97. 

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infrastructure construction of countries alongside the “The Belt and Road”. Using dynamic panel threshold model, this paper found that there is a significant threshold when six measures of system of the host country influence its economic growth. Chinas OFDI aiming at promoting host countrys infrastructure construction plays a positive role only after the threshold has been passed. At the same time, host countrys six measures of system dont show any threshold when influencing home country economic growth. Therefore, Chinas OFDI must pay attention to avoid the risk of the system hazard of the host country.

THE DYNAMIC EFFECT AND COUPLING COORDINATION OF LAND CARRYING CAPACITY AND ECONOMIC DEVELOPMENT——An Empirical Study Based on BeijingTianjinHebei Urban Agglomeration#br#

LI Xingang1,WANG Shuangjin2,SUN Yu1,3

2018, 38(12):  98-109. 

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Using panel data of BeijingTianjinHebei urban agglomeration from 2000 to 2014, this paper constructs a PVAR model of land comprehensive carrying capacity and regional economic development and analyzes the dynamic effect among land comprehensive carrying capacity, per capita GDP and added value of the secondary and tertiary industries on per unit land area. This paper also constructs the coupling coordination evaluation model to analyze the coupling coordination degree between land comprehensive carrying capacity and regional economic development. The results show that: (1)The excavation of potential land comprehensive carrying capacity can increase the level and promote the structural optimization of regional economic development. (2)The fluctuations of land comprehensive carrying capacity, per capita GDP, added value of the secondary and tertiary industries on per unit land area are most affected by the impacts of their own fluctuations. (3)The coupling coordination degrees are low, which are from a moderate disorder to a mild disorder, to the reluctant coordination, and then to moderate coordination.