Table of Content

16 February 2019, Volume 39 Issue 2

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DO HIGHSPEED RAIL OPERATION AND ECONOMIC COORDINATION COMMITTEE BREAK THE MARKET SEGMENTATION IN URBAN AGGLOMERATIONS——Evidence from the Yangtze River Delta Urban

Agglomeration

SONG Donglin,YAO Changcheng

2019, 39(2):  4-14. 

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Are the spacetime compression effect caused by the operation of highspeed rail and the economic coordination committee in the urban agglomeration conducive to the market integration? There is no empirical evidence currently. Based on the data of 34 prefecturelevel cities in the Yangtze River Delta urban agglomeration from 2003 to 2015, this paper empirically analyzes the impact of highspeed rail operation and economic coordination committee of urban agglomeration on breaking down regional market segmentation by using Spatial Panel Dubin Model (SDM). The results show as follows: (1) The phenomenon of “beggarthyneighbor” does exist between the cities in the urban agglomeration of the Yangtze River Delta, but the high-speed rail operation and the economic coordination committee of the urban agglomeration significantly reduce the level of market segmentation in this region. (2) The spacetime compression effect caused by the operation of highspeed rail leads to market integration of urban agglomerations and its effect coverage extends from neighboring cities to a 2hour traffic circle. (3) The impact of HSR operations on market segmentation in other cities is greater than its impact on its own cities. However, economic coordination committee within urban agglomerations only affects neighboring cities and its spatial spillover effects on other areas are

relatively limited.

THE ASSETHEAVY STRATEGY AND THE EFFICIENCY OF STATE OWNED ENTERPRISE——The Perspective of Value Network in the Reform of Mixed Ownership#br#

2019, 39(2):  15-33. 

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In the process of deepening the reform of the economic system, the state owned enterprise (SOE) is one of the key points. The former literatures focus on the investment or withdraw of the state capital and its influence on the efficiency. This paper analyzes the effect of assetheavy strategy of SOEs on the perspective of the heterogenic resource. Through the mixed oligopoly model and several empirical strategy, this paper highlight that the SOE is more likely to perform the assetheavy strategy and if such strategy is a burden on efficiency the SOE will decrease the negative effect. This effect is more significant and prominent in the state owned absolute holding enterprise than in the state owned relative holding enterprise. The policy implications include that the SOEs should not turn to the light-asset operation arbitrarily but should carefully decide from the perspective of heterogeneous resources. The SOEs can take advantage of heterogeneous resources to gradually improve efficiency. This paper also suggests that in the reform of mixed ownership, the state capital and nonstate capital can take advantage of the heavy asset and light asset respectively to achieve the complementation and efficiency of the both. And if the SOE strengthen its profit chasing motivation the assetlight strategy will appeal to it.

THE EVOLUTION OF BOND FINANCING IN CHINAS ECONOMIC FUNCTIONING: IN THE PERSPECTIVE OF DISINTERMEDIATION

YING Zhanyu

2019, 39(2):  34-43. 

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Since the beginning of reform, the relative importance of the bond market in Chinas financial system has been greatly improved. Accordingly, the disintermediation on the asset side of commercial banks has accelerated. Financial disintermediation caused by the development of Chinas bond market showed different periodic features. Historically, due to the effect of “implicit guarantee” and other factors, the Chinese governments paid more attention to the possible default problems caused by the development of corporate bond market. Coupled with the dominant status of commercial banks in China as well as the relative lag of interest rate liberalization, the development of corporate bonds had lagged behind relatively. In recent years, the deregulation of issuance and liberation of interest rate have led to the rapid expansion of corporate bonds. Its impacts on the banks are nt negative but form a peculiar bank and firm “winwin” situation.

THE IMPACT OF SUBJECTIVE LIFE EXPECTANCY ON HOUSEHOLD ASSET ALLOCATION——Evidence from CHARLS Data

ZOU Xiaopeng1,2YANG Qianqian2

2019, 39(2):  44-61. 

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Based on the life cycle model, this paper introduces subjective life expectancy to analyze the impact of subjective life expectancy and bequest motives on Chinas household asset allocation. Using data from China Health and Retirement Longitudinal Study(CHARLS), we find that the subjective life expectancy of the middle aged and elderly residents is consistent with the rational expectations hypothesis, and is of great significance to the research of household financial choices. Households with longer life expectancy are more likely to hold government bonds and risky assets, and increase the proportion of these assets. Bequest motives have a significant negative effect on the allocation of corresponding assets. Using a variety of estimation methods and proxy variables, we find that the conclusions are robust.

FINANCIAL CAPABILITY, FINANCIAL DECISION AND POVERTY

TAN Yanzhi,PENG Qianrui

2019, 39(2):  62-77. 

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Based on China Household Financial Survey data in 2013, through the factor analysis method to build financial capability index, using the Probit model, the instrumental variable method and the mediation effect model empirical analyze the financial impact on poverty and the mechanism between financial capability, financial decisions and poverty. The study found as follows: Firstly, financial capability can significantly improve poverty in both absolute and relative poverty, and urban areas are more obvious than rural areas. Secondly, the impact of financial capacity on poverty has both “inhibition effect” and“deviation effect”, and there is a positive “U” relationship between them. Thirdly, the intermediary effect model calculation shows that the financial capability can improve financial decision making to alleviate poverty, to be specific, in three different ways of poverty measure, the mediation effect of financial decisions accounted for 2542%, 2296% and 2160% respectively.

POVERTY CHANGE OF RURAL POPULATION IN CHINA——Based on the Multidimensional Index of Shaking off Poverty#br#

JIANG Nanping1,ZHENG Wanjun2

2019, 39(2):  78-88. 

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Based on the index of multidimensional poverty and out of poverty, a shaking off multidimensional poverty recognition method and index is built, and further

multidimensional poverty decompose in the direction of sinking back to poverty and shaking off poverty is raised. At the same time, China rural population multidimensional poverty, sinking back to poverty and shaking off poverty are measured and decomposed by using Chinese family panel studies. We get the following conclusions. Firstly, the income of the rural population is still the main dimension of multidimensional poverty, but attentions should be paid to prevent health dimensions sinking back to poverty. Secondly, the multidimensional poverty situation of the rural population is improved, but due to the influence of sinking back to poverty, shaking off poverty effect has been greatly weakened, so the risk of sinking back to poverty should not be ignored. Thirdly, the worsening situation of the continued poverty population in 2012 suggests that measures should be taken to alleviate the poverty situation for those temporarily unable to shake off poverty.

WHY DOES GRATUITOUS SUBCONTRACT OCCUR IN THE LAND TRANSFER——An Analysis Based on the Perspective of Property Right Risk

HU Xia,DING Guanqi

2019, 39(2):  89-100. 

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Land circulation is an important condition for implementing the strategy of Rural Revitalization and realizing the modernization of agriculture and rural areas.

However, in the process of land circulation, the phenomenon of gratuitous subcontract often appears, which reflects the irregular phenomenon of land circulation system in China. Through theoretical analysis and empirical analysis, this paper studies the causes and influencing factors of the phenomenon of free subcontracting and draws the following basic conclusions. Firstly, free subcontracting can evade the risk of property rights in land transfer. Secondly, to the farmers who sell the land, the lower the potential land rent available, the higher of the nonagrochemical level, the higher the degree of trust to the family and friends, the more likely the property subcontract will occur.

CLAN NETWORKS, VILLAGE CADRES BUSINESS EXPERIENCE AND LAND TRANSFER#br#

JIA Jin,LI Xuefeng,WU Junqian

2019, 39(2):  101-112. 

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This paper, focusing on rural households, discusses the impact of village cadres and clans on farmers preferences for decisionmaking of the land transfer. The hypotheses of theoretical analysis were verified by the data of largesample China Family Panel Studies (CFPS). The result shows that under the realistic constraints of land property rights allocation and transfer market, village cadres and clans, as the authority of villages respectively, exert an important influence on farmers preferences for their decisionmaking of the transfer of rural household land. Village cadres, those represented by business people, can promote rural households paid transfer behavior of land. In contrast, in order to maintain organizational network structure stable, clans have a positive impact on the land transfer for free within their villages, but have a negative impact on the paid land transfer. Moreover, village cadres and clans can also prevent land abandonment. The findings of this paper have certain significance for understanding the behavioral characteristics of village cadres and clans in the process of the land transference marketization.