Table of Content

16 March 2019, Volume 39 Issue 3

Previous Issue    Next Issue

THE INNOVATION AND COMPETITION STRATEGY OF INTERNET ENTERPRISES: A PERSPECTIVE OF SWITCHING COST#br#

WU Hanhong,WANG Shen

2019, 39(3):  4-17. 

Asbtract ( )   PDF (7275KB) ( )  

Related Articles | Metrics

This paper studies the competition strategy of the internet industry competing for market share through product innovation activities in the presence of switching costs and network effectsThis paper finds that the main purpose of some “innovations” is to exclude competitionThis paper also shows a typical development process of the internet industry as followsEnterprises rely on strategic innovation supported by external financing to reduce the cost of consumers switching to their products，compete for market share，and move toward mergers under the constraints of financial constraints，and finally raise the degree of market concentrationParticularly，the existence of switching costs gives companies the incentive to control the switching cost exante，compete for expost market power，and “harvest” users lockedin


MEDIA COVERAGE AND CORPORATE R&D INVESTMENT——Evidence from Listed Companies in China

LIU Meng,SHI Jinchuan,LUO Deming

2019, 39(3):  18-32. 

Asbtract ( )   PDF (8525KB) ( )  

Related Articles | Metrics

Does media affect the companys R&D level and whether there is heterogeneity? Using the dataset of Chinese listed companies, this paper empirically studies the impacts of media coverage on companies R&D investment. Through empirical research, this paper provides the following conclusions: Firstly, Media coverage significantly reduces companies R&D investment. To be more specific, Media coverage has a significant impact on nonstateowned companies due to the performance pressure, while it has no impact on stateowned companies. Finally, CEO duality, managers shareholding and salary incentives can effectively alleviate the negative impact of media coverage on R&D investment. These conclusions not only enrich the understanding of media coverage on corporate behaviors, but also shed light on the construction of internal governance system of listed companies.

CHANGES OF THE INDUSTRY STRUCTURE IN US DEMAND SIDE AND THE ENLIGHTENMENT TO CHINA

LI Gang1,WANG Qian2

2019, 39(3):  33-51. 

Asbtract ( )   PDF (11879KB) ( )  

Related Articles | Metrics

Research on industrial structure evolution is calculated from the supply side of the industry structureThis paper constructed industrial structure calculated from the demand side and based on which analyzed the evolution of the industry structure of US demand side empiricallyStudies showed that changes in the structure of the three industries calculated at current prices in US demand side was less than that of the supply sideNearly 40% difference variation in the secondary industry of US could be explained by foreign trade since 1970Furtherly，this paper calculated the changes of industrial structure of US by constant priceStudies showed that the industry structure of US demand side calculated by constant prices substantially unchanged since 1970，and 31% raise proportion in US tertiary industry could be explained by the price factor of different industries，44% could be explained by the factor of international tradeOnly 25% should be explained by the changes of income elasticities in the tertiary industryTherefore，the income elasticity was not an important reason for the increase of the percentage of US tertiary industryUS maintains current account deficit and makes the tertiary industrial as the power industry，which attributed to the hegemony position of dollarsIn comparison，China has been in a state of “double surplus” in the balance of payments，Chinas specific national conditions and strength are unable to meet the demand for largescale output RMB as a reserve currency of other countries

A STUDY ON THE PATHS OF ORGANIZATIONAL CAPABILITY ENHANCEMENT——Endogenous Effect within the Capability System or Agency Effect#br#

WANG Fengbin, ZHENG Xiaojie, LIU Lulu

2019, 39(3):  52-69. 

Asbtract ( )   PDF (10009KB) ( )  

Related Articles | Metrics

Although scholars have recognized that the organizational capability system is a typical complex adaptive system, most research remains at the theoretical level and lacks both indepth analysis based on empirical data and process explanation on underlying mechanisms. Current research seldom investigates the role of external interfering forces when internal links are absent. Combining structural view with agency perspective and adopting an embedded multicase study, this paper identifies the overall structure of capability system and its constituent blocks, then defines the enabledandenabling or constrainedandconstraining relationship between blocks, bringing about four relational variables as primary antecedents for capability level. Conjoining these four variables with their respective stage, whether they are present in the main cycle of capability system and top managers agency, we conduct a fuzzyset qualitative comparative analysis (fsQCA). Results demonstrate that several paths to enhance the organizational capability exist. We also find that top managers agency is a “doubleedged” sword. On the one hand, it promotes capability elements whose internal strength is weakOn the other hand, it disturbs the balance between related elements and will destroy the overall capability system in the long run. Firms need to create a global virtuous circle based on the intrinsic relationship between different elements in order to enhance organizational capability system.

IDENTIFICATION AND CAUSES OF INCOMEORIENTED MULTIDIMENSIONAL POVERTY：FROM A LIFECYCLE PERSPECTIVE#br#

SONG Yang,WANG Nuanying

2019, 39(3):  70-83. 

Asbtract ( )   PDF (7973KB) ( )  

Related Articles | Metrics

This article constructs a set of incomeoriented multidimensional poverty indicators based on Chinas current antipoverty objectives，and further sets different indicators for adults and children on the basis of a lifecycle perspectiveThe paper then measures Chinas multidimensional poverty using the indicators constructed above，and then explores the causes of poverty using regression analysesThe results show that 74% of children suffer from at least one dimension of povertyChildren poverty is a larger issue and even more serious than adults povertyPoverty rates in health and education dimension are both around 20%，implying the necessity to design antipoverty policies from a lifecycle perspective and to deal with children povertyThe paper also examines factors to cause multidimensional povertyThe regression results show that human capital factors and family debts affect multidimensional poverty as well as the depth of povertyEducation policies and microfinance policies to combat with poverty may thus be urgently needed


TAX BURDEN, FICTITIOUS ECONOMY DEVELOPMENT AND INDUSTRIAL ENTERPRISES FINANCIALIZATION ——Evidence from Chinese Ashare Listed Companies

PANG Fengxi,LIU Chang

2019, 39(3):  84-94. 

Asbtract ( )   PDF (6622KB) ( )  

Related Articles | Metrics

Would tax burden become an important driving force for the real economy enterprises to invest in the financial investment? How does the fictitious economy play a coordinating role between enterprises tax burden and financialization? Using the industrial enterprises financial data of Ashare market from 2010 to 2016, the results show as follows: First, tax burden can significantly improve the industrial enterprises allocation of financial assets. Second, compared with stateowned enterprises, the financial effect of tax burden on nonstateowned enterprises is more obvious. Third, the development of fictitious economy has significantly enlarged the positive impact of tax burden on financialization.


DOES THE SIZE OF GOVERNMENT AND THE RULE OF LAW CONTRIBUTE TO IMPROVING THE LEVEL OF SERVICE TRADE DEVELOPMENT:ANALYSIS BASED ON PANEL DATA OF G20 COUNTRIES

LI Shijie1,YU Haimin1,CAI Zuoguo2

2019, 39(3):  95-104. 

Asbtract ( )   PDF (5716KB) ( )  

Related Articles | Metrics

Based on the panel data of G20 countries, the relationship between the size of government, the level of the rule of law and the development of service trade is tested, and the robustness of the empirical results is tested. The study found that the government scale has an obvious double path transfer effect in promoting the development of service trade, that is, the government scale affects the development of service trade through two different channels; the level of rule significantly inhibits the development of service trade. The possible reason is that the level of rule as the institutional factor of economic development, which also is marginal diminishingSome G20 countries bloated legal system is not suited to the needs of innovation and development of service trade. The robustness results of time effects and income effects showed as follows: With institutional arrangements of the size of government and the rule of law becoming stable, economic factors is the main driver to promote the development of trade in services.

RENT OR BUY? FOR PROPERLY MATCHED MARRIAGE——Empirical Analysis Based on Chinese Household Financial Survey

CAI Hongbo1,HAN Jinrong1,SU Lifeng2

2019, 39(3):  105-112. 

Asbtract ( )   PDF (4696KB) ( )  

Related Articles | Metrics

In this paper，we use Chinese Household Financial Survey to study the impact of marriage matching model on housing purchase or rentIt is found that families with properly matched marriage choose to rent in higher probabilityHowever，the families with the marriage out of your league prefer to buyThe lower annual income，the smaller number of children，owning a vehicle，and the higher probability of choosing to buyThe number of children can reduce the negative impact of properly matched marriage on housing purchase or rentThe families with properly matched marriage and higher annual income prefer to buySubgroup analysis confirmed that these factors have a more significant impact on the housing purchase or rent in the case of high housing price，while housing price in the lowprice region is the dominant factor affecting the choice of housing purchase or rent