Table of Content

16 June 2019, Volume 39 Issue 6

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HIGH HOUSING PRICES AND THE NEW DUAL STRUCTURE IN CHINESE CITIES#br#

CAO Qingfeng

2019, 39(6):  4-15. 

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The new dual structure characterized by the increasing income gap between urban migrants and local residents in Chinese cities is creating new inequalitiesThe theoretical analysis finds that high housing prices will increase the income of urban residents and decrease the income of urban migrantsOn this basis,matching the Migrants Population Dynamic Monitoring Survey Data in 2014—2015 to 251 cities,the empirical tests show that the increase of housing prices significantly aggravated the citys new dual structureThis conclusion is also supported by different subsamples and robust testsFurther tests confirm that the housing price has exacerbated the citys “new dual structure” by increasing the income of urban residents and decreasing the income of urban migrants

STUDY ON THE RELATIONSHIP BETWEEN TALENT AGGREGATION INDEX AND RADIATION POWER IN REGIONAL RADIATION CENTER

YAO Kai,CUN Shoudong

2019, 39(6):  16-26. 

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Measuring the talent aggregation index and radiation power level of regional radiation centers accuracy and discussing the relationship between them are not only helpful to test the effectiveness of talent policies of provinces and cities,but also helpful to put forward suggestions for the construction of regional radiation centersThere are 17 typical provinces and cities are selected as the research samples of regional radiation centers in this paperUsing location quotient and regression analysis,this research shows as follows: In the process of regional radiation centers construction,there is an obvious interactive relationship among the talent policy,the talent aggregation index and the radiation powerThe talent aggregation index of regional radiation centers has a significant positive correlation with radiation powerThe talent aggregation index increased by 1 percentage points and the radiation force of the regional radiation center increased by 0986 percentage pointsOn the contrary,the radiation force of the regional radiation center increased by 1 percentage points,and the talent concentration index increased by 1068 percentage pointsThe main factors affecting the radiation power of regional centers are scientific and technological innovation and financial services,the influence coefficients of these two factors on talent agglomeration index respectively are 0586 and 056The research results indicate the way for the construction of regional radiation centersTalent policy should focus on gathering talents of scientific and technological innovation and financial servicesThe radiation capacity of regional radiation centers can be enhanced by promoting the radiation power of scientific and technological innovation and financial services

HOW DOES THE RECESSIVE ECONOMY AFFECT GREEN INNOVATION——Mechanism Analysis and Empirical Test

KUANG Change,WEN Zezhou

2019, 39(6):  27-38. 

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This paper applies inframarginal analysis to explore the mechanism of recessive economic impact on green innovation based on a new classical model,and concludes that there is a nonlinear relationship between the recessive economy and the green innovationSelecting Chinas 2000—2016 provincial panel data,we use the multiple indicators and multiple causes model (MIMIC) to measure the recessive economy scale and the DEASBM model to measure the green innovationA panel threshold regression model is constructed to empirically test the nonlinear relationship between recessive economy and green innovationThe empirical results show that there is single threshold between recessive economy and green innovation,which shows an inverted U type featureThe environmental regulation,the level of education,the degree of openness,the industrial structure,and the level of urbanization also affect the green innovationBased on above conclusions,we put forward corresponding policy recommendations

FLATTER SML AND MARGIN CONSTRAINT——An Empirical Test in China s Stock Market

YE Tiange1,YU Kangni2,Robert FWhitelaw3

2019, 39(6):  39-54. 

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Many empirical test results for the CAPM reveal a Flatter Security Market Line (SML) phenomenonSome scholars believe that it is the margin constraint that cause this phenomenonThis paper intends to apply portfolio analysis to examine whether the flatter SML phenomenon exists in the China s stock marketFurther,this paper will empirically test the theory on the impacts of margin constraint on SMLThis paper has following findings as follows: First,the “flatter SML” phenomenon also exists in China s stock marketSecond,the level of margin constraint has a negative effect on the slope of the empirical SML and a positive effect on the intercept of the empirical SMLThird,after extending the asset pricing model from CAPM to multifactors model,the above two findings still exist,which showcases the robustness of the findings


CAN GOVERNMENT SUBSIDIES IMPROVE AND ENCOURAGE CORPORATE ENVIRONMENTAL GOVERNANCE EFFICIENCY

LIU Xiangfeng,WANG Lei

2019, 39(6):  55-69. 

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This paper revises Dasgupta et al (1998,2002) pollutant reduction cost model,uses microdata of industrial enterprises in Liaoning Province to analyze the incentive effect of local government subsidies on environmental governance,and draws corresponding conclusions as followsFirst,based on microdata and revised pollutant reduction cost model,this paper calculates Liaoning ProvinceThe average value of environmental governance efficiency of industrial enterprises is about 83%,which is approximately normal distributionSecondly,local government subsidies have not significantly improved the efficiency of corporate environmental governance,but they have significantly improved the stability of the efficiency of corporate environmental governanceThis paper argues that the main role of local government subsidy lies in the effect of capital supplement and endorsement signal,which can improve the stability of environmental governance efficiency and reduce uncertainties on the basis of guiding a large number of excellent resources into enterprisesThird,the influence of local government subsidy on the environmental governance stability of enterprises with different types of ownership is quite different,and the stabilization effect of the efficiency improvement of domestic enterprises receiving subsidy is much lower than that of foreign enterprisesIn summary,in the absence of corresponding supervision,local government subsidies are difficult to have a significant incentive effect on environmental governance,but due to its signal guidance role,it has a significant effect on improving the stability of governance efficiency

LITIGATION RISK,CAPITAL HOLDING AND CORPORATE ASSET ALLOCATION

MIAO Miao1,DENG Xiaojuan2

2019, 39(6):  70-86. 

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:Using litigation data of all nonfinancial companies listed in Ashare from 2001 to 2015,this paper takes the allocation between fixed assets and financial assets as the start point to empirically analyze the influence of litigation risk on corporate asset allocation decisionsResults find that,the litigation risk has an obvious negative adjustment effect on the allocation of corporate assets,especially significantly reducing the scale and proportion of financial assetsAnd the asset allocation of corporations which are nonstateowned or located in the central and western regions are more affected by the risk of litigationAdditional test suggests that an action mechanism of litigation risk is the capital weakening effect,which further weaken the expected capital holding level of enterprisesThe negative effect of litigation is to reduce the internal available cash flow and increase the expected cost of external financing capital,thus forcing the firms to abandon good investment opportunities and decrease the holding scale and allocation ratio of assetsAs a conclusion,this paper provides enlightenment for the improvement of legal system construction in Chinas market economy and the decisionmaking of corporate investment and financing

DOES SON PREFERENCE MOTIVATE LOCAL FIRMS  OPPORTUNISTIC BEHAVIOR——Evidence of Listed Chinese Family Firms

YU Xiaodong1,ZHU Chunling2,LI Pengbo3

2019, 39(6):  87-100. 

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This study investigates whether cultural concept influences local family firms motivation to implement opportunistic behaviors from the perspective of son preferenceThis study finds that family firms in areas where sonpreference perception is more pervasive are more willing to place male family members in CEO position and more inclined to introduce more family members into the firm;on the other hand,outside investors are more cautious about investing in family firms from sonpreference areasThis study explains the heterogeneity of family firms from the perspective of cultural concepts,extending extant research from the “differences between family and nonfamily firms” level further to the “differences between family firms under the influence of different cultural concepts” level


MANAGER S TENURE，REPUTATION EFFECT AND OVERINVESTMENT——Ushaped Theory and Empirical Analysis

MI Yunsheng1,YANG Tianjian1,SHI Xiaomin1,LI Yuhao2

2019, 39(6):  101-112. 

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The reputation effect is thought to be a method to moral hazard and curb overinvestmentBut reputational effects also has flawsIts effect will be accelerated recession when manager s tenure is off office approachThis paper theoretically analyzes the Ushaped relationship between overinvestment and manager s tenure and give an empirical analysis of listed companies in Chinese A shares market by using TAR modelThe paper draws the following conclusions: as a proxy variable of reputation effect,the influence of manager s tenure on overinvestment is UshapedManagers tenure is negatively related to overinvestment before its threshold （42 months）The degree of overinvestment increased after managers tenure reached its thresholdAt this time,the reputation loses its effect gradually