Table of Content

16 August 2019, Volume 39 Issue 8

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DEPLOY INNOVATION CHAIN AROUND THE INDUSTRY CHAIN——On the Deep Integration of Scientific and Technological Innovation and Industrial Innovation

HONG Yinxing

2019, 39(8):  4-10. 

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 Contemporary international competition is highlighted by global value chain competition. The key to innovation and development is to push the industry to the high end of the global value chain. The breakthrough is to deploy an innovation chain around the industrial chain and to bring technological innovation to the industrial development. China's industry has entered the highend of the global value chain in two main directions: First, the establishment of a global value chain led by the core high-end technology that we master. Second, the promotion from the lowend segment of the global value chain to the midtohigh end of it. These two directions actually point to the direction of deploying the innovation chain around the industry chain. The key to deploying the innovation chain in the industrial chain is to innovate the core technologies at the forefront of the international market in the corresponding industry chain. The basic function of the industrial innovation chain is to effectively link the two systems of knowledge innovation and technological innovation. Collaborative innovation of industries, universities and researches is more suitable for the construction of industrial innovation chain.

EMPIRICAL STUDIES ON THE CHINAS FINANCIAL AND ECONOMIC CYCLES——Policy Options on the Double Cycles

WANG Jinbin1,LU Liyang2,SHI Wendong1

2019, 39(8):  11-26. 

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This paper applies more matched sample and low frequency domain analysis method to study China's financial cycle. We find credit, credit/GDP, M2 and real estate prices, not the stock prices, are important variables to identify China's financial cycle, and the financial cycle is indeed an endogenous economic phenomenon that differs from the traditional economic cycle. The financial cycle is generally longer and larger than the traditional economic cycles identified by GDP. Financial cycle downturn may bring harm to the recovery of real economy. Macropolicies need to ensure the smooth transition of the double cycle. The primary objective of monetary policy should be to ensure the stability of the financial system, maintains a neutral relative tight state to ensure the smooth transition of the peak inflection point of the financial cycle.

TRANSFER ALLOCATION AND LOCAL GOVERNMENT EXPANSION——An Analysis from Heterogeneity and Spatial Spillover

ZHAO Yonghui1,FU Wenlin2,SHU Lei2

2019, 39(8):  27-44. 

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Using the spatial econometric model, we investigate the local fiscal expansion based on the competition among governments from the perspective of transfer payments. We find that If competitive governments gain more transfer payments, then local government will inhibit its incentive of fiscal expansion; Besides this, the general transfer payment is more restrictive to local fiscal expansion, while the effect of special transfer payment is not obvious; we also find there is an Asymmetric effect exists in fiscal competition between regions. The results of this study indicate that the differential incentives for fiscal expenditure competition should be considered among local governments in institutional reform of transfer payment.

AN EMPIRICAL ANALYSIS ON INFLUENTIAL FACTOR OF CURRENCY INTERNATIONALIZATION ——Empirical Evidence from Multilateral Data at the National Level

LEI Da,MA Jun

2019, 39(8):  45-59. 

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Based on the data of multilateral foreign exchange transactions at the national level and from the perspective of issuing and using countries, this paper uses the

distribution of currency issuing and currency using to measure the level of currency internationalization, and makes an empirical analysis of the factors affecting the level of currency internationalization. The results show that the larger the economic volume, the more development of financial markets and the greater the externality of the monetary network of the issuing country, then the higher the level of internationalization of the currency. At the same time, the smaller the exchange rate fluctuations, the greater amount of trade and investment and the closer of geographical and cultural distance between the issuing and using countries, then the more likely the using countries are to use the currency.

HOUSEHOLD REGISTRATION, BASIC PUBLIC GOODS SUPPLY AND URBANIZATION——Empirical Analysis Based on City Characteristics and Migration Population Monitoring Data

LIU Huan

2019, 39(8):  60-74. 

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Based on the theoretical analysis of the effects of household registration and basic public goods supply on urbanization, this paper sets an empirical analysis using the 240 cities data in 2015 and migration people monitoring data in 2016. The results of the study show that household registration restrains the stability and completeness of labor migration. It is also an important institutional tool for cities to selectively absorb highendowment people. Improving the supply of basic public goods will promote the stability and completeness of labor migration. However, the positive effect is not sufficient to offset the negative impact. The study also found that the effects of household registration and basic public goods supply on the stability and completeness of labor migration have differences in individual age, education level, and migration time. The household registration restricts the stability and completeness of the migration of the new generation migration people. Increasing the supply of basic public goods is conducive to the stable and complete migration of the new generation migration people and high endowment people.

THE RISE OF “FEMALE STRENGTH”: THE IMPACT OF FEMALE EXECUTIVE PARTICIPATION ON CORPORATE INNOVATION STRATEGY

LIU Ting,YANG Qifang

2019, 39(8):  75-90. 

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Nowadays, more and more women are participating in the executive team, and they are becoming an important force to promote enterprise innovation. Using pooled OLS method of controlling area, industry and year, this paper explores the impact of female executives' participation on enterprise innovation strategy and the moderating mechanism of the relationship between them, and then uses instrumental variables to deal with the possible endogenous problem. The results show as follows: Firstly, the proportion of female executives helps enterprises to put forward innovative strategies. Secondly, the power of female executives plays a positive moderating role in the relationship between them. Thirdly, compared with stateowned enterprises, the increase of the proportion of female executives in nonstateowned enterprises is more conducive to enterprise innovation, but the effect has not been reflected in hightech and nonhightech industries. Fourth, further mechanism testing found that the positive impact of female executives' participation on corporate innovation is partly achieved through the quality of corporate information disclosure. The conclusion fully shows that the female executives can give full play to their own gender advantages, and “female strength” will have a positive effect. The research conclusions have a certain inspiration for the configuration and construction of the enterprise management team, and provide reference for the government to formulate women's development policy. We hope to break the “glass

ceiling” and provide help for the development of women.

THE IMPACT OF CROSS-BORDER CAPITAL ON THE EFFECTIVENESS OF MONETARY POLICY——From the Perspective of Systemic Risk

YAN Jiajia,ZENG Jinming

2019, 39(8):  91-103. 

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With economic globalization, increasing crossborder capital flows have undoubtedly triggered system risk, which has profoundly influenced the effectiveness of monetary policy and even threatened the stability of China's economy and finance. Based on the theoretical analysis of the process how systemic risk is caused by crossborder capital flows, this paper constructs a foursector DSGE model to evaluate the impact. The impulse response function and the correlation test proves the process, the price effect and output effect evaluates the degree and related suggestion is given as well.

FUNCTIONAL INTEGRATION AND STRATEGIC CHOICE OF CHARACTERISTIC TOWNS—— A Study Based on Zhejiang Province

YI Kaigang,LI Feiqin

2019, 39(8):  104-112. 

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As a new type of space organization which integrates multiple functions, functional integration is very important to the connotative development and sustainable growth of characteristic towns. This paper analyzes the attributes of functional integration, and points out that “goal consistency” and “internal correlation” between the four functions of industry, culture, tourism and community, which have a direct impact on the degree of functional integration. Facing with the realistic predicament of nonintegration of functions in characteristic towns, this paper analyzes the causes, then combines with the practical experience of characteristic towns in Zhejiang Province to construct the internal mechanism of “forward integration (enhance the target traction) & organic integration (enhance the synergy of power)” as the core. At last, this paper puts forward four suggestions to enhance the degree of functional integration: focusing on the main business, optimizing the space, improving the value, and leading the talent.