Table of Content

17 February 2020, Volume 40 Issue 2

Previous Issue    Next Issue

EMPLOYMENT STABILITY, RISK PREVENTION AND FEMALE'S WORKING TIME

MO Weiqiao，SHI Jinchuan

2020, 40(2):  10-23. 

Asbtract ( )   PDF (7854KB) ( )  

Related Articles | Metrics

DOES MARKETIZATION IMPROVE GOVERNMENT RESOURCE ALLOCATION EFFICIENCY——A Study Based Micro Land Leasing Data

ZHOU Fangwei，YANG Jidong

2020, 40(2):  24-39. 

Asbtract ( )   PDF (9151KB) ( )  

Related Articles | Metrics

China's economy has shifted from a highspeed growth stage to a highquality development stage, and it is essential to improve the resource allocation efficiency. In the context of the large amount of resources controlled by China's local governments, how does the marketization affect government resource allocation efficiency? This paper takes the industrial land allocation as the breakthrough point, matches land leasing data from 2008 to 2013 with the micro data of industrial enterprises in the same period, constructs the allocation efficiency index of each industrial land, studies the Relationship between marketization process and resource allocation efficiency. The results show that: 1. Controlling various possible influencing factors, the higher the degree of marketization, the higher the efficiency of land resource allocation; 2. About the transmission mechanism, marketization regulates local government behavior, and improve the resource allocation efficiency; 3. For cities with economic growth pressure and financial pressure, there is a stronger motive to manipulate industrial land leasing, and marketization has more obvious positive effects on local government behavior, so the positive effect on land allocation efficiency is larger.

RESEARCH ON THE RELATIONSHIP BETWEEN ENTERPRISE SCALE AND REGIONAL ECONOMY FROM THE PERSPECTIVE OF GROWTH AND STABILITY

LI Susu，YE Xiangsong，ZHANG Shaohua

2020, 40(2):  40-57. 

Asbtract ( )   PDF (18638KB) ( )  

Related Articles | Metrics

The purpose of this paper is to explore the role of different scale enterprises in regional economic development. For this reason, based on the 2001—2016 China Industrial statistical yearbook, with the help of Lee et al., (2013) analysis framework, this paper tests the different roles of largescale industrial enterprises and small and mediumsized industrial enterprises in the regional economic development. The results show that: (1) Compared with small and mediumsized enterprises, large enterprises are more conducive to promoting regional economic growth and mitigating regional economic fluctuations. This positive effect has a typical threshold effect, which will be further enhanced by the scale expansion of large enterprises. (2) The development of different scale enterprises at the same time is conducive to regional economic stability, but the uncoordinated development between largescale enterprises and small and mediumsized enterprises in China has significantly inhibited the further growth of regional economy. (3) In terms of scale, there is a threshold ratio between large enterprises and small and mediumsized enterprises in China. Beyond this ratio, the economic growth effect and economic stability effect of large enterprises and small and mediumsized enterprises will be enhanced. It is of vital practical significance for the regional economic development of our country to do well in the development of largescale enterprises and invigorate the ecological construction of enterprises.

INNOVATION CAPACITY, FISCAL AND TAX POLICIES AND ENERGY INTENSITY——Empirical Test Based on Provincial Panel Data

LI Xiangju，ZHU Danfeng

2020, 40(2):  58-72. 

Asbtract ( )   PDF (16391KB) ( )  

Related Articles | Metrics

Based on the iterative seemingly unrelated regression method, this paper normatively analyses the influence factors of the impact of different types and links of innovation capacity and fiscal policies on energy intensity. The results show as follows: First, in general, the reduction of energy intensity in China mainly depends on the substitution of capital factors, the improvement of nonreflective innovation capability and the intervention of fiscal and taxation policies, while the capability of scientific and technological innovation has a negative impact on energy intensity. Second, as far as the regional differences of innovation capability are concerned, the improvement of science and technology and nonembodied innovation capability in eastern region has effectively reduced the energy intensity, and the influence of science and technology innovation capability in R&D link is more significant, while the improvement of science and technology innovation capability in central and western regions is not conducive to the reduction of energy intensity. Third, in fiscal and taxation policies, the effect of policy intervention in the western region is more obvious, but central and western regions do not show a significant promoting effect. In view of this, this paper puts forward some policy suggestions on implementing differentiated industrial structure transformation strategies, perfecting fiscal and taxation policy system for green science and technology innovation, and expanding market share of energysaving products from the demand side.

FINANCIAL STRESS, OWNERSHIP STRUCTURE AND BANK RISKTAKING——Empirical Study Based on China's Shadow Banking Activities

LIU Nanxi，LI Rong

2020, 40(2):  73-86. 

Asbtract ( )   PDF (14487KB) ( )  

Related Articles | Metrics

After the 2008 financial crisis, monitoring and guard against systemic financial risks and maintaining financial stability have become the focus of regulators. In this paper, we firstly construct a Chinese financial stress index (FSIC) reflecting China's systemic financial risk. Based on this index, this paper studies how commercial banks with different ownership structures will adjust their shadow banking activities to deal with systemic financial risks. The empirical results show that when the financial pressure increases, the risk level of nonstateowned banks increases significantly compared with stateowned banks. Further research shows that this difference is attributed to the different adjustment to shadow banking activities by the two types of banks: when financial pressure rises, stateowned banks will significantly reduce the shadow banking business while nonstateowned bank will not. This paper puts forward a view of dual functions of stateowned banks to explain the findings of empirical research. The conclusions of this paper have important implications for guiding China's financial market reform and preventing systemic financial risks.

CEOS' AGE, RISKTAKING AND ACQUISITIONS

YU Pengyi，AO Runnan，CHEN Wenting

2020, 40(2):  87-102. 

Asbtract ( )   PDF (15121KB) ( )  

Related Articles | Metrics

Based on the upper echelons theory, this paper takes listed companies in China from 2008 to 2017 as research sample to explore the relationship among CEOs' age, acquisitions likelihood, acquisitions performance and market reaction. The results showed as follows: First, there is an inverted Ushaped relationship between CEOs' age and acquisitions likelihood. Second, there is an inverted Ushaped relationship between CEOs' age and market reaction of acquisitions. Third, there is an inverted Ushaped relationship between CEOs' age and acquisitions performance. Finally, the risktaking is the mediating effect of the relationship between CEOs' age and acquisitions likelihood, the market reaction and the performance. The research results can enrich the literature on acquisitions from the perspective of CEOs' characteristics and provide empirical evidences for the corporate executive assessment and incentive system.

DUAL EFFECTS OF ECOMMERCE MARKET DEVELOPMENT ON URBANRURAL GAP——Based on Search Matching Theory

LI Jie1，XING Wei2

2020, 40(2):  103-112. 

Asbtract ( )   PDF (11711KB) ( )  

Related Articles | Metrics

This paper extends the Bakos (1997) model and analyzes the impact of ecommerce market development on the gap between urban and rural areas. Theoretical analysis shows that, because of the differences in search costs between rural and urban areas, consumers in rural areas will gain more utility from the traditional physical market to ecommerce market than consumers in urban areas. Therefore, the penetration of ecommerce in the residents will more promote the consumption of rural residents, thereby narrowing the gap between urban and rural consumption. Due to the lack of standardized operation system and related supporting facilities, there has been a huge deficit between the upstream of agricultural products and downstream of industrial products. The penetration of ecommerce in enterprises will be more conducive to the sale of urban industrial products to rural areas, thus widening the gap between urban and rural areas. That is, the development of ecommerce market will produce two opposite effects on the gap between urban and rural areas through double penetration. But its net effect is to narrow the gap between urban and rural consumption. The empirical test based on China's provincial panel data from 2013 to 2016 shows that the theoretical analysis has good robustness, that is, the expansion of ecommerce market scale at the present stage helps to narrow the gap between urban and rural consumption in China.