Table of Content

16 April 2020, Volume 40 Issue 4

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CAPACITY BASIS, CAPACITY STRUCTURE AND PROMOTION MECHANISM FOR HIGHQUALITY DEVELOPMENT OF CHINESE ECONOMY

SHEN Kunrong, ZHAO Qian

2020, 40(4):  4-12. 

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The fourth plenary session of the 19th CPC Central Committee once again emphasizes upholding and improving the basic socialist economic system and promoting highquality development ofeconomy. Whether the highquality development can be realized depends on whether the capacity basis for highquality development can be expanded, namely, the talent basis transforming from demographic dividend to talent bonuses, technical basis transforming from the advantage of backwardness and imitation technology progress to independent innovation, institutional basis transforming from gradual incremental reform to comprehensively deepening reform, and demand basis transforming from mainly relying on international market to promoting the formation of domestic market. Bases on the new capacity basis, it is necessary to reconstruct and optimize the capacity structure, namely, the industrial structure transforming from inputs to innovationdriven, spatial structure transforming from single to cluster development of urbanization, capital accumulation structure transforming from material capital to human capital, and local government governance structure transforming from developmentoriented to serviceoriented. In order to strengthen the capacity basis of highquality development and reconstruct the capacity structure of highquality development, it is necessary to further improve the promotion mechanism of highquality development, give full play to the leading role of new development concepts, standardize the behavior of local governments with the focus on seeking a balance between vitality and order, and form a highlevel talent cultivation system. In view of the increasing uncertainty and instability of the international environment, it is necessary to improve the response mechanism to resolve international obstruction in the process of highquality development and actively adapt to the evolution of the international environment.

ON THE TREND OF REGIONAL MARKET INTEGRATION：MEASUREMENT AND ANALYSIS ON CHINESE COMMODITYMARKET SEGMENTATION BASED ON CITY DATA

LV BingyangHE Ying

2020, 40(4):  13-25. 

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A unified domestic market plays an important role in regional specialization and contributes to scale effect. This paper uses price method to calculate the degree of commodity market segmentation for each city from 2001 to 2015. This paper finds that: (1) Except for shortterm increase of commodity market segmentation in 2008—2009, the degree
of commodity market segmentation has declined during 2001—2015. (2) There is a clear gap in the process of commodity market integration among regions. The level of commodity market integration in the southeastern region is higher than that in the western region. The level of commodity market segmentation at national level is greater than that at the local level. (3) Interregional competition encourages local governments to intervene in market, and thus aggravates commodity market segmentation; while better economic development conditions and market size expansion reduces vicious competition between regions and promotes regional commodity market integration. (4) Commodity market segmentation at city level shows a certain pattern due to the influence of administrative divisions: provincial boundaries hinder trade between cities and incur commodity market segmentation.

LAND PRICE AND CORPORATE INNOVATION——Evidence from Micro Data

YAN Haosheng, SUN Jiuwen

2020, 40(4):  26-38. 

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The land price in China increases rapidly and becomes a prominent problem in recent years. This paper uses micro data of land transaction and analyzes the effect of land price on corporate innovation with the instrument variable approach. The result suggests the rising in land price reduces the amount of patents application. The reason is that the increasing of land price tightens the enterprises' financial constraint, influences their resource allocation and reduces their expenditure on R&D. The heterogeneityanalysis suggests that the influence of land price is smaller for firms located in industry zones and stateowned enterprises, but larger for firms located in innovative cities.


IMPERFECT COMPETITION AND WAGE INEQUALITY WITHIN FIRMS——Based on the Perspective of Productlabor Joint Market

ZHAO Weiguang, LI Kai

2020, 40(4):  39-54. 

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Understanding the formation mechanism of wage inequality is the key to solving the problem of unbalanced and inadequate development in the new era and achieving the shared development. This paper analyzes the skilledunskilled wage inequality in Chinese enterprises from the perspective of joint market imperfections, also discusses the efficiency gains from eliminating imperfect competition. Based on enterprise data and constructing measurement index of imperfect competition under a unified framework, this paper finds that China's marketization reform do not necessarily lead to wage inequality, while joint market imperfections is an important reason for wage inequality. When imperfect competition exists, enterprises will also extend the product market power to the labor market, forming a greater impact on the wage inequality. It means that a single marketoriented reform cannot effectively alleviate the wage inequality. Only the simultaneous reform of products and labor markets can achieve the optimal policy effect. China's marketization reform can achieve efficiency and fairness by implementing market mechanism in the primary distribution.

TYPICAL FACTS AND FEATURES OF CONTAGION IN CHINA'S NEW FINANCIAL INDUSTRY

LI Cangshu

2020, 40(4):  55-68. 

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Based on the data of 718 normal platforms and 129 risky platforms collected from the P2P market, this paper analyses the changes of market funds before and after the occurrence of a typical risk contagion event and constructs a model to study the features of risk contagion in new financial industry from monthly and weekly dimensions. This paper finds that the risk is more significantly transmitted to platforms with larger scales and lower investment per capita. During the period of risk contagion, the larger the scale of the platform is, the greater the negative effect on the transaction volume will be. The higher the per capita investment amount of the platform is, and the closer the relationship between the platform and investors is, the greater the positive effect on the volume change will be. As time goes on, the impact of the scale and the amount of investment per capita on the change of the trading volume of the platform weakens. During the period of risk contagion, there is a significant difference in the postcrisis transaction volume between risky platforms and normal platforms. In addition, the flow of capital in the market presents a certain substitution effect.

DOES TAX COMPETITION AMONG LOCAL GOVERNMENTS PROMOTE OVERINVESTMENT

2020, 40(4):  69-81. 

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Will changes in governmental strategy cause changes in corporate behavior? Take the tax competition among local governments as the starting point, this paper discusses the influence of tax competition on enterprises' overinvestment. Firstly, using the data of manufacturing enterprises and the statistics of prefecturelevel cities, we calculate the investment efficiencies of the enterprise and keep the samples with overinvestment for empirical test. Secondly, we construct the tax competition among local governments, analyze its impact on corporate overinvestment, and conduct the corresponding heterogeneityanalysis and robustness test. This paper finds that tax competition will significantly promote the overinvestment of manufacturing enterprises. Further research finds that tax competition has the highest impact on nonstateowned enterprises. The conclusions of this paper have certain reference significance for the current industrial structural adjustment and cracking overcapacity in China.


THE INFLUENCE OF CIRCULATION EFFICIENCY ON MANUFACTURING PERFORMANCE——The Guiding Characteristics of Circulation Industry in the Supplyside Structural Reform

WANG Xiaodong, CHEN Liang, WU Zixin

2020, 40(4):  82-99. 

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 In China's socialist market economy system, the circulation industry is not only an industry supporting the development of national economy, but also an industry leading the highquality development of economy. Under the background of supplyside structural reform, the improvement of circulation industry efficiency not only directly determines the improvement of quality and efficiency, but is also closely related to supply side problems such as cutting inventory and cutting overcapacity. On the basis of theoretical analysis, this paper empirically discusses the relationship between the efficiency of China's circulation industry and the performance of manufacturing industries based on micro enterprise data. The empirical results show that the efficiency of circulation industry has a positive effect on manufacturing performance. More specifically, the retail industry plays a positive role in the adjustment of manufacturing capacity, while the wholesale industry does not play a significant role in the improvement of manufacturing performance. In the future supplyside structural reform, we should attach great importance to the leading functions of the circulation industry, such as feedback of market information, adjustment of upstream production, and matching of supply and demand. While we continue to use new technologies to improve the efficiency of the retail industry and take advantage of its leading functions, we should also focus on improving the efficiency of the wholesale industry and its potential of guiding the allocation of production resources to match supply and demand. The improvement of the efficiency of circulation industry and its guiding roleplay is an integral part of deepening supplyside structural reform and promoting highquality economic development.

CAN FDI PROMOTE ECONOMIC GROWTH IN THE YANGTZE RIVER ECONOMIC BELT——Based on the Empirical Test of Multidimensional Threshold Effect

LIU Han, WANG Yan, YANG Wenju

2020, 40(4):  100-112. 

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 The development of the Yangtze River Economic Belt is important to China's sustainableeconomic development and the construction of a new pattern of spatial economy. To stimulate the economic development potential of the Yangtze River Economic Belt, it is necessary that study the effect of FDI on economic growth. Based on the panel data of 108 cities from 2003 to 2016, this paper empirically analyses the effect of FDI on economic growth in the Yangtze River Economic Belt by using threshold regression model. The results show that FDI plays a positive role in promoting economic growth in the Yangtze River Economic Belt, and the effect depends on the increase of FDI utilizing ability, the expanding of FDI scale, the accumulation of human capital and the expanding of firm size. Moreover, the effect and the threshold of FDI on economic growth are different in different regions of the Yangtze River. In order to promote economic growth in the Yangtze River Economic Belt, we should further improve openingup, speed up the accumulation of human capital, cultivate corporate competitiveness, and implement differentiated development strategies.