Table of Content

16 May 2020, Volume 40 Issue 5

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CONSTRUCTION OF A LONGTERM MECHANISM FOR STABLE POVERTY ALLEVIATION

JIANG Hesheng, ZHANG Yanwei, LIU Shenglin

2020, 40(5):  4-8. 

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China has achieved the largest and fastest poverty reduction in the world, created a great miracle in the cause of antipoverty for all mankind, and demonstrated the great superiority of the socialist system with Chinese characteristics and the vitality of the national governance system and governance ability However, due to the complexity of the cause of poverty and the vulnerability of poverty alleviation, how to consolidate the achievements of poverty alleviation and prevent the return of poverty from the mechanism design is an important longterm task facing antipoverty in the future The article uses standardized research methods, combined with the focus of China's agricultural and rural work in the postpoverty era, and puts forward the effective construction of a longterm mechanism for stable poverty alleviation from four aspects, including: building a continuation mechanism for stable poverty alleviation and targeted poverty alleviation policies; a mechanism for the connection between stable poverty alleviation and the revitalization of rural industries; a mechanism for solidifying poverty alleviation and strengthening the collective economy; and the endogenous dynamic mechanism of stable poverty alleviation and “supporting the will and wisdom” 

THE “THIRD WAY” OF BIG DATA CREDIT

LUO Yu, HUANG Yuwen, XU Lei

2020, 40(5):  9-21. 

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There exists two major types of participants in the field of big data credit in China at present: internet companies and traditional commercial banks Internet companies obtain user information mainly based on huge amounts of data accumulated from their own ecommerce platforms or social platforms Traditional commercial banks collect considerable information by building big data platform relying on their own transaction accounts or the open data from government platforms, or alternatively by cooperating with existing ecommerce platforms However, there is a common problem in both patternspoor replicability Based on the firsthand data analysis of the three largest Internet banks in China, WeBank, MYBank and XWBank, this paper explores the “Third Way” of big data credit suitable for plenty of small and mediumsized commercial banks, which doesnt rely on its own Internet business ecosystem nor depending on data of its own accounts or government platforms





RESEARCH ON GOVERNMENT COMPETITION, FISCAL PRESSURE AND ITS REGULATION ——From the Perspective of Local Government Fiscal Expenditure Bias

SUN Kai, ZHANG Lei

2020, 40(5):  22-34. 

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This paper takes the reform of intergovernmental power and expenditure responsibility as the starting pointBased on the panel data of prefecturelevel cities in 20092017, the system GMM estimation method is used to examine the correlation between fiscal pressure, government competition and local government's people's livelihood expenditure bias The empirical analysis shows that fiscal pressure is the main reason for lowering the local government's people's livelihood expenditure bias compared with government competitionFiscal pressure has a regulatory effect on government competition, and the degree of reversed effect of government competition on people's livelihood expenditure bias depends significantly on fiscal pressureGovernment competition has no direct effect on education, health care, social security and employment expenditure bias, but indirectly affects the above three expenditures under the adjustment of fiscal pressureThe lower the level of economic development, the less relevant the relationship between government competition and people's livelihood expenditure biasWhen implementing multitaskoriented central decisionmaking, local governments have a clear tendency to selfselect

RESEARCH ON THE MECHANISM OF PROPERTY RIGHT STRUCTURE AND INSTITUTIONAL ENVIRONMENT TO REDUCE TRANSACTION COST

XIN Wei, LIN Muxi

2020, 40(5):  35-47. 

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Whether property right can reduce transaction cost is closely related to the adaptability of different property right structures and institutional environment under the property right separabilityTaking this as the basic idea, this paper takes the separability of property rights as the starting point, divides the types of property rights structure and institutional environment, and probes into the general mechanism of adaptive operation among property rights structure, institutional environment and transaction costThe optimization of property right structure and institutional environment can reduce transaction costsThe higher the matching degree between property right structure and institutional environment, the more transaction costs are reducedThe specific matching of six types of property right structure, such as government failure type and six types of institutional environment, such as negative national environmental level index type, can better explore the path of deep matching of production right structure and institutional environment to reduce transaction costs

BUSINESS ENVIRONMENT AND GVC UPGRADING

DAI Xiang

2020, 40(5):  47-61. 

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This article starts with the relevant data on the business environment reports released by the World Bank over the years and the basic facts based on the results of the basic data provided by the OECDICIOTaking this as a theoretical guide, and further using the crossborder panel data to measure and find out: First, the optimization of the business environment does have a significant positive effect on the status of the division of labor in the value chain; second, the above positive effects not only come from the direct optimization of the business environment Effects, but also indirect effects through the intermediary role of value chain migration, innovation activity stimulation, and improved terms of trade

DEPTH HETEROGENEITY OF BILATERAL FREE TRADE AGREEMENTS AND ITS IMPACT ON GLOBAL VALUE CHAIN IN THE REGION——An Empirical Study Based on the Gravity Equation Modified by GVC

MA Shuqin, LI Min, QIU Xunmin

2020, 40(5):  62-74. 

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The theoretical basis, influencing mechanism and functional effects of free trade areas have changed with the evolution of depth of bilateral free trade agreements and the changes in trade patterns and trade formation caused by GVC Based on the depth evolution of bilateral free trade agreements and its heterogeneity compared to other regional trade agreements, this paper incorporates the theory of corporate property rights into the theoretical framework of free trade areas to form a multidimensional theoretical mechanism between GVC and bilateral free trade areas In addition, a modified gravity model adapted to the development of GVC and the World Banks trade agreement content database are used to conduct empirical analysis to test the theoretical mechanism hypothesis The empirical results show that the depth of the bilateral free trade agreement has a positive impact on the global value chain linkages between member countries; the depth of investmentrelated provisions has a greater impact on the global value chain linkages between member countries than the depth of traderelated provisions; differences of the member countries also influence the effect of bilateral free trade areas on GVC linkage between member countries Differentiating the depth of a free trade area based on the target country is important in the construction of a bilateral free trade area This study will provide some policy references for constructing a highstandard free trade areas network to choose target countries and free trade area model

THE STUDY ON OPTIMAL INVESTMENT STRATEGY FOR REAL ESTATE INVESTMENT BY INSURANCE COMPANY

LYU Ziyuan, WEI Li

2020, 40(5):  75-85. 

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This essay focuses on studying optimal investment policies of an insurer after adding the real estate investment factorWe assume the insurer's risk process follows the classic CramerLundeberg model, and the insurer can invest their fund into cash market and two risk markets, which are bond, stock and real estate marketsUnder the constraints of no short selling and no borrowing, based on the MeanVariance model, this essay uses the stochastic linearquadratic (LQ) control theory as calculation method to derive the optimal investment policies and efficient frontierAccording to the results, the real estate optimal investment amount not only shows nonsimple linear relationship with the company's initial capital, but it also shows a series of complex relationships with the market premium of real estate and with unpredicted shocks

IS ONLINE SOCIAL NETWORK INTERACTION HELPFUL FOR THE ENTREPRENEURIAL OPPORTUNITIES RECOGNITION——Based on the Twodimensional Perspective of Network Trust

YU Weizhen, LI Wenjie,

2020, 40(5):  86-99. 

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Based on the S (stimulus)-O (organism)-R (response) theoretical framework, this paper constructed a theoretical model of the relationship between online social network interaction, network trust and entrepreneurial opportunity identification, collected 512 samples of entrepreneurial enterprises in the Yangtze river delta, and empirically tested the interaction mechanism and matching relationship among the three through multilevel regression analysis The results show that: first, online social network interaction has a direct and positive effect on the formation of entrepreneurial opportunities Among them, interaction with heterogeneous social networks is conducive to the identification of innovative opportunities, while interaction with homogeneous social networks promotes the identification of imitative opportunities Secondly, online social network interaction also indirectly promotes the identification of entrepreneurial opportunities through network trust 





ON THE FACTORS OF THE PRIVATE ENTERPRISE INVOLVEMENT IN URBAN PUBLIC UTILITIES PUBLICPRIVATE PARTNERSHIP PROJECTS #br#

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GONG Junjiao, ZHANG Min

2020, 40(5):  100-112. 

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This study analyzed 5 cases of the private enterprise to participate in PPP projects and extracted 11 major influencing factors for it as follows: returns on investment(ROI), operational efficiency, policies and regulations, lack of government commitment, fair competition, risk distribution, governmententerprise relationship, government concept, risk bearing capacity, entrepreneur opportunity identification and technical management experienceBased on ISM (interpretation of structural model method), A multilevel hierarchical structure model(EGM)of influencing factors for private enterprises to participate in PPP projects is constructedWe have concluded the three factors that influence the participation of private enterprises: marketled factors, governmentled factors and enterpriseled factorsIn addition, this study puts forward several suggestions from the government and the enterprise level to improve the participation of private enterprises