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Table of Content

    16 June 2020, Volume 40 Issue 6
    SPATIAL DISTRIBUTION AND SPATIAL CORRELATION OF REGIONAL ECONOMIC GROWTH IN CHINA——From the Perspective of Real Economy and Fictitious Economy
    LIU Xiaoxin, ZHANG Yao
    2020, 40(6):  4-20. 
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    Based on the annual valueadded data of 19782016, this paper analyzes and compares the spatial characteristics of the real economy, the fictitious economy and the overall economy from the perspectives of spatial distribution and spatial correlation. The results show that: China's real economy and fictitious economy have obvious spatial heterogeneity, which is reflected in regional differences, spatial autocorrelation characteristics and regional spatial relations. On the other hand, we find that the spatial characteristics of China's real economy are similar to those of the overall economy, while the fictitious economy doesn't have the similarity. In fact, the formulation and implementation of China's regional policy often focus on the real economy, while the attention paid to the spatial balanced development of fictitious economy is insufficient. To a certain extent, it leads to many spatial heterogeneity problems of fictitious economy, such as great regional disparity, low level of global spatial autocorrelation and the alienation of spatial association structure. In the process of formulating and implementing the regional coordinated development strategy, considering the spatial heterogeneity of the real economy and the fictitious economy and reducing the spatial mismatch of the two types of economy are helpful to promote the benign interaction between China's real economy and fictitious economy and build a more robust spatial distribution. 

    ON THE EXPANSION OF PRINCIPALAGENT THEORY IN THE NEW INSTITUTIONAL ECONOMICS
    LI Zhengtu
    2020, 40(6):  21-38. 
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    Based on the assumption of “economic man's rationality”, the principalagent theory in the new institutional economics has designed a precise, exquisite and delicate principalagent system, which effectively resolves the conflict of interest between the principal and the agent in modern enterprises and improves the operation efficiency of the enterprises. However, the practice of modern enterprises has proved that even though the principalagent system is very precise, exquisite and delicate, it still has not completely solved the conflict of interest between the principal and the agent and the further improvement of the efficiency of enterprise operation. Therefore, it is necessary to expand the theoretical perspective from the hypothesis of “economic man rationality” to “economic man + social man + family man composite rationality”, so as to realize the expansion of the theoretical perspective of principalagent theory. Using the new institutional economics research method and the bilateral symmetric trust mathematical model, this paper proves that: based on the principalagent system, further strengthening the bilateral symmetric trust between principals and agents can further resolve their conflicts of interest and improve the efficiency of enterprise operation. Based on this conclusion, the specific path of strengthening bilateral symmetric trust between principal and agent is optimizing the social trust environment system.
    CORPORATE BURDEN UNDER LOCAL GOVERNMENT ECONOMIC COMPETITION——Evidence from Listed Companies
    ZHAN Xinyu, WANG Yihuan
    2020, 40(6):  39-57. 
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    Based on the twostage dynamic game model between the government and the enterprises under the decentralized system and the fixed effect model constructed on it, this paper verifies the relationship between the economic competitiveness of local governments and the actual tax burden of enterprises using the financial data of Ashare listed companies. The results show that when the local government faces more intense economic competition, the actual tax burden of listed companies in its jurisdiction is lower. Further analysis shows that there are significant regional, industrial and ownership heterogeneities in the tax reduction effect of local government economic competition on enterprises; Quantile regression shows that when enterprises are in different tax intensity, there are significant differences in the tax reduction effect of local government economic competition. In the new era of tax reduction and fee reduction  which is beneficial to enterprises, this paper has enlightenment significance for the implementation of tax reduction and fee reduction policies and the standardization of local government behavior in horizontal competition.
    DOES LOW LAND PRICE PROMOTE INDUSTRIAL GROWTH——From the Perspective of Land Mortgage Loan
    CHEN Jinzhi, FAN Zhiyong
    2020, 40(6):  58-71. 
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     Through a DSGE model, this paper finds that the low price of industrial land policy does not necessarily increase industrial growth. In areas heavily dependent on land mortgage loan, low land price makes the value of mortgage decline and raises the credit cost, leading to a weak industrial growth. Furthermore, through the analysis of panel data of 101 cities from 2000 to 2015, we find that low land price can indeed promote industrial development in the eastern region, but cannot significantly increase industrial production in the central and the western regions. Considering the differences in dependence on land mortgage loans between the eastern and the central/western regions, we believe that only when a region is independent of land mortgage loan, the low land price can significantly promote industrial growth.
    HOW REGIONAL FINANCIAL DEVELOPMENT INFLUENCE AGRICULTURAL CREDIT AND FARMERS' ENTREPRENEURSHIP ——Empirical Evidence Based on CHFS
    DONG Yan, CHEN Qiusheng, WANG Cong
    2020, 40(6):  72-86. 
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    Based on the 2013 and 2015 microdata of China's Household Finance Survey and bank branches distribution data disclosed by China Banking and Insurance Regulatory Commission, this paper empirically analyzes the impact of regional financial development on farmers' entrepreneurial behavior, as well as the heterogeneous effect of different types of financial institutions and regional financial markets. Results show that (1) the increase of bank branches will significantly reduce farmers' financial constraint and their probability of taking private lending, promote their entrepreneurship; (2) the credit behaviors of different financial institutions are significantly different, and new rural financial institutions can effectively improve the internal governance of rural credit cooperatives and increase the effect of supporting farmers; (3) regional banking concentration can negatively influence the role of benefiting policies of large stateowned banks and new rural financial institutions. This paper argues that promoting farmers' entrepreneurship cannot only rely on the benefiting policy or the reform of rural credit cooperatives. It is necessary to stimulate financial institutions to improve agricultural support services on the basis of building a competitive financial market.
    ENTERPRISE'S STRATEGY OF RESOURCE ALLOCATION AND THE VALUE RELEVANCE OF EARNINGS
    PENG Aiwu, ZHANG Xinmin, YANG Daoguang
    2020, 40(6):  87-98. 
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    Based on the perspective of resource allocation strategy, this paper employs the data of China's nonfinancial Ashare listed companies in 20072016 to explore the differences of earnings value relevance between different resource allocation strategies. The results show that: the net earnings of the operationoriented companies have more value relevance than that of the investmentoriented companies; decomposing the net earnings into different parts, we find the value relevance of the core earnings is stronger in the operationoriented companies, and the value relevance of the returns of investments is stronger in the investmentoriented companies. Overall, the resource allocation strategy is an important factor determining the value relevance of earnings. This paper enriches and extends existing related literature, provides a new perspective for investors to interpret the earnings information of the companies, and has certain implications for investment decisions.
    DOES HOUSING PROVIDENT FUND CAUSE INEQUALITY——Evidence from China Household Finance Survey
    LI Han, ZHANG Xin
    2020, 40(6):  99-112. 
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    Housing provident fund plays an important role in China's housing system reform. It relaxes households' credit constraints and stabilizes the housing finance market. In this research, we use the housing provident fund credit easing policy implemented in 2015 as an exogenous shock to analyze the effect of the housing provident fund system on households' housing purchase behaviors. Using the empirical method of differenceindifference, we find that the current housing provident fund system mainly promoted the demand for households' multihouses, and increases the housing wealth gap between participated and nonparticipated households. The pertinence and diversity of housing credit policy need to be improved.