Table of Content

21 September 2020, Volume 40 Issue 9

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THE ECONOMIC IMPACT OF COVID19 EPIDEMIC AND THE TRANSFORMATION OF “DISASTERADAPTIVE ECONOMY”

方行明, 张蓓, 付莎, 苏梦颖

2020, 40(9):  4-19. 

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COVID19 has had a huge impact on the economy of China and even of the world. The impact has upended the conventional wisdom of economics so that it is necessary to reunderstand the cause and the mechanism of economic recession theoretically, especially to study the “abnormal economy” under the disease of COVID19 and its relationship with “normal economy”. The impact of COVID19 has exposed problems in the existing economic system and it is necessary to promote economic transformation to establish “disasteradaptive economy”. Based on dialectical thoughts, this paper studies the economic impact of the epidemic from both negative and positive aspects and exploits new opportunities and new momentum in this crisis to promote economic transformation to “disasteradaptive economy” and realize sustainable and highquality economic development in China.


EQUALIZATION TRANSFER PAYMENT, PUBLIC EXPENDITURE STRUCTURE AND HIGHQUALITY ECONOMIC GROWTH

CHU Deyin, FEI Maosheng, LI Yue

2020, 40(9):  20-35. 

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 Firstly, this paper theoretically interprets the multiple interaction mechanisms among equalization transfer payment, public expenditure structure and the quality of economic growth. Secondly, based on the “Five Development Ideas”, this paper constructs a comprehensive index system to measure the quality of economic growth. The results imply that although the overall quality of local economic growth in China is slowly rising, the absolute level is relatively low, and there is an obvious regional heterogeneity. Finally, this paper uses the dynamic panel simultaneous equation model and takes 3SLS method to carry out empirical research. The results show that the local government public expenditure structure is significantly positively related to the quality of economic growth, but the positive correlation between equalization transfer payment and the quality of economic growth is not significant. Moreover, the results of standardized regression showed that equalization transfer payment can indirectly promote the quality of local economic growth by optimizing the public expenditure structure.

COMPETING FOR QUOTAS——Evidence from Coal Mine Firms in China

NIE Huihua, RUAN Rui, SONG Jiayi

2020, 40(9):  36-49. 

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China has made significant achievement in governing and reducing coal mine accidents, but the research on the successful experiences is still insufficient. This paper considers that the quota of total death number is an effective way to reduce the number of deaths caused by coal mine accidents. In this paper, we manually collect the firmlevel number of deaths of coal mine accidents and provincelevel quotas of deaths of production safety in 2002-2006, and merge them with CIED. We find that the number of accident deaths of a coal mine is negatively related with the other firms in the same region, indicating that there is a “competing for quotas” phenomenon. The results of generalized DID model show that in provinces with less quotas, the coal mine firms compete more intensely. Heterogeneity analysis shows that competition has become more intense both in the overquotas provinces and during the time when officials promotion yet to be decided. Finally, we find that the coal mine accident death in a single firm is not correlated with that of other firms in the near prefectures but not the same province, excluding the “deterrent effect” of increased supervision resulting from the mining accidents. The results in this research show that the quota of deaths has significant effect on reducing deaths.

FINANCIAL STRUCTURE TRANSITION AND INCOME DISTRIBUTION OPTIMIZATION

DENG Xiang, YU Guohua

2020, 40(9):  50-69. 

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This paper explains the theoretical mechanism of financial structure (including banking structure) affecting income distribution, and analyzes the effect of financial structure on income distribution by dynamic panel model and panel threshold model. Results show that: (1) the effective functioning of the financing system depends on the matching and coordination of financial intermediaries in terms of quantity, scale and structure, and financial elements cooperate with each other according to the financing needs of market participants to optimize income distribution in the process of promoting the transformation of financial structure; (2) under the strategic background of the priority development of capital intensive industries, the structure of banking industry has a positive effect on the income distribution, and the high proportion of market financing shares of large commercial banks will not be conducive to the optimization of income distribution; (3) in the process of economic growth, financial structure has an inverted “U” effect on income distribution, and the transformation of financial structure from “bankoriented” to “marketoriented” will help optimize income distribution.


DOES THE USE OF INTERNET REDUCE THE DIFFERENCE IN GENDER PAY IN THE CONTEXT OF DIGITAL ECONOMY——An Empirical Analysis Based on the Comprehensive Social Survey in China

QI Yudong, LIU Cuihua

2020, 40(9):  70-87. 

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Based on the (CGSS) data of China Comprehensive Social Survey in 2010, 2013 and 2015, this paper examines the impact of Internet use on gender wages and the decomposition of wage differences in the context of digital economy. This paper discusses the heterogeneity and internal mechanism of Internet use in different age groups on the change of gender wage difference. The study finds that the use of Internet has a significant positive impact on the overall level of wages with the scale gradually decreasing over the time, and the use of Internet significantly reduces the difference in gender pay. With the increase of quartile points, the total difference of gender wage decreases at first and then increases, the total difference of gender wage decreases year by year at the same subpoint, and the difference of endowment characteristics gradually narrows the total gender wage difference of the middle income group. The positive influence of Internet use on the wages of post80s is significantly higher, followed by post70s, and the influence on post60s and above is relatively low, implying an obvious heterogeneity on of age.

THE MOTIVATIONS AND EFFECTS OF LOCAL SOES' HOLDING OF COMMERCIAL BANKS

PANG Xin, WANG Kemin

2020, 40(9):  88-101. 

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This paper investigates the motivations and effects of local stateowned enterprises holding commercial banks' ownership. First of all, this paper finds that compared with other stateowned enterprises, the stateowned enterprises whose actual controllers are local governments or local SASACs (Stateowned Assets Supervision and Administration Commission) are more likely to hold ownership of commercial banks; moreover, they prefer to hold the ownership of commercial banks which are located in the same provinces or cities where the stateowned enterprises are registered. Second, this relationship is more prominent among the stateowned enterprises whose registration is provincial capitals, with lower level of marketization of the financial industry, or with younger governors. Third, after the issuance of policies to promote the development of the banking industry, the local stateowned enterprises have a higher probability of holding ownership of commercial banks. Last, based on the analysis of economic consequences, we find that holding commercial banks' ownership is conducive to promoting regional financial development and increasing the promotion of local officials. This study shows that the behavior of local SOEs holding commercial banks mainly reflects the motivation of local governments and officials.

EXCESSIVE MEDICAL TREATMENT, BUDGET CONSTRAINT AND INCENTIVE REGULATION OF MEDICAL INDUSTRY

YU Mingyuan

2020, 40(9):  102-112. 

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Excessive medical treatment has negative effects on the overall social and economic development. This paper takes the suppliers and the demanders excessive medical treatment into a framework of budget constraint, and studies the inner logic and the transfer mechanism in it. The result shows that the cause of China's excessive medical problems stems from changes in the external environment that leads to the hardening of the budget constraints of medical service providers and changes the behavior of related groups in the supply side, thus produces motivation to maximize medical income. The changes enables the medical service demander to soften budget constraint and have freedom choice based on it, thus produces motivation to maximize medical benefits. The problem of excessive medical governance is essentially the principalagent and mechanism design issue under asymmetric information conditions. Therefore, incentive regulation based on excessive medical governance is a breakthrough to effectively solve the problems.