Table of Content

16 April 2021, Volume 41 Issue 4

Previous Issue    Next Issue

CORRECTLYUNDERSTANDANDHANDLETHERELATIONSHIPBETWEENSUPPLY-SIDEREFORM ANDDEMAND-SIDE MANAGEMENT

FANGFu-qian

2021, 41(4):  4-11. 

Asbtract ( )   PDF (5014KB) ( )  

Related Articles | Metrics

Abstract:Howtocorrectlyunderstandtherelationshipbetweensupply-sidestructuralreformanddemand-
sidemanagementrestswithcorrectlyunderstandingtherelationshipbetweensupplyanddemand.
Supplyanddemandareinterdependent.Theequilibriumvaluesofmicroandmacroeconomicvariablesare
determinedbytheequilibriumofsupplyanddemand.Itisone-sidedtoemphasizetheimportanceofsupply
ordemandregardlessoftheperiod.Topromotethesupply-sidestructuralreform,we mustrelyon
demandandexpandaggregatedemandmoderately.Withoutdemand,thesupply-sidestructuralreformwill
loseitsdirectionandgoal.Inordertoimprovethedemand-sidemanagement,wemustdeepenthesupplysidestructuralreform,
becausethescaleofdemandanditsgrowth,thechangeofdemandstructureare
bothdeterminedbyinstitutionalfactorsinthefinal.Deepeningthereformoftheinstitutionsandmechanismsthathindertheoptimizationofdemandstructureandthegrowthofdemandisexactlywhatthe
upply-sidestructuralreformshouldmean.

CHINESE MONEY MARKETS:ANECONOMICANALYSISFROM THESTRUCTURALPERSPECTIVE

YINGZhan-yu

2021, 41(4):  12-26. 

Asbtract ( )  

Related Articles | Metrics

Sinceeconomicinstitutionalreform,Chinesemoneymarketshaveundergoneseveraldevelopmentphrases,
suchasdiversifiedanddisorderphrase,unificationandstandardizationphrase,innovation
andrapiddevelopmentphraseandsteadydevelopmentphrase.Atpresent,Chinahasformedapluralistic
systemofmoneymarkets.Butinthestructuralperspective,therearelotsofproblems,suchastheunstableandunbalanceofthedifferentproductsinbothprimaryandsecondarymarket,
theconcentratedtransactions,
singlefundflowstructure,etal.Asaresult,theinternaladjustmentmechanismandrelatedfunctionofmoneymarketstillcannotplayitsrolecompletely.
Themostimportantreasonforthestructural
changeisthedissimilationofthefunctionalorientationofthemoneymarketunderthemultipleinstitutionalconstraintssuchasthesystemtrans
ormationandtheuniquecreditmanagementsystem.Itisnecessary
toimprovethestructureofthesub-marketsystemandproperlyopenupthecapitalconnectingchannelbetweenthemoneymarketandthecapitalmarkettopromotethedevelopmentofChine
emoneymarkets.

INEQUALITY,TRUSTAND WEALTH GROWTH———EvidencefromExperimentalEconomics

CHENYe-feng, LINYan-qing, DINGYu-li, ZHENGHao-yu, ZHENGHao-li

2021, 41(4):  27-38. 

Asbtract ( )   PDF (8692KB) ( )  

Related Articles | Metrics

Severeinequalityinwealthdistributioncanleadtoaseriesofsocialproblems,amongwhich
aneasilyoverlookedbutsignificantoneistrustdeclining,whichisunfavorabletosocialdevelopmentand
wealthgrowth.Byusingthemethodofexperimentaleconomics,thispaperintroducesareal-efforttaskin
adynamictrustgametoexaminetheimpactofdifferentsourcesandvaryingdegreesofendowmentinequalityontrustlevels,
andtheninvestigateswhetherdifferentformsofendowmentinequalityhavecaused
differentratesofwealthgrowthandnewwealthdistributionviathetrusttransmissionmechanism.Ourresultsshowthat,
comparedwithequalinitialendowmentdistribution,alowdegreeofinequalityintheinitialendowmentisconducivetoaveragetrustlevelandwealthgrowth.
However,wheninitialendowment
inequalityreachesahigherlevel,bothaveragetrustlevelandwealthgrowthratewilldropsignificantly.
Meanwhile,whenthereisinequalityintheinitialendowment,theGinicoefficientwillspontaneouslydecrease.
Whentheinitialgapbetweentherichandthepoorcausedbythewealthdistributionmechanismbasedonworkis
toolarge,thespontaneousadjustmentoftheGinicoefficientwillbeinhibited.Onlywhentheinitialendowment
gapistoobigwillthesourceofendowmentinequalityaffecttheadjustmentofthewealthgap.

CORPORATEGOVERNANCESTRUCTUREANDR&DINNOVATIONFROM THEPERSPECTIVEOFRISK———AStudyBasedonPrincipal-agentModel

HANSong , XIYuan-jie

2021, 41(4):  39-53. 

Asbtract ( )   PDF (9422KB) ( )  

Related Articles | Metrics

ThispaperstudiestheimpactofcorporategovernancestructureonR&Dandinnovationcapabilitiesfromtheperspectiveofriskbasedontheprincipal-
agentmodel.Thisarticleconstructsaprincipal-
agentmodelwithinnovativeactivitiesfortheoreticalanalysis,thencalculatestheinnovationefficiency
ofmanufacturinglistedcompaniesin Chinafrom 2015to2018usingthedynamic DEA model,and
conductsthe empiricaltest on therelationship between R&D innovation efficiency and corporate
governancestructure.Theempiricalresultsvalidatestheanalyticalresultsofthetheoreticalmodel:the
principal-agentproblemisnotconducivetotheimprovementofthecompany??sR&Dandinnovationcapabilities,
andobjectiverisksandsubjectiveriskaversionwillexacerbatetheproblem.Basedontheresults,
thisarticleproposesthatcompaniesshouldimprovetheircorporategovernancestructureaccordingtothe
characteristicsoftheirownR&Dactivities,extendagents??tenure,promoteequityincentiveplansandenhancetherisk-
bearingabilityofagents.

THEIMPACTOFTHECENTRALBANK??SFORWARDGUIDANCEONCORPORATEINVESTMENT:INDUSTRYHETEROGENEITYANDTHE MEDIATINGEFFECTOFINVESTORSENTIMENT

GENGZhong-yuan, PANYu-jie, KEDan-dan

2021, 41(4):  54-67. 

Asbtract ( )   PDF (8552KB) ( )  

Related Articles | Metrics

Thispaperconstructsapaneldata modelandanintermediaryeffect modeltotestthe
impactofthecentralbank??sforwardguidanceonthecorporateinvestmentindifferentindustriesbyquantifyingthecentralbank
??sforwardguidancebytheautomaticassignmentmethodandusingquarterlydata
from2006to2019.Theresultsshowthatinthefullsample,thecentralbank??sforwardguidancehasasignificantimpactoncorporateinvestment,
andtheimpactisheterogeneousacrossindustries.Thatis,forwardguidancehasasignificantimpactoninvestmentinhigh-
techindustriesandmanufacturingindustries,
buthasnosignificantimpactoninvestmentinrealestateindustryandnewenergyindustry.Inthefull
sample,thesampleofhigh-techindustriesandthesampleofmanufacturingindustries,investorsentiment
playsanintermediary roleinthe process offorward guidanceaffectingthecorporateinvestment.
Moreover,mediationeffectisgreaterinhigh-techindustriesthanthatinmanufacturingindustries.

ISTHEREPERFORMANCEREFERENCEFOREXECUTIVECOMPENSATIONINCHINESEPRIVATEFIRMS———AnEmpiricalAnalysisBasedonCEO MarketExplanation

CHENShi-ting, HONGJian-qiao

2021, 41(4):  68-82. 

Asbtract ( )   PDF (9021KB) ( )  

Related Articles | Metrics

TakingA-shareprivatelistedfirmsinChinafrom2007to2016astheresearchsample,this
paperstudiestheperformancereferenceeffectofexecutivecompensationdecision-makinginprivatefirms.
Theresultsshowthatthereisasignificantlypositivecorrelationbetweentheprivatefirms??executivecompensationandtheirpeer-
groupperformance,whichaccordswiththeexpectationofCEO marketexplanation.
Additionally,managerialabilitystrengthensthispositiveperformancereferenceeffect.FurtheranalysesindicatethattheabovepositiverelationismorepronouncedinarelativelymatureCEOmarket,
andfor
privatefirmshiringprofessionalmanagers.Inconclusion,thispaperis meaningfultounderstandthe
designofexecutivecompensationcontractinChineseprivatefirmsfromtheperspectiveofCEO market.

ANANALYSISOFTHEIMPACTOFTHEBREXITINCIDENTONTHEEXCHANGERATESOF MAJORCURRENCIES———BasedontheEventAnalysisMethod

TUYong-hong , ZHAOYa-mei

2021, 41(4):  83-96. 

Asbtract ( )   PDF (8340KB) ( )  

Related Articles | Metrics

OnJune24,2016,theresultsoftheBrexitreferendumwereannounced.BritishPrimeMinisterCamerondeclaredtheBrexitcamptowin.
Assoonasthenewscameout,notonlydidthepoundexchangerateplummet,
buttheexchangeratesofmostnon-USdollarcurrenciesalsofellsignificantly.The
foreignexchangemarketisthemostliquidfinancialmarketwiththelargesttradingvolume,anditishighlysensitivetomajorevents.
ThispapersystematicallysortsoutthebeginningandtheendofBrexitaswell
asthekeyeventsafterthestartoftheBrexitprocess.Thispaperuseseventanalysistobuildamodelthat
analyzesthetrendoftheexchangerateofmajorcurrencies.ItusesthedataoftheEUR,GBP,JPYand
RMBexchangeratesastheresearchobjectstoexplorepoliticaleventsindepth.Theresultsofthestudy
showthattheBritishpoundandtheeurohavealwaysbeensignificantlyaffectedbytheBrexitevent,and
theexchangeratesarepositivelycorrelatedwiththeriskofno-dealBrexit.Thatis,whentheriskofnodealBrexitrises,
thecurrencyvaluewillgodown,andwhentheriskofno-dealBrexitwillbeeliminated,
thecurrencyvaluewillgoup.Comparedwiththeeuro,thepoundismorestronglyaffected.Theexchange
ratesofJapaneseYenandChineseYuanwereonlysignificantlyaffectedbytheBrexitreferendumevent,
andwerelessaffectedbythesubsequentBrexitprocess.Thisarticleexploresthedynamicunderstanding
andgraspoftheinternallawsanddifferencesoftheexchangeratesfluctuationsofmajorcurrencies.Sothat
ourcountrycanbetterrespondtotheimpactoftheblackswaneventandmanagetheexpectationsofRMB
exchangerate.


“NORTH-SOUTH GAP”:FACTS,CAUSESANDCHALLENGESOFCHINA、SREGIONALDEVELOPMENTPATTERNEVOLUTION

YANG Ming-hong , JUDong TU Kai-jun

2021, 41(4):  97-112. 

Asbtract ( )   PDF (10607KB) ( )  

Related Articles | Metrics

Usingprovincialpaneldatafrom2000to2019,thispaperfocusesonthecharacteristicsof
theeconomicgapbetweenthenorthandthesouthintheevolutionofChina??sregionaldevelopmentpattern
andadoptsacombinationofempiricalanalysisandcomparativeanalysistoconductresearch.Fromtheperspectiveofregionaleconomicgrowthkineticenergy,
thispaperobservestheeconomicgapbetweenthe
northandthesouthfromthetotaldimensionandaveragedimensionandfindsthedetailedcharacterization
oftheeconomicgapbetweenthenorthandthesouth.Thispaperfindsoutthattheessenceliesinthe
differencesinpolicyenvironment,businessenvironment,culturalenvironment,industrialcarrier,investmentcarrierandscientificandtechnologicalcarrierinthenorthandthesouth.
Thispaperpointsoutthat
the“north-southgap”willbecomeanimportantprobleminthecoordinateddevelopmentofChina??sregionaleconomy,
analyzestheimpactofthisproblemonChina??scurrentregionalpoliciesfromtheperspective
ofthetransformationofnewandoldkineticenergy,andputsforwardthekeylinksthatmustbegrasped
inthenextpolicyimplementationandthebasicideasofpolicyadjustment.