Table of Content

16 June 2021, Volume 41 Issue 6

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THE LOGIC OF CORPORATE GOVERNANCE REFORM IN STATEOWNED ENTERPRISES: FROM NATIONAL GOVERNANCE TO CORPORATE GOVERNANCE

JIANG Fuxiu, WANG Ying

2021, 41(6):  4-21. 

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 Corporate governance is the micro foundation and an important component of national governance. As a toplevel design, the concept of national governance plays a leading role in the corporate governance reform of stateowned enterprises at the micro level. Drawing on the general goal of comprehensively deepening reform, this paper points out that the goal of corporate governance reform of stateowned enterprises at the present stage should be “perfecting and developing the corporate governance system of stateowned enterprises with Chinese characteristics, and promoting the modernization of governance system and governance capacity of stateowned enterprises”. To achieve the goal above, this paper makes a certain conception on the corporate governance theory of stateowned enterprises with Chinese characteristics. Furthermore, this paper analyzes and discusses the concrete embodiment and realization path of the modernization of corporate governance system and governance capacity of stateowned enterprises. While enriching the theory of corporate governance, this paper has important enlightenments for the practice of stateowned enterprises reform in the new era.

REFORM AND OPENINGUP POLICY AND CHINA'S ECONOMIC GROWTH MIRACLE: A RESEARCH BASED ON SYNTHETIC CONTROL METHOD

陈太明

2021, 41(6):  22-36. 

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This paper considers the reform and openingup policy as a quasinatural experiment, and firstly uses the synthetic control method to examine the performance effect of the reform and openingup policy on Chinas economic growth. The paper finds that the synthetic control method simulates the situation before the reform and openingup policy through weighting many control objects. The synthetic control method can evaluate the performance effect of the reform and openingup policy more scientifically than traditional approaches. The result shows that the reform and openingup policy has accelerated Chinas economic growth rate by 669 percentage points every year on average since 1978. The placebo test, rank test and DID estimation method prove the validity and robustness of the above results. The mechanism to accelerate Chinas growth of the reform and openingup policy is the increasing physical capital investment and international trade rather than the inadequate human capital. This paper firstly quantitatively supports the popular opinion of the reform and openingup policy creating Chinas economic growth miracle, and also supplies the vital historical quantitative basis and empirical evidence to the future promotion of reform and openingup.

THE FACTORS AFFECTING THE FISCAL EXPENDITURE EFFICIENCY OF LOCAL GOVERNMENT——Based on the Perspective of Finance, Promotion and Development Pressures

SUN Yudong, XI Yu

2021, 41(6):  37-49. 

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Improving the fiscal expenditure efficiency of local government is an important condition for achieving fiscal sustainable development. Based on the DEA model and Malmquist index, this paper uses the data of 30 provinces in China from 2004 to 2016 to measure the fiscal expenditure efficiency of local government and analyzes the impact of fiscal pressure, promotion pressure and development pressure on the fiscal expenditure efficiency of local government. The results show that: (1) There is little difference between the mean value of technical efficiency changes in fiscal expenditures and the mean value of scale efficiency changes in different regions; (2) facing greater fiscal pressure, the fiscal expenditure efficiency of local government is lower; (3) having higher economic growth rate, the fiscal expenditure efficiency of local government is lower; (4) overfulfilling central economic development goal is conducive to improving the fiscal expenditures efficiency of local government.

COUNTERCYCLICAL ADJUSTMENT OF LOCAL FISCAL POLICY: FISCAL DECENTRALIZATION OR INCREASED ISSUANCE OF LOCAL GOVERNMENT DEBT

LIU Qiongzhi, YUE Mingyang, LI Xiaochun

2021, 41(6):  50-65. 

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If the actual operation of fiscal policy tools deviates from the original design, it will reduce the regulatory effect and lead to the aggravation of macroeconomic fluctuations. From the view of the countercyclical adjustment goal of local government fiscal policy, this paper focuses on the countercyclical effect of fiscal decentralization deepening and increased government debt issuance. The results are as follows: The fiscal policy of local government shows a procyclical feature. The improvement of fiscal decentralization enlarges the procyclicality of local fiscal policy. The increase of local government debt issuance makes local fiscal policy countercyclical. The fiscal policies of local governments and their income and expenditure are procyclical. The debt balance points from “pro” to “counter” are 0137, 0113 and 0209 respectively. At present, the debt scales of most regions are below the debt balance point. The internal factor driving the countercyclical regulation of local government debt is the promotion incentive of officials. The higher the promotion incentive is, the stronger the countercyclical regulation of local government debt will be. However, the fluctuation of external market financing environment weakens the countercyclical regulation of local government debt. The policy proposition is that it is not appropriate to excessively decentralize fiscal powers. The government should increase the scale of local government debt issuance and promote countercyclical adjustment of local fiscal policy.

THE STRUCTURAL CHARACTERISTICS OF TRADE NETWORKS ALONG THE “BELT AND ROAD” AND THEIR IMPACTS ON TECHNOLOGICAL PROGRESS——An Study Based on Social Network Analysis

QIU Yi, HUANG Dan

2021, 41(6):  66-80. 

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Based on social network analysis, this paper analyzes the structural characteristics of trade networks along the “Belt and Road” in 20082018, empirically tests the impact of the centering location of the trade network on technological progress, and analyzes the heterogeneity of countries with different income levels. The results show that the overall trade structure of the countries along the “Belt and Road” is relatively loose. Italy, Turkey, Korea, Russia, China and Singapore are located at the core of the network, and there are 23 countries (regions) playing “intermediary” or “bridge” roles, influencing the trade links among the remaining countries. More than 40% of the countries (regions) have strong indirect trade relations with nontrading partners. The promotion of centering position of the trade network would significantly promote the technological progress of the home country. The marginal impact of indirect trade on the technological progress is greater than that of direct trade. The direct and indirect trade centrality and the trade intensity in highincome and middleincome countries have a significant and positive impact on technological progress, and the trade intensity in lowincome countries also promotes the technological progress of home countries.

AN ANALYSIS ON THE FARMLAND SCALE AND STRUCTURE IN PEASANT HOUSEHOLDS——Based on the Full Sample Data of Two Counties' Ordinary Peasant Households in the Third National Agricultural Census

GUO Xibao, GAO Sihan

2021, 41(6):  81-98. 

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Based on the fullsampled data of the Third National Agricultural Census on two counties respectively located in Hubei Province and Hunan Province, this paper analyzes the scale and distribution of confirmation of contracted right, circulation and operation scale of farmland in peasant households. The results show that the average area of rightconfirmed land per household is 373 mu, with Gini coefficient 0341, showing the pattern of miniaturization and equalization. The proportion of nonconfirmed farmland is 2%, which is not high but still a problem that cannot be ignored. 80% of the confirmed contracted land is cultivated by the peasant households themselves and the land circulation is not active. Moreover, more than 60% of the limited circulations are carried out among ordinary peasant households, indicating the quality of the circulation is poor. Land rent flowing into scale operation households is higher than that flowing into ordinary households, which indicates higher efficiency of scale operation. The average farmland operation scale per household is 39 mu, with Gini coefficient 0421, showing a certain trend of centralization and a low level of concentration. The scale and structure of confirmation of contracted right, circulation and operation scale of farmland in peasant households in the two counties are obviously different, which is mainly caused by their different resource endowments and development levels. By comparing the data of “The First Census”, “The Second Census” and “The Third Census” in National Agricultural Census, it is found that the operation scale still presents a pattern of miniaturization and there is a longterm downward trend. In response to these characteristics, this paper puts forward the relevant policy suggestions of deepening the reform of farmland system, accelerating the process of farmland circulation and concentration.

EVALUATION OF THE EFFECT OF NEW RURAL SOCIAL PENSION POLICY—— An Empirical Research Based on the Happiness of the Elderly

YI DinghongZHAO Yifan

2021, 41(6):  99-112. 

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 As an important social security policy, the new rural social pension insurance still has no unified evaluation conclusion. Based on the data of China Family Panel Studies (CFPS) in 2016, this paper uses regression discontinuity design method to assess the policy effect of the new rural social pension insurance with the indicators of happiness for the elderly. The study measures the sense of happiness from two dimensions: life satisfaction and confidence in the future life. This paper finds that the impact of pension on life satisfaction is not significant, but it improves their confidence of the future life. Further heterogeneity analysis shows that happiness of the elderly in the eastern regions and in the middle and high income groups has been significantly improved after they receive the pension, but the crowdingout effect has a greater impact in reality. Finally, as a social support, the new rural social pension insurance system has a substitution effect with the traditional concept of “intrafamily transfer”.