Table of Content

16 March 2022, Volume 42 Issue 3

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THE COMBINATION OF MARXISM AND CHINESE REALITY IS THE MAGIC WEAPON TO WIN

FANG Fuqian

2022, 42(3):  4-8. 

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The Communist Party of China （the CPC） was established and has been developing under the guidance of Marxism，which is the action guide of the CPCHowever，Marxism did not provide a specific road map for China's revolutionary road and the process of socialist constructionChina's national conditions are special and complexMarx's and Engels' works do not and cannot provide readymade answers to various problems in China's socialist constructionMarxism must be linked with China's reality and combined with China's specific reality in order to have vitality and continuously enrich and develop in practiceFrom small to large and from weak to strong，the CPC has led the people of the whole country to win the victory of the new democratic revolution and the victory of the socialist revolution and construction，and created a new era of socialism with Chinese characteristicsIts magic weapon for victory is to adhere to the combination of the basic principles of Marxism with China's specific reality and with China's excellent traditional culture，and continue to promote the sinicization and modernization of Marxism

THE INSTITUTIONAL MODE SELECTION OF CHINA'SDEPOSIT INSURANCE SCHEME

HE Ping, KE Wenxuan

2022, 42(3):  9-21. 

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Based on the regulatory economics incentive theory，this paper discusses the institutional performance of the subsidiary and the independent institutional mode deposit insurance scheme（DIS） from the perspective of comparative institutional analysisThe incentive mechanism of DIS independent institutional mode is clearer，helps to reduce the conflict between the rescue and disposal costs of regulatory institutionsThis paper suggests that，it is necessary to reform and improve the institutional mode of China's deposit insurance institution with the maturity of institutional environment and institutional conditionsThe conclusion is a necessary supplement for DIS researches and it presents policy enlightenment for the development and improvement of China's DIS

THE INFLUENCE MECHANISM OF INTERGENERATIONAL TRANSMISSIONOF RESOURCES ON INCOME DISTRIBUTION——An Analysis Based on Economic Power Paradigm

YANG Chunhui, ZHANG Yishan, DU Yushen

2022, 42(3):  22. 

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Optimizing the pattern of income distribution is the key to achieving common prosperity，and the transmission of resources between generations is a major obstacle to the fairness of income distributionTherefore，this paper uses the twostage Stackelberg game theory and introduces the intergenerational transmission of productive and nonproductive resources to construct a game behavior selection model for the offsprings to optimally allocate their own resourcesBased on the logic that resources form power and power determines the distribution of interests，it explains that family intergenerational power plays a decisive role in the process of resource intergenerational transmission，that is，offsprings rely on family advantages to form control or influence over others in resource competition and benefit distributionThrough simulation，it is found that the distribution system has a greater impact on intergenerational power，social output and income gapThe government should focus on predistribution to alleviate redistribution pressure，and rationally allocate economic and noneconomic resources before the offsprings enter the market to narrow the intergenerational differencesThe government should make use of its resource allocation power to balance the intergenerational power of families，smooth upward mobility channels，and form a development environment that balances fairness and efficiency

NATURE OF PROPERTY RIGHTS，CAPITAL STRUCTUREAND ENTERPRISE INNOVATION

ZHANG Chao, XU Cen

2022, 42(3):  38-53. 

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 This paper explores the impact mechanism and effect of capital structure and property right on enterprise innovation，using the panel data of Chinese nonfinancial listed enterprises from 2008 to 2018 as the research sampleIt is found that there is an optimal range of nonoperating leverage，and the effect of capital structure on enterprise innovation is different due to the nature of property rightsThat is，in the optimal range，increasing nonoperating leverage can improve innovation output without affecting innovation investment and innovation risk，while nonstateowned enterprises are more suitable to increase leverage and significantly improve innovation outputTherefore，this paper puts forward some policy suggestions，such as optimizing the capital structure of enterprises，improving the allocation efficiency of credit resources of stateowned enterprises and effectively alleviating the financing constraints of private enterprises

HOW DOES THE DENSITY OF UNIVERSITIES AFFECTENTERPRISE INNOVATION——Evidence from Chinese Manufacturing Listed Companies

HUANG Kainan, MIAO Zikun, QIAO Yuanbo

2022, 42(3):  54-66. 

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This paper tries to study the relationship between the density of universities in one certain area and enterprise innovation from the micro perspectiveBased on a new theoretical model，this paper uses the data of manufacturing listed companies in Shanghai and Shenzhen stock markets and the list of ordinary universities published in the website of the Ministry of Education of China from 2011 to 2017，sets the number of universities in a certain area as the density of universities，and empirically analyzes the impact of the density of universities on enterprise innovationThe results show that the density of universities has a positive impact on enterprise innovation，and it varies with the level of universities，innovation types and company characteristics such as firm size and locationAt the same time，this paper analyzes the two mediating mechanisms of R&D cooperation and knowledge spillover

THE INQUIRY LETTERS AND THE IMPROVEMENT OFBANK LOAN DECISION

HE Huihua, FANG Junxiong

2022, 42(3):  67-84. 

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In recent years，the inquiry letter sent by the Securities Exchange has become the important mechanism to ensure and improve the quality of information disclosure of listed companiesIts implementation effect has become the focus of regulators and academicsFrom the perspective of bank，this paper studies the economic consequences of the inquiry letters on the external stakeholdersSpecifically，this paper studies the impacts of the inquiry letters on bank loan decisionsThe study finds that the inquiry letters motivate banks to provide loans with higher interest rates，shorter maturities and higher likelihood of being securedFurther analysis indicates that the above relations are more significant when banks are concerned about the borrowers information risk and credit risk or borrowers' information risk and credit risk is high，but there are not significant differences in the nonprice termsAt the same time，the impact of inquiry letters on bank credit decisions is more significant when there is a stronger information asymmetry between banks and enterprisesFinally，the study finds that there is a significant increase in analysts' predict dispersion after the companies receive the inquiry letters，which indicates the information risk is the possible influence channel

NEW RURAL PENSION PROGRAM AND POVERTY VULNERABILITYOF RURAL LOWINCOME HOUSEHOLDS——A Study based on Precision Poverty Alleviation Policy and Different Poverty Standards

WANG Jianying, HE Bing, BI Jieying

2022, 42(3):  85-99. 

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To investigate whether new rural pension program can effectively reduce poverty vulnerability of rural lowincome households under precision poverty alleviation policy，this paper uses datasets from CFPS 2014，2016 and 2018，calculates poverty vulnerability based on poverty line of 2,300 yuan per year and 32 dollars per person per day，and uses twoway fixedeffects model and instrumental variable method to do empirical analysisThe results show that participating in new rural pension program has a significant weakening effect on poverty vulnerability of rural lowincome families in general，but the increase of recipients of new rural pension has aggravated poverty vulnerabilityHeterogeneity analysis according to the stages of receiving insurance finds that participating and the increase in the number of paid participants in new rural pension program have significantly weakened poverty vulnerability of both uninsured and insured householdsWhile receiving new rural pension has no significant impact on poverty vulnerabilityFurther heterogeneity analysis shows that participating in new rural pension program can improve poverty vulnerability of families without unhealthy members，and has a significant effect on alleviating poverty vulnerability of families without savings or loansMechanism test shows that participating in new rural pension program can increase the family's productive fixed assets and reduce intergenerational transfers，thereby weakening the family's poverty vulnerability，while receiving new rural pension increases children's financial support for the elderly and aggravates poverty vulnerability

INTERNATIONAL TWIN CITIES AND CHINESE EXPORT ACTIVITIES

YANG Jingyu, CHEN Qiangyuan, QIAN Zeyi

2022, 42(3):  100-112. 

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As an important supplement to formal agreements and institutional arrangements，the establishment of international twin cities has strengthened trust and indepth communication between cities，becoming an important catalyst and booster for international economic cooperationBased on the perspective of foreign trade highquality development，this paper examines the impact of the“circle of friends”formed by international twin cities on the export trade between cities using the data of matching pairs between 287 Chinese cities and 136 countries or regions in 20022015The results find that： （1）The agreements of international twin cities have significantly promoted the export volume and export value of Chinese cities by 100% and 116% respectively（2）The trade promotion effect of international twin cities is more derived from trade creation rather than trade transfer（3）In addition to affecting exports by intensive margins，international twin cities have also promoted the expansion margins of exports in terms of the number of product types and the proportion of hightech industries（4）With SARS and the global financial crisis as incident impacts，the agreements of international twin cities has strengthened the ability of Chinese cities to resist risks in exports（5）The results of heterogeneity analysis show that the agreements of international twin cities have more obvious export promotion effect on nonBelt and Road countries and geographically adjacent countries in ChinaThe above results are supported by a series of robustness testsThis paper is of great value to comprehensively understand the economic connotation of international twin cities and to explore new paths for highquality development of international trade