Table of Content

16 July 2022, Volume 42 Issue 7

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KEEP IN MIND THE “FOUR QUESTIONS” AND DEEPENTHE UNDERSTANDING OF SOCIALIST MARKET ECONOMY

DENG Liping

2022, 42(7):  4-15. 

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Under the guidance of Xi Jinping's Economic Thought，combined with the recent “Four Questions” and “Five Major Theoretical and Practical Issues” put forward by president Xi Jinping，this paper further improves and promotes the “Four Characteristics” framework of socialist market economy that the author has put forwardThe “Four Characteristics” framework of socialist market economy are as followsFirstly，the market economy centered on the people is the socialist market economySecondly，the market economy corresponding to “Two Unwavering” is the socialist market economyThirdly，the market economy dedicated to common prosperity is the socialist market economyFourthly，the market economy combined with the institutional advantages of “pooling all our resources to complete major missions” is the socialist market economy.

CHANGE OF DUAL-CYCLE FOCUS，TRADE LIBERALIZATION AND PRODUCTIVITY IMPROVEMENT IN CHINA——From the Perspective of Resource Reallocation Efficiency

CHEN Wenzhi, ZHAO Wei, ZHANG Suzhen

2022, 42(7):  16-31. 

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To build a new pattern of dualcycle development and promote highquality development is a strategic decision made by the central government on the 14th FiveYear Plan and the longterm development goal of 2035The dualcycle has a cyclic focus change problem，and one of the important elements of highquality development is productivity improvementThis paper embeds the change of the dualcycle focus into heterogeneous firm trade model to reveals the impact of the shift of the dualcycle focus from international to domestic on the productivity improvement of trade liberalization from the perspective of resource reallocation efficiencyFinally，it uses the data of Chinese manufacturing enterprises from 1998 to 2013 to conduct empirical test and mechanism analysisIt is found that trade liberalization with international circulation as the main body leads to intensive resource misallocation and extensive resource misallocation，and restrains the aggregate productivity growth of the industry，while trade liberalization with domestic circulation as the main body helps to improve the efficiency of intraindustry resource reallocation and promote the aggregate productivity growth of the industryTherefore，changing the economic development model which is excessively dependent on international circulation and to construct a new development pattern in which domestic circulation is the main body and domestic and international double cycles promote each other is the key to enhance productivity gains from trade liberalization and promote highquality development of foreign trade.

THE EFFECT OF PUBLIC ENVIRONMENTAL CONCERNS ON CORPORATE GREEN INNOVATION

YI Zhihong, CHEN Xin, TIAN Liu

2022, 42(7):  32-48. 

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This paper focuses on the impact of public environmental concerns on corporate governance and corporate behavior from the perspective of formal and informal institutionsThis paper uses Ashare manufacturing listed companies from 2010 to 2018 as research sample to examine the relationship between public environmental concerns and corporate green innovation behaviorThe results of the study find that there is a positive correlation between the public environmental concerns of the company's location and the company's green innovation behaviorTwo underlying channels lead to these resultsFirst，public environmental concerns play a role by strengthening government environmental regulations，and political connections will weaken this channelSecond，public environmental concerns play a role by raising corporate ecological awarenessThis impact is even more pronounced if the chairman is female，elder or has hometown preferencesThe results suggest that public as an important stakeholder impacts corporate environmental behavior.

MEASUREMENT AND DECOMPOSITION ON GREEN TOTAL FACTOR PRODUCTIVITY IN EIGHT COMPREHENSIVE ECONOMIC ZONES IN CHINA

CHENG Kaiming , LI Sie

2022, 42(7):  49-65. 

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With the implementation of the green development philosophy in China，scientific measurement and analysis of the growth of green total factor productivity (GTFP) are of great significance for highquality developmentIn order to measure the growth of GTFP and its compositions at the regional level，this paper innovatively proposes the aggregate environmental generalized LuenbergerHicksMoorsteen (AEGLHM) productivity indicator and its decomposition subitemsThe results of Monte Carlo simulation show that the AEGLHM indicator is more effective and accurate than the aggregate Luenberger indicatorThen，this paper applies this new indicator to measure the growth of GTFP and its components in eight economic zones with data of prefecturelevel cities from 2003 to 2019Results show that the GTFP of the eight economic zones has increased，but the growth rate highlights the characteristics of polarizationMoreover，the main driving forces of GTFP growth in the eight economic zones are technological progress and scale efficiency growth from the technical perspective，as well as desirable output efficiency growth and undesirable output governance efficiency growth from the factorial perspectiveFinally，this paper finds that the technological progress and the desirable output efficiency growth are the dominant causes that drive the difference of GTFP growth in the eight economic zonesThe conclusions have some enlightenment for improving regional GTFP with targeted strategies.





RECONFIGURATION OF GLOBAL VALUE CHAIN IN RESPONSE TO THE IMPACT OF COVID-19 PANDEMIC：THE EMERGENCE OF A MORE RESILIENT BUSINESS ECOSYSTEM

ZHEN Zhen , WANG Fengbin, , YANG Wei

2022, 42(7):  66-81. 

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COVID-19 pandemic has triggered the reconfiguration of global value chain (GVC) towards strengthening GVC’s resilience on future emergenciesBased on loose coupling theory，this research focuses on analyzing the structural patterns of GVC and their linkage with GVC’s resilience，delineates the model of GVC’s evolution to improve system resilience in response to severe emergencies，and provides a theoretical explanation on the responsive evolution mechanism of GVC structured as a loosely coupled system during the impact of current COVID-19 pandemicThen，by judging GVC’s structure is undergoing destructive reconstruction，this research refines the coevolving model which is expressed by “system structure reconfiguration + system resilience improvement” and suggests that the futureoriented advanced existence of GVC is the more resilient business ecosystemTo accelerate the formation of this new type of GVC，this research reveals the typical structural features of a more resilient business ecosystem and provides an analytical explanation on its emerging process and its underlined longtermism，and then specifies the feasible paths of its emergenceHence，implications and recommendations are proposed for Chinese companies and Chinese government to jointly promote the construction of a more resilient business ecosystem.

STATIONED SUPERVISION，PERFORMANCE APPRAISAL TRANSFORMATION AND HIGH-QUALITY ECONOMIC DEVELOPMENT——Empirical Evidence from the Stationed Land Supervision in China

ZHAO Xushuai, ZHENG Lifang, GUO Guangzhen,

2022, 42(7):  82-99. 

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In this paper，the stationed supervision policy and the transformation of performance appraisal are brought into the unified analysis framework，and the multi task principalagent model is used to analyze the optimal strategy choice under the conflict between “quality” tasks and “quantity” tasksIn terms of empirical research，this paper takes the stationed land supervision policy as an example，uses the method of differenceindifference to empirically test the impact of the policy on highquality economic development and the mechanism of actionThe results show that the inspectorate policy helps to promote highquality development，but its implementation should take into account the relative conflict between tasks；under the twoagent model，the land stationed supervision policy can significantly play its role of supervision and incentive，and can promote highquality development by influencing the local government；the effect of such guiding incentive methods as changing performance appraisal indicators began to show initiallyThe mechanism test shows that the supervision policy promotes highquality development by promoting the standardization of the legal system，intensive development，environmental sustainability and people's livelihood sharing.

A FUNCTIONAL PRINCIPAL COMPONENTS ANALYSIS ON THE ASSET PRICING ANOMALIES

LI Bo , LIU Zhenya,

2022, 42(7):  100-112. 

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This paper studies five pricing anomalies in China's Ashare markets based on functional principal components analysis (FPCA)Compared with the conventional approaches，the FPCA approach can accurately extract the monotonic and nonmonotonic relationship between firm characteristics and expected returnsThe empirical results show that the sorted panel data of returns mainly includes three principal components：the first one represents the expansion of market premium in the economic sense，which is independent of all anomaly effectsThe second one represents the crosssectional “monotonic” effect of anomalies，in which the robustness of value and momentum anomalies is weakThe third one represents the crosssectional “convexity” effect of anomalies，which is related to the “dispersion effect” caused by investors/ behavior.