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10 January 2014, Volume 56 Issue 1 Previous Issue    Next Issue

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Research on Realizing Path of Residents′ Income Multiplication Goal under the Perspective of Capital Positive Externalities LI Ming-gui 2014, 56(1): 1-7.  DOI: 1001-148X（2014）01-0001-07 Abstract ( 0 )   The Eighteenth National Congress of the Communist Party of China proposed residents′ income multiplication goal. State-owned capital is the leading force to realize residents′ income multiplication, and private capital is the major force. We should not only carry on positive externalities of all kinds of capital, but also reveal the advantages of publicity and public welfare of our country state-owned capital more confidently and more consciously. Through the system arrangement to promote capital aggregation positive solution, we will realize the income multiplication equilibrium,economic progress and social harmony. References | Related Articles | Metrics

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A Comparative Analysis of the Economic Effect Partial Equilibrium of Carbon  Tariff and Carbon Tax JIANG Hong, CHEN Xi 2014, 56(1): 8-14.  DOI: 1001-148X（2014）01-0008-07 Abstract ( 0 )   A raise of carbon tariff and carbon tax affects the output and demand of northern and southern countries through influencing price and cost. On the one hand, an improvement of carbon tariff in northern country will make the northern country increase its output,and make the southern country drop its output, which also proves the protectionism nature of carbon tariff. On the other hand, the effect of carbon tariff on the social welfare of northern and southern countries is uncertain, due to the influence of other variables. Therefore,the southern country should reduce or even cancel internal carbon tax, promote technological progress, reduce the carbon emission intensity, hold diplomatic consultation actively with northern country and insist on northern country to cancel or reduce carbon tariff. References | Related Articles | Metrics

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Natural Resources Endowment，Economic Rights Endowment and Regional Economic Growth LIN Yong，ZHU Zhong-jie，ZHANG Rui 2014, 56(1): 15-21.  DOI: 1001-148X（2014）01-0015-07 Abstract ( 0 )   This paper takes the panel data from 2000 to 2011 in 31 provinces of China to build spatial econometric model, and incorporates the economic rights endowment into the analytical framework of natural resources endowment and regional economic growth by spatial panel method, to analyze the effects of natural resources endowment and economic rights endowment on regional economic growth. The research results show that natural resources endowment is positive correlations with regional economic growth, and the abundance of natural resources can promote regional economic growth to a certain, but has little effect;besides,in the economic rights endowment, both of physical capital rights and the right to use the labor are positive correlations with the economic growth,and has more effect;human capital rights is negative correlations with regional economic growth, but is not significant;the institutional change rights is positive correlation with regional economic growth, the system supply rights is positive correlations with regional economic growth, but is not significant. References | Related Articles | Metrics

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Economic Growth, Level of Education and Income Inequality CHENG Xie-jun 2014, 56(1): 22-29.  DOI: 1001-148X（2014）01-0022-08 Abstract ( 0 )   This paper reveals that the Chinese economy follows inverted Kuznets Curve characteristic without significant point of inflection based on econometric models with key variables controlled; both economic growth and educational improvement can significantly promote the income inequality, and the effect is sustained and stable; inflation further increased income inequality, and population growth can relieve income inequality;the economic openness and denationalization level have no significant effect on income inequality. Therefore, we should realize the importance of both maintaining economic growth and restricting income inequality. References | Related Articles | Metrics

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The Impact of International Crude Oil Price Volatility on China′s Macro-economic Growth YANG Bo 2014, 56(1): 30-33.  DOI: 1001-148X（2014）01-0030-04 Abstract ( 0 )   Based on the Brent spot price and quarterly data of real GDP growth rate, this article uses vector auto regression (VAR) model building and estimation, Granger causality test and impulse response function estimation method to test the relationship between international crude oil price volatility and China′s macroeconomic growth. Research shows that: in the case of different lag orders, Brent spot price itself influences the occurrence of a significant change, the influence on China′s real GDP growth rate has also undergone a significant change. In the case of different lag orders, the influence of China′s real GDP growth rate on the Brent spot price has undergone a significant change, Brent spot price influence on China′s real GDP growth has also undergone a significant change; there is a more significant one-way Granger causality relationship between the Brent spot price time series and real GDP growth rate sequence, namely, Brent spot price can significantly affect our real GDP growth rate,and Brent spot price positive impact has significant effects on China′s real GDP growth rate.  References | Related Articles | Metrics

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Threshold Effect of Exchange Rate Change on Export Prices in Price Stickiness Mechanism ZHANG Xin 2014, 56(1): 34-38.  DOI: 1001-148X（2014）01-0034-05 Abstract ( 0 )   By introducing the price stickiness mechanism into traditional exchange rate research framework, the paper used the panel threshold model to analyze the effect of exchange rate pass-through on China′s industrial exports price. Empirical research results showed that the pass-through effect was linear under normal circumstances,but when the external economic environment deteriorated, exchange rate pass-through effect varied with the different exchange rate fluctuations, which showed a significant threshold effect. References | Related Articles | Metrics

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The Influence of Affordable Housing Construction on the Commercial Housing Market LV Ping, QI Rui-shuang, LI Shuang 2014, 56(1): 39-47.  DOI: 1001-148X（2014）01-0039-09 Abstract ( 0 )   According to the general equilibrium market theory, this paper considers the determining factors that affordable housing construction exerts an influence on the commercial housing market are the scale of affordable housing construction, and the ratio of affordable housing demand crowd in the commercial housing market by segmenting and analyzing the affordable housing market. In the “Twelfth Five Year Plan” period, especially in the late stage of the “Twelfth Five Year Plan”, affordable housing construction will have a relatively large impact on the commercial housing market in Beijing under the premise of expanding security boundary. References | Related Articles | Metrics

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Research on China′s Manufacturing Industrial Upgrading based on International Vertical Specialization Division of Labor SHI Ben-ye, LI Ze-run 2014, 56(1): 48-54.  DOI: 1001-148X（2014）01-0048-07 Abstract ( 0 )   In the background of economic globalization and international industrial transfer, as the main form of new international division of labor, the international vertical specialization division of labor has increasingly apparent impacts on China′s manufacturing industrial upgrading. Based on theoretical analysis, this paper calculates the international vertical specialization index of China′s manufacturing industry. By building VAR model and the impulse response, the paper also makes an empirical study on the impacts of the international vertical specialization division of labor on China′s manufacturing industrial upgrading, by use of time-series data of China′s manufacturing industry from 1992 to 2008. The results show that China′s manufacturing sector participation in international vertical specialization division of labor can effectively promote industrial upgrading in manufacturing, and this upgrading effect is significant at the beginning; although the effect is gradually weakened over time, but the positive role of the upgrading effect still remain. References | Related Articles | Metrics

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Status and Role of Circulation based on Use-value ZHANG De-yin，CHEN A-xing，DING Ning 2014, 56(1): 55-59.  DOI: 1001-148X（2014）01-0055-05 Abstract ( 0 )   As a link between production and consumption, distribution always plays a fundamental role in the social reproduction and economic operation. However, the Western Mainstream Economics and Marxist Political Economics ignored the status and role of circulation more or less. Based on the basic viewpoint of use-value social reproduction, it further expound foundational status and role of circulation in social reproduction.  References | Related Articles | Metrics

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An Analysis of Operating Mechanism of Food Safety Synergistic Governance CHEN Yan-li 2014, 56(1): 60-65.  DOI: 1001-148X（2014）01-0060-06 Abstract ( 0 )   This paper puts forwards the basic framework of operating mechanism of food safety multiple subjects synergistic governance by use of the basic principle of synergetics, and points out the basic ideas of food safety synergistic governance construction combining with the status quo of Chinese food safety governance, in order to promote food safety governance level in China. References | Related Articles | Metrics

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TMT Reflexivity: Research Model and Case Analysis RONG Peng-fei, GE Yu-hui 2014, 56(1): 72-80.  DOI: 1001-148X（2014）01-0072-09 Abstract ( 0 )   On the basis of the literature review, this paper put forward a research model for TMT reflexivity, and studied the effects of mild, moderate and deep TMT reflexivity on TMT characteristics, TMT behavioral integration, TMT effectiveness and business performance separately using the method of case analysis. The research results showed that: TMT reflexivity evolution is affected by enterprise nature, development scale, task type and TMT composition characteristics, which is the result of many factors to interact with each other; the effects of mild, moderate and deep TMT reflexivity on TMT characteristics, TMT behavioral integration, TMT effectiveness and business performance show the characteristics of differentiation; the process of TMT reflexivity evolution can be guided by taking certain measures properly, so that it serves enterprises better. References | Related Articles | Metrics

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Knowledge Collaborative Innovation based on Organization Boundary Spanning ZHANG Cai-hong, ZHONG Qing-yi 2014, 56(1): 81-86.  DOI: 1001-148X（2014）01-0081-06 Abstract ( 0 )   Knowledge collaborative innovation is a continuous knowledge value-added process which is composed of multiple subject knowledge innovation through boundary spanning to mutual cooperation and mutual learning, and is a new hot spot of organizational knowledge innovative model research and practical exploration. This paper analyzes influence mechanism of boundary spanning on knowledge collaborative innovation, summarizes the model of knowledge collaborative innovation based on boundary spanning within an organization and between organizations. At last, this paper puts forward suggestions in favor of knowledge collaborative innovation, including developing boundary spanning rules, improving permeability and flexibility of boundary, strengthen boundary spanning medium, training boundary spanning people and building incentive mechanism of boundary spanning. References | Related Articles | Metrics

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The Influence of Confucian Values on Farmer′s Color-TV Purchasing Behavior WANG Li-juan, LI Bao-ku, ZHANG Xiao-qiang 2014, 56(1): 94-102.  DOI: 1001-148X（2014）01-0094-09 Abstract ( 0 )   In China′s rural areas, as implicit factors, confucian values affects farmers ′ shopping behavior. On the basis of empirical analysis, this article carries out factor analysis of farmers values and purchasing motivation, explores the relationship among confucian values, purchasing motivation and farmer′s color- TV purchasing behavior; on the basis of demonstrated V-M-BBI model, it verifies that the effect of demographic variables in the model. The results of the study have reference significance for rural markets segment and brand values. References | Related Articles | Metrics

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The Impact of Advertising Endorsement on Brand Extension based on Cognitive Style WANG Han, BAI Yue-ning, ZHENG Chun-dong 2014, 56(1): 103-111.  DOI: 1001-148X（2014）01-0103-09 Abstract ( 0 )   This paper divides consumer into two cognitive styles, which are field-independent style and field-dependent style. Then,by using Embedded Figures Test (EFT) and scales measurement, this paper explores whether the advertising endorsement and endorsing involvement will have an impact on the extension evaluation of different cognitive style consumers. The results indicate that regardless of the consumer′s cognitive style, the extension evaluation of high endorsing is better than that of low endorsing and there is no difference of the extension evaluation between low endorsing and no endorsement. Moreover, the extension evaluation of field-dependent consumer will be affected by endorsing involvement, but the extension evaluation of field-independent consumer will not be affected. References | Related Articles | Metrics

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Does There Exist Insurance Hypothesis of Audit Demand? ——Positive Research in the Capital Market of China ZHANG Yan, HUANG Mei-yu 2014, 56(1): 117-125.  DOI: 1001-148X（2014）01-0117-09 Abstract ( 0 )   Based on the audit theory of insurance hypothesis, the paper makes use of one latest law the Supreme People′s Court enact about the civil liability of auditor-“Regulations about the trial of cases about the auditor′s civil tort compensation liability ” -to perform an empirical test. The empirical results reveal that the cumulative abnormal rate of return of audit clients′ stocks price in the window of ten days is relative to company′s some audit characteristics: if audit unit is audited by the big-four accounting firms,if get standard audit opinion,and the bearing system risk. The results illustrate the insurance hypothesis of audit theory is largely true in the capital market of China, the audit service is conducive to the interest protection of investors. References | Related Articles | Metrics

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Application and Development of the Impossible Trinity: A Literature Review LI Li 2014, 56(1): 126-131.  DOI: 1001-148X（2014）01-0126-06 Abstract ( 0 )   The Impossible Trinity is the fundamental theory basis for many countries to make a policy combination option in an open economy. After tracing the origin of The Impossible Trinity, this essay reviews the literature on the application of the theory in three major fields: exchange rate arrangement, macroeconomic policy combination option, and financial crisis.  References | Related Articles | Metrics

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An Analysis of Location and Path of the Financial Open of Shanghai Pilot Free Trade Zone——A Comparative Study with Hong Kong Freeport Financial Path ZHANG Wei, YANG Wen-shuo 2014, 56(1): 132-136.  DOI: 1001-148X（2014）01-0132-05 Abstract ( 0 )   Shanghai Pilot Free Trade Zone (Shanghai FTZ) is a new pilot for the national strategy of “the openness promoting the reform”. The financial openness is an organic part of the opening-expanding of services in Shanghai FTZ, and its supporting, progressive registering bases on meeting the financial requirement of trade related services. From the overall situation of the national financial reform, the financial openness of Shanghai FTZ is one of the strategic breakthroughs of comprehensive financial reform, and it has a relative independent market-oriented path beyond the FTZ. In the top-level design and the specific path, the two finance systems in Shanghai FTZ and Hong Kong Freeport have a bit similarity and competitiveness, but in the foreseeable future there is no alternative to each other since the developmental gap. References | Related Articles | Metrics

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A Comparative Study on the Announcement Effect of Cash Dividends and Stock Repurchase WANG Jian，HUANG Jin-Chun 2014, 56(1): 137-145.  DOI: 1001-148X（2014）01-0137-09 Abstract ( 0 )   Based on the calculation of abnormal return, this paper comparatively studies the announcement effect of cash dividends and stock repurchase by use of the event-study analysis method, finding that both of the two mentioned do have the obvious announcement effect. According to the study, the similarities have been found in three specific aspects: both have antedating response; both share the similar stage characteristics during the event time window which under the study;no difference on the level of the market reaction. All these results indicate that in the A share market of China, substitution effects exist between cash dividends and stock repurchase.  References | Related Articles | Metrics

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Rural Specialized Cooperatives: Interests, Games and Reciprocity Norms ZHANG Cui-lian, ZHAO Lun, HAN Yi 2014, 56(1): 152-157.  DOI: 1001-148X（2014）01-0152-06 Abstract ( 0 )   Based on the planning, organization and operation of the cooperative process, the paper argued for the complex demands of farmers′ interests, the games of diverse exchange behaviors, and the evolution of reciprocity norms. From the perspective of community cooperatives, this paper emphasized the interests, games, and reciprocity norms in cooperation within a specific community, and suggested the integrated, dynamic and complex process of cooperation. The perspective of community cooperatives can alert the exaggerated and dominant emphases on the professional and economic attributes of specialized cooperatives, offer reflection on the economic orientation of rural specialized cooperatives, and provide new insight to understand China′s rural specialized cooperatives. References | Related Articles | Metrics

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An Analysis of Characteristics of the Temporal and Spatial Variation of International Tourist Market of Ningbo City CAI Bi-fan, TAO Zhuo-min, GE Pei-pei 2014, 56(1): 166-172.  DOI: 1001-148X（2014）01-0166-07 Abstract ( 0 )   According to the relevant statistical data of the whole nation, Zhejiang province and Ningbo city of inbound tourism market, the paper analyzed the temporal and spatial variation features of Ningbo international tourist market with preference scale and competitive state. The results showed that Ningbo international tourist market preference scale has been basically in a stable state in the recent 10 years, country differences were not great, space position did not change before and after the two periods,only had slight changes in numerical;the interannual variation of competition state was large, but showed declining trend in general.  References | Related Articles | Metrics

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Promotion Strategy on the Visitor′s Experience Value of City Tourism Festivals HUANG Meng, LI Li-xia 2014, 56(1): 173-178.  DOI: 1001-148X（2014）01-0173-06 Abstract ( 0 )   As the social and economic development and the improvement of living standard in China,visitors perceive and assess all kinds of tourism products with an experience manner. As a kind of special tourism product, city tourism festival can create cheerful travel experience to the public. To start with the research background of the city tourism festival, the paper analyzed the connotation and composition of it. On the basis of the above discussion, this paper built up an experience value model of the city tourism festivals. Finally, it provided integrating experience factor and creating experience atmosphere have great significance to improve the tourist experience value, besides increasing participation and interactivity. References | Related Articles | Metrics

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A Comparative Study on South Korea - China Tour Operator Website Contents based on Purpose-Value Framework LI Zhi-hui, HAN Zhen-zhu 2014, 56(1): 179-184.  DOI: 1001-148X（2014）01-0179-06 Abstract ( 0 )   The purpose of this study is to compare the main characteristics of tour operator′s website contents between China and South Korea by selecting Top 30 Chinese tour operators and Top 30 Korean tour operators. To achieve this goal, Ho′s β index was calculated based on purpose-value frame and the indices were compared between China and South Korea. As a result of analysis, the website β indices are 7.0919 and 8.3089, showing both Chinese and South Korean tour operator websites are in higher level in web contents. Moreover, Chinese tour operator websites are a little less information-oriented compared with South Korean tour operator websites. Specific targets from the objective value matrix, there are differences in tour operator website contents between them. References | Related Articles | Metrics

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The Third Party Payment Market Access: Realistic Basis, Problem Perspective and Improvement Path MA Yong-bao 2014, 56(1): 185-192.  DOI: 1001-148X（2014）01-0185-08 Abstract ( 0 )   The market access of the third-party payment industry is a special part of the market access system, and is the administrative licensing examination and approval system in essence. Because information asymmetry, big system risk, multiple users and wide influence, a problem will cause disastrous social influence, so, we must carry out market access. In the design of the existing system, the regulation of foreign equity and access regulation are fuzzy, special relief way is lack, formal rules is difficult to achieve the desired effect, withdrawal mechanism is difficult to bear the function of supporting measures. Therefore, we should not only perfect the institution to clear interest balance principle, control principle and promotion principle, but also reasonably revise and innovate foreign market access relevant system to strengthen the operability. References | Related Articles | Metrics