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18 April 2017, Volume 59 Issue 4 Previous Issue    Next Issue

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Research on the Optimization of Logistics Distribution Route of Fresh Agricultural Produce under Internet of Things LI Chang-bing, WANG Er-jing, YUAN Jia-bin 2017, 59(4): 1-9.  Abstract ( 171 )   For the shortcomings of logistics distribution mode of traditional fresh agricultural produce, after considering the advantages of Internet of Things and the characteristics of fresh agricultural produce, this paper sets up multi-objective route optimization model that takes he highest customer satisfaction and the lowest delivery cost as goal under Internet of Things with fuzzy time window function, customer satisfaction function, agricultural produce loss function and other major constraint conditions introduced, and puts forward a new distribution mode under the Internet of Things; the model is simulated on the basis of Matlab software and improved genetic algorithm, and the optimal solution of the model is obtained by the superposition of several genetic algorithms, to provide reference for people to choose logistics distribution route of fresh agricultural produce. References | Related Articles | Metrics

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The Effects of Supplier′s Market-based Asset on Industrial Brand Value YAN Zi-chun1, PENG Hua-wei2, LI Guo-dong1 2017, 59(4): 10-16.  Abstract ( 123 )   From the perspective of purchaser, this paper constructs the relationship model of supplier′s market-based asset and industrial brand value based on asset to empirically analyze the data from 198 purchasers, findings that supplier′s customer asset not only directly positively impacts industrial brand value, but also improves industrial brand value through mediating effect of brand relevance ;innovation asset affects industrial brand value through brand relevance, the moderating effect of product importance on relationship between customer asset and brand relevance is not significant, while it can strengthen the positive effect of innovation asset on brand relevance. This paper hopes to provide reference for supplier to select and configure market-based asset and improve industrial brand value. References | Related Articles | Metrics

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How does China′s Retail Trading “Going Global” Strategy Adapt to “The Belt and Road Initiative”？——An Economics Analysis of “Five Major Goals” ZHU Rui-ting 2017, 59(4): 17-24.  Abstract ( 110 )   Jointly building “The Belt and Road Initiative” takes five major goals, namely “Policy Coordination, Facilities Connectivity, Unimpeded Trade, Financial Integration and People-to-people Bond”, as cooperation focus, and countries along the “The Belt and Road Initiative” are the important target markets of China′s retail trading “going global”. China′s retail trading should be promoted to adapt to “The Belt and Road Initiative” strategy, aiming at driving the “going global” strategy, substantiating and enriching the content of “The Belt and Road Initiative” cooperation. As such, in the external direction, we should actively lead, guide and strengthen policy communication, strategic docking and business dialogue within the bilateral and multilateral framework; in the internal direction, we should take China′s retail trading “going global” into the framework of “The Belt and Road Initiative” construction, and strengthen the coordination and service in planning, legal and policy levels to build a support system of China′s retail trading “going global” adapting to “The Belt and Road Initiative”. References | Related Articles | Metrics

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ntellectual Property Protection,Trade Technology Spillovers,and Enterprise Innovation Performance——An Analysis based on Panel Threshold Model ZHENG Yu 2017, 59(4): 25-30.  Abstract ( 100 )   This paper uses the panel threshold model to empirically analyze the technology spillovers effect obtained through import trade channels and tests the effect of different levels of intellectual property protection in the process, finding that intellectual property protection has played a significant double threshold effect in the technology spillovers of import trade, and when intellectual property protection has exceeded some threshold value, the trade technology spillovers had a greater promoting effect on enterprise innovation performance in our country. Therefore,our country should reasonably design and use the resources of intellectual property protection according to market preferences. References | Related Articles | Metrics

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Interest Rate Linkages and Monetary Policy Autonomy ——An Analysis based on Treasury Bonds Market Linkages between China and US YANG Zhen-yu, SHI Jian-huai, YOU Li-ping 2017, 59(4): 31-36.  Abstract ( 70 )   It is of great significance to correctly identify the linkage between domestic financial market and external market. Using treasury bonds market as an entry point and applying sub-period regression and Markov switching regression, this paper analyzes structural change of treasury market interest rate linkages between China and US. Before 2006, China′s interest rates with different terms were independent of that of the US, but after 2006, the relationship has transformed into “short-term is independent, long-term is associated”, which means that China′s monetary policy has had no “complete” independence; while affirming floating exchange rate can reduce the pressure that domestic short-term interest rate must follow the change of interest rate in US, such a structural change may partly support the mechanism of “Dilemma” or “Global Financial Cycle”, emphasizing that no matter how the exchange rate system changes, more capital openness will strengthen the relationship of domestic and international financial conditions. Therefore, we should strengthen the impact of monetary policy on medium and long-term interest rates, pay attention to the application of macro- prudential policy, rationally use capital flow regulation, and actively participate in international monetary policy cooperation. References | Related Articles | Metrics

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Social Capital and Audit Fees ——An Empirical Study based on Chinese A-share Listed Companies LIU Ying-fei, DING Xi-han 2017, 59(4): 37-47.  Abstract ( 85 )   Social capital stock reflects social members′ consciousness of mutual cooperation and integrity level. This paper starts from cognitive and structural types two dimensions of social capital and takes A-share listed companies from 2009 to 2014 as samples to test the influence of social capital on audit fees by using multiple regression and Logistic model. The conclusions of empirical study confirm that firms with high social capital stock,which are located in the same city with headquarters,pay lower audit fees; compared with structural social capital, the impact of cognitive social capital on audit fees is more obvious; higher social capital not only can reduce auditors′ human resources investment, but also can decrease audit-related litigation risk. That auditors refer to the social capital stock of the city where company headquarters is located to conduct audit pricing decision shows in the case of dominant mechanism to be improved, the recessive mechanism can play a good supplementary effect. Therefore, improving social capital stock is conducive to broadening the channels of information sharing, reducing transaction costs, and promoting social division of labor. References | Related Articles | Metrics

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A Comparative Study of the Competitiveness of Productive Service Trade between China and the Ten Countries along “The Belt and Road Initiative” WANG Jiang,TAO Lei,HUANG Yu-ting 2017, 59(4): 48-54.  Abstract ( 135 )   The development of productive service trade has a significant role in promoting Chinese Enterprises “going global” strategic layout. the paper uses the IMS index, RCA index, TC index and Michaely competitive advantage index to compare the competitiveness of productive service trade between China and ten countries along “ The Belt and Road Initiative”，finding that the development level of China′s productive service trade is low and the structure is at more obvious disadvantage; in the field of high-tech services, China has no a competitive advantage, but has a certain strength in the services fields of low and medium technical content. Therefore,we should optimize China′s productive service trade structure to promote the competitiveness of productive service trade . References | Related Articles | Metrics

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The Value of Financial Flexibility Measurement and Its Impact on Cash Dividend Distribution: Empirical Evidence from Listed Companies in Shanghai and XIE Chi1,2，MA You-yuan1 2017, 59(4): 55-62.  Abstract ( 77 )   The value of financial flexibility is to create the means of coping with the external environment fluctuation and complexity and option of dealing with unpredictable events. However, our country lacks of normalized empirical research on how this factor plays an important role in enterprise financial decision-making. Taking annual financial data of listed companies from 2008 to 2014 in Shanghai and Shenzhen stock markets as samples, based on the empirical measurement to the value of financial flexibility, the paper takes financial flexibility and cash dividend into the consistency framework, and investigates the impact of the value of financial flexibility on the cash dividend from different aspects. The results confirm that: the higher the listed company′s value of financial flexibility is, the lower the probability of cash dividend payment is, showing a negative correlation between value of financial flexibility and cash dividend payment level; in enterprises having high value of financial flexibility, their cash dividend levels are low, whether they are state-controlled enterprises or enterprises with larger proportion of tradable shares and managers ′shareholding. This study deepens the understanding of financial flexibility theory, and it also has reference value to financial practice. References | Related Articles | Metrics

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Research on Diversification and Systemic Risk of Chinese Listed Commercial Banks〖WT〗 LIU Ao-qiong1, LIU Xin-yu2 2017, 59(4): 63-72.  Abstract ( 126 )   “Financial disintermediation” makes the traditional commercial banks embark on the road of business diversification, services diversification and income diversification, as well as attracts special attention to the systemic risk in the banking. This paper selects14 banks listed before 2008 as samples, and takes MES value as the proxy variable of the systemic risk to study the relationship between bank diversification and MES value. Meanwhile, the bank scale is used as the tool to distinguish the different types of banks. The results show that there are significant differences in the impact of improving the level of diversification of city commercial banks, small and medium-sized joint-stock commercial banks and large state-owned commercial banks on systemic risks: improving the level of diversification will increase city commercial banks′ systemic risk and reduce small and medium-sized joint-stock commercial banks and large state-owned commercial banks′ systemic risk; when banks adjust the diversified business strategy to stabilize systemic risk, three types of banks above should consider increasing the proportion of fees and commissions, in addition, small and medium-sized joint-stock commercial banks and large state-owned commercial banks should also consider increasing the proportion of equity earning. References | Related Articles | Metrics

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Trade Facilitation Development of Japan and Its Influence on China-Japan Trade GAN Rui-miao1，CHEN Zhi-heng1, WANG Wei-lin2 2017, 59(4): 73-81.  Abstract ( 106 )   As a trading power, Japan participates in trade facilitation actions of international and regional organizations positively, strengthens bilateral and multilateral trade facilitation cooperation, implements some measures for trade facilitation, such as Authorized Economic Operator, Customs Risk Management, Pre-Arrival Examination and Nippon Automated Cargo and Port Consolidated System, improving the level of trade facilitation. China and Japan are major trading partners, so trade facilitation has a significant impact on the trade between China and Japan. Japan′s efforts in trade facilitation development is worthy of reference for China. References | Related Articles | Metrics

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A Dynamic Test on International R&D Spillovers through Service Trade Import ——An Analysis based on Cointegration and State Space Model ZHU Fu-lin1, YANG Sheng-ming2,ZHAO Shao-quan3 2017, 59(4): 82-88.  Abstract ( 94 )   International R&D spillovers is one of the important paths to achieve technological progress for developing countries. This paper applies space technical model which can illustrate the time change of relations of economic variables, to calculate direct and indirect international R&D spillovers stock through service trade import in China, and then uses cointegration and state space model to examine the effects of domestic and foreign R&D stock on growth of TFP in China. The empirical results show that in the long run, domestic R&D investment, international R&D spillovers and TFP stay in a stable relations of equilibrium cointegration, however effects of international indirect spillover is greater than direct one, and the relations of cointegration exhibited relatively large fluctuations owing to impacts from political and economic factors. References | Related Articles | Metrics

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Mergers and Acquisitions Performance Commitment and Operating Performance of Listed Company——A Study based on the Perspective of Performance Commitment Expiry RAO Xi1, HOU Xi-pei2 2017, 59(4): 89-96.  Abstract ( 97 )   M&A performance commitment default events occur frequently. This paper chooses listed companies that signed M&A performance commitment from May 18th 2008 to December 31st 2015 as samples to analyze changes in performance of listed companies after the mergers and acquisitions performance commitment expiry from three levels and the effects of whether the M&A performance commitment realizes or not and different compensation methods on performance of listed companies. The results are as follows: after the compensation commitment expiry, the operating performance of listed company will decline; the operating performance of listed company whose M&A target achieves the performance goal is better than the listed company whose M&A target does not achieve the performance goal; the operating performance of listed company that obtains stock compensation is significantly better than the listed company that obtains cash compensation. This study is expected to provide a more comprehensive evidence for the implementation of the mergers and acquisitions performance commitment policy, and provide policy reference for the establishment of a more effective compensation mechanism. References | Related Articles | Metrics

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Customer Mistreatment, Emotional Exhaustion and Employee′s Job Performance: A Moderated Mediation Model LIN Yan1，WANG Zhi-zeng2 2017, 59(4): 97-104.  Abstract ( 100 )   As one of the “dark sides” of the external organization, the negative impact of customer mistreatment on employee′s job performance cannot be ignored. Based on Affective Events Theory and Conservation of Resources Theory, this paper discusses the impact of customer mistreatment on job performance from the perspective of emotional exhaustion by taking “events-emotion-attitude and behavior” as the main line and tests the regulating effect of job embeddedness. The results show that: customer mistreatment has a significantly positive effect on emotional exhaustion, and has a significantly negative impact on job performance, emotional exhaustion plays an intermediary role between customer mistreatment and job performance,and job embeddedness plays a regulating role between customer mistreatment and emotional exhaustion; job embeddedness adjusts the indirect impacts of employee′s job performance caused by emotional exhaustion, which means when the rate of job embeddedness is higher, the impact of the intermediary role of emotional exhaustion will be smaller. This paper explains the negative impact of customer mistreatment from a new theoretical perspective, and reveals the internal mechanism and conditions of customer mistreatment on employees′ job performance. References | Related Articles | Metrics

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High Performance Human Resource Practices and Affective Commitment: Moderated by Person-Organization Fit and Person-Job Fit SU Fang-guo 2017, 59(4): 105-114.  Abstract ( 72 )   In view of conflicting studies results about the effects of high performance human resource practices on affective commitment, this study provides an integrated framework to bring insight into influence mechanism and boundary conditions of high performance human resources practice on affective commitment based on the two spiral effect (Gain Spiral and Loss Spiral) of Conservation of Resources theory (COR). The empirical results reveal: the impact of high performance human resource practices on affective commitment is nonlinear and presents inverted U-shaped relationship, person-organization fit moderates the relationship between high performance human resource practices and affective commitment, person-job fit moderates the relationship between human resource practices and affective commitment. This study reveals there exists complex nonlinear relationship between high performance human resource practices and affective commitment, which adds new knowledge to existing research. References | Related Articles | Metrics

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The Effects of Error Management Atmosphere on Employees′ Innovative Behavior ——An Analysis based on Mean Thinking as Moderating Variable ZHOU Hui, XIA Ge, DENG Shu 2017, 59(4): 115-121.  Abstract ( 97 )   Error is a kind of negative behavior，an effective feedback and the basis of thinking and innovation. Therefore, how to deal with errors which have been always inevitable is critical for innovative and learning organizations. As a prominent way of thinking in Chinese cultural context, studying Mean Thinking′s effect on error management atmosphere and innovation behavior is of theoretical and practical significance. This study analyzes the internal mechanism of error management atmosphere, team-member exchange(TMX) and Mean Thinking on employees′ innovative behavior through questionnaires and statistical analysis, finding that the error management atmosphere and TMX have positive influence on employees′ innovative behavior, team-member exchange partially mediates the relationship between error management atmosphere and innovative behavior, Mean Thinking moderates the relationship between error management atmosphere and employee′s innovative behavior, and the effect of error management atmosphere on employees′ innovative behavior is more obvious for employees with low Mean Thinking. References | Related Articles | Metrics

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The Influence of Group Financial Company on the Investment Value of Member Enterprises WANG Xue-mei 2017, 59(4): 122-128.  Abstract ( 93 )   The group financial company is the capital market of group internal financing. The actual operation effects, such as reducing enterprise′s financing cost and improving the use efficiency of funds, or exacerbating the agency conflict between members enterprise and group and increasing agent cost, have important reference value for outside investors′ investment decision to the members enterprise of group.Therefore, based on the data of A-share listed companies from 2010 to 2013, the average agency cost, asset-liability ratio, Z-score and net assets profit rate are calculated, and the significant differences are analyzed between them and the relevant data of the members with group financial company. The study found that: the group financial companies tightened the member enterprises′ cash flow and strengthened supervision to member enterprise, which violated management′s interests of member companies, increased the agency cost of some member enterprises and affected the performance of member enterprises; based on group′s whole interests, the group emptied the member enterprises through financial company, which resulted in the member companies′ financial risk was higher than industrial average and the managers′ on-the-job consumption level was higher than the industrial average, however, there was no significant difference between the average level of investors returns and the industrial average. As a result, the investment risk to member enterprises controlled by a group with financial company is higher. References | Related Articles | Metrics

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The Cooperation between Key Nodes Logistics Enterprises and Non Key Nodes Logistics Enterprises——An Analysis based on Evolutionary Game XU Yao-qun, CHENG Lin 2017, 59(4): 129-134.  Abstract ( 68 )   As for positive external effect of cooperation in logistics enterprises,the paper carries out analysis of it by building evolutionary game model of cooperation between key nodes logistics enterprises and non key nodes logistics enterprises. Research results show that the cooperation strategies of both key nodes logistics enterprises and non key nodes logistics enterprise are related to the increased benefits of cooperation between the two parties, when the increased benefits of the cooperation between the two parties change, some evolutionarily stable equilibrium is found; if “free rider” can gain a lot from the other side when they take cooperation strategy, logistics enterprises will reduce cooperation initiative. Therefore, logistics industry association should use macro-control to improve the overall credibility of logistics enterprises and punish the “free rider” behavior to promote the logistics enterprises to cooperate; reward logistics enterprises whose cooperation revenue growth is relatively small to motivate them to cooperate, and improve the overall credibility of logistics enterprises. References | Related Articles | Metrics

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Temporal and Spatial Characteristics of Total Factor Productivity in Chinese Equipment Manufacturing Industry-An Analysis based on Three Spatial Weight Matrices TANG Xiao-hua, CHEN Yang 2017, 59(4): 135-142.  Abstract ( 111 )   Based on the comprehensive geographic distance factors, economic factors and nested weights, the paper makes an analysis of the total factor productivity of equipment manufacturing industry, which is closer to the objective facts, and estimates the temporal and spatial distribution characteristics of TFP in Chinese equipment manufacturing industry from 1999 to 2014 by using the SBM super-efficiency model, and three different spatial weight matrices: adjacency, economy, nesting, to distinguish characteristics of spatial agglomeration of different levels of production efficiency in Chinese equipment manufacturing industry. The results show that there is a large gap between the TFP of equipment manufacturing industry at the provincial level, and the eastern region is far ahead of the middle and western regions; the trend of change is mainly characterized by growth, among which, the central and western regions increased significantly but the eastern region declined; the equipment manufacturing industry has spatial positive correlation under the adjacency and economic weight, but has negative correlation tendencies under the nested weight, reflecting the weakening of geographical factors and the enhancement of economic factors; the three kinds of weights showed a slight difference in spatial agglomeration characteristics, and all had significant spatial optimization characteristics. References | Related Articles | Metrics

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Producer Service Industry Agglomeration and Manufacturing Low-end Lock Breakthrough——Research from the Perspective of Capture Governance YANG Lin-sheng1,2, CAO Dong-po3 2017, 59(4): 143-153.  Abstract ( 77 )   Under the mode of capture value chain governance of the global value chain leading enterprise, Chinese manufacturing enterprises have long been locked in the low-end of value chain. Agglomeration, as an effective mechanism of producer service industry embedded in the manufacturing process, is of great significance for the upgrading of manufacturing enterprises. In the principal-agent relationship of “leading enterprises-OEM enterprises” in the global value chain, producer service industry agglomeration increases the chance for a breakthrough in the low-end value chain lock by relaxing the incentive compatibility constraint of OEM enterprise. Empirical study shows that producer service industry agglomeration can help the labor intensive and capital intensive manufacturing industry break through the low-end lock, but it has no significant effect on the upgrading and development of the technology intensive manufacturing. The development orientation of the technology intensive manufacturing is dislocated, and the system reform of producer service industry is not thorough and its development level is low, which may be the causes of this phenomenon. References | Related Articles | Metrics

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Research on the Heterogeneity of China′s Industrial Ecological Total Factor Energy Efficiency-An Analysis based on SBM-Undesirable and Meta-frontier Model CHEN Ping1,LUO Yan2 2017, 59(4): 154-160.  Abstract ( 112 )   In order to overcome the problem of heterogeneity of production technology in the past regional economic research, the SBM Undesirable model and Metafrontier production function are applied to calculate the ecological total factor energy efficiency of 30 provinces in China during 2004-2014 .At the same time, the paper uses “common technical ratio” to measure the technological gap of energy utilization in different regions, and analyzes the sources and influence factors of energy inefficiency from “management inefficiency”and “technology inefficiency” two dimensions. On the whole, there exist obvious regional differences in the common frontier ecological total factor energy efficiency (MTE) and common technical ratio (MTR)in the three groups of China, showing the “East-Middle-West” descending pattern; in three groups, the ranking of the group frontier ecological total factor energy efficiency (GTE) from high to low is West, Middle and East; from the decomposition of the mean value of ecological total factor energy efficiency, the inefficient energy use in the eastern group is due to the inefficiency of management, in central group the inefficiency of technical and management are both significant, while in the western group technical inefficiency is the most obvious, the industrial structure, opening up, R&D investment, environmental regulation, government intervention have significant and different impacts on the ecological total factor energy efficiency. References | Related Articles | Metrics

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Farmers Group-based Lending and P2P Network Credit: Alternative or Complementary? ——An Analysis based on Quaternary Probit Model SUN Guang-lin1, WANG Xue-biao2,LI Qing-hai3 2017, 59(4): 161-168.  Abstract ( 77 )   The farmer group lending and P2P network credit have their own advantages and disadvantages in solving the problem of farmers′ loans, and the combination of advantages may innovate rural financial development model. This paper empirically studies the association between group-based lending and P2P network credit with quaternary Probit model according to 2016 survey data from farmers in Xinjiang. It shows that group-based lending and P2P network credit are complementary, which is testified by both observable factors and non-observable ones; the reason of complementary relationship is that both of them have a comparative advantage in “information collecting”,“social sanction” and “capital supply”，etc. The conclusion gives a new way to develop financial service pattern for farmers. References | Related Articles | Metrics

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Research on Influence Factors and Potential of Agricultural Produce Trade between China and Countries along the Silk Road Economic Belt ZHANG Tong-pu1,2, HAN Yang2 2017, 59(4): 169-177.  Abstract ( 95 )   Based on 2005-2014 panel data of agricultural produce trade between China and “Silk Road Economic Belt” countries, the paper uses the gravity model to analyze and forecast China′s trade flow and potential to them from GDP, population, geographical distance, per capita GDP difference, institutional arrangements and other aspects. Agricultural produce trade volume between China and 39 countries along the Silk Road Economic Belt showed a sustained growth trend, and trade deficit also showed an increasing trend, showing a great complementarity in agricultural produce; the total amount of economy and population scale are directly proportional to the volume of bilateral trade, while the distance between countries and the per capita GDP gap have a negative impact on trade; Regional Economic Integration Organization has promoted the development of agricultural produce trade to some extent, among them, the promotion effect of SCO (Shanghai Cooperation Organization) is obvious, WTO and APEC are less; China′s trade potential with most of the countries along the Silk Road Economic Belt is big, pending further development. References | Related Articles | Metrics

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An Analysis of Dynamic Relation between Tourism Environmental Carrying Capacity and Urbanization Level in China′s Coastal Regions LIU Jia, LI Ying-ying, WANG Juan 2017, 59(4): 178-185.  Abstract ( 78 )   From the perspective of the coordination relationship and the mechanism of interaction between man and land, and by establishing an evaluation index system and applying multicriteria weighted evaluation model,this paper studies tourism environmental carrying capacity and urbanization level in China′s coastal areas and every province from 2001 to 2012,indicating the dynamic variation trend and spatial differentiation of above two factors, and explores the equilibrium,long-term characteristic and dynamic response relationship by analyzing data with quantitative test and building vector autoregressive model and impulse response function.The findings of this study show that tourism environmental carrying capacity and urbanization level in coastal areas increased gradually from 2001 to 2012,and there is a long and stable relationship between them: the increase of urbanization level will have a negative effect on tourism environmental carrying capacity while the promotion of tourism environmental carrying capacity will further the development of urbanization. References | Related Articles | Metrics