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16 June 2017, Volume 59 Issue 6 Previous Issue    Next Issue

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Accounting Conservatism and Trade Credit Financing Under the Environment of Economic Policy Uncertainty WANG Man,HUANG Bo，YU Hao-yang 2017, 59(6): 1-10.  Abstract ( 304 )   This paper expands the study of trade credit financing to economic policy uncertainty level,and studies the trade credit financing behavior from the perspective of accounting conservatism. Research shows that the higher the accounting conservatism, the more trade credit financing the company obtains; when the economic policy uncertainty is high, the positive relationship between accounting conservatism and trade credit financing becomes stronger; further study finds that state-owned property right and legal environment play a regulatory role in the relationship between accounting conservatism and trade credit financing: state-owned property right negatively regulates the relationship between accounting conservatism and trade credit financing, while legal environment positively moderates the relationship between accounting conservatism and trade credit financing. Research conclusion suggests that conservative financial report supports companies to improve trade credit financing under the environment of economic policy uncertainty. References | Related Articles | Metrics

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Research on Supply Chain Financing Decision and Coordination based on Retailers′ Fairness Preference WANG Zong-run，PAN Xiu-dong 2017, 59(6): 11-16.  Abstract ( 96 )   By introducing fairness preference into a capital constrained two echelon supply chain mode, this paper studies the effect of the retailers′ fairness preference on supply chain financing decision and its overall coordination. The study finds that when the market demand and unit production cost meet certain conditions, there is a threshold and when the degree of the retailer′s fairness preference is higher than the threshold, the manufacturer will refuse to provide trade credit and set the highest wholesale price, leading to a double marginalization; otherwise the manufacturer will offer trade credit and the double marginalization will be eliminated; the retailer′s bargaining power is enhanced as the degree of the retailer′s fairness preference increases below the threshold, and fairness preference has become a means for retailers to obtain overall profit distribution in the supply chain; fairness preference makes acceptable wholesale price for the retailer be positively related to the unit cost of production, and this relationship is enhanced with the increase of the degree of the retailer′s fairness preference. In conclusion, this paper proves that the retailer′s fairness preference will affect financing decisions, and financing decisions will affect the coordination of the whole supply chain, which can provide more practical decision-making guidance for manufacturers. References | Related Articles | Metrics

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The Effects of Consumer Online and Offline Purchasing Behavior on Real Retailer′s Business Strategy: An Analysis based on the Multi-group Structural Equation Model XU Fen, CHEN Hong-hua 2017, 59(6): 17-23.  Abstract ( 94 )   The development of Internet economy makes the real retail trade upgrade traditional retail mode with network technology, but the effect is not satisfactory. Based on the perspective of real retailers, this paper explores the relationship between online and offline consumer behavior in China and main factors influencing consumer offline purchasing through the fixed-point intercept random sampling method in Beijing, Shanghai, Hangzhou and other three cities and combining multi-group structural equation model. Research shows that the frequency of online shopping is significantly positive correlated with offline shopping, and the relationship is not complete substitutional relation; consumer′s time, online shopping frequency, and offline purchasing attitude are important factors that directly affect offline purchasing; price reduction is not the most effective way in competition, so the real retailers should optimize product information delivery channels, give full use of the service advantages of real store, implement diversified payment methods and efficient membership management to optimize the business strategy in all directions. References | Related Articles | Metrics

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The Faultlines of Top Management Team and Enterprise Innovation Capability: Evidence from Chinese GEM Companies SONG Di1, YANG Chao2,3 2017, 59(6): 24-33.  Abstract ( 75 )   This paper introduces the theory of faultlines of top management team(TMT), and uses the GEM companies as research samples to explore the effects of faultlines of TMT based on the background of finance on enterprise innovation ability. The results show that: the faultlines of TMT based on the background of finance and non-finance have negative effect on enterprise innovation ability, CEO power has inhibitory role in the negative influence of faultlines of TMT based on the background of finance on enterprise innovation and ownership concentration has promoting role in the negative influence of the faultlines of TMT based on the background of finance on enterprise. The above conclusions show that the faultlines of TMT based on the background of finance is an important factor influencing enterprise innovation ability. References | Related Articles | Metrics

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The Effects of Technology Spillover and Product Differentiation on Government Subsidy and Manufacturer Emission Reduction Decision XU Lang1，WANG Chuan-xu1，LUO Jia2,3 2017, 59(6): 34-42.  Abstract ( 86 )   Aiming at the contradiction between government subsidy and manufacturer emission reduction investment, the paper builds game model of government and duopoly manufacturers under three scenarios: the manufacturers without subsidies (Scenario NS)，subsidy to emission reduction investment (Scenario IS) and subsidy to the quantity (Scenario QS), to discuss manufacturers′ quantity and investment strategies and compare the differences between profits and social welfare in different subsidy scenarios. The research finds that government subsidies could improve both manufacturers′ profit and social welfare effectively, the optimal subsidy-rate under IS scenario is positively related to technology spillovers, while they show a U-shaped relationship under QS scenario, but optimal subsidy rate is negatively related to product differentiation under any subsidy strategy. The above conclusions provide the theoretical basis for the government subsidy policy, and also provide the countermeasures for the enterprises to emission reduction investment. References | Related Articles | Metrics

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RMB Exchange Rate Regime Choices based on Welfare Loss Function SUN Yan 2017, 59(6): 43-51.  Abstract ( 80 )   Exchange rate regime arrangement is crucial for a country′s domestic economic development and international trade income and expenses. From the perspective of social welfare effect, this paper focuses on the middle- short term RMB exchange rate regime choices according to different policy goals by building the exchange rate regime selection models which are based on loss function. The results show that, compared with floating exchange rate regime, Dollar-pegged exchange rate regime can reduce domestic output fluctuation when the policy goal is credible and sustainable, and compared with single Dollar-pegged exchange rate regime, pegged currency basket exchange rate regime can reduce the volatility of domestic output much more;when the policy goal is exchange rate stability, single Dollar-pegged exchange rate regime is the best exchange rate regime.Based on the condition of our country′s trade system and financial market, it is appropriate to maintain the pegged currency basket exchange rate regime. References | Related Articles | Metrics

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Research on the Shorting of China Concept Stocks DONG Bin, WANG Yi-huan 2017, 59(6): 52-62.  Abstract ( 69 )   To explore the main cause of the recent shorting crisis of China concept stocks in international stock markets, this article examines the effects of shorting reports on the prices of China concept stocks in the short and long term respectively using the event study method, and explores the main causes of trust crisis in China concept stocks. The results show that, shorting reports have significantly negative effects on the prices of China concept stocks in the short term, and in general have significantly negative effects on the prices of China concept stocks in the long term though in a few cases the reports exert significantly positive influence. In the long term, the stock price rises gradually, forming the remarkable positive effect. Therefore, most China concept stocks shorted are really problematic, and the fall in their prices is mainly due to normal market reactions instead of vicious shorting activities. Therefore, it is necessary for China′s securities regulatory authorities to make a careful screening of China concept stocks companies of “returnees”. References | Related Articles | Metrics

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Can Inclusive Finance Narrow the Urban-Rural Income Gap? Verification based on Nonlinear and Linear Panel Model HUANG Yong-xing, LU Feng-zhi 2017, 59(6): 63-68.  Abstract ( 79 )   Inclusive finance reduces urban-rural income gap through the formation, allocation and technological innovation of rural capital. Based on the provincial panel data of China from 2005 to 2014, this paper examines the influence of inclusive finance on urban - rural income gap based on nonlinear and linear panel model. The results show that at the national level, the impact of inclusive finance on urban-rural income gap is characterized by the first expansion and then reduction non-linear characteristic; the impact of the urban-rural income gap in the eastern region is characterized by the dynamic characteristic of the slowdown after the first increase, the impact on the central region is characterized by a continual widening linear characteristic and the influence of inclusive finance on urban-rural income gap in western China is not significant. The degree of development of inclusive finance and the escape of rural funds to non-agricultural industries or industries are the bottlenecks that constrain inclusive finance to narrow the urban-rural income gap. Therefore, the formulation of inclusive financial policies should be planned in an all-round way and act according to circumstances, and try to reduce the threshold of access to financial services for rural residents and township enterprises. References | Related Articles | Metrics

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An Analysis of Financial Development and Cash Dividend Policy: A Test based on Financing Constraints and Free Cash Flow WU Chun-xian，ZHANG Jing 2017, 59(6): 69-78.  Abstract ( 78 )   Cash dividend is an important way for investors to obtain returns. Ensuring investors′ reasonable returns not only is an important manifestation of the fiduciary duties of shareholders of listed companies，but also is an inherent requirement of the healthy development of capital market. Based on the financial characteristics of listed company, the paper analyzes the relationship between financing constraints, free cash flow and cash dividend policy,and discusses whether the impact of financial characteristics on cash dividend policy under different levels of financial development will change, finding that there is a negative correlation between the financing constraints and the cash dividend policy, and the improvement of the financial development level can significantly alleviate the negative correlation between the corporate financing constraints and the cash dividend policy; free cash flow is positively related to cash dividend policy, but with the improvement of external financial development, this relationship will be significantly weakened. The above research results can be used to correctly understand how financial development plays a role in micro economic variables of enterprises, and then affects company′s financial decisions; at the same time, it has some policy implications for how to overcome the “regulatory paradox” caused by the semi compulsory dividend policy through market means for financing constrained enterprises at present stage. References | Related Articles | Metrics

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An Analysis of Spatial Evolution of Income Distribution and Influence Factors in Guangdong Province based on ESDA-GWR WU Hao,LI Mei-qi 2017, 59(6): 79-85.  Abstract ( 103 )   On the basis of considering spatial heterogeneity and narrowing the scale of research areas, and taking the 21 cities of Guangdong province as research unit, the paper utilizes the method of ESDA to prove the existence of significant spatial correlation of income level in Guangdong province from 1980 to 2015: from the perspective of local autocorrelation, there is still a large gap between cities of Guangdong province, the high-high income cluster is far away from the low-low income cluster, and the situation has changed little over the years; high income group has a certain effect on low-income group, but has no obvious influence on low-income cluster. Through the geographical weighted regression, the paper concludes that globalization, marketization location and decentralization are the main reasons for income inequality in Guangdong. In a single variable GWR, marketization and decentralization are inverted U-shaped curve rolling in the income level, and urbanization intensifies regional income gap; in the multivariate GWR,the inverted U-shaped trend of marketization and decentralization is weaken, while urbanization shows U-shaped curve and its effect on regional income levels is strengthened. References | Related Articles | Metrics

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The Deconstruction Analysis of the Trade between China and Russia based. on the Perspective of Global Value Chain QI Shao-zhou, FU Ze-xi. 2017, 59(6): 86-74.  Abstract ( 92 )   In order to more truly reflect the source of value-added in trade, based on the perspective of global value chain, this thesis uses the World′s Inputs-Outputs Database (WIOD) to analyze the trade between China and Russia respectively from total exports, export structure, bilateral trade volume and export of intermediates under the framework of exports value-added decomposition. Research shows that: the total amount of China′s exports to Russia increased year by year, but value-added decomposition shows that domestic value-added declined in China share of exports to Russia and this part proportion represents the true value of Chinese exports to Russia, which shows that China′s exports to Russia was overvalued under the traditional trade accounting methods; compared with Russia, the structure of China′s exports to Russia has been in continuous upgrading; the manufacturing sector accounts for most of China′s export to Russia, the proportion of knowledge intensive products is increasing, and primary products and resource products occupy the absolute dominant position of Russia′s exports to China. Through the analysis of bilateral trade and intermediate good′s export, this thesis finds that China is constantly reducing dependence on Russian economy. References | Related Articles | Metrics

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A Comparative Analysis of Production Patterns between Chinese and American . Enterprises SHEN Hai-cheng1, SUN Ling2. 2017, 59(6): 95-106.  Abstract ( 78 )   In the face of the New Normal of China′s foreign trade, Chinese enterprises will participate in the global production more deeply. In the case of incomplete contract, this paper uses the data of the world input-output database to measure the average position of American and Chinese industries in the value chain, and uses regression method to analyze the influence of intra-company trade import share, factor intensity and import elasticity on enterprise production organizational model, while measuring China′s position in the global value chain. The results show that there is a positive and stable relationship between “downstreamness” and intrafirm import share, which only depends on the demand elasticity of buyer′s industry; when the production inputs can be complementary, companies choose to give up control of the upstream to encourage upstream firms to invest, because this investment will have a positive spillover effect on downstream firms; when demand is not elastic, the opposite can be predicted, that is, the integration of upstream phase is optimal choice, then we should be able to see the outsourcing of value chain downstream. References | Related Articles | Metrics

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China′s Business Cycle Fluctuations in New Normal: An Empirical Study. based on Financial Frictions LIU Jin-quan, WANG Yi-xing, LIU Zi-yu . 2017, 59(6): 107-114.  Abstract ( 79 )   After the Subprime Crisis, the role of financial frictions in economic growth and business cycle fluctuations has aroused great social attention. Based on a new Keynes DSGE model with the financial intermediary sector, the paper quantitively describes the influence mechanism of financial frictions on China′s business cycle fluctuations in New Normal. Research finds financial frictions could accelerate and amplify financial shocks through the balance sheet channel, and financial friction coefficient is inversely related to the business fluctuation multiplier effect; the capital quality shock has a long-term impact on business cycle fluctuations,but the monetary policy is only available in the short-term, which suggest that as long as the financial frictions exist, the monetary policy would have less effects on financial shocks. Relevant departments should not only depend on monetary policy for short-term regulation, but also focus on the characteristics of China capital market development and improve its management to maximize the role of virtual economy in optimizing the allocation of resources, and thus promote the recovery of real economy. References | Related Articles | Metrics

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Research on the Influence of the Legal Protection of Investor and the Attribute . of State-Owned Enterprises on Synergy Effect of Mergers and Acquisitions XU Zhao1,2. 2017, 59(6): 115-123.  Abstract ( 59 )   The synergy effect of mergers and acquisitions(M&A) is able to enhance corporate value. China′s special institutional background and enterprise attributes are important special factors that affect the efficiency of M&A in China. The regional difference of legal protection of investor and the enterprise attribute difference will have different influence on synergy effect of M&A. By analyzing the M&A events of listed corporations occurred during 2007-2010, the paper finds that the effect of legal protection level of investor on M&A efficiency is different for firms with different ownership concentration: for companies with lower ownership concentration, the influence of the legal protection level of investor on M&A efficiency is closely related to enterprise attribute, and state-owned enterprises are more likely to have positive spillover effects, that is to say, the higher the legal protection level of investor the acquirer has, the more efficient the cross-regional M&A will be. On the contrary, private enterprises with lower level of legal protection are easy to trigger the “steward” spirit, and there is a significant “bootstrap” effect, that is to say, the corporate governance can be improved through the synergy gained by acquiring target enterprises with higher legal protection level of investor. References | Related Articles | Metrics

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High Premium Mergers and Acquistions and Stock Price Crash Risk: . Agency Conflict or Overconfidence? ZENG Chun-hua, ZHANG Xiang,HU Guo-liu. 2017, 59(6): 124-130.  Abstract ( 75 )   Under the environment of rising enthusiasm for promoting the upgrading of the industrial integration and mergers and acquisitions(M&A) of listed companies in China, domestic capital market starts a new round of M&A wave. At the same time, premium M&A level of listed companies in China shows a rapid upward trend, the significant uncertainty and high economic loss potential of high premium M&A may bring fall in stock price once they are perceived by the market. Whether high premium M&A would lead to the stock market overheating, and cause the occurrence of stock price crash risk, is the focus of attention of capital market. From the micro point of view, the article analyzes A share listed companies which have experienced M&A in 2008-2013, observes the impact of high premium M&A on stock price cash risk, and analyzes the internal mechanism from “agency conflict” and “managerial overconfidence”, finding that high premium M&A shows a significant positive correlation with future stock price crash risk. The main reason for the positive correlation between the two is the “managerial overconfidence” but not the “agency conflict” between shareholders and managers, and the analysis conclusion of “managerial overconfidence” is more explanatory. References | Related Articles | Metrics

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Promotion Incentive, Salary Incentive and Over-investment of SOEs: An Analysis . based on 2008-2014 Data of Listed SOEs ZHANG Hong-liang1,WANG Jing-yu1,MIAO Sen-lin2. 2017, 59(6): 131-136.  Abstract ( 73 )   SOEs in our countries not only control the normal operation of national economy, but also take social responsibilities such as increasing employment, narrowing the gap between the rich and the poor. This paper makes an empirical study of the relationship between promotion incentive, salary incentive and over-investment of SOEs based on 2008-2014 data, finding both promotion incentive and salary incentive will urge over-investment of SOEs and these two incentive systems have substitution effect on over-investment; the business SOEs are more inclined to over-investment compared with public interest SOEs, and are more likely to be influenced by promotions incentive and salary incentive. Therefore, during the process of deepening the reform of SOEs, we should make classification management to different functions SOEs to increase efficiency of investment of business SOEs; on the other hand, government should make full use of material incentive and non-material incentive to lead investment of SOEs; promotion incentive should decrease the phenomenon of “relationship promotion”, State-owned Assets Supervision and Administration Commission(SASAC) should play the “gatekeeper” role of investors′ interest. References | Related Articles | Metrics

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Research on the Influence Factors of China′s Producer Services Promoting . Manufacturing Upgrading:An Empirical Analysis based on Super-Efficiency . DEA Model and Tobit Model DU Yu-wei1,2 2017, 59(6): 145-153.  Abstract ( 85 )   The effect of producer services promoting manufacturing upgrading depends on its role as the advanced factor. Based on the super-efficiency DEA model and Tobit model, the paper empirically analyzes the effect of China′s producer services promoting manufacturing upgrading and the factors influencing it in 2005-2014 from the perspective of industrial linkage efficiency. The results show that the efficiency of China′s producer services promoting manufacturing upgrading is not high enough, and the efficiency in developed areas is higher than that in undeveloped areas;the efficiency is significantly positively influenced by the level of informatization and co-agglomeration, but there are disparities in various areas with different development levels, and the efficiency is also significantly negatively influenced by the scale of producer services. Therefore, in order to make the effect of producer services promoting manufacturing upgrading efficiently, we should pay attention to reducing the transaction cost of producer services, improve the level of industrial co-agglomeration, and change the thought of “scale” to “efficiency”. References | Related Articles | Metrics

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Agglomeration Form, Scale and Enterprise Innovation: An Empirical Study based . on the Micro Data of Urban Manufacturing Industry in China XING Fei, SUN Xing. 2017, 59(6): 154-162.  Abstract ( 77 )   In order to further reveal the internal connection between aggregation behavior and enterprise innovation, this paper combines agglomeration form with agglomeration scale to study the dynamic relationship among agglomeration form, agglomeration scale and enterprise innovation based on theories of innovation economics and agglomeration. It is found that the effects of agglomeration forms on enterprise innovation present a particular change trend according to different agglomeration scales: the effect of specialization agglomeration on enterprise innovation increases initially and decreases afterwards with the increase of agglomeration scale, presenting as an inverted U-shaped curve, while the effect of diversification agglomeration on enterprise innovation decreases initially and increases afterwards, presenting a U-shaped trend approximately. From the perspective of dynamic agglomeration scale, this paper provides a new explanation for how to promote enterprise innovation by the two forms of agglomeration. References | Related Articles | Metrics

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Industrial Eco-efficiency Evaluation for Urban Agglomeration in the Yangtze . River Delta ZHANG Ru-bo，REN Sheng-gang，CAI Li-yan. 2017, 59(6): 163-169.  Abstract ( 86 )   The Yangtze River Delta is one of the important regions with economic development. Based on the industrial data of 35 cities from 2010 to 2013 and by decomposing industrial ecosystem into industrial economy, environment, energy three subsystems, the paper evaluates the efficiency of 35 urban industrial ecosystems and three subsystems by use of network DEA model. The results show that, in the case of industrial economic subsystems, the industrial economy is highly efficient area forming “M”,which is centered on Shanghai and other cities; in terms of environmental subsystems, the cities with high environment efficiency are centered on Taihu, along the Yangtze River and Hangzhou Bay area; in terms of energy subsystems, Shanghai, Suzhou and other cities have high energy efficiency, energy efficiency of other cities is low and the difference of efficiency level is small; in terms of industrial ecosystem, industrial eco-efficiency of urban agglomeration in the Yangtze River Delta shows three steps. References | Related Articles | Metrics

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Nonlinear Effects of RMB Exchange Rate and FDI on China′s Industrial Structure: An Empirical Study based on MS-VAR Model WANG Bao-qian，HU Tong. 2017, 59(6): 170-176.  Abstract ( 95 )   RMB exchange rate and China′s industrial structure adjustment are hot issue in the current economic field. The paper analyzes the nonlinear effect of RMB exchange rate through FDI path on China′s industrial structure adjustment from 2004 to 2016 by using Markov Regime Switching Vector Auto-regression (MS-VAR) model. The results show that the impact of RMB exchange rate fluctuation on China′s industrial structure depends on the specific stage of the economic cycle and presents the characteristics of the two regimes, in which the regime 1 and the regime 2 represent the gentle and violent economic fluctuation system respectively, and there are different dynamic relationships among the variables under different regimes. The results of impulse response function show that the appreciation of RMB in regime 1 has promoted the inflow of FDI, promoted the optimization and upgrading of industrial structure, regime 2 is the opposite, and the inflow of FDI under the two-regime system has played a positive role in the industrial structure adjustment. But the degree of response in regime 2 is significantly greater than that in regime 1. Therefore,maintaining the basic stability of the RMB exchange rate at a reasonable level of equilibrium to avoid excessive fluctuations in the RMB exchange rate, and increasing the inflow of FDI,will help to promote the optimization and upgrading of China′s industrial structure. References | Related Articles | Metrics

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An Empirical Analysis of the Effects of Loan Industry Concentration on Bank Returns based on Risk Perspective ZHANG Jian 2017, 59(6): 177-184.  Abstract ( 70 )   In the process of business development, banks may pay more attention to the matching of individual business income and default risk, while ignoring the negative impact of excessive concentration of loan business. Based on the quarterly data of Chinese major commercial banks, this paper studies the effect of loan industry concentration on bank returns and discusses the role of bank risk in the influence mechanism. The results showed that the marginal effect of loan industry concentration on bank returns is the quadratic function of risk. When the bank′s risk is very low, a credit increase in industry whose loan proportion is small will increase bank returns volatility and reduce average returns; when the risk is very high, the bank will concentrate credit resources in industry which yield is higher and stable to increase return because the delegated monitoring mechanism is not compatible and the social cost of bank insolvency is very high; when the risk is moderate, the delegated monitoring mechanism will play an efficient role and then loan diversification results in increasing return. During the sample period, vast majority of bank risk value in our database is in the moderate level, an increase in industry concentration will have a significant negative impact on return, but the negative impact is less for state-owned banks. Research conclusions have important theoretical significance for optimizing banking credit structure. References | Related Articles | Metrics

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The Response of Modern Civil Code to Consumer Protection: With Reference of the Modernization of German Law of Obligation HU An-qi 2017, 59(6): 185-192.  Abstract ( 83 )   The modern “German Civil Code” pays attention to special protection of consumer, defines the concept of “consumer” and “operator” uniformly in the civil subject system. In order to avoid the threat of double-track system of private law, the special law of consumer protection was integrated into the Civil Code systematically through debt law reform in 2002, to achieve the purpose of protecting consumer uniformly. The civil code that is being complied can integrate the concept of “consumer-operator” into the general provisions of civil law, prescribe important system of “Consumer contract” in “Contract law” for reference. To be specific, it refines the legal intervention of contract of adhesion, improves the system of consumer′s right of withdrawal, to realize transformation from abstract personality to specific personality, from formal justice to essential justice. Modernization and re-codification of civil law will come true through protecting consumers by civil law. References | Related Articles | Metrics