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20 July 2017, Volume 59 Issue 7 Previous Issue    Next Issue

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自然游憩品牌；品牌忠诚；品牌认知；感知价值；行为态度；游客满意度 XUE Yong-ji, HU Yu-han, BAI Xue-shan 2017, 59(7): 1-8.  Abstract ( 117 )   With the rising of urbanites′ demands for leisure tourism led by the idea of “away from the city, return to nature”, recreational tourism brand with nature resources shows broad development prospects. The paper takes recreational tourism brand with nature resources of Beijing as example to explore the effects of tourists′ brand recognition and perceived value on brand loyalty. Results show that brand recognition and perceived value both have direct and positive influence on behavioral attitude and tourist satisfaction, and the effect of brand recognition is more obvious, indicating that tourists′ perception of recreational tourism brand with nature resources awareness and reputation, as well as the physical and mental benefits, and so on, can train tourists′ positive attitude towards the brand; behavioral attitude and tourist satisfaction both have direct and positive effect on brand loyalty, and the effect of tourist satisfaction is more obvious, that is, according to the direct experience of tourism experience, the more positive attitude of tourists and the more positive the evaluation, the easier it is to establish brand loyalty; brand recognition and perceived value both affect brand loyalty indirectly and positively under the mediating effect of behavioral attitude and tourist satisfaction, so traveling experience plays key role in the building of brand loyalty. Therefore,abstract thoughts derived from the recognition beforehand can affect the brand choice of tourist simply, and it can′t affect brand loyalty directly. Brand loyalty can only be formatted by the concrete measure of real recognition based on traveling experience of tourist. References | Related Articles | Metrics

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Negative Media Coverage and Audit Contract Stability: An Analysis from the Perspective of Transformation of Auditors′ Organization ZHANG Jun-min, ZHANG Xiao, XIAO Zhi-chao 2017, 59(7): 9-14.  Abstract ( 94 )   As one of the corporate external governance mechanisms, media can reduce the information asymmetry as well as affect all types of information users′ risk perception through collecting, processing and diffusing information. As a provider of information attestation services in capital market, auditors′ judgments of corporate risk are influenced by negative media coverage. Based on transformation of auditors′ organization and using the data from the Chinese listed companies in 2009-2015, the study examines the effects of negative media coverage on audit contract stability. Research finds that negative coverage time positively correlated with auditor changes and the relationship after the transformation is more significant than before the transformation; this only occurs in the region with a better legal environment and in the company with a bad internal control. These results mean that the reputation mechanism which is based on market competition is not yet mature, while the improvement of legal institution is an important mechanism of media governance and the supervision role of media is of significant importance to the healthy development of capital market. References | Related Articles | Metrics

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Firm Export Expansion and Trade Induced Learning: The Influence Mechanism of Export on Enterprise Innovation——Evidence from Chinese Firm Patent Application Data LI Han-ya 2017, 59(7): 15-23.  Abstract ( 117 )   Using patent applications as a measure index of enterprise innovation, and using the weighted economic growth rate at the enterprise′s export destination as a tool variable for exports, this paper examines trade induced learning theory by testing the effect of export expansion on firm innovation and mechanism with merged data of Chinese Industry Survey, China Customs Data and Patent Data from 2000 to 2006. The contribution rates of export expansion to the growth of patent applications number, patent and utility new patent applications are 13.21%,15.61% and 13.18% respectively, while the impact on design patent applications is not significant; only firms engaged in ordinary-trading, or exporting to developed countries, can they have an invention increase in high quality patent, patent and patent applications number via export expansion. Therefore, China should encourage enterprises to trade with developed countries in Europe and America, and encourage enterprises to carry out general trade at the same time of developing processing trade in the context of China′s slowdown in export growth and the transformation of development model. References | Related Articles | Metrics

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Financing Choice and Pricing Strategy of Dual-Channel Supply Chain under the Restriction of Supplier′s Funds: An Analysis based on the Perspective of Expected Utility LI Xin-jun1,2,CHEN Ting-ting1 2017, 59(7): 24-33.  Abstract ( 110 )   With the development of the internet economy, many suppliers use the internet to open up direct channels, forming a dual-channel supply chain. For a dual-channel supply chain consisted of a supplier and a retailer, facing random external demand, with the supplier limited funds and the retailer sufficient funds, the paper investigates optimal decision of supplier and retailer under two ways of external financing and internal financing from the perspective of expected utility. The results show that the retail price of the direct channel will decrease with risk aversion of supplier, the wholesale price is determined according to the degree of risk aversion between them, and it decreases with the increase of supplier′s risk aversion and increases with the increase of retailer′s risk aversion,the retail price of the traditional channel decreases with the increase of risk aversion of supplier and retailer.The supplier confronting with capital constraints gives priority to the way the retailer pay in advance, and when the supply chain is in a non-risk aversion, it is most likely to achieve a “win-win” model of unpaid internal financing, but no matter what kind of financing methods are difficult to achieve the optimal expectation without funding constraints. References | Related Articles | Metrics

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An Empirical Study of the Effect of SH-HK Stock Connect on the Stock Price Discovery Speed Underlying Stock in Shanghai Stock Exchange LV Da-yong1,RUAN Qing-song2,WAN Xiao-yuan1 2017, 59(7): 34-43.  Abstract ( 113 )   As a kind of bilateral connection policy, SH-HK Stock Connect has a different effect on market efficiency compared with the opening policy of traditional financial market. In order to investigate the effect of the connection policy on the price discovery speed of Shanghai Stock market, the paper conducts DID regression analysis based on the bilateral transaction data of SH- HK Stock Connect, and divides the price discovery speed of securities into “price reflecting the speed of market public information” and “price reflecting the speed of idiosyncratic information of stocks”. Research finds that the implementation of the SH-HK connect mechanism significantly accelerates “price reflecting the speed of market public information”, but may decrease “price reflecting the speed of idiosyncratic information of stocks” underlying stock in shanghai Stock Exchange. What′s more, trading of the underlying stocks in Shanghai plays the same role as above, while trading of the underlying stocks in Hong Kong may have opposite effect and would be conducive to accelerate “price reflecting the speed of market public information”.What we found in this paper provide positive evidence for the forthcoming program such as Shanghai-London stock connect, Shenzhen-Hong Kong stock connect. References | Related Articles | Metrics

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Negative Interest Rate, Bank Risk Taking and Heterogeneity:An Empirical Analysis based on European Banking Industry ZENG Zhi1, HE Ya-ting2, CAO Guo-hua2 2017, 59(7): 44-51.  Abstract ( 130 )   Because of the difference of macro environment, bank structure, and the mechanism of interest rates in European countries, the influence on the bank risk behavior and heterogeneity will be different. In the context of long-term low interest rates with quantitative easing monetary policy implementation effect is gradually reduced, some European countries try to implement negative interest rate policy in the central bank′s reserve deposits. The paper uses European banking data to analyze the effects of negative interest rates, bank microscopic characteristics on bank risk behaviors. Results showed that negative interest rate policy in the euro zone have increased the risk of bank, and significantly reduce the Swiss bank′s risk level;considering the microscopic characteristics of banks, large banks, with negative interest rates can reduce the risk level of banks in Sweden, banks with high capital adequacy ratio, low level of liquidity, negative interest rates can reduce the risk level in the euro zone, under the low capital adequacy ratio, high level of liquidity circumstances, negative interest rates can reduce the risk level of banks in Denmark. The above conclusions confirm the effectiveness of negative interest rate policy, but there may be differences in the implementation of negative interest rate in different countries, so it is very important to strengthen liquidity regulation. References | Related Articles | Metrics

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The Impacts of “Cross-border Online Shopping” Tax Policies on Revenues and Consumptions: An Analysis based on CGE Model ZHANG Yan-bin, LI Hong-xin 2017, 59(7): 52-57.  Abstract ( 101 )   In the dual role of cross-border trade and e-commerce, China′s cross-border e-commerce is in a period of rapid growth, and growth rate of B2C and C2C based on overseas online shopping is swift and violent. At present, there is great controversy on the implications of new taxes reform policy on cross-border e-commerce and its impact , so that the policy has been suspended. By constructing a computable general equilibrium (CGE) model, this paper analyzes the impact of new tax policies on cross-border e-commerce import tax on government taxes and consumption of people in different ages. The simulation results show that the implementation of cross-border e-commerce retail import tax policies increased government taxes, and inhabited residents′ overseas online shopping behavior in the short term, but reduced consumption is not diverted into the country. The simulation results show new tax reform policy would be unfavorable to slow Chinese economy downward pressure, balance China′s foreign trade, and benefit citizens. Therefore, we should further optimize the cross-border e-commerce retail import supervision model, promulgate and implement e-commerce supporting laws and regulations as soon as possible to regulate cross-border trade enterprises e-commerce behavior, to ensure the correct implementation of the new policy. References | Related Articles | Metrics

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Independent Innovation, Technological Introduction and Carbon Emission: The Role of Different Technological Progress Paths in Carbon Emission Reduction HE Bin1，FAN Shuo1,2 2017, 59(7): 58-66.  Abstract ( 79 )   Technological progress is the fundamental measure to achieve carbon emission reduction, but different ways of technological progress - innovation and technology introduction, as well as different countries and regions in different ways of technological progress, have different effects on carbon emission reduction. Therefore, this paper divides the way of technological progress into independent innovation and technology introduction, and divides the independent innovation into original innovation and imitation innovation, in order to have a more in-depth study of the relationship between technology progress and carbon emissions by means of a more detailed approach; this paper takes the environmental regulation cost as the threshold variable, and studies the threshold effect of environmental regulation by using the dynamic panel threshold estimation. The main conclusions of this paper are as follows: first, the original innovation can′t reduce carbon emissions, but increases carbon emissions, which shows that China′s technological innovation pays more attention to the promotion of efficiency, the degree of innovation is not high, and the indirect effect of innovation is greater than the direct effect, imitation innovation is good for carbon emission reduction, the reason is that imitation innovation is a kind of “following type” innovation; the effect of technology introduction is very small, which shows that our country can′t obtain the most appropriate technology by purchase. Second, in different regions, there are large differences among independent innovation, imitation innovation, and technology introduction in playing a role in carbon emission reduction,therefore, government can′t take “one-size-fits-all” approach in promoting technological progress and making emission reduction policies. Third, original innovation, technology introduction have the threshold effect. When environmental costs reached the threshold, the original innovation and technology introduction began to promote carbon emission reduction. Therefore, we need to consider the different carbon emission reduction effects of different technological progress paths, and choose different incentives, support and regulatory policies. References | Related Articles | Metrics

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Social Capital, Formal Institution and Regional Technological Innovation: An Analysis based on 2000-2009 Provincial Panel Data PENG Hui, ZHANG Jia-wang, LI Bo-yang 2017, 59(7): 67-73.  Abstract ( 112 )   After China′s economy enters the new normal, the supply side structural reform is needed, relying on innovation driven to build a new engine of economic growth. From the perspective of social capital, this paper examines the role of informal institutions in technological innovation activities, and takes the regional financial development as an intermediary variable to analyze its role. Empirical studies find that social capital directly affects regional technological innovation, and indirectly affects regional technological innovation by promoting regional financial development; in the areas of weak legal consciousness and property rights protection, social capital plays substitution effect. This conclusion can help people understand the institutional arrangement and cultural factors behind Chinese rapid economic growth. To tap the development potential of social capital, we should create a social atmosphere of honesty and trust, resolve the problem of asymmetric information in financial transactions, and improve property rights protection mechanism to protect the interests of all parties. References | Related Articles | Metrics

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Research on the Non-linear Governance Effects of Internal Governance Mechanisms for Heterogeneous Firms CHEN Xiao-shan1, KUANG He-wu2 2017, 59(7): 80-88.  Abstract ( 77 )   Corporate internal incentive mechanisms and supervision mechanisms can play a non-linear role of governance. This paper employs micro-data of Chinese listed companies to test the non-linear governance effects of internal governance mechanisms empirically, and explores the possible impact of firm heterogeneity. The results show that: both the two incentive mechanisms of implicit and explicit executive compensation have a significant inverted U shaped characteristic with firm performance; shareholding ratio of the largest shareholder and the proportion of independent director have a significant U shaped and inverted U shaped characteristic with firm performance, respectively; both the size of board director and the size of board supervisor have just a linear negative correlation with firm performance, and both mechanisms′ non-linear governance effect are not obvious, while dual job of chairman and general manager shows a significantly positive correlation with firm performance;firm heterogeneities may affect the non-linear governance effects significantly. These results validated the non-linear governance effects of internal governance mechanism, and can provide some reference for improving the internal governance of enterprises. References | Related Articles | Metrics

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The Mixed Ownership, Corporate Governance Quality and Equity Capital Cost: An Analysis based on Empirical Evidence from China′s Capital Market LUO Meng-ni 2017, 59(7): 89-95.  Abstract ( 95 )   One of the options for Chinese enterprise reform is to carry out mixed ownership reform, so the integration of the different natures of capital also leads to the confrontation between the interests of different shareholders. Based on the realization of shareholders′ wealth (index), the paper selects 2006-2015 data of A shares Listed Companies in China as samples to summarize the corporate governance environment present situation from the aspect of the year, and explores the relevance between corporate governance quality and equity capital cost under mixed ownership. The conclusions show that the whole of Chinese corporate governance quality has improved well, and nearly half of the company has achieved the goal of maximizing the wealth of shareholders, but there was still a large space for development; corporate governance quality is inversely proportional with equity capital cost, and the first big shareholder′s nature affects their correlation, and compared with the state-owned companies, the governance quality of the non-state enterprises corporate has more significant impact on the equity capital cost. These conclusions show that the reform of the mixed ownership enterprises is in line with the purpose of market reform, and it can play the non-state-owned shareholders as the controlling shareholder′s governance function. Through the reasonable adjustment of the ownership structure, the equity capital cost of Chinese listed companies can achieve the minimum. References | Related Articles | Metrics

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A Study of the Differences of Basic Classification of Accounting Object under Accounting Standards International Convergence ZHAO Hong-wei1,2 2017, 59(7): 96-102.  Abstract ( 90 )   The establishment of global GAAP has become a trend. Accounting elements and accounting subjects are important elements of accounting standards, and are the basic classification of accounting objects and the basis of accounting. The basic classification between them is highly relevant and distinctly different, following six evolution ideas: corresponding setting, split ratio, split single, profit and loss merger, equity merger, considering special. First of all, from the service object, target setting, the specific use three aspects of research, the paper provides a reasonable theoretical explanation for the differences of their basic classification, putting forwards accounting elements have characteristics of distinctive externalities, high level, unity, while the accounting subjects are distinctive internal, low level and flexibility. Secondly, through the empirical study of the profit formation process of the main business of manufacturing enterprise, the paper gives a sufficient practical proof for the difference between the two basic classifications. Finally, by comparing the basic classification between Chinese and American accounting elements, this paper puts forward that China should speed up the reform of the basic classification of accounting elements and accounting subjects, which will have important strategic significance for promoting the international convergence of accounting standards and guiding the allocation of social resources market. References | Related Articles | Metrics

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Managerial External Succession, Executive Stock Ownership and Firm′s Future Performance: An Empirical Study based on Propensity Score Matching QIAN Shi-ru, ZHAO Bin-bin 2017, 59(7): 103-110.  Abstract ( 91 )   Based on human capital theory and the principal-agent theory, the paper uses propensity score matching (PSM), to analyze the impact of employing external managers on future performance and the role of executive stock ownership on the relationship between them in the process of changing managers. Research shows that the external managers have a positive effect on enterprise performance, the promotive effect on the future performance of state owned enterprises is more significant and executives shareholding negatively regulates the positive impact of external managers on firm′s future performance. These results show that deepening the reform of the mixed ownership of state-owned enterprises to implement the system of professional managers is the important path to enhance the operation performance of state-owned enterprises. References | Related Articles | Metrics

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The Influence of CEO Power on R＆D Investment in GEM WANG Nan1,2,SU Jie1,CHEN Shou-shuang3 2017, 59(7): 111-118.  Abstract ( 87 )   Adequate resources are necessary, which can ensure the continuity of R&D, reduce uncertainty of R&D and improve the ability of innovation, while the power size of CEO has an important impact on corporate strategy and resource allocation. This article first builds CEO power measure method from organization power, ownership rights, reputation rights and expert power four dimensions, and then makes an empirical study of the relationship between CEO power and R&D investment by taking GEM listed companies in China from 2010 to 2013 as samples. Results show that there is significantly positive correlation between CEO power and R&D investment, and the scales of R&D staff and government subsidies have a positive adjustment role in the relationship between CEO power and corporate R&D investment. Therefore, CEO should be given more power to play fully its “housekeeper” spirit in order to promote enterprise R&D investment; at the same time, GEM listed companies should strive for more government subsidies, and keep sufficient scale of enterprise R&D staff, which will help reduce resource constraints, improve risk resistance, enhance CEO confidence, and strengthen the positive role of CEO power in corporate R&D investment. References | Related Articles | Metrics

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Research on the Meaning and Characteristics of Sharing Economy LI Xiao-hua 2017, 59(7): 119-126.  Abstract ( 111 )   After the international financial crisis, sharing economy started in the United States and quickly spread around the world. Based on the summary of the related studies, this paper discusses the definition of sharing economy, the driving force of the development of sharing economy and puts forward three main characteristics of sharing economy. From the case study of car-hailing service, this paper sets forth both a narrow sense concept and a broad sense concept of sharing economy; after the analysis of the economic impact of sharing economy, this paper predicts its future. References | Related Articles | Metrics

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Estimation of the Market Power of China′s Copper Import Trade and Its Influence Factors under Imperfect Competition ZHU Xue-hong, FAN Yu-lin, CHEN Jin-yu 2017, 59(7): 127-134.  Abstract ( 71 )   Although holding a large market share in the international nonferrous import market, China lacks pricing power. Under this circumstance, using the modified SMR model, this paper selects the data from 10 main copper import markets during the period of 2000-2015, to estimate the international market power of China′s nonferrous import traders, and further explores the dominant factors influencing international market power. The results show that China′s copper import market is a typical imperfectly competitive market, in which the buyers lack market power while the sellers have strong market power. Among the 10 copper import market, Canada, America, Chile, Peru and Australia are the top 5 countries with monopoly power successively, having additional capacity for copper export prices; a high degree of import dependence, simple import structure and low industrial concentration are the main reasons leading to Chinese copper import traders′ lack of international market power. Based on the above results, China should strengthen market power and pricing power in the copper import trades by optimizing import structure, strengthening foreign investment and increasing industry concentration. References | Related Articles | Metrics

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The Evolution and Decomposition of Chinese Retailing Total Factor Productivity LI Zi-wen, LIU Xiang-dong 2017, 59(7): 135-147.  Abstract ( 113 )   It is helpful to deepen the understanding of the history and current situation of China′s retail industry by analyzing the growth model and the driving factors of retail industry, and further screening the reasons for the change of total factor productivity. This paper uses growth accounting method and stochastic frontier analysis to systematically measure and decompose the total factor productivity (TFP) of Chinese retailing since 1998. The empirical results show that there are two important time nodes for retailing development: one is the entry of foreign capital in 2004 and the other is the financial crisis in 2008;on the industry level, the reasons why TFP of retailing stagnates in recent years are the low-rate development of No-shop Retail, integrated retailing, household electric appliances retailing and garments retailing; from the perspective of TFP decomposition, the change of TFP is mainly caused by technology progress and technical efficiency improvement. Besides, this paper shows that Chinese retailing is a typically “Constant Returns to Scale” industry, and there is a misallocation of retail resources in the long term. References | Related Articles | Metrics

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Construction Mode of Industrial Cluster Social Responsibility:An Analysis from the Perspective of Industrial Symbiosis ZHANG Dan-ning, LIU Yong-gang 2017, 59(7): 148-162.  Abstract ( 82 )   As a new economic phenomenon, industrial cluster social responsibility derived from the reality of economic development under the background of increasing consumption awareness and deepening enterprise cooperation. By introducing the perspective of symbiosis, and on the basis of the definition of industrial cluster social responsibility, the paper discusses Matthew Effect existing in the construction process; furthermore, taking three elements of symbiosis system as criterion, the paper uses system dynamics to carry out systematical and simulation analysis of leading model of the construction of social responsibility including central supply chain and industry alliance for two industrial clusters, whose conclusion testifies the Matthew Effect. The conclusion shows that the construction mode of industrial cluster social responsibility relies on the mode of alliance (Trans-organizational cooperation), meanwhile owing to the Matthew Effect, the construction of industrial cluster responsibility must be continuous and persistent, and the maximum benefit of enterprises participating in the construction of industrial cluster social responsibility will stimulate innovation. References | Related Articles | Metrics

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Credit Constraints and Misallocation: An Empirical Study based on Chinese Industrial Firms Data ZHAO Yu-long, ZHU Shu-jin 2017, 59(7): 163-172.  Abstract ( 96 )   Based on analyzing the influence mechanism that credit constraints affect the misallocation, this paper measured the mismatch and intra industry mismatches in the process of factor allocation by use of 1998-2007 Chinese data of industrial enterprises. Empirical analysis found that: credit constraints presented a U shaped nonlinear relationship with the mismatch of resources within-industry and within-plant, that is, with the rise of financing constraints, enterprise and industry resources mismatch degree will decrease first and then increase; credit constrints behaves different in the different group divided by ownership,region and factor intensity. The coefficient in the sample of state-owned enterprises doesn′t show robust，and that appears to be different in the industry and plant misallocation when we distinguish the sample into east areas and missdle-west areas，while that shows robust in the capital-intensive industry；at last，we use industry-level data to do further robust test. References | Related Articles | Metrics

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An Analysis of the Characteristics and Related Factors of China′s Foreign Direct Investment in Tourism Industry BAO Fu-hua1,3,ZHU Mei-ning2,3 2017, 59(7): 173-177.  Abstract ( 103 )   At present, the OFDI of China′s tourism industry is increasing constantly. It is of reference value for China to carry out corresponding macro management and formulate specific investment strategies for China′s tourism industry to understand its temporal and spatial characteristics and related factors. According to the flow and stock data of OFDI in China′s tourism industry from 2004 to 2015，this paper analyzes its development characteristics and the related factors. The analysis of time series shows that the OFDI flow and the stock of China′s tourism industry show growth trend，and the two growth shows the “power” characteristic; the analysis of spatial distribution shows that foreign investment for major countries (regions) generally follow outbound tourism countries (regions),there being a good state of being between “money flow” and “stream of people”,which is related to the profit driven of the OFDI as well as the high consumption of outbound tourism; gray correlation analysis shows that the per capita GDP, the number of outbound tourism and the number of inbound tourists are the top three factors that affect the OFDI of China′s tourism industry: the per capita GDP is its solid backing and foundation, the number of outbound tourism is its carrier, and inbound tourism is an important guarantee. References | Related Articles | Metrics

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Research on Factors Influencing Rural Residents′ Information Consumption in China ZHANG Su1,2 2017, 59(7): 184-192.  Abstract ( 85 )   Rural residents′ information consumption level is lower than urban residents′, but the spatial correlation is higher than urban residents′, showing higher spatial integration features. So the theory model of considering three factors that include the internal, external consumption habit and the spillover effects of information consumption is put forward. Based on the principle of from general condition to special condition, the dynamic spatial panel model is established. But the model is non-stable through wald-test. The conclusions of spatially cointegrated model show that the rural residents do not form significant consumption habit; the conclusions of static spatial panel model show that the information consumption has marked spillover effects,the income is still the main factor enhancing rural residents′ information consumption, the information infrastructure has smaller influence, the price, urban residents′education and consumption habit have no significant influence. Based on the above conclusions, the corresponding polices include training the consumption habit and enhancing spillover effects with continuous increasing of rural residents′ income,which may be a shortcut to accelerate the development of economy and culture of rural area, and decrease differences between urban and rural residents. References | Related Articles | Metrics