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24 August 2017, Volume 59 Issue 8 Previous Issue    Next Issue

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The Wholesale Price Contract Coordination of Demand-Dependent on Effort: An Analysis based on Asymmetric Information of Fair Preference QIN Yan-hong, XU Dan-dan 2017, 59(8): 1-11.  Abstract ( 84 )   Considering the information asymmetry of fair preference, this paper studies the effects of wholesale price contract on supplier-retailer game and supply chain coordination where the market demand is dependent on the effort. This study proves that when retailer is fully rational, the retailer′s effort in symmetric information is lower than that in asymmetric case, but the effort comparison is opposite when the retailer cares about fairness; if retailer′s fairness is intense enough or when the retailer is fully rational and the fairness information is asymmetric, retailer′s profit will exceed supplier′s;whether fairness information is symmetric or not, wholesale price contract can′t eliminate but can alleviate the “double marginalization problem” and take the role of fair mechanism in the supply chain profit distribution. Besides, this study improved some theoretical analyses of existing supply chain contract and modified some research conclusions. References | Related Articles | Metrics

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The Financial Control of the Puppet Government and Tianjin Private Banks′ Regeneration during the Period of the Fall ZUO Hai-jun 2017, 59(8): 12-19.  Abstract ( 70 )   The financial circulation in Modern Tianjin, as an important financial center and business center in North China, relied on the Tianjin private banks to a great extent. But it was changed after the outbreak of the Counter-Japanese War. The paper takes Tianjin private banks during the fall as research object to explore the commodity market and the change of trade order in occupied area with the study of puppet government′s financial policy, in order to measure the changes of China′s traditional financial development path; after 1939，the puppet government increased the intensity of controlling finance, and Tianjin private banks changed management mode, adjusted the organization form, and maintained a living environment in the case of traditional private finance being supervised. On this basis, the paper discussed Tianjin private banks′ development and regeneration during the fall to provide the phased empirical evidence for evaluating the traditional financial development in the period of the fall of the enemy and even modern China. References | Related Articles | Metrics

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The Effects of MICE-Volunteers′ Role Features on Service Performance: Research based on Moderating Effect of Volunteers′ Non-utilitarian Motivation ZHOU Jie 2017, 59(8): 20-26.  Abstract ( 71 )   MICE greatly uses volunteers whose informality determines that their characters are different from regular employees and has an impact on service performance. This paper analyzes the influence of role characteristics on volunteers′ service performance from the perspectives of role ambiguity and role conflict and explores the moderating effect of learning intention and values on the relationship between volunteers′ role characteristics and service performance. The empirical research shows that role ambiguity damages MICE-volunteers′ service performance, but explicit non-utilitarian motivation can alleviate the negative effect of role ambiguity; compared with role ambiguity, role conflict has little influence on MICE-volunteers′ service performance and the explicit degree of non-utilitarian motivation does not significantly moderate the relationship between role conflict and service performance. Thus, it illustrates that scientifically establishing posts and clearly defining work boundaries are the main ways to shape the volunteer service atmosphere and improve service performance, and the proper arrangement of compound work can not only make full use of human resources, but also satisfy volunteers′ non-utilitarian purpose; MICE-organizers should strengthen volunteers′ non-utilitarian motivation to achieve the “internalization” of their service goals, which can reduce the negative effect of role ambiguity on volunteers′ service performance. References | Related Articles | Metrics

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China′s Capital Market Segmentation and Economic Growth Effect of Capital Expansion GAO Chuan-lun 2017, 59(8): 27-34.  Abstract ( 66 )   The release of factor vitality, especially the rapid expansion of capital, is a key factor promoting the rapid growth of China′s economy, while clarifying the intrinsic relationship between capital expansion and economic growth is the key to having a deep understanding of China′s economic development path. By the decomposition and calculation of the segmentation degree of China′s capital market, the economic growth effect of capital expansion is examined by the panel data of 31 provinces (municipalities) in China. The results show that: after a long period of development, the segmentation trend of China′s capital market still exists and is even expanding; the capital market improvement and capital expansion are not in synchronization, and the exogenous characteristic of capital expansion and economic growth is obvious; there is an inverted U curve relationship between capital market segmentation and economic growth, and when the economy reaches a certain height, the continuous segmented capital market will restrain the economic growth; in the long run, the sustainable economic growth and the orderly capital expansion need a sound, unified, and perfect capital market, and the further reform direction is the deep reform of capital market. References | Related Articles | Metrics

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Dynamic Optimal Decision Analysis of Monetary Cooperation between Mainland China and Taiwan, Hong Kong, Macao JIANG Hong-yan1,YUAN Xi-heng2 2017, 59(8): 35-40.  Abstract ( 73 )   Since twenty-first Century, the economic ties between mainland and Taiwan, Hong Kong, Macao have become closer. However, the current situation of one country′s “four currencies” has seriously hindered the integration and development of the four regions. Based on the theory of optimal currency area, a state space model is used to investigate whether the four places in China have the economic base to construct optimal currency area, finding that there is a mechanism for endogenous effect of optimal currency area between mainland China and Hong Kong area, Macao area, and they are suitable for construction of optimal currency area; there is no a mechanism for endogenous effect of optimal currency between Taiwan area and mainland China and they are not suitable for construction of optimal currency area. References | Related Articles | Metrics

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The Regional Differences in Financial Industry Development and Its Causes under “Belt and Road”:An Analysis based on Labor and Capital Input CHE Ming-hao 2017, 59(8): 41-54.  Abstract ( 69 )   Coordinated development of economy and society of countries along “Belt and Road” depends on the development level of financial industry. This article discusses the differences and its causes in financial industry of “Belt and Road” from the labor and capital inputs. The study finds the difference in financial industry is consistent with the labor productivity. and the overall regional differences in financial industry development due to the regional differences, regional differences in the contribution is weak; the overall difference of labor input, capital investment, labor productivity, capital investment efficiency due to regional differences, regional differences contribution is weak. The financial industry in “Twenty-first Century Maritime Silk Road” should pay more attention to the introduction quality of FDI, play positive spillover effects, and learn actively experience from the FDI in the aspects of talent attraction, to improve the competitiveness of talent; to “Silk Road Economic Zone”, we should not only actively introduce high quality FDI, but also make FDI scale as an important task; reducing super national treatment investment policy for FDI, investment threshold, and crowding out effect; for the low level region of labor productivity and capital investment efficiency in “Belt and Road” finance, we should take retaining talent as an important task in the construction of soft environment while we improve education level. References | Related Articles | Metrics

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An Analysis of Foreign Capital Inflows, Human Capital and China′s Export Trade Structure ZHANG Zhi-xin, ZHANG Lin-chen, LIU Xin 2017, 59(8): 55-63.  Abstract ( 69 )   Making use of foreign capital effectively, playing advantage of human capital and optimizing export trade structure are important problems in the adjustment of China′s opening-up pattern. Based on the panel data of 30 provinces in China from 1998 to 2015, this paper analyzes the influence of foreign capital inflows and human capital on China′s export trade structure by using the threshold regression model. Research finds that foreign capital inflows will effectively promote the upgrading of China′s export trade structure in the short term, but in the long run it will have a negative effect; high-tech human capital plays an important role in the upgrading of China′s export trade structure, but the role of human capital structure is not ideal; the combination of foreign capital inflows and high-tech human capital has a positive effect on the export trade structure, and thus has a good suitability; the threshold effect of openness is significant, the foreign capital inflows is more liable to produce a positive effect on export trade structure while it is less easily affected by foreign capital inflows and human capital heterogeneity. Therefore, in terms of foreign capital use and cooperation with foreign-funded enterprises, we should balance the foreign capital distribution in industries, and screen out the degree of fit between foreign capital type and regional development to push the upgrading of labor-intensive industries to capital-intensive industries. China should fully recognize the key role of heterogeneous structure of human capital in trade structure and increase the investment in human capital to improve the skill level of labor force, making China′s export trade shift to the innovative development model relying on high-tech personnel to promote the upgrading of trade structure. References | Related Articles | Metrics

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China′s Direct Investment Efficiency and Potential Evaluation for the Countries along “Belt and Road” CHENG Zhong-hai, NAN Nan 2017, 59(8): 64-73.  Abstract ( 111 )   The paper empirically studies China′s investment efficiency and potential to the countries along “Belt and Road”, vertically analyzes the dynamic trend of direct investment potential, and horizontally compares direct investment potential differences in different income levels of countries. Investment efficiency loss of China′s direct investment to countries along “Belt and Road” mainly comes from “non- efficiency” factor, and investment efficiency is generally low, showing obvious regional difference and individual difference; direct investment potential is great, showing the characteristics of “convergence”. Investment freedom, rule of law and level of democracy are the main reasons for investment inefficiency, hindering China′s direct investment to countries along “Belt and Road”; WTO, OECD, SCO, FTA, BIT, trade degree of dependency, control of corruption, government effectiveness and regulatory quality are major factors to promote Chinese direct investment to these countries. The direct investment potential between countries along “Belt and Road” with different income levels varies greatly. As the income level increases, investment efficiency decreases and investment potential increases. References | Related Articles | Metrics

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The Effect of Export Margin on International Competitiveness of Chinese Cultural Products HU Yuan 2017, 59(8): 74-80.  Abstract ( 63 )   The export margin reflects the expansion mode and development prospects of a country′s exports. Although the trade growth can be achieved along all the margins, the contribution of different margins to trade growth and international competitiveness is different. Based on Chinese custom data in 2000-2006, the paper used the revised MS index, TC index and RCA index to measure the international competitiveness of Chinese cultural products on trading partner market, measured export margin of Chinese cultural products from enterprise-product-market dimension, and empirically studied the influence of export margin on the international competitiveness of Chinese cultural products. The results showed that the growth of Chinese cultural products export is mainly due to the growth margin of exporting enterprise number, followed by the intensive margin; intensive margin and the number of exporting enterprises enhanced the international competitiveness of cultural products, the category number had a negative impact on its competitiveness, and the trade density had no significant effect on international competitiveness. Therefore, China should further improve cultural market system, and encourage enterprises to export the cultural products along the intensive margin; further tap the connotation of Chinese culture, and cultivate more backbone cultural enterprises. References | Related Articles | Metrics

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Corporate Control, Manager′s Project Choice and Cross-Shareholdings Model BAI Mo 2017, 59(8): 81-89.  Abstract ( 55 )   With Chinese stock market entering into the “full circulation” era, the cases around control of the listed companies are more and more, and management′s resisting the acquisitions of potential acquirers through harming shareholders′ interests is also common. The paper examines its effects on the interests of the company′s atomistic shareholders, managers, and potential receivers who may have control, by discussing inter-firm cross-holdings. The study finds that if there is a sanction between cross-share companies that ensures company does not sell shares of other companies, cross-holdings will benefit all parties involved in the game, and the company′s managers can focus on the long-term interest, and will not take short-sighted acts that harm the value of the company in order to circumvent the threat of potential acquirers. The conclusion provides new theoretical evidence for the impact of cross-shareholding on corporate performance, that is, cross-shareholdings helps managers select investment projects that increase corporate value to enhance corporate performance and value. References | Related Articles | Metrics

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Investor Attention, Over Investment and the Mediating Effect of Equity Capital Cost TANG Xiao-dong，CHEN Shao-hua 2017, 59(8): 90-98.  Abstract ( 81 )   This paper analyzes the influence of investor attention on the efficiency of enterprise resource allocation from the perspective of over investment, and examines whether the equity financing capacity belongs to the influence channel based on the price pressure hypothesis of behavioral finance. Research finds that: investor attention is positively related to the over investment,and equity capital cost is moderating variable of the influence of investor attention on over investment; with the increasing of the degree of investor attention, the manager of the listed companies raise the degree of investment in order to cater investor, thus resulting in the higher degree of over investment. During the process, investor attention helps to reduce equity capital cost, and then transfers financing capability change information to the management of listed companies, reducing the potential equity financing constraints, raising the level of investment, and leading to lower investment efficiency. References | Related Articles | Metrics

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Self-regulation Efficiency in OTC Market: A Compared Analysis based on Regulatory Data LUO Hong-mei1,2 2017, 59(8): 99-108.  Abstract ( 62 )   Based on the compared analysis of practice of the NEEQ and CSRC′ supervision to the participants in the new third board market, the article thinks that the missing and sinking of the government supervision according to law enforcement, the lack of self-regulator′s incentive and restraint measures, the uncertainty of division between self-regulation and government supervision reduce the efficiency of self-regulation. Therefore, in order to enhance the efficiency of self-regulation in the OTC market, it is necessary to make clear the law enforcement basis of self-regulation, to increase the incentive and restraint measures of self-regulation, to make government regulation encourage the endogeneity of self-regulation, and to restrict the conflicts and limitations of self-regulation,in order to promote the efficiency of self-regulation in OTC market. References | Related Articles | Metrics

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Research on Financial Risk Monitoring Introducing Value at Risk (VaR) of Small and Medium- Sized Real Estate Enterprises WANG Xiao-yan1,2 2017, 59(8): 109-115.  Abstract ( 58 )   The external risk of small and medium-sized real estate enterprises has been significantly increased by the state macro control, which poses a severe challenge to the enterprise solvency and capital chain risk. To assess the risk of small and medium-sized real estate enterprises, this paper chooses 1998-2013 annual data of small and medium-sized real estate listed companies as research sample, to construct risk monitoring model by introducing the VaR into financial risk monitoring index system, and the model can effectively improve the accuracy of the financial risk prediction of real estate enterprises. Therefore, the integration of financial VaR risk assessment system has certain reference value for real estate companies to prevent and defuse financial risks, which can also play an early warning role to external market risk factors. References | Related Articles | Metrics

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Management Team Entrenchment，Equity Incentive and Enterprise External Financing Structure HUI Xiang, LI Bing-xiang, LI Ming-min 2017, 59(8): 116-128.  Abstract ( 80 )   Enterprise external financing structure mainly depends on the subjective initiative of management team, while management team′s initiative is necessarily affected by the objective financing risk which can cause entrenchment motive from the loss of their own interests and positions to be replaced. Based on the theory of GONE, the study analyzes the impact mechanism that how the management team entrenchment influences enterprise external financing structure, empirically analyzes the internal relations between management entrenchment strength and enterprise external financing structure by taking listed companies in China as cases, and examines the effect of equity incentive on the relationship between the management entrenchment strength and enterprise external financing structure. Research finds that management team entrenchment is the main influence factor of enterprise external financing structure, and equity incentive can weaken adverse effects of management team entrenchment on enterprise external financing structure, playing a regulatory role in raising the debt financing ratio and a downward adjustment role in equity financing ratio and long-term debt ratio. Therefore, enterprise should pay attention to using equity incentive to adjust the relationship between management team entrenchment and the preference of external financing structure. The research conclusion can provide reference for enterprise financing structure design, and weakening management team entrenchment intensity to form a reasonable financing structure. References | Related Articles | Metrics

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The Corporate Governance Effect of Tenure Heterogeneity of Chairman and CEO: An Empirical Analysis from the Perspective of Curbing Stock Price Crash Risk AI Yong-fang, TONG Meng-hua 2017, 59(8): 129-135.  Abstract ( 55 )   Heterogeneity of tenure of top management team leads to value goal difference between managers, and tenure heterogeneity of the chairman and CEO can alleviate the agency problem and avoid the happening of ineffective investment. From the perspective of stock price crash risk, the paper inspects the influence of tenure heterogeneity of chairman and CEO on corporate governance, and compares the strength of its governance effect in the different situations. Research finds that tenure heterogeneity of chairman and CEO can inhibit stock price crash risk and major shareholders holdings will affect the relation between tenure heterogeneity of chairman and CEO and stock price crash risk; when the major shareholders holdings is high, the relation between tenure heterogeneity of chairman and CEO and stock price crash risk is not significant; when the major shareholders holdings is low, tenure heterogeneity of chairman and CEO has great inhibitory effect on stock price crash risk, which is significant in state-owned enterprises, but is not remarkable in the privately owned enterprises. This suggests that tenure heterogeneity of chairman and CEO has a positive role in governance, but its role has context effect. References | Related Articles | Metrics

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Chinese Choice, Logic and Policy Orientation of Supply Management 2017, 59(8): 136-141.  Abstract ( 65 )   China′s economy has experienced rapid growth over the past 30 years,and now it is facing with new development situation: from shortage economy to widespread overcapacity. In response to overcapacity, the most common is a macro policy of demand management. However, it has only short-term effects, even can delay structural adjustment and enhance overcapacity. After the reform and opening up, Chinese economic growth is mainly based on the expansion of the quantity, which accumulates serious structural imbalances. As a result, a single demand management is becoming more and more unsuitable for the situation. Changing macroeconomic management policy and paying more attention to supply management are undoubtedly correct selections of the new situation. As the modern economy runs more and more complicated, any theory or policy will meet challenges in reality. It is an inevitable choice to adapt theories and policies to the situation. What′s more, we should implement a new supply management which not only has its particularity, but also has the special logic. Therefore, the use of supply management must be based on the reality of China and select special policies to improve Chinese supply quality and efficiency. References | Related Articles | Metrics

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Research on the Adjustment Function of Income Distribution in Informal Institutions: An Analysis based on Distributive Ethics and Heterogeneous Behavior Choice LI Zhi-ling1,GAO Li-yuan2 2017, 59(8): 142-149.  Abstract ( 63 )   China is in a critical period of realizing a well-off society in an all-round way, and the adjustment of the current distribution system is a problem that must be solved to achieve common prosperity. This paper constructs a theoretical model including cooperative production and distribution process, and discusses the heterogeneous resource allocation decision of participants under different distributive ethics and rational conditions, in order to seek to method narrowing social income gap in the framework of institutional analysis. The results show that the production distribution propensity coefficient (formal institutional parameters) can narrow the social income gap to a certain extent, but the scope of institutional parameters is smaller; after economic individual′s altruistic preference (informal institution) parameters has played a role in the distribution process, it can adjust the income gap in line with a larger range of formal institutional parameters, keeping it to a lower level. Therefore, to mobilize the initiative of the informal system in the distribution process is conducive to the realization of “people with rich first bring others to be rich”and finally achieving common prosperity. References | Related Articles | Metrics

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An Analysis of the Relationship between Platform Scale of the Network Ordering and Its Food Safety Supervision Effort FEI Wei1,ZHAI Yue2, SHI Ya-xing1 2017, 59(8): 150-157.  Abstract ( 54 )   For the food safety problem of the network ordering, by the analysis of the present situation of the network ordering industry in China, and the establishment of the optimization models, the paper analyzes the relationship and the influence factors between the platform scale of the initial construction period and the mature development period and the effort of the food safety supervision. The research shows that the network ordering platform could take more scale as the primary goal in the initial construction period, only in the scale is relatively small, can have the platform optimal effort level decision of the food safety supervision; the network ordering platform can determine optimal scale, and the smaller scale is, the higher optimal effort level of food safety supervision for the merchants is in the mature development period. Accordingly, the government departments should be based on the change of the relationship between the network ordering platform scale and its food safety supervision to make the deployment and the implementation of the corresponding food safety regulatory measures in development stage of different periods. References | Related Articles | Metrics

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The Impact of Retailer Cost Sharing on Emission Reduction under Carbon Tax Regulation JIANG Yue1, HAN Shui-hua2 2017, 59(8): 158-166.  Abstract ( 68 )   Based on Stackelberg game between manufacturer and retailer, this paper analyzes how retailer cost sharing on emission reduction affects optimal decisions of manufacturer and retailer emission reduction.The results show that optimum order batch of retailer is positively correlated with volume of carbon emission reductions of manufacturer, and is negatively correlated with wholesale price of product without retailer cost sharing; with retailer cost sharing,the relationship between optimum order batch of retailer and volume of carbon emission reductions of manufacturer depends on the difference between carbon emission sensitivity and retailer cost sharing rate: if carbon emission sensitivity is greater than retailer cost sharing rate, optimum order batch of retailer is positively correlated with volume of carbon emission reductions of manufacturer, otherwise they are negatively correlated. Optimum order batch of retailer is negatively correlated with the price of semi-manufactured goods. References | Related Articles | Metrics

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Performance Comparison between Central Decision-making and Decentralized Decision-making: An Analysis based on Manufacturer Productivity DUAN Lian-jie1, ZHAO Xu2, LI Qian1,3 2017, 59(8): 167-174.  Abstract ( 56 )   This paper constructs a three-level supply chain model, which includes a single supplier, a single manufacturer and a single retailer. Firstly, the equilibrium solutions are given. In addition, the paper investigated the effects of manufacturer′s productivity and the parameter of supplier′s cost function on central decision-making and decentralized decision-making,and the effects of these two parameters on optimal price, optimal output and optimal profit under different decision mechanisms. The results show that the profit difference between central and decentralized decision-making is positively related to the manufacturer productivity, but is negatively related to supplier cost parameter;the improvement of manufacturer productivity will reduce the prices of manufacturer and retailer, and it will lead to increasing of the price of upstream supplier, however, the price of each member is positively related to the cost parameter of supplier;the improvement of manufacturer productivity will lead to an increase of manufacturer output, and the impact on supplier output is uncertain,however, both outputs are negatively related to the cost parameter of supplier. There are similar conclusions under central decision-making. The corresponding numerical analysis verifies the results of theoretical analysis. References | Related Articles | Metrics

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Research on Synergetic Evolution Mechanism and Path Optimization between Logistics Industry and Financial Industry TANG Jian-rong,JIANG Cui-yun 2017, 59(8): 175-183.  Abstract ( 57 )   The integration and innovation of logistics and finance, and the construction of a logistics financial complex system with both risk sharing and win-win benefits are the effective ways for the further development and improvement of logistics industry.The paper selects 31 provinces and cities′ macro data of logistics industry and financial industry from 2004 to 2014, and uses the entropy weight method to measure regional logistics capability and financial performance. Then the study builds logistics - finance compound system based on Hawking model to study collaborative development path and evolution rules of the logistics finance. The results show that logistics capability plays a leading role in the compound system′s evolution process; the development of the logistics industry has positive effects on finance, but the financial markets do not have sufficient support to the logistics industry; the overall level of logistics - finance cooperation has entered into “collaboration stage”, logistics capability, financial performance and synergetic level all show east - middle - west decreasing trend. Based on the results, the paper puts forward object synergy, development coupling, risk-sharing, information-sharing and policy guidance, are effective measures for the coordinated development between logistics industry and financial industry. References | Related Articles | Metrics

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Aging and the Dynamics of Household Savings: An Analysis from the Perspective of Pension SHI Yang 2017, 59(8): 184-192.  Abstract ( 62 )   Pension plays an important role in determining how aging will influence household saving. Adding PAYG pension into the analytical framework of aging and household savings, this paper puts forward the proposition that aging has an inverted U shaped influence on household savings using OLG model, and makes empirical tests based on Chinese provincial panel data. The empirical results show that: China is just at the turning point stage of the inverted U shaped influence on household savings at this time, and pension system is one of the important reasons why the influence of aging on household savings is different from LCH. Therefore, with the acceleration of population aging, the saving rate of China will probably decrease in the future, so government should take measures as soon as possible. References | Related Articles | Metrics