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22 September 2017, Volume 59 Issue 9 Previous Issue    Next Issue

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Research on Tourism Climate Index of Heilongjiang Province based on Climate Evaluation Business Climate Index Research Team of Harbin University of Commerce 2017, 59(9): 1-6.  Abstract ( 85 )   Climate index refers to processing and summarizing the qualitative indicators in the survey by use of quantitative method to comprehensively reflect state or development trend of a particular survey group or a social economic phenomenon. The paper uses the method of compiling Composite Index (CI) by US Department of Commerce to compile the tourism climate index of Heilongjiang Province, which is regarded as comprehensive evaluation of observing fluctuation of tourism in Heilongjiang Province, analyzes Composite Index with combining the economic situation in Heilongjiang Province to determine the periodic law of tourism in Heilongjiang Province,analyzes and judges the situation of the tourism and the inflection point of the industry cycle to determine the overall fluctuation and trend of the industry, so as to provide some references for the formulation of policies of tourism and micro-tourism operators in Heilongjiang Province. References | Related Articles | Metrics

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Business Model Innovation Driven by Consumption Thinking Transformation: An Analysis based on Internet Economy ZHU He-liang, WANG Ming-yan 2017, 59(9): 7-13.  Abstract ( 123 )   With the continuous development of Internet economy, commodity consumption is developing towards individuation, and consumers play an increasingly important role in business model innovation. The change of consumption thinking in Internet economy era is mainly reflected in four aspects: free, sharing, co-creating, across time and space consumption. From the business model innovation practice, free, sharing and co-creating consumption thinking generally present a layer of evolution trend in time, across time and space consumption is throughout, and business model innovation driven by the change of consumers′ thinking in the Internet economy era should also focus on these four aspects. The business model innovation driven by consumers′ co-creative thinking encourages companies to shift from providing consumers with final goods and services to providing them with intermediate services that are co-created. The process of consumer participation in co-creating is not only a business model innovation, but also a platform for mass entrepreneurship and innovation, which can provide opportunities for the public to participate in innovation and entrepreneurship. References | Related Articles | Metrics

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Influence of Package Size on Indulgent Consumption：An Analysis based on the Perspective of Self-control ZHANG Guang-ling，CONG Ding，SHOU Zhi-gang 2017, 59(9): 14-20.  Abstract ( 109 )   With the improvement of people′s concept of health, people are increasingly concerned about the self-control of consumption, especially the self-control of indulgent consumption. This study explores the impact of different package sizes on consumer′s indulgent behavior through three experiments. Among them, by manipulating the packaging size in the case of opaque packaging and transparent packaging products, Experiment 1 finds that in the case of opaque package, smaller package size can improve consumer′s desire for indulgent consumption, and transparent larger package size can improve consumer′s willingness of indulgent consumption; Experiment 2 and Experiment 3 demonstrate that perceived control threat is the underlying cause of this effect. The results of the study not only show the influence of packaging size on consumer′s willingness to consume, but also demonstrate that perceived control threat is the underlying cause of this effect, adding to our understanding of the underlying psychological mechanism of consumer self-control. References | Related Articles | Metrics

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Business Model of Sharing Economy in Chinese Context based on Comparative WANG Jia-bao,XUE Man,DUN Shuai 2017, 59(9): 21-27.  Abstract ( 88 )   Based on the business model canvas model proposed by Osterwalder et al., this paper analyzes enterprises business model of sharing economy in China by the comparison of several cases, such as DIDI. Compared with the traditional Chinese business model, the business model innovation of sharing economy lies in that the enterprises obtain revenue through the construction of sharing platform, make use of the platform to make the supply side better grasp the value proposition of demand side, and share the personalized idle resources to regulate the relationship between supply and demand sides, information technology and the information symmetry between supply and demand are the core resources and capacities of an enterprise; compared with similar foreign enterprises, the localization and differentiation of the business model of China′s sharing economy are mainly reflected in the level of profitability. References | Related Articles | Metrics

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The Impact of Opinion Leadership on Consumer′s Indirect Value from the Perspective of Social Network PAN Rui1，ZHOU Jing2,GUAN Rong1 2017, 59(9): 28-32.  Abstract ( 68 )   From the social network theory, this article depicts the characteristics of phone call network and message network through the analysis of the communication and message data, and consumption record provided by a mobile telecom company in the domestic market. Furthermore, the paper conducts principle component analysis and clustering analysis based on network statistics, classifies the consumers into three categories: the inactive consumer, the moderately active consumer and the opinion leadership, and divides customer value into direct and indirect value to investigate the impact of opinion leadership on customer indirect value. Regression analysis reveals that the role of opinion leadership is mainly reflected in the promotion of indirect value of customers and his/her consumption (i.e., direct value) has no significant difference with others.However, consumers who are connected with opinion leaderships have significantly more consumption because opinion leaderships are more active in a network. This finding suggests that measuring customer value should be based on individual spending, moreover, a customer value should include social relationship value; in order to remain customers in a long term, telecom companies should pay attention to the identification and maintainance of opinion leadership, because they can stabilize network relationship. References | Related Articles | Metrics

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The Impact of Human Resource Allocation on Exhibitor Performance： From the Perspective of Temporary Team HE Hui-wen1，GAO Xin2 2017, 59(9): 33-39.  Abstract ( 79 )   The exhibition is, in a sense, an interaction between people, so human resource allocation has a significant effect on exhibitor performance. Based on the theoretical deduction and investigation of 158 exhibiting teams with 571 employees, this research analyzes the impact of human resource allocation upon the exhibitor performance from the perspective of temporary team. The research result shows that the leadership ability and the moral level of the exhibition manager have a significant positive impact on the exhibitor performance, and the level of normative actions and swift trust of the exhibiting team also have a significant positive impact on the exhibitor performance. As to the team diversity, although no evidence is found that it has a direct effect on the exhibitor performance, it is significantly related to several factors influencing the exhibitor performance. Therefore, the team diversity cannot be ignored when a company builds the exhibiting team. References | Related Articles | Metrics

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An Analysis of Business Ethics Behavior and Consumer Response based on Consumer Perception JIANG Li-qin，SHI Min，ZHANG Di 2017, 59(9): 40-46.  Abstract ( 90 )   Using the statistical analysis software SPSS18.0 and AMOS20.0, this paper deeply tests the collected data from the perspective of consumer perception, and explores the mediating role of customer perceived value between business ethics behavior and consumer response, and the regulatory effect of consumer trust. The research shows consumer ethics and feedback society under the business ethics have significantly positive effects on consumer′s emotional response and behavior response, environmental protection under the business ethics has significantly positive effects on consumer′s emotional response, customer perceived value plays a part of the intermediary role between the business ethics behavior and consumer response, and consumer trust plays a significantly positive regulatory role between the relationship of consumer ethics, environmental protection and consumer emotional response. The above conclusions can provide some theoretic references for enterprises to carry out ethical activities, improve consumer perceived value, and enhance consumer response. References | Related Articles | Metrics

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The Development Paths of Financial Institutions in the Beginning of Trade Ports Opening in Old China: With the Development of Old-Style Chinese Private Bank and Exchange Shop Trade Finance Business as Examples BAI Yun1，WANG Yi2 2017, 59(9): 47-52.  Abstract ( 77 )   In the beginning of trade ports opening in old China, trade between China and the West was not conducted directly between Chinese and foreign businessmen, and real transaction parties were foreign businessman and private bank, exchange shop. Because of peculiar social endowment structure of old China, old-style Chinese private bank and exchange shop cooperated with foreign banks while competing with foreign banks, and carried out lending business in old China′s financial markets. Today, with the deepening of China′s market opening, the practice of old China′s financial industry in the beginning of trade ports opening is worth learning. China′s local financial industry needs to carry out international cooperation and competition on the basis of the existing advantages, and it needs to bring the positive results of financial development in the west, to build a unique model suitable for China′s financial development, and find the unique road of financial development of “oriental society” with Crafting Gorge. References | Related Articles | Metrics

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Earning Smoothing，Investor Heterogeneous Beliefs and Asset Mispricing: An Analysis based on 2000-2012 Data of Shanghai and Shenzhen Stock Markets ZHANG Jing, WANG Sheng-nian 2017, 59(9): 53-59.  Abstract ( 101 )   In China′s stock market，stock price deviates from its intrinsic value for a long time，which leads to the securities market resource allocation function cannot fully play. Based on the behavioral finance theory and information asymmetry theory，this paper studies the relationship between earnings smoothing，investors heterogeneous beliefs and mispricing，and analyzes the generation mechanism of asset mispricing. The results show that investor heterogeneous beliefs has a positive impact on asset mispricing，and the improvement of earning smooth can significantly relieve the positive impact on investors heterogeneous beliefs to asset mispricing; compared with the implementation of margin trading system，the positive influence of investor heterogeneous beliefs on the overvalued share price is significantly enhanced, and the alleviating of earnings smoothing is more prominent after the implementation of margin trading system. This shows that the introduction of margin trading in China has little effect on improving the efficiency of stock pricing. Therefore, we should objectively and fairly recognize and evaluate the positive role of earnings smoothing behavior in reducing asset mispricing, but we must also strengthen management to prevent from forming earnings manipulation because of excessive use of earnings. References | Related Articles | Metrics

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Exchange Rate Pass-through, Market Power and R&D Investment：An Analysis based on Panel Data of Provinces in China SHI En-yi 2017, 59(9): 60-68.  Abstract ( 69 )   Exchange rate changing has pass-through effects on the prices of domestic and import and export products, so trade vendors adjust their R&D investment scale and structure according to their market power, which includes price-bonus ability and dependence on import and export; meanwhile, evolution of financial structure plays an important role in R&D structure. Empirical tests with provincial panel data indicate that RMB′s appreciation has significant effects on R&D investment; improvement of market power has different effects on R&D input in different regions, however it makes significant effects with exchange rate for all regions; the cooperation of exchange rate and import or export do the same; in view of R&D structure, enterprises pay more attention to applied research and experimental development while neglect long-term and prospective basic research; the evolution of financial structure do help R&D and East-China show the features. So we should use exchange rate policy reasonably, cultivate enterprises′ market power actively, optimize the allocation of R&D structure and speed up the development of financial market. References | Related Articles | Metrics

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The Internal Cause of Current Account Imbalance: Fiscal Deficit, Demographic Effect and GDP Growth WANG Jia 2017, 59(9): 69-79.  Abstract ( 82 )   Under the background of global current account imbalance, this paper explores how fiscal deficit, demographic effect and GDP growth affect saving-investment gap by using panel data of 84 countries in 1990-2015,and investigates the root causes of current account imbalances. The initial static regression model results show that fiscal deficit, demographic effect and GDP growth have significant effect on current account imbalance. The improved dynamic regression model results show that fiscal deficit, children′s dependency ratio, elderly dependency ratio and the economic growth rate of a country relative to the world have significant explanatory power to current account imbalance, but children′s dependency ratio and relative GDP growth have different effects on different groups of countries. To control global current account imbalance, we should take into account the international macroeconomic environment and policies to form an internationally accepted effective solution. References | Related Articles | Metrics

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Demonstration or Crowding-Out Effect: An Empirical Study of Internet Financial Platform Efficiency ZHUANG Lei, ZHAO Cheng-guo 2017, 59(9): 80-87.  Abstract ( 91 )   Internet banking has significantly improved the total factor productivity of China′s commercial banks through the technology spillover effect. Based on the characteristics of network economy, the paper analyzes the resource allocation mechanism of Internet financial model with the two-side market theory, and compares the financing efficiency of traditional financial institutions and Internet financial platform; the data of more than 200 network lending platforms from October 2013 to February 2016 are collected to verify the resource allocation efficiency of network lending platform from transaction scale, transaction time and risk quality. The empirical results show that the crowding-out effect is obvious in the lender side, and demonstration effect is obvious in the borrower side. Accordingly, we should unify information disclosure standards of Internet financial platform, orderly guide reasonable market competition and strengthen comprehensive supervision of the platform. References | Related Articles | Metrics

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Economic Effects of China Fiscal Expenditure on Agriculture:Efficiency Evaluation and Path Optimization SI Yi1，GAO Fei2，WANG Ya-fen3 2017, 59(9): 88-92.  Abstract ( 72 )   There exist regional differences in the effect of fiscal expenditure on agriculture on the growth of agricultural economy: influence on the western provinces is the greatest, and on the eastern provinces is minimum; the comprehensive efficiency is decreasing in the eastern, the central and the western regions in order, the scale efficiency in the central regions is the highest, proving that the scale of fiscal expenditure on agriculture in the central regions is relatively reasonable; the dynamic analysis of the efficiency of fiscal expenditure shows that the average factor productivity in the eastern provinces is better, and each province′s total factor productivity is on the rise, but the total factor productivity of the central provinces is declining slightly. The efficiency of China fiscal expenditure on agriculture still has a large development space, and it could be further optimized in ways and paths, so we should carry out multiple designs and improvements from institutional mechanisms and policies. References | Related Articles | Metrics

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The Spatial and Temporal Characteristics and Its Driving Mechanism of the Coordinated Development of Private Economy and Regional Economy GUO Yu-jing， SONG Lin， ZHANG Li-tao 2017, 59(9): 93-102.  Abstract ( 79 )   The relationship between private economy and regional economy is mutual and interactive. Based on 1998-2014 panel data of private economy and regional economy of 30 provinces in China, this paper uses the coupling coordination degree model, combined with GIS of private economy in China′s provinces and regions, to analyze coupling coordination degree of regional economy of time and spatial pattern. The study found that the time dimension indicates that the comprehensive development index of private economy began to show a downward trend in 2003, which began to increase slowly after 2006. The regional economic comprehensive development index fluctuates smoothly and shows the characteristics of the economic cycle. The mean value of the coupling degree of private economy and regional economy in the provinces is “W”, which shows the trend of decline; the spatial pattern indicates that the private economic indexes of various regions are basically in line with the fluctuation trend of regional economic indexes. The regional difference of private economic index is obvious, and the whole character shows “east-west - west”, and the central region itself is obviously divided. The coupling degree of the province is unbalanced and the difference is obvious, and the coupling degree has been shown to be the polarizing pattern of high gathering and low and low reunion; according to the analysis of jet lag, the comprehensive index of private economy is the leading indicator of regional economic comprehensive index, with early warning function; among all kinds of influencing factors, R&D expenditure and the listed company have the most significant influence on the coupling degree. The study shows that the private economy has a close interaction with regional economic development, and the coordinated development of them has important practical significance for promoting regional economic transformation and upgrading under the new normal economy. References | Related Articles | Metrics

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ISSP Measurement Index System for the Coordinated Development of Regional Economy WANG Shu-guang, LIANG Wei-jie 2017, 59(9): 103-109.  Abstract ( 55 )   Coordinated development of regional economy is a significant development strategy of our country, however, there is no universal cognition standard on the measurement index system of the coordinated development of regional economy set in theory or practice. An ISSP measurement index system for the coordinated development of regional economy with 4 first grade indexes, 14 second grade indexes and 46 third grade indexes is established to evaluate the development level and gap of the coordinated development of regional economy in China, and the dominant strategies on accelerating economic development in northeast, central and western regions is put forward. References | Related Articles | Metrics

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The Comparison of Rawls and Sen′s Distributive Justice Theory in Critical PerspectiveZHU Cheng-quan1, LI Dong-yang2 2017, 59(9): 110-117.  Abstract ( 63 )   This paper revolves around the debate of “basic goodness” and “practical ability”of John Rolls and Sen′s(Amartya Sen) distributive justice theory and thinks that Sen′s distributive justice theory is more reasonable,because it takes a face to the reality of the actual research method and focuses on the comparison of reality;the similarities of the two theories lie in avoiding utility comparison problem, concerning non income factors, attenting social vulnerable groups and individual diversity characteristics, and the differences lie in pursuing freedom standard is different，the index range is different, the application to the object of distinction principle is different and the purpose of the theory is different. With the guidance of Marx′s dialectical thought, this paper makes the Philosophical critics of the two theories,and summarizes the complementary of the two theories, to explore effective countermeasures governing China′s gap between rich and poor from distribution system and policy. References | Related Articles | Metrics

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From Pareto Optimality to Kaldor Improvement: An Analysis of Two Backgrounds of Fiscal System Reform HU Juan1,CHEN Ting2 2017, 59(9): 118-126.  Abstract ( 56 )   Every system reform must involve the interest adjustment. The principle that the stock must be kept steady and the increment must be adjusted was followed in the reform of tax-sharing system in 1994. The double-track fiscal system had been implemented from then on. This reform method has kept the vested interests divide steady, and it decreased resistance of the fiscal system reform. This method is one classical mode of Pareto Improvement. However, the background of present fiscal reform is different from the 1993′s reform: the vested interests divide is hard, and the space of Pareto Improvement does not exist nowadays. This paper suggests that the Kaldor Improvement is more suitable to the present fiscal reform. This system reform will be feasible if this reform can improve the level of social welfare according to the Kaldor principle, and then the fiscal system can be used to distribute the benefit of reform to achieve the goal of social equity. References | Related Articles | Metrics

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The Effects of Independent Director Team Heterogeneity on the Quality of Internal Control Deficiencies Disclosure FENG Jun-ke, HOU Wei, MA Chen 2017, 59(9): 127-134.  Abstract ( 94 )   The standard independent directors can effectively improve the governance structure of the listed companies, and promote the effectiveness of internal control. Based on the theories of Team Heterogeneity and Top Management Team, this paper takes China′s A-share listed companies from 2007 to 2015 as samples to empirically analyze the effect of independent directors heterogeneity on the quality of internal control deficiencies disclosure. The study finds that education heterogeneity and part-time number heterogeneity have a significant positive correlation with the quality of internal control deficiencies disclosure, tenure heterogeneity and remuneration heterogeneity have a negative correlation with the quality of internal control deficiencies disclosure, and age heterogeneity, gender heterogeneity, major background heterogeneity, academic background heterogeneity and professional background heterogeneity have no significant influence on the quality of internal control deficiencies disclosure. The results above not only draw much attention to the importance of internal control construction, but also help the listed companies to strengthen the construction of independent directors team from the perspective of management team characteristics and improve the level of corporate governance. Also, this paper further expands the research on the quality of internal control deficiencies disclosure. References | Related Articles | Metrics

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An Analysis of Workplace Gender Bias based on the Integration Model of Misfit Mechanism WU Huan-wei, ZHANG Wen-jun 2017, 59(9): 135-143.  Abstract ( 56 )   Extensive attention has been paid to workplace gender bias. By summarizing the antecedents, outcomes and boundary conditions of workplace gender bias, the paper finds that workplace gender bias is rooted in two kinds of misfit. In the aspects of subjective cognition, the misfit between stereotypes about gender groups and job requirements leads to gender-role congruity bias (including descriptive bias and prescriptive bias); in the aspects of objective characteristics, the misfit between female′s sex and the sex distribution within jobs leads to outsider′s bias. Besides, workplace gender bias results in much organizational injustice against women, such as unfair job performance appraisal, salary gap of gender and dilemma of leadership, and multilevel factors including individual characteristics and organizational situations affect workplace gender bias. References | Related Articles | Metrics

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Stakeholders, External Governance and Earnings Management: Research basedon Literature LI Cong-gang1，QUAN Xiao-feng2 2017, 59(9): 144-152.  Abstract ( 116 )   Since corporate governance theory has gradually evolved from shareholder governance to stakeholder governance, it has been a question of concern whether stakeholders can effectively play the role of governance. From the point of view of earnings management, this paper explores the external governance role of stakeholders through the analysis of whether stakeholders can mitigate the earnings management behavior of executives with literature research method. Through studying relevant literature, the paper finds that analysts, institutional investors, media, auditors, and suppliers / customers, etc. stakeholders have important government effects on executives′ earnings management behavior, whose governance effects can be summarized as supervision effect, pressure effect and substitution effect; there is a significant difference in the corporate governance effect because of the difference in the nature, degree and function channels between stakeholders and corporate interests; the governance effect of stakeholder has the substitution effect, and its heterogeneity, corporate characteristics, internal governance mechanism and external environment can affect the cost and income of each subject, and eventually affect the corporate governance effect. Therefore, we should improve corporate governance effect of stakeholders from two aspects of strengthening internal governance mechanism and improving external environment, to maximize the effect of supervision and reduce opportunistic behavior brought by pressure effect. References | Related Articles | Metrics

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Decision Analysis of Closed - loop Supply Chain based on Retailer′s Risk Aversion and Fairness Preference XU Min-li, LIU Tian, JIAN Hui-yun 2017, 59(9): 153-162.  Abstract ( 81 )   In reality, decision makers are often not fully rational, showing a variety of behavioral preferences. A two-stage closed-loop supply chain with an original manufacturer and a retailer is studied. With the decisions of the original manufacturer and the retailer when they are risk neutral and fairness neutral as references, two different price models under two different situations where the original manufacturer considers retailer′s risk aversion and fairness preference or not are built. The results show that the retailer′s behaviors of risk aversion and fairness preference affect the pricing strategy of original manufacturer and retailer, and the original manufacturer should consider the situation, which is beneficial to the retailer and ensure the original manufacturers don′t get the worst game results when the retailer is risk averse and fairness preferring. Retailer′s risk aversion and fairness preference are always detrimental to the total profit of the supply chain and affect supply chain profit redistribution．That the original manufacturer considers the retailer′s behavior of risk aversion and fairness preference can only eliminate the effects of fairness preference on retailer′s decision, but cannot eliminate the effects of risk aversion. References | Related Articles | Metrics

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Supply-Chain Finance and Enterprise Financing Constraints:Effect, Mechanisms and Mediation Factors 2017, 59(9): 163-169.  Abstract ( 66 )   Based on 2007-2015 data of A share non-finance listed companies，this paper studies how the supply-chain finance affects enterprise financing constraint problems and its mechanism and mediation factors using regressions analysis and grouping test. Results show that the supply-chain finance will reduce the cash-cash flow sensitivity, and alleviate financing constraints by reducing the information asymmetry; alleviating effect is stronger for companies with small size, and competitive and high-growth industries. Therefore, finance institutions should consider companies with small size and competitive and high-growth industries as the potential customers of supply-chain finance services; companies lacking of fixed assets, especially those with small size and competitive and high-growth industries, should seek for supply-chain finance services to obtain capital. References | Related Articles | Metrics

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External Environment,Individual Capability and Willing of Migrant Workers Urbanization ZUO He1,SUN Zheng-lin2 2017, 59(9): 170-177.  Abstract ( 87 )   In the background of China′s New Normal, urban real economic growth is slow, and the corresponding employment environment for migrant workers has a higher demand in the quality of the labor force. But the consideration of the willingness of the migrant workers in the urbanization has often neglected the external environment, especially the change of the employment environment factors. This paper uses the structural equation model to quantitatively measure the influence of external environmental factors and personal ability on the willingness of migrant workers urbanization in the sample area. The study shows that the external employment environment has the strongest influence on the migrant workers urbanization, and the work stability, the salary level, the satisfaction degree of the work and the social security system of the migrant workers after entering the city, have a significant influence on whether it is citizen′s decision. In the process of promoting migrant workers urbanization,government should focus on improving the individual ability level of migrant workers in order to cope with the change of employment environment, and actively guide the process of urbanization in different regions and rationally divert migrant workers. References | Related Articles | Metrics

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Reflection and Perfection of Supervision Rules in Insurance Funds Placarding Listed Company HU Peng 2017, 59(9): 178-187.  Abstract ( 73 )   The State Council′s “No.10 National notice of insurance industry” points that insurance funds should be the most important corporate investor in stock market. And this policy requires the insurance industry to support the development of stock market persistently and stably. But recent insurance funds placarding draws a lot of dissatisfaction of the public. Actually those problems in the process of placarding reflect many short boards of supervision rules. In order to settle those problems, such as short term operation, supervision measures should be taken based on insurance supervision and stock supervision. For the former, insurance supervision involves two sides-underwriting and investment. The side of underwriting should emphasize risk safeguard, returning to the nature of “insurance surname insurance”; the side of investment should ensure asset-liability matching, guiding insurance funds into value investing. For the latter, we should perfect supervision rules of insurance funds and persons acting in concert placarding, estimate the concentration risk precisely, strengthen the obligation of information disclosure, and establish the rule of penetrating supervision. References | Related Articles | Metrics