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20 December 2017, Volume 59 Issue 12 Previous Issue    Next Issue

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Research on the Models of Right Confirmation of Rural Land based on Regional Type Difference of Rural Land： Thinking about the Implementation of “Rural Revitalization Strategy” Proposed by 19th National Congress of the CPC SUN De-chao, CAO Zhi-li 2017, 59(12): 1-10.  Abstract ( 143 )   In order to cope with the transformation of the major social contradictions in the new era and implement the goal of “Rural Revitalization Strategy” proposed by the 19th National Congress of the CPC, it is essential to accelerate the modernization of agricultural and rural areas and deepen the reform of rural land system. The right confirmation of rural land is the basic work of “developing a variety of forms of moderate scale management and cultivating a new type of agricultural management entities”. At present, the implementation of China′s policies of right confirmation of rural land is faced with many obstacles, such as difficulties in local implementation and poor effect of executions. Therefore, it is necessary to comprehensively consider the goals and demands of the center, localities and farmers in right confirmation of rural land, and put forward targeted and differentiated implementation plans according to different geographical characteristics. Taking human-land relationship and rural land appreciation potential as two dimensions, and taking agricultural region as carrier, China can be divided into four types of agricultural regions: “plain area” in Northeast China, “barren area” in Northwest China, “broken area” in Southwest China and “suburb area” in Southeast China. On the basis of investigating the basic characteristics and management status of different rural land areas, this paper puts forward four types of right confirmation of rural land model: confirming the right and land according to present situations, confirming the right and benefit after the adjustment of land, confirming the right and land after the adjustment of land, and confirming the stock and benefit according to the present situation, to provide reference for reducing agricultural operation cost and realizing scale operation in different rural land areas. References | Related Articles | Metrics

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A Study of the Civil Law Adjustment of Service Trade in Service Industry Leading Industry Mode: An Analysis from the Perspective of Meeting People′s Good Life Needs System Construction WANG Fu-you 2017, 59(12): 11-20.  Abstract ( 121 )   The service industry leading industry mode marks the entry of society into the pursuit of quality of life. Civil law should respond to it through institutional innovation, so as to realize the institutional solution of major contradictions of the new era put forward in the 19th National Congress of the CPC. Based on the characteristics of service trading connects production and consumption links, this paper puts forward a new problem of how to adjust the coexistence of business behavior and civil behavior. Service recipients have serious trading dependence on service providers, and the service industry should adhere to the business mode which is different from the commodity trading, that is to pursue the profit under the ethical constraints contained in the service industry. The service contract should be famous in the compilation of civil code. The key is to maintain service acceptors′trust in the service transaction by providing a legislative form of service providers′ obligation. References | Related Articles | Metrics

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“Stealing Box Office” Effect and Regulation Countermeasures of China′s Film Industry WU Chang-nan 2017, 59(12): 21-27.  Abstract ( 113 )   Nowadays, under the condition of vertical separate structure of Chinese film industry, low quality films have more advantages in the game of film making, publishers, and exhibitors in the box office income division game, resulting in the phenomenon of stealing box office. This problem will make the marginal quality profit and the marginal quality cost deviate from the profit maximization condition, so that the quality of the movie market will deteriorate and the inferior movies will drive out the premium movies. Finally, the lemon effect will appear in the movie industry. Therefore, it is necessary to reconstruct the vertical structure of the film industry, reshape longitudinal control mode, improve technical supervision means, and build the market mechanism of regulating stealing box office. References | Related Articles | Metrics

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Research on the Dynamic Mechanism of the Business Model Innovation of Online Tourism Enterprise LI Fei-fei 2017, 59(12): 28-34.  Abstract ( 97 )   With the development of online tourism market, business model innovation of online tourism enterprise has become an important way to expand the market, expand service and enhance the competitiveness of enterprises. The paper uses structural equation model to analyze the effect of each factor on business model innovation of online tourism enterprise. By revealing the internal relationship between each factor and its relationship with business model innovation of online tourism enterprise, the paper explores the dynamic mechanism of business model innovation of online tourism enterprise. Research shows that the factors including technological progress, customer demand, industry environment, supply chain enterprise, enterprise strategy, entrepreneur ability, organizational and learning ability have significant influence on the business model innovation of online tourism enterprise, and the impact of enterprise strategy and technological progress is the most significant; constructing the motive mechanism of the business model innovation of online tourism enterprise with business model innovation as central node, the dominant module as subject, and the market and associated modules as two wings, we can obtain five paths of business model innovation. They interact and influence each other to promote the business model innovation of online tourism enterprise. References | Related Articles | Metrics

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Research on Value System Construction of Exhibition Products based on Delivered Value Theory MENG Fan-sheng1, FENG Zhuo-ran1, ZHANG Di2 2017, 59(12): 35-41.  Abstract ( 80 )   Despite the rapid development of China′s convention and exhibition industry, there are still widespread problems of poor quality, low value, high cost and low exhibitor satisfaction, which make the exhibition′s influence less obvious, and a large number of potential participants lost interest in exhibiting. The rational construction of the value system of exhibition products is helpful to promote the promotion of the exhibition products and further healthy development of the exhibition industry. Based on Kotler′s theory of Customer Delivered Value, this paper selects 26 indicators which affect the value of exhibition products by means of interview and questionnaire, and constructs the value system of exhibition products by 8 principal component factors through factor analysis. This paper perfects the previous research on the value system of exhibition products, and provides ideas for the suppliers of exhibition products to provide product upgrading. References | Related Articles | Metrics

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Governance Effect of the Participation of State-Owned Equity on Overinvestment of Private Enterprises LI Ming-min, LI Bing-xiang, HUI Xiang 2017, 59(12): 42-47.  Abstract ( 92 )   Based on the implementation of the mixed ownership reform, this paper analyzes the impact of state-owned equity participation on overinvestment of private enterprises, and explores how to play the governance effect of state-owned equity on overinvestment of private enterprises. The results show that: the existence of the largest shareholders′ controlling private interests is one of the reasons leading to overinvestment of private enterprises, and the private interest of its control is positively related to the overinvestment of the enterprise; the largest shareholder′s share proportion is negatively related to the possibility of overinvestment. The proportion of state-owned equity participation also has a reverse U-shaped relationship with private enterprises′ overinvestment. Only when the proportion of participation is greater than the cost threshold of supervision, the supervision of state-owned shares to the largest shareholder of private enterprises can alleviate the over investment of private enterprises.Therefore, not all private enterprises are suitable for participation in “mixed ownership reform”, the proportion of state-owned shares participating in private enterprises should be in a reasonable range. The most important thing is the integration of control rights. We should avoid the government′s excessive intervention in private enterprises. Only by changing the original goals of both parties, can we achieve mutual benefits and win each other′s resources. References | Related Articles | Metrics

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Internet Finance and the Balanced Development of Regional Economy: An Analysis of the Convergence Growth of Regional Economy based on Stochastic Frontier Model CAO Yuan-fang 2017, 59(12): 48-56.  Abstract ( 118 )   There is no empirical answer to support whether internet finance can alleviate regional discrimination and gradient development in economic growth though it can bring out the continuous deepening of financial services. Based on the stochastic frontier model, this paper incorporates four factors such as labour, traditional capital, internet financial capital and regulations into the analytical framework of disparity of regional economic growth in order to investigate the contribution of different factors and the influence on technical efficiency. The empirical research concludes that the hypothesis of economic growth convergence cannot be embodied, the difference of regional economic growth is still expanding and the average technical efficiency of the relative common front of each region shows U-shaped trend; traditional capital and labour are still the main driving forces of regional economic growth; as a new form of financial resource allocation, internet finance has obvious technical inefficiency and it fails to play the role of inclusive finance, the one-way output pattern of the Middle and the West towards the Eastern region hasn′t been changed, and the phenomenon of Matthew Effect and regional disparity are significant. The result is enough to explain that internet finance does not affect the inherent logical relationship between financial capital and regional economic growth though its development degree cannot improve the allocating efficiency of regional financial resources and promote convergence growth of regional economy remarkably. At least, the role of internet finance should not be overestimated in the present time. References | Related Articles | Metrics

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Macroeconomic Effects of the Structure of Monetary Base LIU Shan1，YU Sheng-guo2 2017, 59(12): 57-65.  Abstract ( 111 )   With the continued decline in funds outstanding for foreign exchange, China′s central bank frequently uses the lending facilities of monetary policy to inject monetary base, which leads to profound changes in the injection mechanism of monetary base. Embarking from the central bank′s balance sheets, based on the analysis of the phase characteristics of monetary base injection, this paper separates the active injection from the passive injection of monetary base, and uses the TVP-VAR model to examine the interconnection between monetary base injection and economic growth and price level since 1993. The results show that the random disturbance of monetary base injection has significant time-varying impacts on economic growth and price level; there are significant differences between the impacts of passive injection and active injection of monetary base on economic growth and price level under different phases of monetary base structure; from the view of impact strength and time delay, the impacts of passive injection on macroeconomy are stronger than the impacts of active injection in most of time. The above conclusions show that the macroeconomic effects of active and passive injection of monetary base are not the same, and the macroeconomic effects of passive injection are stronger than the active injection in most of time. On the basis of controlling the total amount of monetary base, the central bank should pay more attention to the structure of monetary base and further improve the mechanism of long-time monetary base. References | Related Articles | Metrics

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House Price Rise, Enterprise Innovation Inputs and the Adjustment Function of Government Subsidies CHEN Chen1,2,ZHU Shun-nan3 2017, 59(12): 66-72.  Abstract ( 114 )   With the advent of phenomena like the decline of traditional industries and environment deterioration, innovation has become the new engine to drive economic growth. Supporting innovation is one of the basic duties of government. This paper studies the relations among government innovation subsidies, innovation inputs and house price rise with the listed firms′ data in 35 large and medium-sized cities from 2010 to 2015. The results show that government subsidies are beneficial to innovation inputs, however, the continuous rise of house price will result in the “crowding out effect”, leading to the decline in promoting effect of government innovation subsidy; furthermore, in the case of distinguishing ownership of company, this effect is more obvious in state-owned enterprises; for private enterprises, government subsidies could reduce the financial constraints on innovation in non-state-owned enterprises. The above results show that high house price, to a certain extent, inhibits the promotion of government subsidies to enterprise innovation investment. Accordingly, government should not only strengthen the supervision mechanism to ensure the proper use of subsidies, but also take market-oriented means to reduce the negative effect of high house price on innovation. References | Related Articles | Metrics

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Economic Cycle, Market Sentiment and Asset Price ZHANG Xiao-hong1，WANG Hao1，2，ZHU Ming-xia1 2017, 59(12): 73-81.  Abstract ( 110 )   The paper uses the time-varying parameter vector autoregressive model to reveal the dynamic relationship among economic cycle, market sentiment and asset price in different economic cycle situations. The empirical results show that：investors′ market sentiment is closely related to the fluctuation of economic cycle, moreover, it has a significant impact on asset prices, and the direction and intensity of the influence vary with the economic cycle; there is a strong feedback mechanism between asset price and market sentiment, and asset price will influence economy through such factors as wealth effect and liquidity effect, and investors′ behavior has obvious herd effect and profit-holding deficit; at present, China′s stock market cycle and economic cycle are not fully synchronized, although the increase in stock index yields has a role in promoting the actual output of economy, this role has not yet been fully played. References | Related Articles | Metrics

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The Impact of Transaction Costs on Outward Foreign Direct Investment of China: An Analysis based on 2007-2015 Panel Data of 31 Provinces and Cities FU Lei，REN Hong，YE Si-yu 2017, 59(12): 82-89.  Abstract ( 90 )   Based on transaction cost theory, the paper uses panel data, generalized moment estimation and threshold regression to empirically analyze the impact of different transaction costs measured by the added value of different sectors of the tertiary industry on China OFDI. Results show that transaction costs have significant promoting roles in the OFDI system, and institutional costs has the saving effect which reduces the single exchange cost, so it can promote OFDI; the saving effect has different scales in different time, currently, the power of promoting OFDI by institutional costs is on the wane, as a contrast, the type of exchange costs shows inhibitory effect on the OFDI; there is a threshold effect hidden in transaction cost, when the scale of transaction cost is small, the transaction cost can promote OFDI, while when the scale of transaction cost reaches the certain value, OFDI will be depressed. At present stage, the promoting effect on OFDI is greater than the inhibitory effect. The above conclusions provide a theoretical basis for our country to clearly develop the modern service industry with technology and intensive knowledge, adjust and upgrade the service industry structure. The conclusions also have policy significance for standardizing the OFDI behavior of enterprises and improving the performance of outward foreign direct investment. References | Related Articles | Metrics

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The Impact of Political Risks on China′s Investment in ASEAN with Different Investment Motives YOU Hong-bing1,2,HUANG Si-han1, WEN Jun1 2017, 59(12): 90-98.  Abstract ( 95 )   Political risk is the main risk of foreign direct investment of Chinese Enterprises. The paper used government stability, corruption and internal conflicts as the proxies of ASEAN-specific political risks, multiplied the variables of enterprise investment motivation including market-seeking motive, resource-seeking motive and efficiency-seeking motive respectively and used 2003-2015 panel data to analyze the effect of political risks on China′s investment in ASEAN. The findings show that resource-seeking firms are most sensitive towards political risks, and its “evasion effect” to political risk is only a dimension of internal conflict; market-seeking firms are less sensitive than resource-seeking ones towards political risks; efficiency-seeking firms are least sensitive. References | Related Articles | Metrics

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The Relevance between China′s Export of Goods and Services Trade: A Study from the Perspective of Trade in Value-Added ZHOU Sheng-qi1, SANG Dan-dan1,FAN Yun-fei2 2017, 59(12): 99-110.  Abstract ( 76 )   The relevance of development between manufacturing and service industries is largely reflected in the trade in goods and services. From the perspective of trade in value-added, this article uses the world input-output data (WIOD) to establish a VAR model and explores the inter-relatedness of China′s export of goods and services trade. Results show that: The mutual promotion is obvious between value-added exports of goods and value-added imports of services, between value-added exports of goods and value-added imports of productive services, between value-added exports of manufacturing and value-added imports of productive services. In the long term, the promotion is obvious between value-added exports of non-manufacturing and value-added exports of services; between value-added exports of non-manufacturing and value-added exports of productive services; from value-added exports of non-productive services to value-added exports of goods, to value-added exports of manufacturing, to value-added exports of non-manufacturing; from value-added exports of goods to value-added imports of non-productive services;from value-added imports of productive services to value-added exports of non-manufacturing. In the short term,value-added exports of goods, value-added exports of manufacturing and value-added exports of non-manufacturing have a significant promoting effect on value-added exports of non-productive services. References | Related Articles | Metrics

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The Impact of Nonferrous Metal Price Fluctuation on China′s Macroeconomy: An Analysis from the Perspective of Metal Resource Security HUANG Jian-bai1,2,SONG Wan-ting1,ZHONG Mei-rui1,2 2017, 59(12): 111-116.  Abstract ( 96 )   This paper builds a new Keynesian DSGE model containing nonferrous metal price fluctuations from the perspective of metal resource security, and uses the quarterly data from 2001 to 2013 to estimate the parameters of the model to analyze the impact of nonferrous metal price fluctuations in the international market on China′s macroeconomy. The empirical results show that the price of nonferrous metals increases by 1%, the fluctuation of economic variables such as investment, money supply, labor demand and wage level is above 2%, and the price increases has an adverse effect on China′s major economic indicators such as GDP, investment and consumption, but the inertia of economic growth in our country can weaken the negative effect caused by the price volatility of nonferrous metals in the short term; our monetary policy cannot effectively solve the impact of the increase of nonferrous metals price, nor can we avoid the input risk caused by the price fluctuations of nonferrous metals. The conclusions above show that metal price fluctuation is closely related to the slowdown of China′s economic growth, so we must consider the safety of nonferrous metal resources from national strategic level. References | Related Articles | Metrics

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Corporate Strategy, Ultimate Controller and Cash Holdings Level: An Analysis based on the Data of A-Share Listed Companies in China CHEN Yan-bai1，CHEN Ru-yan2 2017, 59(12): 117-126.  Abstract ( 111 )   Taking 2011-2015 data of A-Share listed companies in China as a sample, the paper explores the change of cash holdings level from the perspective of different types of enterprise strategy, and on this basis, it further explores whether the ownership property of ultimate controller will affect the relationship between corporate strategy and cash holding level. The research finds that the cash holding level of exploratory enterprises is higher than that of defensive enterprises. This is mainly because the exploration type enterprises face more constrained by the financing constraints and more preventive motivation than the defensive enterprises, which will lead to more high cash holdings level, and more serious principal-agent problem of exploratory enterprises will also lead to more cash holdings level. Further, our study proves that compared with the non-state-owned enterprise, the positive effect of radical degree of enterprise strategy of the state-owned enterprise on firm′s cash holdings level will be enhanced; compared with central state-owned enterprise, the positive effect of radical degree of enterprise strategy of local state-owned enterprise on firm′s cash holdings level will be weakened, which is mainly the result of the government′s supporting and looting on the state-owned enterprises. The following conclusions can be drawn from this paper: the factors that affect cash holdings level should not only concern corporate finance, governance level and macroeconomic status, but also consider the strategic types of enterprises; when exploring managers′ decisions on cash holdings, they should give full consideration to the financing constraints they face, and pay more attention to the efficiency of cash use; corporate shareholders should strengthen the supervision of business managers′ embezzlement motives. References | Related Articles | Metrics

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Performance Evaluation of Enterprises′ Social Responsibilities based on Value Orientation of Stakeholders:Research based on Financial Report Data of Listed Companies in Fujian Province WANG He-liu 2017, 59(12): 146-152.  Abstract ( 73 )   Evaluating performance of enterprises′ social responsibilities based on value orientation of stakeholders is helpful to motivating enterprises to transform their business model towards multiple-values orientation and improving quality of GDP output. This paper applies DEA method and takes enterprises′ value contribution to their stakeholders as output indexes and current and no current assets as the input indexes to evaluate performance of social responsibilities of listed companies in Fujian Province from 2013 to 2015. Empirical results show that comprehensive technical efficiencies of overall social responsibilities of listed companies in Fujian Province is fine and improves year by year; pure technical and scale efficiencies of companies are also superior, but the scale efficiencies contribute more to the comprehensive technical efficiencies. It indicates that enterprises will improve more performances of their social responsibilities in the future by establishing a more equitable distribution of benefits system than by improving their scale efficiencies. References | Related Articles | Metrics

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CFO Background Characteristics and Corporate Performance from the Perspective of Principal-agent Theory:An Empirical Study based on Family-controlled Listed Companies in China ZHU Hong-chun1,ZHOU Fang-zhao2 2017, 59(12): 153-161.  Abstract ( 88 )   The choice of CFO in family-controlled listed companies significantly contributes to internal principal-agent problem and corporate financial performance. This paper selects family-controlled A-share listed companies from 2007 to 2013 as samples to conduct empirical analysis of CFO background characteristics and corporate performance within the framework of principal-agent theory. Results show that the actual controllers of family-controlled listed companies are more likely to choose CFO from internal source based on higher degree of separation of control rights and cash flow rights; CFO from whether internal or external sources, has no significant difference in financial performance and excess sales management expenses, but the actual controller′s participation can significantly improve CFO′s positive impact on company performance; gender attributes of CFO put a significant impact on excess sales charges, and female CFO from external source can ease the principal-agent problem. The inspiration of this paper is that the principal agent problem of the private enterprise CFO has no substantial influence on the source background of CFO, but is related to the personal characteristics of the CFO. References | Related Articles | Metrics

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A Study of Cross-border E-commerce Risk Management Model based on the SD Method LU Yu-duo，SUN Xiu-ying 2017, 59(12): 162-167.  Abstract ( 79 )   The risk management process of cross-border e-commerce is a complex, SD - characteristic system engineering. From the perspective of supply chain, this paper divides the risk factors of cross-border e-commerce trade into 4 categories: transaction risk, customs clearance risk, logistics risk and environmental risk. Based on the SD method, the analysis of the risk evolution mechanism is conducted. Then this paper presents a risk evaluation model based on the fuzzy analytic hierarchy process, where AHP is used to establish the risk evaluation index system and FAM is combined to perform risk rating static assessment. Besides, the paper establishes the dynamic analysis model of cross-border electricity supplier risk system and integrates the risk management process, to carry out the case simulation test for the third party cross-border e-commerce platform enterprise risk management, achieving a good fusion of static and dynamic analysis methods. References | Related Articles | Metrics

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Inter-industry Technology Spillover,Economic Externality and Financial Constraint: An Empirical Study based on Panel Data of Listed Companies in China′s Manufacturing Industry YANG Huai-dong,YIN Zhen,WANG Zhi-ping 2017, 59(12): 168-174.  Abstract ( 93 )   R&D investment operated by research and development stakeholders will inevitably result in a certain degree of technical spillover effect. In terms of economic externality and based on Almeida Model, the paper analyzes the inter-industry technology spillover′s influence on financial constraint from the perspective of economic externality, which is based on panel data of China′s manufacturing listed companies from 2010 to 2015. The empirical results show that the higher degree of R&D spillover, the higher trend that enterprises accumulate cash with internal cash flow, with the performance of cash - cash flow sensitivity enhancement and financial constraint aggravation; the less assets, the stronger positive impact that R&D spillover would have on financial constraint. The above conclusions provide the policy basis for the government to give appropriate compensation to the enterprises that produce externalities. References | Related Articles | Metrics

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Research on Technological Innovation Efficiency and Influence Factors in China′s Equipment Manufacturing Industry：An Analysis based on R&D and Achievement Transformation WANG Jiang, TAO Lei 2017, 59(12): 175-180.  Abstract ( 97 )   Under the background of global value chain reconstruction, changing the current situation of China′s equipment manufacturing industry “big but not strong”, strengthening the independent innovation R&D capability to upgrade the technological innovation efficiency of equipment manufacturing industry has become a major problem to be solved urgently for the country to implement the strategy of “great power”. The paper uses DEA-Malmquist method to measure the technological innovation efficiency of equipment manufacturing industry in different stages, and builds Tobit model with panel data to analyze the factors that influence the technological innovation efficiency of China′s equipment manufacturing industry, aiming at providing a potentially valuable perspective for the description and study of the problem. Results show the overall technological innovation efficiency of China′s equipment manufacturing industry is low, there being obvious phenomenon of redundant input and insufficient output, and the technological innovation efficiency of various industries in the equipment manufacturing industry is seriously unbalanced; the R&D phase is not matched with the achievement transformation stage in input and output of technological innovation efficiency, and the short board with low efficiency of achievement transformation is obvious; the effect of technological innovation efficiency on the promotion of total factor productivity is obviously less than the contribution of technical efficiency and scale efficiency; among the external factors, the degree of dependence on foreign trade has an inhibitory effect on the improvement of technological innovation efficiency. References | Related Articles | Metrics

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New Way of Definition of Business Ethics under the View of Anti-Unfair Competition Law:Based on the Framework of Legal Argumentation YE Ming, CHEN Geng-hua 2017, 59(12): 185-192.  Abstract ( 67 )   In the view of Anti-unfair Competition Law, the connotation of business ethics is diverse and very abstracted. Business ethics is identified by industry practices and specific rules is difficult to fundamentally overcome the uncertainty of business ethics. The reason is that the former as a legislative decision standpoint which adopts simple logic deduction but does not balance the interests and ignores the particularity of business ethics in the case. In addition, the industry practices which show periodical characteristics are different in different fields, so they cannot provide food for the business ethics steadily;the latter as a judicial decision standpoint is difficult to grasp the diversity of business ethics and can′t ensure the judgment based on the results of the objective requirements rather than arbitrary, so it doesn′t apply to identify business ethics. And the framework of legal argumentation does not praise the simple deduction of previous conclusions, but carries out the interests measurement and demonstrates constantly in the process of discussion, and uses visual formal rules and technical rules to restrict judicial discretion, so it can be regarded as a new way to identify business ethics. The specific application of frame of legal argumentation is as follows: the reasons for the determination of business ethics are analyzed in detail and show steps of deduction as well as demonstrate these pluralistic reasons hierarchically with the form of chains. References | Related Articles | Metrics