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25 January 2018, Volume 60 Issue 1 Previous Issue    Next Issue

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Spatial-temporal Coupling of Tourism Economy and Ecological Environment in Heilongjiang Province: From the Perspective of“Harmonious Coexistence between Human Being and Nature” TANG Zi1,2,SHI Chang-bo1,ZHANG Na3 2018, 60(1): 1-9.  Abstract ( 113 )   Tourism economy has promoting and threatening effect on ecological environment, while ecological environment has bearing and restriction effects on tourism economy. Under the background of “harmonious coexistence between human being and nature” put forward by The 19th National Congress of the Communist Party of China, based on constructing an evaluation system for the coordinated development between tourism economy and ecological environment, this paper analyzed spatial-temporal characteristics of the coupling coordination degree between tourism economy and ecological environment in Heilongjiang Province from 2005 to 2015 by using the entropy approach and coupling coordination model. The results show the comprehensive evaluation function and comprehensive development index between tourism economy and ecological environment in Heilongjiang Province showed a rise in fluctuation, and the coupling coordination degree also showed a steadily upward trend during the study period, the coordination grade was gradually improved and there was closely coupling relation between tourism economy and ecological environment;in terms of spatial changes, there were obvious regional differences in the comprehensive evaluation function and the coordination status of tourism economy and ecological environment in different zones, the internal development gap is expanding for the uncoordinated regions,and there were little changes for the basic pattern of spatial evolution of coordinated development between tourism economy and ecological environment in each region of Heilongjiang Province. In general, although the coupling and coordination degree of tourism economy and ecological environment in Heilongjiang is increasing, the problem of interregional imbalance is still very significant. In order to realize the harmonious and symbiotic development of them, we need to take The 19th National Congress of the Communist Party of China spirits as guidance, and take positive and effective measures in setting up ideas, improving and implementing ecological protection system, promoting green development mode and life style. References | Related Articles | Metrics

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Carrying out The 19th National Congress of the Communist Party of China Spirits and Speeding up the Construction of An Innovative Country: The Promotion Effect of Enterprise Internationalization on Enterprise Innovation Performance BAI Yun1, LIU Zi-wei2 2018, 60(1): 10-18.  Abstract ( 71 )   Speeding up the construction of an innovative country is a clear requirement put forward by The 19th National Congress of the Communist Party of China, and is also the inevitable choice to change the way of economic development and optimize the economic structure in China. As the main body of the investment of national innovation and development, the innovation ability of enterprise directly determines a country′s innovation ability. Taking 2005-2014 data of Chinese top 500 enterprises as samples, this paper assesses the promoting role of internationalization of Chinese enterprises on innovation output and innovation efficiency through panel Poisson regression and fixed effects regression method, focuses on the influence of capital structure, profit margin and financing constraint on the relationship between them,and pays special attention to the role of the internationalization of Chinese enterprises on the promotion of innovation. The results show enterprise internationalization significantly inhibits enterprise innovation output and innovation efficiency in the current period, shows a significant promotion in the middle and long term, and the impact of enterprise internationalization on innovation is not immediate and overnight; capital structure, profit margin and financing constraints positively adjust the promotion of enterprise internationalization to innovation output, and the impact of enterprise internationalization on innovation is the net result of these factors. Increasing the proportion of overseas assets is beneficial to the innovation output of enterprises, while increasing the proportion of overseas sales is more conducive to the improvement of enterprise innovation efficiency. The above conclusions provide a micro level explanation for objective evaluation of enterprises innovation performance, and also provide useful inspiration for implementing innovation driven development strategy and speeding up the construction of innovative country. References | Related Articles | Metrics

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On the Technical Efficiency of Vegetable First-Class Wholesalers: An Investigation based on Vegetable Wholesalers in Shouguang Agricultural Produces Logistics Park ZHANG Lei1，WANG Na1，ZHANG Gui-mei2 2018, 60(1): 19-27.  Abstract ( 88 )   Compared with the second-class wholesalers of agricultural produces circulation, the first- class wholesalers have larger scale and wider flow range, so they are the backbone of the inter provincial circulation of agricultural produces, and their operation efficiency directly affects the improvement of the circulation efficiency of the whole farm produces. This paper analyzes the technical efficiency and its influence factors of vegetable first-class wholesalers using stochastic frontier production function model based on the survey data of vegetable first-class wholesalers in Shouguang agricultural produces logistics park in Shandong Province. The results show that loss of efficiency of vegetable first-class wholesalers is significant in the process of vegetable wholesale. In terms of influence factors, these five variables have significant impact on the technical efficiency of wholesalers such as the main business decision-makers age, operating time in the park, the proportion of fixed customer purchasing volume accounted for the total wholesale, the proportion of the total amount of the acquisition of the fixed collector accounted for its total acquisition, whether a vegetable wholesaler has its own planting base or not. While varieties and quantity of the vegetable wholesale every time,whether invest in large transport vehicles or not, the educational level of decision makers, the experience of first-class wholesalers, working years and other factors have no significant impact on the technical efficiency of wholesalers. According to the above research conclusions, there is about 26.5% improvement in the technical efficiency of vegetable wholesalers, while the accumulation of vegetable wholesale experience，maintaining a stable relationship with upstream and downstream customers，and implementation of the forward integration development will help to improve their technical efficiency. References | Related Articles | Metrics

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A Traceability to the Forming of Northern Europe Trade Area：From the Perspective of Medieval Bulk Commodities Trade LIU Cheng1,2 2018, 60(1): 28-35.  Abstract ( 93 )   In the high Middle Ages, the accumulation of material in European society stimulated the exchange of goods, leading to disintegration of “Landlords-Peasants” structure and manor economy. After the “Black Death”, the social and economic structures of Europe had been adjusted, material accumulation and consumption levels recovered and increased, the market exchange had become normal, and the international market system got to optimize and reorganize. The Nordic Region had developed a geographical division which based on natural endowment, and established the content and operation ways of bulk commodities trade. In the 14th and 15th centuries, the Hanseatics who were professional businessmen had bulk a trade empire, that eastern to Russia, western to Portugal, northern to Iceland, and southern to Italy, marked the forming of the Northern European Trade Area. Netherland Republic and England Kingdom created a kind of Port Distribution Trade that relied on a powerful national economy and replaced the transshipment trade of Hanseatic, and ultimately developed into modern trade powers. The close connection among economy, trade model and trade area is enlightening to China, which is actively seeking to transform from a manufacturing country to a productive power. Now we try to forge the national strategic brands and international strategies of “Belt and Road” that are both the effective attempts of participating in or dominating global trade. References | Related Articles | Metrics

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Research on Venture Capital Exit Behavior based on the Allocation of Innovative Resources ZHANG Gen-ming，ZHENG Di ZHANG Gen-ming，ZHENG Di 2018, 60(1): 36-45.  Abstract ( 75 )   Venture capital can achieve a smooth exit while reducing the moral hazard to the enterprise through the allocation of its own innovative resources. Based on a sample of enterprises listed on the GEM between 2009 and 2015 that have been supported by venture capital, the article examines economic impact of venture capital exit behavior and the decision-making basis of resource allocation perspective through multiple statistical tests and regression analysis. From the financial point of view, the paper finds venture capital cash out behavior after the lock-up period will lead to a significant decline in corporates′ operation performance; from the analysis of the allocation of innovative resources, the timing to exit and the speed of exit are mainly affected by innovative resource scale and allocation strategy. On the whole, the more proportion of the total holdings of venture capital institutions, the more stable performance of enterprises; the more syndication members, the greater the decline in operation performance after IPO. Therefore, the venture capital institutions should make detailed planning of innovative resources investment and allocation strategies to achieve the optimal efficiency of venture capital and venture firms. References | Related Articles | Metrics

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Stock Price Synchronicity: Abound in or Lack of Information Content? ——An Example from Private Placement LU Gui-hua1,GENG Yan-li1,2 2018, 60(1): 46-52.  Abstract ( 96 )   The relationship between the synchronous volatility of stock price and the information content is controversial. This paper takes A-share listed companies with private placement in 2006-2014 as samples, and takes degree of discount of private placement as asymmetric information measure to study the relationship between the same fluctuation of stock price and the degree of information asymmetry, finding negative correlation exists between private placement underpricing and stock price synchronicity, which shows that stock price synchronicity in China has information content. Further analysis shows that analysts can reduce the degree of information asymmetry and reduce the impact of stock price synchronicity on private placement underpricing; the influence of the object of private placement to the relationship of private placement discount and stock price synchronicity is limited. References | Related Articles | Metrics

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The Social Network Characteristics of Institutional Investors and the Discount Rate of Private Placement LIU Ting-li, CHEN Lu,YANG Song-ling 2018, 60(1): 53-61.  Abstract ( 116 )   Social network has become an important way for network individuals to obtain resources. Institutional investors are the main recipients of the private placement in Chinese listed companies. A unique institutional investor network has been built among institutional investors by investing in a same listed company. The paper uses the social network analysis method to empirically study the impact of individual position characteristics (differences) on the private placement price. This study finds that the discount rate of private placement is significantly higher among the major shareholders and the associated parties, while is significantly lower among the institutional investors; the position characteristics of institutional investors are the important factors that affect the discount rate of private placement,the higher network centrality of the institutional investors leads to the lower discount rate of private placement, which verifies the Information Asymmetry Hypothesis;while the institutional investors with rich structural holes can obtain a significant higher discount rate during private placement, which conforms to the Transaction Cost Theory;in the case of the simultaneous participation of large shareholders and institutional investors, the network position of institutional investors has a more significant impact on the discount rate of private placement. At the point of the active investment characteristics of institutional investors, this study enriches the dimensions of describe institutional investors from the perspective of network characteristics, and verifies the social network channel effect of institutional investors, which is helpful to reveal the “black box” of market pricing in primary market. References | Related Articles | Metrics

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Interest Rate Liberalization, Bank Micro Characteristics and Risk-taking FENG Chuan-qi，HONG Zheng FENG Chuan-qi，HONG Zheng 2018, 60(1): 62-70.  Abstract ( 62 )   Foreign experience shows that interest rate liberalization is often accompanied by banking crisis. With the deepening interest rate liberalization in our country, how to effectively control the risk level of banks has become a common concern of theoretical research. Based on 2004-2015 micro data of 130 commercial banks in China, this paper empirically tests the relationship among China′s interest rate liberalization, bank micro characteristics and risk-taking by using the method of dynamic panel estimation of GMM. The results show that interest rate liberalization has a U-shaped relationship with banks′ risk-taking; the risk-taking level of state-owned banks is low, and interest rate liberalization will increase the risk-taking of joint-stock banks;the higher the capital adequacy ratio and the lower the loan-to-deposit ratio, the lower the risk-taking level. But with the deepening of interest rate liberalization, the effect of high capital adequacy ratio and low deposit-to-loan ratio on banks′ risk-taking reduction will be weakened;in the sample of local banks, banks that do not choose to operate across the region have lower risk-taking. However, with the deepening of interest rate liberalization, the cross-regional operation of local banks will weaken the role of increasing banks′ risk-taking. The above research results show that regulators need to be aware of the aggravation of the banking risks caused by interest rate liberalization, and build a more effective regulatory index system based on the different micro characteristics of banks. References | Related Articles | Metrics

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A Theoretical Model of Equilibrium Exchange Rate of RMB and Calculation of the Exchange Rate Misalignment based on Purchasing Power of Money ZHANG Xiao-jing 2018, 60(1): 71-78.  Abstract ( 64 )   In order to estimate the equilibrium exchange rate of RMB, this paper builds a model of equilibrium exchange rate based on PPP theory which returns to the essence of purchasing power of money and can overcome the difficulty of selecting a basket of comparable goods between deferent developing level countries. After empirically testing the equilibrium exchange rate and imbalance of RMB, the paper finds in 2005-2010 years, the exchange rate of RMB against US Dollar was basically at equilibrium in 2007, 2008, and it was overvalued in all other years; moreover, it was undervalued during the period of 2012-2014, only their undervalued amplitude was different; it had been overvalued in 2015. Finally, it has a depreciation trend in the medium-long term since the mean of nominal rate relative to that of real rate is overvalued for 28.03 percent on the whole. As a result, the change extent every year of the exchange rate of RMB against US Dollars was mainly affected by the change of △M2 when the change extent of relative output level between US and China is less than that of △M2. The above conclusions provide some reference for the central bank to intervene in the foreign exchange market. References | Related Articles | Metrics

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Research on The Factors Influencing China′s OFDI Location Choice HOU Wen-ping1,SU Jin-hong2 2018, 60(1): 79-86.  Abstract ( 94 )   The paper takes China′s OFDI data from 140 countries and regions as samples to analyze the factors influencing the location choice of China′s OFDI with gravity model, finding that China′s OFDI in developed countries reveals strategic-assets-seeking and financial-development-seeking motives, in developing countries has efficiency-seeking and market-seeking motives, there is no significant effect of China′s OFDI in less-developed countries, and as for institution-seeking, there exists different institution arrangements in developed and developing countries. The above conclusions will provide theoretical references for outward foreign direct investment of Chinese enterprises. References | Related Articles | Metrics

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A Study of the Dynamic Linkage Relationship between Onshore and Offshore RMB Spot Exchange Rate: An Analysis based on Time-varying Parameter State Space Model SUN Shu-qiang1,JIANG Wei2 2018, 60(1): 87-96.  Abstract ( 79 )   Since the formation of RMB exchange rate of Hong Kong offshore market (CNH), the most study of domestic currency against the dollar (CNY) and CNH think that CNY has a leading role. With the continuous widening of RMB circulation channels between Mainland China and Hong Kong, the dynamic change of exchange rate linkage between the two places is a very important issue. In this paper, the dynamic linkage relationship between CNY and CNH is studied by using the time-varying parameters state space model: the results of Granger Causality Test with breakpoint show that CNY has a guiding relationship to CNH in the early stage of the sample, and then the two are guided by each other, recently, CNH has a guiding relationship with CNY; the state space model of time-varying parameters shows that the influence of CNH on CNY gradually increases; the study of the effect of onshore-offshore rate differentials on the exchange rate shows that an increase in offshore interest rate will lead to the depreciation of the offshore exchange rate and the appreciation of the onshore exchange rate. The main contribution of this paper is the research method avoids the disadvantages of the static coefficient regression model. References | Related Articles | Metrics

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Internationalization of Latecomer Firms and Technological Catch-up Performance:An Empirical Analysis based on 2003-2013 Interprovincial Panel Data WU Xian-ming, HU Bo-wen 2018, 60(1): 97-104.  Abstract ( 65 )   On the basis of multinational company theory and catch-up theory of latecomer firms, this paper examines the relationship between technological catch-up performance and their internationalization of latecomer firms in China, meanwhile, inspects the moderating effects of absorptive capacity and institutional quality. The paper uses 2003-2013 interprovincial panel data to test the hypotheses, finding that internationalization of latecomer firms plays a positive role in technological catch-up performance, absorptive capacity positively adjusts the relationship between internationalization and technological catch-up performance of latecomer firms; the higher the quality of the system, the internationalization of the latecomer firms has a more obvious effect on the promotion of catch-up performance. The conclusions provide theoretical support for the enhancement of the “Going Global” strategy of China′s foreign direct investment on the technological catch-up performance of latecomer firms. References | Related Articles | Metrics

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“Peer Effect” of Capital Structure Decision-making and Over-indebtedness of State-owned Enterprises: An Analysis based on Empirical Evidence of China′s A-share Listed Companies LI Shi-hui, HU Jiang-feng, HE Shao-li 2018, 60(1): 105-111.  Abstract ( 94 )   Peer effect of organizational decision-making has drawn much attention, and “deleveraging” urges academic circles to study the cause of over-indebtedness and its solutions. This paper uses the data of China′s A-share listed companies from 2009 to 2014 to test the peer effect of capital structure decision-making of state-owned enterprises with the instrumental variable methods of 2SLS and fixed effects model, and then uses Ivprobit to verify whether the peer effect of capital structure decision-making of state-owned enterprises leads to over-indebtedness by comparison with non-state-owned enterprises.The empirical results show that peer effect exists in the capital structure decision-making of listed companies in China;compared with non-state-owned enterprises, peer effect of state-owned enterprises in capital structure decision-making will make their capital structure more easily deviate upward from the optimal one and then lead them to over-indebtedness. These conclusions help to deepen the understanding of the causes of over-indebtedness of state-owned enterprises and provide a theoretical basis for better achieving the goal of “deleveraging”. References | Related Articles | Metrics

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Effects and Logic-An Analysis based on the Empirical Evidence from Top 100 CSR Public Corporations in China WU Ding-yu 2018, 60(1): 122-132.  Abstract ( 99 )   Beginning with the multi-level of corporate competitive advantage, this paper analyzes the connection and transformation mechanism between corporate social responsibility and competitive advantage; by introducing CSR behavior theory and selecting the top 100 CSR public corporation in China from 2009 to 2015 as the samples of research，the paper explores the transformation effect on different types of CSR behaviors contributing to competitive advantage in different levels. In general, CSR activity has a significant effect on the corporate competitive advantage, the effect on capacity and value is better, while the effect on performance isn′t significant; the effect of different CSR behaviors on competitive advantage is different, and the larger of the corporate scale, the transformation effect is more significant. This conclusion gives a reasonable explanation for the puzzle of CSR-CFP relationship based on the different levels of competitive advantage sources. References | Related Articles | Metrics

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Small and Medium-sized Enterprises Credit, Bank Size and Credit Reporting Service Mode YAO Hong-xin，WU Yi-ting，ZHAO Yuan-jun 2018, 60(1): 133-142.  Abstract ( 61 )   To establish a perfect credit system for small and medium-sized enterprises is an effective way to solve the information asymmetry between banks and enterprises. Based on the service mode of the third-party credit reporting agencies, this paper constructs a dynamic game model among credit agencies, commercial banks and three SMEs to discuss the role of the third party′s credit information service and the choice of the operation mode of credit bureaus under different policy objectives. The results show that：（1）the introduction of credit bureaus will improve the efficiency of the credit market for SMEs-lowering market loan interest rate and increasing the total amount of credit, but the degree of influence of different service modes is different;(2)optimal service mode of credit institutions varies because of different policy objectives, and in profit maximization goal of credit institutions, it provides credit information only to small banks; in the goal of maximizing the remaining loan enterprise, it will provide credit information to large banks and small banks at the same time; in the social welfare maximization goal, it will determine depending on the degree of the bank lending threshold. At the present stage, the policy goal of China′s credit system construction is to maximum surplus of borrowing enterprises and maximization of social welfare, and credit agencies should choose to open paid information services to all banks; in the future, with the maturity of the credit service industry and the development of the market, private credit agencies will become the main body of the system, the maximization of profit will be the main policy goal, and the credit agencies can provide SMEs credit information to small and medium-sized banks. References | Related Articles | Metrics

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Retesting of “Strong Potter Hypothesis” under Fiscal Decentralization: From the Perspectives of Enterprise Environmental Protection Innovation and Non-environmental Protection Innovation CHEN Yu-ke 2018, 60(1): 143-152.  Abstract ( 110 )   The “Weak Potter Hypothesis” defined as environmental regulation can lead to corporate technological innovation has been verified by many studies, but the “Strong Potter Hypothesis” defined as enterprise innovation can improve enterprise performance through innovation has rarely been verified by related research. Based on 2007-2015 data of listed companies in China′s manufacturing industry, this paper uses the two stage method of Homamoto to analyze the “Strong Potter Hypothesis”, and discusses whether fiscal decentralization can produce mediating effect. Empirical research shows environmental regulation will promote corporate environmental R&D input, but will reduce corporate non- environmental R&D input, environmental protection R&D investment has no significant impact on enterprise performance and competitiveness, while non-environmental protection R&D investment has a significant positive impact;corporate social responsibility and mandatory environmental regulation drive enterprises to increase environmental protection innovation investment, but fiscal decentralization will weaken this behavior. The conclusions of this study show that the strong Potter hypothesis is not existed in the Chinese listed manufacturing enterprises. References | Related Articles | Metrics

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Regional Corruption, Foreign Direct Investment and Carbon Emissions:An Analysis based on 2002-2014 Inter-provincial Panel Data in China ZHENG Zhan-peng1,2,XU Pei-pei1 2018, 60(1): 153-160.  Abstract ( 91 )   This paper uses 2002-2014 inter-provincial panel data to integrate regional corruption and foreign direct investment into the traditional EKC model to examine the impact of regional corruption and foreign direct investment on China′s carbon emissions, and tests the existence of the regional carbon emission Kuznets curve. The results show that there is regional heterogeneity in the impact of regional corruption on China′s carbon emissions, corruption increases carbon emissions by distorting resource allocation and relaxing environmental regulation at the national and inland levels; in coastal areas, however, regional corruption has shown no significant impact on carbon emissions; the entry of foreign direct investment reduces carbon emissions, which is result that the positive technical effect of FDI and the positive effect of the structure are larger than the negative effect of scale on FDI; there is no Kuznets curve for carbon emissions at the national and inland levels, and the Kuznets curve only exists in the coastal areas. References | Related Articles | Metrics

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An Analysis of the Development Status of Tourism in Zhejiang Province based on the Monitoring Data of Passenger Car′s Flow WANG Kang1,ZHOU Xiao2, ZHAO Yan-yun1,3 2018, 60(1): 161-168.  Abstract ( 65 )   Passenger traffic is a “barometer” of tourism development, and plays an important role in reflecting tourist source structure and predicting the fluctuation risk of tourism. This paper attempts to analyze the development status of tourism in Zhejiang province by using the high frequency monitoring data of passenger car′s flow. The study shows that the analysis of passenger traffic data can reflect the development and spatial pattern of tourism in the whole province, so some regular problems can be extracted from it; the investigation of the characteristics of passenger source structure, including the time distribution, the organization form and the spatial distribution of the passenger sources, is beneficial to the discovery of business opportunities and the targeted expansion of the market, and the analysis of the changes in the characteristics of passenger source structure helps to foresee and avoid the fluctuation risk of tourism market. References | Related Articles | Metrics

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Regulatory Focus Trait, Perceived Value of Tourist Destination and Impulsive Trave SHI Peng-fei, XIONG Yuan-bin, LV Dan 2018, 60(1): 169-176.  Abstract ( 81 )   Based on the psychological theory of regulatory focus trait, this paper introduces potential tourist personality trait factor “regulatory point trait” as the intermediate variable, and introduces the emotional factor “perceived value of tourist destination” as the intermediate variable. By constructing the structural equation model of “regulatory focus trait of potential tourists-perceived value of tourist destination-impulsive travelling intention-impulsive travelling behavior”, the paper analyzes the formation mechanism of impulsive travelling behavior. Research shows that the promotion regulatory focus trait of potential tourists has a higher perceived value of tourist destination, however, there is no correlation between defensive regulatory focus trait of potential tourists and perceived value of tourist destination; moreover, the perceived value of tourist destination plays an important emotional intermediary role in impulsive travel, namely, the higher the perceived value of tourist destination, the more likely the impulsive travelling intention will be; besides, impulsive travelling intention is the final factor that influences impulsive travelling behavior, that is, the perceived value of tourist destination to tourists cannot directly lead to impulsive travelling behavior. The above conclusions have important reference value for tourism enterprises to improve the “personal impulse index” of potential tourists and further develop “impulsive travelling market” by means of stimulating the travelling impulse of potential tourists through external stimuli. References | Related Articles | Metrics