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22 February 2018, Volume 60 Issue 2 Previous Issue    Next Issue

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Trademark Utilization Strategy and the Promotion of Enterprise Value ZHANG Xuan 2018, 60(2): 1-8.  Abstract ( 175 )   With the development of social economy, the source range of corporate value is expanding. Customer oriented, and striving for customer satisfaction and loyalty are the main ways for enterprises to gain competitive advantage and enhance enterprise value. Based on the samples of A-share listed companies from 2004 to 2015, this paper analyses the relationship between trademark utilization strategy and enterprise value, and the relationship between trademark utilization and enterprise value is further tested in different nature of enterprise ownership. The empirical study shows enterprise value is significantly improved after China′s listed companies being recognized as well-known trademarks; there is significant positive correlation between enterprise value and the number of registered trademark，which has the same goods (services) category as well-known trademark; compared with the state-owned holding enterprises, non-state-owned holding enterprises can bring more financial performance through the use of trademark positioning strategy and brand extension strategy. Therefore, enterprises should pay attention to the utilization of trademark resources, strengthen the cultivation of dominant brands, play the value driving role of famous trademarks, optimize and integrate the trademark resources of enterprises, and establish the market competition mechanism of brand development to improve the efficiency of enterprise brand management. References | Related Articles | Metrics

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The Impact of Mobile App Marketing Model on Consumer Purchasing Intention SUN Yong-bo，DING Yi-xin，GAO Xue 2018, 60(2): 9-18.  Abstract ( 422 )   With the development of 4G technology and the popularity of smart phones and other mobile terminals, the marketing value of mobile App has attracted a large number of businesses, and has gradually changed the traditional way of corporate marketing. The paper divides mobile App marketing into four models: brand App, union App, App advertising implantation, and App advertising delivery, and discusses the influence factors and mechanism of mobile App marketing model on consumer purchasing intention by constructing the research model that the mobile App marketing model influences consumer purchasing intention. Results show that mobile App marketing model partially affects consumer perceived value, mobile App marketing model has a positive impact on consumer purchasing intention, and consumer perceived value has a positive impact on consumer purchasing intention. References | Related Articles | Metrics

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Influence Factors of the Effectiveness of Equity Incentive of China′s Listed Company: An Analysis based on Mediating Utility of Program Elements LI Bing-xiang, HUI Xiang 2018, 60(2): 30-41.  Abstract ( 122 )   Taking the listed companies which are implementing or have implemented equity incentive from 2006 to 2011 as main study objects, the paper analyzes the effects of company′s internal governance structure, corporate characteristics and factors of equity incentive plan on the effectiveness of equity incentive, the mediation effect of the equity incentive plan elements, and effect level of various factors on the effectiveness of equity incentive. The empirical study shows that equity concentration, executive ability and development prospect of enterprise are three major factors influencing the effectiveness of equity incentive of China′s listed companies, and incentive intensity and performance conditions promote exertion of effectiveness of equity incentive; motivation power and mediation apart of performance conditions have obvious effect on ownership concentration and development prospect of company in the relationship of the effective implementation of equity incentive performance, and performance criteria has cover effect in the influence of ownership concentration on the effectiveness of equity incentive. Therefore, stakeholders′ self-interest influence of relevant stakeholders on project elements should be considered when we design equity incentive scheme, and enterprise development prospects should be thought about when we set the performance conditions and price to improve the effectiveness of equity incentive. References | Related Articles | Metrics

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An Analysis of the Impact Mechanism and Path of Asset Securitization Innovation on Bank Risk Taking LI Jia,HUANG Xue-ning 2018, 60(2): 42-49.  Abstract ( 128 )   Asset securitization innovation is bound to affect the individual behavior of the bank, and then has a “spillover effect” to the macro-finance. With the increasing speed of asset securitization innovation, the mechanism and path of its impact on individual bank risk taking and macro financial stability should be further clarified, so as to facilitate reasonable supervision. From a dynamic perspective, the asset securitization innovation is based on the impact of the individual behavior of the bank on its risk bearing level and influences the financial stability through a certain “spillover effect”, and the impact of asset securitization on bank risk assumes a three stage dynamic path from microcosmic to macro transition. Therefore, we should promote asset backed securities innovation with the attitude of “prudent and encouragement”, enable banks to make rational use of the basic functions of asset securitization innovation, consider the supervision of asset securitization from the macro level, so as to really play the essential role of asset securitization innovation. References | Related Articles | Metrics

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Research on Controlling Shareholder′s Equity Pledge, Equity Nature and Corporate Performance LIN Yan,WEI Lian-bin,LI Wei 2018, 60(2): 50-56.  Abstract ( 125 )   Financing needs is an important problem of each listed company. When bank credit and major shareholder reduction are limited, capital market is not active, so the equity pledge with its unique flexibility, light assets becomes a preferred way for the controlling shareholder to ease financing constraint. This paper studies the impact of the equity pledge of controlling shareholder of listed companies in Shanghai and Shenzhen on the performance of the company from 2011 to 2015. The empirical results show that the controlling shareholder of private listed company is more likely to equity pledge than the controlling shareholder of the state-owned listed company; the controlling shareholder′s shareholding ratio is negatively correlated with equity pledge and is affected by equity nature, the controlling shareholder of private listed company is more willing to bet on gambling,leading to more significant negative correlation; the equity pledge of controlling shareholder is positively related to the performance of the company, and the relationship will be obviously different because of the different nature of the equity. References | Related Articles | Metrics

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The Impact of Demographic Dividend on China′s Export Trade:Based on the Binary of Towns and Cities ZHANG Ai-mei, GUO Jing-si, WU Wei-hong 2018, 60(2): 57-64.  Abstract ( 112 )   At the beginning of the fourth industrial revolution, the first demographic dividend characterized by the labor number has gradually disappeared, and the second demographic dividend characterized by the high-quality human capital will become the important factor of the trade growth. Based on the binary of towns and cities, combining with causality test and impulse response analysis, this text discusses how quantity of labor force, quality of human capital and savings rate influence the foreign trade, finding labor force has a significant impact on China′s export trade, but the effect is decreasing; because of the time lag effect of education, labor quality has no significant influence on export trade, but it is becoming more important; high-savings is the characteristics of demographic dividend, and it has indirect effects on demographic dividend by converting into the capital. References | Related Articles | Metrics

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The Enterprise Internal Pay Gap, Equity Incentives and Total Factor Productivity YANG Zhu-qing1,2,LU Song-kai3 2018, 60(2): 65-72.  Abstract ( 133 )   The incentive effect of internal pay gap on employees and thus on the promotion of TFP in the performance of different employees (executives and executives, executives and employees) and different remuneration differences among enterprises of different nature and scales is different. The empirical research on the A-share listed companies in China from 2008 to 2015 shows that there is a significant positive correlation between the pay gap among senior executives, and the absolute wage gap between senior executives and employees with TFP, however, there is significantly negatively correlation between relative pay gap between senior executives and employees with TFP, and there is “inverted U-shaped” relationship; the implementation of equity incentive can significantly improve the TFP of enterprises, and the effect of the equity incentive is better in non-state-owned, low internal remuneration gap and high market-oriented enterprises; in contrast to restricted stocks, the promotion of options as a motivational tool for TFP is even more pronounced. Therefore, in view of the different nature of enterprise property, the different scales and the different divisions of labor among senior executives in the enterprise (the contribution of value creation is different), the internal pay gap should be managed differently: the state-owned enterprises should be fair and the private enterprises pursue efficiency, but both of them should reflect the core executives of ability and value. References | Related Articles | Metrics

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Pubic Expectation, Monetary Policy and Macroeconomic Fluctuations: An Empirical Study of Agent-based Neo-Keynesian Model ZHAO Wei 2018, 60(2): 73-82.  Abstract ( 101 )   The paper incorporates ACE theory into the framework of Neo-Keynesian DSGE model to construct Agent-based Neo-Keynesian model, and studies the impact of monetary policy on macroeconomic fluctuation by the new model. The result shows that 25% of the households in our economy are completely rational, and 73% of them are bounded rationality; the response of output and inflation to the impact of monetary policy is mild and lasts longer than the traditional Neo-Keynesian model; the impact of monetary policy is the main source of inflation fluctuations, and the preference shocks of real currency balances can explain most of the output fluctuations. Therefore, after considering the bounded rationality and adaptive expectation, the internal transmission mechanism of economy has changed, and understanding the public expectation form is of vital importance to the analysis of macroeconomic policy. References | Related Articles | Metrics

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A Study of Competency Model of Human Resource Managers in Service Industry: Based on Vision of Human Resource Management in Double Perspective MA Yan, WANG Hui 2018, 60(2): 83-88.  Abstract ( 132 )   The quick fusion of the Internet into service industry has increased the speed and efficiency of information transmission, and also promoted the upgrading of service-oriented enterprise human resource management. Moreover, the important role of human resource managers has shifted from the functional experts to supporters of business department. However, they hardly provide necessary support for business work for the lack of understanding of the related business work. This article puts forward the human resource management idea of double perspective from the perspectives of “management subject” and “management object”, analyzes the competency of human resource managers in service industry through the documentation method, expert discussion method, and makes an effective attempt to solve this kind of problem: based on theoretical analysis, it presents 17 assumptions of human resource managers′ competency,and adds the knowledge of enterprise management, psychology and management information system into the existing researches by combining with the human resource management idea of double perspective;what′s more, this article selects the human resource managers in service industry as the interviewees, deletes the ones who failed the testing of “integrity” verified by the behavior interview method, and finally obtains the competency model of human resources managers in service industry from the double perspective;it surveys the importance of 19 elements included in this model by sending the questionnaire; according to the importance of each element, it proposes the improvement suggestions for the development of human resource management subject to improve and promote the quality and upgrading of human resource management. References | Related Articles | Metrics

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The Supervision Effect of Auditor Industry Expertise on Earnings Management in R&D Activities CHU You-wei 2018, 60(2): 89-97.  Abstract ( 76 )   Industry expertise is one of auditors′ core capabilities. Auditors with industry expertise have professional knowledge and experience of the industry, which will help to restrain earnings management of R&D investment. Based on A-share listed companies of China from 2008 to 2014, this paper analyzes the governance role of the auditors with industry expertise on earnings management of R&D investment. The study finds that auditors with industry expertise can help to restrain opportunistic reductions in R&D, and auditor industry expertise also reduces the chance that companies capitalized R&D expenditure which does not meet the criteria, suppressing the earnings management of the choice of accounting policy. Therefore, the external governance effect of auditors with industry expertise plays a positive role in R&D management. References | Related Articles | Metrics

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Intellectual Capital Added Efficiency and the Cost of Equity Capital:A Study based on the Mediating Effect of the CPA Audit Opinion Report SU Ming 2018, 60(2): 98-107.  Abstract ( 96 )   Taking the CPA audit opinion report as an intermediary variable, this paper explores how Intellectual Capital Added Efficiency affects the cost of equity capital based on the data of China′s listed companies from 2008 to 2015. The paper finds that CPA audit opinion is affected by enterprises′ Intellectual Capital Added Efficiency; the improvement of the level of enterprises′ intellectual capital is indeed propitious to the improvement of CPA audit opinion report, which further promotes the decrease of the cost of equity capital; the CPA audit opinion report is one of the effective conduction paths through which human capital efficiency employed affects the cost of equity capital, but not an effective intermediary variable between structure capital efficiency employed and the cost of equity capital. Enterprises should pay more attention to intellectual capital and manage different types of intellectual capital according to their characteristics so as to reduce the cost of equity capital. References | Related Articles | Metrics

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Cooperative Governance of Real Earnings Management：A Study from the Perspective of Regional Difference TANG Jian-rong, XU Wen-ting，ZHANG Xin-he 2018, 60(2): 108-118.  Abstract ( 105 )   The development of real earnings management has become a stubborn disease in the capital market. Based on the BMA method, this paper studies the performance and governance of the real earnings management of the listed companies in 2008-2015, and explores the influence of macro and micro institutional factors on real earnings management. The results show that (1) in recent years, listed companies are more inclined to manage manipulation to smooth profits and whitewash statements, and the distribution of real earnings management is relatively low in the western regions and high in the Middle and East regions;(2)the solvency, executive compensation, accounting flexibility, profitability, the proportion of the largest shareholder, Tobin Q, the type of audit firm, the relative concentration of equity, capital occupation and the rule of law fully explain the real activities Manipulation of the role of performance; in the structure of ownership arrangements, the dividend has a significant effect on real earnings management, firm characteristics are key factors to affect the real earnings management, direct effect of governance structure on real earnings management needs to be effectively activated, external audit and supervision has a significant inhibitory effect on real earnings management, the differences of legal level play a significant impact (regulation) on internal governance factors utility. Internal factors are the fundamental reasons for the real earnings management from scratch, and external factors are their growth environment from small to large. Therefore, we need to build strict governance networks from all aspects of internal and external factors. References | Related Articles | Metrics

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The Effects of Top Management Team Heterogeneity on Cash Holdings: A Moderated Mediation Model CHEN Hao, LIU Chun-lin 2018, 60(2): 119-127.  Abstract ( 84 )   As the critical decision-makers, whether and why top management team(TMT) heterogeneity affects cash holdings should be made a full discussion. Based on the research literature from upper echelons theory and information processing theory, the paper constructs a moderated mediation model to explore the effect of TMT heterogeneity，product diversification and environmental uncertainty on cash holding. Results show that TMT heterogeneity positively affects product diversification, product diversification negatively affects cash holdings, and product diversification partially mediates the effect of TMT heterogeneity on cash holdings; environmental uncertainty not only positively moderates the relationship between TMT heterogeneity and product diversification, but also positively moderates the mediation effect of “TMT heterogeneity-product diversification-cash holdings”. The above conclusions can not only help to fully understand the impact mechanism that TMT heterogeneity influences cash holding and boundary conditions, but also provide reference for management practice. References | Related Articles | Metrics

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The “Veto” of Major Shareholder and Agent Cost: An Analysis based on Quasi- random Experiment and Theory Conjecture TAN Ben-yan1, XIANG Gu-yue1, ZHOU Xian-ping2 2018, 60(2): 128-135.  Abstract ( 76 )   Article 106 of the Company Law sets out that the formation of special resolutions follows the qualified majority rule, which means they are of effect after being approved by over two thirds of shareholders who attend the meeting. Therefore，when the major shareholder′s having reaches to one third, the major shareholder′s non-voting may equivalently veto any special resolutions proposed by other shareholders, in other words, the shareholder has the veto of special resolutions of the general meeting of shareholders. In this paper, data from year 2007-2014 in A-share are selected as samples, and the Sharp Regression Discontinuity is used to conduct quasi random experiment. On the basis of the effective control of the proportion of large shareholders and other factors on the impact of the agent cost, the influence of controlling shareholder′s veto of the special resolution on the cost of principal agent is investigated, and the endogenous problem is avoided. The results indicate that when the major shareholders′ having just over one third, and under the exogenous effect of “qualified majority rule”, the shareholder will obtain the veto power. This makes the agent cost significantly decreased by 2.9%-3.9%, and the agent efficiency is improved by 15.2%-26.2%. This means that the large shareholders have strengthened the control of the company because of the “veto”, and large shareholders have the “feeling” of having a company by controlling the company, that is, the level of the psychological ownership of the company has been improved, and the improvement of the level of psychological ownership makes the large shareholders more responsible, implementing more active supervision. In this way, the executive expense and the unnecessary cost of management are restrained, the efficiency of management is improved and the agency cost is reduced. References | Related Articles | Metrics

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Externalities and Optimization of Industrial Structure: An Empirical Analysis based on Panel Data of Provincial Equipment Manufacturing Industry in China HUANG Ji-zhong, JI Gang 2018, 60(2): 136-145.  Abstract ( 114 )   Externality and the optimization of industrial structure are related to the structural reform of the supply side and the construction of modern economic system.Based on the data of equipment manufacturing industry in 30 provincial-level regions in China in the 2000-2015, this paper explores the impact of externalities on the structural optimization of China′s equipment manufacturing industry by using GMM estimation method. The results show that the positive effect of externality on the structure optimization of China′s equipment manufacturing industry is mainly reflected in the rationalization of industrial structure, and there is a significant heterogeneity in the impact of industrial structure upgrading, that is, MAR externalities, Jacobs externalities and Porter externalities have a positive effect on the upgrading of the rationalization level of China′s equipment manufacturing industry in the short run, but only the positive effects of MAR externalities have been extended for a long time; MAR externalities and Porter externalities have a significant inhibitory effect on the structural height of the equipment manufacturing industry in the short term, while the externality of Jacobs has a significant promotion effect; in the long run, the promotion effect of Jacobs externalities on the industrial structure upgrading is decreasing, and has gradually changed to a significant inhibitory effect, while the inhibition effect of Porter externality on the industrial structure will also decline, and will gradually change to a positive effect. Therefore, we should not only focus on the historical conditions, geographical location, factor inputs and policy benefits of the equipment manufacturing industry, but also pay attention to the contribution of external factors to the structural optimization of equipment manufacturing industry; we should vigorously promote the supply side structural reforms to promote sustained industry rationalization and level of manufacturing equipment, focus on innovation and accumulation of knowledge and technology, and promote exchanges and cooperation between the association and complementary industries, to overcome the negative effects of MAR external and external Jacobs on structural height of equipment manufacturing industry in the short term. References | Related Articles | Metrics

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Research on the Structure Decomposition and Evolution Characteristics of the Inter-industrial Carbon Emission Transfer SUN Li-cheng1，JIANG Ling-ling1，ZHANG Ji-jian2 2018, 60(2): 146-154.  Abstract ( 105 )   Reasonable transfer of carbon emissions among the industries is not only the basis for the transformation and upgrading of industry, but also it is the foundation for achieving the industrial carbon emissions reduction targets. In this paper, by defining the industry transfer of carbon emission output and carbon emission input based on the theory of input and output, the structural decomposition model of carbon emission output and carbon emission input is built, and the structural decomposition of carbon emission output and emission input is studied in years 2002/2005/2007/2010/2012 of China, and its dynamic change characteristics and guiding strategy are refined from the perspective of different effects. The results show that: the carbon intensity effect is the main factor of industrial carbon emissions transfer reduction, and the intermediate production technology effect and input scale effect are the primary factors of industrial carbon transfer increase, and the input structure effect promotes carbon emissions output increase and carbon emissions input decrease; the carbon intensity effect has continuous increase reduction effect on carbon transfer, the intermediate production technology effect on carbon emission transfer has a downward trend，and the input scale effect has a continuous inhibition of emission reduction effect，while the input structure effect on carbon emissions input is the first to reduce and then increase, and reduce again, and on carbon emissions output is decreasing year by year; heavy manufacturing industry and service industry are the leading industries of the carbon emission output increases, heavy manufacturing industry and energy industry are the leading industry of the carbon emission input increases, whereas other industries and light manufacturing industry are the major sectors of carbon emissions output and carbon emissions input increase, but the share is relatively less than energy industry, service industry and heavy manufacturing industry;in terms of specific sectors, the PPCN/EHPS/CMWI mainly contribute to the increase of energy industry carbon emissions,MSRP/GSEM/EMEM/NMMP and CI mainly contribute to the increase of heavy manufacturing carbon transfer, PPSM/FMTP/CLII and CTI/WRT are the leading industry of the carbon transfer changes of light manufacturing and services respectively,while MMI and NMMI carbon emissions are leading industries of the other industry sectors. References | Related Articles | Metrics

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Structural Readjustment, Transformation and Upgrading of China′s Retail Trade Structure:Motivation, Principle and Standard YANG Shou-de, YANG Hui-ying 2018, 60(2): 155-160.  Abstract ( 106 )   At present, China′s retail trade is experiencing a profound change in technology upgrading and format adjustment with the most distinctive feature of the mature development of online retail trade. From the perspective of “technological innovation”, the paper constructs the principle and operation standard system of retail format structure adjustment on the basis of the analysis of the transformation and upgrading of the format and the motivation of the structural readjustment of the format, and puts forward some countermeasures and suggestions on the optimization of the spatial distribution of China′s retail trade by combining with the prospect and objective environment of the development of retail trade. References | Related Articles | Metrics

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Promoting Agricultural Supply- side Reform with the Guidance of Social Principal Contradictions in the New Era to Meet Residents′ Needs of Food Consumption Structure Upgrading RAN Qing-guo 2018, 60(2): 167-171.  Abstract ( 89 )   Taking the analysis of social principal contradictions in the new era of our country as breakthrough point, the paper exemplifies the trend of urban residents′ upgrading of food consumption demand in China and the current situation of inadequate and incompatible development of the food industry development, and proposes systematic learning thinking: implementing new concept of development and building a modern economic system to protect and improve people′s livelihood with the guidance of social principal contradictions in the new era, and uses it to promote the agricultural supply- side reform to meet residents′ needs of food consumption structure upgrading. References | Related Articles | Metrics

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The Impact of Cultural Tourism Industry Convergence on Cultural Consumption ZHANG Su，HUANG Rui 2018, 60(2): 172-176.  Abstract ( 98 )   The report of The 19th National Congress of the Communist Party of China clearly proposed a new task of perfecting the system of modern cultural industry, innovating the mechanism of production and management, developing a new type of cultural format and promoting the development of cultural undertakings and cultural industries. The cultural industry sector focuses on promoting the trans-disciplinary integration of our cultural industry and other industries of our national economy, thus promoting the cultural format innovation and the transformation and upgrading of China′s cultural consumption. Based on the coupling coordination degree model, this article estimates the integration level of cultural tourism industry in 30 provinces and cities in China from 2005 to 2015, and confirms the growth and progress of new tourism industry in our country. The fitting results of the dynamic panel model show that there is a mutual causal relationship between the integration of cultural tourism and cultural consumption in our country, and industrial integration has a significant influence on the upraising of cultural consumption level; the integration of cultural tourism industry provides a more complex and diversified supply for the market to meet the increasing consumer demand for cultural consumption. Therefore, earnestly carrying out the spirit of the 19th National Congress of the Communist Party of China, strengthening our cultural confidence, further improving government functions, cultivating specialized personnel for cultural tourism industry, strengthening investment and financing mechanisms in the cultural tourism industry, and promoting the transformation and upgrading of cultural consumption based on the integration of cultural industry will be an important way to further develop our cultural industry. References | Related Articles | Metrics