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    26 June 2018, Volume 60 Issue 6 Previous Issue    Next Issue

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    The Practical Orientation of Xi Jinping′s Thought of Urbanization
    ZHONG De-tao
    2018, 60(6): 7-11. 
    Abstract ( 136 )  
    Urbanization in China objectively calls for new theoretical guidance in the practice of the new era. Xi Jinping′s thought of urbanization stems from the great practice of urbanization in the new era, and also responds to the objective requirements of the new era; it inherited the theory of Marxist political economy on urbanization, which has rich Marxist philosophical foundations, and also has a theoretical system with complete content and strict logic: industrial development is the logical starting point and fundamental support for urbanization, the construction of ecological civilization and the coordination between urban and rural areas are the two key contents and important points for the urbanization construction in the new era, human-centeredness is the fundamental purpose and ultimate destination of urbanization, and system innovation is the basic guarantee for accomplishing the above tasks and achieving the healthy development of urbanization. Therefore, Xi Jinping′s thought of urbanization has the characteristics of times, system and science, which points out the direction for China′s urbanization practice in the future.
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    An Analysis of Photo-Taking before Eating and Food Experience based on Psychological Ownership
    LIU Rong, YU Hong-yan, FANG Ai-qiang
    2018, 60(6): 12-19. 
    Abstract ( 270 )  
    It has become a common phenomenon for customers to take food photos before eating, but there are controversies among managers on whether photo-taking before eating influences eating outcomes. As one of the important outcomes of eating food, food experience helps improve customer evaluation and firm performance. This research defines food experience based on the theory of customer experience, focuses on the dimensions of sensory experience and emotional experience and tests the impact of photo-taking before eating on sensory and emotional experience as well as the influence mechanism by two experiments. It is revealed that photo-taking leads to better sensory and emotional experience compared to no photo-taking; psychological ownership plays a mediating role in the effect of photo-taking, and the time of photo-taking moderates the mediating role of psychological ownership. This research conclusions can provide some implications for customer experience management of food enterprises.
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    The Influence of Negative Online Word-of-Mouth Recovery on Customer Satisfaction: An Analysis based on Perceived Fairness View
    YAO Qing,SONG Xiao-kang
    2018, 60(6): 20-24. 
    Abstract ( 133 )  
    It is an urgent problem to be solved for online retailers that how to take appropriate service recovery measures to improve consumer satisfaction after the negative online word-of-mouth. By using the method of questionnaire investigation and introducing perceived justice variables, the paper constructed the theoretical model of service recovery satisfaction to analyze the influence of negative online word-of-mouth remedies on consumer satisfaction in the context of e-commerce. The paper found that: after network shopping service errors, remedies such as communication and fast response caused positive effect on interactive justice, apologies and explanation couldn′t cause too much effect on customer perception of justice, communication and fast response caused positive effect on customer perception of procedure justice dimension, compensation and fast response caused positive effect on customer perception of distribution justice dimension, interactive justice and distribution justice caused positive effect on consumer satisfaction, but procedure justice couldn′t cause significant effect on consumer satisfaction. The conclusions above show that after network shopping service errors, the online retailers should communicate with the customer immediately to understand the reasons why the consumer is dissatisfied, but not to apologize and explain the reasons for the failure of the service blindly; the consumer is more interested in solving the problem quickly, otherwise the merchant′s explanation will be used as a delay or disguised excuse.
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    Cash Dividend Policy, External Auditing and Stock Price Crash Risk: An Analysis based on Empirical Evidence from Listed Companies on GEM
    LIN Chuan1,CAO Guo-hua2
    2018, 60(6): 25-31. 
    Abstract ( 134 )  
    Based on the sample data of China′s listed companies on GEM from 2010 to 2016, this paper analyzes and tests the governance effect of cash dividend policy on stock price crash risk of listed companies on GEM, and discusses how external audit affects the relationship between cash dividend policy and stock price crash risk of listed companies on GEM under the substitution effect of cash dividend policy. Research shows that cash dividend policy alone cannot significantly affect the stock price crash risk of listed companies on GEM,but high-quality external auditing can inhibit the stock future crash risk of listed companies on GEM; after considering the intermediary role generated by external audit, the cash dividend policy has obviously restricted the stock price crash risk of listed companies on GEM, which shows that the behavior of listed companies on GEM in distributing cash dividend policy is more rational and can inhibit the stock price crash risk of listed companies on GEM.
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    The Investment Efficiency of Zombie Firms based on the Data of Chinese Listed Companies
    ZENG Hao1,2,ZHAO Jing1,ZHANG Zheng-hua2
    2018, 60(6): 32-40. 
    Abstract ( 139 )  
    Properly dealing with zombie firms is an important issue of supply-side reform in China. Taking investment behavior choice of zombie firms as breakthrough point, the paper uses the data of Chinese listed companies during 2003-2015 as a sample to analyze the problem of investment efficiency of zombie firms, and the effect of government subsidy on investment efficiency of zombie firms. Zombie firms have significant inefficient investment behavior driven by underinvestment, and government subsidies aggravated the underinvestment of zombie firms; zombie firms hold a passive “self-redemption” attitude generally, and government′s financial subsidies provided a “hotbed” for this negative atmosphere. The conclusions may provide references for policy-making departments to formulate policies for the rescue and exit of zombie firms.
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    The Characteristics and Its Impactions of Spatial Network Correlation Features of Land Element Output in China
    TAN Ling-zhi1,2
    2018, 60(6): 41-51. 
    Abstract ( 123 )  
    At present, the spatial correlation of land elements to China′s economic growth shows more nonlinear spatial network structure. Based on the provincial land output elastic data in 30 provinces and cities in 2005, 2010 and 2015, the paper uses the social network analysis(SNA) to analyze the network characteristics and space effect of the land output elasticity, and carries out comparative analysis of the economic spatial status of different provinces in China. The results show that in the whole, the spatial correlation of land input is gradually increasing, the network level is improving, and the regional economic equilibrium is increasing in some regions; the high centrality mainly focuses on the eastern region and some central provinces, and has a strong spatial spillover effect on other provinces; the overall network structure and individual network structure have a significant impact on the contribution rate of land elements, and contribute to balanced regional development. Therefore, the formulation of land policy must clearly recognize the spatial network relations and network characteristics of land input in China, attach great importance to the spatial relation of land elements among different regions, and improve the income of land differential and land through the flow of industrial transfer, capital and technology, and promote the flow and spatial optimization of various social and economic resources among different regions, to comprehensively enhance the elasticity and contribution rate of land output.
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    Is There a Bias Effect of the Technological Progress in the County Structure Bonus: An Analysis based on Panel Data of 1869 Counties in China
    SUN Xue-tao1, WANG Zhen-hua1,ZHANG Guang-sheng2
    2018, 60(6): 52-60. 
    Abstract ( 126 )  
    China′s technological progress rate is high, but there is no structural dividend, so there may be biased effects of technological progress. Based on the structural dividend of 1869 counties in China, this paper uses SARAR model to analyze the impact of technological progress bias on county structure bonus and its spatial spillover effect. The study found: the structural dividends based on total factor productivity of industry generally have “structural negative profits”, and there is a significant spatial spillover effect in technological progress; technological progress towards capital is conducive to the improvement of the structure of county dividend, and technical progress towards labor is not conducive to improving the county domain structure bonus. By replacing the quantitative indicators, replacing the spatial weight matrix, subdividing the sample and replacing the spatial econometric model, it is found that the conclusion is still robust. Therefore, we should fully develop the technological progress of biased capital to promote rational allocation of factors and release the structural bonus of counties.
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    Supplier Concentration, Non-Standard Audit Opinions and Trade Credit Financing
    ZHU Wen-Li1,2,BAI Jun-Ya1
    2018, 60(6): 61-70. 
    Abstract ( 101 )  
    Trade credit financing still accounts for a considerable proportion of corporate financing in China. In order to further reveal the influence law of supplier concentration and non-standard audit opinions on corporate trade credit financing, and the impact of the two when jointly acting on corporate trade credit financing, this paper takes A-share listed companies as a sample and uses panel data fixed effect model to test the relationship between supplier concentration, non-standard audit opinions and trade credit financing. It is found that the supplier concentration is negatively related to the trade credit financing; non-standard audit opinion is negatively related to trade credit financing in the following year; compared with the supplier concentration, non-standard audit opinions have stronger negative effects on the scale of trade credit financing; the supplier concentration is complementary to the nonstandard audit opinion, which can reinforce the negative effect of the supplier concentration on the scale of trade credit financing; the related party relationship between enterprise and supplier will weaken the negative effect of supplier concentration on trade credit financing, which is more obvious in the face of non-standard audit opinion. The above conclusions have implications for the financing management and strategy of corporate.
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    Is China Still a Pollution Deficit Country in International Trade under the Global Value Chain? An Analysis based on Non-Competitive Input-Output Table
    DANG Yu-ting1,SHENG Dan2
    2018, 60(6): 81-92. 
    Abstract ( 140 )  
    Based on the competitive input-output table including 42 departments published by China′s official(2002,2005,2007,2010,2012), the paper establishes the non-competitive input-output table which clarifies the differences between processing trade and general trade, imported and domestic intermediate input, and estimates the embodied domestic and import pollution in export, the balance of embodied emission in trade, pollution term of trade under the global value chain perspective, in order to investigate whether China is still the pollution deficit country in trade under the global value chain perspective. After excluding the pollution caused by imported intermediate input in export, China becomes pollution surplus country in international trade, more pollution is born by other countries, and the export becomes less polluting than import, but the attention should be paid to the decreasing pollution surplus in waste water and gas, and the export is becoming more and more polluting than import in SO2; the waste water and COD pollution caused by the production of export product are decreasing, the waste gas and solid waste pollution are increasing, which are mainly influenced by normal export, the state-owned enterprises play a major role in it, and the domestic pollution of trade is mainly caused by the export from Shanghai, Jiangsu, Zhejiang, Guangdong and other coastal provinces; China saves lots of waste gas, SO2 and solid waste through import, scale effect increases the pollution, and the structure effect and technology effect are beneficial to reducing environmental pollution, but the influence of the structure effect is relatively small. China needs to start with technology aspect to reduce the pollution coefficient of heavy polluting industries by raising environmental standards, and adjust the trade structure, decrease the export share and increase the import share in high pollution coefficient industries, especially increase the proportion of import intermediate inputs and decrease the proportion of domestic intermediate input in these industries to reduce the participation in high pollution process and enhance China′s position in the global value chain division.
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    Trade Facilitation and Diversification of Export Products: An Analysis based on OECD′s Trade Facilitation Indicators(TFI) and Sample Data of 98 Countries(Regions)
    TU Yuan-fen
    2018, 60(6): 93-100. 
    Abstract ( 175 )  
    It has become a consensus of the international community to improve trade efficiency through trade facilitation. The paper uses the trade facilitation indicators(TFI) compiled by the OECD and the data of 98 countries(regions) exports to the United States involving 96 sectors in 2015 to analyze the effect of trade facilitation on export diversification with negative binomial regression. The results show that the trade facilitation has a significant impact on the diversification of export products, especially, has a more significant effect on export diversification of agricultural products than manufactured goods, and has the greatest impact on the diversification of export products in high-income countries(regions);the impacts of different measures for trade facilitation on the diversification of export products are different: among the 11 trade facilitation measures, only the “Co-operation internal” coefficient doesn′t pass the significant test, the other 10 trade facilitation measures have significant effects on the diversification of export products, and the impact of “Formalities Procedures” is the greatest. The empirical results indicate the importance of trade facilitation in the “post-tariff era”, provide theoretical support for promoting trade facilitation, and provide reference for China′s trade facilitation construction and transformation of China′s foreign trade policy.
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    Performance Change and Company Innovation: An Analysis based on the Directions of Performance Change
    LING Shi-xian, BAI Rui-feng
    2018, 60(6): 101-107. 
    Abstract ( 132 )  
    Innovation is the power source of economic growth, and performance is the decisive factor of enterprise innovation. Based on the data of Chinese listed companies from 2007 to 2015, the relationships between the directions of performance change and innovation are tested. The results show that the innovation behaviors are obvious different between the company of performance growth and the company of performance decline: there is a significant inverted U-shaped relationship between the degree of performance decline and the innovation intensity, but there is a significant U-shaped relationship between the degree of performance growth and the innovation intensity, and the above relationships show obvious differences with the different of property rights, that is, the innovation has significant impacts on both the short-term and the long-term value improvement to the company of performance decline, but only has a significant impact on the short-term value improvement to the company of performance growth.
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    Capital Constraint, Trade Credit and Supply Chain Option Contract
    HAO Zhao-wei1, CHEN Li-hua1, GONG Tian-xiao2
    2018, 60(6): 108-115. 
    Abstract ( 97 )  
    In the case of a retailer with limited capital and default risk and suppliers providing commercial credit, this paper studies the application of option contracts to coordinate supply chain. The theoretical analysis shows that the financial constraints make the retailers inclined to buy options, and the amount of option purchase decreases with the increase of initial funds, and increases with the increase of the probability of default, but the optimal initial option output of a supplier is affected only by its shortage response capability; the poorer the ability to respond to shortages, the more likely suppliers are to produce all option purchases. Further study obtains the conditions of supply chain coordination and finds that the profit distribution of centralized supply chain cannot be realized. Finally, through numerical analysis, it is found that there is a positive impact of the initial funds and default probability on the profits of the suppliers and the overall supply chain, and the relevant management enlightenment is obtained.
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    Executive Compensation Incentives, Power Allocation and Accounting Conservatism: An Analysis based on the Perspective of Synergistic Effect
    CHI Dong-mei1, ZHANG Yu-ming1, DUAN Sheng-sen2
    2018, 60(6): 116-125. 
    Abstract ( 93 )  
    Based on the perspective of synergistic effect, the paper employs the classical Basu model to thoroughly analyze the relationship between executive compensation incentives and corporate accounting conservatism, and examines the effect of executive power on the above relationship. The empirical results illustrate that the relationship varies with the degree of executive compensation incentives, that is, moderate executive compensation incentives is positively related to accounting conservatism, while excessive one results in lower accounting conservatism; under the influence of power allocation, when executives are chairman or holding shares, the increase of executive power will correspondingly enforce the relationship between executive compensation and accounting conservatism. Therefore, in order to enforce the synergetic governance effect of executive compensation incentives and accounting conservatism, it is highly worth more attention to the incentives intensity and the effect of inner power allocation structure.
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    The Economic and Trade Cooperation between China and India and Industrial Upgrading in China based on Added Value Chains View
    ZHANG Bin
    2018, 60(6): 126-132. 
    Abstract ( 107 )  
    In views of the added value chains and with the consideration of the structures of commodities, the analysis is carried out about the industrial upgrading in China under the economic and trade cooperation between China and India. The research shows the most China exports to India are the high-tech and the exports′ structure has been continuously improved under the Lall′s classification. Meanwhile, in view of the added value chains, China′s exports to India with unit price advantage mainly focus on primary products according to the SITC top classification, which have strong complementary relationship with India; China′s unit price advantage is relatively weak in manufactured goods, which also have weaker complementary relationship with India comparing to the primary although this relationship is strengthened in recent years. This result is different from the one according to the Lall′s classification and inconsistent with the theoretical conclusion that the complementary relationship between China and India should be strong considering two countries′ economic development and needs.
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    An Analysis of Risk -Taking and Efficiency of Rural Commercial Bank based on Loan Market Power
    TIAN Ya-qun1, HE Guang-wen1,ZHANG Zheng-ping2
    2018, 60(6): 133-142. 
    Abstract ( 91 )  
    Rural commercial banks are the main providers of rural finance in China. The reform of the new rural financial policies and interest rate liberalization will inevitably affect their market power, then affect risk-taking and efficiency. Based on the data from 39 rural commercial banks in 2006-2016, this paper calculates market power, cost efficiency and profit efficiency respectively by using the quasi-unrelated regression, stochastic frontier cost function and stochastic frontier profit function and builds a dynamic GMM simultaneous equations to analyze the relationship between risk-taking and efficiency of rural commercial banks. The results show that(1) risk-taking and efficiency are continuous and cyclical. (2)The greater the market power, the less risk-taking, the lower the cost efficiency and the higher the profit efficiency of the rural commercial banks,but the impact of market power on risk is limited. (3) risk-taking and efficiency have mutual influence: the relationship between risk-taking and profit efficiency is positive, while risk-taking has negative effect on cost efficiency. These conclusions suggest that rural commercial banks maximize their scale profits through the expansion of market power, while cost efficiency is reduced and their risk-taking capacity is also weakened. Therefore, the operators of rural commercial banks need to pay special attention to the reasonable matching among scale, cost efficiency and risk-taking capacity.
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    Intangible Assets Capitalization, Financing Capacity and Performance of Cultural and Creative Listed Firms
    LI Yan, AN Ye
    2018, 60(6): 143-150. 
    Abstract ( 77 )  
    The R&D and other innovative activities of enterprises are usually reflected by the subject of intangible assets, and the information disclosure of intangible assets can convey the important information of enterprise innovation and growth. Using the financial data from A- shares from 2007 to 2015, this paper investigates the impact of intangible assets capitalization on the performance of cultural and creative listed firms(CCFs), and examines the moderating effect of financing capacity on the correlation between intangible assets capitalization and the performance of CCFs. The results show that the improvement of intangible assets capitalization has significantly negative impact on the performance of CCFs, however, along with the cultural and creative value is recognized and confirmed by the market, the negative correlation gradually gets mitigated. Although the improvement of both the internal and external financing capacity can significantly enhance the performance of CCFs, its moderating effect on the correlation between intangible assets capitalization and performance of CCFs is not statistically significant. That is, assuming on a certain level of financing capacity, strengthening the intangible assets capitalization cannot significantly improve the performance of CCFs. Regarding to the endogenous problems and measurement errors, our conclusions are robust.
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    Government Subsidy, Internationalization Strategy, and Innovative Ability of Firm: An Empirical Study based on China′s Strategic Emerging Industries
    ZHANG Li-fang1,2
    2018, 60(6): 151-160. 
    Abstract ( 82 )  
    Combined with our current “going global strategy” and innovation-driven development strategy, this paper discusses the effect of internationalization of strategic emerging industry on innovation and how different government subsidies could influence this relation. This research shows that internationalization of strategic emerging industry could facilitate innovation in firms,and compared to smaller firms, internationalization of larger firms leads to greater improvement in innovative ability; although government subsidy may prompt the innovative ability of strategic emerging industry, it will diminish the driving force that internationalization brings about to innovative ability of firm; the study of the subdivisions of government subsidy demonstrates that direct government subsidy diminishes the driving force that internationalization brings about to innovative ability of firm, however, indirect government subsidy facilitates it. The above conclusions expand the theoretical analysis of factors that relates to innovative ability of firm, which is also illuminative to government on effective innovative resource distribution and improving the innovative ability of internationalization firms.
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    Impact of China′s Outward FDI on Employment: An Analysis based on the Perspectives of Extensive Margin and Intensive Margin
    CHEN Pei-ru1,XIAN Guo-ming2
    2018, 60(6): 161-169. 
    Abstract ( 117 )  
    With the rising voice of anti-globalization recently, whether the effect of outward FDI on domestic employment is a substitution effect or a promotion effect has become a focus of attention. The paper analyzes the impact mechanisms from the extensive investment margin to the intensive investment margin on domestic employment based on the perspective of dual margin, and uses data from China′s 30 provinces from 2004 to 2014 to carry out empirical tests. The results show that the intensive margin of China′s outward FDI has no significantly positive impact on domestic employment, and this employment promotion effect does come from the extensive margin, the extensive investment margin plays a greater role in promoting employment in manufacturing industry than in service industry, and such employment promotion effect is higher in medium-high skilled manufacturing and low-skilled service industry; analysis of influence channel by means of intermediary effect analysis, we can also find that labor productivity, export and investment are three important transmission paths for the extensive investment margin to influence employment, in particular, by raising domestic labor productivity, promoting exports and increasing investment, the extensive investment margin can create more job opportunities. The above conclusions have rich policy implications for path selection of enterprise to expand overseas.
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