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16 July 2018, Volume 60 Issue 7 Previous Issue    Next Issue

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A Study of Xi Jinping′s Thought on Distributive Justice：A People-centered Development Investigation ZHU Cheng-quan1，LI Dong-yang2 2018, 60(7): 1-11.  Abstract ( 81 )   The people-centered development experienced the hard exploration process of cognition and practice, and again cognition and practice, is the theoretical crystallization of the practice of socialist construction, is based on the reflection of the western development theory, originated from the political history of China, and based on the reality needs of Chinese economy and the needs of people′s happiness. Distributive justice is the essential value of the people-centered development, and the people-centered development is the central manifestation of distributive justice. At present, China′s polarization problem between the rich and the poor has loomed larger, and Chinese principle of distribution justice needs to be improved. The Marx principle of distributive justice and the west principle of distributive justice may provide theoretical perspectives and followed in practice with principle of Chinese distributive justice. Therefore, we should adhere to the principle of distributive justice of people-centered development, take comprehensive measures to solve the problem of polarization between the rich and the poor to promote distributive justice, better promote the income distribution system reform and realize common prosperity. References | Related Articles | Metrics

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The Role of National Audit in Comprehensively Promoting the Rule of Law: Guided by Xi Jinping′s Thought on Socialism with Chinese Characteristics for a New Era XU Zhang 2018, 60(7): 12-17.  Abstract ( 53 )   The 19th National Congress of the Communist Party of China emphasizes the reform of the audit management system, which means that the status and role of national audit in the overall promotion of the strategy of governing the country according to law has been greatly enhanced and changed.Through auditing the implementation of financial funds and policies, we should coordinate and restrict other supervisory systems to promote the supervision of the state′s rule of law system and take specific audit projects as the starting point to put forward audit suggestions, in order to improve the current legal norms system and the implementation system of the rule of law, promote the construction of the legal system of socialism with Chinese characteristics, and the realization of the socialist country under the rule of law at the macro level. Therefore,National audit will play an important positive role in comprehensively promoting the rule of law. References | Related Articles | Metrics

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The Influence of Internet Shopping Festival Atmosphere on Consumer Impulse Buying LIU Yang1,2,LI Qi1,YIN Meng3 2018, 60(7): 18-23.  Abstract ( 93 )   It is an important marketing strategy to create an infectious shopping atmosphere under the network trading environment. Based on the SOR theory, this paper divides the external stimulating factors that constitute the shopping festival atmosphere into four dimensions: interaction, individuation, entertainment and economy, and analyzes consumers impulse buying behavior in shopping atmosphere by constructing a research model of online shopping festival atmosphere affecting consumers impulse shopping behavior. It is found that the individualization, entertainment and economy of the shopping festival atmosphere have significantly positive influence on the consumers arousal emotion, and the interaction, entertainment and economy significantly affect consumers pleasurable mood, arousal emotion significantly affects consumers pleasure perception, and significantly influences consumers impulse buying behavior with pleasure perception. References | Related Articles | Metrics

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Consumers Interaction, Brand Appeal and Purchase Behavior under the Milieu of New Media: An Analysis based on Interaction Ritual Chains XU Xin-liang1,YU Ze-hui2, MENG Rui2 2018, 60(7): 24-32.  Abstract ( 100 )   Based on the theory of interaction ritual chains, and from the perspective of brand marketing under the milieu of new media, the paper applies SEM (structural equation model) to examine the relationship among consumers interaction, brand appeal and buying behavior. According to our research and survey, both consumers interaction participation and consumers interaction contribution exert positive effect upon consumers buying behavior, and indeed, interaction of higher quality would promote more buying behavior. Furthermore, this paper examines how consumers interaction affects buying behavior by means of brand appeal, i.e. brand appeal plays an intermediary role between consumers interaction and buying behavior;consumers interaction shall trigger brand appeal. As consumers interaction is kept rolling or intensified, brand appeal is phased as follows: brand satisfaction, brand identification and brand happiness. These three feelings afore-mentioned influence buying behavior to different degrees and brand identification reigns supreme as regards promotion to buying behavior. References | Related Articles | Metrics

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The Effects of Person-Organization Fit on Service-Oriented Citizenship Behavior of Tourism Service in Ethnic Areas WANG Sheng-bin 2018, 60(7): 33-39.  Abstract ( 88 )   Achieving the development and prosperity of tourism in ethnic areas is of strategic significance to the implementation of the rural rejuvenation strategy, the establishment of a modern economic system, and the realization of the common development of all ethnic groups. Whether it is to achieve self-improvement or improve service quality, it is necessary to inspire tourism service personnel in ethnic areas to become more service-oriented citizenship behavior. Taking 338 tourism service workers in ethnic areas as research objects, a Multi-level regression model was conducted to explore the impact of person-organization fit of service personnel in ethnic areas on service-oriented citizen behavior. This paper found that the person-organization fit of tourism service personnel in ethnic areas had a positive effect on service-oriented citizenship behavior; the complementarity-combination was more likely to arouse the service-oriented citizenship behavior of service personnel; the service atmosphere had a moderating effect on the influence of person-organization fit on service-oriented citizen behavior: when the service atmosphere was strong, the impact of person-organization fit on service-oriented citizen behavior was significantly enhanced, conversely, this effect was significantly weakened. References | Related Articles | Metrics

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An Analysis of Market Friction and Stock Price Jump Risk CHU Xiao-jun1,CAO Jie2 2018, 60(7): 40-49.  Abstract ( 103 )   The stock price jump not only causes huge losses to investors, but also is not conducive to the healthy development of securities market. This paper examines the effect of trading activity and information friction on stock price jump, finding that trading activity and information friction have an asymmetric effect on the stock price jump. The effect of trading activity on positive jump is positive but little on negative jumps; the effect of information friction on positive and negative jumps are both positive, and the direction of impact depends on overnight new information. In short, the reason of negative stock price jump is information friction rather than transaction activity. Therefore, negative jump could be reduced through higher market transparency to maintain the stability of financial markets. References | Related Articles | Metrics

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Features of Carbon Emission and Peak Prediction in Typical Chinese Cities: A Revalidation based on “Decoupling” and EKC Hypothesis QIU Li-xin, YUAN Sai 2018, 60(7): 50-58.  Abstract ( 75 )   Taking Beijing, Tianjin, Baoding, Qingdao, Shanghai, Ningbo, Chongqing and Guangzhou, the eight low carbon pilot cities as research objects to analyze decoupling state of economic scale and regional carbon emissions in typical cities from “the 10th Five-Year Plan” to “the 12th Five-Year Plan ” through Tapio decoupling model. The results show that the carbon intensity of eight cities decreased year by year (strong decoupling);during the “12th Five-Year Plan” period, in addition to Beijing and Qingdao, other cities are weak decoupling, which means that the total amount of carbon emissions continued to increase as the economy grew, but the growth rate is lower than that of economy. Except for some certain cities remain volatile, economic growth has shifted from extensive to intensive. The paper further uses lag phase tool variable method to study the effect mechanism of eight factors, such as economic scale and industrial structure on regional carbon emissions; the carbon emission EKC hypothesis is tenable in typical cities (inverted U-shape),and the adjustment of industrial structure and the expansion of foreign trade have not played an effective role in reducing regional carbon emissions; the promotion of urbanization and optimization of energy consumption structure are obviously beneficial to the carbon emission reduction in typical cities, while the effects of population and technical innovation are not obvious; at present, all cities have not crossed the inflection point and are expected to peak around 2023. References | Related Articles | Metrics

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Are the Enterprises of Tax Integrity Really “Honest”? 〖WT〗 GENG Yan-li1,2,WU Li-mei1, SUN Wei-zhang1 2018, 60(7): 59-64.  Abstract ( 103 )   Based on the data of tax credit rating of listed companies from 2014 to 2016, this article examines whether the tax integrity enterprises selected by the State Administration of Taxation are really “honest” or not. The results show that tax integrity enterprises are really “honest”，and they are less likely to manage their earnings: whether the level of positive earnings management or the level of negative earnings management, tax-credit companies are significantly lower. Further research shows that regardless of state-owned enterprises or private enterprises, the level of earnings management of tax integrity enterprises is significantly lower; regardless of the eastern region where the legal system is relatively high or in the central and western regions where the legal system is relatively poor, the level of earnings management of tax-honored enterprises is also significantly lower. The results of robustness show that the auditing fees of tax integrity companies are even lower, which indicates that the “good faith” information of the tax-paying creditworthy companies is obtained by the auditors and is reflected in the audit fees. The conclusions indicate that the construction of the taxation integrity system carried out by the State Administration of Taxation had reached the expected policy goal, and the honest and tax-paying enterprises selected are indeed “honest”. References | Related Articles | Metrics

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The Impact of Commodity Market Segmentation on China′s Value-added Export: An Analysis based on China′s Manufacturing Panel Data from 2001 to 2014 LIU Hui-zheng, ZHU Guang 2018, 60(7): 65-70.  Abstract ( 65 )   Domestic market segmentation is a real problem in China′s economic development. In the context of the division of labor embedded in the global value chain, commodity market segmentation hinders the integration of the domestic market, limits its comparative advantages and reduces China′s export potential. By introducing the distance factors, and on the basis of revising the calculation method of the index of domestic market segmentation, this paper uses the industry panel data from 2001 to 2014 and the random effects model to examine the influence of commodity market segmentation on China′s value-added export, finding that the commodity market segmentation had a restraining effect on China′s value-added export and was more obvious as the proportion of state-owned enterprises in the industry increased. In order to give full play to China′s overall comparative advantages in the international division of labor, we must accelerate the process of domestic market integration and the reform of state-owned enterprises, and increase the support to the global value chain database data update and value-added accounting system research. References | Related Articles | Metrics

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Equity Mixing Degree, TMT Characteristics and Company Performance：An Empirical Study based on the Full-Effect Adjustment Model WANG Xin-hong，LI Ting-ting，ZHANG Hang 2018, 60(7): 71-79.  Abstract ( 70 )   Does the change in the composition of TMT caused by the heterogeneous shareholders of the mixed ownership enterprise ultimately affect company performance? Based on Edwards and Lambert′s full-effect adjustment model, this paper discusses the comprehensive relationship among equity mixing degree, TMT characteristics and corporate performance based on the study samples of Shanghai and Shenzhen A-share mixed ownership companies from 2014 to 2016.It is found that there is a significant “U”-shaped relationship between equity mixing degree and corporate performance, which indicates that a lower degree of equity mixing cannot achieve the purpose of mixed ownership reform,only when the equity mix reaches the critical value of 60.19%, will it be helpful for the improvement of company performance; further study shows that TMT characteristics play a full intermediary role in the “U”-shaped relationship between equity mix degree and corporate performance, and the regulatory role of equity mixing degree in the relationship between executive team characteristics and corporate performance is not robust. The conclusion provides a practical thinking for mixed ownership reform. References | Related Articles | Metrics

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The Effects of Coworker Incivility on Employees′ Time Banditry: Moderating Role of Hostile Attribution Bias and Psychological Resilience ZHAO Li-jing，ZHANG Zheng-tang，SONG Kun-tai 2018, 60(7): 80-86.  Abstract ( 80 )   Stressors caused by external situations are key trigger factors of employees′ time banditry behavior. Using 233 self-rated and valid data, the paper explored the influence and boundary condition of coworker incivility on employee′s time banditry. Results indicate that coworker incivility has a positive effect on employee′s time banditry, emotional exhaustion plays a partial mediating role between coworker incivility and time banditry, hostile attribution bias strengthens the negative effect of coworker incivility on employees′ time banditry, while psychological resilience alleviates the negative effect of coworker incivility. Therefore, enterprises should build up a zero tolerance and punishment mechanism for incivility behavior, and actively shape the working atmosphere of respect and care among colleagues; in the recruitment and selection phase, personality tests, including hostile attribution bias, can be added to avoid the entry of those with high hostility attribution bias;at the same time, enterprises can actively implement employee assistance program to enhance their resilience while giving them more stress coping strategies. References | Related Articles | Metrics

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Debt Distribution, Debt Maturity Structure of Subsidiaries and Cash Dividends of Listed Company SUN Yuan-yuan1,2，MA Zhong2，LIANG Xiang3 2018, 60(7): 87-95.  Abstract ( 69 )   The characteristics of corporate debt financing are important factors affecting cash dividends. This paper examined the effect of debt distribution in group and subsidiaries′ debt maturity structure on cash dividends of listed company. The study found that the increase of debt distributed in subsidiaries will reduce the possibility and level of cash dividends that the listed company could pay, and in state-owned enterprises, the negative impact of debt distribution in subsidiaries on listed company′s cash dividends is weaker than that of private-owned enterprises; in addition, for the groups in which the debt is mainly distributed in subsidiaries, the higher the proportion of subsidiaries′ short-term liabilities is, the less cash dividends the listed company could pay. Therefore, strengthening debt management within the group from the perspective of the liabilities of subsidiaries is an important factor to ensure the ability of cash dividends of listed company. References | Related Articles | Metrics

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Quantitative Internal Control Weakness Identification Standards and Internal Control Audit Pricing ZHANG Jun-min1，LU Ya-ting1,2，FU Shao-zheng1 2018, 60(7): 96-103.  Abstract ( 86 )   Taking Shanghai and Shenzhen A-share listed companies that disclosed the internal control audit fees in 2012-2016 as the research objects, this paper investigates the effect of quantitative internal control weakness identification standards on internal control audit pricing and its action path based on signaling theory. The result shows that，there is a positive relationship between strict identification standards at the discretion of the listed companies and internal control audit pricing, however, there is no significant association between strict identification standards and internal control audit delay which is a proxy of internal control audit engagement．The results demonstrate when quantitative internal control weakness identification standards are stricter, auditors will collect risk premium but not increase audit effort to reduce the risk; auditors are more sensitive to strict standards of equity, and good control environment can moderate the effect of identification standards on audit pricing. The conclusion of this study not only provides new evidence for the economic consequences of quantitative internal control weakness identification standards, but also helps to understand the influence of identification standards on internal control audit pricing. References | Related Articles | Metrics

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The Dual Effects of Executive Reputation on R&D Investment: A Path Analysis based on the Mediating Effect of Executive Compensation XU Ning, WANG Xue-ning, ZHANG Yang 2018, 60(7): 104-112.  Abstract ( 67 )   As a governance contract with double effects, is good executive reputation a driving force for technological innovation or the shackles of innovation? The paper uses the moderating path analytic technique put forward by Edwards and Lambert to test the non-linear relationship between executive reputation and R&D investment and the mediating effect of executive compensation, by using the balanced panel data of Chinese listed companies from 2007 to 2016. The research shows that there is a significant inverted U-shaped relationship between senior management reputation and R&D investment, that is, the executives reputation will have a positive impact on R&D investment before executive reputation reaches the optimal level, but exceeding this optimum level, it will evolve into negative influence; executive reputation has an obvious effect on executive compensation by inverted U-curve effect, which in turn promotes the inverted U-type relationship between executive reputation and R&D investment, that is, executive compensation plays an intermediary role in the relationship between executive reputation and R&D investment. References | Related Articles | Metrics

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Upgrading of Industrial Structure, Factor Market Distortion and Environmental Pollution: An Analysis based on Panel Data of 283 Prefecture Level Cities in 2003-2015 HUANG Yu-ran1,LU Zhi-qiang2,3, LI Zhi-bin1 2018, 60(7): 113-118.  Abstract ( 83 )   This study uses the bilateral stochastic frontier model to measure the positive effect of upgrading of industrial structure on environmental pollution, the negative effect of factor market distortion on environmental pollution, and the net effect of the mutual influence. The results show that, the interaction between factor market distortion and upgrading of industrial structure weakens the role of factor market distortion in reducing the environmental pollution, which leads to the actual urban environment pollution level is higher than the moderate pollution level, and the net effect in both different years, different regions and different provinces increases environmental pollution, which shows that factor market distortion exacerbates environmental pollution; the analysis of time characteristics shows that the net effect of upgrading of industrial structure and factor market distortion on environmental pollution is positive and decreasing in the sample time interval; the net effect in different regions is still positive, but there are regional differences, with the largest net effect in the western region, followed by the middle region and the smallest in the east region, which shows factor market distortion in economically underdeveloped regions significantly weakens the positive effect of upgrading of industrial structure on environmental pollution, thus exacerbating the degree of environmental pollution. References | Related Articles | Metrics

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Market Structure, Policy Adjustment and Welfare Change in Wheat Industry Chain〖WT〗 SONG Liang 2018, 60(7): 119-124.  Abstract ( 98 )   Domestic wheat price support policy has produced price distortions while raising grain production, which affects the welfare of the downstream link in the wheat industry chain. Based on the reality of wheat circulation monopoly in domestic, this article analyses the welfare changes of wheat processing industry and consumer in the process of conversion from price support policy to the target price policy. It shows that the price support policy makes welfare losses of the wheat processing industry, the higher degree of monopoly of grain circulation, the greater loss of wheat processing industry; in the case of increasing price difference between domestic and abroad, the consumer has changed from welfare improvement to welfare loss. The conclusion of this study means that taking the target price policy in the wheat grain storage link can bring welfare improvements to both wheat processing industry and consumer. References | Related Articles | Metrics

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Risk Burden of Online Shopping Contract: Question to “The First Carrier Rule” ZHAO Shen-hao 2018, 60(7): 133-143.  Abstract ( 104 )   According to “The first carrier rule” in the Contract Law，in the sale involving dispatch，when the seller delivers the goods to the carrier independent of the buyer and seller, the risk is transferred to the buyer. However, from the experience of network shopping, it has obviously been breached by practice. In network shopping, both buyers and sellers and third-party platforms agree that the risks of the goods should be borne by the seller. Although it is possible to interpret the online purchase contract of C.O.D. as free on board destination, thus avoiding the application of article 145，there is still a disconnect between law and reality for other types of online shopping contracts. Through comparative analysis, it can be seen that BGB and CESL have set an exception to the “first carrier rule”, which does not apply to the sale of consumer goods，but the Contract Law refers to the CISG，not considering the differences between the international sale of goods and general civil business. For this，the best way is to revise the law，but before this， it is feasible to interpret the online shopping contract as free on board destination. References | Related Articles | Metrics

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An Analysis of the Scope of the Application and the Way of Execution of Property Penalty based on the Perspective of Law and Economics ZHANG Xue-yong 2018, 60(7): 144-152.  Abstract ( 68 )   As a kind of penalty, property penalty has its incomparable advantages and its own shortcomings. For property penalty, we must make a reasonable orientation for the status of it in the penalty system, and reasonably set the applicable scope of it; at the same time, we should appropriately improve the execution way of property penalty, and property penalty should be configured overall on corruption crime, negligent crime and unit crime to give full play to the advantages of it. For the benefit of execution of property penalty, day-fine system and criminal fine exchanging institution should be implemented; we should comprehensively evaluate the advantages and disadvantages of the design of property penalty system, and achieve the optimization of the system design by improving advantages and avoiding shortcomings from the perspective of law and economics. References | Related Articles | Metrics

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Commercial Custom Self-governance and Its Border Issues under the Background of Codification of Civil Law WANG Zhen- zhen 2018, 60(7): 153-161.  Abstract ( 62 )   Article 10 of the General Principles of Civil Law stipulates the sources of law that should be applied in the settlement of civil and commercial disputes, and defines custom as secondary sources of law. Although there is no clear distinction between civil customs and commercial practices, it can be explained from the meaning of the article. At first glance, its alleged custom should include commercial practices. However, judging from the judicial practice, the application of commercial affairs are often in a negated position, which is detrimental to the autonomy of merchants and innovation in the commercial field. The General Principles of Civil Law has established the status of the legal source of commercial practices. Judicial practice should defer to commercial practices and clarify that the relationship between commercial practices, laws, public policies, and civil law helps define the specific application boundary of commercial practices. References | Related Articles | Metrics

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The Influence of Farmers′ Green Consumption Consciousness on Their Consumption Behavior ZHANG Yong-qiang, PU Chen-xi, PENG You-xing 2018, 60(7): 168-176.  Abstract ( 64 )   The choice of farmers′ consumption patterns is of great significance to the sustainable development of agricultural resources and environment. Based on the data of field research, this paper analyzes the influence of various consciousness dimensions of farmers′ green consumption on their consumption behaviors empirically and studies the regulating effect of inducing factors on farmers′ green consumption consciousness-green consumption behavior relationship with hierarchical regression method. The regression results show that the different dimensions of farmers′ green consumption have different influence on consumption behavior in different intensities and directions, and there exists a positive interaction effect between green consumption consciousness and environmental protection knowledge in the green consumption awareness structure, and the inducing factors have different regulating effects on farmers′ green consumption consciousness - green consumption behavior relationship, and there are significant differences in the conduction paths of the influence of different variables on consumption behavior in the green consumption consciousness-inducing factor-green consumption behavior model. References | Related Articles | Metrics