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10 August 2018, Volume 60 Issue 8 Previous Issue    Next Issue

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An Exploration of Xi Jinping′s Economic Thought of Socialism with Chinese Characteristics in New Era: Based on the Perspective of Texts Digging of YAO Jin-hai 2018, 60(8): 1-11.  Abstract ( 104 )   Since the 18th National Congress of the Communist Party of China, Xi Jinping has published a series of important speeches on the overall layout of “Five in One” and the strategic layout of “Four Comprehensives” for the state governance, which has formed a scientific theoretical system with complete system and rigorous logic. From the historical materialism viewpoint of “the economic base determines the superstructure”, Xi Jinping always emphasizes that development is the top priority of the party in governing and rejuvenating the nation and it is crucial to solve all problems in China, and we should always adhere to the basic line of taking economic construction as the center in practice. This paper uses the research method of text mining to study Xi Jinping′s important expositions on socialism economic construction with Chinese characteristics, finding that Xi Jinping′s economic thought of socialism with Chinese characteristics is a systematic science which takes the new development concept as the main content, the modern economic system as the strategic goal, and the high quality development as the fundamental requirement, so it is full of practical philosophy wisdom and strong problem consciousness, embodying the value of people-oriented; Xi Jinping′s economic thought of socialism with Chinese characteristics in new era is the developed contemporary Chinese Marxist political economy based on China′s national conditions and development practice. It is not only a realistic response to the economic problems in China under the new historical conditions, but also an action guide to lead the new development of socialism economic construction with Chinese characteristics in the new era. References | Related Articles | Metrics

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Reform the Housing System to Let All People Have Houses: A Study of the Difference of Housing Enhancing Residents′ Happiness WANG Xian-zhu,WANG Min 2018, 60(8): 12-21.  Abstract ( 114 )   As one of the basic needs of people, living conditions have a significant impact on residents′ happiness. The 19th National Congress report of the Communist Party of China put forward that “let all people have houses” and “make sense of achievement, happiness and security more full, secure and sustainable”, which means that we can enhance people′s happiness through improving their living conditions. Based on the data of China′s comprehensive social survey project 2010-2013, this paper systematically analyzes the impact of housing on residents′ happiness. In terms of the time and spatial characteristics of residents′ happiness distribution, the paper finds that in 2011, the sample residents have the highest happiness, and the sample residents in the northern regions and coastal regions have higher happiness levels. Happiness from housing residents on the empirical analysis of housing property, housing area and other factors can significantly improve residents′ subjective well-being, and from the characteristics of regional distribution, the paper confirms the housing for the residents of the eastern, central and western regions “ladder” on the impact of the happiness; based on the stratification characteristics of the sample age, the effects of housing on the well-being of residents of different age groups are verified, and the “happiness inflection point” phenomenon is found in the 30-50 years old. The above conclusions demonstrate that housing can significantly improve residents′ happiness, and it also discriminates the characteristics of internal differences that affect happiness. References | Related Articles | Metrics

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Relationship between Entrepreneurial Orientation, Ethical Orientation and Firm Performance: Mediating Role based on Organizational Legitimacy MA Li,XUE Jian,GAO Yang 2018, 60(8): 29-37.  Abstract ( 118 )   In previous studies, the relationship between entrepreneurial orientation, ethical orientation and firm performance emphasized the regulatory role of legitimacy. However, the boundary conditions and mechanism of these models are still not fully discussed, and the intermediary factors have not been proved yet. Based on the New Institutionalism theory and the strategy-oriented allocation perspective, this paper analyzes the legitimacy path between interaction and performance of entrepreneurial orientation and ethical orientation, and firm perfomance by establishing a regression model and testing the hypothesis. Empirical results show that entrepreneurial orientation and ethical orientation can positively affect firm performance through legitimacy, but the interaction between them have no a significant positive effect on firm performance. References | Related Articles | Metrics

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Local Government Debt, Land Finance and Economic Growth: An Empirical Analysis based on Simultaneous Equation Model WU Jing-zhou 2018, 60(8): 38-44.  Abstract ( 107 )   Under the background that the economy has entered the New Normal, Chinese economic growth has changed from high-speed to medium-high speed, accompanied by the rapid expansion of local government debt. Based on the analysis of the interactive relationship among local government debt, land finance and economic growth, this paper integrates them into the same framework to build a simultaneous equation model. The paper reached a corresponding conclusion by using the three-stage least-squares method to estimate 2012-2016 provincial data in China: local economic growth driven by local government debt is unsustainable after the introduction of land finance, there is a positive interaction and interest coupling between land finance and local government debt, and raising the level of urbanization and developing the tertiary industry would help to get rid of the dependence of economic development on government debt and land finance. To this end, we should fully recognize that sustainable economic development should not be based on debt expansion. On the other hand, we should continue to focus on the financial risks brought about by the local fiscal gap and debt growth, and adjust land supply policies in a timely manner. References | Related Articles | Metrics

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Classification of Operational Efficiency of Online P2P Lending Platform and Its Influence Factors: An Analysis based on Hierarchical DEA-Tobit Model WU Qing-tian，ZHANG Jing-wen 2018, 60(8): 55-61.  Abstract ( 113 )   Online P2P lending market has gradually gone into a healthy growth period. How to improve self- operational efficiency to standing out from the competition is becoming very important for platform. The paper uses hierarchical DEA-CCR method to evaluate the operation efficiency of P2P network lending platform, and uses Tobit model to analyze the specific factors affecting the operation efficiency of the platform. The results show that the operating efficiency of the platform in China′s online lending industry is generally low, the operating capacity needs to be improved, the input redundancy and output shortage exist, the state-owned enterprise platform has not made full use of its advantages, there is a “U” -shaped relationship between the lending rate and the operating efficiency of the platform, the brand score and background of the online lending platform have no significant negative impact on operational efficiency; there is no brand effect in online P2P lending market, and brand reputation cannot increase the trust of investors, nor can it reflect the real operating efficiency of the platform; the increase of borrowing period and platform safety factor is beneficial to improve the operational efficiency of the platform, and the greater the platform safety factor and the more supervisors, the higher the operational efficiency of the platform will be; leverage integral and transparency integral have a negative impact on operational efficiency, and the disclosure of information does not play a role in facilitating transactions; because the disclosure of information on the Internet lending platform has not reached a unified standard and effective level, the information disclosed does not attract enough attention of investors. Therefore, the CBRC should strengthen the guidance of information disclosure and establish a system model to promote the platform′s information disclosure; the state-owned enterprises platform should make full use of its strong capital strength and system dividends to promote its own operational capacity. References | Related Articles | Metrics

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Shadow Banking, Local Government Debt and Economic Growth: An Analysis based on 2002-2016 Economic Data ZHANG Zi-rong1, ZHAO Li-fen2 2018, 60(8): 71-77.  Abstract ( 130 )   The implementation of positive fiscal policy makes local governments accumulate a certain amount of debt, while the shadow banking supervision related to implicit debt is relatively inadequate to a certain extent, increasing the debt risk of local governments. Based on the relevant economic data from 2002 to 2016, this paper establishes a VAR model to analyze the dynamic relationship among shadow banks, local government debt and economic growth. Research results show that there is a long-term equilibrium relationship among shadow banks, local government debt and economic growth, and economic growth plays a significant role in promoting the size of shadow banks and local government debt; local government debt can significantly promote economic growth and the size of shadow banks, but shadow banks will play a limited role in promoting economic growth and the size of local government debt. Therefore, we should pay attention to the efficiency of economic growth, regulate the scale of implicit debt of local governments, and guard against shadow banking risks. References | Related Articles | Metrics

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The Measurement and Path Selection of China′s Financialization TIAN Xin-min, WU Xiao-ting 2018, 60(8): 78-87.  Abstract ( 119 )   Based on the typical characteristics of China′s financialization, and domestic and foreign research results of financialization measurements, this paper uses the method of principal component analysis to construct China′s financialization index to measure the trend and cyclical fluctuations of China′s financialization. The results show that the estimated financialization index can better describe and evaluate the trend and volatility of China′s financialization, during the sample period, the financialization of the China′s economy showed a steady upward trend, and volatility;under the trend of economic globalization and financial liberalization, the development trend and cyclical fluctuations of China′s financialization are not only inseparable with the international economic and financial environment and the development of China′s financial market, but also closely linked with the orientation and intensity of China′s macroeconomic regulation and control policies. References | Related Articles | Metrics

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Overseas Investment and Corporate Social Responsibility：An Empirical Test based on the Heterogeneity of Host Country and Firm GAO Wei1,2,WANG Quan-jing1 2018, 60(8): 88-98.  Abstract ( 119 )   It has been attached more importance whether Chinese overseas investment companies can use their dual institutional environment and social code of conduct in their home countries and host countries to regulate their behavior and improve their social responsibilities. Adopting data of Chinese listed companies from 2010 to 2016, this paper investigates how overseas investment affects corporate social responsibility (CSR) from a heterogeneity perspective by employing methods of propensity score matching (PSM) and difference-in-difference (DID). The empirical results show that overseas investment significantly improves the level of CSR, and the heterogeneity of host country affects the effect of overseas investment on CSR; the positive effect of overseas investment on CSR can be enhanced when the host country possesses similar culture with China and when the level of economic development is higher, but when the host country is an emerging market economy, this effect is relatively low; attributes and regional differences of corporate also influence the positive effect of overseas investment on CSR: the effect of overseas investment on CSR is higher among the firms located in the eastern region than that in the central or western regions; compared to non-state-owned enterprises, overseas investment plays a greater role on CSR in state-owned enterprises. Therefore, the targeted guidance of different types of enterprises for different types of overseas investment is an important way to enhance the level of CSR. References | Related Articles | Metrics

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The Origins，Legal Changes and Teachings of UK Financial Supervision YU Jian-chuan1，CHANG Jian2 2018, 60(8): 99-107.  Abstract ( 127 )   The legal changes of financial supervision system are always the signal of financial supervision. The UK has made three fundamental changes to its financial supervision system in 2012, 2013 and 2016.By studying its process of legal changes, we can find the two targets “promoting the diversification and competition of the department” and “preventing risks” are both weighed in financial supervision; strengthening the supervision function of the central bank both on macro supervision and micro supervision; we should always pay attention to the coordination and cooperation between the regulatory departments; it is important to protect the rights and interests of financial consumers and investors. The above measures are of great reference significance to promote innovation reform of China′s financial supervision system. References | Related Articles | Metrics

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Contagious Effect of Financial Crisis in Business Groups YU Lang1,NIE Zi1, TIAN Li-yuan2 2018, 60(8): 108-115.  Abstract ( 120 )   Financial crisis may have a contagion effect in members of the same group. This paper chooses two or more group holding listed companies as research samples to examine the contagion effect of financial crisis in group companies. Research shows when a member of a group falls into financial crisis, it will influence other member, increasing the possibility of other member falling into financial crisis; improvement of the internal control system can inhibit the contagious effect of financial crisis, the closer the distance between a member and financial crisis enterprise is, the more obvious contagious effect is; the contagious effect of the financial crisis is greater when a member enterprise and financial crisis enterprise are in the same industry, but the effect is only significant in the first and second years of the financial crisis. Considering the contagion effect of financial crisis in business group can effectively improve the prediction ability of financial crisis prediction model. References | Related Articles | Metrics

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Will the Differences in Executive Characteristics Affect Enterprise Performance? The Moderating Effect of CEO Power and Enterprise Environment ZHANG Jin-qing, XIAO Jia-qi 2018, 60(8): 125-132.  Abstract ( 142 )   The generation of conflicts between top management team largely depends on the environment in which the team is located and the way members work together. Based on 2008-2015 years sample of China′s listed companies, this paper uses panel data analysis to verify the role of CEO power and enterprise environment on the relationship between executive differences and enterprise performance. The results show that the existence of CEO power and the stability of the enterprise environment will weaken the impact of executive differences on the performance of the enterprise, the role of senior executives will only work when it meets two conditions, and the relationship is basically disappearing when the power of CEO is too large or the enterprise environment is too stable; the appropriate decentralization of CEO and the instability of the enterprise environment are beneficial to the exertion of human capital; the overall power of CEO in China′s listed enterprises is high, and the state-owned enterprises have the characteristics of environmental stability, which is not conducive to stimulating the subjective initiative of the executive team as a whole. References | Related Articles | Metrics

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Multiple Subjects′ Synergetic Innovation System Evolutionary Game based on Two-wheel Drive WU Wei-hong, DING Zhang-ming, ZHANG Ai-mei 2018, 60(8): 133-143.  Abstract ( 104 )   Multiple subjects′ synergetic innovation is a complicated systematic engineering.Using the evolutionary game method can analyze the operation mechanism of multiplesubjects from dynamic perspective, and fundamentally explore the factors that influence the stability of synergetic innovation. The paper constructed a multiple subjects′ operation mechanism based on national innovation driven development strategic framework, which includes environment-driving and innovation driving, and built evolutionary game model to analyze various innovation objects′ strategy choice in synergetic innovation, then used Jacobian Matrix to judge its stability of strategies. The evolutionary game results show that, when the various subjects′ demands are satisfied, the multiple subjects′ synergetic innovation system can keep stable; the knowledge difference between different innovation subjects and the stability of synergetic innovation shows opposite trend; good synergetic effect and independent internal supervision mechanism can effectively improve the stability of synergetic innovation system. References | Related Articles | Metrics

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Macroeconomic Environment and Target Debt Structure Decision of Listed Companies：An Empirical Study based on Stock Adjustment Model YANG Song-ling, WU Ping, LIU Ting-li 2018, 60(8): 144-150.  Abstract ( 104 )   The high leverage ratio of enterprises has become a prominent problem that restricts the economic development of our country. How to effectively adjust the debt structure decision to stabilize and reduce leverage ratio of enterprises has become an urgent issue. Based on debt structure adjustment model, this paper empirically studies the impact of macroeconomic environment on corporate debt structure decision-making. The results show that listed companies have shorter target debt maturity structure and higher target debt instrument structure in the economic downturn, also, non-state companies prefer to adopt commercial credit financing than state-owned companies; the speed of corporate debt restructuring is asymmetric, its debt structure is adjusted to target levels at a faster rate in the economic upside. Means of this finding is that enterprises can grasp the law of macroeconomic development, adjust the debt structure decision in time, and provide reference for coping with adverse macroeconomic impact. References | Related Articles | Metrics

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Thirty Years of Development of Western Service Innovation Theory： From 1986 to 2017 WANG Xiao1, WANG Nan- nan1, XING Bo2 2018, 60(8): 151-160.  Abstract ( 108 )   The development of service industry makes people take concern service innovation. The Service-Dominant logic (SDL) provided by Vargo and Lush also provides an academic thinking logic for people to review service innovation theory. Based on the time-series, this paper reviews the research of service innovation in Western literature, divides the research into 3 stages, and discusses and compares different theories, characteristics, and research topics; meanwhile, based on the analysis of research topics in service innovation (including the definition, process, models, influential factors, and SDL effects on service innovation), the paper goes through the research process from Product-Dominant logic (PDL) to SDL, and presents the overview insights for the development and future of service innovation, which provides references for extending the research of service innovation and reviewing service innovation theory. References | Related Articles | Metrics

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The Special Spillover Effects of Inclusive Finance Digitization on Narrowing Urban-Rural Income Gap CHEN Xiao1，CHEN Xin2 2018, 60(8): 167-176.  Abstract ( 107 )   Along with the deep integration and innovation of the mobile internet, information technology and finance, the inclusive finance in China has stepped into a digital age. Based on the provincial-level data from 2011 to 2015, the paper analyzes the impact of inclusive finance on urban-rural income gap and investigates the potential spatial spillover effects during the digitization of the inclusive finance. The research results are as follows: there is significant positive spatial correlation in the urban-rural income gap, with relatively low internal fluidity and steady duality in space; it is helpful to develop the inclusive finance for narrowing the urban-rural income gap, and compared with the traditional inclusive finance, digital inclusive finance can not only narrow the urban-rural income gap in areas where it is carried out, but bring on significant overall spillover effects within a short term and exert positive impact on narrowing the urban-rural income gap in the neighboring areas, besides, the spatial spillover effects of the digital inclusive finance mainly depend on the support of digital service. The above findings effectively prove the digital value advocated in the higher principles of G20 digital inclusive finance and offers experience proof for spreading digital inclusive finance. Thus, it is imperative to take digital financial service as the priority in the inclusive finance and play a bigger role in improving the urban-rural income pattern in China. References | Related Articles | Metrics