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10 September 2018, Volume 60 Issue 9 Previous Issue    Next Issue

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Implementing Xi Jinping′s Economic Thought and Constructing Modern Industrial System: An Analysis based on the Evolution of Industrial Structure of Guangdong Province MA Ji1，PANG Jing-min2 2018, 60(9): 8-13.  Abstract ( 133 )   Constructing a modern industrial system is not only a clear requirement put forward by the 19th National Congress of the Communist Party of China, but also an important embodiment of Xi Jinping′s economic thought. As the leading force in China′s economic growth, economic development of Guangdong Province has been in the forefront of the country. The industrial structure of Guangdong Province has gone through the change from the dominance of the secondary industry to the tertiary industry, from the light industry to the heavy industry, from the traditional pillar industry to the new pillar industry, and then to the modern industry, and from the traditional service industry to the modern service industry. The tremendous changes in industrial structure of Guangdong Province show that China′s economic development has entered a new era. It is of great practical basic and theoretical significance to explain Xi Jinping′s economic thought of constructing a modern industrial system by the evolution of industrial structure of Guangdong Province. The historical orientation of the new era requires us to attach more importance to the development of the real economy, further promote the structural reform of supply-side, vigorously develop modern services, especially producer services, and promote industrial development through innovation of science and technology and institutional mechanisms. References | Related Articles | Metrics

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Research on Compulsive Buying Behavior based on Flow Experience Theory：A Comparison of Online and Offline Channels HE He-ping, OU Yi-hua, XIANG Sha 2018, 60(9): 14-20.  Abstract ( 120 )   The flow experience theory provides a new perspective for understanding compulsive buying behavior. Based on the questionnaire survey in online and offline consumers, this paper analyzes the relationships among shopping flow experience elements, consumer concentration and pleasure-compulsive buying behavior, and compares the differences of the relationships between online channel and offline channel. The results show that perceived shopping challenge of consumer has a significantly positive effect on consumer concentration, but has no effect on consumer pleasure in offline channel; in online channel, perceived shopping challenge has no impact on consumer concentration and pleasure; no matter in which channels, shopping skill will positively affect consumer concentration and pleasure significantly; both consumer concentration and pleasure will positively influence the compulsive buying behavior significantly in online and offline channels. The conclusion expands the external validity of flow experiential theory in explaining compulsive buying behavior and helps consumers to improve their shopping skills, concentration and experience. References | Related Articles | Metrics

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Can Technological Innovation Explain the Imbalance between Service Trade and Goods Trade? Based on Global Value Chain Perspective LIU Li, LIU Ying 2018, 60(9): 21-27.  Abstract ( 127 )   The imbalance between service trade and goods trade and the explanation have always been one focus of controversy in the field of international trade. By using a join outsourcing model of technological innovation efficiency, the paper analyzes how technological innovation capacity determines division of labor in manufacturing and service sectors in the value chain system, which acts as a source of comparative advantage of service department, and the mechanism leading to reverse development of service trade and goods trade. Empirical results show, the technological innovation ability has a significantly positive effect on the international competitiveness of producer services for all economies with different status in the value chain and different income. But the relationship between producer service trade and goods trade development is affected by income level and the status of the value chain, high income economy trade in goods trade and producer services usually have reverse relationships, while in low and middle income and economy at the downstream of the value chain, the reverse relationship is not so significant. Generally speaking, higher participation in global value chain will further boost economies in producer service industry′s comparative advantage, but for headquarters economy, along with the rise in participation in the field of trade in services, the advantage may be weakened. At the same time, the study also gives a reasonable explanation for the relative lag of China′s service trade development from the perspective of technological innovation efficiency. References | Related Articles | Metrics

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The Effects of Online Recommendation Information on Female Consumers′ Purchase Intention ZHAO Xiang-zhong1, SHANG Zi-hui2 2018, 60(9): 28-35.  Abstract ( 137 )   Based on Howard-Sheth Model and taking role theory and social identity theory as a reference, the concept model of the influence of network recommendation information on the female consumers′ purchase intention is constructed. Through questionnaires, this paper empirically examines the relationship between online recommendation information and female consumers′ perceived value by structural equation model. The results show that the accuracy, benefit, information arrangement and visual clues of the network recommendation both positively affect female consumers′ purchase intention; role overload positively regulates the relationships among information content accuracy, interest, information arrangement, visual clues and value perception; social identity can positively regulate the relationships among information content accuracy, interest, visual cues and value perception, but has no moderating effect on the relationship between information arrangement and value perception; female consumers′ perceived value has a positive impact on the willingness to purchase. References | Related Articles | Metrics

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An Analysis of the Policy Effect of “Replacing Business Tax with Value- added Tax” on Investment Efficiency based on the Perspective of Financing Constraints QianXiaodong 2018, 60(9): 36-44.  Abstract ( 116 )   As a major institutional change in structural tax cuts area, the implementation of the policy of “replacing business tax with value-added tax” has an important impact on the micro-investment behavior of enterprises. Based on the perspective of financing constraints, this paper uses the difference-in-differences method to study the impact of the tax reform on the investment efficiency of enterprises, and examines the moderating effect of corporate financing constraints on the relationship between them. The study finds that the tax reform promotes the investment efficiency of enterprises and has a more significant impact on high-financing companies; compared with over-investment enterprises, the tax policy promotes the investment efficiency of under-investment enterprises, and the impact of financing constraints on the policy effect is more significant in under-investment enterprises; in additional, the promotion effect of the tax reform on corporate investment efficiency mainly exists in non-state-owned enterprises, high-growth enterprises and enterprises with high market competition, which shows that state-owned enterprises are less sensitive to the tax reform. In view of the “crowding out” effect on the improvement of investment efficiency, the relevant provisions of the tax reform should be further improved, the scope of VAT deduction should be expanded, the efficiency of tax collection and management should be strengthened, the financial subsidy mechanism should be optimized, and the VAT tax rate should be adjusted more reasonably, so as to guarantee the maximization of the tax reduction bonus of the reform, and then guide the scientific investment decision-making, improve investment efficiency, and optimize the allocation efficiency of capital market resources. References | Related Articles | Metrics

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Influence Factors of Borrower Default Risk in Peer-to-Peer Lending LI Jie1, LIU Lu1, Chao-Hsien CHU2 2018, 60(9): 45-54.  Abstract ( 115 )   With the development of Internet information technology, P2P lending has promoted the development of Internet finance and inclusive finance. It is particularly important for the relevant platforms and lenders to make an accurate risk assessment and prevent the default risk of borrowers. Taking 4738 borrowers′ lending data provided by Rong 360 platform as research samples, the paper adopts Logistic regression model to analyze the key factors of borrower default risk, and discusses the specific characteristics of the delinquent borrower and its influence factors. The empirical results show that the borrower′s total income, total expenditure and wage income among economy features have significant impacts on borrower′s default risk in terms of repayment ability; borrower′s gender, loan limit, loan amount and delinquent amount have obvious effects on borrower′s default risk in term of repayment willingness; the number of the fewer web page and website visits are important factors of borrower′s default risk in terms of online browsing behavior. Therefore, the risk supervision department should establish a key information sharing mechanism, clarify the review scope, implement the key points of examination, and then reduce the economic losses of platform and lenders by constructing a default risk assessment model to promote the healthy development of the P2P lending industry. References | Related Articles | Metrics

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The Employment Effect of Enterprise Technology Innovation: Creation or Substitution? Empirical Evidence from Chinese Listed Companies BAI Jun1,2,GONG Xiao-yun1,WANG Wan-wan1 2018, 60(9): 55-62.  Abstract ( 118 )   With the Chinese economy entering the new normal, how to coordinate the relationship between technological innovation and employment to adapt to the adjustment of economic structure is a realistic problem that China has to face. This paper uses the sample data of listed companies from 2003 to 2014 to analyze the relationship between technological innovation and employment growth of enterprises, finding that the technological innovation of enterprises has a substitution effect on employment growth in general, and the improvement of technological innovation level of enterprises will reduce the demand for labor, and subversive innovations such as invention patents show greater substitution effects than utility models and design innovations;for employees in the economic upswing, labor-intensive industries, and lower education levels, the substitution effect of technological innovation is stronger. Therefore, we should focus on the transformation of labor-intensive industries under the innovation-driven development model. While encouraging technological innovation, we should minimize the negative effects of technological innovation on employment. Adapting to the employment needs of enterprises and improving the education level of employees are effective means to avoid technological innovation hindering employment growth. References | Related Articles | Metrics

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Linkage Relationship between Onshore and Offshore RMB Interest Rates: An Empirical Analysis based on the Mainland and Hong Kong Interbank Markets LI Hui1, ZHANG Chi1, LIU Jing2 2018, 60(9): 74-83.  Abstract ( 91 )   In the course of RMB internationalization, the development of the offshore RMB market plays a decisive role. Clarifying the linkage relationship between onshore and offshore financial markets is of great practical significance for preventing and controlling financial risks and improving the effectiveness of domestic financial policies. Based on an analysis of the time series data between SHIBOR and CNH HIBOR, the paper uses Granger causality test and VAR-GARCH-BEKK model to test the return spillover and volatility spillover effects of interbank offered rate between onshore and offshore market. The results show that, both domestic and foreign interbank offered rate have linear autocorrelation and ARCH effect; from the perspective of reward spillover effect, when the capital market opening policy was introduced, the domestic interbank offered rate showed a significant reward spillover, but when the market fluctuated abnormally, the foreign interbank offered rate linearly guided the domestic interest rate; from the perspective of volatility spillover effect, with the progress of RMB internationalization and the development of offshore market, the two-way volatility spillover effect between domestic and foreign interbank offered rate gradually appears; from the perspective of dynamic correlation coefficient, the dynamic correlation coefficient between domestic and foreign interbank offered rate is increasing and mostly positive in the near future. Generally speaking, in terms of compensation spillovers, with the promotion of capital market opening policy, the linear relationship between domestic and foreign interbank offered rate is becoming more and more obvious, and when the market is in an abnormal period, offshore interest rate has become an information center; in terms of volatility spillovers, volatility spillovers have always existed at home and abroad. With the passage of time, offshore market has become more and more mature, offshore interest rates have begun to generate volatility spillovers on onshore interest rates, and have been reflected in more and more types of interest rates. With the accelerating internationalization of RMB, offshore market has begun to exert more and more important influence on onshore market. Therefore, further promoting the opening of capital account, deepening the reform of domestic financial market, perfecting the construction of offshore market and improving the liquidity management ability of domestic and foreign monetary authorities will promote offshore and onshore market associations. References | Related Articles | Metrics

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Merger and Acquisition Transactions and Performance Commitment in Chinese Listed Companies:An Analysis based on Merger and Acquisition Transactions Events in 2008-2014 Initiated by Listed Companies DOU Wei,FANG Jun 2018, 60(9): 84-90.  Abstract ( 218 )   In recent years, the number and scale of merger and acquisition transactions in China′s capital market have been increasing. Performance commitment, as an innovative form of merger and acquisition, has been constantly adopted by both sides of merger and acquisition. At the same time, merger and acquisition performance commitment default events occur frequently. This paper examines the impact of payment methods on performance commitment reliability of the target enterprise in merger and acquisition by taking merger transactions events in 2008-2014 initiated by listed companies as samples. Research shows that the equity payment is positively related to the performance commitments reliability. The paper also explores the mechanism by which the payment methods affects performance commitment reliability: the equity payment method can introduce the original institutional investors of the target enterprise to listed companies, while the increase in the share proportion of institutional investors can enhance the level of corporate governance, stabilize the target enterprise management level after the merger and acquisition, and ensure reliable performance commitment of the target enterprise. From the perspective of target enterprise, using the performance commitment reliability of target enterprise to reflect the performance of mergers and acquisitions can enrich the relevant theory research, and the conclusion of the study can not only provide theoretical reference for investment decision, but also provide reference for strengthening securities market supervision and regulating mergers and acquisitions in Chinese capital market. References | Related Articles | Metrics

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Does Happiness Affect Residents′ Savings Behavior? Evidence from China Household Finance Survey MEI Li-xing1,2,YOU Zi-rong3,XU Huan4 2018, 60(9): 91-100.  Abstract ( 90 )   Using the data from the China Household Finance Survey in 2011, this paper studies the effects of happiness on residents′ savings behavior and intrinsic mechanism from the perspective of emotional factors. The empirical results show that happiness has a significantly negative effect on savings behavior and savings rate; using happiness of city as instrumental variable of residents′ happiness, we also find the results are robust by the 2SLS method. Moreover, the association between happiness and residents′ savings behavior is driven by optimism of future economy and interest rate, rather than uncertainty and bequest savings motivation. The policy implication of this paper is that the problem of China′s high savings rate can be alleviated to some extent by enhancing residents′ happiness. References | Related Articles | Metrics

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The Growth of Chinese Agricultural Produces in Brazilian Market: Intension Deepening or Extension Expanding? YANG Feng-min, TIAN Yang-yang 2018, 60(9): 101-107.  Abstract ( 80 )   Using the trade data of China′s agricultural produces exports to the Brazilian market from 2001 to 2016, this paper analyzes their current trade situation, uses the binary marginal analysis method to decompose the export growth of Chinese agricultural produces, and uses vector autoregressive model to explore the important factors affecting the binary margin. The results show that the growth of China′s agricultural produces exports to Brazil is dominated by the intensive margin, and the contribution rate of the expansion margin is not high; Brazil′s agricultural added value has a negative effect on the marginal and intensive margins, China′s export price index show positive effects on both them, while Brazil′s agricultural labor productivity has an inconsistent direction for both them. Therefore, further enriching China′s agricultural produces exports to Brazil and increasing the added value of agricultural produces are the main objectives of promoting agricultural trade development between China and Brazil. References | Related Articles | Metrics

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Research on Measurement of Inefficiency Innovation Investment of Listed Companies: Empirical Evidence from Six Central Provinces LIU Wan-li 2018, 60(9): 121-128.  Abstract ( 118 )   Financing constraints and agency costs may lead to inefficient innovation investment of enterprises. By constructing a two-tier heterogeneity stochastic frontier model，this paper quantitatively examines the deviation direction and degree of inefficient innovation investment of listed companies based on the data of six central provinces from financing constraints and agency costs. The results show that: overall, the lower bias effect of financing constraints is stronger than the higher bias effect of agency costs on the inefficient innovation investment of listed companies, and the net effect is that the innovation investment is insufficient; the heterogeneity of corporate innovation investment is strong, compared with private enterprises, underinvestment of central state-owned enterprises is weak, the shortage of innovation investment in local state-owned enterprises is the most serious, and the “credit discrimination” of private enterprise innovation has not been improved significantly; the degree of underinvestment in large-scale corporate innovation is declining, and the degree of underinvestment in innovation by small-scale companies tends to increase gradually. Therefore, we should reform financial system to reduce the financing constraints of external bank credit on R&D of private enterprises and small-scale enterprises, and reduce the agency costs of central state-owned enterprises so as to avoid excessive investment in innovation. References | Related Articles | Metrics

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Research on the Driving Mechanism of Social Innovative Behavior of High and New Tech Enterprises based on Grounded Theory SUN Yi-wen，ZHANG Su 2018, 60(9): 129-134.  Abstract ( 100 )   Enterprise social innovation is the new height of corporate social responsibility and is an important form of innovation driven by practice enterprises. Through case study, the paper uses qualitative research method of Grounded Theory to construct high and new tech enterprise social responsibility type drive model of innovation behavior, refining eight main categories to drive the high and new tech enterprise social innovation behavior: organizational culture, resources characteristics, service efficiency, open policy situation, economic situation, network situation, open gravity, requirements gravity, and explains the relationship between core categories and the main category, as well as the interaction between the main category, aiming to explore the driving mechanism of social innovation behavior of high and new tech enterprises by systematically analyzing the antecedents of enterprise innovation behavior. References | Related Articles | Metrics

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New Media Governance and Stock Price Crash Risk SUN Yan- mei, FANG Meng- ran, YAN Qing- yun 2018, 60(9): 135-145.  Abstract ( 90 )   Using language analysis tools to build media attention index and media tone index, this paper studies the impact of media governance on the stock price crash risk and its mechanism under the impact of new media. The empirical results show that the media has a significant inhibitory effect on the stock price crash risk. Specifically, “soft information”, such as traditional paper media attention and media tone, are negatively correlated with the stock price crash risk, and active social media and application of Weibo of listed firms help more to reduce the stock price crash risk; compared to state-owned enterprises, the impact of media governance on the stock price crash risk is more obvious in the private enterprises; good internal corporate governance can improve the media′s ability to curb the stock price crash risk. The above empirical results confirm the relevant logic hypotheses: the media has functions of information transmission, supervision and governance, which can reduce the information asymmetry, and increase the difficulty of insider hiding bad news, illegal costs and reputation losses, so that to reduce the stock price crash risk; the impact of the new media is more obvious on stock price crash risk because of its rapid dissemination of information, wide ranges of influence and smooth communication with the enterprise. References | Related Articles | Metrics

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An Analysis of the Spatial-temporal Coupling between Population Urbanization and Agricultural Produces Circulation Industry Efficiency HUANG Gui-qin1,2,ZHAO Lian-ge1, WANG Xue-yuan1 2018, 60(9): 146-156.  Abstract ( 89 )   The expansion of population urbanization is the engine of the development of agricultural produces circulation industry，and efficiency improvement of agricultural produces circulation industry is a strong guarantee for urban population expansion. So，the coupling level of the two in time and space affects the quality of regional economic coordinated development. Based on the DEA-Malquist index and the coupling models, this paper measures industry′s technical efficiency of 31 provinces from 2005 to 2015, variation of total factor and its decomposition, and the coupling with the level of population urbanization. This study shows low technical efficiency of agricultural produces circulation industry and high growth of population urbanization coexist; technological progress, rather than technical efficiency, has promoted the total factor productivity growth of agricultural produces circulation industry; the coupling degree between population urbanization growth and the variation of agricultural produces circulation industry efficiency is developed from low level to high level in rotation of time and space, but the difference between provinces is obvious. Therefore, it is necessary to make full use of the spillover effects of the cities and improve the technical efficiency of agricultural produces circulation industry in the low coupling zone and accelerate the pace of urbanization in the high-coupling zone. In addition, we should promote the integration of e-commerce to optimize the circulation link of agricultural produces. References | Related Articles | Metrics

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Provincial Distribution Difference and Spatial Measurement of Influence Factors of Five Star Hotels in China YIN Yu-fang1,2，TAO Ting-fang1 2018, 60(9): 157-164.  Abstract ( 92 )   After 1990, five star hotels in China continue to grow, but there are regional differences among 31 provincial regions. There are obvious correlation and proximity effects in five star hotels′ spatial distribution. The consumption level of urban residents and the number of foreign-invested enterprises both have a positive impact on the number of five-star hotels. The number of five-star hotels in Beijing, Shanghai, Guangdong, Jiangsu, Zhejiang has become saturated, and there is a problem that supply exceeds demand on the whole market. It is not appropriate to blindly increase the number of five-star hotels, but should pay more attention to the quality of the development of five-star hotels, the balance between occupancy and number of five-star hotels, and the distribution balance among different cities. The vast majority of western provinces and a small number of northeast and central provinces have formed a five-star hotel shortage area, which is difficult to form a scale effect,so we should be paid attention to and supported by the local government and relevant departments;the development of five-star hotels should be considered and promoted with the local economic construction, business activities and tourism development. In these areas, five-star hotels should be developed as supporting facilities for economic construction and an integral part of the city′s image. References | Related Articles | Metrics

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The Application of Commercial Agents′ Indemnity Claim on Commission in Business Transaction LEI Xing-hu, LIU Hao-ran 2018, 60(9): 165-171.  Abstract ( 124 )   The current legislation in China does not involve the internal relationship between the agent and the principal, so the special rights of agents cannot be found legal basis. Agent′s indemnity claim on commission is a special commercial right in nature. The loss of the agent after the termination of the principal relationship cannot be completely relieved by the damage compensation system of contract law. Special relief to the agent through indemnity claim on commission can effectively protect agents′ legitimate rights and interests and ensure agents to realize profit. This paper analyzes the application of indemnity claim on commission and discusses its application path in China. As far as the specific application of indemnity claim on commission is concerned, it should be based on the special subject status of agents in the practice of commercial agency, judging from both positive and negative elements; the calculation of the compensation should be based on the substantial benefits obtained by the principal and adjust the specific circumstances of the case with the principle of fairness. Under the vigorous development of commercial agency in our country, agents′ indemnity claim on commission is a special rule reflecting the protection of the agents′ rights and interests. The right of indemnity claim on commission granted to the agent after the termination of the principal-ship relationship not only is in line with the interests of the agent′s main demand, but also can arouse the enthusiasm of the agents′ main body and give full play to their role in business. References | Related Articles | Metrics

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The Protection of Consumer′s Freedom of Comment Right in Electronic Commerce: Enlightenment from the CRFA ZHANG Hui-bin1,MAO Xiao-jun2 2018, 60(9): 172-176.  Abstract ( 126 )   With the rapid development of e-commerce, the importance of online commentary is highlighted，consumer reviews are more specific oversight of the e-commerce market. However, the quality of online reviews is uneven, and authenticity is difficult to determine, so it is difficult for consumers to obtain sufficient real information through relevant comments; the current laws in China hardly cope with the virtual characteristics of online transaction and guarantee the symmetry of information between buyers and sellers. Without actively taking measures to protect consumers′ freedom of comment, the consumers are not only harmed, but the competition between operators through “single acts of brushing” will also be worse, which will ultimately damage the market order. For the current situation in China, it is necessary for us to define consumers′ right of freedom of comment, define the scope and scale of comment, and encourage industry self-regulation so as to guarantee consumers′ freedom of comment by drawing lessons from the experience of the CRFA. References | Related Articles | Metrics