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10 October 2018, Volume 60 Issue 10 Previous Issue    Next Issue

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Promoting China′s International Capacity Cooperation in a New Era: New Model, New Mechanism and New Path XIANG Yi-jun, ZHOU Yi-xin 2018, 60(10): 1-9.  Abstract ( 116 )   At present, China is facing the dual pressure of domestic economic transformation and international economic transformation. To maintain sustainable, healthy and stable economic development, we must develop an open economy at a higher level, while international capacity cooperation has become an innovative alternative model for outbound investment in a new era. In accordance with the requirements of developing an open economy in the new era put forward by The 19th National Congress of CPC report, this paper, taking “the Belt and Road” as the background, redesigns the mode, mechanism and path of promoting international capacity cooperation. The new model of international capacity cooperation should be led by the creation of international capacity cluster transfer, take resource integrated overseas industrial parks as platform and diversified enterprise alliance as the driving force; a new mechanism for international capacity cooperation requires the establishment of a normative and binding mechanism, a multi-level coordination mechanism, a risk prevention and benefit evaluation mechanism, and a financial and comprehensive security mechanism; the path of international capacity cooperation should be based on the establishment of new models and mechanisms to promote the overseas implementation of key capacity projects, open up channels for international capacity cooperation and build a global operation system for Chinese enterprises, and lay out the international capacity cooperation network in the new era. References | Related Articles | Metrics

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The Effect of Tax Structure on Regional Manufacturing Growth and Structural Transformation JIA Ting-yue 2018, 60(10): 10-18.  Abstract ( 110 )   The rationality of tax structure setting will directly affect production and consumption behavior, and it will have an important effect on the change of industrial development trend and structure. Based on the provincial panel data from 2003 to 2012, this paper studies the inner link between current tax structure in our country and manufacturing growth and structural transformation, so as to determine whether there is a barrier of current tax system design to the structural transformation of manufacturing. The empirical results show that the increase of VAT and individual income tax as a proportion of total tax revenue are not conducive to the increase of real labor productivity in manufacturing, while the relative position promotion of individual income tax is conducive to manufacturing transformation which is dominated by technology-intensive industries. Therefore, the classification combined with comprehensive collection of individual income tax reform and the VAT tax reduction policy are conducive to expanding the scale of the real economy and also promoting the upgrading of real economy. However, more attention should be paid to avoid the tax burden shifting to the terminal manufacture industry which is caused by VAT reduction policy and the negative impact of the increase of individual income tax proportion on low-end manufacturing industry. References | Related Articles | Metrics

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The Game of Signal Transmission between Online Shopping Food Supply Chain Platform and Platform Seller LIU Yong-sheng1，GAN Ying-ying1，XU Guang-shu2 2018, 60(10): 19-27.  Abstract ( 113 )   The online shopping food supply chain has a large information asymmetry, while signal transmission is an effective way to eliminate information asymmetry. Based on the signal-passion game theory, this paper constructs the signal game model of online shopping food supply chain platform and platform sellers, and analyzes the equilibrium results. The results show that only the separation and equalization can achieve the separation of the advantages and disadvantages of the platform sellers, so that the high-quality sellers choose transmit signals to the platform, inferior sellers don′t choose transmit signals, and the key to avoiding the market entering mixed equilibrium and quasi-separation equilibrium is to increase the probability of the platform identifying inferior sellers. To this end, high-quality platform sellers should enhance the transmission of their brands and high-quality signals, and build food traceability mechanisms with other entities in the supply chain; online shopping food supply chain platforms should improve their signal detection and identification mechanisms, build sellers′ food safety credit files, and increase reward for high-quality sellers, penalties for inferior sellers; government should strengthen daily supervision and establish a “total + point” management model with the online shopping food supply chain platform. References | Related Articles | Metrics

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An Empirical Study of Leading-Lagging Relationships between Futures and Spot Prices of Chinese Commodities LI Yan1, MU Bo-jiao2 2018, 60(10): 28-33.  Abstract ( 104 )   Commodity′s futures price is usually considered to be capable of discovering its “future” spot price; however, the futures price more closely relates to the concurrent spot price in practice. This paper takes the typical commodities traded on three futures exchanges in China as samples and constructs a series of econometric models to study the relationships between commodity′s futures price and its concurrent (short-term) spot price as well as future (long-term) spot price. The results show that for mature futures products, their futures and spot prices basically keep co-movements on top of which they also show short-term leading-lagging relationships, and which price takes the leading position depends on whether the price can reflect a more fair market value of the commodity; the co-movements between commodity′s futures and spot prices make its futures price generally unable to predict its medium-term and long-term (beyond one month) spot prices,otherwise, the hedging function of the futures market cannot take effect; however, the futures prices of some commodities epitomized by coal series are able to predict their future spot prices and this ability is mainly caused by the fact that the lack of effective arbitrage makes futures contracts behave like forward contracts. References | Related Articles | Metrics

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Research on Enterprise Eco-Efficiency based on Environmental Management and Its Measurement Method LIU Ta,HAN Dong-ping 2018, 60(10): 34-41.  Abstract ( 104 )   The trend of ecological economic development has driven the transformation of enterprises from traditional business models to environmental management models which consciously protect the ecological environment and take into account the interests of all stakeholders. This article introduces the idea of eco-efficiency proposed by the World Business Council for Sustainable Development into the enterprise environmental management mode, proposes the concept of enterprise eco-efficiency based on environmental management to address the actual demands of enterprise environmental management measurement, evaluation, decision-making and control, demonstrates its compatibility with enterprise environmental management, adopts the thinking mode of fuzzy mathematics and applies intuitionistic fuzzy set theory to design the measurement model and method of enterprise eco-efficiency, aiming to guide enterprises to implement environmental management strategies to promote the realization of environmental management win-win goals. The research on enterprise eco-efficiency is beneficial to deepen the coalescence of eco-efficiency idea and the environmental management model, and has exploratory significance to the promotion and effective application of the environmental business model. References | Related Articles | Metrics

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Research on the Relationship between New Third Board Market and China′s Money Demand Structure: An Empirical Analysis based on VAR Model WU Shang-ran1,2 2018, 60(10): 42-47.  Abstract ( 108 )   Compared with mature capital market, the transmission mechanism between asset price and monetary policy in the New Third Board Market is more complicated. By establishing a VAR model of the stock price index and money supply of the New Third Board, this paper uses Granger causality test to analyze the relationship between the New Third Board securities market and money demand structure in order to test the applicability of money supply in the process of central bank regulating the securities market. The results show that the influence of money demand structure factor on the index of New Third Board Market is still in a weak stage. The influence of New Third Board Market′s index on the speculative money demand is greater than the investment money demand, which shows that the transmission mechanism of monetary policy is not smooth in China′s New Third Board Market. Policymakers should regularly investigate the changes of monetary demand according to the development of the securities market and the changes of the macroeconomic situation. By improving the liquidity of the emerging securities market and strengthening the supervision of the listed companies in New Third Board Market, the New Third Board Market is better able to shoulder the mission of providing support for the investment and financing of small and medium-sized enterprises in China. References | Related Articles | Metrics

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Equity Incentives and Corporate Technology Capital Investment:An Empirical Analysis based on Propensity Score Matching (PSM) SUN Jing1, LU Yao2 2018, 60(10): 58-64.  Abstract ( 95 )   Under the background of China′s economic transition from high-speed growth to high-quality development, technology capital has become an important factor that affecting national economic growth and corporate innovation performance. As an arrangement of corporate governance mechanism, equity incentive plan has an important impact on the investment of technological capital and the maximization of enterprise value. This paper takes the listed companies in Shanghai and Shenzhen in 2008-2014 as research samples, and uses the propensity score matching method (PSM) to investigate the impact of equity incentives on listed company′s technology capital investment. The results show that the implementation of the equity incentive plan can promote the technology capital investment of listed companies as a whole, and the sensitivity of technology capital investment of non-state-owned enterprises to equity incentive is significantly higher than that of state-owned enterprises; equity incentives can alleviate the agency conflicts of non-state-owned enterprises and promote the increase of technology capital investment of non-state-owned enterprises,however, equity incentives only have a significant role in promoting technological capital investment in eastern China and medium-sized enterprises. References | Related Articles | Metrics

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Asset Liquidity and Corporate Innovation based on the Data of A-share Listed Firms TIAN Cun-zhi1, RONG Yu-en2 2018, 60(10): 65-70.  Abstract ( 111 )   Asset liquidity reflects the liquidity of an enterprise′s assets. What impact does it have on R&D investment? The paper constructs liquidity indicators from two different aspects, and explores the relationship between asset liquidity and corporate innovation with the data of China′s listed firms, finding that a firm′s asset liquidity positively affects its innovation investment, and this effect is larger to the financially-constrained firms; a firm with higher asset liquidity has cashability and hypothecary value, which enhances the funding of the firm′s innovative project by lower financing and transaction costs. The conclusions show that besides the means of offering subsidies and reducing taxes to directly increase the cash flow of firms, government should further improve the asset transaction rules and encourage the market to create new modes for asset transaction. This can increase a firm′s asset liquidity, settle its financing problem, and motivate corporate innovation. References | Related Articles | Metrics

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External Credit Constraint and Domestic Sales of Chinese Firms: The Reflection based on Heterogeneous Firms Trade Model LIU Jun1， CHENG Ling2 2018, 60(10): 71-80.  Abstract ( 101 )   Financing difficulties and inadequate domestic demand are two difficult problems that China′s economy is facing. Under the uncertainty of Sino-US trade policy, China can mitigate its risks by expanding domestic demand. This paper uses an extended Manova (2013) model to analyze the impact of external financing constraints on the internal sales of enterprises through two channels, namely, restraining enterprises from entering domestic sales market and reducing internal sales intensity. Through the data of China′s industrial enterprises, this paper proves that bank financing constraints are the main reason for external financing constraints to restrain domestic sales. Our conclusions are robust to inclusion of additional variables, various instruments, alternative measures of bank credit and productivity. Based on the findings, this paper proposes to reduce bank financing costs of firms to expand domestic sales and promote the transformation and upgrading of Chinese exporters. References | Related Articles | Metrics

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Pricing and Practice of Asian Commodity Swap based on Perfect Hedging Strategy XIE Shi-qing1, WANG Meng-yao2 2018, 60(10): 81-90.  Abstract ( 162 )   With the continuous innovation of financial derivatives and the increasing market demand, Asian Commodity Swap, a type of exotic derivatives, has gradually arisen in the domestic market, but the pricing of Asian Commodity Swap is still blank in domestic academia. Based on the design of perfect hedging strategy, this paper deduces the theoretical fixed price of Asian commodity swap and estimates the capital cost of Asian Commodity Swap by using Historical Backtest Method and Monte Carlo Simulation Method. At the same time, the pricing results of various commodity swap variants are compared and analyzed. Based on theoretical deduction and practical analysis, the precise pricing process of Asian Commodity Swap is given and some suggestions for dealers related businesses are put forward. References | Related Articles | Metrics

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China-ASEAN International Capacity Cooperation: Achievements, Problems and Countermeasures ZHANG Xie-kui1, LIU Wei1,2 2018, 60(10): 91-97.  Abstract ( 85 )   ASEAN is the privileged direction and important partner of the “Belt and Road” international cooperation. In the past 15 years, bilateral economic and trade cooperation have developed rapidly and achieved fruitful results. It is of practical significance to vigorously expand China-ASEAN capacity cooperation under the situation of trade protectionism and counter-globalization. ASEAN is the priority direction and important partner of the “Belt and Road” international cooperation. The bilateral trade and capacity cooperation between China and ASEAN countries is increasing year by year, but it also faces some inevitable problems, such as the weak cooperation mechanism and service system, the great difficulty of institutional docking and technical compatibility, the low level of internationalization and modernization of enterprises, the risks determined by the national conditions of ASEAN countries, and so on. These problems include institutional aspects of cooperation mechanisms and inadequate service systems, as well as specific aspects of institutional docking and technical compatibility; the problems of the internal aspects of the existing enterprises, such as the internationalization and the low level of modernization, and the external problems that the national conditions of ASEAN countries determine the long-term risk. Therefore, in order to promote China-ASEAN international capacity cooperation, efforts should be made at the level of mechanism, service, system, industry and environment. References | Related Articles | Metrics

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The Impact of Cross-border M&A Integration on Technological Innovation Performance and the Moderating Effects of Resource Complementarity and Cultural Distance GAO Hou-bin 2018, 60(10): 98-107.  Abstract ( 108 )   Cross-border M&A integration is the key process for emerging market enterprises to rapidly improve their innovative capacity. Using Cross-border M&A data of China′s listed firms from 2011 to 2015, the paper empirically studies the impact of M&A integration on firms′ innovation performance. Further, integrating resource-based theory and institutional theory, it examines the moderating effects of cultural distance and resource complementarity. Research finds that structural integration is negatively correlated with innovation performance, and target autonomy is positively correlated with innovation performance; further research shows when resource complementarity is higher, the negative impact of structural integration on innovation performance will be stronger, while the positive impact of target autonomy will be greater; in the case of high cultural distance, the negative effect of structural integration on innovation performance is stronger, while the positive effect of target autonomy is greater. This research reveals the mechanism of cross-border M&A integration on innovation performance, and has a certain reference value for cross-border M&A practice of Chinese firms. References | Related Articles | Metrics

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The Effects of Dual-Class Share Structures on Inefficient Investment JIANG Dong-mei，FU Yan 2018, 60(10): 108-117.  Abstract ( 99 )   Ownership structure is the basis of corporate governance, so different ownership structure affects investment behavior and even the value of company. However, no ownership structure is perfect.it is out of consideration of its advantages and disadvantages that the domestic capital market has gradually begun to accept dual-class share structures companies. Therefore, the further study and discussion of these companies meet the needs of domestic capital market practice. The paper compares and analyses the difference of investment efficiency between dual-class share structure companies and the single ones which were listed in U.S. based on the samples of them from 2008 to 2017, and the difference of managerial shareholding ratio of two types of companies on inefficient investment. Research shows both types of companies have problem of non-efficiency investment, and the dual -class share structures companies show the behavior of overinvestment compared with the single one; by examining the impact of managerial shareholding on investment in two types of companies, it finds compared with single-class share structure companies, improving the cash flow rights of management shareholders would contribute more to restrain the non-efficiency investment(overinvestment) in dual-class share structures companies, as the extent of voting rights and separation increasing, the non-efficiency investment(overinvestment) would be promoted more, and the greater the degree of separation of ownership and control, the more serious the inefficient investment behavior is; the same result is also shown for the samples of overinvestment, that is, the promotion effect of management voting rights on overinvestment, the restraint effect of cash flow rights and the degree of separation of the two rights on overinvestment are more obvious than that of single ownership structure company. This study has a unique perspective, novel samples and intuitive process, hoping to provide useful reference for further discussion of the problem and corporate governance, market supervision. References | Related Articles | Metrics

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Can Institutional Investors′ Shareholding Inhibit High-leverage Mergers and Acquisitions of State-owned Enterprises? ZHOU Shao-ni1, WANG Yan1, SONG Meng-ya2 2018, 60(10): 118-127.  Abstract ( 95 )   Mergers and acquisitions (Hereinafter referred to as M&A) behavior as a major production and operation decision of the enterprise, the role of heterogeneous institutional investors needs to be further inspected. This paper selects a sample of state-owned enterprises（Hereinafter referred to as SOEs）′ M&A to examine the impact of heterogeneous institutional investor shareholders on the high-leverage SOEs′ M&A behavior. The results show that institutional investors can significantly inhibit the possibility of high-leverage M&A, but stable institutional investors cann′t significantly inhibit the possibility of high-leverage M&A; institutional investors can significantly inhibit the size of M&A by high-leverage enterprises, and the shareholding level of large shareholders and the correlation of M&A can reduce the above-mentioned inhibition, while the impact of stable institutional investors on the size of M&A of high-leverage enterprises shows better stability. Therefore, stable institutional investors can influence the scale of M&A more effectively through enterprises internal decisions than all institutional investors. References | Related Articles | Metrics

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Internal Control Quality，Cost of Equity Capital and Company Performance： On the Financial Impact of Shareholder Heterogeneity LUO Meng-ni 2018, 60(10): 128-137.  Abstract ( 109 )   The specific political and economic system in China decides state shareholders have a significant impact on the corporate governance and management activities of invested companies. Taking the heterogeneity of shareholders as the starting point, the article takes the data of Chinese A-share listed companies from 2011 to 2017 as a sample to study the correlation between internal control, equity capital cost and corporate performance in the context of mixed ownership economy. The empirical results show that the quality of internal control is positively correlated with corporate performance under the condition of other conditions remain unchanged, and the positive correlation between them is more significant in non-state shareholder holding companies; the cost of equity capital is negatively correlated with corporate performance, and the negative correlation between them is more significant in the state-holding companies; the high-quality internal control will enhance the negative correlation between the cost of the equity capital and the performance of the company, and the negative correlation enhancement is more significant in the state shareholder holding company. The conclusions show that the mixed ownership reform needs to solve the problem that the significant degree of negative effects of state-controlled enterprises is higher than non-state-controlled enterprises′. References | Related Articles | Metrics

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Which Corporate Environmental Crime Behavior Can be Effectively Curbed by Environmental Regulation? Evidence from Chinese Listed Firms in 2011-2015 XU Li-ping, LIU Ming-qian, LIU Ning 2018, 60(10): 138-146.  Abstract ( 102 )   The article divides corporate environmental crime behavior into unlicensed facility, improper operation and excessive emission with time logic, and analyzes the governance utility differences between constrained and incentive regulations, and the suppression effect on different types of environmental crimes of enterprises by subdividing district. Results show in the whole sample, the restraining effect of restraint regulation on excessive emission is not obvious, in incentive regulation, tax incentives inhibit excessive emissions, environmental subsidies inhibited improper operation but drove excessive emissions. Grouped by region, the effectiveness of the constrained regulation in the western region is relatively obvious, constrained environmental law enforcement has curbed excessive emissions in the western region, corruption will have a negative impact on the emission reduction effects of constrained environmental regulations; incentive regulation effectiveness in the eastern region is relatively significant, tax incentives in incentive regulation have spurred improper operation in the eastern region, suppressed excessive emissions, environmental subsidies inhibit improper operations in the eastern region, increased emissions exceeding,public environmental letters and visits have a positive impact on the credit reduction efficiency of credit preferences. The research results show that the existing environmental regulation management policy should be further refined, considering the regulatory effects corresponding to different regulatory measures, and make necessary adjustments in the focus in different regions. References | Related Articles | Metrics

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An Analysis of Influence Factors of Stress Effect on Cross-regional Transfer Behavior of Resource-oriented Enterprises： Taking Coal Industry as an Example LI Cun-fang, WANG Wei, WANG Mei-ling 2018, 60(10): 147-155.  Abstract ( 94 )   The stress effect of the cross-regional transfer behaviors of coal resource-oriented enterprises is an emerging practical management science issue. The paper takes the thought of system engineering to analyze the mechanism of stress effect of the cross-regional transfer behaviors of coal resource-oriented enterprises systematically through methods of in-depth interview and literature studies. Four intervention factors on the stress effect are preliminarily extracted and empirically verified by the relevant data of the resource industry in the central and western regions of China in 2000-2015. Research indicates that four main intervention factors on stress effect of the cross-regional transfer behaviors of coal resource-oriented enterprises are environmental regulation, development mode level, enterprise scale and investment level of environmental protection, and the function intensity declines successively; the stricter the environmentally endogenous and exogenous political regulations are, the more the negative externality and the stress effect of resource development can be alleviated; the higher level the coal resource-oriented enterprises utilize the “three wastes”, the weaker the stress effect is;the larger the scale of coal resource-oriented enterprises is, the stronger the cost advantages of environmental restoration, the social constraints, the self-discipline awareness, and the green mining capacity are, and the weaker the stress effect is;the intensity of the stress effect decreases with the improvement of environmental protection technology and facility equipment investment level. The coercive factors mentioned above reflect the commonness of trans-regional transfer of Chinese enterprises and the superposition of individual environmental coercion of resource-based enterprises. Its performance and mechanism are important reference for the implementation of relevant management. References | Related Articles | Metrics

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From Insurance Interest to Insurance Purpose: Returning to the Essence of Insurance Contract-On the Subjectivity and Objectivity of Insurance Contract QIAN Si-wen 2018, 60(10): 156-166.  Abstract ( 104 )   The contract system has always been pushed forward in the conflict between subjectivism and objectivism. Specifically, in the area of insurance contract, as an objective standard to distinguish insurance and gambling, insurance interest is always unable to avoid the subjectivity problem. More and more scholars called for the cancellation of insurance interest principle. Meanwhile, insurance purpose provides a better dimension revealing the essence of insurance contract and presents the function of objectivity. As the typical transaction purpose of contract, the purpose of loss compensation is to identify and measure loss in compensatory insurance, and present objective function: loss compensation is a typical transaction purpose of insurance contract, and it is an objective purpose to determine and measure the loss in insurance law in compensatory insurance; in life insurance, the consent of the insured is the subjective purpose which avoids the uncertainty of interest. In the process of the balance between subjectification and objectification of insurance contracts, “benefit” should be replaced by “loss” and the objective standard of insurance should be constructed; meanwhile, we should rationalize the external control system of regulators, insurance companies and courts to ensure the legality of insurance purpose. References | Related Articles | Metrics

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A Theoretical Analysis of Information Openness within Chinese State-owned Enterprises: Taking the “State Ownership” as Logical Starting Point GAO Yi-fei 2018, 60(10): 167-176.  Abstract ( 105 )   At present, the information openness system of state-owned enterprises in China is mainly based on the theory of corporate information disclosure; however, this theory ignores the basic nature of state-owned enterprises and is divorced from the stated goal of state-owned enterprises′ information openness. By exploring the public and political dimensions of “state ownership”, a nature of publicity and the complexity of state-owned enterprises can be detected. Based on this understanding, the information disclosure of state-owned enterprises should take the principle of political democracy and the principle of administrative openness as theoretical basis, and focuses on solving the problems of publicity, complexity and duality. In practice, it may be considered as the key breakthrough point for the SASAC to share “state-owned enterprise information”, so as to optimize the SASAC information disclosure mechanism as the basic direction, and promote state-owned enterprise information openness. References | Related Articles | Metrics