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10 November 2018, Volume 60 Issue 11 Previous Issue    Next Issue

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Policy Suggestions on Perfecting VAT System in the New Era:Based on the Perspective of Tax Rate Structure Adjustment PANG Wei，SUN Yu-dong 2018, 60(11): 1-6.  Abstract ( 135 )   According to the requirements of promoting high-quality development in the new era, this paper analyzes the influence of the change of VAT policy on the industry tax burden and the local government income from the perspective of the tax rate structure adjustment. The results show that after the adjustment of VAT tax rate, the decrease of VAT in the manufacturing, transportation and construction industries depends on the proportion of input VAT and the output VAT,however, the tax burden of financial industry, modern service industry, accommodation and catering industry, etc., which apply to the 6% tax rate may increase.In addition,both the different changes in the industry tax burden in a consequence of the tax rate adjustment and the differences in the industrial structure between regions aggravate the unbalance of the VAT tax revenue in the region.According to previous research results and analysis conclusions,this paper puts forward corresponding policy suggestions in five aspects: merging the tax rate grade of VAT, providing more preferential tax incentives, improving the sharing mechanism of VAT, promoting the legislation of VAT and improving the system of local tax. References | Related Articles | Metrics

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Research on Intelligent Operation of High-end Equipment Manufacturing Enterprises based on Block Chain Technology YANG Xu1，TAN Qi1,2 2018, 60(11): 12-17.  Abstract ( 122 )   The realization of intelligent operation of enterprises plays an important role in enhancing the core competitiveness of China′s high-end equipment manufacturing. The application of block chain technology to the industrial chain of high-end manufacturing enterprises and the organization and construction of internal operations can provide new solutions for a series of practical problems of intelligent transformation of enterprises. Promoting the application of block chain technology should be regarded as an important operational technology strategy of the government and related enterprises, strengthening policy guidance, path scheme design, and building relevant supporting conditions and environment. References | Related Articles | Metrics

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The Impact of Service Level on Dual-channel Supply Chain under the Free Riding Behaviour JI Guo-jun, LIU Xi, YANG Guang-yong 2018, 60(11): 18-29.  Abstract ( 103 )   Free riding behavior is more and more popular due to service spillover effect. Based on the theory of consumer utility, and by building a Stackelberg game model under decentralized decision and centralized decision-making led by the manufacturer, this paper pays attention to the impact of consumer free-rider factors and channel service levels on channel pricing, demand and supply chain profits under the conditions that both online direct channels and traditional channels provide services. Results show that the channel prices and supply chain profits increase with the free-riding factor, when the system take centralized decisions, it has a significant effect on the improvement of supply chain profits with the improvement of the service level of online direct sales channels. References | Related Articles | Metrics

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The Impact of Market Diversification on Export Volatility of Firm：A Test based on Risk Dispersion Effect and the Moderating Effect of Export Scale LI Ya-bo1,2 2018, 60(11): 30-37.  Abstract ( 93 )   The stability of trade is the basis for the upgrading of export structure, and diversification of target market is an effective way to reduce export risks and improve trade stability.With the framework of heterogeneity, the paper tests the influence of market diversification on export volatility of firm, and analyzes the influence mechanism through risk diversification and experimental exports based on China′s enterprise- product- target market customs data in 2000-2006. The study found that: market diversification can significantly reduce the export volatility of firms through risk diversification,and this result remains robust after we excluded the sample of processing trade and trade intermediaries, and replaced the measurement of market diversification; as the existence of experimental exports, export volume can enhance the the impact of market diversification on export volatility,but as for small exporters, the higher the degree of market diversification, the greater the export fluctuations; according to the export volume and ownership type of firms, it is found that market diversification has the most obvious effect on export volatility for large-scale state-owned firms. The trade between China and western countries accounts for a large share of the global trade. In order to lower trade risks and reduce the concentration of export markets, China should selectively cultivate and develop new trading partners in addition to maintaining and consolidating export trade links with developed countries. References | Related Articles | Metrics

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Interest Rate Marketization, Local Government Intervention and Credit Allocation Efficiency:An Analysis based on Inter-provincial Panel Data from 2003 to 2015 MA Juan1，WAN Jie-qiu2 2018, 60(11): 38-47.  Abstract ( 118 )   Considering the fact that local governments intervened in bank lending allocation in China, this paper uses the inter-provincial panel data from 2003 to 2015 to empirically investigate the credit allocation effect of interest rate liberalization reform and the influence of local government intervention from the perspective of inter-provincial credit allocation efficiency. The research shows that market-oriented reforms of interest rates help improve inter-provincial credit allocation efficiency, but intervention of local governments significantly interferes with the commercial orientation of bank lending;the negative impact caused by local government intervention is so significant that it offsets the positive effect of credit allocation brought by interest rate liberalization,as a result, even excluding the likely impact of special credit policies during the financial crisis, commercial banks have failed to rationally allocate credit funds among provinces, and the inter-provincial allocation of credit resources is inefficient on the whole. References | Related Articles | Metrics

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Market Timing of Private Placement,Price Discount and Long Run Share Price Performance: Evidence from A-share Firms ZHANG Qiang1,SHE Jie2 2018, 60(11): 48-57.  Abstract ( 125 )   In the process of equity refinancing, whether the company has market timing is a hot issue in the academic circle.This paper investigates market timing behavior of company′s private placement and its influence on price discount and firms′ long run share price performance based on China′ s listed companies from 2006 to 2016. The paper finds that firms timing the choices of pricing ex-date and stock issue date,no matter what the type of private placement is, only the market timing ability of pricing ex-date affects the company′s long run share price performance; for private placement for controlling shareholders and institutions, listed companies affect the discount rate by choosing the base date of pricing and the issuance date, respectively;for mixed private placement, the timing behavior of listed companies has no significant impact on the discount rate; for institutional or mixed private placement, the long-term excess return of the stock price of listed companies is negative, and the stronger the timing ability of the pricing benchmark, the worse the long-term performance of the stock price.The above research results deepen the understanding of financing timing behavior of listed companies in China, and provide a reference for improving the formulation of pricing rules for private placement and strengthening the protection of the interests of small and medium-sized investors. References | Related Articles | Metrics

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Savings Deposit Financialization and Financial Misallocation ZHANG Qing-jun, LI Meng,GUO Yong-guang 2018, 60(11): 58-64.  Abstract ( 98 )   The trend of savings deposit financialization of commercial banks in China has an important impact on bank′s deposit and loan business. This paper uses the panel data of listed commercial banks in China to study the role of savings deposit financialization in credit cost and financial misallocation. The results show that savings deposit financialization has a significant substitution effect on the traditional deposit and loan business of commercial banks, and also drives up the cost of credit;there is a threshold conversion effect on the financial misallocation of savings deposits, and there is a double threshold value for the financial misallocation of savings deposits as a threshold variable. When the financial misallocation level of savings deposits is low, the financial misallocation of savings deposits will not be significantly exacerbated. However, with the improvement of the level of deposit financing, the variable of deposit financing has a significant positive effect on the financial misallocation, which gradually increases. Through the financing cost approach, the variable of savings deposit financing generates crowding out effect, thus causing the increase of financial misallocation. References | Related Articles | Metrics

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Substitution Effect of Electronic Money and Our Country′s Financial Safety: Based on the Perspective of Asset Shortages YANG Sheng-gang，YANG Yang，LIU Shu-wen 2018, 60(11): 65-72.  Abstract ( 122 )   Financial safety has now risen to the national strategic level, and asset shortages reflect the degree of financial safety and stability. In the Internet Finance age, this paper studies the relationship between electronic money and existing situation of asset shortages in China. Research results show that asset shortages have been a typical economic fact in our country, the substitute acceleration effect of electronic money plays main role in alleviating asset shortages, and the substitute conversion effect of electronic money exacerbates asset shortages. Although the substitute acceleration effect of electronic money only temporarily alleviates the asset shortages to maintain financial stability, it can easily lead to funds of the second move and the problem of idle funds in financial system, and even can cause a speculative bubble and asset bubble so that damage the financial safety in the long term. Therefore, only by strengthening the substitute conversion effect of electronic money and deepening the supply side reform in the financial field, we can solve asset shortages in our country fundamentally. References | Related Articles | Metrics

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Spatial Spillover Effect between Cross-regional Population Migration and Fiscal Expenditure in China: A Study based on the Panel Data Model from the Perspective of “Voting with Their Feet” ZHAO Jia-jia1，WANG Jian-lin2 2018, 60(11): 73-81.  Abstract ( 103 )   Based on Tiebout′s “voting with their feet” model, this paper adopts many kinds of spatial panel model and spatial weight matrix transformation methods to carry out relevant investigation considering the possible spatial correlation between the financial expenditure and population mobility.The result shows that there is an obvious spatial interaction effect between fiscal expenditure and cross-regional migration, and regional fiscal expenditure has a spatial feedback effect on cross regional population mobility,which means that the influence of local fiscal expenditure on local population mobility would transmit the neighboring region and the influence would furtherly return to local region itself. Thus, to add the fiscal expenditure would not only increase the rate of local net population migration, but also reduce the rate of net population migration of the neighborhood, which may result in the convergence of population and fiscal policies in adjacent area. Therefore, in the formulation of public goods supply and talent introduction policy, different regions should pay attention to the use of the advantages of resources and their spatial location to provide a better business environment and the credibility of the government and enhance the efficiency of financial resources;we should pay attention to the overall coordination and synergy between fiscal policy and environmental and industrial policies so as to form location characteristics and reduce spatial feedback effect. References | Related Articles | Metrics

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Privatization of State-owned Enterprises and R&D Investment of Enterprises： Evidence from a Quasi-Natural Experiment CHENG Zhong-ming1,2, ZHU Zi-chao1，ZHANG Ye1,2 2018, 60(11): 82-90.  Abstract ( 136 )   One of the aims of the asset management system reform of state- owned enterprises is to improve the incentive mechanism of technological innovation, and to realize the higher quality of real economy and more sustainable growth. Based on the similar quasi experiment of the practice of privatization reform of state-owned enterprises, this paper studies whether the privatization reform of state-owned enterprises affects the R&D investment of enterprises. Employing DID model and taking the privatization samples of listed companies in stock markets of Shanghai and Shenzhen as research samples,the paper finds that the willingness and intensity of R&D investment by the reformed enterprises are significantly improved,and this positive effect is sustainable after the privatization;with a higher shareholding ratio of senior executives, the increase of R&D investment is more obvious in enterprises implementing the privatization. Furthermore, this paper also studies influence mechanism. The results show that the privatization enterprises affect the R&D investment through reducing political costs and agency costs. References | Related Articles | Metrics

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Comparative Static Analysis of Games with Strategic Substitute under Partial Order Fixed Point Theory LI Xing-chang,TIAN Shi-qin 2018, 60(11): 91-96.  Abstract ( 99 )   In the cooperative game with strategic substitute,the best-response of each player is decreasing in actions of the other players. The famous Takisi fixed point theorem of the increasing mapping can do nothing about it. It brings difficulties to the study of comparative statics for Nash equilibrium in the cooperative games with strategic substitutes.The paper studies the comparative statics of a decreasing mapping by cone theory and some fixed point theorems are obtained.The result reduces the convexity, compactness and lattice structure of space. To demonstrate the applicability of our result, we apply it to study a problem of comparative statics for Nash equilibrium in the cooperative games with strategic substitutes. This result has no the requirement of convexity, compactness and lattice structure. References | Related Articles | Metrics

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Executive Heterogeneity, Equity Incentive and Excess Cash Holdings:Differences between “Administrative Executives” and “Market-oriented Executives” in the Mixed Ownership Reform YANG Zhi-qiang, HU Xiao-lu 2018, 60(11): 108-118.  Abstract ( 169 )   Whether the market-based selection and incentive of executives can improve business performance is a question to be answered in the reform of state-owned enterprises. This paper explores the different effects of equity incentive on cash holding behavior of market-based selection “administrative executives”and “market-oriented executives” in SOEs. Results show that equity incentive has a significantly positive effect on listed state- owned enterprise executives, the higher the intensity of equity incentive, the more cash holding level of executives will be towards the level of target cash holdings; equity incentive for “market-oriented executives” does not get better results compared with equity incentive for “administrative executives”. Further research shows that the “Eight Rules” of the CPC Central Committee and high financing constraints lead to the relatively weak incentive effect of “market-oriented executives”;in the enterprises with less investment opportunities, “market-oriented executives” with equity incentive perform better than “administrative executives”. References | Related Articles | Metrics

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Executive Pay Gap and R&D Investment of Enterprise：Based on the Situational Role of TMT Reorganization ZHU Fang-fang1, LI Hai-jian2 2018, 60(11): 119-126.  Abstract ( 158 )   Based on the theory of TMT behavior integration, this paper analyzes the relationship between executive team reorganization and executive compensation gap,and the regulatory effect of executive team reorganization on the relationship between pay gap and R&D investment. In addition, this paper further discusses the above regulatory effect based on CEO change status. The results show that there is a negative correlation between TMT reorganization and executive pay gap, and the reorganization of TMT will weaken the positive supporting role of executive pay gap on R&D investment. This fully confirms that when TMT reorganization happens, enterprise will tend to narrow the pay gap in order to prevent the promotion struggle and promote the rapid integration of TMT for carrying out R&D cooperation smoothly. In addition,compared with the unchanged CEO, the negative effect of executive team restructuring on the relationship between executive compensation gap and R&D investment is more significant when CEO changes. References | Related Articles | Metrics

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The Effects of International Knowledge Spillovers on Industrial Upgrading in China: Based on Spatial Panel Model CHEN Yi-mao, LI Chun-yan, SUN Yang 2018, 60(11): 134-143.  Abstract ( 105 )   This paper distinguishes the sourcing and function channels of international knowledge spillovers, and puts forward corresponding measurement methods. To verify the impact of international knowledge spillovers on China′s industrial upgrading, this paper introduces three kinds of spatial weighting matrices, and uses 2003-2014 dynamic panel space Durbin model. The research shows that, on the whole, the spillover effect of FDI channel is greater than that of the import trade channel; the inter-industry knowledge spillover has a promoting effect, however, the knowledge spillover within industry has the extrude effect; and the backward correlation effect of vertical spillover is greater than the forward correlation effect. According to the types of sub-industry, knowledge spillovers from international trade channels have a positive effect on China′s existing comparative advantage industries; knowledge spillovers from both international trade and international investment channels have played a role in the process of industrial upgrading during the study period; the backward correlation effect of international investment channel knowledge spillovers has a significant promoting role to potential advantages industries in China. In conclusion, except FDI channel, the effects of international knowledge spillovers on the industrial upgrading in China are not ideal. Some industries in China are trapped in the “demand-lock” of FDI. Therefore, facing a new round of international protectionism, China still needs to explore the inter-industry knowledge spillover effect through the channel of foreign direct investment. The spillover effect of FDI conduces to the accumulation of industrial knowledge capital in China, and makes up for the insufficient of inter-industry spillover effect of China′s R&D capital. References | Related Articles | Metrics

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Research on Mechanism of Non-Spatial Commercial Agglomeration based on Internet FU Yuan1，HAO Na1，DU Jian-hua2 2018, 60(11): 144-153.  Abstract ( 109 )   With the rapid development of the Internet, online retail industry presents a typical phenomenon of commercial agglomeration, but there are great differences between traditionally spatial commercial agglomeration and non-spatial commercial agglomeration based on Internet. By analyzing and mining the corpus of depth interview with consumers and merchants, this paper constructs the system dynamics model of non-spatial commercial agglomeration based on Internet, also the simulation and sensitivity analysis is carried out. The results prove that: there are 3 positive feedback loops and 6 negative feedback loops within the system of non-spatial commercial agglomeration based on Internet, forming the driving force and constraint force of the system; the overall trend curves formed by evolutionary of the cluster scale of consumers and merchants are all “S-shaped”, the network switching cost of consumers，word-of-mouth of platform and so on have an impact on the scale and the speed of agglomeration, while platform′s support for merchants, the merchants′ cost of entering platform and so on only have an impact on the speed of agglomeration but not the scale. Therefore,the value of exogenous variables that affect the speed and scale of platform agglomeration is directly related to the platform website,and the intervention in these variables is of great significance to the platform commercial website. References | Related Articles | Metrics

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Research on Influence of Technological Progress on Urbanization Rate: Based on Technological Efficiency Changes and Technological Progress Changes CHANG Yuan1,WU Peng2 2018, 60(11): 154-160.  Abstract ( 97 )   Technological progress will further improve the proportion of tertiary industry in the industrial structure, facilitating the improvement of urbanization rate. With application of 2005-2016 provincial panel data, the paper divides technological progress into technological efficiency changes and technological progress changes,compares and analyzes their differences of influence on urbanization, finding that technological efficiency changes and technological progress changes have significantly improved the urbanization rate while the improvement amplitude of technological efficiency changes is far smaller than that of technological progress changes;further analysis indicates that technological progress changes under agglomeration of tertiary industry exert greater and significant effects on urbanization while technological efficiency changes under non-agglomeration of tertiary industry exert small but significant effects on urbanization. Therefore, during the promotion process of urbanization, it is not only necessary to pay attention to the influence of technological efficiency changes and technological progress changes, but also necessary to attach importance to the influence differences between agglomeration of tertiary industry and non-agglomeration of tertiary industry. References | Related Articles | Metrics

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The Network Risk and Governance of Ice and Snow Tourism Cluster: An Analysis based on the Principal-Agent Model Capturing Network Relationship LU Feng-gang1,CHEN Yin-ping1,2 2018, 60(11): 161-167.  Abstract ( 107 )   Because of the role of network relations, any network node in industrial clusters can quickly and seriously endanger the development of the entire industry. In the development of ice and snow tourism industry cluster, there are multiple principal-agent problems, which easily lead to network risks.Starting from coordinating the interests of participants in ice and snow tourism and solving the problem of information asymmetry, this paper studies and designs the countermeasures to overcome the influence of multiple principal-agent and reduce the network risk of ice and snow tourism industry cluster from two aspects of interest mechanism and supervision system.By establishing a theoretical analysis model with the People′s Government of Heilongjiang Province as the principal and the main body of ice and snow tourism as the agent, this paper describes the formation mechanism of network relationship analysis of ice and snow tourism industry cluster. References | Related Articles | Metrics

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Research on the Establishment of the Chattel Pledge by Constitutum Possessorium XIA Jiang-hao 2018, 60(11): 168-176.  Abstract ( 133 )   The establishment of chattel pledge requires the delivery of the subject matter. General opinion states that chattel pledges can be established by simple delivery and indicating delivery rather than by constitutum possessorium. The progress of social economy calls for further developments of the pledge system, so that the guaranty can be made the best use of and promote financing. This paper presents that establishing the chattel pledge by constitutum possessorium is accessible in the fields of legal theory and legislation. It is also beneficial to respect the autonomies of both parties and provide them with an additional path for choosing appropriate ways of guarantees. References | Related Articles | Metrics