Commercial Research

Carrying Out the Spirit of the 19th CPC National Congress and Building Beautiful China：The Effects of Consumers′ Self-Concept on Green Purchase Behavior

SHENG Guang-hua，GE Wan-da，YUE Bei-bei

2018, 60(12): 1-10.

Abstract ( 123 )

“Building Beautiful China” is an important part of the Thought on Socialism with Chinese Characteristics for a New Era and the Basic Policy, and it requires every citizen to take conscious action to promote the consumption mode to green consumption. The green consumption characterized by resource conservation and environmental protection is a realistic requirement for accelerating the reform of ecological civilization system and building Beautiful China. Self-concept is an important factor influencing individual psychological perception and behavior decision-making. This study constructs a theoretical model based on environmental attitude as mediator variable and perceived effectiveness as moderator variable to analyze the influence mechanism of consumers′ self-concept on green purchase behavior. Through the sample survey and empirical analysis, it is found that the independent self-concept has a negative impact on environmental attitude, interdependent self-concept and metapersonal self-concept have a positive impact on environmental attitude; interdependent self-concept not only directly affect green purchase intention, but also affect green purchase intention through the mediating role of environmental attitude; environmental attitude has a positive impact on green purchase intention,and perceived effectiveness positively moderates the relationship between environmental attitude and green purchase intention. Therefore, forming a strong and stable environmental attitude and enhancing the perceived effectiveness of their behavior to form a sustainable green purchasing behavior model by cultivating and guiding consumers′ ecological self-motivation is an effective way to promote the construction of Beautiful China culture and institution.

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The Transformation and Improvement of Rural Governance under the Rural . Revitalization Strategy

CAO Zhi-li, SUN De-chao.

2018, 60(12): 11-19.

Abstract ( 208 )

The report of the 19th National Congress of the Communist Party in China put forward a five-in-one Rural Revitalization Strategy including “industrial prosperity, ecological livability, rural civilization, effective governance, and well-off life”. It requires a regular rural governance system which contains autonomy, rule of law, and rule of morality to accelerate agricultural and rural modernization. In the process of rural economic transformation of China, rural governance is the process of interaction and cooperation between the state administration and the village society in order to make rural society order well-functioning and rural public goods effectively supplied, which is significant to the implementation of the Rural Revitalization Strategy. Based on the content analysis of the Central Document No.1 from 1982 to 2018, this paper uses the Nvivo 11-an automatic text analysis tool- to examine the evolution of China′s rural governance from four aspects since the reform and opening up: rights foundation, concept orientation, practical goal and realization path, finding that farmers′ rights are continuously strengthened， consultative participation are enhanced, urban and rural development is gradually integrated and the rural public services are perfected, the institutional supply and grassroots autonomy are combined organically. Under the situation of Rural Revitalization Strategy, China′s rural governance needs to strengthen the interaction mechanism between the government and village at the micro level, further standardize the township governments′ power and responsibility system, strictly enforce the behavioral constraints of the village elite groups, and improve the rural regulations under the guidance of village CPC′s organizations..

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Research on the Construction of Competitive Advantage of Sharing Economy . Enterprises based on Disruptive Innovation

DUN Shuai1,CHEN Qiang1, DIAO Ya-yu2.

2018, 60(12): 20-27.

Abstract ( 127 )

With the maturity of modern information technology and the advent of the “Internet plus” era, the rapid rise of sharing economy enterprises and the construction of their competitive advantages in a short time have greatly impacted traditional enterprises. Combining with the theory of sharing economy and competitive advantage,and based on the theory of disruptive innovation, this paper takes three typical sharing economic enterprises as examples and puts forward the mechanism and path of sharing economy enterprises to build competitive advantage by subverting and eroding different markets of traditional enterprises. It is believed that sharing economy enterprises can build cost advantage by eroding low-end markets, build integration advantage by eroding peripheral market, and build differentiation advantage by eroding independent market. These conclusions provide useful references and lessons for sharing economy enterprises to subvert and erode traditional markets through disruptive product innovation, disruptive technology innovation and disruptive business model innovation, and thus to build their competitive advantages..

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.Why does the IPO have a Positive Impact on Competitors? From the Perspective . of IPO Industry Attention Effect in A-share Market

HU Zhi-qiang, QIU Sheng .

2018, 60(12): 28-36.

Abstract ( 269 )

What impact will IPO events have on the industry? this article finds that the IPO incident can cause investors to pay attention to the entire industry and form pressure on the purchase of shares of listed companies in the industry. In A-share market, this irrational purchase pressure was even higher than the selling pressure from the IPO event′s adverse impact on listed companies in the same industry. The pressure exerted on the stock market caused A-share to show an abnormal phenomenon in which the price of the competitors of IPO companies rose. Further research finds that in the unpopular industry, the industry attention caused by the IPO event has improved the asymmetry of information between investors and competitors and forced them to improve their operating status, moreover, new listed companies have emerged in the industry, and industry competition will become even greater. Intense, competitors also have the motivation to improve their operating status. Therefore, the IPO event also has a positive impact on the long-term performance of the competitors. The research in this article shows that IPO can be used to increase the competitiveness of the industry supported by national strategy, help adjust the industrial structure, and promote the capital market to serve the real economy to meet the requirements of high-quality economic development..

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The Mechanism and Path of Local Government′s Intervention into Real Estate： An Empirical Analysis based on Housing Supply Elasticity

WU Zi-jing1,ZHANG Bo1, ZHU Lin2

2018, 60(12): 49-56.

Abstract ( 139 )

The housing supply elasticity is related to the formation mechanism of housing prices and the stability of housing policy. It is the theoretical research focus to establish a long-term regulation mechanism of real estate in China.Studies have shown that government behavior is an important factor affecting the elasticity of housing supply. Local governments intervene into the housing market through land, and have two core intervention paths: controlling the amount of land transfer and controlling the type of land use. This paper selected the land supply elasticity and the proportion of bidding, auctioning and listing revenues in the total land revenue as 2 proxy variables and used 2012-2016 quarterly data of 34 large and medium-sized cities to make empirical tests, to prove that local government interventions will reduce the housing supply elasticity and lead to viscosity effects in the supply adjustment, thus causing a failure of regulation policies on the demand side. Therefore, it is quite necessary to change the objective function of local governments in the housing market by adjusting the government performance appraisal mechanism, improving local fiscal and taxation system, and upgrading the regional industrial structure, so as to provide an institutional basis for the establishment of a long-term real estate regulation mechanism.

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Using Regulatory Technology to Promote Balanced Regulations for Internet Finance: Taking the Access Regulation of P2P Lending as an Example

TANG Shi-ya

2018, 60(12): 57-63.

Abstract ( 116 )

Internet finance regulations have two basic purposes: financial innovation and financial stability, and the two basic purposes are different in value judgment and target attribute. Under current background of “strong regulation” in the Internet financial market, financial stability has become the primary value selection prior to the financial innovation, however, the conflicts between such policy regulation purposes often make the regulators fall in the cycle of periodic purpose conflicts of “financial innovation-financial stability”. Financial innovation and financial stability in the Internet finance are affected by the scientific limits of regulatory purposes, the perfection of regulatory arrangements and the rationality of regulatory tools selection. Internet finance regulatory frame of “target-content-tool” is applied to analyze the access regulation of P2P lending and it′s found that there are imbalances in the selection of regulation target, support of central government and local policies, as well as the application of regulatory tools, these imbalances have restrained the financial innovation of P2P lending market. Moreover, the access regulation of P2P lending market fails to realize the effect of maintaining financial stability. To break through the dilemma of regulation, regulators and Internet finance companies should be included in the framework of regulatory technology to build a risk prevention mechanism that takes into account financial innovation and financial stability.

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Consumer Confidence, Monetary Policy and Economic Volatility:An Empirical Study based on TVP-VAR Model

JIANG Wei,YAN Zhen-kun

2018, 60(12): 63-74.

Abstract ( 173 )

There is no doubt that monetary policy plays an extremely important role in stabilizing economy and promoting economic growth.This paper chooses China′s monthly data of monetary growth rate, interest rate, exchange rate, consumer confidence, inflation rate and economic growth rate, and uses TVP-VAR model which can reflect the time-varying characteristics to analyze the time-varying impact of China′s monetary policy on macro-economy under the framework of the expected effect of consumer confidence.From a time-varying perspective, the impact of consumer confidence and monetary policy intermediary indicators on the ultimate goal of monetary policy is time-varying; the role of interest rates and exchange rates in regulating inflation has gradually increased, and the adjustment of economic growth based on monetary growth rate has not weakened, but has become increasingly mature; the expected effect of consumer confidence in monetary policy transmission channels is smooth and can effectively curb inflation and promote economic growth for a long-term.

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An Analysis of Associated Guarantee and Corporate Cost of Debt: Mechanism Test based on Information Risk and Debt Agency Risk

ZHANG Jun-min1, LI Hui-yun1,2, SONG Jie1

2018, 60(12): 75-80.

Abstract ( 105 )

In recent years, the phenomenon of associated guarantee has become more and more frequent. As a financing mechanism, associated guarantee is to solve the information asymmetry problem of credit. Based on 2007-2016 data of A-share listed companies, this paper analyzes the influence of the company′s acceptance of associated guarantee on its cost of debt, and conducts an empirical test from two aspects of information risk and debt agency risk. Research shows that accepting associated guarantees can reduce the corporate cost of debt, the associated guarantee reduces the degree of accrual and real earnings management of the company and improves the quality of earnings;the reduction effect of associated guarantee on the cost of debt is more significant in firms that are not audited by the big four accounting firms and that in lower marketization degree. The above conclusions show that the associated guarantee can reduce the cost of debt by reducing corporate information risk and debt agency risk, and the reduction of the cost of debt is more significant in companies that in financial distress.

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Does Short Selling Mechanism Affect Corporate Tax Aggressiveness? Empirical Evidence from China′s Securities Margin Trading

HUANG Chao1,2，LUO Qiao-dan3

2018, 60(12): 81-89.

Abstract ( 117 )

Based on the “natural experiment” that China Securities Regulatory Commission (CSRC) relaxed short selling restrictions in 2010，this paper systematically examines the impact of short selling mechanism on tax aggressive behaviors of listed companies in China. The study finds that the short selling mechanism helps to constrain the opportunistic behaviors of management, exert external governance functions to a certain extent, thus effectively reducing company′s tax aggressiveness. Further research shows that, compared with the regions with stronger tax regulations, companies in weaker tax regulations areas face less external supervision, thus have stronger tax avoidance motives. Therefore, the introduction of short selling mechanism has more restraining effect on their tax aggressiveness. Moreover, in companies with lower information transparency, it is difficult for investors to know the true operating conditions of the company, resulting in more space and conditions for companies to conduct tax aggressive behaviors, so the introduction of short selling mechanisms can reduce their tax aggressiveness more.

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On the Formation Mechanism and Its Follow-up Impact of CPTPP in the Perspective of Asia-Pacific Economic Integration

CAO Guang-wei

2018, 60(12): 90-96.

Abstract ( 95 )

Based on the background of the change of regional integration pattern induced by the withdrawal of TPP from the United States, this paper explores the formation mechanism of CPTPP and its subsequent impact.CPTPP negotiation process generally follows the evolutionary logic of “driven by external pressure, internal pressure and internal pressure”:externally, US trade protectionism is on the rise, China and its RCEP value are highlighted; internally, Japan actively plays a coordinating and leading role, and other member countries actively participate based on economic logic.Internal and external forces interact to build a dynamic mechanism to drive CPTPP negotiations.With the implementation of CPTPP agreement, its strong expansion momentum will inevitably impact the integration pattern of “two-track competition”, forcing the Asia-Pacific integration process to follow the CPTPP path set by Japan and Australia;at the same time, its high-standard investment and trade rules better meet the needs of the global value chain, set a benchmark for the formulation of the new generation of world economic rules, and promote the evolution of the international economic order in favor of developed countries.

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The Basic Viewpoints of Globalization in Capital and Its New Development

LIU Xin-gang, LI Jia-ying

2018, 60(12): 97-101.

Abstract ( 102 )

The western classical political economics and neo-liberal economics, taking the abstract man as starting point, advocate that the globalization under the complete free market will bring development to the national economies and prosperity to the economy of the world. However, this globalization, which is based on the idea of laissez-faire, has triggered the two world wars in the twentieth century. In Capital, Marx used the materialist dialectics to analyze the international intercourse in the non-monopoly capitalism, and pointed out that the capital internationalization without governance has formed the obvious periodicity, and brought about the huge economical losses and disaster because of the effect of social factors, including the imbalance of the division of labor, the capital greedy pursuit of interest, and the uneven distribution of international wealth.At present, it has become an important topic currently to reveal the real law of the globalization in the new era and the historical vicissitudes require researchers to promote the study of globalization based on the analyzing methodology and basic viewpoints in Capital, combining with the current world economical development. Only based on the idea of a community with a shared future for mankind, carrying out the research from those perspectives including epistemology and shared interest for mankind, and analyzing the globalization′s huge influence on the international politics and economy, can human beings jump out of the “periodic law” in the globalization, and build up a more fair, reasonable and sustainable mode of global economic intercourse.

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The Time-varying Characteristics of the Impact of Monetary Policy on Financial Stability〖WT〗

PANG Xiao-bo1, XU Ri2

2018, 60(12): 109-115.

Abstract ( 115 )

Since the US broke-out the sub-prime crisis, financial stability has become the emphases attention problem. In this paper,the financial stability index of China is fitted from a series of basic indexes and the time-varying characteristics of the mechanism of monetary policy and financial stability are studied through the TVP-VAR model. The empirical results show that: the mechanism between monetary policy and financial stability has remarkable stage characteristics,at the current stage, the moderately loose monetary policy can effectively improve financial stability; the regulation effect of quantitative monetary policy is significantly higher than price-based one, so policy authorities should put the quantitative monetary policy as main means when they are regulating financial stability; the effect of monetary policy on the financial stability is more a long-term effect, therefore the monetary authorities should focus on maintaining the long-term stability of the financial system, take a relatively prudent monetary policy and maintain the continuity of the monetary policy, so as to establish a good expectations for the public.

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Research on Static Fitting Method of Interest Rate Term Structure

WANG Xue-biao1, ZHANG Qi-song2

2018, 60(12): 116-124.

Abstract ( 113 )

Establishing a sound and complete term structure of interest rates and reflecting the supply and demand relationship in the economic market is of great significance to the development of China′s market economy. The purpose of this study is to construct an econometric model that is suitable for China′s actual situation. And the model can more accurately describe the term structure of interest rates. Static estimation and dynamic estimation are two basic methods for estimating the term structure of interest rates. Static estimation is the basis for verifying the dynamic estimation model and performing dynamic analysis. By analyzing the important methods in static estimation-the basic model structure of the cubic spline function estimation method,and based on the disadvantages of market experience and basic genetic algorithm for the demarcation point estimation of the cubic spline function, improved Genetic Algorithm, which has a hierarchical mechanism and dynamic probability, is used to estimate the breakpoint of cubic spline function;comparing the estimation results of time points of multiple bond samples, it is proved that the cubic spline function based on improved genetic algorithm is better than market experience and simple genetic algorithm in estimating the term structure of interest rate both in-sample model estimation and out-of-sample model prediction.

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The Impact of Employees-Group Cognitive Style Congruence on Employees′ Organizational Citizenship Behaviors:A Moderating Role of Emotional Intelligence

QI Meng，SONG Meng

2018, 60(12): 125-132.

Abstract ( 107 )

With the changing of working environment and increasing of marketing uncertainty, enterprises are increasingly concerned about how to motivate employees to actively participate in their work and encourage employees′ organizational citizenship behaviors. Based on employee-group dual interaction,the paper collected data from 137 groups and 796 employees, and used polynomial regression and response surface analysis, which can dynamize and enrich the research on antecedents of organizational citizenship behavior, to explore the effect of congruence between employees′ cognitive style and group cognitive style on employees′ organizational citizenship behaviors based on dual perspectives. The results demonstrate that compared with the inconsistent between group and employees, the congruence between employees′ and group′ cognitive style have stronger influence on employees′ organizational citizenship behaviors,and emotional intelligence moderates the relationship between the congruence of cognitive styles and organizational citizenship behaviors. Therefore, the congruence between employees′ cognitive style and group cognitive style, and emotional intelligence may promote employees′ organizational citizenship behaviors.

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Diversification Strategy and Company′s Cash Dividend Policy: Based on the Perspectives of Financing Constraints and Agency Conflicts

FU Yu-mei1，ZHANG Li-ping2

2018, 60(12): 133-143.

Abstract ( 103 )

Diversification may not only ease the financing constraints of the company by constructing an internal capital market, but also worsen the agency conflict due to the complicated organizational structure and then act on the company′s cash dividend policy. This paper takes the balanced panel data of A-share listed companies from 2003 to 2016 as a sample, and finds that diversification is one of the important factors affecting the cash dividend policy. The agency conflict that it generates is the main mechanism affecting cash dividend policy, but the improvement of the governance environment can inhibit the agency conflict, weaken or even eliminate the negative impact of the diversification on cash dividend payment propensity and level; further research using the mediation effect model finds that agency conflict also played a mediating role between diversification and cash dividend policy. Therefore, for diversified companies, they should pay more attention to the improvement of corporate governance structure. Other investors and regulatory authorities should pay attention to preventing the company from turning diversification into the means and tools for the company′s controlling shareholders or management to seek personal gain.

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Research on Organization Form and Efficiency of Professional Service Enterprises based on DEA:The Comparison between Accounting Firms and Asset Evaluation Institutions

PENG Zheng-yin1,2，YANG Jing1

2018, 60(12): 144-152.

Abstract ( 102 )

As an important part of enterprise internal governance, organizational form can affect the efficiency of key resources in enterprises. By comparing the operating efficiency of top 100 accounting firms and asset appraisal institutions, we find that the efficiency of auditor industry is obviously higher than that of appraiser. This gap is mainly due to the partnership system and company system adopted by two types of institutions with securities business qualification. Furthermore，through dividing the two types of institutional resource input into financial and human resource calculation, it is found that the efficiency of the two types of institutions comes from the input of human resources, and the efficiency of human resource utilization of accounting firms (partnership) is higher than that of evaluation institutions (company system), while the scale efficiency of financial resources of evaluation institutions is obviously higher. The research shows that the nature of “capital cooperation” and “human cooperation” of organizational form has certain consistency with the key resources in the enterprise. The conflict leads to the failure of effective operation and the improvement of efficiency by matching each other. At the same time, the human resource-based professional service enterprises should adopt the form of partnership organization to realize the reality. However, the transformation of the organizational form of professional service enterprises needs to be carried out step by step to prevent the transformation process from being “bigger” rather than “stronger”.

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Will Fulfilling Social Responsibility Lead to a Decline in Stock Returns in the Future? A Discussion on the Causes of the Anomalies of Corporate Social Responsibility

WU Zhan-chi,YOU Jun-jie

2018, 60(12): 162-168.

Abstract ( 123 )

At present, it has been suggested by many studies that negative correlation (referred to as “social responsibility anomaly” in the paper) exists between social responsibility and stock return. A-share companies listed in China securities market from 2009 to 2016 were taken as the sample to explore relations between performance of enterprise social responsibility and stock return. It is suggested that better performance of social responsibility is related with a lower stock return, while performances of different social responsibility dimensions lead to different changes of stock return. The negative correlation between social responsibility and stock return is insignificant in enterprises with high disclosure quality of social responsibility ,but is significant in enterprises without the information disclosure and with low-quality disclosure, suggesting that social responsibility anomaly is sourced from information asymmetry-induced mispricing. Cross-section regression was applied in the paper to examine whether there was risk premium for social responsibility. It is indicated that there is no positive risk premium for social responsibility, and it is further verified that social responsibility anomaly springs from mispricing.

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