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16 March 2019, Volume 61 Issue 3 Previous Issue    Next Issue

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A Study of Brand Trust on Internet Banking and Influence Factors of Consumer Adoption ZHANG Yun1,ZHU Chuan-jin2,LIU Xin-hui3 2019, 61(3): 1-10.  Abstract ( 158 )   The continuous deepening of financial reform has provided unprecedented opportunities for private capital to compete for the banking industry, accelerating the emergence and development of emerging financial forms such as Internet banking, which is built on Internet technology companies. Based on the trust transfer theory and the UTAUT model, this paper explores the impact of trust transfer and its influence factors on brand trust and consumer adoption of Internet banking. The empirical results show that the brand trust of consumers on Internet companies will positively influence their initial trust on Internet banking, and in turn improve consumers′ behavioral intentions; all of the hypotheses are supported except the relationship between effort expectancy, perceived risk and behavioral intention as well as firm reputation and initial trust;community influence has the greatest impact on intention to use, followed by corporate reputation and initial trust; unlike results of previous studies, need for interaction can negatively impact consumers′ behavioral intentions to use Internet banks, under the context of Internet banking. References | Related Articles | Metrics

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Do Credit Rating Agencies Have the “Pro-Cyclical” Behaviour? ZHANG Shi-kun 2019, 61(3): 11-19.  Abstract ( 142 )   The credit rating system aims to provide investors with real and effective information to improve the market′s “information asymmetry” and thus improve the trading efficiency of the market. However, under the “Issuer” payment model, the authenticity of the rating is questionable. Based on the credit bond transaction data from 2010 to 2017, this report examines the rating results of the credit rating agencies,finding credit rating agencies have “Pro-cyclical” behavior when they are rating. That is, the rating agencies have a positive “impulse” of overestimating the subjects during the economic boom period,and this behavior is especially obvious in the samples of state-owned enterprises, the samples in the period of rapid growth and the samples which have strong debt repayment abilities; the oligopolistic competition in the rating market and the “rated purchase” behavior of low-rated entities may be an important reason for the rating agencies to overestimate the rating. Therefore, in order to ensure the authenticity of credit rating, the key method is to eliminate the incentive distortion mechanism of rating agencies, improve the constraint of comprehensive credit mechanism on the behavior of rating agencies, and increase the transparency of rating system. References | Related Articles | Metrics

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The Redistribution Effect of China′s Overall Tax Burden: An Empirical Study based on CFPS Microhousehold Survey Data WANG Xi-meng1,2,NI Hong-fu3 2019, 61(3): 20-28.  Abstract ( 115 )   With the growth of tax revenue and the gradual expansion of the gap between the rich and the poor in China, the impact of the overall tax burden on income distribution has aroused theoretical research attention. In this paper, the input-output model with VAT deduction mechanism is used to calculate the indirect tax burden, and combined with the direct tax burden, the impact of the overall tax burden on the income distribution of urban and rural residents and its dynamic changes are analyzed.The results show that the regression of VAT is significantly higher than that of business tax. Therefore, compared with business tax, the mode of VAT will lead to the widening gap between the rich and the poor.China′s overall tax system is regressive, and the total tax(indirect tax and direct tax) as a whole aggravates the inequality of social income, and the degree of inequality after tax increases year by year. Compared with cities, indirect tax will aggravate the gap between the rich and the poor in rural areas where the overall income level is low. Although tax in rural areas still inevitably has the characteristic of aggravating inequality in income distribution, this characteristic has been alleviated over time. References | Related Articles | Metrics

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An Analysis of the Imbalance of Regional Tax Development under the Perspective of Big Data SUN Cun-yi1,TANG Rong-hua2 2019, 61(3): 29-35.  Abstract ( 130 )   The disparity of regional economic development in China is reflected in the imbalance of tax gap to a certain extent. This paper chooses more than 〖BF〗300,000〖BFQ〗 industrial data from 31 provinces in China, and takes machine learning for large data analysis as the core algorithm to analyze tax differences between regions from the perspective of tax loss. The results show that under the premise of the same tax policy, the loss amount, loss rate, loss of households, loss of household ratio between provinces are significantly different. Therefore, tax authorities should take the opportunity of “Internet +” and big data as a chance to scientifically identify the difference of regional tax revenue loss, in order to promote regional tax collection and management balance, and ensure the sound development of economic tax. References | Related Articles | Metrics

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Research on the Connotation and Dimension of Regional Coordinated Development Strategy under the Value of “People-oriented” WANG Shu-guang，LI Jin-yao，ZHANG Li-dan 2019, 61(3): 36-43.  Abstract ( 96 )   The 19th CPC National Congress clearly establishes the socialist ideology with Chinese characteristics in the New Era, and implements the regional coordinated development strategy, which has rich theoretical connotation and distinct characteristics of the times. Starting from the historical evolution and realistic analysis, and based on the value goal of “people-oriented”, this paper explains the basic understanding and research approach of regional coordinated development strategy, and expounds the core content, internal relationship and basic path of regional coordinated development strategy from three dimensions of “a five-pronged approach”, “ternary interactive structure” and “fair and efficiency”. References | Related Articles | Metrics

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Demand, Subsidies and Overcapacity With Regards to Steel Enterprises MEI Xin-xiang1,PENG Xi2 2019, 61(3): 44-52.  Abstract ( 143 )   Chinese-style overcapacity, caused by the superposition of cyclical overcapacity and institutional overcapacity, has plagued the development of domestic steel industry and the adjustment of economic structure. Based on 1999-2013 data of Chinese steel enterprises, this paper examines the impact of demanding and government intervention on firm capacity and capacity utilization. The cyclical overcapacity is asymmetric and institutional overcapacity accelerates the formation of cyclical overcapacity,external demand and government intervention are important reasons for Chinese-style overcapacity; increase in demanding has stimulated the expansion of production capacity, while also improving the capacity utilization rate of enterprises,however, the increase in production capacity caused by government subsidies has intensified the overcapacity of enterprises;unlike state-owned enterprises, the cyclical overcapacity for non-state-owned enterprises is not obvious, unless demand will work together with government subsidies. References | Related Articles | Metrics

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Spatial Distribution, Spatial Spillover of High-end Service Industry and Their Impact on Industrial Upgrading WU Yuan-ren1,2,LI Shu-yan1,2 2019, 61(3): 53-62.  Abstract ( 116 )   Using the new economic geography model, this paper examines the effect mechanism of spatial distribution and spatial spillover of high-end service industry on industrial upgrading, finding that there is a U-shaped curve relationship among them,that is, when the intensity of spatial spillover between regions remains unchanged, the improvement of agglomeration of high-end service industry can accelerate industrial upgrading; increasing the spatial spillover intensity of high-end service industry can comprehensively improve the industrial upgrading speed of the whole economy.The spatial panel data of 30 provinces in China from 2003 to 2016 are further used to verify the results. The results show that the spatial correlation of industrial upgrading in China′s provinces is significant; the level of agglomeration of China′s high-end service industry is low, which fails to promote industrial upgrading among provinces, even drags down the speed of industrial upgrading, but significantly promotes industrial upgrading at the time level; the spatial spillover of high-end service industry promotes industrial upgrading comprehensively at the spatial and temporal levels; FDI and innovation environment variables drag on the regional level and promote industrial upgrading at the temporal level; and government intervention variables significantly promote industrial upgrading at the regional level and hinder industrial upgrading at the temporal level. References | Related Articles | Metrics

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Test of Inconsistency of Co-movement of International Oil Markets at Muti- ScaleTime-Frequency：An Analysis based on Wavelet Transform and Coherence GUO Li-ning, HUANG Yun-cheng 2019, 61(3): 68-75.  Abstract ( 82 )   In recent years, the price trend among international oil markets has shown inconsistency, which raises doubts about the traditional assertion of the consistency of inter-market linkages.With the help of wavelet transform and cross-spectral analysis, this paper chooses WTI-LLS-Brent daily price data of three international oil markets from 2006 to 2016 for correlation study.Empirical results show that market correlation is inconsistent in different frequency perspectives:the correlation of each high frequency component increases with the decrease of frequency, and the Granger causality test results of the low frequency trend series and the original price series are quite different;the information contained in the high frequency signal helps to predict the short-term trend of the market, while the long-term trend of the oil market price is difficult to predict.Research shows that financial factors have short-term impact on high-frequency linkage, while changes in supply and demand have far-reaching impact on market linkage, while policy changes have no obvious impact on market linkage. Because of the different nature of the market and location factors, different market responses to different types of shocks have resulted in inconsistent correlations.The study suggests that different market regulation measures should be adopted on the basis of identifying the relevant factors. At the same time, we should promote the construction of spot market and pay attention to improving the oil market system so as to diversify the means of market risk management to withstand external shocks. References | Related Articles | Metrics

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Understanding on Investment Access′ Negative List System ZHANG Xiao-nan1, LI Zhen-ning2 2019, 61(3): 76-86.  Abstract ( 152 )   In the aspect of international treaties, foreign investment can be granted in accordance with the “host country law” according to the European investment agreement, or be granted in accordance with the “negative list” according to the American investment agreement,which reflects the degree of openness of a country′s investment market.China has also begun to try to admit foreign investment in the “negative list” mode in the field of domestic law. The “negative list” system at the level of international rules can provide reference for the design and concept of the “negative list” system at the level of domestic rules.The restrictive measures stipulated in the “negative list” should have corresponding legal and regulatory basis, reform the foreign investment filing system to improve the transparency and convenience of access,refer to the “ratchet mechanism” as much as possible to enhance the stability of investment access regulations, and coordinate the relationships between domestic capital and foreign capital, domestic negative lists and international negative lists. References | Related Articles | Metrics

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An Analysis of Sino-US Trade Imbalance of Optoelectronic Equipment Manufacturing LI Yan, ZHANG Xiao-han, HUANG Qing-bo 2019, 61(3): 87-94.  Abstract ( 105 )   Since 2009, the bilateral trade balance of optoelectronic equipment manufacturing industry has accounted for more than 40% of the total trade deficit between China and the United States. Analyzing the bilateral trade imbalance of optoelectronic equipment manufacturing industry has important practical significance for revealing the real trade situation between China and the United States.The rise of global value chain theory system provides a more scientific research framework for re-examining bilateral sector trade. This paper uses WIOD inter-country input-output table and value-added trade accounting method to decompose Sino-US bilateral trade in optoelectronic equipment manufacturing industry from 2000 to 2014 in terms of trade scale, product structure, industrial linkages and country structure.The research shows that the bilateral trade imbalance between China and the United States in optoelectronic equipment manufacturing industry under the traditional trade statistics model is exaggerated; although China does have a trade surplus with the United States, China′s profitability in bilateral trade is relatively weak compared with the United States, China′s share of domestic added value in bilateral exports is lower than that of the United States, and the final product export is the main factor; although the production capacity of China′s industrial intermediaries products is not continuously strengthened, but its position in the global value chain is still lower than that of the United States; the degree of electronic informationization and service-oriented in American industry is relatively high, while the service industry investment in China′s optoelectronic equipment exports shows an increasing trend year by year; the major trading partners in the bilateral trade network of optoelectronic equipment between China and the United States are relatively stable,Among them, Mexico′s importance is increasing while Japan′s status is declining. References | Related Articles | Metrics

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International Dynamic Spillovers of Economic Policy Uncertainty: An Empirical Study based on Directional Spillovers Model XIANG Gu-yue1,ZHOU Xian-ping1, TAN Ben-yan2 2019, 61(3): 95-104.  Abstract ( 133 )   Based on the Baker et al.(2016) index of policy uncertainty（BBD Index） and Directional Spillovers proposed by Diebold and Yilmaz(2012), this paper presents a static analysis, comparative static analysis and dynamic analysis of the international spillovers of economic policy uncertainty among economies. Static analysis results show that in the whole sample period, more than one fifth of the changes in economic policy uncertainty come from the spillover effect of other economies;comparative static analysis shows the total spillover effect gradually strengthens, with 18.09% in the pre-financial crisis period, 29.81% in the financial crisis period and 33.58% in the economic recovery period;the results of dynamic analysis show that the scale of the spillover effect of economic policy uncertainty may be related to the domestic political cycle and monetary policy cycle, and the Mead Conflict may be one of the main transmission channels; The United States, Europe and Japan should be responsible for most of the spillovers, and China is one of the greatest victims. The policy enlightenment holds that we should push forward the comprehensive and deepening reform, accelerate the reform of floating exchange rate system and improve the independence of monetary policy. References | Related Articles | Metrics

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The Route Choice of Banking Supervision System under the New Financial Supervision System YAN Xia-qiu 2019, 61(3): 105-114.  Abstract ( 99 )   Ten years after the financial crisis, China started a new round of financial supervision system reform，including establishing a consumer financial protection agency, establishing Financial Stability and Development Committee under the State Council, and form bank insurance supervision and administration commission, to form “a committee under the State Council, the central bank and two committees” new financial regulatory framework. The reform of financial supervision system in China has the characteristics of gradual reform and compulsory reform. Gradual reform is beneficial to reduce the friction resistance of new system implementation, but increases the institutional inertia of compulsory means. The reform of banking supervision system is the forerunner of the reform of financial supervision system, and it faces the greatest resistance to reform. Influenced by the inertial changes of the mandatory system in the planned economy period, the banking supervision system focuses on the institutional supervision and legislation of the main body. The relatively strict entry threshold of the banking supervision system limits the development of diversification of the banking market subject and the multi-level of the credit market. With the in-depth development of market economy, the current banking supervision system fails to clarify the rights and responsibilities of protecting the rights and interests of financial consumers, fails to cope with comprehensive management, fails to meet the multi-level credit demand, and has fallen behind the new financial operation system and supervision system. Under the new trend of financial supervision system, the banking supervision system should actively respond to market demands, break the negative institutional inertia, absorb the concept of functional supervision, establish the financial information resource sharing database and financial research institute, and implement the combination of hierarchical differentiated supervision and unified supervision to realize the effective allocation of resources. References | Related Articles | Metrics

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The Effects of Demographic Faultline and Information Faultline on Employees′ Organizational Citizenship Behaviors: Based on Taskwork Network Theory〖WT〗〖HS）〗 QI Meng1, ZHU Ruo-qian2, NIU Xiong-ying3 2019, 61(3): 115-123.  Abstract ( 92 )   With the increasing attention on subgroups and human relationships in Chinese society, employees′ activities are closely related to groups. Employees′ attention to subgroups has become an important factor affecting their organizational citizenship behaviors. Based on taskwork network theory, this study takes a survey from 137 teams and 796 employees in Shandong province as the research sample, and applies cross-level research methods to construct a theoretical model about the influence of demographic faultline and information faultline on employees′ organizational citizenship behavior, trying to test the moderating role of leader inclusion in the subgroups and leaders′ emotional intelligence on this relationship. The results show that both demographic faultline and information faultline have a negative effect on employees′ organizational citizenship behaviors,and leaders′ emotional intelligence positively moderates the relationship between both types of faultline and employees′ organizational citizenship behaviors. The study clarifies the relationship between the two types of faultline and employees′ organizational citizenship behaviors, and confirms the negative effects of the two types of faultline are reversed under the condition of high leadership emotional intelligence. References | Related Articles | Metrics

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Does Executive Stock Ownership Promote Corporate R&D Investment? A Study based on Insider Trading Behavior SHAO Jian-bing1, NIE Lei1, LI Wei2 2019, 61(3): 124-132.  Abstract ( 93 )   Executive equity incentive is an indispensable mechanism to eliminate the agency problem, and the effect of executive stock ownership on the promotion of R&D investment(interest cooperation) is regarded as an important way to keep the competitive advantage of enterprises. This paper chooses the special situation of executive cash, and observes the effect of the investment catering on interest cooperation effect from static and dynamic double visual angle. The conclusion is that the increase of R&D investment in listed corporation which executives cashed is the result of the effect of investment catering and the interest cooperation, and there is a certain complementary relationship between the two effects. It is worth noting that, under the situation of executives′ cashing behavior, enhanced synergy of interests led to the inefficient investment of enterprises. Therefore, enterprise should not ignore the influence of executive self motivation on R&D investment activities in the implementation of equity incentive mechanism. References | Related Articles | Metrics

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Privatization of the Anti-Unfair Competition Law in Internet HUANG Qing-yu 2019, 61(3): 139-145.  Abstract ( 99 )   The goal of the anti-unfair competition law of the People′s Republic of China(2017 Revision) is to try regarding the interest of consumers as an element to judge the act of competition legality. However, it also relaxes construction of act of competition, which blurs the boundaries between the Tort Law and the anti-unfair competition law in practice. It casts a concern whether the logic of the Tort Law will still influence the Courts, which causes the Courts ignoring the element of the public interest of the anti-unfair competition law and regarding the anti-unfair competition law as a private law. This concern is obvious in internet competition. Because the essence of internet economy is the attention economy, consumers play more important roles comparing with the traditional competition. As a result, the privation of the anti-unfair competition law will cause lots of disadvantages in internet. References | Related Articles | Metrics

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Judicial Application of China′s New “Anti-Unfair Competition Law”: Based on the Analysis and Practice of “Internet Special” GUO Han-wen 2019, 61(3): 146-152.  Abstract ( 141 )   Unfair competition in the context of the Internet has the characteristics of the era of science and technology, and its characteristics of diversity, rapid spread, concealment and great harm have impacted traditional legal regulations.In this context, China has revised the anti-unfair competition law for unfair competition in the Internet market, and has made provisions for the coexistence of principled clauses and enumerated clauses.Whether the general clause has a principled nature, whether there is subjectivity or uncertainty when applicable, and whether the “unfair competition behavior of the Internet” should be subject to special regulation and whether the current legal provisions are sufficiently perfect or still need to be checked for vacancies, and there is still room for further discussion on the question of what the unfair competition law should look like in the Internet age.Through the type analysis of the content of the Internet clause, the logical theory of the structure, and the new unfair competition behavior,combining the typical cases in the Internet market, it is of theoretical and practical significance to demonstrate the legitimacy of Internet terms in judicial practice. References | Related Articles | Metrics