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26 April 2019, Volume 61 Issue 4 Previous Issue    Next Issue

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Why Customers Keep Loyalty to A Singular Web Store? Online Customer Inertia Perspective WANG Jin-li1，SHEN Guang-long2，LI Gui-hua2,3 2019, 61(4): 1-11.  Abstract ( 206 )   In the absence of traditional customer loyalty factors such as trust, commitment, enterprise size and reputation, consumers still repeat patronage, positive word-of-mouth and recommendation to a singular web-store while so many web-stores providing the same or similar products. Based on Taobao consumer survey, this paper uses structural equation model and bootstrap analysis to analyze the mechanism of online involvement, perceived information overload and online switching cost on online customer loyalty. The results show that: with the rapid development of internet technology, online involvement, perceived information overload and online switching cost have increasingly prominent effects on online customer loyalty towards a singular web store, for all mechanisms of online customer loyalty, online customer inertia mediation is the critical path, providing a new perspective for the research of customer loyalty; from the behavior point of view, customer inertia is considered to be a spurious loyalty, however, from the attitude propensity perspective of online customer inertia, online customer loyalty behavior is still a real one and the embodiment of the experience economy. References | Related Articles | Metrics

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The Structural Dimensions and Measurement Scale Development of the Authenticity of Consumer-generated Advertising WANG Ping1,2,XU Wei1,FAN Xiu-cheng2,3 2019, 61(4): 12-21.  Abstract ( 144 )   With the initiative of enterprises to guide and support consumers to create advertisements for their products or brands, consumer-generated advertising has become more and more popular, which causes the audience to question the authenticity of consumer-generated advertising. On the basis of the existing research on the consumer-generated advertising and advertising authenticity, this paper defines the concept and dimensions of authenticity of consumer-generated advertising and develops the measurement scale. The scale contains three dimensions which are creator authenticity, product/brand authenticity and form authenticity. The reliability and validity of the scale are tested by collecting data from experiments, and results show that the measurement scale of the authenticity of consumer-generated advertising has a good reliability and validity. The results provide the measurement basis for broadening and deepening the research of the related issue on the consumer-generated content and advertising authenticity, and provide solutions for marketers to guide consumers to join marketing communication process. References | Related Articles | Metrics

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Research on Dynamic Value Co-creation Process of Online Travel Service from the Perspective of Data Empowerment ZHAO Da-wei, JING Ai-ping 2019, 61(4): 22-30.  Abstract ( 131 )   With the rapid development of the new economic form, digital technology continues to penetrate and empower all fields and industries. Based on the perspective of data empowerment, this paper divides the service level according to the online travel service business Blueprint, analyzes the service innovation and service leading logic of each link, probes into the microscopic mechanism that the data can affect the value enhancement of online travel service, and constructs the process model of digital empowerment to promote the improvement of online travel service quality,in order to provide some guidance and reference for Network platform enterprises to realize enterprise value co-creation, win-win and service quality improvement based on data assignment. The results show that in the era of digital economy, data empowerment plays an important supporting and driving role in realizing value co-creation and service quality improvement of platform enterprises. References | Related Articles | Metrics

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“From the Real to the Virtual” or “From the Virtual to the Real”：An Analysis based on Dynamic Macroeconomic Effects LIU Jie1,CHEN Bao-feng2,WU Li-yun3 2019, 61(4): 31-42.  Abstract ( 118 )   With the expansion of virtual assets and the continued downturn in the physical manufacturing industry, the phenomenon of “the transfer of capital from the real to the virtual” has become more and more serious, which has led to expectations of “the transfer of capital from the virtual to the real”. By constructing a time-varying parameter econometric model, the paper analyzes the time-varying shock effects of China′s virtual economy and real economy on macroeconomic output, inflation and employment levels in different economic periods of business cycle. It is found that: China′s virtual economy has a positive effect on output during economic prosperity and economic depression, and has a “crowding out effect” during economic stability, and the change of the impact is mainly due to the“deviating” of the virtual economy and the real economy led by expansion of virtual economy ; during the period of economic prosperity, both the virtual economy and the real economy have a positive effect on inflation, during the period of economic depression, the virtual economy can still promote inflation, while the real economy has an inhibitory effect on inflation; during the period of economic stability, both the virtual economy and the real economy have an inhibitory effect on inflation,and the change of the impact is mainly due to changes in market demand and currency liquidity; in different economic periods, both the virtual economy and the real economy have an inhibitory effect on employment, the root cause lies in the transition of the market economy, the transformation of economic growth mode and the imbalance of industrial structure, which will adversely affect employment, and the “crowding out effect” of the virtual economy on the real economy has further suppressed the level of employment. At present, China is in a stable period of economic cycle, the transfer of economy from the real to the virtual would make adversely effects on objective economic indicators, thus leading that it is particularly important to coordinate the relationship between virtual economy and real economy, and some deep-seated factors such as the adjustment of industrial structure and transfer of economic structure should be given more attention when guiding the transfer of economy from the virtual to the real. References | Related Articles | Metrics

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Relaxing Interest Rate Regulation, the Change of Tax Rate and Corporate Deleveraging：Research based on Policy Tools Combination WU Jing-hua1,QIU Quan-feng1,WANG Hong-jian2 2019, 61(4): 43-50.  Abstract ( 118 )   The reform of interest rate control and the level of income tax rate affect the financial policy of enterprises, and then affect the capital structure of enterprises and adjust the debt ratio of enterprises.This paper empirically examines how the policies of different tax rates affect the deleveraging behavior of real enterprises before and after the liberalization of interest rate control by using the reform of income tax rate in 2007 and quasi-natural experiments on the liberalization of interest rate regulation in 2013. The results show that: the decrease of income tax rate not only significantly reduces the financial leverage of corporations, but also inhibits excessive debt; the deleveraging effect of tax rate reduction is stronger after the liberalization of bank control. Further research shows in the case of excessive liabilities of non-state-owned enterprises, the reduction of tax rate will significantly reduce the debt ratio of enterprises. Therefore, tax policy and financial policy can be used as a combination means of deleveraging, while improving the market structure and reducing the cost of capital structure adjustment. References | Related Articles | Metrics

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Reasons for the Low Proportion of China Residents′ Property Income: Based on the International Comparative Analysis of National Accounting Caliber SU Hao-ran 2019, 61(4): 51-59.  Abstract ( 112 )   This paper distinguishes between property income in national accounts and property income in the National Congress Report,and uses national accounting caliber and economic caliber to define them separately. The paper selects national accounting caliber and compares the proportion of property income of residents in China and developed countries both at the same period and at the similar stage of economic development.The study found: whether at the same period or at the similar stage of economic development, the proportion of China residents′ property income is much lower than that of developed countries.The reason, on the one hand, is the high savings rate and low return on investment of Chinese residents make the proportion of total property income lower than that of developed countries; on the other hand, what′s more important is that in the process of the distribution of property factors among departments, the household sector in China is always occupied by other departments: from 1997 to 2007, it was mainly squeezed by non-financial sector profits, and was squeezed by government sector from 2007 to 2015. To achieve the improvement of the proportion of China′s residents′ property income, it is necessary to broaden the channels of residents′ property income and adjust the distribution structure of property factors among departments. References | Related Articles | Metrics

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Financial Structure and Economic Development Mechanism: An Analysis based on “New-Structuralism” and “Financial Services”Perspective ZHANG Zhi-qiang 2019, 61(4): 60-68.  Abstract ( 99 )   From the perspective of the functions of “new-structuralism” and “financial services”, this paper studies the relationship between financial structure and economic development in the process of stable economic growth and economic fluctuation, and the influence mechanism,based on panel data of 31 provinces and municipalities from 1995 to 2015, and according to different stages of economic growth. The results show that there is an inverted U-shaped relationship between financial structure and economic development, and the relationship is more significant in the process of steady economic growth; the optimal financial structure does not appear in the process of economic fluctuation, which shows that good economic operation will ensure the financial system to play its greatest role, and the function of financial services also has different effects in different economic development processes.Therefore, the financial structure can be used as an independent financial policy to guarantee the “steady growth” of economy, which is also the key to maximizing the efficiency of the financial system. References | Related Articles | Metrics

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Research on the Coordination of Macro and Micro Prudential Supervision of Commercial Banks: An Empirical Analysis based on PVAR Model LIU Chao1,2,MA Yu-jie1 2019, 61(4): 69-80.  Abstract ( 144 )   The limitation of micro-prudential supervision and the increase of systemic financial risk contagion make the macro and micro prudential coordination supervision of commercial banks the trend of current financial supervision reform.This paper selects the semi-annual data of 14 listed commercial banks in China from 2008 to 2017 as a sample. Based on the analysis of the macro and micro prudential supervision mechanism in different stages of the bank credit cycle, the panel vector autoregressive (PVAR) model is used to study the coordination of macro and micro prudential supervision of China′s banking industry. The results show that the impact of non-performing loan ratio on the stability of China′s commercial banks will exist for a long time and is obvious,and the impact of liquidity ratio and core capital adequacy ratio on bank stability exists but is not significant in the long run; two regulatory indicators in macro-prudential supervision, the generalized credit/GDP deviation and the concentration of banking industry, have obvious effect on the stability of commercial banks and will exist for a long time;the coordinated operation of macro and micro-prudential supervision can alleviate the impact of single policy implementation on the financial and economic systems, and contribute to the long-term stability of the financial system. Therefore, China′s banking supervision should not only strengthen the prevention of internal credit default risk in the micro aspect, but also focus on the risk of spillovers from the credit structure adjustment and bank wealth management business. References | Related Articles | Metrics

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Factor Endowment and Export Technology Complexity:Threshold Regression Analysis based on Institutions LIU De-xue,YU Ye 2019, 61(4): 81-89.  Abstract ( 110 )   Relative to the absolute quantity of export trade, the technological structure of export trade, i.e. the influence of technological complexity on long-term economic growth, is more important; under different institutional quality, the advantage of factor endowment on export technological complexity may be different. Based on the threshold regression model, this paper mainly examines the relationship between factor endowment and export technology complexity in different institutional environments by using the export product data of 104 countries from 2002 to 2016.The empirical test shows that the influence of factor endowment on the export technology complexity has an institutional threshold effect. When the level of economic liberalization is lower than the threshold, the export technology complexity has no significant relationship with factor endowment,while when the level of economic liberalization increases to the threshold value, the technical complexity of a country′s export can effectively reflect its factor endowment characteristics. Therefore, from the perspective of improving the export technology complexity, when a country′s factor endowment tends to be high-end, a more liberal economic policy should be adopted; when a country′s factor endowment is at the low-end state, taking free economic policies may have the potential to lock in low-end exports. On the contrary, proper government regulation can effectively promote the export technology complexity. References | Related Articles | Metrics

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Research on Manufacturing Industry Low-Carbon Transformation Development in Heilongjiang Province under the Background of Low Carbon Economy XU Jian-zhong, ZHANG Nan 2019, 61(4): 90-96.  Abstract ( 104 )   Manufacturing industry is an important support for the economic development of Heilongjiang Province. Because of its large output ratio and energy consumption, the intensity of energy consumption in the industrial system is mainly affected by manufacturing industry. Therefore, the low-carbon development of manufacturing industry is the key to realizing the low-carbon economic development of Heilongjiang Province.Government thrust, market pull and technology driving force constitute the triple force of low-carbon transformation of manufacturing industry. Therefore, the path and method of realizing transformation must also focus on these three aspects.Through the work of stimulating and regulating reform, building low-carbon technology innovation platform and trading platform, and building its promotion system, improving the service system of low-carbon industry development, we can achieve effective drive. References | Related Articles | Metrics

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Different Paths and Effects in Developing Internal Control Audit in Capital Market Between USA and China CHI Ying-ying,TU Jian-ming 2019, 61(4): 97-105.  Abstract ( 95 )   In order to improve the quality of financial information, the United States implements the SOX Act 404 clause in the capital market and implements the internal control audit system for small public companies. However, it encounters a difficult problem that the audit cost is higher than the audit efficiency, which ultimately exempts the internal control audit arrangements for small public companies.China, on the other hand, tries to develop a new way of internal control audit in the SME board by balancing audit costs and benefits.This paper uses descriptive statistical analysis method to demonstrate the effect of internal control audit system arrangement on reducing audit cost and the impact on the quality of financial information.The results show that China′s SME board has achieved different development effects from the US capital market by innovating the internal control audit system. It not only reduces the audit costs of SMEs effectively from the two dimensions of relaxing business types and reducing the implementation frequency, but also guarantees and improves the quality of financial information of SMEs to a certain extent. The conclusion reveals the successful experience of exploring a new way in the development of internal control audit system in capital market. References | Related Articles | Metrics

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The Threshold Effect of Institutional Environment on Innovation Performance of Innovative Enterprise REN Xue-jiao1, GUO Tao2,DING Xiao-zhou2 2019, 61(4): 106-115.  Abstract ( 115 )   Based on the New Institutionalism Theory, institutional environment or institutional arrangement are the key factors affecting enterprise innovation decision-making and innovation performance. This paper selects the panel data of 159 national level innovative listed enterprises in 36 cities and analyzes the threshold effect of institutional environment on innovative enterprise innovation performance by establishing threshold panel regression model. The results show that:whether it is regulatory environment, regulatory environment or cognitive environment, innovation performance has a double threshold effect of institutional environment.When the institutional environment is at a low level, regulatory environment, normative environment and cognitive environment all have significant promoting effects on innovation performance;when the institutional environment is at the middle value, the promotion of regulatory environment and cognitive environment is significantly enhanced, while the promotion of regulatory environment is gradually weakened; when the institutional environment is at a high value, regulatory environment and regulatory environment have a significant inhibitory effect on innovation performance, while the promotion of cognitive environment is further enhanced.The above conclusions suggest that innovative enterprises in China should actively adapt to the institutional environment to improve innovation performance. References | Related Articles | Metrics

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Heterogeneous Institutional Investors,Enterprise Policy and Enterprise Risk ZHANG Chang-hai, LI Kai-qing,ZENG Chun-hua 2019, 61(4): 116-126.  Abstract ( 113 )   Institutional investors play an important role in stabilizing the capital market and participating in the governance of listed companies.Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2016, this paper examines the impact of heterogeneous institutional investors on corporate risk.The study finds that stable institutional investors participate in corporate governance by influencing corporate risk policies, thereby reducing corporate risk;in enterprises with low quality of internal control and state-owned property rights, the negative correlation between stable institutional investors and corporate risk is stronger. Therefore, the heterogeneity of institutional investors is an important factor for them to exert their governance effect. Enterprises should pay full attention to the role of stable institutional investors when improving the governance structure. References | Related Articles | Metrics

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Commercial Third-Party Funding Litigation: Overseas Experience and Practice in China CHEN Wen-jing 2019, 61(4): 127-134.  Abstract ( 185 )   Because of the high cost of litigation, long trial cycle and uncertain outcome of litigation, the parties often give up litigation because of economic pressure and litigation risk.Under the limited role of legal aid and judicial assistance, how to transfer litigation costs and reduce litigation risks so as to realize rights relief is an urgent problem to be solved in practice.In recent years, many commercial organizations in China have begun to practice the mode of commercial third-party funding litigation by drawing lessons from the overseas third-party funding litigation system. They have solved the problem of “litigation expensive” by prepaying related litigation costs for the parties. However, their specific implementation paths and supporting regulatory measures are still in the exploratory stage, and there is no unified norm.In view of this, our country should adopt a prudent attitude in the specific application of third-party funding litigation, and draw lessons from overseas practice and supervision experience to provide basic norms and guidance for the development of the industry, so that it can not only provide practical help for the parties to realize their right to sue, but also avoid the “barbaric growth” of the industry. References | Related Articles | Metrics

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From “Two Lines and Three Zones” to “Significant Unfairness” Standard: The Evolution of Private Lending Profits Regulation Path CAI Rui 2019, 61(4): 135-145.  Abstract ( 95 )   As the current rules, the “two lines and three zones” standard has the defects that lack of flexibility, insufficient deterrence against usurious loans, and easily circumvented. Under the circumstances of a higher legal interest rate, the problem of insufficient protection for borrowers is particularly acute. In order to make up for the shortcomings of the “two lines and three zones” standard, under the existing rules, the rule of “significant unfairness” can be introduced to coordinate with the “two lines and three districts” standards to jointly regulate the interest of private lending;in order to determine whether the interest on the loan is unfair, the court can use the annual interest rate of 24% as the benchmark,at the same time, the idea of dynamic system theory could realize the interaction of subjective and objective elements;the interest regulation of private lending has the dual objectives of policy regulation and victim relief,the realization of the former depends on the cooperation of the executive and the legislature. The judiciary should get out of the policy control task and focus on the relief of the victim. In this process, the rule of “significant unfairness” will play a major role, and the “two lines and three zones” standard will exit the stage of history or only exist as an auxiliary standard. References | Related Articles | Metrics

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Research on the Construction of Social Sharing Compensation System for Large-scale Tort Events in China from the Perspective of Risk Society CHEN Zhen, XU Jia-liang 2019, 61(4): 146-152.  Abstract ( 120 )   The development of science and technology has created more risks and threats for human beings, and human society has entered a special period of “risk society”. With the development of science and technology, large-scale infringement incidents are constantly appearing in the risky society, which makes the issue of relief and compensation become a topic of the times.Because of the huge number of victims in large-scale infringement, the difficulty of defining causality before and after, and the complexity of measuring consequences, it is more difficult to compensate for damages in large-scale infringement; at the same time, the limitations of judicial litigation, liability insurance, administrative relief, and excessive reliance on the full involvement of the government, make the relief of large-scale infringement into a dilemma.Drawing lessons from foreign experience, it is an effective way to establish a social compensation system for large-scale infringement. References | Related Articles | Metrics