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16 June 2019, Volume 61 Issue 6 Previous Issue    Next Issue

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The Influence of Cognitive-Emotional Interaction on Consumer′s Green Purchase Intention SHENG Guang-hua，XIE Fang，PANG Ying 2019, 61(6): 1-8.  Abstract ( 278 )   Our country′s green consumption market is lack of driving force for development. How to effectively stimulate consumers′ green purchase behavior is an important factor to promote green consumption and achieve sustainable development. From the perspective of interaction between cognitive factors and emotional factors, this paper regards environmental involvement, green purchase attitude, self-efficacy of environmental protection as cognitive factors, positive and negative emotions as emotional factors, and explores the influence of the interaction of the above factors on green purchase intention. The results show that consumers′ environmental involvement can affect their green purchase intention. Green purchase attitude and self-efficacy of environmental protection play a mediating role between environmental involvement and green purchase intention. At the same time, emotions play a moderating role in the mechanism of environmental involvement influencing green purchase intention: the influence of green purchase attitude on green purchase intention is not significant and environmental involvement can only affect green purchase intention through the mediating role of self-efficacy of environmental protection under positive emotions; the influence of self-efficacy of environmental protection on green purchase intention is not significant and environmental involvement can only affect green purchase intention through the mediating role of green purchase attitude under negative emotions. References | Related Articles | Metrics

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How Does Customer Participation in Value Co-creation Promote Brand Relationship in Virtual Brand Community?The Mediating Effects of Brand Experience LI Zhao-hui1, BU Qing-juan1,CAO Bing1,2 2019, 61(6): 9-17.  Abstract ( 137 )   Virtual brand community has become a typical platform for customers to participate in value co-creation. Brand relationship is the basis for the existence of virtual brand community, and is also the fundamental goal of the establishment and development of virtual brand community. Through virtual brand community, enterprises attract more customers to participate in new product development activities, marketing interaction activities, and encourage customers to share their experience, which strengthen the brand relationship of virtual brand community. However, the above-mentioned relationship and mechanism of action are still lack of perfect empirical verification. From the perspective of broad brand relationship, this study uses empirical data to verify the impact of customer participation in value co-creation on brand relationship in virtual brand community, and examines the mediating role of brand experience in the relationship between them. The results show that the broad brand relationship in virtual brand community is composed of three dimensions: customer brand/product relationship, customer customer relationship and customer enterprise relationship; customer participation in two types of value co-creation all have direct significant effects on brand relationship, after brand experience is added in the research model, brand experience has fully mediating effect on the relationship between customer participation in two types of value co-creation and brand relationship.The research results not only enrich the theoretical results of brand relationship and value co-creation under the environment of virtual brand community, but also find a new way to promote brand relationship of the virtual brand community. References | Related Articles | Metrics

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The Impact of Online Word-of-mouth Quantity, Value and Emotion Transfer on Consumers′ Product Value Perception WU Qing-yi, HUANG Fei 2019, 61(6): 18-25.  Abstract ( 142 )   By controlling online word-of-mouth quantity, two experiments were conducted to empirically analyze how the online word-of-mouth quantity, online word-of-mouth value and the emotions conveyed in online word-of-mouth affect consumers′perception of product value.The results show that negative emotions in negative word-of-mouth can be attributed to the irrational behavior of the evaluator, which reduces the usefulness of online word-of-mouth information and promotes consumers′negative perception of products; the positive emotions of positive word-of-mouth are attributed to the product itself, so that the emotions transmitted in the word-of-mouth will not affect the value perception of the product;when the number of online word-of-mouth is large enough, the convergence of multiple online word-of-mouth will increase the usefulness of the information contained in online word-of-mouth, and polarize consumers′value perception of the product. References | Related Articles | Metrics

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Structural Contradictions on Supply Side and Government Governance Reform of Old Industrial Base in Northeast China LU Ying-min1,LIU Jia-li2 2019, 61(6): 26-33.  Abstract ( 168 )   Many problems facing the economic development of Northeast China are not only the outbreak of internal contradictions accumulated for many years, but also the inevitable manifestation of the “three-phase superposition” in the old industrial base of Northeast China under the new normal economic situation: the lack of vitality of the main body of the micro-market, the failure to form a market competition mechanism for the common development of various forms of ownership and the cooperation of large and medium-sized enterprises, and the evolution of the inertia of the sick industrial structure into a market;institutional defects, lack of institutional innovation and anti-industrialization of economic development in individual periods have not yet formed a business environment for the development of new industries and the transformation of new and old power, so it is urgent to bring the modernization of local government governance system and governance capacity into the research field. Starting from the structural reform of the supply side, the adjustment of the industrial structure of Northeast China′s economy should be based on the structural changes of the mode of production and all kinds of industries. The top-level design of the government′s governing ability should be carried out through the innovation of mechanism, institution and system, so as to consolidate the realistic foundation of sustainable and stable development of Northeast China′s economy, and strive to enhance the competitiveness of all kinds of industries to solve the supply problem of the old industrial base in Northeast China. References | Related Articles | Metrics

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Social Trust and Performance of Corporate Losses Reversal〖WT〗 ZHANG Wei-guo,SUI Xin,YU Lian-chao 2019, 61(6): 34-46.  Abstract ( 160 )   As a typical informal system, trust is an important social capital that affects economic and social progress at the macro level. It also has a positive effect on corporate behavior at the micro level, and the trust mechanism has a crucial impact on the process of corporate losses reversal. Based on the empirical data of China′s Shanghai and Shenzhen A-share loss listed companies in 2008-2016, this paper examines the impact of social trust on the performance of corporate losses reversal and its mechanism. The study finds that social trust can significantly improve the performance of corporate losses reversal, that is, the higher the level of regional social trust, the higher the performance of corporate losses reversal. Further research finds that social trust has a heterogeneous effect on the performance of corporate losses reversal, that is, the promotion of social trust to the performance of corporate losses reversal is mainly reflected in non-state-owned corporates, corporates in regions with a high degree of marketization, corporates with large shareholders increasing holdings, and corporates with institutional investors increasing holdings. After investigating the transmission path, it is found that social trust can improve the performance of corporate losses reversal by reducing the degree of information asymmetry. This paper examines the economic consequences of social trust, and its research conclusions have implications for management and policy for corporates and local governments living in the network formed by social trust. References | Related Articles | Metrics

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Night Trading and Overnight Risk of Commodity Futures Markets YANG Zhi-ling,JU Rong-hua 2019, 61(6): 47-52.  Abstract ( 140 )   Overnight risk prevention and monitoring is the focus of attention of investors and regulatory authorities. It is of practical significance to explore effective ways to reduce overnight risk.Based on information and investor behavior, this paper constructs a theoretical model of overnight risk of commodity futures affected by night trading. According to the changes of volume and speculation of various commodities before and after the implementation of night trading and the correlation between different commodities, 10 representative varieties of metal, agricultural products, black series and chemical commodities futures are selected to test the research hypothesis empirically.The results show that night trading can reduce the overnight risk of commodity futures. Moderate speculation in the futures market is the cornerstone of the system, but there is no time effect on the overnight risk of commodity futures. Regulatory measures should be taken to avoid overspeculative futures trading. References | Related Articles | Metrics

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Will the Artificial Intelligence Restrain Employment in Manufacturing?Theoretical CAI Xiao, HUANG Xu-mei 2019, 61(6): 53-62.  Abstract ( 165 )   Abstract：When artificial intelligence(AI) replaces labor in manufacturing industry, it also increases output and changes labor demand structure,and the structure of labor demand will change accordingly. Therefore, there is uncertainty about the role of AI technology in manufacturing employment. This paper constructs a two-part task model to describe how productivity effect and replacement effect of AI influence the employment in manufacturing and investigate the level that two effects are influencing by productivity growth and substitution elasticity of products. By using panel data from 28 provinces in China in 2003-2016, this paper tests the direction and level of AI′s effect on employment, furthermore, calculates the non-linear effects of AI on manufacturing employment on different level of productivity growth. The theoretical model points out that in most cases, AI′s replacement of labor in manufacturing will promote labor force flowing to service;when the breakthrough of AI technology leads to a huge increase in manufacturing productivity, the demand effect of output growth on labor force will be greater than that of technology substitution, and labor force will flow back into manufacturing industry.Empirical results show that the use of AI technology in China has significantly reduced the proportion of labor force in manufacturing industry, but its productivity growth will alleviate this inhibition to a certain extent. The panel threshold regression results show that when the productivity growth rate of AI technology is less than 0.0282, an increase of 1% in AI technology use will reduce the employment rate of manufacturing industry by 0.124%;on the contrary, when the productivity growth rate of AI technology exceeds the threshold, an increase of 1% in AI technology use will increase the employment rate of manufacturing industry by 0.179%. The important enlightenment of the research conclusion is to reveal the mechanism that the extrusion effect of AI technology on manufacturing employment will reverse with the significant breakthrough of AI technology, and promote the return of manufacturing labor force. References | Related Articles | Metrics

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FDI and China′s Industrial Ecological Efficiency:An Empirical Analysis based on Panel Simultaneous Equation Model WU Wen-jie1,2,LIU Xue-meng1,TANG Juan-li2 2019, 61(6): 63-72.  Abstract ( 163 )   From the perspective of quantity and quality of FDI, this paper empirically tests the relationship between FDI and industrial ecological efficiency by using 30 provincial panel data and simultaneous equation models from 2001 to 2016 on the basis of using super-efficiency SBM model to estimate industrial ecological efficiency in China.The results show that: during the sample period, the overall industrial ecological efficiency of China is deteriorating, and the gap between regions is widening gradually, and the spatial distribution pattern of gradient decreasing from east to middle to west is presented. From the direct point of view, the quantity of FDI has no significant impact on China′s industrial ecological efficiency, while the quality of FDI has a positive spillover effect, and the industrial ecological efficiency has a positive effect on the quantity and quality of FDI.From the indirect perspective, the quantity of FDI is positively correlated with the intensity of environmental supervision, which produces positive and negative externalities for domestic industrial structure and economic development. In the game process of positive and negative externalities, the impact on industrial ecological efficiency is not significant. The quality of FDI improves industrial ecological efficiency by improving the level of economic development and weakening the negative effects of environmental supervision. Therefore, it is necessary to strengthen the screening of FDI quality, attract the entry of FDI quality enterprises, and create a good investment environment to form a virtuous circle of mutual promotion between FDI and industrial ecological efficiency. References | Related Articles | Metrics

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Credit Rationing, Financial Development Level and Enterprise Innovation DOU Wei,HAO Xiao-min,FANG Jun 2019, 61(6): 81-93.  Abstract ( 182 )   The increase of credit scale in China does not bring obvious changes in the intensity and efficiency of innovative R&D investment, furthermore, due to the impact of credit rationing, the credit structure does not support the innovative R&D of enterprises. At the same time, the financial development level has not played its due role in alleviating the problem of credit rationing, affecting the rational allocation of credit funds and improving the efficiency of enterprises′ innovative R&D investment. Based on the basis of the data of Chinese A-share companies from 2014 to 2016, the paper analyzes the implication of credit rationing on the input(capital and labor) and output efficiency of enterprise innovation and analyzes the effect of different financial development levels on this implication. The empirical results show that: the increase in the scale of credit rationing, extension of the term structure, as well as the decline in the cost of credit will significantly improve the input scale and output efficiency of enterprise innovation, furthermore, compared with the influence of credit rationing on the capital input of enterprise innovation, the influence of credit rationing on the labor input is more sensitive and significant;compared with the change scale and term structure of credit rationing, the efficiency of enterprise innovation is more sensitive to the change of cost of credit rationing. By further analysis, the paper finds that the financial development level has an impact on the input and output efficiency of enterprise innovation. The important enlightenment of the above research is that financial services support enterprise technological innovation, and financial institutions should pay attention to the impact of credit scale, duration and cost on different elements of enterprise innovation activities, and on enterprise technological innovation activities at different levels of financial development in different regions to make credit support more accurate and effective. The effective realization of the above objectives requires the guidance of mechanism under targeted policies. References | Related Articles | Metrics

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Trade Credit: Substitution Financing, or A Signal of Liquidity Crisis? MA Ya-ming, ZHANG Jie-qiong 2019, 61(6): 103-112.  Abstract ( 86 )   Influenced by the decline of economic growth and structural de-leveraging policy, the pro-cyclical contraction of bank credit leads to the increase of enterprises′ dependence on commercial credit financing.Based on the data of non-financial listed companies from 2006 to 2017, this paper examines the evolution of the relationship between commercial credit and bank credit in different financial constraints under different economic cycles, and examines the actual effect of the increase of commercial credit on the bankruptcy risk of enterprises.The empirical results show that in the downturn period, the constraints of commercial credit financing will be tightened with the tightening of bank credit, the substitution effect of commercial credit on bank credit will decrease in a pro-cyclical manner, and the overall liquidity risk of the market will increase.Non-financing-constrained enterprises will reduce the use of commercial credit in the downturn cycle, while the substitution effect of commercial credit of financing-constrained enterprises is not affected by the economic environment. However, for financing-constrained enterprises, this substitution effect is more “false substitution”, that is, enterprises have not been effectively supplemented by commercial credit, but the passive growth of commercial credit caused by the deterioration of the financial situation of enterprises, which is a signal of rising credit risk. References | Related Articles | Metrics

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Land Finance and Credit Expansion in Rise of House Price: Which One is More Important? WANG Lu-jun1, XIE Shan2, LUO Yong-min1 2019, 61(6): 113-118.  Abstract ( 125 )   The rise of house price in China′s real estate market is closely related to land finance and credit expansion. This paper takes China Residential House Price Index in 100 Cities(HPI-100) as the research object and uses the panel data model from 2010 to 2016 to analyze the impact of land finance, credit expansion and their interaction terms on house price. The study finds that land finance is the root cause of the rise of house price in China,and the expansion of credit scale mainly affects the rise of housing prices through land finance: the faster the expansion of credit scale, the greater the impact of land finance on the rise of housing prices.Among them, the impact of land finance on the rise of housing prices is far greater in the first-and second-tier cities than in the third-and fourth-tier cities. Local governments should take the reform in the financial field as a breakthrough to solve the problem of high housing prices, and reduce the motivation of local governments to obtain land revenue and land financing; at the same time, reduce the multiplier effect of credit funds, and strictly prevent credit funds from flowing into local financing platforms through various forms. References | Related Articles | Metrics

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Confirmation of Rural Land Rights, Spatial Spillover and Agricultural Production Efficiency ZHONG Cheng-lin 2019, 61(6): 119-128.  Abstract ( 142 )   This paper made an empirical study of the influence of confirmation of rural land rights on agricultural product efficiency by utilizing the SBM-Super-DEA method and spatial panel model with relevant dataset from 2003 to 2016 of 30 provinces in China.The research demonstrated that: there is a significant “spatial spillover effect” in the efficiency of agricultural production in China;the certification system of the right to contractual management of rural land triggers a significant “spatial spillover effect” of agricultural production efficiency:after a region is included in the pilot project, the surrounding areas will apply to the central government for pilot policy under the incentive and restriction of regional agricultural product competition, triggering the “space demonstration effect” of land confirmation, which perfectly couples with the “property right mechanism” of land confirmation,and triggers the “spatial spillover effect” of agricultural production efficiency.Therefore, we should take the lead in bringing the potential areas of “space demonstration effect” in the reform of rural land property rights system into the scope of pilot projects, and implement a differentiated pilot level targeting mechanism according to the reform objectives of rural land property rights system reform. References | Related Articles | Metrics

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The Impact of Rural Population Transition on the Convergence of Dual Economic Structure:An Analysis of Binary Economic Convergence Model based on the Quantity and Quality of Labor Supply GAO Xiao-ming1,2,GUO Jian-xiong1 2019, 61(6): 129-138.  Abstract ( 123 )   Based on the panel data of rural provinces from 1995 to 2015 in the mid-stage of industrialization, using statistical descriptions and quantitative analysis methods, this paper studies the impact of rural population transformation on the convergence of dual economic structure, the path of action and its changing trend from the perspective of the structure of agricultural input factors and the transformation of agricultural development mode.It is found that the transition of rural population, characterized by the quantitative preference of high fertility rate to the qualitative preference of high human capital investment rate, has a significant effect on the convergence of dual economic structure.Liu-Fei-La model only points out the necessary conditions for the convergence of dual economic structure. The convergence of dual economic structure in China should be based on the transformation of rural population. While the fertility rate of rural population is declining, the level of human capital should be continuously raised to promote the transformation of the agricultural sector from “Malthusian steady state” to a steady state of sustained growth, thus achieving the unified transformation of dual economic structure. References | Related Articles | Metrics

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Revaluation and Institutional Optimization of Legal Incentive Mechanism for PPP Projects XU Jiu-jiu XU Jiu-jiu 2019, 61(6): 139-152.  Abstract ( 112 )   The essence of the dilemma of PPP projects is a state of unbalanced interests. The unique function of law is to balance different interests of PPP projects. The legal incentive mechanism of public-private partnership should also be based on cost-benefit balance, and introducing the paradigm of law and economics as the model of system optimization and analysis evaluation. The incentive mechanism of law in PPP can be formed as a ternary structure of Incentive Object, Incentive Direction and Incentive Quantitativeness, helping to review and shape the effectiveness of the legal incentive mechanism in public-private partnership. It mainly contains seven parts: optimizing the competitive environment, establishing gradient for market access, improving information disclosure, reasonable profit promise, sharing and exporting risk, financial and taxation support and differentiation of the legal application. References | Related Articles | Metrics