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22 August 2019, Volume 61 Issue 8 Previous Issue    Next Issue

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Marx′s Commercial Capital Theory and Its Enlightenment to China′s Retail Operation：Theoretical Analysis of the Choice of Self-operation and Associated Operation Modes of Retail Commerce FENG Juan 2019, 61(8): 1-8.  Abstract ( 88 )   Retail is the last link from production or circulation to consumption, and it is the most representative form of trade for the ultimate goal of commodity operation. According to Marx′s theory of commercial capital, associated operation is just the extension of industrial capital in the commercial field, and self-operation is the essence of commercial capital. Abandoning self-operation for associated operation will make the merchant′s skill of specializing in commodities as a merchant degenerate. This makes the independence, prepayment, circulation and value-added of commercial capital disappear, and retail commerce will also lose its meaning of existence. Retail operation should return to the essential characteristics of commercial capital, the general function of commodity exchange media and the professional functions of merchant. It is not only an effective way to promote the efficient development and competitiveness of retail industry, but also an inevitable choice to promote consumption upgrading and build a powerful trading country. References | Related Articles | Metrics

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Financial Subsidies and Financing Constraints of Small and Medium-sized Enterprises: Research on Heterogeneity Effect Results and Mechanisms WU Li-yun 2019, 61(8): 14-24.  Abstract ( 99 )   Due to the inevitability of market failure, government subsidies have become an important means to ease financing constraints and improve financing efficiency of small and medium-sized enterprises(SMEs) in recent years, but there is still a lack of in-depth discussion on its mechanism. In this paper, 4543 listed companies in China′s SMEs and GEM from 2007 to 2016 are selected as samples to empirically test the impact of government subsidies on SME financing constraints and the mechanism. Heterogeneity analysis is carried out from the dimensions of enterprise life cycle, ownership type and operation status.The results show that: government subsidies such as fiscal subsidies and tax incentives are conducive to alleviating the financing constraints of SMEs; there are significant differences in the effects of fiscal subsidies and tax incentives; SMEs with growth stage, low degree of nationalization and poor performance are facing more significant financing pressure, and the effect of government subsidies is the most significant; government subsidies have a certain signaling effect, which is conducive to eliminating the information asymmetry between the supply and demand sides of funds and improving the external financing capacity of small and medium-sized enterprises. Based on this, this paper puts forward policy enlightenment to ease the financing constraints of SMEs from the aspects of increasing government subsidies, implementing policies for enterprises and further exerting signaling mechanism. References | Related Articles | Metrics

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Consumption Degrading or Stratification? Research on Dynamic Characteristics of Chinese Household Consumption Trends SUN Xing-jie1,LU Chen1,ZHANG Xuan2 2019, 61(8): 25-35.  Abstract ( 114 )   With the arrival of the new economic normal, whether China is in the process of consumption upgrading or degrading has caused concern and controversy. Based on the LC-PIH model and viscous consumption growth theory, this paper explores the theory and mechanism of consumption stratification, and combines the provincial panel data of 2002-2017 to analyze the dynamic characteristics and influence mechanism of consumption trends of Chinese residents from three dimensions: urban and rural, regional and income levels.The results show that the consumer market in China shows the characteristics of consumption stratification, and in the short term, the change of consumption of residents is mainly the difference of the speed of consumption upgrading among different groups, not the obvious difference of “upgrading” and “degrading”;at the same time, housing prices, income and consumption habits have heterogeneous effects on different groups′ consumption behavior,and the fluctuation of housing prices has urban-rural differences, regional differences and threshold effects on residents′ consumption behavior; urban and rural residents show strong income sensitivity; urban residents show stronger stickiness in making consumption decisions. References | Related Articles | Metrics

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Research on Technology Transfer Efficiency in R&D Outsourcing： Incomplete Contract Perspective YI Hai-feng1,2 2019, 61(8): 36-45.  Abstract ( 73 )   R&D innovation has become an important source of core competitiveness of enterprises, but why R&D outsourcing is not as common as manufacturing outsourcing?From the perspective of incomplete contract theory, the strong incompleteness of R&D outsourcing contract is one of the main reasons for the development constraints of R&D outsourcing, and the efficiency of technology transfer after the event is an important aspect affecting the efficiency of R&D outsourcing contract.Therefore, how to avoid the parties ripping off each other after the event is the key to improve the efficiency of technology transfer after the event. The mechanism and influence of bamboo poaching are analyzed by establishing a mathematical model of technology transfer after the event. It is considered that the technology licensing fee and the way of property rights allocation determined beforehand in R&D outsourcing contract are the key factors to determine whether the bamboo poaching occurs after the event and the size of the impact after the event.Among them, the setting of technology licensing fee has two modes: fixed price and flexible price, namely rigid contract and flexible contract. Through analysis, signing flexible contract beforehand can relatively improve the efficiency of technology transfer afterwards; in the property right arrangement, the intellectual property right of the principal owning innovative technology can reduce the opportunism afterwards. The probability of being. References | Related Articles | Metrics

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Urbanization and Spatial Distribution of Service Industry：Empirical Research based on Chinese Provincial Panel Data WANG Jiang-bo1,2 2019, 61(8): 46-54.  Abstract ( 70 )   Based on the theory of urbanization and industrial economic theory, this paper studies the relationship between urbanization and spatial distribution of service industry by using Chinese provincial panel data from 2008 to 2017. The results show that the urbanization and the spatial distribution of producer services has a U-shaped relationship,whose inflection point of urbanization is 68.4%; urbanization and consumer services spatial distribution presents linear positive correlation, and public services presents an inverted U-shaped relationship, whose turning point in the urbanization rate is 48%, and producer services agglomeration level are significantly higher than that of consumer services with the process of the urbanization. Overall, the urbanization and spatial distribution of service industry has certain linear positive correlation, and service industry has a certain trend of agglomeration, which confirm the service industry structure to give priority to the modern service industry structure evolution law of producer services. Combining with the spatial distribution of service industry trend, we need to reasonably guide the orderly agglomeration and decentralization of various service industries in space on the basis of urbanization. References | Related Articles | Metrics

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Location Choice of China′s OFDI in Countries along “the Belt and Road”：Empirical Research based on the Perspective of Institutional Quality LI Jian-jun1,2,HU Zong-yi3,DENG Yu-jia4 2019, 61(8): 55-62.  Abstract ( 133 )   Location selection is the most important factor in OFDI strategic decision-making, which determines the risk and success of an investment to a certain extent.This paper constructs a theoretical model to examine the influence of host country system quality factors on the OFDI location choice of a country,and uses panel data model to empirically analyze the influence of host country system quality, system quality sub index, and the distance between home country and host country system on China′s OFDI location choice by taking the countries along the belt and road as research samples.The results show that, compared with the quality of the host country system, the distance between China and the countries along “the Belt and Road” has a greater impact on the location choice of OFDI in China;although the influence of different dimensions of institutional quality on China′s OFDI location choice is different, China has low preference for political system quality and low legal system quality preference for OFDI along “the Belt and Road”, while the preference for high economic system quality is not significant;compared with the quality of the countries along “the Belt and Road”, the distance between China and the countries along the “the Belt and Road” system has a greater influence on China′s OFDI location preference.Therefore, China should make full use of the strategic opportunity of building “the Belt and Road” to carry out broader industrial cooperation with the countries along “the Belt and Road”, and further promote the development of “ South-South” investment, actively build “South-South” Cooperation Organization and promote the formation of the “South-South” cooperation mechanism. References | Related Articles | Metrics

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The Formation Mechanism of Gambling Behavior Return of Stock Market Investors： Error Pricing Analysis based on Emotion CUI Hui-ying 2019, 61(8): 63-72.  Abstract ( 80 )   The stock market has always been a key area to prevent systemic financial risks in China, and the gambling behavior of investors is an important factor leading to and exacerbating China′s stock market volatility and asset price bubbles. Based on the wrong pricing perspective of investor sentiment, this paper analyses the causes of investors′gambling behavior and negative abnormal returns, namely “gambling returns”, from both theoretical and empirical perspectives, providing a behavioral financial explanation. The research finds that the gambling return is due to the overvaluation of stock price caused by investors′behavior deviation; after the high emotional period, the degree of stock mispricing is more obvious, and the gambling return is more obvious after the high emotional period; the change of investors′ irrational degree will also affect the degree of mispricing of gambling stock, then affecting gambling income. References | Related Articles | Metrics

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Can Internet Finance and Commercial Banks be Mutually Beneficial? From the Perspective of Interest Rate Linkage and Systematic Risk LI Qing-hua1,LI Feng-bo1, XU Shu-hua2 2019, 61(8): 73-80.  Abstract ( 84 )   Yu′ebao is the largest currency market fund in China. This paper constructs DCC-MVGARCH model and SVAR model from the two perspectives of the relationship between Yu′ebao′s yield and commercial banks′ interest rate and the systematic risk of commercial banks to discuss the impact of Internet finance on commercial banks. The research results show that there is a positive linkage relationship between Yu′ebao′s yield and commercial banks′ interest rate；in the long term, the development of Yu′ebao′s impact on the systemic risk of commercial banks tends to be balanced, but in the short term, the development of Yu′ebao is still increasing the systemic risk of commercial banks. Therefore, we should standardize the development of Internet finance, strengthen supervision, and make the mutual benefit of Internet finance and commercial banks while reducing the systemic risks of banks. References | Related Articles | Metrics

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Cross-border Capital Flow Effect of Financial Development and Capital Account Opening: Nonlinear Empirical Test based on PSTR Model CHEN Ruo-yu1,2,HUO Wei-dong3,YANG Bi-qin4 2019, 61(8): 81-89.  Abstract ( 68 )   Since the 1990s, financial markets have gradually opened up. Capital account liberalization not only brings foreign liquidity to emerging markets, but also exacerbates the fluctuation of asset prices and exchange rates in emerging markets. Based on the framework of non-linear analysis, this paper explores the cross-border capital flow effects of capital account opening in 52 countries and regions around the world, and examines the gradual evolution of the relationship between them in light of the level of financial development, and compares the differences between the cross-border capital flow effects of capital account opening in emerging markets and developed economies. It is found that capital account openness has a positive effect on foreign direct investment and foreign securities investment, and this effect will increase with the level of financial development, showing a non-linear feature;when financial development is at a low level, capital account openness will reduce the scale of foreign direct investment and domestic securities investment;when the level of financial development is high, capital account liberalization will promote the scale of foreign direct investment and domestic securities investment;compared with developed economies, the non-linear relationship between cross-border capital flow and capital account liberalization in emerging markets is faster, that is, capital account liberalization is affected by the change of financial development level,the dynamic effect of cross-border capital flow on emerging market countries is more significant. References | Related Articles | Metrics

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The Impact of Social Capital of CPA Firm Issuance Examination Committee on the Decision-making of Public Refinancing Audit:An Analysis based on Open Refinancing Data in China′s Capital Market from 2003 to 2013 LIU Feng-jun,GUO Li-hong 2019, 61(8): 90-99.  Abstract ( 87 )   Is the social capital of the Issuance Examination Committee merely the right rent-seeking channel in the IPO market?Taking the application for share allotment and public additional issue of listed companies from December 1, 2003 to December 31, 2013 as research object,this paper examines the impact of social capital of the Issuance Examination Committee of CPA firm on the decision-making of refinancing audit.The research finds that the current and successive social capital owned by the CPA firms that applied for or had been hired by enterprises has significantly improved the pass rate of auditing;non-state-owned enterprises prefer to use more direct, relatively obvious effects from the incumbent members′ rights and powers, while state-owned enterprises prefer to use more covert and stable tacit knowledge acquired during their tenure.This means that the impact of social capital of the Issuance Examination Committee on the decision-making of the Issuance Examination Committee is not limited to the IPO market, but also includes the use of tacit knowledge in addition to the direct right to rent-seeking. Therefore, we should strengthen the supervision of the open refinancing market and crack down on rent-seeking through social capital of the Issuance Examination Committee. References | Related Articles | Metrics

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Research on Scenario Evolution and System Simulation of Corporate Cultural Integration in Cross-border Mergers and Acquisitions YU Hai-ying, DONG Pei-wu 2019, 61(8): 100-109.  Abstract ( 69 )   Cross-border M&A of Chinese enterprises is mostly in a “cultural adversity” situation.Based on the analysis of cultural barriers faced by Chinese enterprises after transnational mergers and acquisitions, this paper uses the system dynamics method to construct the SD model of cultural integration process, explores four scenarios of corporate cultural integration according to the cost and benefit of cultural integration,and uses Vensim Dss simulation software to analyze the influence of self-realization, work value, communication, recognition and trust, salary incentive and equity incentive on cultural integration.The results show that spiritual incentive, emotional incentive and material incentive can effectively promote the cultural integration of both sides of M&A enterprises, and there are complementary effects among them. Therefore, the research results not only help to improve and develop the theoretical system of merger and acquisition integration, but also provide a reference for the design and implementation of cross-border merger and acquisition cultural integration of Chinese enterprises. References | Related Articles | Metrics

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The Crowding Out Effect of Policy Agricultural Insurance on Agricultural Output Scale in China：An Analysis based on DID Model of Intervention-Control Framework ZHANG Zhuo1, LI Bing-kun2, YIN Hang3 2019, 61(8): 110-117.  Abstract ( 72 )   Based on the micro-data of RCRE, this paper analyzes the influence of farmer′s insured decision and government farmer′s subsidy intensity on the scale of agricultural output. The results show that the incentive intensity of agricultural insurance under the government subsidy mode is obviously insufficient, and it has a negative impact on the scale of agricultural output;moreover, there are typical differences in the impact of agricultural insurance on agricultural output according to the structure of agricultural planting, which is mainly manifested in the crowding-out effect on grain output.The reason is that farmers′ family welfare has been centralized into migrant workers, and the focus of farmers′ production has been shifted from grain planting to non-grain industry. All these make the implementation of agricultural insurance policy seriously deviate from the expected goal of the policy.Therefore, it is necessary to further improve the price formation mechanism of agricultural products, especially grain products, to correct the distortion of pricing of urban and rural products, and to increase farmers′ agricultural operating income; at the same time, to accelerate the exploration of the government-insurance company agricultural insurance cooperation model to enhance the level of agricultural insurance compensation, strengthen the income compensation ability of agricultural insurance, and guarantee the realization of the expected system objectives of agricultural insurance. References | Related Articles | Metrics

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Internal Supervision and Collusion Proof in China′s Grain Procurement Policy: Two-layer Principle-agent Analysis from the Perspective of Government Regulation PU Ming-zhe1, ZHENG Feng-tian2, DING Dong3 2019, 61(8): 118-125.  Abstract ( 75 )   The frequent loopholes in the regulation of collection and storage in procurement affect the regulation effect of grain market and national food security,so doing a good job of the internal supervision of the collection and storage of procurement is related to the vital interests of grain farmers, the effect of national grain macro-control and national food security.The vertical management system of China′s grain procurement policy actually constitutes two levels of principal-agent structure.By building a three-tier management model consisting of “Government-China Grain Reserve-Agent companies”,the optimal regulation rules and collusion-proof contract are deduced. The theoretical analysis shows that information rent becomes the basis of rent-seeking from grain storage on behalf of warehouse under the condition of limited government supervision ability.In order to prevent collusion and guide enterprises to regulate storage, the government needs to compensate for the loss of utility caused by the non-collusion, or the amount of government fines must be higher than its fair income. The practical constraints such as cost balance of grain storage, conflict of storage objectives and reverse incentives will lead to the weakening of the effectiveness of government supervision. References | Related Articles | Metrics

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The Generation and Evolution of P2P Lending Market Access Mode： A Study of the Transformation from Filing System to List System TANG Shi-ya 2019, 61(8): 126-134.  Abstract ( 74 )   The legal nature of the registration system of P2P online loans implemented by local financial supervision departments in China is actually a form of administrative licensing, that is, the registration of administrative licensing online loans market access.This variation originates from the tendency of local financial regulatory authorities to circumvent the strict restrictions on the right to set licensing items in the Administrative Licensing Law and to legalize the interests of local financial regulatory authorities.The alienated market access mode of P2P Internet lending reflects the fierce conflict between the expanding power of Internet financial supervision and the concept of a country governed by law, which raises the cost of information acquisition and has a substantial impact on the sustainable development of Internet finance.In order to release the vitality of Internet financial market and improve the transparency of supervision, the market access mode of P2P Internet lending should turn to the list system of market access oriented by information function, construct the negative list of market access and the list of supervisory powers, so as to enhance the transparency of market opening, improve information performance, simplify investment procedures and clarify finance supervise power boundary,realizing the legalization of market access for P2P online credit. References | Related Articles | Metrics

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Relief Path and Effect of “Shareholder Oppression”: Empirical Study and Extraterritorial Mirror WU Sheng-nan 2019, 61(8): 135-142.  Abstract ( 81 )   Our company law provides two kinds of remedies for the oppressed shareholders, but both of them have some defects. Empirical research finds that in the aspect of principled provisions, “abuse of shareholder′s rights” in Article 20, paragraph 1 and paragraph 2 of the Company Law lacks explanation, which is vague in judicial practice. Some shareholders whose interests have been damaged can not get adequate relief according to this article, and the court′s understanding of the relief method stipulated in paragraph 2 is also inconsistent. At the level of specific provisions, the application of Article 22 of the Company Law in judicial practice lacks flexibility, and is not linked with Article 20, paragraph 1 and paragraph 2 of the Company Law.The application of Article 74 of the Company Law is limited, which can not effectively protect the interests of the depressed shareholders.From the perspective of providing systematic protection for the oppressed shareholders, there is also a lack of interaction and coordination between the above-mentioned laws.Combining with the legislative reality and judicial practice of our country, on the basis of drawing lessons from the relevant rules of Anglo-American Law, the perfection of the remedy path of oppressed shareholders in our Company Law should be based on the addition of judicial interpretation of “abuse of shareholders′rights”, incorporating the connotation of shareholders′ oppression into the item of “abuse of shareholders′rights”, and coordinating the second part of the Company Law. The provisions between article 2, article 74 and article 20, paragraphs 1 and 2, shall be taken into account. References | Related Articles | Metrics

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Research on “Government-Enterprise Co-responsibility” in Environmental Governance HUANG Xi-Sheng, HE Jiang 2019, 61(8): 143-152.  Abstract ( 89 )   The imbalance between the system demand and supply of China′s current environmental responsibility has forced an institutional arrangement of “government-enterprise co-responsibility” with Chinese characteristics. “Government-enterprise co-responsibility” in environmental governance can be subdivided into three models, namely, “government-enterprise co-responsibility” under the main responsibility of the government,“government-enterprise co-responsibility” under the main responsibility of the enterprise, and “government-enterprise co-responsibility” under the same responsibility between government and enterprises. The theoretical basis for the construction of the system of “government-enterprise co-responsibility” is that there exists vertical synergy in the stage of environmental danger and risk and horizontal synergy in the stage of residual risk. “Government-enterprise co-responsibility” is essentially a “common but differentiated responsibility”, so it does not break through the basic principle of “self-responsibility”. In order to eliminate the gap of environmental responsibility between the enterprise and the government, we should take the “general behavior controls” as the guiding ideology and the “comprehensive governance” as the basic principle, and supplemented with distribution coordination, investigated coordination, autonomous coordination and socialization of responsibility coordination mechanism on environmental responsibility to improve the institutional arrangements of “government-enterprise co-responsibility”. References | Related Articles | Metrics