Archive

16 October 2019, Volume 61 Issue 10 Previous Issue    Next Issue

---

For Selected:

Download Citations EndNote Ris BibTeX

Toggle Thumbnails

Select

Research on Green Supply Chain Decision-making Considering Fairness Concerns YANG Hao-xiong, GUAN Xiao-lin 2019, 61(10): 1-10.  Abstract ( 120 )   Manufacturers invest R&D production costs in their leading green supply chain, and retailers also make some sales efforts.Considering delayed payment and risk-free interest rate, this paper analyzes the impact of retailer and manufacturer′s fairness concerns behavior on the pricing strategy, sales input and product green degree decision of green supply chain.The results show that the optimal result of decentralized decision-making is always smaller than that of centralized decision-making, and the larger the risk-free interest rate is, the more obvious the gap between them is;taking the solution of Nash negotiation as a fair reference point, the interaction law between the level of fairness concerns, the green efficiency of products and the rate of return on sales will have different effects on the green degree of products, sales efforts and price decision-making;although the fairness concerns behavior always achieves utility fairness by damaging the other party′s earnings, the overall utility of the supply chain will increase to a certain extent compared with the retailer′s fairness concerns behavior. References | Related Articles | Metrics

Select

Research on the Influence Factors and Mechanism of Takeout Food Safety based on Grounded Theory LIU Yong-sheng, LI Qing 2019, 61(10): 11-18.  Abstract ( 99 )   With the exposure of a series of online takeout food safety incidents, takeout food safety has attracted extensive attention from all walks of life.Based on the grounded theory, this paper encodes three levels of consumer comment data of various online platforms related to takeout, trying to find out all kinds of factors affecting takeout food safety, and uses structural equation model to analyze the mechanism of these factors.Four core categories and eight main model factors are found to solve the impact factors of takeout food management. The core categories of takeout platform, takeout merchants, government supervision and media supervision (both of which are combined into environmental factors) have a positive impact.Environmental factors have a common and prominent influence on other factors, so they are also the leading factors of the core factors of takeout food safety management. References | Related Articles | Metrics

Select

Government Subsidies, Factor Market Distortion and Enterprise Innovation: Based on Two-tier Stochastic Frontier Model CHENG Qiong-wen, LI Bao-sheng 2019, 61(10): 19-30.  Abstract ( 106 )   Factor market distortion weakens and even distorts the incentive effect of government subsidies on enterprise innovation. In order to more accurately reflect the degree and comprehensive effect of these two factors, this paper measures and verifies the impact of government subsidies and factor market distortion on enterprise innovation under the unified framework of two-tier stochastic frontier model by taking A-share listed companies in China′s manufacturing industry in 2009-2016 as research sample.The results show that, on average, the driving effect of government subsidies on enterprise innovation does not fully offset the restraining effect of market distortion on enterprise innovation, and the combined effect of the two results in that the actual innovation of enterprises is 7.91% lower than the effective innovation;through the study of property heterogeneity, regional differences and different life cycle perspectives, it is found that the comprehensive effects of government subsidies and factor market distortion make the actual innovation of enterprises lower than effective innovation, which has not improved significantly with the grouping of enterprise characteristics.Therefore, we should optimize the innovation ecosystem, establish a more perfect government subsidy mechanism, improve the factor market, and give full play to the driving effect of factor market on enterprise innovation. References | Related Articles | Metrics

Select

The Financialization of Real Enterprises and the Innovation Ability of Enterprises NI Zhi-liang, ZHANG Kai-zhi, ZONG Ya-hui 2019, 61(10): 31-42.  Abstract ( 113 )   In recent years, the financialization trend of real enterprises has become increasingly prominent, which has a profound impact on the asset allocation decision-making of enterprises, so that the improvement of innovation ability of enterprises is facing new challenges.Based on the perspective of micro enterprises, this paper constructs the evolutionary game theory model to study the process of enterprise financialization and the mechanism of its impact on the innovation ability of enterprises. Based on the data of China′s non-financial A-share listed companies, it uses the fixed effect model and IV-GMM estimation method to test it.The results show that the higher the degree of finance is, the lower the innovation ability is，the impact is different because of the different financing constraints of enterprises,and for enterprises with severe financing constraints, the inhibition effect of financialization on innovation is more significant; for enterprises with loose financing constraints, the restraining effect of financialization on their innovation is relatively weak.Further study finds that the financialization impact on the business performance of business owners has a negative impact, which is not conducive to their long-term growth. Therefore, we should optimize the innovation incentive policies to guide the innovation behavior of enterprises, improve the financial supervision system to prevent systemic financial risks, and ease the financing constraints of enterprises to avoid excessive financing of enterprises. References | Related Articles | Metrics

Select

A Test of the Implementation Effect of China′s Structural Monetary Policy SUN Shao-yan, LIU Rui-jia 2019, 61(10): 43-54.  Abstract ( 82 )   After China′s economic development has entered the new normal, in order to adapt to the development strategy of supply side reform, the mode and policy of money supply have changed fundamentally: from the basis of hedging foreign exchange to the basis of domestic capital factor, and began to implement structural monetary policy to regulate liquidity.On the basis of sorting out the current implementation framework of China′s monetary policy, this paper discusses the structural regulatory role of monetary policy, uses VAR model to divide the structural monetary policy into quantitative type and interest rate oriented type, and empirically analyzes the effects of the two types of monetary policy on economic growth, interest rate fluctuation, total market value of listed companies and price level.The results show that the effect of interest-rate oriented policy is stronger than quantitative monetary policy, so it is necessary to select multiple policy combinations flexibly according to different backgrounds and policy objectives in order to achieve the best implementation effect. References | Related Articles | Metrics

Select

Joining CPTPP: A Strategic Breakthrough of Sino-U.S. Trade Frictions LIU Jing-qing1,2, XIA Fang-jie3 2019, 61(10): 55-68.  Abstract ( 101 )   With the rise of China, the trade friction between China and the United States will be normalized, or even spirally worsened. It is necessary to find countermeasures for solving the trade friction between China and the United States from a strategic perspective.As the “heritage” of TPP, CPTPP is not only the highest standard free trade agreement in the world, but also the best choice for China to break through the Sino-U.S. trade friction.However, no matter from the academic or practical point of view, the final implementation result of CPTPP is bound to be different from the expectation.And the results of sand table simulation and asymmetric interdependence analysis show that the balance of trade friction between China and the United States will be biased towards China. Therefore, it is not necessary to overstate the role of CPTPP in China. On the contrary, China needs to steadily and orderly promote the strategic planning and specific path selection of joining CPTPP. References | Related Articles | Metrics

Select

An Analysis of the Mechanism of the Impact of Trade Policy Uncertainty on the Upgrading of China′s Foreign Trade Industry：A Test based on the Game of Sino-U.S. Trade Policy HAN Hui-xia1,2,JIN Ze-hu1 2019, 61(10): 69-77.  Abstract ( 89 )   Abstract：Logical analysis shows that the friction between China and the United States in the fields of trade, finance, investment, science and technology is bound to cause the uncertainty of China′s “passive follow-up” trade and other policies, and the cyclical nature of the friction will be normalized and long-term,which will have a significant impact on the transformation and upgrading of China′s foreign trade industry.In this regard, by measuring the trade policy uncertainty index and the foreign trade transformation and upgrading index in 2007-2017 of China and the United States, this paper constructs an inter provincial panel data model to test the mechanism of trade policy uncertainty on China′s foreign trade transformation and upgrading.The results of full sample regression show that the improvement of trade policy uncertainty will inhibit the process of China′s foreign trade transformation and upgrading. The results of regional sample regression show that the impact of trade policy uncertainty on China′s foreign trade transformation and upgrading in different regions is different in degree and time.According to the above conclusions, the government and enterprises should dynamically deal with the relationship between the uncertainty of trade policy and the transformation and upgrading of foreign trade industry, implement the differentiated regional policy system, and fully consider the political and economic factors of trade partner countries, so as to avoid the inhibition of trade policy uncertainty on the upgrading of foreign trade industry. References | Related Articles | Metrics

Select

Geopolitical Risk, Policy Uncertainty and Short-term International Capital Flows LI Qing-zhao, FANG Yi2 2019, 61(10): 78-85.  Abstract ( 79 )   Under the condition of open economy, by constructing a TVP-VAR-SV model based on geopolitical risk, policy uncertainty and short-term international capital flows, the paper analyzes the time-varying influence of geopolitical risk and policy uncertainty on China′s short-term international capital flows after controlling macroeconomic and market factors.The results show that geopolitical risk and policy uncertainty have obvious time-varying negative short-term impact on short-term international capital flows, macroeconomic factors, Sino-U.S. interest margin and RMB appreciation expectation have basic impact on short-term international capital flows, and short-term international capital flows have significant positive self feedback effect.Based on the above conclusions, the geopolitical risk and policy uncertainty risk are included in the framework of macro prudential supervision, which is conducive to the short-term management of short-term international capital flows and prevent large fluctuations in short-term international capital flows. References | Related Articles | Metrics

Select

Research on the Tax Policy to Promote the Development of Digital Economy LIU Yu-jun 2019, 61(10): 86-90.  Abstract ( 70 )   Abstract：Digital economy has become an important driving force of China's economic development. The characteristics of operation, development and operation mode of digital economy do not match with the traditional tax system in the aspects of revenue and cost recognition, profit realization and value-added tax deduction calculation, which fails to effectively reflect the supporting role of tax policy on digital economy. Therefore, it is necessary to adjust the current tax policy according to the particularity of digital economy. References | Related Articles | Metrics

Select

The Inhibition Effect of Performance Expectation Gap on Executive′s Excess Pay: A Test based on Different Expected Reference Standards SHAO Jian-bing, CAO Zhan-fei 2019, 61(10): 91-102.  Abstract ( 92 )   Abstract：Based on the data of 2009-2017, this paper explores the impact of performance expectation gap on executive excess pay. Among them, industry and history under the two reference standards of expectation gap on the intensity of excess compensation is different, the former is stronger than the latter;under the industry reference standard, the inhibition effect of industry expectation gap on executive excess pay does not change because of executive power,and under the historical reference standard, the inhibition effect on executive excess pay is no longer significant when executive power is strong. The above results are still valid after considering the persistence and scope of expectation gap. Because the industry expectation gap under the industry reference standard has a stronger inhibition on the excess compensation of senior executives, and the influence of senior executives power is not obvious, the priority of industry performance expectation in the formulation of senior executives′ compensation can better meet the requirements of stakeholders. References | Related Articles | Metrics

Select

Customer Concentration, Internal Control and Corporate Debt Conservatism: An Analysis from the Perspective of Implicit Contract ZHANG Liang-liang,HUANG Guo-liang 2019, 61(10): 103-112.  Abstract ( 63 )   Corporate debt conservatism is one of the frontier issues in capital structure theory. Based on the theory of implicit contract, this paper analyzes the influence mechanism of customer concentration on the debt conservative behavior of Chinese A-share listed companies in 2007-2015, and explores the alternative role of internal control in the implementation of implicit contract in debt conservative policy.The empirical results show that the higher the customer concentration is, the more likely the enterprise is to adopt conservative debt policy, and the positive correlation between customer concentration and corporate debt conservatism is more significant in durable goods manufacturing enterprises, which shows that the enterprise can transfer its future performance ability to customers by choosing conservative debt policy;with the improvement of the quality of internal control, the positive correlation between customer concentration and debt conservatism becomes weak, which indicates that internal control and debt conservatism have a certain alternative role in the implementation of implicit contracts. The above conclusions enrich the explanation of the conservative causes of corporate debt, and have a certain reference significance for enterprises to deal with the relationship with customers and other supply chain stakeholders. References | Related Articles | Metrics

Select

On the Principle of Competition Neutrality from the Perspective of Legal Business Environment YAN Hai,WANG Yang 2019, 61(10): 128-135.  Abstract ( 92 )   the principle of competition neutrality requires the government to hold an impartial and neutral attitude towards state-owned enterprises and private enterprises in the competitive market, and state-owned enterprises do not gain improper competitive advantages due to their special relationship with the government.The principle of competition neutrality has formed a more consistent and specific requirement through the legal evolution of domestic law, regional law, multilateral international agreements and international soft law.China′s Free Trade Zone legislation and competition policy legislation initially establish the principle of competition neutrality, and have the feasibility foundation of the principle of competition neutrality.In order to further practice the principle of competition neutrality, we should make clear its scope of application, improve the governance mechanism of state-owned enterprises, restrict the government′s behavior of influencing competition, and establish the relevant implementation and dispute resolution mechanism, so as to make it an important part of the construction of legal business environment. References | Related Articles | Metrics

Select

On the Construction of the Market of Default Credit Bond Trading RUAN Hao 2019, 61(10): 136-143.  Abstract ( 69 )   The restriction of default credit bond trading makes investors lack of market-oriented exit means and easy to accumulate market risk.China has the basic conditions to form the default credit bond market. Compared with the “fallen angel” yield curve of American high-yield bond of similar nature, China′s default credit bond has investment value. The default credit bond market is of great significance for resolving the default risk of bond market, building multi-level bond market and bond market internationalization.The construction of the market needs to follow the concept of legalization, marketization, safety and benefit balance. We should build a unified cross market default credit bond trading market, and formulate targeted trading mode, access threshold for qualified investors, information disclosure system and corresponding supporting systems based on the characteristics of default credit bond. References | Related Articles | Metrics