Commercial Research

Discussion on the Connotation and Principles of Modern State-owned Enterprise System with Chinese Characteristics

HUANG Hua1,2

2020, 62(1): 1-7.

Abstract ( 523 )

The modern state-owned enterprise system with Chinese characteristics put forward by general secretary Xi Jinping has profound connotation, which can be grasped in depth from the evolution of ontological meaning, contextual meaning and essential meaning about Chinese characteristics, modern enterprises, and the present state-owned enterprise system.The modern state-owned enterprise system with Chinese characteristics is a collection of systems formed by embedding the leadership of the Communist Party of China and the long-term accumulated democratic management of employees and other excellent cultures into the enterprise, on the basis of drawing lessons from the general system of the modern enterprise system and fully considering the actual situation of the state-owned enterprise in China.The system construction of modern state-owned enterprises with Chinese characteristics needs to follow the principles of the party′s leadership, economic efficiency, democratic management and shared development.A correct understanding of the connotation of modern state-owned enterprises with Chinese characteristics and the principles of the system construction of modern state-owned enterprises with Chinese characteristics will help to promote the efficiency and competitiveness of the system of Chinese state-owned enterprises.

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Promoting or Resisting the Merchant? A Historical Analysis of Mercantilism′s Commercial Theory under the Background of New- Mercantilism

JIANG Da-yang

2020, 62(1): 8-16.

Abstract ( 132 )

In the framework of the traditional history of economic thought, the mercantilism was regarded as a theory of emphasizing the commodity economy. Since Trump became president of the United States,he came up to the mercantilism in the choosing of the policy: protecting the trade and the employment to achieve the reindustrialization, and get the revival of the new-mercantilism all around the world.Through the retrospection and analysis of mercantilism economic thought, this paper finds that, as a national country′s economic development theory, mercantilism emphasizes administrative intervention and government monopoly in policy, and controls commodity trade in commercial history, but its policy effect is prior to the development of manufacturing industry;it not only did not bring the commercial economy into the core power of the national economic development, but also restrained the development of commercial trade for a long time, which was not worthy of the name of mercantilism. Mercantilism, as an important economic theory in the early stage of capitalist economic growth, is more manifested in the pursuit of national economic growth and fiscal revenue growth, and its value is not simply closed protectionism.In today′s system of economic globalization and division of labor, the so-called new mercantilism is more manifested as trade unilateralism and hegemonism in the name of trade protection, which is quite different from the policy objectives of supporting the growth of national infant industries and building national industrial system in the era of mercantilism.

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An Analysis of the Function of Offline Elements of Fresh O2O and Its Operation Rules ZHANG Yun-tang

ZHANG Yun-tang

2020, 62(1): 17-25.

Abstract ( 149 )

The rise of fresh O2O model has promoted the innovation of agricultural product sales model in the Internet era, and has positive significance for solving the “three rural” problems and promoting the upgrading and transformation of rural commercial economy in China.This paper makes an empirical analysis of the relationship among the quality expectation, distribution efficiency expectation, O2O model acceptance and repeated purchase intention, and extracts the key management strategies of fresh O2O.The research shows that the quality expectation is the primary influencing factor of consumers′ acceptance of O2O model, while the distribution efficiency expectation is the primary influencing factor of consumers′ acceptance of O2O price, and the quality of fresh products has an important influence on the price acceptance;from the above relationship, we can see that the recognition of product quality to the model itself is the most important, and only the best fresh products can be used for the Internet only in this way can online shoppers recognize the price higher than the physical store price and O2O mode;only by using the price higher than that of the physical stores to buy the best fresh products in the physical stores, can online shoppers really feel the value for money, so that O2O mode can survive and develop and gradually prosper. The law of “selecting the best among the best” in online marketing can build a comparative advantage for the development of fresh O2O mode.

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Research on the Impact and Mechanism of Social Norms on Green Consumption

GE Wan-da1,SHENG Guang-hua2

2020, 62(1): 26-34.

Abstract ( 154 )

Green consumption is the consumption behavior advocated by the construction of ecological civilization in China. This paper divides social norms into descriptive norms, dynamic descriptive norms and imperative norms, and discusses the influence and mechanism of social norms on green consumption.Through two experiments, it is found that descriptive norms, dynamic descriptive norms and imperative norms have significant promoting effects on green consumption, but there is no significant difference between them;descriptive norms and dynamic descriptive norms can activate consumers′ personal norms, which play a part of intermediary role in the process of influencing green consumption;imperative norms will lead to consumers′ consequence cognition, and then activate individual norms,and onsequence cognition and individual norms play a completely intermediary role in the process of imperative norms affecting green consumption.Therefore, we can give full play to the role of descriptive norms and dynamic descriptive norms in guiding and demonstrating green consumption,and give full play to the supervision function of mandatory norms on green consumption,in order to activate the personal standard level of green consumption and promote green consumption more effectively.

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The Heterogeneity of Social Capital and the Difference of Rural Poverty Reduction： An Analysis based on the Dual Perspective of Income Growth and Gap Reduction

SUN Bo-chi, CAO Jing-lin

2020, 62(1): 35-44.

Abstract ( 86 )

China′s rural areas are a typical “relational society”, and social capital has strong interference in information sharing and resource allocation.Based on the 2016 rural sample data of China′s household tracking survey, this paper uses quantile regression method to examine the impact of social capital on poverty reduction of rural poor households in China from the perspective of income growth and income gap reduction.The results show that: from 2010 to 2016, the incidence of poverty in China′s rural areas is declining year by year, which is mainly due to income growth, rather than narrowing the income gap.Social capital embodied in social network, social participation and social trust can significantly improve the income level of farmers and effectively play a role in poverty reduction. From the perspective of narrowing the income gap, social networks play a more significant role in rural poverty reduction than social participation and social trust. Paying attention to the construction of the social capital of the rural poor, especially improving the quality of the social network of the poor farmers, is of great policy significance for rural poverty reduction.

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The Nonlinear Effect of Local Government Debt on the Efficiency of Industrial Capital Allocation:A Test of Regression PSTR Model based on Dynamic Panel Smooth Transformation

WEI Wei1, XIA Lian-hu2

2020, 62(1): 53-65.

Abstract ( 115 )

Under the new normal of economy, it is necessary to improve the efficiency of the allocation of industrial capital and other factors to realize the transformation of economy to high-quality growth.Under the government led and investment driven industrial development mode, combined with the threshold variables of local debt pressure and financial development difference, the paper uses the dynamic panel smooth transformation regression model to test the gradual evolution relationship between local debt scale and industrial capital allocation efficiency in a non-linear framework.It is found that the appropriate scale of local debt can improve the efficiency of capital allocation, but with the increase of debt pressure, the positive effect of debt on capital allocation gradually weakens and produces negative effect.The reason is that moderate debt can make up for the short board of industrial infrastructure, reduce the cost of land, produce leverage effect on industrial development, and thus improve the efficiency of capital allocation; however, excessive debt can promote financial risk, occupy credit resources and strengthen corporate financing constraints, resulting in low efficiency of capital allocation.In addition, the study found that the scale of local credit can ease the financing constraints of borrowing and promote the capital flow among industrial industries; and the deepening degree of industrial finance can enhance the role of market competition mechanism in factor allocation, alleviate the investment mismatch caused by borrowing, so as to enhance the efficiency of capital allocation. The above analysis results show that local governments should be more rational, moderate and standardized in borrowing.

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The Influence of Russian National Economic Security on Sino-Russia Economic and Trade Cooperation

LIU Wei1,2,GAO Zhi-gang2

2020, 62(1): 66-73.

Abstract ( 109 )

Since the 20th century, Russia has experienced the impact of external factors such as the Ukrainian crisis, western economic sanctions and the fall of international oil prices, and its economic security has been seriously threatened.In this context, Russia′s political and economic strategy is bound to affect the economic and trade cooperation between China and Russia, and then affect the construction of the Silk Road Economic Belt.Based on the econometric model, this paper analyzes the influence process and related factors of Russian national economic security on Sino-Russia economic and trade cooperation from the aspects of trade cooperation and foreign direct investment cooperation.The research shows that Russia′s national economic security crisis has promoted China′s position in Russia′s trade partner countries, and promoted Russia′s strong willingness to cooperate with China in production capacity,as well as direct investment and production capacity cooperation have gradually become a strong driving force for the in-depth development of Sino-Russia economic and trade cooperation;Russia′s national economic security crisis has a significant negative impact on Sino-Russia trade, and China-Russia political relations have a significant positive impact on trade cooperation.This is an opportunity period to increase China′s investment in Russia and increase the proportion of high-tech products imported into Russia. It is also an important opportunity period to promote the Silk Road Economic Belt. Russia, with its strong economic rise and the overall collapse of its economic system, has an important impact on the promotion of the Silk Road Economic Belt. In the process of its strategic partnership of cooperation, it is crucial for China to properly balance the interests of major countries.

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An Analysis of RMB′s Influence in the “Belt and Road” Currency Circle: Information Spillover Effect and Its Channel of Action

ZHANG Ying-ying

2020, 62(1): 74-84.

Abstract ( 84 )

The paper uses spillover index method to quantitatively measure exchange rate spillover effect and its dynamic evolution between the RMB and the main currencies along the “Belt and Road”,and uses the method of systematic GMM to explore the channels of the net spillover effect of the RMB exchange rate.The study found that: in recent years, exchange rate spillover effect between RMB and the main currencies along the “Belt and Road” has increased in the fluctuation. With the in-depth implementation of the “Belt and Road” initiative, the net spillover effect of the RMB exchange rate has gradually increased, and its influence in the region has gradually increased.In the “Belt and Road” area, the RMB has strong influence in Asia and Africa, and the net spillover effect on the United Arab Emirates d′am and Angola Kwanza has exceeded the major international currencies such as the euro, the pound and the yen.In terms of the channel of the net spillover effect, the “Belt and Road” countries benefit from China′s trade value added ratio, while the RMB exchange rate market reform, the third party market trade competition, the global commodity price index and the global risk index are not good for them.Therefore, China should strengthen the leading capacity and commodity competitiveness of China′s “Belt and Road” regional value chain, accelerate the construction of offshore RMB financial market in the “Belt and Road” area, and strengthen the regional risk management of RMB exchange rate.

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The Impact of Counter Cyclical Capital Account Regulation on Macroeconomic Stability and Social Welfare Improvement

LIU Zhen1,SHI Dai-min1,MU Wen-bo2

2020, 62(1): 85-94.

Abstract ( 104 )

There is a debate on whether capital control can effectively resist external shocks and achieve macroeconomic stability.In this paper, the DSGE model of open economy is constructed to study the role of capital control tools such as investment restriction and counter cyclical financial transaction tax in achieving macroeconomic stability and improving social welfare.By comparing the volatility and impulse response function of the main macroeconomic variables under different policy arrangements, it can be found that the use of counter cyclical financial transaction tax as a capital control tool has a comparative advantage in resisting external shocks and maintaining macroeconomic stability.Capital control with investment restrictions promotes the independence of monetary policy, which can focus on the management of domestic economic growth and inflation. Through the welfare analysis under different policy arrangements, it can be seen that increasing the restrictions on investment in foreign assets has a negative effect on the promotion of social welfare, while increasing the capital control of counter cyclical financial transaction tax can reduce the distortion of resource allocation caused by investment restrictions, so as to relax the restrictions on investment in foreign assets and fundamentally improve social welfare.Therefore, in the choice of capital control instruments, the adoption of counter cyclical financial transaction tax may be better than the adoption of investment restrictions. With the maturity of the basic conditions of capital account opening, replacing investment restrictions with financial transaction tax is more in line with the demand of floating exchange rate system and free exchange capital account.

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Interbank Business Development, Monetary Policy Transmission and Bank Risk-taking

LI Ting -ting1,2

2020, 62(1): 95-102.

Abstract ( 102 )

The interbank business of commercial banks has gradually evolved from traditional credit lending to credit like business. Some banks carry out regulatory arbitrage and risk assets listing through interbank business. The rapid development of interbank business interferes with the original monetary policy transmission system, and even changes the risk-taking channels of commercial banks.Using the data of 25 A-share listed banks from 2008 to 2018, this paper analyzes the impact of interbank business development on bank risk-taking in both theoretical and empirical aspects.Theoretically, interbank business can improve the level of risk-taking of banks and strengthen the channels of risk-taking of monetary policy, and the above-mentioned effects are accompanied with heterogeneity for different banks.The empirical results verify the hypothesis of theoretical deduction: the development of interbank business is positively related to the level of risk-taking of banks, and has a strengthening effect on the channel of risk-taking of monetary policy banks; interbank business has a limited impact on the level of risk-taking of large banks, but has a strong positive correlation on the level of risk-taking of joint-stock banks and small and medium-sized banks.By analyzing the risk-taking channels of monetary policy, the small and medium-sized banks are more sensitive to monetary easing, and their inter-bank business development has a strong correlation with monetary easing. According to the above research conclusion, the regulatory policy should pay more attention to the guidance of interbank business development under the hierarchical structure of the banking system, especially for joint-stock banks and small and medium-sized banks, it should gradually guide the banks with high proportion of interbank business to compress interbank assets, encourage commercial banks to return to their original sources and support the development of the real economy.

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Influence of Ultimate Control Characteristics on the Assets Valuation of Fixed Value Acquisition

LI Bing-xiang，DANG Yi-xin，JIAN Guan-qun

2020, 62(1): 103-112.

Abstract ( 97 )

The “high premium” of the underlying assets has led to the decline of the performance of listed companies and the surge of events that the performance of the asset commitment is not up to the standard, especially the related transactions between the target assets of fixed value acquisition and the ultimate controller of listed companies are the most prominent.This paper analyzes the impact of the characteristics of the ultimate control right on the valuation of the underlying assets based on the sample of listed companies in which the ultimate controller and its related parties have carried out the asset injection of targeted additional issuance in 2007-2018.The results show that: the control right of the ultimate controller is in a U-shaped relationship with the value-added rate of the asset evaluation, the cash flow right is negatively correlated with the value-added rate of the asset evaluation, and the separation degree of the two rights, the complexity of the control right, the separation degree of the control right of the ultimate controller before and after the value-added rate of the asset evaluation is positively correlated with the value-added rate of the asset evaluation;the larger the proportion of the ultimate controller in the board of directors, the higher the value-added rate of the assets appraisal of the target added is if the manager is appointed or held by the ultimate controller;compared with the state-owned ultimate controller, the value-added rate of private-owned assets is higher, which reflects that the control position of the ultimate controller under the opportunistic motivation has a significant impact on the value-added assets, and the injected asset value increases the risk of performance commitment. The ultimate controller′s behavior of transferring the wealth of listed companies by means of fixed value of merger and acquisition assets is more hidden. Investors and regulators need to pay attention to the link of fixed value of merger and acquisition assets and effectively prevent the risk of performance commitment.

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Does Customer Concentration Only Increase Bank Credit Loan Cost? Empirical Evidence from Chinese Listed Companies

WU Xing-yu, WANG Man,MA Yong

2020, 62(1): 113-122.

Abstract ( 131 )

The implicit contract of supply chain and the change of customer concentration will affect the financing cost of enterprises. This paper explores the relationship between customer concentration and debt financing cost with a sample of A-share non-financial listed companies in Shanghai and Shenzhen from 2007 to 2017.The results show that: with the increase of customer concentration, the debt financing cost increases first and then decreases, that is to say, there is a non-linear relationship of inverted U-shaped between them,and this relationship only exists in the case of low level of regional rule of law and low degree of industry monopoly,while in the case of high degree of industry monopoly, there is a U-shaped relationship between them.After further distinguishing state-owned enterprises and private enterprises, the regression results show that this inverted U-shaped relationship only exists in state-owned enterprises, and there is a significant positive correlation between them. This study provides reasonable suggestions for enterprises in different situations to reduce the cost of debt financing through effective management of supply chain relationship.

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Correction of Alienation of Third Party Payment Supervision in the Perspective of Public Goods:On the Perfection of the Function of the Financial Stability Committee

YUE Wen

2020, 62(1): 131-137.

Abstract ( 66 )

Under the background of the rapid development of third party payment, how to achieve effective supervision has become the focus of attention. Third-party payment is characterized by openness, equality, cooperation and sharing. The original supervision system is based on the internal logic of centralized control. Relying on the traditional centralized supervision mode, concept and means, it is unable to achieve effective supervision of the third-party payment, and then presents the supervision alienation.We should regard supervision as public goods, integrate the concept of public goods into the supervision system, fully respect the demands of relevant stakeholders, accurately determine the nature of the third-party payment institutions, reasonably allocate supervision power and coordination mechanism between supervision institutions, correctly balance the reasonable boundary between supervision and industrial development, fully consider the personalized demands of the third-party payment development, and optimize the supervision foundation facilities, enhance regulatory compliance, achieve market and social recognition; take the financial regulatory system reform as an opportunity to achieve the correction of third-party payment regulatory alienation through decentralization.

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