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10 April 2020, Volume 62 Issue 4 Previous Issue    Next Issue

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E-commerce Platform Credit Mechanism and User Embeddedness Gradient Effect and Mechanism YAN Hui-li 2020, 62(4): 1-12.  Abstract ( 236 )   Under the situation that the transaction flow bonus of e-commerce tends to slow down, enhancing the user embeddedness and creating the long-term value of the platform become an important challenge for e-commerce platform governance.This paper studies the gradual gradient effect of three elements of credit mechanism(seal, evaluation and contract) on user embeddedness. Meanwhile, based on the framework of “cognition emotion”，it further reveals the intermediary mechanism between them, that is, to build a chain intermediary path between cognition and emotion, and finally form a dual reverse chain intermediary model.The paper uses structural equation model for empirical research.The results show that the three factors have a positive impact on user embeddedness, among which risk perception and trust play a chain intermediary role in seal, contract mechanism and user embeddedness;the evaluation mechanism has no significant influence on user′s trust, and the main reasons for the difficulty in forming user trust are the rule design and content authenticity of credit evaluation mechanism.This study has important implications for the development of platform credit theory, and provides a useful perspective on how to build a credit system in practice and how to promote the deep embeddedness of users into the platform to create the long-term value of the platform. References | Related Articles | Metrics

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Is It Better to Share More Leads among Enterprises?An Empirical Study of the Relationship between Franchising Channels REN Xing-yao1,ZHENG Li-na2,ZHENG Xin3 2020, 62(4): 13-19.  Abstract ( 129 )   The existing research on marketing channel information sharing between enterprises mainly focuses on the wide level of information sharing, and little attention is paid to the more and more common lead sharing and its uniqueness.Based on the field survey data of 300 4S stores in the automobile franchise channel, the empirical analysis from the perspective of specific types of information sharing shows that only increasing the number of sales leads shared by franchisees will reduce the use effect of franchisees on sales leads;the richness(pull) of the sales leads shared by franchisor can reverse the negative effect of the number of sales leads shared by franchisor on the use effect of sales leads, while the monitoring(push) of franchisor can not weaken its negative effect;by strengthening the franchisee′s follow-up of the sales leads, the richness of the sales leads shared by the franchisor improves the franchisee′s use of the sales leads.The above conclusions will be helpful for the future research on the types of information sharing among subdividing enterprises, and provide more insight for effectively improving the effect of information sharing;by dividing the sales leads into two dimensions(information quantity and richness), we can identify the difference of information quantity in different dimensions, which is helpful to promote the research of information sharing among channel enterprises. References | Related Articles | Metrics

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Evolution of Financial Structure, Monetary Policy and Heterogeneity of Bank Risk-taking XU Hao1,ZHANG Jia-ming2,3 2020, 62(4): 20-30.  Abstract ( 124 )   Based on the panel data of 165 banks from 2002 to 2017, this paper uses the feasible generalized least squares(FGLS) method to empirically test the impact of monetary policy on bank risk-taking channels from the perspective of financial structure evolution.The results show that the change of financial structure has a significant impact on the risk-taking of banks:with the increase of the proportion of direct financing, the risk-taking of banks′ assets decreases significantly, but the risk-taking of liabilities increases significantly;after controlling the role of financial structure, monetary policy also has a significant heterogeneity impact on the asset-side risk-taking and liability side risk-taking of banks,specifically, the tightening of price monetary policy makes the risk-taking of bank′s assets significantly reduced, which leads to the risk-taking of bank′s liabilities significantly increased,and the tightening of quantitative monetary policy makes the risk-taking of bank′s assets and liabilities simultaneously reduced;in addition, monetary policy and financial structure have significant interaction effects on bank risk-taking:with the increase of the proportion of direct financing, the impact of price monetary policy instruments on the risk-taking of the bank′s asset side is weakened, and the impact on the risk-taking of the bank′s liability side is not significantly changed,while the impact of quantitative monetary policy instruments on bank′s asset-side risk-taking and liability side risk-taking is weakened.The policy implications of the conclusions are of great significance to monetary authorities, regulators and commercial banks. References | Related Articles | Metrics

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Is the Minimum Living Standard a Welfare Cliff for the Near Poverty Population? An Empirical Study based on Poverty Vulnerability ZHANG Dong 2020, 62(4): 31-39.  Abstract ( 90 )   The near poverty population who fail to get the minimum living security assistance but are more vulnerable to poverty are more likely to fall into poverty in the future, and there may be a cliff effect of lack of relief welfare compared with the minimum living security families.This paper uses China′s household tracking survey data in 2014, based on the perspective of poverty vulnerability, to measure the poverty level of the near poor population, uses the method of propensity score matching to explore whether the low-income insurance system has a cliff effect on the poverty vulnerability of the near poor population and the low-income families,and analyzes whether the lack of relief welfare caused by cliff effect causes the inequality of participation right and welfare bonus of the poor people.The results show that when the per capita income of the poor families is higher than the minimum security line and the difference between the minimum wage line and the minimum security line is 0.2-0.25 times, there is a significant cliff effect and lack of relief welfare, and there is inequality in the right to participate and the welfare bonus.Therefore, poverty vulnerability should be included in the current discrimination mechanism of subsistence allowances, so as to improve the measurement and identification of the possibility of poverty in the future; at the same time, the near poverty population who lack relief welfare should be included in the subsistence allowances system, so as to resolve the inequality caused by cliff effect. References | Related Articles | Metrics

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The Impact of Producer Services Agglomeration on Green TFP：An Empirical Analysis of Panel Threshold Model based on Different Agglomeration Perspectives LI Shan-shan, MA Yan-qin 2020, 62(4): 40-48.  Abstract ( 162 )   Based on the theoretical research of industrial agglomeration and the environmental demands of green development, this paper takes the green total factor productivity of 30 provinces(cities) in China from 2004 to 2016 as the research sample, uses the panel threshold model to explore the impact of producer service industry agglomeration on green total factor productivity from the perspective of supply side, proves that producer services agglomeration has structural mutation effect on green total factor productivity from the perspective of specialization agglomeration and diversification agglomeration, and further discusses the characteristics of internal industry segmentation agglomeration.The results show that in different perspectives of agglomeration, energy intensity and economic development level have different threshold effects on green TFP;at the national level, specialized agglomeration has a certain degree of inhibition on green TFP, and diversified agglomeration shows a more obvious role in promoting it; at the industry level, specialized agglomeration of subdivided industries has obvious characteristics of industry heterogeneity, and financial industry is the key industry to enhance green TFP. References | Related Articles | Metrics

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Effective Governance Mechanism of Digital Economy Platform：Taking Cross-border E-commerce Platform Supervision as An Example ZHANG Shun1，FEI Wei2，TONG Shuo2 2020, 62(4): 49-55.  Abstract ( 128 )   Economics, Dongbei University of Finance & Economics, Dalian 116025, China) Abstract：Platform economy is the foundation of digital economy, and effective management of digital economy platform is the premise of ensuring the healthy development of digital economy.At present, there are some problems in cross-border e-commerce platforms in China, such as the disconnection of online and offline supervision, the difficulty in tracing cross-border supervision, and the lack of targeted regulations in different cross-border e-commerce models. The bilateral market of platform economy presents new challenges to the effective supervision of cross-border e-commerce platforms.This paper analyzes the influence factors of effective supervision of the typical model of cross-border e-commerce platform by constructing the oLogit model, and puts forward the realization path of the governance mechanism of the digital economy platform based on system design, rule implementation and effect feedback, with technical support as the main line, data-driven as the core, and effective integration of virtual and entity governance as the goal. References | Related Articles | Metrics

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Policy Coordination, Industrial Structure Upgrading and Macroeconomic Effect LIU Zu-ji1, LIU Xi-peng2,WANG Li-yuan3 2020, 62(4): 56-67.  Abstract ( 89 )   Different models of macroeconomic policy coordination will not only have a different impact on the optimization of industrial structure, but also affect the macroeconomic effect brought by the optimization of industrial structure.This paper constructs a theoretical model under the new Keynesian framework, and analyzes the impact of policy coordination on industrial structure optimization and macroeconomic effects based on Bayesian parameter estimation and numerical simulation.It is found that quantitative monetary policy is more conducive to the optimization of industrial structure than price monetary policy, and income fiscal policy is more conducive to the optimization of industrial structure than expenditure fiscal policy;the policy coordination between price based monetary policy and income based fiscal policy is more conducive to the promotion of industrial structure optimization to consumption, employment and output, and the coordination of quantitative monetary policy and expenditure fiscal policy is more conducive to the stable effect of industrial structure optimization on inflation;there is a trade off phenomenon between the goal of monetary policy to optimize and upgrade industrial structure and the goal of stabilizing economic fluctuation, and there is a trade off phenomenon between the goal of optimizing and upgrading the industrial structure and the goal of promoting economic growth by fiscal policy.Therefore, it is suggested to adopt macro-economic regulation and control policies with monetary policy as the main and fiscal policy as the auxiliary. The specific operation is reflected in the policy coordination combination with interest rate reduction as the main and tax rate reduction as the auxiliary to cope with economic growth decline and industrial structure upgrading. References | Related Articles | Metrics

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Research on Price Competition of Transnational Supply Chain Considering Parallel Import RONG Lu-qing1,2,XU Mao-zeng1 2020, 62(4): 68-77.  Abstract ( 112 )   With the rapid development of cross-border e-commerce and supporting logistics network, parallel import has a huge impact on some industries.Through the establishment of three game models of multinational manufacturers and local manufacturers under the market power mode, this paper analyzes the pricing and profit of different supply chain participants with or without gray market, and analyzes the impact of parallel imports on the oligopoly competition between multinational manufacturers and local manufacturers in low willingness to pay market.The results show that: when the market willingness to pay ratio is lower than a certain threshold, there will be no parallel imports, and the existence of market power model and gray market can affect the income and pricing strategy of the participants in the transnational supply chain;the gray market is beneficial to local manufacturers and parallel importers,the single manufacturer leading mode helps to reduce the loss of multinational manufacturers, increase the profit of local manufacturers and reduce the profit of parallel importers, and there is a range of market willingness to pay under the mode of manufacturer co-leading which results in the increase of multinational manufacturers′ profit;whether parallel import promotes or suppresses the price competition of oligopoly supply chain depends on the structure of market power. References | Related Articles | Metrics

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The Strategic Effect of Industrial Structure Upgrading of Resource-based Cities in Northeast China YANG Tong-bin，ZHU Ying-ming，WANG Nian 2020, 62(4): 78-84.  Abstract ( 81 )   Based on the theory of lock-in effect of industrial structure, the industrial transformation of “Phoenix Nirvana” and “cage for bird” in resource-based cities in Northeast China are effective ways to realize the upgrading of industrial structure.The paper uses PSM-DID method to test the industrial structure upgrading effect of resource-based cities in Northeast China.The results show that the Northeast Revitalization Strategy has a significant negative impact on the industrial transformation and industrial transfer of resource-based cities;the Northeast Revitalization strategy can influence the industrial transformation and industrial transfer of resource-based cities through economic development, human capital, industrialization and government scale;the Northeast Revitalization Strategy not only shows certain regional heterogeneity, but also shows certain classification heterogeneity, which promotes the industrial transfer of declining and renewable cities and hinders the industrial transformation of mature cities.Therefore, we should improve the human capital level of resource-based cities, break through the lock-in effect of resource-based industries, formulate industrial policies according to local conditions, and guide the transformation of resource-based cities by classification. References | Related Articles | Metrics

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Non-tax Revenue Scale, Official Corruption and Fiscal Transparency： An Empirical Study based on China′s Provincial Data LIANG Cheng-cheng1,ZHANG Shu-juan2 2020, 62(4): 85-92.  Abstract ( 120 )   In recent years, the non-tax revenue of local finance in China has been expanding, which has brought some negative effects, including the deep-seated macro reasons such as the national development mode and the current administrative system. However, from the perspective of social factors, this kind of financial structure is constantly self strengthening in operation, which is to a large extent related to the corruption of departments and officials and the interaction of financial management that is conducive to maintaining this kind of corruption.This paper empirically analyzes the interaction of non-tax revenue scale, official corruption and fiscal transparency.The results show that: there is a significant interaction between them; the expansion of non-tax revenue scale will significantly promote official corruption, and official corruption will make officials tend to reduce financial transparency, which leads to further expansion of non-tax revenue scale.Furthermore, this paper studies the relationship among different types of non-tax revenue, official corruption and financial transparency, and finds that there is a similar circular influence relationship between the scale of administrative fees and the scale of special revenue, but it does not constitute a complete logical cycle with the scale of confiscated revenue.This paper holds that under the current government system, the expansion of non-tax revenue should be controlled, and its negative effects should be restrained mainly from the aspects of controlling corruption and strengthening and reforming financial management. References | Related Articles | Metrics

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Tax Competition and Market Segmentation FAN Xin1,2,SONG Dong-lin2 2020, 62(4): 93-102.  Abstract ( 102 )   Under the background of fiscal decentralization, the mismatching of financial power, administrative power and financial resources makes the local government take strategic actions as a rational decision-maker. Local governments often use tax tools to carry out tax competition based on the dual goals of economic growth and tax revenue, and then create market segmentation and other issues.Considering the existence of spatial dependence, this paper uses dynamic spatial Doberman model to study the relationship between tax competition and market segmentation.It is found that “competition for tax revenue” exists among local governments, and the decrease of tax burden caused by competition will aggravate market segmentation;from the perspective of tax categories, the direct effect of income tax on market segmentation is significantly negative correlation, but the spatial spillover effect of the three major taxes is not obvious;from the perspective of temporal and spatial heterogeneity, the strategic behaviors of local governments are different in time sequence and region; the sensitivity of market segmentation is dynamically adjusted in time sequence, and the regional synergy needs to be enhanced.In order to avoid the deterioration of tax competition, alienation and macro welfare loss of local governments, we need to pay attention to the governance of market segmentation, establish a modern financial system, deepen the reform of tax system, and build a service-oriented local government, which are also the basic support for the modernization of national governance system and governance capacity. References | Related Articles | Metrics

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Research on the Effectiveness of Fiscal Policy for the Interaction and Integration of Equipment Manufacturing Industry and Producer Service ZHANG Hao1,2,XU Jian-zhong2,LIU Jing-lei1 2020, 62(4): 103-110.  Abstract ( 92 )   The interactive and integrated development of equipment manufacturing industry and producer service is an important way to enhance the industrial innovation ability and climb to the high end of the industrial value chain.Based on the data of 2009-2017 in China, this paper uses system dynamics to simulate the effectiveness of the financial policy of the interaction and integration of equipment manufacturing industry and producer service. The results show that the effectiveness of the existing financial policy has heterogeneity；the reduction of enterprise income tax rate hinders the integration of the two industries,the effectiveness of government investment expenditure policy is relatively small, at present, the government′s science and technology investment policy is invalid, while the government′s education expenditure policy plays the most significant role in promoting the integration of the two industries. The above conclusions have reference value for the optimization of relevant financial policies. References | Related Articles | Metrics

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Can the Implementation of Key Audit Matters Standards Improve the Accuracy of Analysts′ Forecasts? LIU Qi, NIU Yi-lin, ZHANG Cheng 2020, 62(4): 121-131.  Abstract ( 106 )   In December 2016, China approved the issuance of the standards of communicating key audit matters in audit reports, the main purpose of which is to promote auditors to disclose more personalized information and audit process information of the company, trying to solve the problems brought by insufficient information content in audit reports and overload of financial report information to users at the same time.In order to reflect the effect of the implementation of the standards, this paper empirically tests the relationship between the implementation of the key audit matters standards and the accuracy of analysts′ forecasts by taking Shanghai and Shenzhen A-share listed companies from 2015 to 2017 as samples,and tests the regulatory effect of earnings management and earnings transparency on the relationship.It is found that the implementation of the key audit matters standard significantly improves the accuracy of analysts′ forecasts, and the above relationship is more obvious in companies with high degree of earnings management and low transparency of earnings;the more readable the text of key audit matters is, and the more revenue recognition matters and asset impairment matters are disclosed, the more accurate the analyst′s prediction is. References | Related Articles | Metrics

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Research on the Influence of Audit Quality and Property Right Nature on the Investment Efficiency of Listed Companies LI Ming-juan,YAN Qi 2020, 62(4): 132-138.  Abstract ( 78 )   Audit quality, as a service provided by a third-party accounting firm, can supervise the investment activities of listed companies independently of the company. According to the theory of property rights, different economic organizations with different property rights engage in different economic activities, and the impact of audit quality on the investment efficiency of listed companies with different property rights is also different. This paper takes the listed companies in Shanghai and Shenzhen stock markets from 2014 to 2018 as samples to empirically test the relationship between audit quality, property right nature and corporate investment efficiency. It is found that audit quality has a significant negative correlation with over investment of listed companies and a negative correlation with under investment, but its effect is not obvious; in state-owned listed companies, audit quality has a more obvious inhibition effect on over investment, while in non-state-owned listed companies, audit quality can prevent under investment to some extent, but its effect is not significant. The conclusion of the study is beneficial to enlighten the stakeholders of different property rights companies, objectively understand the functions and limitations of auditors, make good use of audit services in a targeted and efficient way, and improve the investment efficiency of companies. References | Related Articles | Metrics

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Reflection and Reconstruction of Income Distribution System of Household Contract Management LIU Heng-ke 2020, 62(4): 139-145.  Abstract ( 109 )   The current laws and policies on the right of farmers to complete income under the household contract management system aim to protect farmers′ land interests and improve the efficiency of agricultural land management.The value function of collective ownership is to provide equal land security for the collective members, however, the long-term contract relationship keeps unchanged, which makes the farmers′ sharing of land benefits unequal between generations;the collective is not allowed to participate in the distribution of family business income, which aggravates the lack of supply of collective public services and the low efficiency of family contracted management.From the perspective of the effective realization of the beneficial rights of the members of the collective ownership, it is necessary to update the legislative concept and system design, confirm the adjustment right of the farmers′ collective interests on the basis of the farmers′ fair sharing of the collective land interests, and the necessary right of the farmers′ collective interests on the basis of the farmers′ sharing of the collective public service interests. References | Related Articles | Metrics