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10 June 2020, Volume 62 Issue 6 Previous Issue    Next Issue

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What Exactly is the Shared Employee?Origin, Connotation, Framework and Trend HE Jiang1, YAN Shu-min1, GUAN Jiao2 2020, 62(6): 1-13.  Abstract ( 198 )   Under the background of COVID-19 Pandemic, the shared employee mode has become a new function of work resumption. Shared employee is a new type of employment mode. Systematic analysis of its theoretical connotation and development framework plays an important role in guiding the practice and application of shared employee mode and the further theoretical research.From the origin, connotation, advantages, challenges, strategies and trends, this paper systematically discusses the theoretical framework of shared employment mode. The research shows that, as a combination of sharing economy and gig economy, the shared employee mode is an innovative form of flexible employment mode in essence; B2B and C2B are the mainstream emergency shared employment mode of enterprises under the background of COVID-19 Pandemic; the shared employee mode is a kind of new mode of cooperative employment with win-win results, in the future, the state and society, enterprises, individual workers and other forces should be integrated to cooperate. References | Related Articles | Metrics

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Customer Self-Production Mode and Product Value Increasing：A Comparative Study based on Scenario Experiments LI Yao1,ZHOU Mi2,3 2020, 62(6): 23-31.  Abstract ( 82 )   Customer self-production is becoming common in recent years. Although marketing scholars have examined the impacts of customer self-design, customer self-assembly, and customer self-design & assemble on outcomes such as customer product evaluation and customer willing to pay correspondingly, the comparative study of these three modes is still lack, which makes it no theoretical base for firms to make production mode decision. Based on the theory of endowment effect and taking the product value increasing as the outcome, this article makes a comparative study about the three modes of customer self-production. The results show that all of these three modes have product value increasing effect, but are not equal. The product value increasing effects of customer self-design and customer self-design & self-assembly are not significantly unequal, but significantly larger than that of customer self-assembly; customer-product integration is the reason why the product value increasing effects of these three modes are unequal; brand strength has different impacts on the product value increasing effect of these three mode. This article not only can enrich the extant research of customer self-production, but also can provide theoretical bases for firm′s production mode decision. References | Related Articles | Metrics

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Has China Lost Its Demographic Dividend Advantage in Asia? Based on the Comparative Analysis with Some Southeast Asian Countries and India ZHOU Jian 2020, 62(6): 32-39.  Abstract ( 76 )   With the acceleration of population aging, China′s demographic dividend shows a declining trend, but the traditional demographic dividend judgment standard does not fully and accurately reflect the situation of a country′s population structure. Through the comparative study with some Southeast Asian countries and India, it is found that China may lose some advantages of demographic dividend when the population opportunity turns into more labor and capital investment, however, in the transformation of population opportunity into higher total factor productivity, it does not lose the advantage of demographic dividend, or even has the advantage of demographic dividend. References | Related Articles | Metrics

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OFDI and Labor Price Distortion:Mechanism and Empirical Study AN Meng，ZHANG Cheng 2020, 62(6): 40-45.  Abstract ( 71 )   OFDI has a wide range of impacts on the home country and the host country. This paper will further study the effect of OFDI on labor price distortion in the home country, analyze its mechanism, measure and test it. The results show that: (1) OFDI aggravates the downward distortion of labor price in China and has a significant trend, and is negatively correlated with the level of regional economic development. (2) OFDI promotes the overall improvement of technology, labor efficiency and wages, but there is structural disharmony. The first is that the increase of labor price deviates from the increase of labor marginal output; the other is that the price of high human capital deviates from that of general human capital. Based on the above situation, we should affirm the positive role of OFDI in economic development, pay attention to the adjustment of labor wage system and mechanism, and realize the coordinated distribution of interests. References | Related Articles | Metrics

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Research on Coordination of Low Carbon Supply Chain based on Wholesale Price Contract:An Analysis Perspective Considering Reciprocity and Altruism Preference FAN Ru-guo1, LIN Jin-chai1, ZHU Kai-wei2,3 2020, 62(6): 46-54.  Abstract ( 45 )   In order to make up for the lack of rational economic man hypothesis or single preference in supply chain, the paper establishes a supply chain game model with complete self-interest and social preference (only retailers have social preference, only manufacturer has social preference, and both sides have social preference) based on wholesale price contract, and analyzes the influence of social preference of decision-makers on pricing strategy, carbon emission reduction strategy, optimal order quantity, profit of decision-making body and profit and coordination of supply chain.The results show that: the increase of altruistic preference of both sides can stimulate manufacturers to invest in emission reduction; the altruistic behavior of leader manufacturer is beneficial to slow down the “double marginal utility” of supply chain, while the influence of altruistic behavior of follower retailer on supply chain profit is related to manufacturer′s social preference;when the reciprocal preference plays a leading role and considers that the other party has unfriendly behavior, the reciprocal preference will reduce the manufacturer′s enthusiasm for emission reduction and aggravate the “double marginal utility” of the supply chain. These conclusions extend the theory of supply chain management, and provide a reference for low-carbon supply chain node enterprises to choose the type of partners and low-carbon supply chain operation. References | Related Articles | Metrics

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Industrial Agglomeration, Human Capital Accumulation and Spatial Spillover Effect DANG Yang1, GAO Wei-long2, LI Shi-mei2 2020, 62(6): 55-64.  Abstract ( 66 )   Human capital is very important to promote high-quality economic development. Industrial agglomeration may accelerate the accumulation of human capital due to knowledge externality and other reasons. This paper discusses the micro mechanism of industrial agglomeration promoting human capital accumulation, and uses spatial panel model and mechanism identification method to carry out empirical test. The results show that: specialization and diversification agglomeration and their interaction have a positive impact on human capital accumulation, but specialization agglomeration plays a stronger role. Reducing the matching cost will strengthen the specialized agglomeration and promote the accumulation of human capital, but can not strengthen the effect of diversified agglomeration. Competition fails to pass the mechanism test, which reflects that the current industrial development is “concentrated but not clustered”, and lacks effective competition mechanism. The spatial spillover effect of provincial human capital is significantly positive, but it is subject to regional trade barriers. Therefore, the key to accelerate the accumulation of human capital is to reduce the matching cost of factors, improve the industrial relevance and promote regional integration. References | Related Articles | Metrics

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Influence of Energy Resource Endowment on Carbon Emission and Its Transmission Mechanism: An Empirical Analysis based on Spatial Econometric Model SUN Yao-hua 2020, 62(6): 65-74.  Abstract ( 73 )   China faces a series of constraints to achieve the goal of carbon intensity reduction, one of which is the “high carbon” energy resource endowment characteristics of “more coal, less oil and less gas”.Based on the construction of the mathematical model and analysis framework of energy resource endowment influencing carbon emissions, this paper empirically tests the intensity, direction and transmission mechanism of energy and resource endowment′s impact on carbon emissions through per capita income, energy efficiency, energy consumption structure, industrial structure, market openness, foreign direct investment, energy price and other intermediary variables. The results show that: inter provincial carbon emissions have spatial positive correlation and agglomeration characteristics. The main way to curb carbon emissions is the “resource curse” effect, which can restrain the growth of energy consumption and carbon emissions by reducing per capita income.However, the energy and resource endowment promotes the increase of carbon emissions by increasing the proportion of coal in the energy consumption structure and the proportion of the secondary industry in the national economy, reducing energy prices, reducing market openness, hindering the inflow of foreign capital and reducing energy efficiency. References | Related Articles | Metrics

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M&A Motivation and M&A Performance:A Test based on the Perspective of Saving Transaction Cost and Further Investment Demand YU Hong-tao 2020, 62(6): 75-84.  Abstract ( 81 )   Based on the perspective of saving contract cost, this paper distinguishes horizontal M&A and vertical M&A, and tests the influence of internal motivation of vertical M&A on long-term M&A performance.The results show that: specific assets are the necessary conditions for vertical M&A, and further investment is the intrinsic motivation of vertical M&A; compared with horizontal M&A, vertical M&A has better long-term M&A performance, and it becomes more significant with the extension of observation period.Through the mediating effect model test, we find that further investment has a significantly positive impact on the long-term performance of vertical M&A.Vertical M&A can not only save the high cost of signing contracts caused by special assets, but also produce new organizational costs. The income from further investment offsets the new costs is the intrinsic motivation of vertical M&A, and it will bring good long-term M&A performance, but it will be gradually reflected after a period of time.The policy implication of the conclusion of this paper is to emphasize the correlation between M&A motivation and M&A performance, while M&A aiming at reducing transaction costs tends to have better long-term performance, which is also an important premise for the relevant M&A policies to play a role. References | Related Articles | Metrics

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Equipment Investment and High Quality Economic Development in Technology Cycle LIU Tong-tong, WANG Li-juan, WU Fu-xiang 2020, 62(6): 85-95.  Abstract ( 63 )   Equipment investment including key technologies is the key to break the technical barriers, speed up the technology development cycle, and realize the “overtaking” in the manufacturing industry. This paper theoretically analyzes the degree and path of the impact of equipment investment in the technology life cycle on the total factor productivity of enterprises, and empirically tests the heterogeneity of the impact by selecting the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2018.The results show that: equipment investment can generally improve the total factor productivity of enterprises, and the promotion effect of low technology maturity enterprises is greater than that of high technology maturity enterprises; equipment investment has a significant promotion effect on process innovation, but has no significantly positive effect on product innovation, even has inhibitory effect; low technology maturity enterprises promote product innovation through equipment investment, and enhance enterprise′s overall importance, however, high-tech mature enterprises tend to invest in process equipment to improve total factor productivity.Therefore, enterprises should pay attention to the influence of technology development stage on enterprise investment decision, formulate reasonable investment strategy and innovation path according to their own technology development situation, and appropriately accumulate capital. References | Related Articles | Metrics

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Can Tax-reduction Affect Firms′ Export? A Study based on the Effective Tax Rate of Value-added Tax YANG Hui-mei 2020, 62(6): 96-106.  Abstract ( 67 )   Taking tax reduction as the breakthrough point, this paper selects the import and export trade data of China′s industrial enterprises and customs from 2000 to 2006, constructs instrumental variables by using the policy impact of value-added tax transformation reform in Northeast China in 2004, systematically examines the impact of VAT effective tax rate on enterprise exports from two dimensions of export decision-making and export performance, and identifies its internal mechanism.It is found that the decrease of effective tax rate of VAT can improve the export propensity and export performance of enterprises. This effect is different due to the different ownership, scale, profit level and technical level of the industry. Non-state-owned enterprises, small enterprises, low profit enterprises and general technology industries are more affected.The test of the impact mechanism shows that productivity improvement and product competitiveness improvement are the main channels through which the effective tax rate of VAT affects the export decision-making and export performance of enterprises. Therefore, we should continue to deepen the reform of tax system, reduce the tax burden of enterprises, pay attention to fairness and rationalization, and give full play to the guiding and incentive role of tax reduction policies. References | Related Articles | Metrics

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Research on the Factors Influencing the Scale of Urban Investment Bonds of Local Governments: An Analysis of Hierarchical Linear Model based on the Influence of Multi-level Government ZHENG Xu, LI Hui-ping 2020, 62(6): 107-115.  Abstract ( 67 )   Due to the high attention to the risk of local government debt, there are more and more research on the influence factors of local government debt scale in recent years. Differing from analyzing the influence factors of provincial or prefecture level municipal governments from a single level perspective, this paper selects 285 prefecture level cities in 26 provinces and autonomous prefectures of China from 2011 to 2017 as the research object, and analyzes the influence factors of provincial government on the debt scale of prefecture level cities from the perspective of cross level influence.The results show that: at the provincial level, provincial government fiscal deficit and government competition will reduce the debt scale of prefecture level municipal government, fiscal transfer payment will increase the debt scale of prefecture level city, government promotion incentive and debt limit have no significant impact on the debt scale of prefecture level municipal government; at the municipal government level, fiscal deficit, government competition and promotion incentives significantly promote the debt scale of local governments. References | Related Articles | Metrics

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Can Cross Listing Enhance the Investment Sensitivity to Stock Price? A Test based on the Management Learning Hypothesis WANG Yi-han1,2,WANG Zhen-kun1 2020, 62(6): 116-125.  Abstract ( 56 )   This paper analyzes the impact of cross listing on investment sensitivity to stock price by using the data of Chinese listed companies in the past ten years after the reform.The results show that the implementation of A+H cross listing can enhance the investment sensitivity to stock price of the company, which indicates that the management of the company can obtain more relevant information from the stock price which is helpful to evaluate the investment decision. This conclusion is consistent with the management learning hypothesis.Further considering the signaling effect from stock price to investment, we find that the effect of A+H cross-listing on investment sensitivity to stock price is more significant in the enterprise group with high institutional shareholding ratio, high analyst attention and high stock price information content. According to the management learning ability hypothesis, the longer the executive team′s overall tenure, the more sensitive the firm′s investment is to the stock price after cross listing. References | Related Articles | Metrics

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Capital Market Liberalization and Listed Company Liquidity Management：Empirical Research based on Shanghai-Hong kong and Shenzhen-Hong kong Stock Connect JIANG Yong-hong，ZENG Chen-guang，HE Lu-li 2020, 62(6): 126-134.  Abstract ( 56 )   Based on the background of the continuous opening of China′s capital market and the implementation of Shanghai- Hong Kong stock connect and Shenzhen- Hong Kong stock connect, this paper studies the impact of capital market opening on liquidity management of listed companies in China from the perspective of cash holding and financial flexibility accumulation.The results show that the implementation of the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the sensitivity of the increase of cash holdings of listed companies to the net operating cash flow, and weakens the negative correlation between the accumulation of financial flexibility and investment expenditure of listed companies.Further research shows that the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect improves the market value of accumulated financial flexibility of listed companies; in non-state-owned holding companies, the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the dependence of the same group effect of corporate investment on financial flexibility, and weakens the same group effect of increasing cash holdings. References | Related Articles | Metrics

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The Impact of Earnings Information Quality on Enterprise Innovation： A Test of Mediating Effect based on Debt Heterogeneity WANG Jia, ZHANG Lin 2020, 62(6): 135-143.  Abstract ( 60 )   Information is an important channel of communication between enterprises and capital market, which affects the financial behavior and decision-making of enterprises. This paper empirically tests the impact of earnings information quality on the innovation level of Chinese A-share listed companies from 2011 to 2018 and the role played by debt heterogeneity.The results show that: whether measured by accrual earnings management or earnings transparency, higher earnings information quality can promote enterprise innovation, and debt heterogeneity plays a part of the mediating effect.High quality earnings information can alleviate financing constraints and promote enterprise innovation by improving the diversification of debt sources and the richness of maturity structure. At the same time, corporate debt heterogeneity also plays a positive governance effect, promoting enterprise investment more effectively and improving the level of innovation.Further research shows that: under different ownership nature, earnings information quality has a significantly positive correlation with enterprise innovation, but compared with state-owned enterprises, earnings information quality plays a greater role in promoting innovation of non-state-owned enterprises.This study has certain enlightenment significance to improve the quality of earnings information, improve the level of innovation, and implement the national innovation driven development strategy. References | Related Articles | Metrics

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Transformational Leadership and Employee Role Behavior： A Multiple-step and Multiple-media Model LIU Gang 2020, 62(6): 144-152.  Abstract ( 72 )   Taking the transformational organization as the research object, this paper constructs a double mediating model of the influence of transformational leadership on employees′ role behavior. Starting from the practical purpose of how to obtain the employees′ role behavior needed by the organization in the process of strategy implementation, this paper successively introduces the sense of organizational support and employee self-efficacy as mediating variables to form a multi-step and multi-media model for empirical research.The results show that transformational leadership has a certain direct impact on employees′ role-based behavior; meanwhile, perceived organizational support and change self-efficacy play a multi-step and multiple mediating role between transformational leadership and employee role-based behavior.This shows that in a changing organization, leaders need to break through the past management ideas, not only through testing and selection to obtain “perfect employees” who can effectively implement the strategy, but also need to try to control employees′ sense of organizational support and change self-efficacy through management means, and develop more employee role behaviors that can carry out efficient implementation to support organizational change. References | Related Articles | Metrics