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20 July 2020, Volume 62 Issue 7 Previous Issue    Next Issue

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Does the Economic “Removal from Reality” Inhibit the Quality of Export Products? CHENG Kai，YANG Feng-min 2020, 62(7): 15-25.  Abstract ( 82 )   This article selects the matching data of the Chinese industrial enterprise database and the customs import and export trade database from 2008 to 2013, and uses the counterfactual reasoning method to measure the quality of Chinese enterprises′ export products to discuss the impact of the economic “removal from reality” on the quality of enterprises′ export products. The study finds that: economic “removal from reality” suppresses the quality of Chinese enterprises′ export products by squeezing out the investment of physical capital and reducing the profits of real enterprises. The result is still reliable after the robustness test and endogenous test.The expansibility analysis shows that the economic “removal from reality” has a greater inhibitory effect on the quality of export products of private enterprises than that of state-owned enterprises; the inhibitory effect on the quality of export products of processing trade enterprises is greater than that of general trade enterprises; the inhibitory effect on the quality of export products of labor-intensive industries is greater than that of capital intensive industries; the inhibitory effect on the quality of export products of industries with high financing constraints is greater than that of low financing constrains the industry.Through the test results of heterogeneous enterprises, the paper finds that the economic“removal from reality” has a greater inhibitory effect on the export product quality of enterprises with higher productivity. References | Related Articles | Metrics

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Enterprise Capital Occupation in Supply Chain and Tax Planning: Analysis and Test of Regulatory Effect and Influence Factors JIANG Ying-bing, LI Xing-chen, BAN Xu 2020, 62(7): 26-35.  Abstract ( 54 )   It is a common phenomenon in the process of enterprise management that the supply chain takes up capital. This paper discusses the influence of net capital occupation of supply chain on the degree of tax planning from the perspective of tax planning motivation.It is found that there is a significantly positive correlation between the net capital of supply chain and the degree of tax planning.Further research shows that the positive marginal effect of supply chain net capital on tax planning is greater for enterprises with equity incentive for financial personnel; high cash flow risk will amplify the positive impact of supply chain net capital on tax planning. This paper enriches and expands the relevant research on the influence factors of enterprise tax planning, and provides reference for the government to effectively reduce the tax burden of enterprises in the process of supply side reform. References | Related Articles | Metrics

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The Heterogeneous Impact of Different Types of Environmental Regulations on Local Environmental Governance LI Rui-qian1, ZHANG Jin-song2 2020, 62(7): 36-45.  Abstract ( 86 )   This paper divides environmental regulations into three categories: command-and-control environmental regulations, market-based environmental regulations and informal environmental regulations, and further studies the impact of different types of environmental regulations on local environmental governance and heterogeneity . The conclusions show that, on the whole, there is an inverted U-shaped relationship between environmental regulation and local environmental governance, when the intensity of environmental regulation does not exceed the turning point, it can effectively promote local environmental governance, but there are also heterogeneities. It takes some time to see the impact of command-and-control environmental regulations on local environmental governance; the significant impact of market-based environmental regulations on local environmental governance diminishes over lagged time, while the significant impact of informal environmental regulations increases over lagged time. Further analysis shows that: (1) The impact of command-and-control environmental regulations on local environmental governance only exists in areas with poor economic development, whereas the significant impact of informal environmental regulations on local environmental governance only exists in areas with better economic development. (2) After the change of official promotion assessment system, the impact of market-based environmental regulations on local environmental governance becomes weak, while the impact of informal environmental regulations becomes more positive. The conclusions have a strong reference for how to promote local environmental governance and solve environmental problems according to the characteristics of different types of environmental regulations. References | Related Articles | Metrics

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Research on the Efficiency of Servitization Science and Technology Policy in Equipment Manufacturing Industry and Its Influence Factors:An Empirical Analysis based on DEA-Tobit LI Qing-xue1,2,QI Liang-qun1, YU Jin-chuang1 2020, 62(7): 46-53.  Abstract ( 70 )   Servitization is an important way to promote the transformation and upgrading of China′s equipment manufacturing industry, and its operation is greatly influenced by the government′s science and technology policy. Based on the analysis of the mechanism of the servitization effect of science and technology policies on China′s equipment manufacturing industry, combined with the panel data of Statistical Yearbook in equipment manufacturing industry from 2011 to 2018, this paper uses DEA-Tobit method to measure the efficiency of science and technology policy in China′s equipment manufacturing industry servitization, and makes an empirical analysis of the influence factors of the servitization science and technology policy efficiency. The results show that: according to the overall, the pure technical efficiency of servitization science and technology policy in China′s equipment manufacturing industry is effective, but the comprehensive efficiency in some years is ineffective;by industry, there is industry heterogeneity in servitization science and technology policy efficiency. The level of senior management and market size have a significantly positive impact on the efficiency of servitization science and technology policy in the equipment manufacturing industry, the government R&D spending strength and service economy level exists significantly negative effects, and technology dissemination and diffusion capacity has no significant influence on the efficiency of the science and technology policy. References | Related Articles | Metrics

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How Can Local SMEs Break Through the Barriers of Exogenous Cluster Networks? The Process Governance based on Evolutionary Game Theory HU Xin-hua，LIU Dong-mei 2020, 62(7): 54-62.  Abstract ( 63 )   The exogenous industrial clusters have grown rapidly through investment promotion in China, and embedded in the exogenous cluster network is a shortcut for local SMEs to grow rapidly and improve their competitive advantage, however, they must break through embeddedness barriers. Based on limited rationality and evolutionary game model, we describe four contexts of local SMEs embedded in exogenous cluster networks, and their different evolutionary stable strategies (ESS) as well as evolutionary paths. And only in one context, both sides choose the cooperative strategy as ESS, which means that the enterprises are successfully embedded in the networks.And then, through analyzing factor sensitivity and how embedding barriers should be broken through, we propose that the trust-based relationship governance helps local SMEs offset transaction costs and promote its embeddedness in exogenous cluster networks; the information-sharing-based learning mechanism is complementary to the advantages of contract and trust mechanism, and helps local SMEs increase relationship rents and magnify the value of network embeddedness. References | Related Articles | Metrics

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Optimal Seigniorage, Inflation and Fiscal Sustainability PAN Mei-li 2020, 62(7): 72-80.  Abstract ( 65 )   At present, the scale of China′s government fiscal deficit is increasing, and the scale of government debt remains high. As one of the important sources of government funds, seigniorage is of great significance to comprehensively consider the fiscal sustainability of China′s government by incorporating it into the government budget constraint identity.In this paper, the seigniorage is incorporated into the government intertemporal budget identity to construct the index of fiscal sustainability, and the positive correlation between inflation and fiscal sustainability is obtained.Then, using the economic data from 1978 to 2018, this paper empirically tests the long-term co-integration relationship among seigniorage, fiscal sustainability and inflation.The results show that: China′s seigniorage and inflation are on the right side of Laffer curve, that is to say, there is a positive correlation between seigniorage and inflation in the long run; there is a positive effect between fiscal sustainability and inflation; seigniorage is an important source of funds for the government to maintain fiscal sustainability. Therefore, we should strengthen the coordination of fiscal policy and monetary policy, establish a scientific government debt management system, and set up scientific intertemporal financial early warning indicators to prevent financial risks. References | Related Articles | Metrics

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Spatial Correlation Analysis of Factors Affecting Financial Exclusion in China′s Rural Areas YAO Feng-ge,LIU Yu-hong,WANG Xiao-mei 2020, 62(7): 81-89.  Abstract ( 58 )   Alleviating the degree of rural financial exclusion is the key link in promoting the development of rural economy and in building a well-off society in an all-round way.This paper adopts the six-dimensional evaluation system that are recognized internationally to construct the evaluation index system of rural financial exclusion in China. According to the panel data of 30 provinces in China from 2008 to 2017 (excluding Hong Kong, Macao, Taiwan and Tibet), the coefficient of variation method is used to measure the index of rural financial exclusion. At the same time, the spatial characteristics of influence factors of rural financial exclusion in China are explored by using SDM model. The research result shows that the spatial correlation of rural financial exclusion is significant. During the research period, the contribution rate of GDP loans, residents′ education level, residents′ disposable income and the industrial structure influence the degree of financial exclusion in rural areas, in addition, the scale of rural employment, residents′ education level and residents′ disposable income have a strong spillover effect. In view of this, this paper puts forward some policy suggestions, such as strengthening rural financial cooperation in various regions, combining the increase of economic growth rate with rational adjustment of industrial structure, so as to alleviate the degree of financial exclusion in China′s rural areas. References | Related Articles | Metrics

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Research on the Equilibrium Exchange Rate Range under Optimal Target of the Central Bank:Based on the Restriction of Capital Account Openness WEI Li-zhu1,2,ZHAO Yue-qiang1,2,LU Chang-rong3 2020, 62(7): 102-111.  Abstract ( 56 )   At present, the reasonable equilibrium exchange rate should not only consider the basic factors, but also be consistent with the optimal target of monetary policy of the central bank. Based on ball′s (1999) open economy model, this paper introduces the constraint of capital account openness, and obtains the expression of RMB equilibrium exchange rate on the basis of optimizing the central bank′s welfare function. Due to the externality of the central bank′s weight distribution between inflation target and economic growth target, a reasonable equilibrium exchange rate will exist in the form of interval. Based on the analysis of the real effective exchange rate and equilibrium exchange rate range from March 1999 to September 2019, it is found that: (1)the allocation of the central bank′s monetary policy target weight affects the boundary of the equilibrium exchange rate range; (2) the lagging capital account opening leads to the exchange rate imbalance and will not be reversed by the “exchange rate reform” and the change of monetary policy target weight; (3) the early capital account openness will also lead to the exchange rate loss,however, with the growth of economic fundamentals and the improvement of exchange rate system, the exchange rate gradually converges to the average value of the equilibrium exchange rate range; (4) the gradual openness of capital account is not only conducive to the reasonable balance of exchange rate, but also to the improvement of the target control range and autonomy of monetary policy of the central bank. References | Related Articles | Metrics

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The Influence of Investors′ Information Processing Methods on the Serial Crowdfunding Financing Performance:An Empirical Analysis based on Modian Network CHEN Yan-yan, LI Jing-dong 2020, 62(7): 112-121.  Abstract ( 64 )   Serial crowdfunding has incubated many innovative and creative projects and increasingly become a financing way to support the development of small and micro enterprises. Based on the heuristic-systematic model, this paper constructs a model on the serial crowdfunding financing performance from the perspective of investors. Based on the 206 observation samples from the vertical platform “Modian Network” since it was founded, this paper reveals the effect path of source credibility, crowdfunder experience perception and the quality of later project on later project financing performance, and explores the impact of heuristic cues and systematic cue on the performance of serial crowdfunding financing. The results show that: source credibility and crowdfunder experience perception (heuristic cues) have a significant effect on the financing performance of later project; the quality of later project (systematic cue) has a significant effect on the financing performance of later project; there is a bias effect in the heuristic-systematic model, and heuristic cues indirectly affect the financing performance of later project through the mediated role of systematic cue. The findings explain the reasons for the rapid rise of serial crowdfunding and the differences in financing performance. It has great enlightenment significance to improve the operation efficiency of crowdfunding market. References | Related Articles | Metrics

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An Analysis of Coupling and Coordination between Pension Service Industry and Regional Economic Development LI Yuan1,2，YIN Dian1，WANG Xiao-lu3 2020, 62(7): 130-135.  Abstract ( 52 )   With the aging of the population, the demand of pension service industry is also increasing. The development of pension industry provides new growth impetus for regional economy, and the optimization of regional economy also provides basic guarantee for the development of pension service industry. The two forms a coupling relationship of mutual influence and interaction.Based on the panel data of 38 indicators of 31 provinces in China, the coupling coordination degree between regional economy and pension service industry in China is evaluated by using the coupling coordination model. In general, the development of China′s pension service industry is still in the primary stage to adapt to the trend of population aging, which is not coordinated with the regional economic development level; compared with the eastern region, the coupling and coordination degree between the regional economy and the pension service industry in the central and western regions is relatively low; the development of pension service industry is not only positively related to the level of regional economic development, but also positively related to the level of social development. The pension service industry can provide industrial space for the regional economic structure adjustment under the supply side reform. It needs to provide necessary industrial development guidance and support to realize the dynamic coordination and high-quality development of the two subsystems. References | Related Articles | Metrics

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Does the Subsistence Allowance System Improve the Sense of Subjective Well-being, Acquisition and Security of the Poor? An Empirical Analysis based on CFPS Panel Data ZHANG Dong 2020, 62(7): 136-144.  Abstract ( 86 )   This paper uses the 2012 and 2014 China Family Tracking Survey to construct two balanced panel data. Based on the perspective of subjective welfare research, the PSM-DID estimation method is used to systematically influence the impact of the subsistence allowance system on the subjective well-being, acquisition and security of the poor. The study found that: the subsistence allowance system can improve the life satisfaction of poor groups and enhance their subjective well-being; the subsistence allowance system can enhance the subjective sense of poverty among the poor in terms of basic living, medical care, education security, and the gap between the rich and the poor,however, the impact on education security is not significant; the subsistence allowance system reduces the confidence of the poor in the future and the trust of relatives and friends, and fails to improve the subjective security of the poor;between urban and rural areas,the effect of the subsistence allowance system on the subjective well-being and security of the poor groups is relatively balanced, but there are significant differences in the effects of subjective perception.According to the research conclusion of this paper, the content, mode and level of China′s urban and rural minimum living security system should be expanded and improved with the development of economy and society. In the new era, we should pay more attention to meet the spiritual needs of urban and rural poor groups, and strive to solve the problem of unbalanced development of the system in urban and rural areas and among regions. References | Related Articles | Metrics

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Exploration on the Effective Allocation of Conflicting Labor Rights for the Senior Managing Officer in Company： From R. H. Coase′s Perspective on Law and Economics QUAN Dong-sheng 2020, 62(7): 145-152.  Abstract ( 66 )   The labor rights of the company′s senior managing officer are in conflict with the labor law and the company law, it is urgent to optimize the legal adjustment. Distinguishing and analyzing the actual authority of the general manager, deputy general manager and other types of senior management groups of company, it makes clear that the senior managing officer of company does not have the labor subordination of ordinary worker in the traditional labor law theory, and is not suitable for the legal regulation of labor law. Based on the theory of the effective allocation of conflicting rights in company originated from R. H. Coase′s perspective on law and economics, starting from the use of market mechanism, property rights and transaction costs, and contract selection, it shows that the allocation of labor rights of the senior managing officer in company should respect the market mechanism, clearly define rights through laws, and attach importance to the structural choice of contracts, so as to realize the autonomy of private law and reduce transaction costs. Moreover, there is no reason to believe that legal compulsion is necessary. Therefore, the effective allocation of labor rights for the senior managing officer in company of China should be guided by the general direction of “negative exclusion of labor law + positive adjustment of company law”, and reform and innovate in labor law and company law, rationally responding to social reality and modern legal reform. References | Related Articles | Metrics