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21 September 2020, Volume 62 Issue 9 Previous Issue    Next Issue

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Performance Expectation Gap and Business Model Innovation of Private Enterprises:The Linkage Mechanism of Environmental Dynamics, Resource Abundance and Entrepreneurship WANG Bing-cheng, HAO Xing-lin, CUI Wei 2020, 62(9): 1-10.  Abstract ( 56 )   The difference between actual performance and expectation goal is an important driving force to promote the business model innovation of private enterprises. However, the differences between the different conditions of realizing business model innovation under the expectation surplus and expectation gap and the differences in environment, resources and entrepreneurship of different enterprises lead to the inconsistency of research conclusions.Based on this, this paper constructs the linkage model of business model innovation elements of private enterprises under the performance expectation gap, and uses the qualitative comparative analysis method of fuzzy sets to investigate the influence of factor linkage on business model innovation.The results show that: (1) in order to realize business model innovation, private enterprises have five optional conditions: “favorable environment -maintenance”,“ favorable situation- crisis”,“ adversity-poverty”, “adversity- potential” and “adversity- warning”;(2) under the expectation surplus,when the persistence and scope of expectation gap is at high level, it is easier to realize business model innovation;(3) under the expectation gap, when the persistence and scope of expectation gap is at low level, it is easier to realize business model innovation, while strong entrepreneurship can promote enterprises to achieve business model innovation under the short-term and small-scale expectation gap;(4) under the performance expectation gap, the dynamic environment becomes the key driving force to promote the innovation of business model, and as long as there is a strong resource abundance and entrepreneurship, it is conducive to the realization of business model innovation. References | Related Articles | Metrics

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Environmental Regulation and Regional Innovation Efficiency：Quasi-natural Experimental Evidence based on Carbon Emission Trading Pilot YANG Lu-xin1,2,LIU Yu-cheng3,4 2020, 62(9): 11-24.  Abstract ( 42 )   This paper took the “Notice on Piloting Carbon Emissions Trading” issued by the National Development and Reform Commission in 2011 as a quasi-natural experiment. Based on the method of instrumental variables, the paper more scientifically verified the relationship between environmental regulation and regional innovation efficiency. Research found that there is a U-shaped nonlinear relationship between environmental regulation and substantive innovation efficiency, environmental regulation and strategic innovation efficiency. And about 88.79% and 90.61% of the observation points are in the stage of environmental regulation will inhibit the regional innovation efficiency.The results of the heterogeneity analysis show that the threshold of environmental regulation intensity in the developed eastern regions is relatively high. Improving the level of human capital, improving the degree of openness, enhancing financing capacity, and strengthening government intervention can alleviate the negative impact of environmental regulation. The analysis of the mechanism of action found that the intensity of innovation investment, optimization of capital factor allocation, and technological progress are the main ways for environmental regulation to influence innovation efficiency in regions. In addition, environmental regulation not only has the effect of first suppressing and promoting the local substantive innovation efficiency, but also has the synergistic effect of promoting and suppressing the substantial innovation efficiency of neighboring provinces,reflecting the influence of regional environmental regulation intensity difference. References | Related Articles | Metrics

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Research on the Signaling Game of Profit Commitment of Private Placement based on New Rules of Refinancing ZHANG Ying1, LI De-long2 2020, 62(9): 25-35.  Abstract ( 36 )   In order to deeply analyze the mechanism of profit commitment and the regulatory effect of the new regulation, based on the signal characteristics of profit commitment, this paper constructs a signaling game model of private placement profit commitment under the new regulation of refinancing, and uses the reverse induction method to obtain Nash equilibrium path.It is found that the higher the amount of profit commitment and the more significant the effect of profit commitment on investor sentiment, the greater the probability that fixed increase enterprises will be sought to fulfill the contract; under the mixed equilibrium path, in order to reduce the probability of using profit commitment by high-quality enterprises and low-quality enterprises, the regulatory authorities should encourage enterprises to increase the subscription proportion of major shareholders or related parties of major shareholders, provide investors with higher discount rate of issuance, and at the same time, improve the audit standard of commitment amount of high-quality enterprises and strengthen the punishment for default of low-quality enterprises.Under the separation equilibrium path, the regulatory authorities should enhance the punishment for breach of contract to prevent the profit commitment from being abused by low-quality enterprises, and control the upper limit of profit commitment of high-quality enterprises to ensure the survival and development space of low-quality enterprises. References | Related Articles | Metrics

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IPO Overfunding and R&D Investment Smoothness: Resistance or Assistance? XU Hui1,2,ZHOU Bing1,2,ZHOU Xiao-hua3 2020, 62(9): 36-44.  Abstract ( 24 )   The stability of R&D investment is closely related to the persistence of enterprises′ competitive advantages. This paper takes the IPO overfunding phenomenon in GEM market as the breakthrough point, and uses the relevant data of GEM IPO companies in 2009-2018 to empirically analyze the impact mechanism of IPO overfunding on R&D smoothness and the product market competition effect.The results show that: GEM listed companies have R&D smoothing behavior, and IPO overfunding have a significant inhibitory effect on R&D smoothing; improving internal corporate governance and investor legal protection system can weaken the inhibition effect of IPO overfunding on R&D smoothing; IPO overfunding may inhibit the R&D smoothing behavior by inducing agency conflicts and performance decline; IPO overfunding will inhibit the product market competition effect of R&D smoothing, and this phenomenon is more significant in high smooth enterprises. References | Related Articles | Metrics

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An Analysis of Import Trade Pattern and Development Potential between China and the Countries along the “Belt and Road” ZHAO De-hai, JIA Xiao-lin 2020, 62(9): 52-59.  Abstract ( 23 )   This paper selects 64 countries along the “Belt and Road” from 2000 to 2017 as samples by using stochastic frontier analysis method to study trade efficiency and trade potential between China and countries along the “Belt and Road”. The empirical results show that the scale of China′s import trade is significantly affected by the economic scale, total population, geographical distance and border situation between China and the countries along the “Belt and Road”; the non efficiency factors such as the signing of free trade agreements between China and the countries along the belt and road, the amount of foreign direct investment, trade freedom, financial freedom, investment freedom and air transport volume have impacts on China′s import trade in varying degrees.China′s import trade efficiency has gradually improved, but the average trade efficiency is low, and the trade efficiency of different countries and regions is different; in the short run, China′s import trade potential shows polarization, while in the long term, China′s import trade potential still has a huge space to tap. The analysis of the efficiency of China′s import trade has enlightening significance for us to fully tap the short-term and long-term potential of China′s import trade, continue to expand China′s import trade, and adhere to the concept of mutual benefit and win-win. References | Related Articles | Metrics

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A Study of Export Trade Structure of China′s Food Processing Industry LIN Hai, WANG Teng-kun 2020, 62(9): 60-70.  Abstract ( 25 )   The change of export trade structure of China′s food processing industry is related to the balance of agricultural foreign trade and the optimization and upgrading of agricultural industrial structure.The current situation analysis shows that the export market share of China′s food processing industry is relatively stable. The results of the ternary marginal analysis show that the extensive margin and the price index margin tend to increase, and the marginal contribution of the quantitative index is declining. The behavior of China′s food processing industry to win by quantity is not obvious.From quantity driven to price driven, the segmentation industry changed from extensive margin and intensive margin in the early stage to quantitative index in the medium term, and the contribution of price index was prominent in the later stage.Market segmentation and geographical distance have a significantly negative impact on the export of meat, fish, vegetable and oil industry; geographical distance has a significantly positive impact on the export of other food manufacturing industries and beverage industries; the degree of trade freedom of export destination has a significantly negative impact on the beverage industry; the impact of relative trade barriers on the market share of segmented industries has an interactive effect.Extensive margin, price index and quantity index influence each other. And the direction and degree of their influence depends on the subdivided industries, and the similar characteristics are shown in the impact of trade barriers and relative trade barriers on them. The change of export trade structure of food processing industry conforms to the needs of China′s economic transformation and upgrading. References | Related Articles | Metrics

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Heterogeneous Environmental Regulation and the Quality of China′s Economic Growth: Which is Better, Administrative Order or Market Instruments? HE Xing-bang 2020, 62(9): 82-91.  Abstract ( 43 )   Based on provincial panel data from 2000 to 2017, this study constructs an indicator evaluation system measuring the quality of regional economic growth from six dimensions: efficiency, structure, stability, environment, people′s livelihood, and distribution. Then it conducts empirical research on the heterogeneity of the impact exerted by different environmental regulation tools on the quality of economic growth. The results show that the advantages of command environmental regulation are reflected in three aspects of eco-efficiency effect, industrial structure upgrading effect and green development effect, while the shortcoming is that it will reduce development stability and fairness of income distribution;the advantage of market-based environmental regulation lies in the welfare effect without significantly reducing development stability and income distribution equity;under the influence of comprehensive effects, the quality of comprehensive economic growth of market-based environmental regulation is higher than that of command environmental regulation. Therefore, this study believes that different types of environmental regulation tools have their own advantages and disadvantages. Policymakers should make decisions based on local conditions, combine local core development goals, and scientifically select environmental regulation tools to promote high-quality economic growth. References | Related Articles | Metrics

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Research on Optimal Decision-making of Enterprises in Green Agricultural Product Supply Chain under Consumers′ Valuation YE Yong-gang1,2,LIU Xiao-feng1 2020, 62(9): 92-99.  Abstract ( 34 )   With the increase of consumers′ green consumption consciousness and behavior, more and more attention has been paid to the supply chain decision-making under consumers′ green preference. Based on the perspective of consumers′ willingness to pay, this paper reflects consumers′ green preference into product evaluation. Assuming that consumers′ product valuation follows uniform distribution, this paper constructs a new consumer demand function to discuss the optimal product price decision-making problem of production enterprises in green supply chain under the conditions of single oligopoly and double oligopoly competitive agricultural product market,and discusses the influence of green preference payment coefficient, green degree and unit cost of green products on the optimal decision-making of agricultural products production enterprises from the perspective of theory and simulation.The results show that when consumers′ green preference payment coefficient is more than twice of the green cost per unit product, enterprises are willing to produce higher green primary agricultural products in the two competitive markets;when the consumer′s green preference payment coefficient is equal to the green cost of unit product, the enterprise has no power to produce green product;in the duopoly primary agricultural product competition market, the unit green cost of the product changes inversely with the optimal income of the green production enterprise, and changes in the same direction with the optimal income of the non green production enterprise. References | Related Articles | Metrics

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Central Bank Digital Currency, Bank Stability and Economic Growth：Theory and Prediction GUO Li-juan,SHEN Pei-long 2020, 62(9): 100-110.  Abstract ( 21 )   With the vigorous development of the digital industry and the need for payment efficiency and security, the issuance of central bank digital currencies (CBDC)is gradually approaching. Theoretical analysis shows that under the current issuance framework that China may choose, CBDC will reduce the amount of currency, increase reserves, currency multiplier, money supply and the volatility,which will reduce bank system stability. At the same time, combining the Lucas currency business cycle model with the AD-AS model to discuss the impact on economic growth, we believe that the issuance of CBDC as an unpredictable monetary policy will have a positive impact on the economic growth in the short term, but this promotion effect will disappear in the long run. The simulation prediction results of the PSO-BP neural network model are basically consistent with the theoretical analysis, which show that the impact of issuing central bank digital currencies on the stability of China′s banking system is negative and controllable, and the overall effect on economic growth is positive in the short term. Further robustness tests confirmed the reliability of the prediction results. References | Related Articles | Metrics

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Research on Transmission Path and Regulation Effect of Structural Monetary Policy： From the Perspective of Alleviating the Financing Difficulties of Agricultural Listed Enterprises CHENG Lu,HE Guang-wen 2020, 62(9): 111-120.  Abstract ( 17 )   The directional regulation effect of structural monetary policy will vary greatly with the use of different policy instruments.This paper examines the transmission path and effect of structural monetary policy on agricultural enterprises.Considering the characteristics of difference, particularity and innovation, structural monetary policy can be conducted through expected path, interest rate and cost-benefit path, credit and directional support path, risk transfer and risk compensation path.Based on the micro data of agricultural enterprises, this paper uses the expanded panel FAVAR model to analyze the empirical results,finding the combination of quantitative and price structural monetary policy instruments will affect the credit availability of agricultural enterprises, and the effect is stronger than that of traditional monetary policy;the combination of quantitative structural monetary policy instruments has no significant impact on the profitability of agricultural enterprises, while the combination of price structured monetary policy instruments has a significant impact on the profitability of agricultural enterprises, but there is a lag effect.Therefore, adopting structural monetary policy instruments with price type as the main factor and quantity type as the supplement will be more conducive to alleviating the financing difficulties of agricultural enterprises and achieving rural revitalization and sustainable development. References | Related Articles | Metrics

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M&A Performance Commitment and Target′s Earnings Management under the Deconstruction of Expectation Theory ZHANG Guo-zhen, PAN Ai-ling, QIU Jin-long 2020, 62(9): 121-131.  Abstract ( 31 )   In recent years, the performance commitment of Chinese enterprises after high price M&A has become a mess, in which earnings management has become a common means for the target enterprises to avoid performance commitment compensation obligations.Based on the sample of target companies listed on the New Third Board from 2013 to 2017, this paper applies expectation theory to the analysis of negative effects of performance commitment in M&A, and studies the relationship between performance commitment system and earnings management of target enterprises.The empirical results show that the signing of performance commitment significantly improves the earnings management level of the target enterprise after M&A. Among them, the performance growth rate and share compensation mode of commitment, as important terms of performance commitment, have a significantly positive impact on earnings management level after M&A.Further research shows that the target side′s executive equity incentive strengthens the earnings management level induced by performance commitment; the target party′s high industry competition situation significantly strengthens the positive correlation between performance commitment and earnings management after M&A.The above conclusions show that the rapid development and wide application of performance commitment system has limited constraints on the target enterprises, but its negative effects should not be ignored, investors should rationally understand and grasp; the regulatory authorities should further improve the relevant systems to promote the optimization of the performance commitment scheme and operation norms of M&A transactions. References | Related Articles | Metrics

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Corporate Social Responsibility,Investors′ Heterogeneous Beliefs and Financing Constraints ZHANG Duo-lei1,2，HU Gong-jin3 2020, 62(9): 132-141.  Abstract ( 33 )   Based on the sample selection of A-share listed companies in Shanghai and Shenzhen in 2009-2016, this paper empirically tests the relationship among corporate social responsibility, financing constraints and investors′ heterogeneous beliefs. Research found that: corporate social responsibility can indeed negatively affect investors′ heterogeneous beliefs: that enterprises actively assume their social responsibilities will promote enterprises to reduce the degree of investors′ heterogeneous beliefs; investors′ heterogeneous beliefs will positively act on financing constraints:the higher the investors′ heterogeneous beliefs faced by the company, the more serious the financial constraints are; corporate social responsibility can negatively affect the financing constraints:corporate social responsibility is conducive to alleviating the financing constraints faced by enterprises; investors′ heterogeneous beliefs is the intermediary variable of corporate social responsibility in financing constraints.The conclusion shows that we should speed up the improvement of the corresponding legal system, enhance the corporate social responsibility awareness, and strengthen investors′ ability to identify information. References | Related Articles | Metrics

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Influence of Different Equity Financing Channels on Enterprise Innovation： A Microscopic Examination based on Zhongguancun Technology Enterprises WANG Qian-yu1,CUI Jing-jing2, TIAN Ren-he3 2020, 62(9): 142-152.  Abstract ( 25 )   In the process of growth, technology enterprises lack of mortgage assets and tend to choose equity financing to raise funds for innovation projects.Based on the continuous observation data of Zhongguancun enterprises from 2005 to 2015, combining with the characteristics of panel data, this paper conducts the trend score matching by year, and tests the effect and mechanism of listed financing, venture capital and unlisted equity financing on enterprise innovation support.The empirical results show that: equity financing effectively stimulates enterprise innovation; in small-scale enterprises, start-up enterprises or enterprises without government subsidies, equity financing has significant incentive effect on innovation;among the three kinds of equity financing, only venture capital supports innovation by alleviating the financing constraints of R&D projects; the incentive mechanism of venture capital for enterprise innovation is mainly reflected in large-scale enterprises, mature enterprises, enterprises with bank loans or government subsidies.The research shows that, as a market-oriented means of science and technology resources allocation, venture capital tends to choose and cultivate mature enterprises or enterprises with innovative resources to promote innovation; while for start-up enterprises with relatively insufficient innovation resources, they should give full play to non market-oriented means to promote equity investment forward. References | Related Articles | Metrics