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19 December 2020, Volume 62 Issue 12 Previous Issue    Next Issue

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Financial Openness and Technological Progress:Two Stages of Technological Catch-up in Later-developing Countries DOU Qian-bin, ZHOU Yu, SUN Mei-lu 2020, 62(12): 10-20.  Abstract ( 118 )   Whether the financial openness can provide new driving force for China′s technological progress is a realistic problem that China is facing in the process of opening to the outside world.On the basis of theoretical analysis, this paper uses cross-border panel data from 1998 to 2017 to empirically test the mechanism of financial openness affecting technological progress by using 2SLS, mediating effect and threshold effect models.The results show that, on the one hand, the financial openness of the later-developing countries leads to technological progress by strengthening the technology spillover of capital; on the other hand, it forces technological progress by increasing the labor factor price;under the background of financial openness, the technological catch-up process of later-developing countries can be divided into “I” (large gap) and “II” (small gap) stages according to the threshold of the gap between them and the world′s leading technologies,and the technological progress effect of financial openness in stage I is mainly dominated by technology spillover effect, but the technological progress effect of “stage II” financial openness is dominated by price backpressure effect.This means that in current stage of development, on the one hand, China should continue to expand the level of financial openness, and on the other hand, it should focus on eliminating the price distortions of various labor factors, so as to strengthen the momentum of technological progress caused by financial openness. References | Related Articles | Metrics

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The Gain Effects of Investors′ Attention and Overconfidence on the Left-tail Reversal Performance:An Empirical Study based on A-share Data in China WANG Jun, SONG Xiu-na, KONG Xiao-xu 2020, 62(12): 21-30.  Abstract ( 134 )   Based on the data of Shanghai and Shenzhen A-share market from December 2004 to September 2019, this paper analyzes the existence of left-tail reversal or momentum effect in China′s A-share market by taking the value at risk adjusted by individual stocks′ heterogeneous volatility as the proxy variable of left-tail risk, and further discusses the relationship between investors′ attention, overconfidence and strategic returns.The empirical results show that: there is a significant left-tail reversal effect in China′s A-share market, that is, the left-tail risk of individual stocks is positively correlated with their future medium and short-term returns;investors′ attention has a significantly negative impact on left-tail reversal effect:the more attention investors allocate, the lower the reversal return;the level of investors′ overconfidence has a significantly positive impact on the left-tail reversal effect:the higher the degree of investor overconfidence, the higher the reversal return;there is an interaction between investors′ attention and overconfidence level:the influence of overconfidence on the left tail reversal effect of stocks will weaken with the increase of attention allocated to stocks.The objective existence of limited attention leads to investors′ non-uniform attention to information and makes the stock price fluctuate regularly.Overconfidence has amplification effect on private signal, and can enhance the significance of stock price change. At the same time, the increase of attention will correct the behavior bias of investors′ overconfidence in private signals. References | Related Articles | Metrics

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The Impact of Horizontal Competition of Minimum Wage on Enterprises′ Participation in Global Value Chain JIANG Lu, YANG Hui-mei 2020, 62(12): 31-43.  Abstract ( 65 )   Based on the data of China′s industrial enterprises, China′s customs import and export data and the combined data of urban minimum wage standards from 2000 to 2006, this paper examines the impact of horizontal competition of minimum wage among regions on enterprises′ participation in global value chain.By Tobit and Heckman two-stage model regression, it is confirmed that the rising minimum wage and regional horizontal competition significantly reduce the possibility of enterprises to participate in the global value chain;for the enterprises that have participated in the global value chain, the rising minimum wage can enhance the degree of global value chain embeddedness, but the horizontal competition of minimum wage among regions significantly weakens the promotion effect.Further analysis shows that, among the enterprises that have participated in the global value chain, the horizontal competition of minimum wage among regions has a significantly inhibitory effect on the enterprises that participate in the global value chain for the first time, while the enterprises that have deeply participated in the global value chain have less elasticity to the changes of minimum wage and horizontal competition among regions;in addition, this paper verifies that enterprise profit and productivity are the channels through which minimum wage and its regional horizontal competition affect enterprises′ participation in global value chain decision-making, while enterprise import intermediate input and productivity are the channels through which minimum wage and its regional horizontal competition affect enterprises′ participation in global value chain decision-making. References | Related Articles | Metrics

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Regional Entrepreneurial Performance Differences and Its Influence Factors in China：An Empirical Analysis based on Spatial Econometric Model CHEN Jing-xin 2020, 62(12): 44-52.  Abstract ( 73 )   Entrepreneurship plays an important role in increasing employment, promoting technological innovation and driving economic growth.This paper constructs the hypothesis of regional entrepreneurial performance differences by using the principle of spatial dependence and circular cumulative causality, and expounds the formation mechanism of regional entrepreneurial performance differences.The empirical results show that there is a significantly positive spatial autocorrelation in China′s entrepreneurial performance, the direct impact of geographical location on entrepreneurial performance can not be ignored, and the heterogeneity impact of knowledge elements and marketization level on regional entrepreneurial performance is the main reason for regional entrepreneurial performance differences;from the perspective of spatial effect decomposition, under the condition of the whole sample, the direct effect of knowledge elements is significantly positive, while its indirect effect and total effect are not significant, indicating that the direct promotion effect of knowledge elements on entrepreneurial performance in the province is significantly greater than its indirect spillover effect;the direct effect and total effect of marketization level are significantly positive, which reflects that the marketization level of the province has a promoting effect on its entrepreneurial performance, and can promote the improvement of the entrepreneurial performance level of neighboring provinces. Therefore, knowledge elements and marketization level play an important role in the development of entrepreneurial economy. References | Related Articles | Metrics

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Production Factors Market Distortion and the Imbalance of China′s Industrial Structure MIAO Jian-jun, HAN Jing-wei MIAO Jian-jun, HAN Jing-wei 2020, 62(12): 53-65.  Abstract ( 108 )   Production factors market distortion is the key factor restricting the upgrading of China′s industrial structure. This paper takes labor market distortion and capital market distortion as the starting point to explore the mechanism of its impact on the imbalance of China′s industrial structure, empirically tests the impact of production factors market distortion on the imbalance of industrial structure, and analyzes the “gap” of the imbalance of industrial structure caused by labor market distortion and capital market distortion.The results show that: from 2001 to 2017, there are different degrees of distortions in the labor market and capital market of China′s provinces; in the estimation results, the positive effects of labor market distortion and capital market distortion on the imbalance of industrial structure show that both of them significantly aggravate the imbalance of China′s industrial structure;the counterfactual test results show that labor market distortion and capital market distortion deepen the imbalance degree of industrial structure, and the degree of capital market distortion aggravating the imbalance of industrial structure is higher than that of labor market distortion,but in areas with surplus labor force, the government′s guidance of labor force can help to improve the imbalance of industrial structure to a certain extent.Therefore, deepening the household registration reform, promoting the marketization of production factors, and giving full play to the decisive role of the market in the allocation of production factors are of great significance to the balanced development of industrial structure and the protection of industrial safety. References | Related Articles | Metrics

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Research on High-Quality Development Path of China′s Regional Logistics Industry： An Empirical Study based on 31 Provinces(Municipalities and Autonomous Regions) CAO Yun-chun, LI Tong, LIN Hao-nan, 2020, 62(12): 66-74.  Abstract ( 100 )   Under the background of China′s economy shifting from high-speed growth to high-quality development, the high-quality development of logistics industry is an important driving force to promote high-quality economic development. This paper uses the DEA-Malmquist model to calculate the total factor productivity of logistics to measure the development quality of the logistics industry in China′s 31 provinces(municipalities and autonomous regions),and explore the factors affecting the high-quality development of the logistics industry, and applies crisp-set qualitative comparative analysis method to study the effect path of these factors on the development quality of China′s regional logistics industry from the perspective of configuration. The result shows that there are currently three high-quality development paths for China′s logistics industry, namely, the traditional path with the hinterland economy as the core condition,the open path with the open level as the main core condition, and the comprehensive path with innovation, government intervention, and open level as the main core conditions. These paths accelerate the pace of our country′s construction of a modern logistics power. References | Related Articles | Metrics

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How to Improve Industrial Eco-efficiency under the Open and Green Development Concept? Based on the Verification of the “Pollution Paradise” Hypothesis DONG Hui-zhong, HAN Yuan-gang 2020, 62(12): 75-84.  Abstract ( 53 )   Under the open and green development concept, this study selects panel data from 30 provinces(municipalities and autonomous regions) across the country from 2008 to 2007, uses the super-efficiency SBM model to measure the eco-efficiency of China′s industry, and uses the Spatial Dubin Model to empirically test the relationship among environmental regulations portfolio,FDI structure and industrial eco-efficiency. The results show that the industrial ecological efficiency of China is declining and the regional gap is increasing, especially in the eastern regions,and the spatial distribution is characterized by “club” agglomeration:most of the provinces with high efficiency are developed in the eastern coastal areas, while the rest of the provinces are medium efficiency and low efficiency, which are distributed in the underdeveloped areas of the central and western regions;formal environmental regulation and informal environmental regulation have positive effects on industrial eco-efficiency and the promotion of formal environmental regulation is greater;the two types of environmental regulation have significant effects on the optimization of FDI structure, and improve industrial eco-efficiency by improving the quality of FDI and forcing innovation effect;the direct and indirect effects of formal environmental regulation on industrial eco-efficiency are established in all regions, while the direct promotion and indirect optimization of informal environmental regulation on industrial eco -efficiency are established in the eastern and central regions, but not in the western regions.Therefore, we should strengthen the environmental supervision of polluting industries, avoid the entry of polluting FDI, improve the foreign investment environment, optimize the public participation system, and enhance the public awareness of environmental protection. References | Related Articles | Metrics

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Accounting Standards Orientation, Choice of Earnings Management Mode and Corporate Performance SONG Fei, LIU Yi-ran, ZHOU Jia-nan 2020, 62(12): 85-98.  Abstract ( 91 )   The discretionary power which reflects accounting standards orientation provides a tool for earnings management.Due to the substitution relationship among accrual, true and classified transfer, this paper uses the sample of A-share listed companies from 2007 to 2017 to investigate the impact of accounting standards orientation on the choice of earnings management mode.It is found that under the principle oriented accounting standards, companies will give priority to classified transfer earnings management, followed by real earnings management, and finally choose accrual earnings management.Under the guidance of principle, the cost of accrual earnings management increases greatly and becomes the last choice,while classification transfer can improve the company′s future performance and become the priority choice, and real earnings management greatly damages the company′s future performance and becomes the secondary choice.Further research shows that institutional investors can effectively identify the classified transfer behavior, but not the accrual and real earnings management behavior; analysts can identify the real earnings management behavior, but not the accrual and classified transfer earnings management behavior. References | Related Articles | Metrics

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Asset Light Operation, Equity Nature and Capital Efficiency:An Empirical Study of Listed Manufacturing Companies in China SUN Ying, ZHANG Xian, SONG Qiu-hua 2020, 62(12): 99-109.  Abstract ( 172 )   In recent years, the concept of asset light operation mode has been widely accepted. This paper takes China′s listed manufacturing companies from 2011 to 2018 as an example to empirically study the impact and mechanism of asset light operation on the capital efficiency of China′s manufacturing enterprises, and to explore the heterogeneity of the impact on different ownership nature and different types of enterprises.The results show that: there is a significant positive correlation between asset light operation level and capital efficiency of enterprises; compared with non-state-owned enterprises, asset light operation of state-owned enterprises has a stronger promoting effect on capital efficiency; after distinguishing different types of state-owned enterprises, it is found that asset light operation of state-owned enterprises with special functions in manufacturing industry has a more significant promoting effect on capital efficiency; asset light operation can promote capital efficiency by acting on supply chain management ability. References | Related Articles | Metrics

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Controlling Shareholder′s Equity Pledge and Stock Price Crash Risk： From the Perspective of Company Control Right Transfer SHAO Jian-bing, FEI Bao-xuan 2020, 62(12): 110-123.  Abstract ( 139 )   The controlling shareholder′s equity pledge is a common financing method in the capital market, and its effect mechanism on the stock price crash risk of listed companies needs to be further explored.From the perspective of control right transfer, this paper takes A-share listed companies from 2009 to 2018 as research sample, constructs the model of controlling shareholder′s equity pledge influencing stock price crash risk, and introduces real earnings management as the adjusting variable to explore the influence path of controlling shareholder′s equity pledge on stock price crash risk of listed companies.It is found that there is a significantly positive correlation between controlling shareholder′s equity pledge and stock price crash risk. Real earnings management has a significantly positive moderating effect on equity pledge and the stock price crash risk, and the above two relationships are more significant when the control right does not transfer.Further research finds that the ownership concentration and governance structure of listed companies affect research mechanism. When the direct shareholding ratio of controlling shareholders is less than 50% or there is no chairman and general manager in the listed company, the impact path of equity pledge, real earnings management and stock price crash risk is more significant. References | Related Articles | Metrics

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An Empirical Analysis based on CLDS Data WEI Ping, 2020, 62(12): 132-144.  Abstract ( 88 )   With China′s urbanization, industrialization, and agricultural and rural modernization process, the phenomenon of farmer′s concurrent business has become a common phenomenon in rural areas.Under the existing economic conditions and institutional structure, the urbanization process of part-time farmers is not complete, and there is a concurrent business mode based on family and individual level. Based on this, this paper discusses agricultural efficiency problems caused by farmer′s diversified concurrent business mode at the present stage.Using CLDS 2016 data, on the basis of basic econometric regression and interactive term model,the paper finds that farmers are not only rational “economic people”, but also “social people” full of emotion and needing to realize themselves, under the influence of cultural and emotional factors, the dual roles of farmers tend to work as well as farming by analyzing the box estimator, kernel estimator and confidence interval.The external mechanization and the gradual improvement of intermediate organizations make it possible for farmers to concurrent business as well as farming, and they can be involved in the external professional division of labor to varying degrees;cultural emotion, mechanization and intermediate organization have synergistic effect with farmer′s concurrent business respectively, which reduces the negative effect of concurrent business on agricultural production, that is, diversified concurrent business forms can promote agricultural efficiency; through the synergistic effect of economic development factors and concurrent business ratio, it is found that mechanization and the development of intermediate organization play a greater role in promoting agricultural efficiency.In 2020, the policy of agriculture, rural areas and farmers implemented by the Chinese government is also expanding the channels of increasing farmers′ employment and income, improving farmers′ production and living conditions, which makes individuals get more development and improves agricultural efficiency while diversifying concurrent business. References | Related Articles | Metrics