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Economic Survey
 
2014 Vol.31 Issue.4
Published 2014-06-27
Original articles
1 High-speed Railway and the Economic Contact Changes of the Cities along the Lines
QIN Cheng-lin, HUANG Xiao-ya
According to the “Long Term Plan of Railway Network”, this paper selects accessibility and economic contact intensity as indicators to analyze how their mean, coefficient of variation and standard deviation will change after the high-speed railway network’s completion in 2020, and tries to reveal the impacts of high-speed railway on the change of economic contacts between the cities along the route. The results show that, under the influence of high-speed railway, although the economic contacts of different high-speed railways present space differentiation in changes during 2011 to 2020, the economic contact intensities of the cities along the “four vertical and four horizontal” high-speed railways and hub cities all have increased obviously along with the improvement of their accessibilities. In this way, it is beneficial for the business interconnection between the cities along the high-speed railway, help promote the progress of regional integration and form significant economic belt nationwide. Therefore, the state government should take measures accordingly to use this kind of change to advance the coordinated development of regional economies and control the negative effects that may happen.
2014 Vol. 31 (4): 1-6 [Abstract] ( 2642 ) [HTML 1KB] [ PDF 641KB] ( 1925 )
7 Regional Heterogeneity of the Effect of Financial Agglomeration on Total Factor Productivity   ——An Empirical Study Based on Dynamic Panel Data Model
HONG Gong-xiang,ZHANG Lan-ting,LI Wei-jun
This paper uses the method of Malmquist index and the method of regional entropy to measure Total Factor Productivity and the level of financial agglomeration respectively. By using dynamic panel data model, the paper tests the empirical relationship between financial agglomeration and the growth of TFP from the national level and the regional level. The result finds that the bank industry and the stock industry agglomeration can significantly promote the growth of the TFP, and the growth effects of the TFP is related with the regional factors. The contribution to the growth of the TFP from the bank industry agglomeration is bigger than from the stock industry agglomeration. The security industry agglomeration has a negative effect on the growth of TFP, especially in central and western area. Accordingly, this paper proposes the policy advice that financial agglomeration promotes the TFP to grow in different areas.
2014 Vol. 31 (4): 7-12 [Abstract] ( 3598 ) [HTML 1KB] [ PDF 815KB] ( 1857 )
13 The Spatial Dependence of Carbon Emissions from Energy Consumption and Economic Growth   ——Based on the Spatial Analysis of Panel Data in Guangdong
HU Xin-yan, LIN Wen-sheng
This paper uses the exploratory spatial data analysis to explore the spatial pattern of carbon emissions and its spatial dynamics transition state in Guangdong, and then empirically analyses the driving force factors of carbon emissions by using spatial lag model (SLM) and spatial error model (SEM).It shows that, per capita carbon emissions of the cities exists significant spatial autocorrelation, most cities are “high-high” and “low-low” type of carbon cluster patterns, and it means a high degree of spatial stability and path dependence. GDP per capita is the dominant driver of per capita carbon emissions, and they didn’t show significant inverted “U”-shaped relationship. Energy efficiency, Industrial restructuring and upgrading the level of urbanization have a significant role in the reduction of the per capita carbon emissions, while foreign trade and technological progress are not statistically significant.
2014 Vol. 31 (4): 13-18 [Abstract] ( 3232 ) [HTML 1KB] [ PDF 1348KB] ( 2465 )
19 Economic Geography and Labor Productivity: A Systemic Analytic Framework
SHAO Han-hua,YANG Jun,LIAO Chang-jun
The differences in labor productivity between regions widely exist in the real world. Based on the panel data of three major urban agglomerations in China from 2001 to 2010, this paper, within the 3D framework of 2009 World Development Report, investigates how the features of economic geography (such as density, distance, division and so on) affect the labor productivity between regions. Our research shows that the labor productivity will be improved as the density increases, and will deteriorate as the distance increases. In particular, the division will have no any impact on the labor productivity. Our further research implies that there is no significant implication supporting the nonlinear relationship between features of economic geography and labor productivity. These results not only provide a remarkable way of understanding the differences in labor productivity between regions but also have important policy implications for coordinating regional development and improving urbanization in China.
2014 Vol. 31 (4): 19-24 [Abstract] ( 2975 ) [HTML 1KB] [ PDF 845KB] ( 1827 )
25 Industrialization,Urbanization and Agricultural Growth of Counties——An Empirical Test Based on the Panel Data of 1550 Counties (Cities) in China
YANG Zhi-hai, WANG Ya-peng
Using the panel data of 1550 Counties (Cities) in China from 2005 to 2010, and the estimation method of system-GMM, we estimate the effects of county’s industrialization and urbanization influence on the agricultural economic growth in China. Our results show that, a county’s industrialization acts as an obstacle to the agricultural growth, but its urbanization favors it, and they doesn’t play the cooperative effect. Then, we find that a county’s industrialization and urbanization have a asymmetrical regional effect. The negative effect of a county’s industrialization is on the decline, while the positive effect of a county’s urbanization has a considerable rise.
2014 Vol. 31 (4): 25-30 [Abstract] ( 2919 ) [HTML 1KB] [ PDF 804KB] ( 1733 )
31 A Study on the Impact Mechanism about Progress of Agricultural Technology to Farmers’ Income
WANG Ai-min, LI Zi-lian
This paper researches into the four mechanisms that the agricultural technology progress impacts the farmers’ income: to increase labor productivity, to improve the products’ quality, to prompt the diversification, and to promote the labor transfer. The effects vary according to the mechanisms. The final influence depends on comprehensive effects of four mechanisms. This paper studies the effect by the method of simultaneous equations, and the result indicates that the Agricultural Technology Progress has negative effects on farmers’ income by increasing the labor productivity, which the Agricultural Technology Progress Contribution Rate increases 1%, the farmers’ income decreases 0.6116%; whereas it has positive effects on farmers’ income by improving the products quality, prompting the diversification and promoting the labor transfer, which the effects are 1.1584%、0.2724% and 0.4752%. The final influence of four mechanisms is positive, which is 1.2947%. Comparing the effects of different mechanisms, it illustrates that it is the most important way to increase the farmers’ income by developing the high quality and efficient agriculture, by implementing agricultural brand of agricultural products constantly.
2014 Vol. 31 (4): 31-36 [Abstract] ( 2779 ) [HTML 1KB] [ PDF 732KB] ( 1712 )
37 Agricultural Technology Sluggish, Agricultural Price Rising and Urban-rural Income Gap
LIU Zhi-qiang
Agricultural price rising can exert a complex influence on urban-rural income gap. This paper tests whether agricultural price rising narrows urban-rural income gap, which adopts 2003-2010 provincial panel data with Feasible Generalized Least Squares. The empirical results show that agricultural price rising has U-shape effect on urban-rural income gap. In?other words,?there is threshold effect of agricultural price rising on urban-rural income gap. In addition, if agricultural technology sluggish caused China’s agricultural price rising, it will have a stronger effect on divergence of urban- rural income difference. In order to narrow Urban-rural income gap, governments should improve agricultural technology quickly.
2014 Vol. 31 (4): 37-42 [Abstract] ( 2842 ) [HTML 1KB] [ PDF 913KB] ( 2440 )
43 The Effect of Motivation and Fairness on Farmer Training Engagement
ZHU Yu-rong,YANG Jin-xiu
Based on the expectancy theory and fairness theory, this paper analyzed the influencing mechanism of motivation and fairness on farmer’s training engagement. Then the paper made an empirical test on the minority regions of south-western China by Hierarchical Linear Modeling. The results show that motivation consisting of the fit between supply and demand, examination and the training function in favor of the job can promote farmers’ engagement in training. The examination fairness level plays an important role in the learning engagement. According to the analysis of this study, we propose to create a good policy environment, standardize training content and level and harden intrinsic motivation and fairness for farmers engaging in training.
2014 Vol. 31 (4): 43-48 [Abstract] ( 2607 ) [HTML 1KB] [ PDF 818KB] ( 1542 )
49 An Analysis on the Economic Effects of the AD and CVD Duties Simultaneously Imposed on China’s Solar Energy Industry by the U.S.
HONG Jie, HUANG Shi
This paper uses Commercial Policy Analysis System(COMPAS) Model to make an empirical analysis on some specific economic effects caused by the AD and CVD duties simultaneously imposed on China’s solar energy industry by the U.S.. The conclusion shows: (1) For China, the trade depression effect is evident, which makes the market share and total amount of Photovoltaic Products from China suffer from a great decrease.(2) For the U.S., firstly, there is an industrial protection effect to its solar energy industry, which results that the relative photovoltaic products’ prices rise, industrial output and revenue increases and companies involved take in more labors. Secondly, the America’s total social welfare gets impaired because the total increase amount of producer surplus and tariff revenue is less than the decrease amount of consumer surplus. That is to say, in order to protect the development of its solar energy industry, the AD and CVD duties imposed on China by the U.S. are at the sacrifice of U.S. consumers’ benefits. But whether this commercial policy can help the American solar industry develop in the long run, we need a further investigation to make a conclusion. Accordingly, we put forward policy suggestions about how to deal with the AD and CVD issues for the development and globalization of China’s similar industries.
2014 Vol. 31 (4): 49-55 [Abstract] ( 3407 ) [HTML 1KB] [ PDF 1035KB] ( 1661 )
56 An Empirical Study on the Relationship between Chinese Cultural Trade and Economic Growth
WANG Shuang,ZHANG Shu-xiao
In the twenty-first century, culture and economy integrate closely. As a new form of international trade, cultural trade has become an important component of international trade. Based on the related data from 1992 to 2011, the essay analyzes influence on economic growth from import and export of cultural trade. The results show that there is a co-integration relationship between export of cultural trade and economic growth, between import of cultural trade and economic growth separately. Export of cultural trade brings the syntropic shock to economic growth, and import of cultural trade brings the reversed shock to economic growth. The influence of export of cultural trade on economic growth is far greater than the influence of import of cultural trade. By comparison and analysis of influence on economic growth from export of goods trade, service trade, cultural trade. The paper draws the conclusion:pulling effect from export of cultural trade on economic growth is weak.
2014 Vol. 31 (4): 56-61 [Abstract] ( 3103 ) [HTML 1KB] [ PDF 784KB] ( 1966 )
62 Study of the Legal System Motivation of China’s OFDI——Extended Gravity Model of Panel Data Empirically Test
XIE Meng-jun,SHAN Ting-ting
Through embedding the legal system in expanded gravity model, and using 58 representative countries’ (or regions’) panel data of 2003-2011, the paper empirically studies the effect of investor and investment in the host countries’ (or regions’) legal system to China’s OFDI. The empirical results verify the correctness of the traditional investment gravitational model, and at the same time think that China's OFDI has the motivation of legal system seeking; the operating environment of legal system and protection of private property rights of the host country (or region) have larger gravity on China’s OFDI; now legal sophistication and property protection degree of China are relatively low; it is an important factor in boosting OFDI. The conclusion of the study has a certain reference value to the government OFDI strategies and the optimization of the geographical structure of outward foreign investment.
2014 Vol. 31 (4): 62-67 [Abstract] ( 3007 ) [HTML 1KB] [ PDF 778KB] ( 1646 )
68 On Industrial Agglomeration, Bias of Spillover and Wage Inequality
JIANG Lan-ling
On the basis of determining the wage inequality phenomenon, this paper establishes the study framework among industry agglomeration, bias of spillover and wage inequality from the perspective of industry cluster. By using industry panel data from 2001 to 2011 and applying the simultaneous equation estimate method, this paper finds that among three indexes of industry agglomeration, only inter-industry agglomeration degree influence biased spillover most directly and most significantly. In addition, biased spillover is also affected by the ownership and the degree of openness. The results further show that, industry agglomeration also has an impact on wage inequality. The promotion of intra-industry agglomeration and inter-industry agglomeration aggravates wage inequality. FDI spillover effects due to biased ownership and biased trade openness have positive and significant effect on wage inequality. Of course, degree increments of wage inequality are also affected by the positive impact of the relative supply of skilled labor and R&D input factors.
2014 Vol. 31 (4): 68-73 [Abstract] ( 3091 ) [HTML 1KB] [ PDF 784KB] ( 2083 )
74 Grey Correlation of Information Industry Development and Regional Industrial Structure Rationalization
QI Ya-wei, LIU Dan
Information industry as the dominant core of emerging industry has far-reaching impact on regional industrial structure upgrading. From the perspective of rationalization, based on the theory of leading industries, this paper analyzes the mechanism of electronic information industry development to promote regional industrial structure rationalization. Constructing the index system of information industry development and regional industrial structure rationalization, this paper uses grey correlation theory to measure the degree of association between electronic information industry development and regional industrial structure rationalization. The results show that there is a big correlation between electronic information industry development of the eastern, central and western and regional industrial structure rationalization. Information industry development of the eastern and central promotes regional industrial structure rationalization mainly through technological progress rate, while regional industrial structure rationalization of the western is driven by the scale expansion but not connotation development of the electronic information industry.
2014 Vol. 31 (4): 74-79 [Abstract] ( 2754 ) [HTML 1KB] [ PDF 740KB] ( 1908 )
80 A Study on the Cognitive Elements of Group Enterprise Strategic Thinking in Co-evolution Perspective
YANG Gang, LI Guang-jin
Based on summarizes of defects on cognitive elements of the existing strategic theories, the paper proposes the conceptual model of business-based enterprise evolution system combined with co-evolution theory, which is organized by the enterprise systems and the external environment. Meanwhile, the article chooses Samsung Group as case for study, analyzes the co-evolution within the business-based enterprise evolution system, and identifies seven cognitive elements of the group enterprise strategic thinking component in co-evolution perspective. The results show that it has important theoretical and practical value for the seven cognitive elements,which not only includes the cognitive elements of existing strategic theories and new cognitive elements, but also applies to non-group enterprises and promotes the existing strategic theory and its application.
2014 Vol. 31 (4): 80-85 [Abstract] ( 2753 ) [HTML 1KB] [ PDF 970KB] ( 2868 )
92 Reputation Mechanism, Agency Conflict and Corporate Donation ——An Empirical Study on Listed Companies in China
LI Shi-tian, SONG Xian-zhong
Corporate donation is considered an important way of implementing corporate social responsibility generally. On the basis of summing up the research literature and selecting 2007-2009 data of China listed companies, this paper empirically analyzes the factors of listed companies’ corporate philanthropy donation by using WLS methods. The empirical results show that the degree of the corporate emphasizing on reputation has a positive impact on Chinese listed companies’ donations level, and agency conflict between managers and owners also has a positive impact on their donations level. Therefore, corporate donation behavior has deviated from the definition of corporate social responsibility, and clamming corporate social responsibility is just a slogan. The research paper finding has a certain significance on understanding relationship between corporate social responsibility and corporate donation behavior rationally.
2014 Vol. 31 (4): 92-97 [Abstract] ( 2841 ) [HTML 1KB] [ PDF 828KB] ( 2262 )
98 Impacts of Reputation, Consumer Guarantee System and Online Reviews on Online Customers’ First Purchase Intention
LI Qi, RUAN Yan-ya
This thesis applies Structural Equation Model to examine the indirect impact brought by the three constructs-the sellers’ reputation, the consumer guarantee system and the customer personality trust base on the customers’ first purchase intention through the mediating variable of the customers’ initial trust belief, as well as the direct implication caused by the online reviews to the customers’ first purchase intention. Gender and the proportion of the item price accounting for the entire monthly expenditure (whether be above 10 percent) are used as two moderating variable in this model to examine the difference between different categories. The findings are as below: the consumer guarantee system has the most significantly positive effect on the customers’ initial trust belief, and then on the customers’ first purchase intention, while the positive influences brought by the sellers’ reputation and the customer personality trust base are moderate, with the smallest direct positive impact on the customers’ initial trust belief coming from the online reviews. As for the moderating effect, there is no difference in terms of gender. However, when the percentage of the item price accounting for the entire monthly expenditure is above 10 percent, all of the four independent variables, including the sellers’ reputation, the consumer guarantee system, the customer personality trust base and the online reviews have positive impact on the customers’ first purchase intention, while only the consumer guarantee system and the customer personality trust base positively affect the customers’ first purchase intention in the case of that proportion being below 10 percent.
2014 Vol. 31 (4): 98-103 [Abstract] ( 2767 ) [HTML 1KB] [ PDF 832KB] ( 2100 )
104 Team Product Research Based on CR-Social Preferences Model
SHI Wei,PU Yong-jian
The classical team product theory assumes that the players have purely self-interest preferences, but with the experimental economics and behavior game theory development,people pay more and more attention on social preferences;Charness et al (2002) made a series of game experiments, they tested different types of social preferences directly and formed a relatively better social preferences model. In this paper,we make a research on team product theory,using the simplified form of Charness et al (2002) social preferences models,in order to analyze the efficiency of team production in different social preferences conditions and re-examine Holmstrom theorem “a balanced budget and pareto efficiency can not happen simultaneously in team production” .
2014 Vol. 31 (4): 104-109 [Abstract] ( 2658 ) [HTML 1KB] [ PDF 691KB] ( 1898 )
110 An Empirical Study of the Relationship among Social Responsibility, Social Capital and Competitiveness ——Evidence from Enterprises of Chang-zhu-tan area in China
ZENG Jiang-hong, HE Ping, LEI Li-tao
The social responsibility and social capital is the important factors to improve the competitiveness of enterprises. By fulfilling corporate social responsibilities, the corporate can obtain corresponding social capital, and have competitive advantages finally. Based on the resource dependency theory, this paper researches into the relationship among corporate social responsibility, social capital and competitiveness via structural equation, regarding 524 enterprises from Chang Zhu Tan area as samples. We find that corporate social responsibility can effectively enhance the competitiveness, and social capital plays a certain intermediary role in the relationship. The effect of this activity varies against different stakeholders. The empirical implications of this study help us understand the mechanism that CSR affects competitiveness, and provide a basic guidance for CSR practice.
2014 Vol. 31 (4): 110-115 [Abstract] ( 2988 ) [HTML 1KB] [ PDF 740KB] ( 1857 )
116 Promotion Incentives, Land Finance and Performance of Economic Growth
LI Yong-gang, ZHANG Shi-jie
This paper investigates the effect of promotion incentives on the performance of economic growth in China by using the panel data of Chinese 31 provinces from 1999 to 2010. The results show, promotion incentive of local officials promotes economic growth, but is not conducive to improve the performance of economic growth. Further, the promotion incentives, land finance and the performance of economic growth bring into the same economic system, the research found, there is a positive interactions between promotion incentives and land finance. And the land finance reduces performance of economic growth. Promotion incentive of official and the increase of land finance have improved the performance of economic growth. The results show that the promotion incentive and land finance are the important sources of the inefficient economic growth in China in recent years.
2014 Vol. 31 (4): 116-121 [Abstract] ( 3027 ) [HTML 1KB] [ PDF 783KB] ( 1901 )
122 Dynamic Study Of The Contribution Of China’s Fiscal InvestmentIn Education to Economic Growth
JIAO Qing-xia
Macro-economic data from 1981 to 2010 of China and state space model are used to study the dynamic relationship between the fiscal spending on education and economic growth .The conclusion is that there exists a long-run equilibrium relationship between the two variables. The contribution of fiscal spending on education to economic growth exists significant time variation, due to the impact of the economic system, education system, financing structure and the international economic environment and so on. Finally, we find the reasons according to the change trend and propose to increase financial input in education, optimize the educational structure of allocation and improve the funds utilization and so on.
2014 Vol. 31 (4): 122-126 [Abstract] ( 3104 ) [HTML 1KB] [ PDF 693KB] ( 1888 )
127 Should Fiscal Policy Focus on Asset Price Volatility-A Debate about the Relationship between Them
WU Jun, XUE Xiao-yu,LIU Zhao
The fluctuation of Assets price is a difficult problem that every government has to deal with. When facing the wave, government usually cannot handle it properly, which leads to a serious mistake. In the period of economic crisis, whether the adjustment of macroeconomic regulation, especially the fiscal policy, has to react to the fluctuation of Assets price is becoming an important topic to treat with. This report deeply researches on the mutual relations between fiscal policy and the fluctuation of Assets price by analyzing the influence channel. Beyond that, in this paper, we construct the SVAR model using the Chinese data to study the relationship between them. The view of this report is concise. In the period of financial crisis, the implementation of fiscal policy in China has to be combined with the fluctuation of Assets price in the capital market, and the government also has to track and give attention to the adjacent point. As far as the practical operation is concerned, the report indicates that the Assets price should be the assistant goal of Chinese macroeconomic regulation, which monitors the fluctuation, rather than the direct goal of regulating Chinese fiscal policy. Besides paying attention to the direct influence of fiscal policy on the real economy, the government also has to consider the indirect influence of the fluctuation of Assets price on it.
2014 Vol. 31 (4): 127-132 [Abstract] ( 2851 ) [HTML 1KB] [ PDF 1447KB] ( 2242 )
133 Spatial Analysis on Finance Convergence of Human Capital in Henan Province
HAO Xiu-qin
Based on the panel data of 18 cities , establishing spatial econometric model, this paper analyzes finance convergence of human capital in Henan Province. Finance convergence exists significantly ;the analysis of the control variables shows that own financial resources, human capital investment preferences and the financial transfer payment from the higher-level govements had increased the disparity of financial investment on human capital among cities, but the influence of GDP per capita is not significant; there are significant spatial dependence during the allocation process of city-level financial resources on human capital.In order to speed up the human capital’s finance convergence among cities and promote the balanced development of regional economy,.we should improving fiscal revenue contribution of economic growth , fundamentally change the incentive mechanism of the local government, actively play the higher-level governments’ balanced role of financial resources and guiding role ,and design policy in full consideration of regional spatial dependence.
2014 Vol. 31 (4): 133-137 [Abstract] ( 3074 ) [HTML 1KB] [ PDF 685KB] ( 1717 )
138 Research and Evaluation on Capital Allocation Efficiency of the Western Rural Financial Market
YANG Xi, LUO Jian-chao
Based on the survey data of nine townships, we try to analyze the western rural financial market capital allocation efficiency and the influencing factors by using super-efficiency DEA and Tobit model. We find that the overall rural financial market capital allocation efficiency is low and the capital allocation efficiency shows the characteristic of localizing distribution. The four townships which do not meet the DEA efficiency are mainly located in Gaoling Area. The farmers’ education levels and some other factors all have positive effect on capital allocation efficiency. The per capital income of farmers and whether participating in property mortgage loans have different directional impact. Finally, rural financial reform is the key to improve the capital allocation efficiency.
2014 Vol. 31 (4): 138-143 [Abstract] ( 2689 ) [HTML 1KB] [ PDF 751KB] ( 1723 )
144 Economic Performance and Influencing Factors of the Credit Environment——Empirical Study Based on CEI and Chinese Provincial and Prefecture-level City Data
TAN Yan-zhi, WANG Chao, LI Guo-feng
The “credit economy era” means credit environment has become the major capital of a country after physical capital and human capital for economic growth and social progress. This paper selects Chinese provincial and prefecture-level city data as the study sample and chooses CEI as the basis to reveal economic performance of credit environment, such as per capita GDP and its growth, the level of enterprise and financial development, and urban-rural income gap, further analyzes the factors affecting the credit environment. We find that the credit environment can contribute to the economic development of a region, but also pull large urban-rural income gap; the impact of education level, the level of urbanization, population density, and transportation facilities on credit environment are relatively significant. Among these, the impact of the level of urbanization on credit environment is closely related to the level of market. But the impact of regional culture and communication level is not significant.
2014 Vol. 31 (4): 144-149 [Abstract] ( 3066 ) [HTML 1KB] [ PDF 1475KB] ( 1852 )
150 A Study on the Relationship among the Quality of Information Disclosure, Audit Risk, and Audit Pricing——Empirical Evidence Based on the A-Share Listed Companies of Shenzhen Securities Exchange
GAO Wan-qing
This paper adopts the listed company’s score of information disclosure checked and publicized by Shenzhen Securities Exchange as the substitution of corporate governance, and analyzes the relations among corporate governance, quality of information disclosure, audit risk, and audit pricing. It finds that the higher the score of information disclosure, the lower the audit pricing, and the above relationship is stronger among the listed companies audited by the big auditors. This paper argues that the corporate governance affects or partially decides the audit price, and the big auditors are more sensitive to the risk originated from corporate governance, and the reason might be that the risk-oriented audit conception has been accepted and adopted by the big auditors earlier than small auditors, and the big auditors’ ability of identifying and handling the audit risk is more strong.
2014 Vol. 31 (4): 150-155 [Abstract] ( 3141 ) [HTML 1KB] [ PDF 798KB] ( 1823 )
156 Does Trade Credit Increase Corporation Investment?——Empirical Evidence from Chinese A-share Listed Companies
LI Lin-hong
This paper analyzes the influence of trade credit financing on the real economy from the perspective of investment so as to provide the evidence of short-term trade credit financing promoting economic growth. Based on the sample of listed companies in 2007-2012, we study the influence of the trade credit financing on investment. The empirical study shows that the use of trade credit of listed companies in China promotes the fixed assets, intangible assets and projects under construction; state-owned listed companies obtain more trade credit, but can’t improve investment that trade credit leads to, private listed companies get less trade credit financing, but the use of trade credit financing significantly improves the investment spending.
2014 Vol. 31 (4): 156-160 [Abstract] ( 2826 ) [HTML 1KB] [ PDF 659KB] ( 2139 )
86 Heterogeneity of Institutional Investors and Corporate R&D Investment——Empirical Evidence Based on the High-Tech Enterprise from A-Share
JIANG Yan-hui,TANG Jia-cai,YAO Kao-hua

Based on 663 A-share market high-tech enterprises from 2004-2011,this paper makes an empirical study of the relationship between the share holdings of securities investment fund which is a typical type of institutional investors and R&D investment. The results show that securities investment funds do not have a significant positive correlation with R&D investment when we regard securities investment funds as homogeneous institutional investors; we also find that long-term investors have a significant positive correlation with R&D investment while short-term opportunists have a significant negative correlation with R&D investment when we regard securities investment funds as heterogeneous institutional investors and divide it into long-term investors and short-term opportunists.
2014 Vol. 31 (4): 86-91 [Abstract] ( 3270 ) [HTML 1KB] [ PDF 699KB] ( 1845 )
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