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Economic Survey
2015 Vol.32 Issue.3
Published 2015-05-07
Original article
1
Resource Curse and the Entrepreneurs Formation of Traditional Agricultural Regions ——Based on the Case Study of Changyuan
YU Ping
The traditional view of development economics is that capital formation was regarded as a key factor for an agricultural society’s industrialization. The regions with better agricultural production conditions were more easily for capital accumulation and starting industrialization progress. But the fact that we find in Changyuan country of Henan Province doesn’t support the opinion. The paper argues that agricultural production conditions have not only a positive effect of capital formation which benefit industrialization, but also an inhibitory effect of entrepreneurship. Then, the paper constructs a career choice model to explain the inhibitory effect and named it with “resource curse". As the corollary, the model point out that some factors, which including financial repression, the restricted labor mobility and the poor-integrated market, are the preconditions for “resource curse”.
2015 Vol. 32 (3): 1-6 [
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The Impact of Financial Development on Henan County Urbanization
CHEN Zhi-wei
Based on the panel data of 108 county region of Henan during 2006~2012, the paper analyzed the impact of financial development on county urbanization, with static panel estimation, dynamic panel estimation, and interaction term estimation method. The study found that: (1) Financial development has positive impact on both employment urbanization and household population urbanization, but the positive impact on household population urbanization is more significant. (2) Accompanied by regional income increase, the impact of financial development on employment urbanization and household population urbanization will be more significant.(3)With the enhancement of services industries’ proportion in local GDP, the positive impact of financial development on employment will decline, positive impact on the household population urbanization will increase.(4) Accompanied by regional urban fixed asset investment increase, the positive impact of financial development on employment urbanization will gradually weaken, positive impact on household population urbanization is growing.
2015 Vol. 32 (3): 7-12 [
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Empirical Study on Enterprise Investment Location Choice Based on Regional Game
LIU Ying-ji
In order to explore how the local governments scientific guide business investment location decisions in the process of balancing economic growth, environmental protection and industrial upgrading, this paper constructed a model of enterprise investment location choice model based on the game of natural resources, environmental regulation and financial support. On this basis, the paper empirically analyzed regional environmental regulation, factor endowments, industrial agglomeration, government taxation and other factors’ impact on Chinese enterprise investment location choice. Furthermore, the paper put forward some countermeasures to optimize the mechanism of enterprise investment location choice.
2015 Vol. 32 (3): 13-17 [
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2745
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The Effects of Export-Destination Choice with Financial Support to Technology Development
SHI En-yi
The dilemma of China’s export-enterprises’ productivity has been a hotspot of theory study. Theory indicates that the levels of enterprises’ productivities restrict their financing abilities, hence affect their export-destination choices and therefore have a significant influence on total factor productivity (TFP). Panel data tests show that financial support and export-destination choice increase TFP, however, different outer financing have different effects. Robust test with controlling factors also further proved such conclusion. To promote technology development, we should continue to push financial development, increase the diversification of export market and enlarge openness, pay more attention to enterprise’s ability of absorption, digestion and creation, and adjust the government’s behavior.
2015 Vol. 32 (3): 18-22 [
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2479
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Research on the Relationship between China’s Producer Services and Agricultural Production Efficiency ——Based on DEA Model and Provincial Panel Data
WEI Xiu-jian, LI Si-lin
Through calculating the agricultural production efficiency of provinces in China from 2003 to 2011 with DEA model, the article analyzed the correlation between agricultural producer services and improvement of agricultural production efficiency. The results indicated that the leading roles of agricultural producer service to agriculture were no less than industry. We also found that the development of agricultural producer services could enhance the competency of agriculture by lifting the agricultural production efficiency and have much more obvious effect in central and western region. Furthermore, transport, storage, communications and R&D industry have more significant influence on agriculture production efficiency than other producer services industry.
2015 Vol. 32 (3): 23-27 [
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2571
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Rural Financial Scale, Financial Efficiency, Economic Growth ——The Evidence from Jilin
ZHAO Hong-dan, ZHU Xian-ping
Using the data of Jilin Province from 1978 to 2011, and using time series analysis method, the paper analyzed the relationship among rural financial scale, efficiency and rural economic growth. The results showed that:(1) In the long run, there is a long-term equilibrium relationship among rural financial scale, rural financial efficiency and rural economy.(2) Rural financial scale has a significant negative effect on rural economy growth, however, rural finance efficiency has a significant positive effect on rural economic growth.(3) There is Granger Causality between rural financial scale and the rural economic growth, and such causality doesn’t exist between rural financial efficiency and rural economic growth, furthermore, rural economic growth is Granger Causality of rural fixed asset investment. (4) In the short term, rural financial scale and efficiency have not significant affect on rural economic growth. Conversely, rural economic growth has significant impact on rural finance scale and rural finance efficiency.
2015 Vol. 32 (3): 28-34 [
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Study of the Performance Appraisal of Agricultural Subsidies Policy and Optimization Reconstruction
KANG Yong-quan
This paper analyzes the performance of agriculture subsidy policy through both theoretical and empirical approaches. The results show that the effects of yield increase vary greatly by introducing different subsidy measures. The effect of income-oriented subsidy is more efficient than that of production-oriented subsidy. Moreover, grain direct subsidy functions better than agriculture means of production subsidy although both of them belong to income-oriented subsidies. Based on the above analysis, it is concluded that the subsidy structure in agriculture shall be optimized to improve the effect of grain yield. At last, the paper brought forward countermeasures for government, such as defining subsidy goals, increasing the total sum of subsidy, strengthening subsidy management and improving the supporting policies, etc.
2015 Vol. 32 (3): 35-40 [
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The Measurement & Determinants of National Border Effects in ASEAN 10+3 Manufacture Industry
XU Tong-sheng, MIAO Han
Using a structural gravity model, this paper measures the bilateral border effects of manufacture industry among ASEAN 10+3, based on 1511-3720 manufacture industry at the ISIC (rev3) four- digit level. It then compares the role which policy barriers such as tariff and non-tariff play in border effects with that of non-policy barriers such as information-related costs, home bias in preference and cultural similarity, the result shows that the border effects in ASEAN which has established the free trade area are not the lowest, the role which policy barriers play in border effects is more than that of non-policy barriers, the role played by book trade is the most and the role played by home bias in preference is the least among non-policy barriers. Therefore, the most important measure is to reduce non-tariff barriers and strengthen cultural communication in order to further promote economic integration in this region.
2015 Vol. 32 (3): 41-47 [
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Heterogeneous Firms, Technical Progress and Comparative Advantage —— Based on Micro-Firms’ Trade Data Analysis
XIANG Song-lin
Given the micro-firms’ trade data of China from 1998 to 2008, the paper empirically analyzes the effects between heterogeneous firms, technical progress and comparative advantages. The results show that the biased capital technical progress is more suitable to explain the differences between Chinese heterogeneous firms’ exporting, and capital biased technical progress is the main reason to decrease the export of labor-intensive firms but increase the capital-intensive enterprises, even controlling the variables of economic scale, trade costs, exchanging rate, industrial output, regional and ownership difference. Moreover, the biased capital technical progress can prevent China to fall into the traps of comparative advantage, and realize the dynamic comparative advantage for exporting.
2015 Vol. 32 (3): 48-53 [
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Research on Financial Development,Capital Allocation Efficiency and Industrial Export Performance
LEI Ri-hui,ZHANG Ya-bin,ZHU Hao-di
With the dynamic panel data of China’s 24 industrial sectors from 2003 to 2010,this paper uses Wurgler model to estimate the efficiency of capital allocation of industrial sectors.And then the paper analyzes the impact of financial development and capital allocation efficiency on industrial export performance using System GMM method.The results show that:(1) Financial development and capital allocation efficiency have significant effect on current export performance.(2)The industries with higher level of financial development have a larger external financing scale.The rising of capital allocation efficiency makes abundant external funds quickly flowing to the export enterprises and projects with competitive advantage and currently supporting the improvement of industrial export performance.(3) Capital allocation efficiency can deepen the positive impact on export performance of financial development.Financial development has positive effects on industrial export performance through capital allocation efficiency.
2015 Vol. 32 (3): 54-59 [
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2622
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Research on Reverse Spillover Effect of China’s Outward Foreign Direct Investment (OFDI) ——Theoretical Model and Empirical Evidence
SONG Yong-chao
The paper constructs a theoretical model of OFDI's reverse technology spillover.Using the provincial panel data of China’s OFDI to 11 countries and regions from 2003 to 2012,the paper makes an empirical test of the theoretical model.The results show that:(1) No matter the national sample or the sub-regional inspection,the technology spillover effect of China’s OFDI exists.Every region has transcended the threshold of reverse technology spillover.(2) Each region’s absorption capacity to reverse technology spillover of OFDI is different,the eastern region is easier to obtain reverse technology spillover from OFDI.
2015 Vol. 32 (3): 60-65 [
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66
Financial Constraints’ Impact on Total Factor Productivity (TFP) ——Based on the Data of Chinese Industrial Enterprise
ZHAO Chun-ming,WEN Lei,ZHAO Meng-chu
Using the Chinese industrial enterprises database from 1998 to 2007,this paper studies the relationship between financial constraints and TFP from micro-perspective of export.Results show that:(1) Under the condition of incomplete markets,financial constraints have a significant negative impact on TFP.(2) Relative to non-exporting enterprises,the negative impact on export enterprises is more obvious and prominent.(3) In the non-state-owned enterprises,financial constraints significantly reduced the TFP,but this impact is not significant in the State-owned enterprises and foreign-funded enterprises.
2015 Vol. 32 (3): 66-72 [
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2875
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73
Working of Green Food Market and Consumers’ Choice in the Low Trust Condition on Eco-label
YANG Bo
It is particular phenomena in China and other transformation countries that consumers have low trust on Eco-label. Based on market signal theory and using real modeling, the essay finds that low trust on eco-label won’t make the green food market disappear, but will lead the market to pooling equilibrium. The eco-label will become index. Consumers will make choice on both eco-label and brand. So, the small brand won’t get green premium. The revelation is that the low trust on eco-label will affect the small firm invest on eco-label.
2015 Vol. 32 (3): 73-78 [
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79
Economic Agglomeration and Regional Labor Productivity Difference in China ——GMM Estimation Based on Spatial Dynamic Panel Data Model
MAO Qi-liang,WANG Fei,LI Jun
This paper estimates agglomeration effects across prefecture regions from 2000 to 2009 in China by spatial dynamic panel data model.This analysis is extended in two main ways due to endogeneity of the spatial concentration of employment and ignorance of spatial autocorrelation in former researches.First,we use dynamic panel estimation techniques (system GMM),thus offering an alternative methodological treatment of the inherent endogeneity problem.Second,we adopt spatial econometrics to eliminate the impact of spatial autocorrelation on estimation.Our results confirm the presence of significant agglomeration effects,with an estimated long-run elasticity of 3.44 percent,which is lower than those of former researches.Approach improvement in two ways corrects the over estimation to some extent.
2015 Vol. 32 (3): 79-83 [
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84
The Empirical Research of China’s Household Appliances Industry Export Based on SWOT Model
XUE Qiang, WANG Fang, QIU Feng
Since joining WTO in 2001,with cost and production scale advantages,China has become a huge producer and exporter in household appliances.In recent years,the external market for China has shifted and the advantages in cost were weakened.China’s household appliances industry is now faced with new challenges such as the declining export.In order to cope with the new situation,China’s household appliances industry needs to explore new ways in improving competitiveness.Based on the analysis of the current situation and existing problems of China’s household appliances industry,using the evaluating model built on SWOT,this paper conducts an empirical study on the export situation of China's household appliances industry.The research results show the main factors influencing export include core competitiveness of products,potential of new and emerging markets,and integration of industries,etc,.This paper also offers advices in the development path of household appliances industry in China.
2015 Vol. 32 (3): 84-89 [
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90
Research on the Stability and Governance Mechanism of Enterprise Network Organization Based on Embeddedness
HAN Jing-wen,PENG Zheng-yin
For the loose connection and cracking during the embedding process in network organization,the paper analyzes the factors which affect the stability of network organization through the single group’s evolutionary model of evolutionary game theory.The findings show that mature learning mechanism is an important safeguard of keeping the stability of enterprise network organization.Meanwhile,the moderate level of relational embeddedness will improve organization’s stability.With only the internal embeddedness governance mechanism,structural embeddedness level has significant impact on the stability of enterprise network organization.Furthermore,with the external governance mechanism,both the information disclosure mechanism and punishment mechanism affect the stability of the organization.
2015 Vol. 32 (3): 90-95 [
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The Relationship between Customer-to-customer Interaction, Psychological Contract and Community Loyalty in Brand Community
ZHAO Jian-bin, JING Feng-jie, YU Ying
From the view of moral responsibility, authors consider that psychological contract exist between customers and are affected by C2C interactions, thereby also affecting the brand community loyalty of the customers. Several motorist clubs were employed as the research object. The paper adopt structural equation model. The result suggests that the psychological contract between brand community members is a three-dimensional structure and plays a mediating role in the influence of customer-to-customer interaction on the community loyalty,within which the transactional psychological contract play an partially mediating role in the impact of social interaction on the brand community loyalty. Transactional, relational and ethical psychological contract play a partially mediating role in the impact of information interaction on the brand community loyalty.
2015 Vol. 32 (3): 96-101 [
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102
A Research on the Characteristics of Corporate Social Responsibility (CSR) after Brand Scandal Based on Content Analysis
ZHAO Zhan-heng,YU Wei-ping,WANG Chun-ya
Using content analysis method,this paper tries to explore the characteristics of corporate social responsibility after brand scandal based on the scandal cases from 2009 to 2013.The results shows that:(1) Corporate has higher CSR level after the scandal,compared with corporate social responsibility activities before brand scandal.(2) Companies are more inclined to using philanthropy with a lower CSR’s fit to carry out activities after brand scandal.(3) Compared with the corporate immorality accident and the morality-related product failure accident,corporate social responsibility activities are carried out more frequently after the product performance accident.
2015 Vol. 32 (3): 102-107 [
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Research of Service Recovery Quality Improvement Based on Bounded Rationality
SHAN Mi-yuan,ZHANG Xiao-jun,ZHANG Ren-long
The increment of service failures and dissatisfied customers promote B2C enterprises to focus on service recovery and take all kinds of recovery measures to improve the quality of service.In this work,all the discussions were conducted under the assumption of consumer’s bounded rationality and basing on the Kano model and the fuzzy clustering method.The B2C service recovery qualities,such as must-be quality,one-dimensional quality and attractive quality were identified while the customer satisfaction adjustment factor was imported to confirm the priority of the influence factors.The conclusion services the B2C enterprises with a best quality-improving method which can provide the most useful remedial measures.
2015 Vol. 32 (3): 108-113 [
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114
The Analysis of Union Wage Premium Based on Propensity Score Matching Method
YUAN Qing-chuan
The author used propensity score matching method, through balance test and sensitivity analysis based on 2010 Chinese General Social Survey data. The empirical results show that there is significant difference between union and non-union member in the salary gap before balance, but no significant difference after balance. Trade unions’ intervening effect on wage premium is not obvious, and the main cause of wage premium is worker’s resources endowment.
2015 Vol. 32 (3): 114-119 [
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2401
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120
Company Size, Marketing Strategy Style and Family Firm’s Performance
ZHANG Li, GAO Ying-zhi
Based on 246 listed family firms’ panel data of 2004~2013, the paper does empirical study on the relationship of marketing strategy style, enterprise scale and corporate performance. The results show that: (1) Enterprise scale has significant impact on family firms’ strategy style.(2)Aggressive marketing strategy could stimulate the growth of the operating income, but it will hurt company’s long-term growth potential, also has negative impact on the sustainable improvement of company performance.
2015 Vol. 32 (3): 120-125 [
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126
Relationship between China Ecological Efficiency and Environmental Regulation ——Based on SBM Model and Provincial Panel Data
ZHANG Zi-long, WANG Kai-yong, CHEN Xing-peng
The paper calculated the ecological efficiency of 30 provinces in China during 2003~2011 by using non-radial andnon-oriented SBM model with undesirable out-put and analyzed the spatial-temporal evolution of eco-efficiency. Then, the paper applied the Tobit panel data model to explore the impacts of environmental regulation on eco-efficiency. The results indicate that: (1) Ecological efficiency in most part of China is low, and the average of eco-efficiency is declining. (2) Eastern China is the most eco-efficient region, followed by Central China. In contrast, the Western China is the worst performers. (3) Environmental regulation has negative effects on eco-efficiency in short term, but in the long run, the effects change into positive. And the positive effects induced by the reversed transmission impacts of environmental regulation on the control factors such as industrial structure, urbanization, technology.
2015 Vol. 32 (3): 126-131 [
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132
Factor Accumulation, Externality and Sustainable Growth ——A Theoretical and Empirical Study of China
ZHANG Xiao-xue, LI Shi-zheng
The theoretical model shows that the economic growth can be sustainable with the following conditions. That the physical capital accumulation provides positive externality and internality, and that the human capital accumulation substitutes physical capital accumulation gradually. Our empirical study with data from 1978 to 2010 confirmed that the model is true in the case of China’s economic growth. It also suggested that the great drop of the positive internality of the physical capital accumulation, which is caused by the unbalanced growth of the human and physical capital accumulation, has led to the slowdown of the actual GDP growth since the middle and later period of the 1990’s. We believe that effective accumulation of human capital is the key to the future economic growth in China.
2015 Vol. 32 (3): 132-137 [
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138
The Influence of Flexible Retirement System to the Pension Insurance under the Second Demographic Dividend Perspective
MENG Ling-guo
Confronted with aging before getting worthy, China is undertaking immerse press by following endowment insurance which was carried out just by the establishment of New China. By setting a two-period overlapping generation model, this paper analyzes the effect of different flexible retirement age on workforce endowment insurance payment rate and the aged replacement rate. The result shows that: (1) Aging rate will decline while the retirement age delaying under pay-as-you-go system. (2)Endowment insurance payment rate should go down on the condition of endowment insurance replacement getting unchanged.(3) Endowment insurance replacement should rise on the condition of endowment insurance payment rate unchanged. (4) Gradual delaying retirement age policy should be adopted according to the difference of gender, age, region, industry et al.
2015 Vol. 32 (3): 138-143 [
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A Research on the Determinants of Renminbi(RMB) to be the Invoicing and Settlement Currency in East Asia ——In the Perspective of Final Goods Market Provider
WANG Shan-shan, HUANG Mei-bo
Whether China can be the Final Goods Market Provider in East Asia determines RMB’s status as the international invoicing and settlement currency. This paper sets up a dynamic panel data model and uses two-stage generalized method of moments to explore the determinants of China being the final goods market provider in East Asia. By comparing the empirical results of the model with the data from 1998 to 2005 and that from 2006 to 2011, we find that, the stability of RMB’s exchange rate, the situation of processing trade and the structure of economic growth are the direct determinants of China being the Final Goods Market Provider in East Asia, which further determine RMB’s status as the invoicing and settlement currency in East Asia.
2015 Vol. 32 (3): 144-148 [
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149
Relationship among Controlling Shareholders’ Condition, Propping Behaviors and Financial Distress’ Evolution Path
ZHENG Hai-yan
Based on 378 Chinese corporations in financial distress from 2000 to 2010, this paper uses panel data analysis method to analyze the relationship between propping behaviors of controlling shareholders and the subsequent evolution path of distressed company. The results show that: (1) Firms changing well get more propping from controlling shareholders far more than firms changing badly. (2) Controlling shareholders in good condition give more propping to firms. The state-owned controlling shareholders provide propping to firms because of the "soft budget constraint" and "social cost" constraints, which is good for firms to get rid of financial distress.
2015 Vol. 32 (3): 149-154 [
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2207
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“Paradox of Thrift” and Fiscal Expenditure Shift
JIN Ke
With IMPLAN model applied effectively, regarding catering industry as a breakthrough point, the modeling analysis is conducted in the entire influences from “Eight Regulations” on macro-economy. The analytic result indicates that: to some extent, “Eight Regulations” will have some negative macroeconomic impact due to the thrift depicted by “the Fable of the Bees”. But if the successful and targeted fiscal expenditure shift would be fulfilled and the saved fiscal capital could effectively switch to other industries, the new positive effects on macro-economy would emerge. Therefore, after “Eight Regulations” is introduced formally, the targeted capital input should be implemented, based on policy purposes and the different industrial natures, so as to eliminate the “Paradox of Thrift” and promote the healthy and stable macroeconomic development.
2015 Vol. 32 (3): 155-160 [
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