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Economic Survey
2016 Vol.33 Issue.2
Published 2016-03-10
1
An Evaluation the Economic Influence of Financial System Reform on the Economy of Province-Managing County ——A Case Study of Shanxi Province
WANG Jing, QIAO Lu-yin, LI Yu-rui
Using qualitative and quantitative method based on typical economic indexes analysis, multi-objective assessment of county economic vitality index and a difference-in-difference model, this paper evaluates the economic effects of province-managing county fiscal reform on county level economic growth in Shanxi Province. The results show that: the average growth rates of the main economic indicators of pilot counties are generally higher than the non-pilot counties, but the impacts of the reform virtual variable on the main economic indicators of the pilot counties has not passed the significant test. The economic vitality of the pilot counties has been enhanced, but the impact of the reform virtual variable on the economic vitality index of the pilot counties has not passed the significant test. The difference-in-difference model analysis found that the reform has significantly improved the financial revenue and expenditure of the pilot counties, but the direct effects of reform on economic growth of pilot counties has not passed the significant test. To sum up, the results of the three evaluation methods show that the impact of the financial system reform on the county economic growth in Shanxi province is not significant, and the system design of this reform needs to be further improved.
2016 Vol. 33 (2): 1-6 [
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A Research on the Reason of Imbalance Development of Private Enterprise in Different Regions
LENG Zhi-hua, FU Chang-jian, GONG Zhi-min
By using the panel data, this paper main studies the causes and differentiation mechanism of imbalance development of private enterprises,to prove the effect of regional investment environment on the growth of private enterprises. It is found that the regional government environment, financial environment, market environment impact on the private enterprise growth are significantly, but legal environment, scientific research and patent to accelerate the development of private enterprises are not significant.
2016 Vol. 33 (2): 19-23 [
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A Research of the Retationship between Zhengzhou Airport Comprehensive Experimental Area and Zhongyuan City Group
WANG Tao-tao
This article firstly reviewed the study of airport development and metropolitan area evolution. Then it researched the theory of coupling relationship between metropolitan area and airport economic zone. Next, it analyzed the coupling mechanism of Zhengzhou airport economic zone and Zhongyuan metropolitan area. The research revealed that the comprehensive order parameter between the two systems gradually increased as the year growth, and their coupling relationship had stepped into antagonism stage. Finally, suggested a series of strategies to promote the coupling relationship.
2016 Vol. 33 (2): 24-29 [
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“One Project, One Discussion” and the Decision-Making in Rural PublicInvestment and Villagers’ Participation——Evidence from a Nationwide Village-Specific Panel Data
LUO Ren-fu, WANG Yu, ZHANG Lin-xiu, LIU Cheng-fang,YI Hong-mei
“One Project, One Discussion” aims at encouraging villagers to participate in the decisions of village public investment. Using a village-specific panel data set with nationwide representativeness, we identify the impacts of “One Project, One Discussion” on whether the most required public infrastructures are implemented in villages, and on the funds and labors collected among local villagers. It is found that “One Project, One Discussion” promotes the propensity for villages to implement the most required infrastructures of local villagers; it also raises the shares of public investment by local villagers, and labors they devote to. We conclude that “One Policy implications are also inferred on our conclusion.
2016 Vol. 33 (2): 30-35 [
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The Influence of System Structure on Farmers Professional Cooperative’s Performance——Based on the Empirical Study of 72 Cooperatives in Jiangxi Province
LIU Jie, QI Chun-Jie, CHEN Xin-Hua
Based on the survey data of 72 cooperatives in Jiangxi province, we use ordered Logistic model from the aspects of property right structure and technology trading structure to analyze institutional factors’ influence on Farmer Professional Cooperative’s performance. The research results show that there is close relationship between the performance and the system structure of cooperative. Factors such as ownership concentration, joining limitation, the difficulty of distinguishing the main product’s quality, membership and established time all have significant impacts on the cooperative’s performance. Finally, it is proposed that the government should build up scientific and reasonable cooperative structure according to local conditions, promote the optimization of the equity structure and the implementation of truly democratic management, adhere to the cooperative development principle of “give priority to efficiency with due consideration to fairness ”.
2016 Vol. 33 (2): 36-41 [
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An Empirical Analysis of the Impact of Household Endowments on the Technical Efficiency in Food Production——Based on the Data of Henan Farmers in Food Production
HU Yi-wen, HUO Xue-xi
Based on household endowments and micro data, using translog stochastic frontier production function, this paper examines the factors affecting technical efficiency in food production. Results show that in the other conditions remain unchanged, farmers’ age and education level respectively have a positive and negative influence on technical efficiency in food production; per unit area of farmland increased the more favorable agricultural mechanization operation in food production, which has a positive effect on technical efficiency; the number of family agricultural fixed assets determine the degree of substitution of labor an capital, which has a positive effect on technical efficiency; the proportion of total family income that food production brings reflects the structure of farm household income, the greater the proportion of households more emphasis on food production, it has a significant positive effect on technical efficiency.
2016 Vol. 33 (2): 42-47 [
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A Research on the Export Trade Effect of Science and Technology Innovation
XIE Meng-jun, ZHOU Jian
The paper uses export growth model of science and technology innovation to construct the evaluation index system of technology innovation and analyze the index’s contribution degree and weight were calculated using principal components, evaluate ability of innovation of science and technology. Results show that science and technology innovation of our country’s regional imbalance phenomenon is obvious, the innovation of science and technology with export growth effect also show the regional differences, eastern area belongs to scientific and technological innovation promoting exports trade pattern, central region belongs to the capital promoting exports trade pattern, western region belongs to the labor dominated promoting export trade mode.
2016 Vol. 33 (2): 48-53 [
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An Analysis of the Causes of MNE’s Divestment in China——From the Perspective of MNE’s Performance
LIU Zhen-lin, LI Ren
This paper analyzes the causes of divestment from the perspective of MNEs’ performances by the data that is from 1998-2013 and Chinese Industrial Enterprises Database from 2006. The results show that MNEs’ debts, payrolls and tax expenditures are positively related to the likelihood of divestment, while the MNEs’ profits are negatively related to the likelihood that foreign investments are divested. From this paper we could make the conclusion that the MNEs’ performance is an important factor that affects MNEs’ divestments in China.
2016 Vol. 33 (2): 54-59 [
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A Study on Cross-Border Electronic Commerce Export Pattern of Shanghai Free Trade Zone from the Perspective of Trade Structure
HAN Lin-lin,TIAN Bo
This paper measures the effect of cross-border e-commerce on China’s exports from the perspective of technological additional value of goods. The results show that increasing the export of medium and high value added products will be beneficial to the development of China's export. Compared to low value added products, improving clearance efficiency and logistics efficiency can remarkably increase China's export. The promotion of information level can pull the export of all three kinds of value added products. Based on the above research, this paper analyzes the international Electronic Commerce export of Shanghai Free Trade Zone from three aspects which is the settled enterprises, trade facilitation and tax.
2016 Vol. 33 (2): 60-65 [
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Does FDI Increase or Decrease China’s Industrial Carbon Emission? ——From the Perspective of Threshold Effects
LI Zi-hao
On the basis of FDI’s threshold effects mechanism from R&D investment, environmental regulation angles, using the panel data from 35 industrial sectors during 2000-2012 in China, with the non-dynamic threshold panel estimation, this article empirically study the threshold effects of FDI on industrial carbon emission. Results show that, there are quite significant threshold effects of FDI on industrial carbon emission from R&D investment and environmental regulation channel: When the R&D investment or environmental regulation is relatively low, the positive impact of FDI on industrial carbon emissions is very weak, and FDI may even increase industrial carbon emissions; when the industries’ R&D investment or environmental regulations is quite higher, FDI is very significant in reducing carbon emissions. The analysis on the number change and distribution of the higher R&D investment, the higher environmental regulation industrial sectors during the study period show that, the positive impact of FDI on industrial carbon emission abatement is gradually increased, and the entry level of FDI in most of high energy consumption, carbon emission industries is still low.
2016 Vol. 33 (2): 66-71 [
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A Research on the Relationship between the Hierarchical Structures of Education and Adjustment and Optimization of Industry Structure——An Empirical Study Based on Henan Province Panel Data
LIU Pu
The hierarchical structures of education and adjustment and optimization of industry structure are two-way interacting lane. This study explores the relationship of them, using panel data of Henan provinces from 2006 to 2012. The study discovers that different hierarchical structures of education play different roles in the adjustment and optimization of industry structure. The education structure should be designed to adapt to the characteristic of the industry structure of the region. In the present stage, the elementary education should be strengthen standardization construction, and the secondary education should be improved the quality, and the higher education should be constructed a reasonable level.
2016 Vol. 33 (2): 72-77 [
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The Influence of Humanistic Environment On the Development of Changsha Film-Television Industry——Base on the Relational Embeddedness Perspective
WEN Hu, GUI Ya-na
This paper analyzes the impact of human environment to inter-firms linkage from the perspective of “Relational Embeddedness”. Based on correlation analysis, this paper analyzes the influence of humanistic environment to the development of Changsha Film-Television industry. Results show that Changsha Film-television industry has three characteristics: transaction cost is low, good protection of intellectual property right, efficient incentive mechanism while diversity is not so strong. The first three characteristics positively related to the development of film industry’s development and the diversity does not have significant influence on film industry.
2016 Vol. 33 (2): 78-83 [
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The Nonlinear Relationship between Financial Development and Industrial Structure Upgrading——An Empirical Analysis Based on Threshold Methodology
TAO Ai-ping, XU Jun-chao
Industrial structure upgrading is the only way to achieve China’s economic growth and sustainable development. For this, based on the threshold of Hansen model, with the level of financial development as the threshold variables, the relationship between financial development and industrial structure upgrading in China was studied. The results show that: (1) there is a nonlinear relationship between financial development and industrial structure upgrading. Under the different level of financial development, the promoting to industrial structure upgrading is different, showed up inverted u-shaped trend. (2) The forms of nonlinear relationship between financial development and industrial structure upgrading changes on the regional. The level of financial development are lower in the central and western region, the promoting effect are more obvious; the level of financial development is higher in the eastern region, the promoting effect even smaller.
2016 Vol. 33 (2): 84-89 [
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Financial Development, Dependence on External Financing and M&A
ZHOU Shou-hua,WU Chun-lei,ZHAO Li-bin
Using mergers and acquisitions data of the listed companies during 2003-2013,this paper exams the adjustment effect of the China's financial development on the relationship between the firm's dependence on external financing and the mergers and acquisitions. The empirical evidence shows that the more dependence on external financing, the lower of the probability of mergers and acquisitions is. However, the financial development can alleviate the negative effect of dependence on external financing on the probability of mergers and acquisitions. When the value of financial development level (Credit Resources Market Index) is higher than 7.431, the financial development will enhance the probability of mergers and acquisitions because firms with higher dependence on external financing can more easily raise funds outside. This paper also finds that the higher of the local financial development in a region and the more active control over the markets, the greater the M & A market size, which means that the financial development affects the control over the market activity.
2016 Vol. 33 (2): 90-95 [
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The Influence of Situational Consumer Animosity on Consumers’ Willingness to Buy——Mediator Effect of Psychological Affect
WANG Jue, LI Wei
This paper proposes a model of Situational Consumer Animosity in Diaoyu Island incident (2012) context. Based on a sample of 524 undergraduates, and by using SEM this paper examines the specific relations among situational consumer animosity, consumer self-efficacy, consumer ethnocentrism, product judgment, willingness to buy and consumer psychological affect. The results are as follows: situational consumer animosity has a negative impact on consumers’ willingness to buy but has no impact on product judgment; and that psychological affect mediates the relationship between situational consumer animosity, consumer self-efficacy, consumer ethnocentrism, product judgment and willingness to buy.
2016 Vol. 33 (2): 96-101 [
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The Influence Mechanism of Entrepreneurs’ Social Capital on Enterprise’s Dynamic Capability——Based on the Mediation Effect of Independent Innovation Level
LI Hui, WANG Cong
The paper measures entrepreneurs’ social capital from heterogeneity, size and strength, discusses its influence on enterprise’s dynamic capability, and further researches the regulation of independent innovation level to the process by using questionnaire survey data of enterprises. The results show that: business social capital and technology social capital all have significantly positive influence on enterprise’s dynamic capability; the strength of system social capital has significantly positive influence on market dynamic capability, but has no positive influence on technology dynamic capability; the independent innovation level regulates the mechanism of above influences in certain aspects.
2016 Vol. 33 (2): 107-112 [
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The Formation and Influence Mechanism of Customer Value in Online Brand Community
CHEN Li-hong, ZHANG Yan, YAN Xin-feng
Based on the literature review, this paper focus on antecedent factors of OBC participation. The result shows that functioning demand, self expressing demand, social relation demand, respect demand and self-realization demand make up the antecedent factors of OBC participation, and they are also antecedents of OBC participation. Within which Self expressing demand, social relation demand and respect demand are proved more positively affect OBC participation. Moreover, relation value and experience value have strong positive correlation relationship with brand loyalty, however, perceived value's effect is insignificant.
2016 Vol. 33 (2): 113-118 [
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The Wage Stickiness, Economic Fluctuation and Chinese Inflation Target Shock——A Research Based on Stickiness DSGE Model
YUAN Jing, CHEN Guo-jin
Based on the DSGE model of Mankiw and etc. (2007) , the paper takes full account of price stickiness and wage stickiness, and uses the higher order lag DSGE model to evaluate the dynamic relationship between the output gap, inflation expectations, interest rates and wages, the results show that considering the price viscous and sticky wages DSGE model fit better macroeconomic volatility, the inflation expectations impact on macroeconomic variables cannot be ignored, the lag time of one year to two and a half years, wage stickiness characteristic features of price stickiness is not so obvious in our country, with the adjusting time of six months. The monetary policy shocks impact on inflation and interest rates is quick, inflation shock impact, the labor supply elasticity of substitution shocks and monetary policy shocks can explain the volatility of macroeconomic variables. The central bank mostly uses the price-based monetary policy instruments to consider the expected effects, policymaking and promptly announcing policies, thereby enhancing the transparency and long-term effectiveness of policies.
2016 Vol. 33 (2): 119-124 [
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An Analysis of the Coordination Degree Change in Industrial Structure and Employment in 16 Cities in Yangtze River Delta
DAI Zhi-min, LUO Yan
The outsourcine and structure change play an important role in regional employment changes.Using the coordinated development model, this paper conduct a comprehensive evaluation and comparison between the three industrial structure and employment in industry during 1994-2012.The results show that during 1994-2012, the level of economic development of the Yangtze River Delta had a varying degree of improvement, promoting the optimization of industrial structure, but the regional differentiation was still more prominent; the employment structure lagged behind compared to industrial development, and the differences between the cities was gradually expanding. During this period, the coupling coordination between the industrial structure and employment structure had an overall improvement, but its extent was limited and showed partial polarization, displaying a prominent differentiation phenomenon; with the study of relative processing degree of industrial economic structure and employment structure, the better coordination of development is Shanghai, Hangzhou, Suzhou and other areas, which its industrial structure and employment structure had a simultaneous development, as well as, the lagging behind of employment structure development is Huzhou, Zhoushan, Taizhou and other areas, the industrial economic development is dragged down by a certain degree.
2016 Vol. 33 (2): 125-130 [
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The Impact of Vertical Specialization on Labor Employment Structure of China ——Based on the Global Value Chains
CHEN Ying-ying, ZHAO Su-ping
Vertical specialization has an important effect on the labor employment structure of china. This article analyzes the labor employment structure effect of international vertical specialization and the different pattern based on the improved measure method of vertical specialization. The results show that there is a decreasing tendency of the high skilled labor ratio considering the manufacturing industry as a whole. An increasing share of foreign value-added in a country’s final goods exports (FVF) in VS has a significant tendency to decrease the ratio of high skill labor. However, an increasing foreign value added share in a country’s intermediate exports (FDC) and pure double counting of foreign value-added in a country’s exports (FVI) share in VS has a significant tendency to increase the ratio of high skill labor.
2016 Vol. 33 (2): 131-136 [
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Neighborhood Competition, Fiscal Decentralization and Fiscal Expenditure Input Bias Policy
LIU Xiao-yong
The paper constructs geographic and economic spatial weight and uses spatial panel model to investigate the effects of fiscal decentralization and neighborhood competition on expenditure structure during 1985 to 2006. The total effects is decomposed into direct and indirect effects. We find Provincial decentralization has non-significant effects on capital expenditure but significant negative effects on social development expenditure. The improvement of neighbor provincial GDP growth rate will increase the ratio of capital expenditure to total expenditure but decrease the ratio of social development expenditure to total expenditure significantly. There exists yardstick competition among local governments.
2016 Vol. 33 (2): 137-143 [
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Analysis on Financial Discrepancies of Henan Urban-Rural Based on the Dual Structure——The statistical data is collected from1980 to 2013
PAN Li
The dual economic structure had obstructed market mechanism for a long time, which leaded to urban-rural financial discrepancies in the aspects of economic development, loan-to-deposit scale, total assets and organizational structure, etc. in Henan Provence. The various financial system operating characteristics between urban and rural areas resulted to different incentives in mechanisms and channels. This study analyzed the spatial disparity of urban and rural areas in Henan Province by Empirical analysis concepts. The data was collected from 1980 to 2013, and analyzed with fuzzy curve method. The conclusion is that urban-rural financial discrepancies was significantly affected by income level, education, and technical level, but was not sensitive to the employment status and age structure. Therefore, coordinating the development of urban-rural finance, improving rural income level, strengthening environment construction of financial ecological and building integration financial system were the critical factors to urban-rural financial discrepancies in Henan Province.
2016 Vol. 33 (2): 144-149 [
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An Analysis of the Dynamic Relationship between Monetary Policy and Stock Market Liquidity and the Asymmetric Effects of Monetary Policy on Stock Market Liquidity Risk in China
JIN Chun-yu, ZHANG Hao-bo
The paper uses the logarithm growth rate of money supply and interbank weighted average interest rate of 7 days to describe the changes in the monetary policy of China. And using ARMA(1,1)-GARCH(1,1) model to estimate the liquidity risk of China’s stock markets. And we analyze the dynamic impacts of monetary policy on stock market liquidity risk from January 1997 to March 2015 of China’s stock market by MS-VAR model. The empirical results show that: there has a positive dynamic correlation between the change rate of the stock market liquidity and the growth of money supply; the change rate of the stock market liquidity and interest rate exhibits a significant negative dynamic correlation; the correlations between the change rate of the stock market liquidity and the growth of money supply and he correlations between the change rate of the stock market liquidity and interest rate have a lager fluctuations. The liquidity risk of China’s stock markets is characterized by three regimes: “high liquidity risk”, “middle liquidity risk”, “low liquidity risk”. The growth of money supply and interest rate has an asymmetric effects on the liquidity risk, and the degree of influence is different in different regimes.
2016 Vol. 33 (2): 150-155 [
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A Research of Heterogeneous Traders and Stock Market Evolution Dynamic
ZHAO Peng-ju
Long-run equilibrium of financial markets evolution with heterogeneous traders is one of the focused issues of neoclassic finance and behavior finance. The paper establishes a differential dynamical system model to describe the evolution dynamics of financial markets with coexisting rational and irrational traders and analyzes the stock market evolution dynamics under a market price exogenous assumption. Furthermore, this paper simulates the evolution trajectory using MATLAB and finally gets the evolution dynamics and the final results of financial markets with heterogeneous traders.
2016 Vol. 33 (2): 156-160 [
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