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Economic Survey
2017 Vol.34 Issue.2
Published 2017-03-10
56
Effect of Product Quality on Market Share of Intermediate Goods
KANG Zhen-yu, QIU Li-cheng, WANG Zi-feng
The paper theoretically proves that producers whose product has higher quality crowd out those whose product has lower quality. With the custom trade data during 2000-2006, this paper uses product unit price as a proxy for product quality in order to examine the effect of the product quality on the market share of intermediate goods’ producers who have market power. The empirical study shows producers that take the maximum share among exporting firms have a positive effect of product quality on their market shares. Further, it implies that those producers take quality competition strategy in post hoc reasoning method.
2017 Vol. 34 (2): 56-61 [
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1801
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846KB] (
1368
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56
Effect of Product Quality on Market Share of Intermediate Goods
KANG Zhen-yu, QIU Li-cheng, WANG Zi-feng
The paper theoretically proves that producers whose product has higher quality crowd out those whose product has lower quality. With the custom trade data during 2000-2006, this paper uses product unit price as a proxy for product quality in order to examine the effect of the product quality on the market share of intermediate goods’ producers who have market power. The empirical study shows producers that take the maximum share among exporting firms have a positive effect of product quality on their market shares. Further, it implies that those producers take quality competition strategy in post hoc reasoning method.
2017 Vol. 34 (2): 56-61 [
Abstract
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1133
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846KB] (
1084
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69
Firm Heterogeneity, Foreign Bank Entry and Firm’s Access to Banking Credit
ZHANG Yu, WU Yue
Banking openness is an important part of the finance reform in our country. In view of its special attribute, banking industry openness will not only cause the adjustment of the banking sector, but also have a profound impact on the real economy. Using panel data of 46719 industrial enterprises during 2004-2007 and Heckman selection model from the perspective of credit resource allocation, this paper analyzes the relationship between foreign banks entrance and the corporate lending behavior. The results show that foreign bank entry has obvious structural properties in promoting financing environment as well as boosting corporate loan scales, but has no effect on loan range and borrowers even deteriorating the financing condition of private companies, small and medium-sized enterprises and manufacturing enterprises.
2017 Vol. 34 (2): 69-73 [
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1604
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704KB] (
1064
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80
International Influence Changes of China’s Economic Research——Based on the Published Articles and Citation Index of SSCI Economic Journals (2001-2014)
ZHOU Sheng-qi, QIN Hong-jing, LAN Zhen-xian
Based on the bibliometric analysis of articles and its citation index Chinese authors published on SSCI economic journals, international influence changes of China’s economic research from 2001 to 2014 have been researched. The results show that the breadth and depth of China’s international influence in economic research have been promoted since 2001. The major driving force is the increase in number of articles published on SSCI economic journals. Compared with economic research powers such as the United States, Britain, etc. China’s international influence in economic research remains relatively low. Economic research institutes and researchers with higher international influence in China are smaller in quantity and relatively centralized.
2017 Vol. 34 (2): 80-86 [
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1572
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1434KB] (
1057
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116
Risk Communication,Transaction Cost and Bankruptcy Risk in Food Enterprises—— Bosed on the Empirical Evidence of Listed Companies
WANG Zhi-tao, WANG Xiang-xiang
Based on the analysis framework of risk communication and transaction cost theory, the writer studies the cause and formation mechanism of bankruptcy risk in food enterprise, taking the data from Shanghai,Shenzhen and Hong Kong stock exchange in 2015 as samples.The result shows that the risk communication helps to reduce the bankruptcy risk of the food enterprise. The further study shows that, compared with the enterprises of the low asset specificity, the higher enterprises tend to establish effective coordination environment to ensure food safety. This article has enriched the literature in the field of risk communication and the bankruptcy risk, and has the vital significance for reducing the bankruptcy risk of the food enterprise.
2017 Vol. 34 (2): 116-121 [
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1537
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1042KB] (
1078
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122
Company Financial Risk Identification Study Based on Several Artificial Neural Networks
LI Guang-rong, LI Feng-qiang
This paper aims at finding a method to improve the accuracy degree of company’s financial risk identification. The author puts forward the adaptive resonance theory algorithm and the self-organizing feature map algorithm, which has obvious features of adaptability and self-organizing, respectively to build the company’s financial risk discriminant model for the simulation research. The results show that the recognition accuracy of Adaptive Resonance Theory neural network reaches 87%, and Self-organizing Feature Map network algorithm reaches 89%, both of which have better recognition effects than other Artificial Neural Networks such as BP network algorithm, ect.
2017 Vol. 34 (2): 122-127 [
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1547
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1279
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128
Government Spending, Inflation and China’s Boom-Bust Cycles
LIU Fang, SHI Qian-qian
China’s economy has the obvious boom-bust cycles with rapid economic growth since the start of economic reform in 1978. China’s government spending plays an important role in China’s boom-bust cycles under Keynesian fiscal policy. This paper attempts to explain the reality of China’s boom-bust cycles in the macroeconomic fluctuation based on the dynamic stochastic general equilibrium model with the externality of government spending, inverse adjustment to inflation and monetary financing channels of government spending. The results reveal that: (1) the fluctuation of government spending is a major source aggravating China’s boom-bust cycles; (2) the government spending externality is the key mechanism to China’s boom-bust cycles; (3) by the government spending inverse adjustment to inflation and money creation supporting system, the model can simulate that the China’s inflation is procyclical and lags output in boom-bust cycles.
2017 Vol. 34 (2): 128-134 [
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1584
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1483KB] (
1041
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158
Information Disclosure Ratings and Market Volatility from Analyst Forecasts Perspective
DU Hao-yang, KE Jin-chuan, FANG Xin
This paper selects 2007~2014 Shenzhen-A-share listed companies as samples, takes the Shenzhen Stock Exchange website “credit file” to measure information disclosure rating, and uses descriptive statistics, correlation analysis and regression analysis method to study the impact of the information disclosure rating on market volatility. The results show that the higher the information disclosure rating of listed companies, the smaller the market volatility, the impact mechanism being that: the higher the rating of disclosure, the higher the analyst earnings forecast accuracy, thereby reducing the market volatility. Robustness test results indicate conclusions are robust. Based on this, we put forward some suggestions to improve market quality and promote the healthy development of the analysts industry and other policy recommendations.
2017 Vol. 34 (2): 158-164 [
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1777
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907KB] (
1112
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