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Economic Survey

	2017 Vol.34 Issue.5 Published 2017-09-30

Original articles

	1	Temporal and Spatial Evolution of Software and Information Technology Services Development Pattern in China
		HAN Zeng-lin, LI Bing-xin
		By building the evaluation index system of software and information technology services and adopting factor analysis, this paper measures and calculates the development index of software and information technology service industry in 31 provinces in China (excluding Hong Kong, Macao and Taiwan) from 2006 to 2014. Thereby it studies the temporal and spatial evolution using Kernel density estimation and GIS technology. The results shows that in terms of temporal evolution, the development of software and information technology service industry show a steady rise in which more developed provinces enjoy a faster growth than less developed provinces. However the overall development pace is set by the less developed provinces. In terms of spatial evolution, the provinces which enjoy higher level of development mainly locate on the eastern coast while those with lower level of development are mainly distributed in northwest, southwest and other inland regions with its geographical scope expanding. The internal industries, mostly information technology services, enjoy an annual growth rate higher than the average.
		2017 Vol. 34 (5): 1-7 [Abstract] ( 1502 ) [HTML 1KB] [ PDF 2845KB] ( 1253 )

	8	Spatial Externalities, Technology Dependence and Economic Growth——An Empirical Analysis of 409 Counties of the Six Central Provinces, 1995—2015
		YANG Xiao-feng
		Based on the framework of MRW models, this paper introduces human capital into the overall production function. After presenting the database of 409 counties from 1995 to 2015 and the spatial weight matrix which is used to model the spatial connections between all the counties in the sample, this paper builds a parameter heterogeneity equation that includes the steady income level and conditional convergence, then it focuses on studies of the influence on economic growth inserted by steady physical capital, human capital and technical diffusion by using recently developed technique of spatial econometrics. It is found that the stock of technology in one county produces externalities that may cross county borders and spill over into other counties with an intensity which decreases with distance. With its notable impact on economic growth, human capital has credible spillover effect in all the counties.
		2017 Vol. 34 (5): 8-13 [Abstract] ( 1649 ) [HTML 1KB] [ PDF 781KB] ( 1270 )

	14	Retesting of “Resource Curse” Based on Different Perspectives of Resource Abundance and Dependence——A Case Study of Panel Data of 10 Cities in Shaanxi Province
		YAO Shun-bo, HAN Jiu-bao
		The existing literature on the discussions of whether the abundant natural resources impede economic development and then incur the problem of resource curse are from the two perspectives of resource abundance and resource dependence. It is generally believed that abundant natural resources have positive effects on economic development while resource dependence leads to “Resource Curse”. But this is not the case in Shaanxi Province .Through an empirical analysis on panel data in ten cities, Shaanxi province from 2000 to 2012, this paper concludes that resource abundance and resource dependence have a positive effect on economic development, and shows that the hypothesis of “Resource Curse” from aforementioned two perspectives in Shaanxi Province is false. Then using the effect of the transmission mechanism, it analyzes the mechanism in which “Resource Curse” doesn’t exist. It holds the opinion that “Resource Curse” will not happen when direct positive effects on economic growth from resource abundance and resource dependence outweigh their indirect negative effects.
		2017 Vol. 34 (5): 14-19 [Abstract] ( 1630 ) [HTML 1KB] [ PDF 821KB] ( 1562 )

	20	Research of Seasonal Exploring Potential of Inter-Provincial Tourism Market Under the Destination Perspective
		HUANG He-ping，FENG Xue-gang，WAN Tian-hu
		Based on the changes of the tourists’ perception in space-time dimension, this paper makes a comprehensive analysis of seasonal influential factors on destination tourists flows that are mentioned in 647 articles home and abroad. Combined with results from motivation inquiries on tourists, it sorts out four dimensions, namely climate comfort degree, resource endowments, demand perception and image perception, and builds a measurement index system of seasonal tourism. This paper then proceeds to an empirical analysis of 26 provinces and autonomous regions using entropy weight correction AHP model. The results reveal that the less developed areas in central and western China show in many months inadequate development and great potential while the eastern region is characterized by the coexistence of both excessive and insufficient development. Therefore, tourism development does not solely depend on the level of economic development. Impact from non-economic factors such as resource endowment,climate and environment cannot be neglected.
		2017 Vol. 34 (5): 20-26 [Abstract] ( 1400 ) [HTML 1KB] [ PDF 0KB] ( 1026 )

	27	Non-Tax Revenue Competition and Environmental Pollution: Estimation Based on Spatial Panel Model
		DENG Xiao-lan，CHE Ming-hao, QIANG Ting-ting
		Non-tax revenue is one of the important tools of the fiscal competition among the local governments to promote economic development. Based on spatial econometric model and provincial panel data for China from 2004 to 2012, this paper carries out a quantitative and qualitative study of non-tax revenue competition among local governments and their impacts on environmental pollution. The results reveal that: first, the provincial governments take the strategies of mutual imitation on non-tax revenue competition; second, the level of environmental pollution in a province is in inverse proportion to the non-tax revenue burden rate in the province and that in the adjacent province; third, the effects of provincial governments’ non-tax revenue competition on environmental pollution show the characteristic of “Race to the Bottom”. These findings, theoretically and empirically, support the view of “Purging Fees and Establishing Taxes” as well as the necessity of imposing environmental tax from the perspective of non-tax revenue competition.
		2017 Vol. 34 (5): 27-31 [Abstract] ( 1334 ) [HTML 1KB] [ PDF 0KB] ( 722 )

	32	Farmland Transfer, Rural Labor Transfer and Poverty Reduction for Farmers
		XIA Yu-lian, KUANG Yuan-pei, ZENG Fu-sheng
		Using the survey data of 1218 households in 25 poverty-stricken villages in five provinces, this paper does a quantitative study of the relationships among farmland transfer, rural labor transfer and poverty reduction for farmers. It also analyzes the mechanism of the positive function farmland transfer has on poverty reduction. The results show that farmland transfer promotes poverty reduction for farmers through the dual effects of competence effect and income effect, in which the latter enjoys dominance. Farmland transfer does have positive effects on rural labor transfer to some extent, compensates the capability poverty of farmers in the new environment, and further boosts the income effect, allowing a faster process and bigger possibility in reducing poverty as well as a lower chance of returning to poverty.
		2017 Vol. 34 (5): 32-37 [Abstract] ( 1567 ) [HTML 1KB] [ PDF 0KB] ( 771 )

	38	Immigration of Migrant Workers, Heterogeneity of City Scale and Wage Determination of Urban Labor Market——Estimation Based on Panel Data
		ZHOU Mi, ZHAO Xiao-lin
		Using data from Chinese General Social Survey (CGSS) between the years 2005 and 2013, this paper estimates the nonlinear effect of migrant workers on wage determination in urban labor market under different city scales. Based on city scale, education and experience variance, this paper creates panel data that include the number of migrant workers and the average wage of urban labor market. Using instrumental variable and system GMM estimation methods, it suggests that under the impact of migrant workers, wages in metropolitan and big cities show a pattern of rising, falling and rising again. However, wages in small and medium cities show a pattern of falling, rising and finally falling.
		2017 Vol. 34 (5): 38-42 [Abstract] ( 1561 ) [HTML 1KB] [ PDF 0KB] ( 768 )

	43	An Analysis of the Poverty Reduction Effect of Human Capital Investment on Rural Poor Families——A Comparative Perspective on Health, Education, Social Insurance and Working Away from Hometown
		LIU Huan
		Based on the survey data from Chinese residents’ income survey database (CHIP) in 2013, this paper uses the Quantile Regression (QR) model to study the model of net income per capita of rural households under the contrast of poverty and non-poverty. The results show a significant correlation of health, education, social security, non-agricultural employment to household poverty. The coefficient difference test showed that the difference between the pension and other medical insurance, time ratio of local and urban working was significantly negative. In the robust regression test, the regression results of the low-income and non-low-income quantiles show that there is no significant difference between the variables of poor and non-poor families, but the difference in significance level of coefficients shows great changes in coefficient difference test, which shows the effect of local non-agricultural employment time ratio is more significant for low-income family income.
		2017 Vol. 34 (5): 43-48 [Abstract] ( 1547 ) [HTML 1KB] [ PDF 0KB] ( 952 )

	49	The Argument over the Pricing Power of RMB Exchange Rate——Based on the Interactive Relationship Between Onshore and Offshore Exchange Rates
		SHI Jian-xun， SUN Liang
		By adopting DCC-GARCH(1, 1) and multivariate TAR threshold model respectively, this article measures the correlations between exchange rates of CNY, CNH and NDF. Then it analyzes factors that impact their dynamic interactive relationships under three anticipated conditions of appreciation, depreciation and transformation. As is shown in the empirical results, there are strong interactive relationships between exchange rates of CNY, CNH and NDF, among which, the guidance effect of the offshore CNH market is the strongest, the NDF market takes second place, and the onshore CNY market is the last. There is the possibility that the pricing power of RMB exchange rate can be handled to the offshore market. The external influencing factors, such as the expectation of fluctuation in international capital market and the difference in the exchange rates between China and America, can be the main reasons for the transfer of the pricing power of RMB. Therefore, when a market-oriented reform of RMB exchange rate is being promoted, the same reform should be carried out in RMB interest rate, in addition to efforts in preventing international market speculation. Otherwise, the exchange rate reform is likely to be impeded by the tardy interest rate reform and insufficient financial regulation.
		2017 Vol. 34 (5): 49-55 [Abstract] ( 1480 ) [HTML 1KB] [ PDF 0KB] ( 783 )

	56	A Behavioral Study on Cross-Border Profit Transfer of Multinationals in China
		XUE Man-tian
		Using the data of more than 400 listed companies around the world from 1987 to 2014 in the Osiris Database, this paper analyzes the difference between gross profit rate and nominal tax rate among subsidiaries in and out of China for multinationals.The results show that there are two-way profit transferring activities between subsidiaries in and out of China, which are aimed at tax avoidance. The implementation of transfer pricing regulations by host countries has curbed the profit transferring activities in these countries. Those subsidiaries located in non-tax-haven countries whose parent firms registered in tax havens are most likely to be involved in the profit shifting activities with their related parties in China.
		2017 Vol. 34 (5): 56-61 [Abstract] ( 1625 ) [HTML 1KB] [ PDF 0KB] ( 862 )

	62	Would Capital Account Liberalization Promote Economic Growth in the Long Term？——Research Based on the Neoclassical Growth Theory
		CHEN Jing-yu
		By introducing the degree of capital account liberalization into the neoclassical growth model and using the factor of interest rate difference, this paper finds that what impacts the economic growth is not the degree of capital account liberalization itself, which has received a lot of controversies, but the extent of change in it. By analyzing panel data of 181 countries and regions from 1980 to 2013 while adopting methods of limited information maximum likelihood (LIML) to solve the problems of endogeneity and weak instrumental variables, this paper tests the theoretical hypothesis and further discovers that the extent of rise in degree of capital account liberalization significantly explains the rate of economic growth and those emerging market countries enjoy greater economic growth. In addition, the effect of population policy and fiscal policy on economic growth in OECD countries and emerging market countries are opposite. Therefore, China should not depend on the short-term effect of capital account liberalization, but instead, improve investment efficiency through structural reform in capital market. Meanwhile, moderately loosening the family planning policy will help avoid lowering the status in international division of labor caused by comparative advantage of excessively low cost of labor, and build a convenient platform of trade and investment by offering more public supplies.
		2017 Vol. 34 (5): 62-67 [Abstract] ( 1499 ) [HTML 1KB] [ PDF 0KB] ( 818 )

	68	The Effect of Free Trade Agreements on Export Trade Along The 21st Century Maritime Silk Road 〖STBZ〗
		LIU Zhen, QIU Zhi-ping, LIU Wei-ming
		Based on the gravity model of Anderson and van Wincoop, this paper selects sample data from 15 countries along the route, applies the first-order logarithmic linear Taylor series expansion method proposed by Baier and Bergstrand(2009) and estimates multilateral resistance. Then it continues with an empirical study of the real impact of free trade agreements on export trade along the 21st-Century Maritime Silk Road and calculates the multilateral trade resistance that it faces.The results show that: first, the traditional gravity model that neglects multilateral resistance obviously underestimates the positive impact of FTA on export trade; second, when multilateral resistance is taken into account, FTA shows significant and steady impacts on promoting export trade, especially so in primary commodity exports; third, the multilateral trade resistance China suffers in its exports to European and African countries is much greater than that to Asian countries. Therefore, China should make good use of the positive impact that FTA has on export trade, accelerate the process of signing FTA with countries along the route, actively upgrade the strategy of the existing FTA, increase language and cultural communication with countries on the route and carry out more research with greater pertinence on countries and regions of different levels of multilateral trade resistance.
		2017 Vol. 34 (5): 68-74 [Abstract] ( 1358 ) [HTML 1KB] [ PDF 0KB] ( 707 )

	75	A Comparative Study of Status in Division of Labor in East Asiain Service Trade in China, Japan and South Korea——From a Perspective of Trade in Value-Added
		CAI Wei-hong， LI Hui-juan
		Based on trade in value-added, this paper calculates GVC indices of service trade in China, Japan and South Korea, and discusses promotion effects of these three countries’ participation in East Asia production network on their status rising in division of labor in trade of services.The results show that China’s service trade receives more value-added from East Asia production network than what it sends into that network. China’s participation in service trade in East Asia production network is low in degree and its status in division of labor is lagging behind. The driving force for status rising in division of labor in China’s service trade derives from trade of middle and low technology-intensive services while the opposite is true for Japan and South Korea. An increase in the participation in East Asia production network has a positive effect on status rising in division of labor in service trade of China, Japan and South Korea.
		2017 Vol. 34 (5): 75-80 [Abstract] ( 1447 ) [HTML 1KB] [ PDF 0KB] ( 725 )

	81	Government Regulations and Site Selection of New Enterprises——The Micro Evidence from Chinese Industrial Enterprises
		FAN Hong-zhong, HU Cao
		Based on the microdata of new industrial enterprises in 120 cities of China, the paper applies Negative Binomial Model to estimate the impacts of the government regulations on the site selection of new industrial enterprises. The empirical analysis shows that the government regulations have significantly deterrent effect on new firm’s location decision. At the same time, the deterrent effects show heterogeneity when it comes to firms under different ownership. On one hand, government regulations have significantly deterrent effect on non-state-owned firms in their sites selection while having no significant effect on state-owned ones. On the other hand, government regulations have significantly deterrent effect on both domestic-funded and foreign-invested firms, but the effect on foreign owned firms is greater. This means the reform of streamlining administration and delegating government powers will attract more new enterprises and promote regional economic development.
		2017 Vol. 34 (5): 81-86 [Abstract] ( 1481 ) [HTML 1KB] [ PDF 0KB] ( 927 )

	87	Technology Choice, Upgrading of Industrial Structure and Economic Growth——Research Based on Semi-Parameter Spatial Panel Vector Auto-Regression Model
		CHEN Sheng-ming， ZHANG Ya-bin， CHEN Xiao-ling
		By using panel data of 31 Chinese provinces from 1997 to 2013 and building semi-parameter spatial panel vector autoregression model（SSPVAR）and impulse response function of space and time, this paper empirically analyzes the conduction effect of time and space among technology choice, industrial structure upgrading and economic growth, and discusses the heterogeneous effects of degree of openness on those three aspects.The study finds that despite the impacts from each other, technology choice, industrial structure upgrading and economic growth all show positive responses after the impact. Specifically, the technology choice promotes the upgrading of overall regional industrial structure, and contributes to the overall regional economic growth in the long term though hindered it in the short term. The industrial structure upgrading promotes not only the overall regional industrial upgrading, but also the economic growth of this province and of surrounding provinces. The pulling effect of economic center is strong and lasting in that economic growth promotes technology choices and upgrading of the industrial structure throughout the region. In addition, the effect of the degree of openness to the outside world on technology choice and the industrial structure upgrading has been in a state of fluctuation.The effect is relatively positive and stable in early stage but turns negative and then turns again in later stage, presenting an “N” from a derivative map view.
		2017 Vol. 34 (5): 87-92 [Abstract] ( 1901 ) [HTML 1KB] [ PDF 0KB] ( 1181 )

	93	Upgrading of Industrial Structure, Labor Mobility and the Income Gap Between Urban and Rural Areas——An Empirical Analysis Based on the Panel Data of China’s 30 Provinces
		LIU Hui， FU Kai-bao， LI Yong-gang
		This paper builds a mathematical model and finds that the industrial structure upgrading will expand the income gap between urban and rural areas while labor mobility can narrow the income gap. Using the 1994-2013 provincial panel data, this empirical study finds that with control over a series of variables, the results support the conclusion of the mathematical model. With a more profound analysis, it is revealed that industrial structure upgrading will expand the income gap between urban and rural areas while the optimization of the industrial structure can narrow it. Labor mobility can also narrow the income gap but has a threshold effect. The study also shows that the income distribution effects of industrial structure upgrading displays certain differences between various regions in China.
		2017 Vol. 34 (5): 93-98 [Abstract] ( 1616 ) [HTML 1KB] [ PDF 0KB] ( 921 )

	99	Research on Relationship Between Top Management Team Characteristics, Salary and Financial Performance of Chinese Industrial Listed Companies
		LIN Xin-qi, DING He
		With multivariable linear regression method, this paper explores the relationship between top management team characteristics, salary and financial performance of Chinese industrial listed companies, and the regulating effect of equity concentration. The result shows that the top management team characteristics of Chinese industrial listed companies have significant effect on financial performance. Specifically, the average salary and tenure of office of the top management team and equity concentration all have positive effects on financial performance. Age heterogeneity has significantly negative effect. The average educational level and education heterogeneity have no significant effect. Equity concentration moderates the effect of top management team characteristics on financial quantity performance with varied degrees.
		2017 Vol. 34 (5): 99-103 [Abstract] ( 1513 ) [HTML 1KB] [ PDF 0KB] ( 1251 )

	104	Managerial Entrenchment and Risk Taking of Enterprises——Regulatory Effect of Equity Incentives
		WU Jian-xiang， LI Bing-xiang
		Based on the hypothesis of risk aversion and risk seeking of agents in the agent theory, this paper studies the relationship and influence mechanism about managerial entrenchment and risk taking of enterprises, and discusses the regulatory effect of equity incentives on the relationship. The results show that managerial entrenchment reduces the corporate risk taking, showing more risk aversion behavior in managers as a way of maintaining their position and maximizing their benefit. Managerial equity incentives have a positive correlation with risk taking, and have a positive regulatory effect on the relationship between managerial entrenchment and the corporate risk taking. Equity incentives can motivate managers to adopt more risk-taking measures.
		2017 Vol. 34 (5): 104-108 [Abstract] ( 1468 ) [HTML 1KB] [ PDF 0KB] ( 959 )

	109	The Imbalance of Cost and Benefit, Evolution of Learning and Reinforcement of the Regional Low Fertility Rate
		ZHAO Wei-feng， YANG Yun-yan， SHI Zhi-lei
		Based on the survey data of childbearing willingness from Yichang City of Hubei province in 2015, this paper uses cost effectiveness theory and evolutionary game theory in the analysis of the low fertility level and its cause. The result shows that on the one hand, the rising of education costs and marriage squeeze are the important reasons for the rising of cost in having children. On the other hand, the falling of children’s social insurance value leads to the decline in benefits from having children. Therefore, the rising costs and falling benefits lead to the dropping of childbearing willingness. The increasing number of migrant workers aggravates the imbalance between cost and benefit in childbearing and strengthens the falling of fertility desire. Learning effects promote the proliferation of low fertility behavior. These all lead to and strengthen the low fertility rate. The effect of the “Universal Two-Child Policy” is limited on this.
		2017 Vol. 34 (5): 109-115 [Abstract] ( 1237 ) [HTML 1KB] [ PDF 0KB] ( 846 )

	116	Rhetorical Alignment Strategy in Brand Internationalization and Its Impact on Consumers: From the Perspective of Social Movement Theory
		HUANG Jing
		Based on social movement theory, this paper analyzes the rhetorical alignment strategy in brand internationalization and its impact on consumers. Three experiments show that brand frame resonance that host country consumers perceive can positively affect their brand evaluation. Typicalness and consumers’ social status identity in the brand’s home country moderate the relationship between brand rhetorical alignment strategies and brand frame resonance. The results of this study enrich both brand globalization theories and the social movement theory, and offer practical suggestions on rhetorical strategies for international brands, especially for those coming from emerging markets.
		2017 Vol. 34 (5): 116-122 [Abstract] ( 1591 ) [HTML 1KB] [ PDF 0KB] ( 785 )

	123	Research on the Impact of Tactile Experience on Consumer’s Purchase Decision: NFT’s Regulatory Effect on Decision-Making Environment
		DONG Ling-li
		In this paper, the author analyzes the influence of tactile experience on consumers’ purchase decision, and the regulatory effect of NFT on decision-making environment. Results show that tactile experience has significant positive influence on consumers’ purchase decision. The regulatory effect of NFT is also apparent. Compared with low NFT consumers, high NFT consumers are more affected by the tactile experience in their purchase decision making process. Decision-making environment shows different regulatory effects on different NFT consumers. For low NFT consumers, the regulatory effect is insignificant on tactile experience, while that for high NFT consumers is significant.
		2017 Vol. 34 (5): 123-127 [Abstract] ( 1499 ) [HTML 1KB] [ PDF 0KB] ( 962 )

	128	A Predictive Study on China’s Labor Supply Under the Universal “Two-Child” Policy
		LONG Xiao-jun， ZHENG Jian-song
		With the implementation of “Two-Child” Policy, this paper combines an assumption of demographic parameter, especially the total fertility rate and fertility model, with projected labor participation rate, adopts cohort component population prediction methods and PADIS-INT system in an effort to forecast the future trends in labor supply. The result shows that the scale of the labor force begin to shrink in about 2015 and goes down fast after 2025. It is predicted that the proportion of middle and old age labor aging from 45 to 64 will be larger than that of labor aging from 25 to 44 between the years of 2030 and 2035. The aging trend of the internal structure of labor force is becoming increasingly obvious. The implementation of the Universal “Two-child” Policy will to some extent slow down the shrinking trend in future labor supply and reduce the speed of aging in labor force structure.
		2017 Vol. 34 (5): 128-134 [Abstract] ( 1532 ) [HTML 1KB] [ PDF 0KB] ( 840 )

	135	Higher Education Human Capital and the Inclusive Urbanization
		MU Huai-zhong， WANG Zhen-zhen
		Based on the facts of human capital and urbanization and the cost benefit analysis of highly educated population urbanization, this article adopts the timing data from 1991 to 2014 and carries out an empirical test on the inner mechanism of the highly educated human capital, urbanization, personal income and housing price. The study finds that highly educated population share has a positive and steady correlation with urbanization and housing price, but a negative correlation with actual personal income. Therefore, the highly educated human capital accumulation bears the cost benefit contradiction of self-citizenization while effectively promoting the development of urbanization. In order to give full play to the role of highly educated human capital in the inclusive urbanization, proper arrangement should be made in the income growth of highly educated population and its housing service mechanism, so as to realize the complete urbanization as soon as possible.
		2017 Vol. 34 (5): 135-140 [Abstract] ( 1620 ) [HTML 1KB] [ PDF 0KB] ( 981 )

	141	The Nonlinearity of Residents’ Investment Behavior in Housing Market in Response to Monetary Policy
		XIAO Zhong-yi， HUANG Yu， CHEN Zhi-ying， GE Zhi-su
		Using data from “Questionnaire on Urban Depositors, 2004-2015” released by People’s Bank of China, this paper constructs a Markov regime switching autoregression model that encompasses variables of market interest rate, the statutory deposit reserve ratio, net currency withdrawal to the central bank, the actual increasing rate for M2 money and residents’ investment behavior in housing market. The results, show that monetary policy is significantly related to the housing market participation with various impacts in different regimes. The strength and duration of the impact that monetary policy has on housing investment show significant nonlinearity. When residents’ housing investments are expanding, the statutory deposit reserve shows positive impact while net currency withdrawal to the central bank and the actual increasing rate for M2 money show negative impact. It is the opposite case with stronger effects when housing investments are taking a downturn.
		2017 Vol. 34 (5): 141-146 [Abstract] ( 1660 ) [HTML 1KB] [ PDF 0KB] ( 1108 )

	147	On Substitution of Bank Credit by Commercial Credit
		ZHU Shi-xiang ^{1, ZHANG Shun-ming ²}
		Based on the data of Chinese listed manufacturing companies between 1998 and 2012, this paper tests the nonlinear relationship between enterprise’s commodity competitive intensity and commercial credit utilization. Test results show that commodity competitive intensity has an overall nonlinear effect on the enterprise’s commercial credit utilization. Under different competitive circumstances, it is both likely that market competition intensity will increase with the rise and the fall of market monopoly power. The paper also tests the impact of commodity competitive intensity and the enterprise’s competitiveness on the choices between commercial credit and bank credit. It is found that enterprises with less market power display stronger substitution effect between bank credit and commercial credit than those with more market power. This shows that enterprises facing more fierce competition favor commercial credit over bank credit.
		2017 Vol. 34 (5): 147-152 [Abstract] ( 1628 ) [HTML 1KB] [ PDF 0KB] ( 712 )

	153	Research on Market Financing Efficiency, Derivative Risks and System Correction of NEEQ-Listed Companies
		LI Zheng， WU Fei， LI Hua-min
		This paper studies the economic impact of corporate additional issuance and equity pledge on enterprises in the NEEQ. Research shows that additional issuance and equity pledge can both reduce the operational efficiency of enterprises and incur financial risks. In order to solve these problems, this paper studies the surrounding policy environment of enterprises and finds that a good soft environment can calibrate corporate behavior, thus reverse the original negative impacts. In view of this, to rationally and effectively constrain corporate financing behavior should start with building a three-dimensional system framework from the perspectives of the enterprise itself, the NEEQ system and the surrounding institutional environment.
		2017 Vol. 34 (5): 153-158 [Abstract] ( 1525 ) [HTML 1KB] [ PDF 0KB] ( 681 )

	159	A Study on Risk Pricing of Internet Financial Loan Based on RAROC Model——From the Perspective of Basel Ⅱ Accord
		XIONG Zheng-de， ZHANG Qiu-ping， XIONG Yi-peng
		Based on the data of 24 loans released by some internet loan platform in November 2013, this paper introduces industry risk standards of the Basel II Accord into the Risk-Adjusted Return on Capital Model (RAROC) and analyses risk pricing of internet financial loan under platform pricing model. The results show that nine variables, including sex, record of default and inquiries into qualification of guaranty within 2 recent years, have significant impacts on the default behaviors of borrowers. Logistic risk assessment model can predict default probability of internet loans with good accuracy in that the credit score card obtained in this model through linear transformation shows great accuracy. Compared with the fixed interest rate pricing model which is currently widely adopted, the RAROC model based on Basel II is proved to be more flexible and risk-sensitive and helpful in improving the pricing of internet loans.
		2017 Vol. 34 (5): 159-164 [Abstract] ( 1555 ) [HTML 1KB] [ PDF 0KB] ( 772 )

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