Economic Survey

经济经纬

　

Home Current Issue Instruction Subscription Advertisement Contact Us Message Chinese

经济经纬

　

Office

　

Author Center

　

　

Links

　

　　　　　　　　 More

Quick Search

Advanced Search

Economic Survey

	2017 Vol.34 Issue.6 Published 2017-11-22

Original article

	1	Differences in China’s Regional Ecological Efficiency and Influencing Factors
		ZHANG Hu-ping, GUAN Shan, WANG Hai-dong
		Based on SBM model, the paper calculates the ecological efficiency of China from 2004 to 2012 by introducing undesired output. It elaborates on the trend of space-time evolution of China’s ecological efficiency from the perspectives of regional average efficiency and scale effect. From the perspective of environmental regulation, it also analyzes the influencing factors of China’s ecological efficiency adopting regression. The results show that at present China’s overall ecological efficiency presents a downward trend, and the ecological efficiency in eastern region is the highest, followed by that in the west, and the lowest is that in the central region. The scale effect of ecological efficiency in all regions is smaller than 1, which means it is not the main source of ecological efficiency difference. In terms of trend, the scale effect in eastern and central regions is on the decline while that in the western region is on the rise. The present environmental regulation has certain negative effects on ecological efficiency. “Porter hypothesis” does not exist in China at present while Kuznets’ environmental curve is significant in the improvement of ecological efficiency.
		2017 Vol. 34 (6): 1-6 [Abstract] ( 1534 ) [HTML 1KB] [ PDF 821KB] ( 1109 )

	7	Supply of Public Goods, Agglomeration Economy and Urban Growth
		YU Jing-jing, HU Si-qi, ZHOU Jing-kui
		Public goods supply and agglomeration economy are two important factors affecting urban growth. The theoretical part of this paper demonstrates that the increase in the public goods supply and improvement of agglomeration economy is conducive to urban growth towards an intensive mode. Using panel data of 246 cities in China from 1999 to 2011, this paper then tests the theoretical proposition. Results show that the growth of urban space is attributed to the expanding scale of public goods supply and the strengthening effect of agglomeration economy though displaying differences in geography and city scale. Effects of agglomeration economy on urban growth present an inverted U curve, suggesting that the pattern of urban growth is undergoing diversion. Therefore, the government should take active measures to develop agglomeration economy, to optimize the allocation of public goods supply and to achieve radiation and linkage effects of urban growth in the region.
		2017 Vol. 34 (6): 7-12 [Abstract] ( 1493 ) [HTML 1KB] [ PDF 776KB] ( 1106 )

	13	Influencing Factors in Spatial Agglomeration of Information Economy and Economic Growth——An Empirical Analysis of Panel Data of Zhejiang Province
		ZHU Wen-jing
		Taking information economy as the research object, this paper examines the panel data of 11 cities in Zhejiang Province from 2004 to 2014. By analyzing the influencing factors towards spatial agglomeration of information economy, it then builds the model of their relationship with economic growth, followed by an analysis of it. The study finds that factors such as human capital, education investment, internet users, foreign investment have positive effects on agglomeration. Innovation capacity and mobile phone users bring negative impacts on agglomeration. After taking in economic growth as a controlled variable, the relationship does not change greatly. The relationship between spatial agglomeration of information economy and economic growth shows an inverted “N” pattern.
		2017 Vol. 34 (6): 13-18 [Abstract] ( 1379 ) [HTML 1KB] [ PDF 900KB] ( 1034 )

	19	Development of Private and Individual Economy, Rural Labor Migrationand Urban-Rural Income Gap
		ZHU Hong-heng, LI Da-yi, WANG Xiang-yu
		After combing relative literature, this paper theoretically defines the influence of the development of private and individual economy and rural labor migration on the income gap between urban and rural residents from the mathematical perspective. Then adopting the panel data of 31 provinces in China from 2003 to 2014, it constructs an econometric model to reveal the empirical relationship between the development of private and individual economy and the income gap between urban and rural residents, as well as the relationship between rural labor migration and the income gap between urban and rural residents. Both mathematical analysis and empirical test show that the development of private and individual economy and rural labor migration can effectively improve the income of rural residents and thus narrow the income gap between urban and rural residents.
		2017 Vol. 34 (6): 19-25 [Abstract] ( 1362 ) [HTML 1KB] [ PDF 975KB] ( 1105 )

	26	Income Growth, Income Distribution and Rural Poverty——An Empirical Analysis Based on Micro-Survey Data in Gansu Province
		ZHANG Yong-li, SONG Jian
		Using the Shapley decomposition form, Kakwani＆Pernia index and the data from four sample surveys on rural households in Gansu Province, this study analyzes the contribution of income growth and income distribution to poverty reduction in the past decade for these sample households. Results demonstrate that income growth significantly lowers the occurrence rate and relieves poverty in rural area. But for those in severe poverty, the effects of income growth on poverty reduction are limited. Uneven distribution of wealth weakens the positive effects of income growth on poverty reduction. Most of the time, the economic growth does not benefit the poor. To effectively eradicate poverty, multiple targeted poverty alleviation measures are needed apart from regional development and economic growth in an effort to narrow the income gap and lead severe poverty population out of poverty.
		2017 Vol. 34 (6): 26-31 [Abstract] ( 1346 ) [HTML 1KB] [ PDF 855KB] ( 846 )

	32	Analysis of the Land Transfer Price Based on Stochastic Dynamic Optimization Model
		TANG Mao-gang, WANG Ke-qiang
		Using stochastic dynamic optimization, this paper first includes uncertainty in building the land transfer price model for state-owned land. Then it carries out an econometrical analysis of state-owned land transfer price using provincial spatial dynamic panel data. The findings of empirical analysis are:(1) There exists space-time dynamic effect in the state-owned land transfer price;(2) Economic development raises the transfer price for state-owned land while the uncertainty of economic development reduces that price; (3) Rent for agricultural land and the proportion of agricultural land area to total land area have negative effects on unit transfer price of state-owned land. Therefore, the government should strengthen dynamic budget management of land transfer income and pay due attention to the spatial association of land transfer among different regions.
		2017 Vol. 34 (6): 32-37 [Abstract] ( 1298 ) [HTML 1KB] [ PDF 740KB] ( 1023 )

	38	Does Business Location Affect Migrant Workers’ Entrepreneurial Motivation?——An Empirical Analysis of 379 Migrant Workers in Henan Province
		WANG Xiao-fang
		Based on data of 379 migrant workers who returned home to start business in Henan Province, this paper studies the influence of relative and absolute location on the types of business these migrant workers started by establishing a multinominal logit model. It is found that business location does affect the motivation of migrant workers’ entrepreneurship back home. There are many factors that have remarkable influences on the motivation of the migrant workers’ choice of starting their own business, such as the terrain of their hometown, distances to the county town and village town, the enthusiasm of local residents in their hometown and support from the government. Therefore, during the process of guiding migrant workers to return home and start their own business, the government should fully respect the differences in endowments and talents, combine the geographical stratification intentions to policy guidance with better pertinence.
		2017 Vol. 34 (6): 38-43 [Abstract] ( 1333 ) [HTML 1KB] [ PDF 806KB] ( 965 )

	44	Liberalization of Import Trade and Innovation of Heterogeneous Enterprises——Evidence from Chinese Manufacturing Enterprise
		WEI Hao, LIN Xue-dong
		Based on Heckman two-step method and using 2000-2006 Annual Survey of Industrial Firms (ASIF) data and customs trade database, this paper tests the effect of import liberalization on innovation behavior of heterogeneous enterprise in aspects of enterprises’ nature, industry nature and location. The findings are: (1)The liberalization of intermediate goods import facilitates enterprise innovation in labor-intensive industries, competitive industries and on the whole. But it inhibits enterprise innovation in capital-intensive and monopoly industries. (2)The liberalization of final goods import inhibits enterprise innovation in labor-intensive, capital-intensive and competitive industries as well as on the whole. But it facilitates innovation in monopoly industries, private importing enterprises and local enterprises in central and western regions. (3)The effect of import trade liberalization on the new product output of enterprises is consistent with the one on enterprise R&D.
		2017 Vol. 34 (6): 44-50 [Abstract] ( 1426 ) [HTML 1KB] [ PDF 934KB] ( 1083 )

	51	The Impact of Intermediate Goods Import on Skill Structure Demand of China
		XUE Fei, WANG Kui-qian
		This paper theoretically analyses the two channels through which intermediate goods import affects China’s skill structure.On the one hand, imported intermediate goods of high quality could replace those domestic products, which leads to the unemployment or transformation of the skill-intensive labor that were originally engaged in production of those goods, thus causing the drop in demand for skilled labor(substitution effect). On the other hand, due to the high quality of imported intermediate goods, enterprises driven by profit maximization will also invest highquality inputs in other production processes, such as hiring skilled labor, which promotes the relative demand for skilled labor (complementary effect). Then the paper continues with an empirical test on industry level using customs data and industrial enterprise data. The regression result justifies the theoretical projection that intermediate goods import does have substitution and complementary effects on skill structure.
		2017 Vol. 34 (6): 51-56 [Abstract] ( 1287 ) [HTML 1KB] [ PDF 810KB] ( 1320 )

	57	An Empirical Study of Intermediate Service Input, Trade of Intermediate Goods and Relative Demand of High-Skill Manufacturing Labor
		ZHOU Xin , NIU Rui, LI Lei
		Within the analytical frame of global value chain, this paper adopts the panel data of 16 manufacturing sectors of China from WIOD database between years of 1995 and 2009 in the study of influences of intermediate service input and trade in intermediate goods on the demand of high-skill labor in manufacturing sections. The major findings are that intermediate service investment generates both substituting and promoting effects on the demand of high-skill labor in manufacturing sections. The increase of intermediate service investment will substitute the high-skill labor input and also promotes the upgrading of labor division in manufacturing sections, which ultimately boosts the demand of high-skill labor.The increase of intermediate product exports and decrease of intermediate product imports can raise the overall relative demand of high-skill labor in manufacturing sectors and the rise of intermediate service input will reinforce these effects.
		2017 Vol. 34 (6): 57-62 [Abstract] ( 1250 ) [HTML 1KB] [ PDF 756KB] ( 911 )

	63	Can Free Trade Agreement Effectively Ease the Financial Crisis?——An Empirical Analysis Based on the Propensity Score Matching Model
		LI Meng-jie, DU Wei-jian
		Stating from the gravity model and the principles of quasi natural experiment, this paper discusses the promoting effect of free trade agreements on China’s bilateral trade before and after the global financial crisis in 2008, using matching model and data of bilateral trade between China and 212 countries and regions. The results show that the gravity model overestimates the trade effects of the FTA.In addition, the promoting effect of the FTA is inconsiderable when the world market enjoys a good economic situation. However, the effect is obviously strengthened when the financial crisis breaks out. In the current economic situation, China should quicken its pace in negotiating more free trade agreements so as to ensure the steady growth of China’s export against the rise of trade protectionism in other countries.
		2017 Vol. 34 (6): 63-68 [Abstract] ( 1257 ) [HTML 1KB] [ PDF 812KB] ( 891 )

	69	Who Takes the Share of China’s Cake of Manufacturing Export?——From the Perspective of Global Value Chain
		WANG Min
		Since the late 20th century, trade in tasks has become the mainstream of international trade,replacing trade in goods. Adopting a global value chain method based on value added, this paper decomposes the domestic and foreign value in China’s export of manufacturing with different technique levels. It then analyzes the source and composition of foreign value and the actual trade interest distribution between China and her partners.The conclusions include: Firstly, although the export scale of high-tech manufacturing is expanding, the actual profit level is low. The advantage of China’s manufacturing enterprises still lies in low-tech manufacturing. Secondly, about 50% to 70% of the foreign value of China’s manufacturing industry is sourced from major trade partners, accounting for 1% to 10% of the total export. In addition, the lower the technical level, the smaller the corresponding share. Thirdly, the sources of foreign value of China’s export have been increasingly diversified in recent years, especially so in low technical manufacturing industry.
		2017 Vol. 34 (6): 69-74 [Abstract] ( 1255 ) [HTML 1KB] [ PDF 1416KB] ( 945 )

	75	Study on Nonlinear Effect on Efficiency of Manufacturing Agglomeration in Different Regions
		WEI Wei,ZHANG Wan-li
		Based on the provincial panel data of 17 two-digit manufacturing industries in China from 2000 to 2014, this paper classifies manufacturing industries by factor density and calculates manufacturing efficiency using unexpected output DEA. Adopting nonlinear PSTR model, the paper then analyzes the relationship between agglomeration and efficiency in different manufacturing industries in different regions. The results show that:(1)It’s not a positive relationship between manufacturing efficiency and agglomeration when introducing negative externality. Manufacturing industry here is divided into types of excessive agglomeration,advancing agglomeration and decreasing agglomeration. Negative externality severely hinders productivity in enterprises of excessive and decreasing agglomeration; (2)Eastern coastal areas are already experiencing excessive agglomeration while excessive agglomeration has only started to show up in western and central areas; (3) Eastern coastal area efficiency has a negative relationship with railway intensity, but a positive one with energy consumption. Traffic congestion hinders the development of economy, and economic growth in the eastern region is achieved at the cost of the high-energy consumption.
		2017 Vol. 34 (6): 75-80 [Abstract] ( 1294 ) [HTML 1KB] [ PDF 792KB] ( 957 )

	81	An Evaluation of Airport Passenger Service Quality Based On Modified SERVQUAL Model
		LIU Yu-min, JIN Lin-lin
		It is of great significance to build a scientific and effective service quality assessment tool to improve customer satisfaction and airport core competitiveness. Based on the core idea of SERVQUAL model and characteristics of airport passenger service quality, this paper builds an airport passenger service quality evaluation model by improving the original SERVQUAL scale with the addition of a remedial evaluation dimension to deep interviews.At the same time, SPSS 19.0 is used to analyze the data of 469 valid questionnaire samples in order to test the rationality and validity of the model. The results show that there is a significant difference between passengers’ expectation and their actual perception of airport service quality.The empirical research shows that the improved SERVQUAL model is applicable to the evaluation of airport passenger service quality, and provides a theoretical reference for improving the service quality of airport passenger transport.
		2017 Vol. 34 (6): 81-86 [Abstract] ( 1339 ) [HTML 1KB] [ PDF 936KB] ( 932 )

	87	Government Subsidies and Capital Allocation of Strategic Emerging Industries——An Empirical Study Based on Samples of Listed Companies
		ZHAO Tian-yu,XIU Jing
		Based on the theoretical projection that intervention of government subsidies will affect capital allocation efficiency of strategic emerging industries through multiple mechanisms, this paper builds an investment model on top of mathematical analysis and carries out an empirical test on the effects and mechanism through which government subsidies affect the capital allocation efficiency. Results show that there are different mechanisms for enterprises in efficient groups and inefficient groups when subsidies get involved in financial markets. When subsidies go to the equity market, it aggravates capital constraint on efficient group, but provides more substantial financial support to the inefficient group.When the subsidies go into the credit market, the signaling effect is obvious which helps boosting capital allocation efficiency of the efficient group who takes up 75% of all enterprises. But combined with equity financing, it will lead to blind investment in the inefficient group who takes up the other 25%. The uncertainty of the subsidies intervention in the market weakens all the enterprises’innovation initiative, which can hinder their development towards a high end.There is heterogeneity among industries in the effect of subsidies in that policy dependence occurs in some industries.
		2017 Vol. 34 (6): 87-92 [Abstract] ( 1189 ) [HTML 1KB] [ PDF 821KB] ( 955 )

	93	Corporate Environmental Actions and Consumer Evaluations——The Influence of Environmental Stigma at Industry Level
		HE Hao, LI Jian-xin, LIU Hong-shen
		As environment deterioration becomes a major concern for the whole society, an increasing number of companies have implemented environmental responsibility to gain customers’ support. Through a situational simulation experiment, this article explores how the environmental stigma at industry level could affect consumers’ evaluation of corporate environmental efforts. The results show that for industries with severe environmental stigma, consumers react positively to corporates’ substantive environmental actions, but negatively to symbolic ones. For companies in industries without such bad environmental reputation, both substantive and symbolic environmental actions can boost cosumers’ evaluation of them. One explanation for this difference is consumers’ assumption of the extent to which the company cares for the environment.
		2017 Vol. 34 (6): 93-98 [Abstract] ( 1275 ) [HTML 1KB] [ PDF 879KB] ( 1220 )

	99	Study on the Influencing Mechanism of Network Embeddedness on Competitive Advantage of Cluster Enterprises——Based on the Moderating Effect of Proximity
		LAN Juan-li, LEI Hong-zhen
		Network survival is the foundation and competitive edge for the integrated development of industries. In reality, apart from the virtual existence, enterprises are also affected by geography, culture and organization proximity. Therefore, taking cluster enterprises as object of study, this paper discusses the relationships between network embeddedness, knowledge transfer and the competitive advantage among enterprises under the circumstances of proximity. Based on the analysis of questionnaires from 193 cluster enterprises in China, it is found that there is a positive relationship between network embeddedness and competitive advantage. Between the two, knowledge transfer works partially as an intermediary which is strengthened by proximity.
		2017 Vol. 34 (6): 99-104 [Abstract] ( 1242 ) [HTML 1KB] [ PDF 760KB] ( 938 )

	105	Research on the Effect of Compensation Regulation on Corporate Earnings Management——A Test Based on Accrued and Real Earnings Management
		SHEN Yi, RUAN Qing-song
		Under the regulation context of the salary ceiling order, this paper carries out a profound analysis on whether compensation regulation leads to accrued or real earnings management among top management, using data of listed companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2015. It is found that compensation regulation is negatively related to accrued earnings management, but positively related to real earnings management, which means a strict compensation regulation will lead to real earnings management among top executives. Meanwhile, compared with non-SOEs,compensation regulation has a greater impact on SOEs, among whom, compensation regulation has a greater impact on central SOEs than local SOEs.
		2017 Vol. 34 (6): 105-110 [Abstract] ( 1369 ) [HTML 1KB] [ PDF 829KB] ( 908 )

	111	Corporate Life Cycle, Entrepreneurs’ Social Capital and Diversified Merger and Acquisition
		LIU Wen-kai, PAN Ai-ling, QIU Jin-long
		Using the data of Chinese A-share listed companies in the M&A market from 2010 to 2015, this paper empirically analyzes the influence of corporate life cycle on the tendency of diversified M&A and the moderating effect of entrepreneurs’ social capital between these two aspects. The result shows that with the evolution of corporate life cycle, the possibility of diversified M&A increased gradually; entrepreneurs’ social capital can weaken the positive relationship between corporate life cycle and diversified M&A and it can increase the possibility of diversified M&A in growth period while reduce the possibility in recessions.
		2017 Vol. 34 (6): 111-116 [Abstract] ( 1946 ) [HTML 1KB] [ PDF 868KB] ( 968 )

	117	Corporate Transparency and Market Integrated Liquidity Under the Background of Full Circulation——An Analysis Based on High Frequency Transaction Data
		LI Yang, ZHANG Xiao-fei
		Liquidity is the key to resource allocation efficiency and information transparency is an important factor affecting liquidity. Using high frequency transaction data while adopting the method of principal component analysis, this paper extracts integrated liquidity from indexes such as bid-ask spread, market depth and turnover, as well as integrated transparency from that of accounting information and that of internal information. It then studies the effects of integrated information transparency on market liquidity. Results show that integrated information transparency can significantly improve market liquidity through the mechanism of reducing information costs and transaction costs in reverse selection costs.
		2017 Vol. 34 (6): 117-121 [Abstract] ( 1266 ) [HTML 1KB] [ PDF 777KB] ( 945 )

	122	Monetary Policy Intervention, Information Communicationand the Market Confidence
		SONG Yang
		From the perspective of monetary policy regulation, this paper investigates the extent to which the use of monetary policy intervention and information communication could stimulate the “catalyst” effect of market sentiment for the purpose of improving the effective transmission of monetary policy, which further promotes economic development. Research shows that, the actual regulation of relatively loose monetary policy could enhance the confidence of entrepreneurs and consumers, while the rise in interest rates could, to some extent, dampen their confidence. In other words, a tight monetary policy could inhibit the expanding psychological mood. Verbal communication from the central bank is more effective than written communication in raising market confidence. There is still room for improvement in the communication of central bank policy reports with regard to the guidance of public market confidence.
		2017 Vol. 34 (6): 122-128 [Abstract] ( 1406 ) [HTML 1KB] [ PDF 1325KB] ( 923 )

	129	True or False: The Proposition that Human Capital Is Conducive to China’s Future Economic Growth——An Analysis of Threshold Effect Based on Provincial Panel Data, 1997—2013
		NI Chao
		Using data of China’s thirty-one provinces from 1997 to 2013,this paper goes beyond the hypothesis of the linear correlation between human capital and economic growth and constructs a threshold regression model in an effort to test the threshold effect of human capital on economic growth. The empirical result shows that education human capital has significant double threshold effect on China’s economic growth with the two threshold values respectively being 8.53 and 9.47, and that there are significant differences among provinces.Physical capital, labors and health human capital have positive roles on economic growth. The empirical results requires that the government should attach great importance to developing human capital, to enhancing its enthusiasm, to improving it, to carrying human capital beyond the second threshold, and to maximizing its effectiveness. Regional difference also demands government attention, who should take a wholesome perspective in developing and issuing public policies that are suitable for local realities towards the ultimate goal of realizing economic growth of high quality.
		2017 Vol. 34 (6): 129-134 [Abstract] ( 1474 ) [HTML 1KB] [ PDF 873KB] ( 966 )

	135	Monetary Policy, Maturity Mismatch of Investment & Financing and Business Performance
		XU Yao, HONG Wei-qing, XIE Xiang-bing
		Using the data of non-financial listed companies in the A-Share market from 2008 to 2015, this paper studies the influence of the degree of maturity match of investment and financing on business performance, and examines the moderating effects of monetary policy. The results show that the relationship between the degree of maturity match of investment and financing and firm performance presents an inverted U curve. With a low level of maturity match, tight monetary policies can strengthen the positive relationship between maturity match and business performance while with a high level of maturity match, tight of monetary policies can strengthen the negative relationship between maturity match and business performance.
		2017 Vol. 34 (6): 135-141 [Abstract] ( 1489 ) [HTML 1KB] [ PDF 864KB] ( 1044 )

	142	Does Unlocking Deposit Interest Rate Restriction Reduce Bank Performance?
		YUAN Qing-lu
		There are different views about how the interest rate marketization influences the bank performance. Picking 2012 as the time for observation when the upper limit of deposit rate was opened for the first time, this paper builds a KPSM-DID model and studies the influences of loosening deposit rate regulation on bank performance. The result shows that loosening deposit rate regulation has a significant negative effect on profitability of commercial banks in China.Small-scale banks are more sensitive to the interest rate marketization policy while large-scale banks have relatively robust profitability.Commercial banks should actively adjust the credit structure to maintain a reasonable NIM,speed up the implementation of business transformation to create new profit growth point and build a reasonable interest rate pricing system as soon as possible. Meanwhile, small-scale banks should play their own advantages and implement differentiated management strategy as early as possible.
		2017 Vol. 34 (6): 142-146 [Abstract] ( 1410 ) [HTML 1KB] [ PDF 789KB] ( 871 )

	147	Efficiency Evaluation of China’s Financial Industry From Geographical and Temporal Dimensions
		YANG Zhong-xuan,YANG Yang-yang
		Adopting both DEA and ANN methods and using data of the financial industry in China from 2003 to 2015, this paper measures the efficiency of China’s financial industry and its influencing factors from geographical and temporal dimensions. Geographically speaking, the results show that the scale efficiency of most regions in China is higher than technical efficiency and pure technical efficiency, the curves for which coincide with each other. Ranked in terms of importance, the influencing factors of financial industry efficiency are industrial structure (0.304), economic growth rate (0.288), labor productivity (0.229), scale of enterprise (0.092) and investment efforts (0.087). Temporally speaking, from 2003 to 2015, the scale efficiency undergoes a big change while the curves for technical efficiency and pure technical efficiency coincide with each other. Ranked in terms of importance, the influencing factors of financial industry efficiency are industrial structure (0.346), labor productivity(0.309), economic growth rate (0.154), investment efforts (0.143), scale of enterprise(0.047). Overall, the efficiency of financial industry in different regions are uneven and industrial structure is a major influencing factor of financial industry efficiency in China.
		2017 Vol. 34 (6): 147-151 [Abstract] ( 1477 ) [HTML 1KB] [ PDF 917KB] ( 1000 )

	152	Dividend Stability, Agency Cost and Capital Structure——An Empirical Study Based on Stochastic Frontier Model
		HAN Yun
		Taking Chinese listed companies from 2006 to 2015 as samples and using stochastic frontier model (SFA) to compute the total agency cost of firms and dividend stability, this paper examines the non-linear relationship between cash dividend and agency cost, and that between cash dividend and capital structure. The test result shows that cash dividend has an inverted U shaped relationship with the agency cost, in that cash dividend below target dividend can aggravate agency conflicts, while cash dividend above target dividend restrains agency cost. There is also an inverted U shaped relationship between cash dividend and capital structure. Additionally, the non-state ownership magnifies the inhibiting effect of cash dividend on capital structure.
		2017 Vol. 34 (6): 152-158 [Abstract] ( 1349 ) [HTML 1KB] [ PDF 935KB] ( 1249 )

	159	Does Fiscal Policy Contribute to TFP Growth?——An Empirical Analysis Based on Provincial Panel Data from 1999 to 2015
		LIANG Wei-jian, ZHANG Le
		Based on the provincial panel data from 1999 to 2015, the paper analyzes direct and indirect effects that fiscal policy has on TFP. The main conclusions are as follows: During the sample period, financial expenditure on science and technology is conducive to TFP growth, whereas the effects of direct investment, social security expenditure and social consumption expenditure on TFP are not notable. Corporate taxes and personal taxes hinders TFP growth. The direct effect of financial expenditure in science and technology on TFP comes into play in that expenditure on education and technology can improve human capital, support overall economic R & D investment, and thus promote innovation.The indirect effect is that financial expenditure in science and technology can accelerate the spillover of foreign knowledge and technology by means of improving human capital.The direct effect of corporate tax on TFP works through the fact that it dampens the enthusiasm of enterprise innovation, while its indirect effect is that corporate tax hinders the inflow of FDI, which is not helpful for domestic enterprises to learn and absorb foreign knowledge and technology. Therefore, reform should precede direct policy support in order to bring the positive effect of fiscal policy on TFP to full play.
		2017 Vol. 34 (6): 159-164 [Abstract] ( 1285 ) [HTML 1KB] [ PDF 864KB] ( 898 )

	165	Table content of all issues in 2017


		2017 Vol. 34 (6): 165-169 [Abstract] ( 1411 ) [HTML 1KB] [ PDF 902KB] ( 665 )

经济经纬

　

News

　

　

·

·	《经济经纬》编辑部声明

·

·

·

·

·

·

·

·

·

　　　　　　　　 More

　

Article Search

　

Copyright © 《Chemical Research and Application》Editorial
Support by Beijing Magtech Co.ltd support@magtech.com.cn