2019 Vol. 34, No. 3

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Economic Theory and Exploration
Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test
LIU Peng, HE Dong-mei
2019, 34(3): 4-13.
[Abstract](278) [FullText HTML] (248)
Abstract:
Based on the merger and reorganization data of listed companies from 2003 to 2016 and the PSM-DID method, this paper aims to test the effectiveness of the merger and reorganization in resolving overcapacity. The results show that: the merger and reorganization cannot effectively resolve overcapacity on the whole; the effectiveness is affected by the difference in the subject of merger and reorganization; specifically, the spontaneous merger and reorganization of private enterprises is conducive to resolving overcapacity, while the effect is less significant in the administrative merger and reorganization of state-owned enterprises under government intervention; heavy industry and enterprises with excess capacity should not adopt merger and reorganization to resolve overcapacity, while light industry and non-overcapacity enterprises can resolve overcapacity effectively through merger and reorganization. Therefore, the government should reduce the direct intervention of merger and reorganization, and systematically eliminate the soft budget constraints of state-owned enterprises.
On the Nonlinear Mechanism of the Impact of House Price Fluctuations on the Upgrading of Industrial Structure
GUO Wen-wei, LI Jia-qi
2019, 34(3): 14-25.
[Abstract](230) [FullText HTML] (139) [PDF 1082KB](26)
Abstract:
Based on the panel data of 259 prefecture-level cities in China, this paper empirically examines the specific mechanism and nonlinear effect of housing price fluctuation on industrial structure upgrading by using the panel intermediary effect model and the threshold panel model. The results show that the fluctuation of house price not only directly inhibits the upgrading of industrial structure, but also inhibits the upgrading of industrial structure through indirect mechanism such as crowding-out effect of innovation and labor force; there are significant differences in the inhibition effect among regions of different housing price, compared with the aregions of middle and low housing price; the effect of the indirect inhibition mechanism on the upgrading of industrial structure is more significant in the regions of high housing price; in the regions of low and middle house prices, the fluctuation of house price mainly shows that it directly inhibits the upgrading of industrial structure.
The Analysis of the Effect of Different Environmental Regulations on China's Industrial Competitiveness
CHENG De-ning, WEI Jin-hui
2019, 34(3): 26-33.
[Abstract](326) [FullText HTML] (269) [PDF 1046KB](21)
Abstract:
The impact of environmental regulation on industrial competitiveness depends not only on the strictness of environmental regulations, but also on the type of environmental regulation and its flexibility. China's existing environmental regulations are generally divided into three types: command-based environmental regulation, market-incentive environmental regulation and implicit environmental regulation. Each type of environmental regulation has different flexibility, which has different effects on industrial competitiveness. Based on the classification of environmental regulation types and the construction of index system of regional industrial competitiveness, this paper empirically analyzes the impact of different environmental regulations with different flexibility on regional industrial competitiveness by using the provincial panel data of 30 provinces in China from 2006 to 2015, and the spatial effects of various types of environmental regulation were tested. The study found that command-type environmental regulation has a negative effect on regional industrial competitiveness; the impact of market-incentive environmental regulation on industrial competitiveness is uncertain, and implicit environmental regulation can improve regional industrial competitiveness. It is also found that from the perspective of the spatial effects of different types of environmental regulations, market-incentive environmental regulations have an adverse effect on local industrial competitiveness, and have positive spatial spillover effects on industrial competitiveness in adjacent areas; implicit environmental regulation will enhance local industrial competitiveness, while has a negative spatial spillover effect on industrial competitiveness in adjacent areas. Therefore, when implementing environmental regulation, the government should combine and comprehensively use various types of environmental regulations, and choose implicit environmental regulation with more flexibility as much as possible to effectively enhance China's industrial competitiveness.
Enterprise and Business Economy
The Public Entrepreneurship Space Network Embedding and Business Model Innovation: The Mediating Role of Symbiosis
WANG Qing-jin, LI Ru-wei
2019, 34(3): 34-42.
[Abstract](463) [FullText HTML] (256) [PDF 1057KB](10)
Abstract:
The public entrepreneurship space is a new type of innovative and entrepreneurial service platform emerging in the context of open economy. Start-ups embedded in the public entrepreneurship space can promote its business model innovation more effectively. Based on the theory of network embedding and symbiosis, this research explores the impact mechanism of the public entrepreneurship space on the innovation of business models of entrepreneurial enterprises. Based on the questionnaire data of 181 start-ups in Zhongguancun Maker Street and Hangzhou Dream Town, tested with multiple regression models, the following conclusions are drawn: the public entrepreneurship space network embedding has a positive impact on start-ups' business model innovation; symbiotic behavior plays a mediating role.
The Impact of Co-agglomeration of Producer Services and Manufacturing Industries on the Enterprise's Innovation
LIU Sheng, LI Wen-xiu, CHEN CHEN Xiu-ying
2019, 34(3): 43-53.
[Abstract](687) [FullText HTML] (612) [PDF 1018KB](50)
Abstract:
The integration of advanced manufacturing and modern services is the key to enterprise's innovation. However, there are rare researches on how the co-agglomeration of producer services and manufacturing industries stimulates technological innovation of manufacturing enterprises. Based on the matching data of China's industrial enterprises and prefecture-level cities, this paper empirically examines the impact and its mechanism of co-agglomeration of producer services and manufacturing industries on enterprise's innovation. The results show that the co-agglomeration of producer services and manufacturing industries significantly promotes the innovation tendency of manufacturing enterprises, and this effect depends on factors such as the type of enterprise ownership, factor intensity, the size of city and so on. Furthermore, the co-agglomeration of producer services and manufacturing industries influences the innovation tendency of manufacturing enterprises mainly through the channels of transaction cost, behavior of entry and exit, incentive of R&D innovation.
Fiscal and Public Administration
The Influence of "Two-way" Decentralization in Science and Technology on Innovation Performance
LIAO Zhi-dong, YAO Feng-min
2019, 34(3): 54-66, 77.
[Abstract](322) [FullText HTML] (158) [PDF 2027KB](11)
Abstract:
From the perspective of decentralization, this paper analyses the characteristics of China's science and technology system since 1984 and examines the synergistic mechanism of central government, local government and market in promoting innovation under the framework of innovation system, and then reveals the interactive mechanism of "two-way" decentralization of science and technology on innovation performance. Both theoretical and empirical analysis show that in order to give full play to the synergy of central government, local government and market in promoting innovation, it is necessary for the government to decentralize power to the market in scientific and technological affairs; at the same time, it is necessary for the central government to decentralize power to the local government; however, as the "two-way" decentralization of science and technology plays an interdependent and mutually influential role in innovation performance, the degree of "two-way" decentralization in science and technology is not that the higher the better. Therefore, in order to promote scientific and technological innovation and accelerate the construction of an innovative country, the role of the government, especially the central government, should be properly strengthened in the field of science and technology.
Will Vertical Fiscal Imbalances Affect Economic Fluctuations: Evidence from China's Provinces since the Reform of Tax-sharing System
LIN Chun, SUN Ying-jie
2019, 34(3): 67-77.
[Abstract](376) [FullText HTML] (201) [PDF 1223KB](7)
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Fiscal policy is an important means of national macro-control. However, the vertical fiscal imbalance caused by the tax-sharing reform has weakened the regulatory role of fiscal policy. Based on the panel data of 29 provinces (municipalities and autonomous regions) from 1994 to 2017 in China, this paper uses the dynamic panel model to empirically analyze the relationship between vertical fiscal imbalance and economic fluctuations.The results show that vertical fiscal imbalance is an important factor leading to China's economic fluctuations; it also positively promotes economic fluctuations through investment shocks, technological shocks and money supply shocks. There are temporal heterogeneity and environmental heterogeneity in the influence of vertical fiscal imbalance on economic fluctuation; the change cycle of vertical fiscal imbalance precedes the change cycle of economic fluctuation and presents a certain cycle synchronization.
Law and Economics
On Liability for the Third Party Damage Caused by Artificial Intelligence: A Perspective of Law and Economics
WU Wei-ding, ZHANG Xiao-jian
2019, 34(3): 78-87,101.
[Abstract](353) [FullText HTML] (529) [PDF 1028KB](27)
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As for the legal status of AI, there are two opposing views in the lawcommunity : subjectivism and objectivism. Subjectivism advocates giving AI a certain subjectivity, while objectivism defines AI as property or tool. For the third-party damage caused by AI, the subjectivism holds that AI should bear independent responsibility, while the liable property comes from the pool of funds paid in advance by the manufacturer or user. The manufacturer or user except for the pool of funds need not bear more responsibility. By contrast, the objectivism holds that the manufacturer or user should bear unlimited liability for the damage caused by AI. The existing controversy between subjectivism and objectivism remains at the subject level, lacking objective analysis. From the perspective of law and economics, there are advantages and disadvantages in the efficiency of legal rules. There are two paradigms for distinguishing legal rules: "be engaged in activities safer" and "be engaged in safer activities". The legal rules constructed by subjectivism and objectivism have different efficiency in different application fields of artificial intelligence. Objectivism is more efficient in the field of automobile, while subjectivism is more efficient in the field of intelligent investment consultant.
Which Weighs in Selection of Judges, Education Background or Profession: Evidence from the Improvement of Judicial Efficiency
CHEN Gang
2019, 34(3): 88-101.
[Abstract](187) [FullText HTML] (91) [PDF 1911KB](9)
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Although China is a country with statute laws, due to the incompleteness of written laws, the quality of judges with considerable discretion has a direct and important impact on judicial efficiency. Using the data of the chief justices of Higher People's Court in China, this paper finds that the professional background of judges has significantly affected the judicial efficiency measured by the resolution rate; the resolution rate of the courts whose chief justices of higher people's court graduated from the law school is about 2.5 percentage points higher than that in other regions; however, the higher education level of judges has not significantly improved judicial efficiency. By using the data of judges at grassroots level courts, this paper also finds that the education level of judges has little significant effect on the trial time of the case.
A New Perspective for Contract Interpretation: An Analytical Framework Based on Transaction Cost Theory
HU Wei-qiang
2019, 34(3): 102-112.
[Abstract](447) [FullText HTML] (217) [PDF 1001KB](8)
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Contracts are bound for incompleteness so that ex post interpretation and gap-filling are the job judges have to take. Traditionally, civil law jurisprudence lays its foundation on the parties' autonomy and takes the systematic consistency as the starting point from which a whole canon of interpretation rules has been developed. Based on transaction cost theory, through synthesizing of previous research and theories, an analytical framework consisting of three dimensions has been put forward. This framework is as follows: reducing transaction costs is the purpose of contract interpretation and the first dimension; allocating risks efficiently is the second dimension guiding judges to interpret the contract; administrative cost is the third dimension which constitutes the limits for contract interpretation.

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