2019 Vol. 34, No. 5

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Enterprise and Business Economy
The Impact and Its Mechanisms of the Executive with Environmental Experiences on Corporate Green Transformation
BI Qian, LI Hong-yuan, YU Lian-chao
2019, 34(5): 4-21.
[Abstract](322) [FullText HTML] (160) [PDF 1151KB](23)
Abstract:
From the perspective of environmental experience embedding, this paper empirically examines the impact and its mechanism of environmental experience embedding on the green transformation of enterprises based on the empirical evidence of heavy polluted enterprises in Shanghai and Shenzhen A-share from 2008 to 2016. The findings are as follows: environmental experience embedding can effectively promote corporate green transformation; the embedding of environmental experience into the management and board of directors can significantly improve the green transformation level of enterprises, but the embedding of environmental experience into the board of supervisors is not significant. Further research finds that after the implementation of the new Environmental Protection Law, the effect of environmental experience embedding on the promotion of corporate green transformation is more significant, and that the promoting effect of environmental experience embedding on the corporate green transformation is mainly manifested in private enterprises and enterprises with low financing constraints, whose action path is to promote the corporate green transformation by improving the level of enterprise innovation and reducing the adjustment cost. Therefore, in order to promote corporate green transformation, hiring and paying attention to talents with environmental experience can help reduce the risks and costs of green transformation.
Customer Relations, Market Power and Corporate Innovation Output
ZHAO Can, CAO Wei, YE Zi-ling
2019, 34(5): 22-37, 49.
[Abstract](174) [FullText HTML] (84) [PDF 994KB](15)
Abstract:
The paper employs the data from manufacturing listed companies in Chinese A-share stock markets from 2007 to 2016 to examine the impact of customer relationship concentration on innovation output and its mechanism, and the causal relationship between the two from the perspective of market power. The study shows that excessive concentration of customer relationships inhibits the company's innovative output. The mechanism is that the excessive concentration of customer relationships increases the business risk of the company. In order to balance the overall risk tolerance level of the company, the management will reduce the investment in R & D, which has a crowding effect on the innovation output. Further research shows that with the market power of the enterprise increasing, the negative correlation between the excessive concentration of customer relationships and the innovation output has been weakened. The findings not only expand the relevant research on the economic consequences of customer relationships, but also provide experience for enterprises to improve the level of innovation through the maintenance and management of customer relationships.
The effect of User's Profile of Online Platform on Brand Attachment
LI Xiao-lin, XU Su, WANG Hai-zhong
2019, 34(5): 38-49.
[Abstract](187) [FullText HTML] (109) [PDF 1288KB](11)
Abstract:
The emergence of big data brings new opportunities to brand marketing and media delivery.Previous studies regard user's profile as a tool to assist enterprises in precise marketing. However, nowadays, many cases of enterprises show that user's profile can also be used as a marketing tool to influence consumers' psychology. Three studies shows that profile reports based on their behavioral trajectories recommended to users have a positive impact on brand attachment, and the process is partly mediated by positive nostalgia and negative nostalgia, in which the mediating effect of positive nostalgia is greater than that of negative nostalgia. In addition, when the profiles adopt anthropomorphic style, the effect of positive nostalgia on brand attachment is significantly stronger, but anthropomorphism has no moderating effect in the influence of negative nostalgia on brand attachment. The research expands the application scope of user's profile, and gives some inspiration to enterprises to make use of user's profiles for new relationship marketing.
Corporate Finance and Accounting
Legal Background, Corporate Irregularities and Manager Turnover
LEI Yu, ZHANG Ning
2019, 34(5): 50-61+112.
[Abstract](161) [FullText HTML] (110) [PDF 972KB](10)
Abstract:
In the context of comprehensively implementing the rule of law, the management with legal background is gradually receiving the attention. This paper selects the specific situation of corporate irregularities and manager turnover, and analyzes the functions of managers with legal background from the perspectives of companies and individuals. It is found that at the company level, managers with legal background can restrain corporate irregularities, which is stronger in state-owned enterprises, and that at the individual level, managers with legal background have a "position entrenchment"effect that is more significant in non-state-owned enterprises, which reduces the probability of managers being replaced when a company breaks the rules. This paper describes the functions of managers with legal background in more detail, which has certain instructive significance for giving full play to the positive role of manager with legal background in the process of comprehensively governing the country by law.
Customer Concentration, Financial Constraints and Stock Price Crash Risk
YU Bo, MAO Yan-xuan, WU Han-hong
2019, 34(5): 62-75.
[Abstract](496) [FullText HTML] (249) [PDF 1056KB](104)
Abstract:
By taking Chinese A-share listed companies of manufacturing industry from 2008-2017 as samples, this paper examines the impact of customer concentration on collapse risk in stock price. It is found that there is a U-shaped relationship between customer concentration and stock price crash risk. The initial increase in customer concentration will generate the "integration"effect, which optimizes the supplier's commercial credit allocation, improves its ability to recoup funds, and eases financing constraints, resulting in a decline in incentives for suppliers to hide"negative information"and lower stock price crash risk. However, the excessive increase in customer concentration will generate an "encroachment"effect-powerful customers could use their buyer market power to exploit suppliers' surplus through trade credits, thereby worsening supplier liquidity and strengthening financing constraints, increasing incentives for suppliers to hide negative information which makes them easier to access bank credit and increasing the stock price crash risk. This paper expands the research on determinant factors of the stock price crash risk, and sheds a light on the nonlinear relationship between customer concentration and crash risk. The group comparative analysis of the nonlinear inflection point also provides a way to identify the encroachment effect and construct the risk warning mechanism.
Guangdong Business and Economy
On the Life Satisfaction of Floating Population and Its Influencing Factors in Guangdong Province: Empirical Analysis Based on"Household Survey of Chinese People's Livelihood"
LI Hong, YAO Mei-xin
2019, 34(5): 76-87.
[Abstract](189) [FullText HTML] (99) [PDF 1365KB](9)
Abstract:
Based on the household survey data of the Chinese people's livelihood, this paper employs the non-parametric test Ridit and the orderly multi-classification logistic regression to analyze the heterogeneity of the livelihood satisfaction of the floating population in Guangdong Province, and to explore the effect and path of the livelihood satisfaction. The results show that there are significant differences between the local population and the floating population in the overall satisfaction of people's livelihood, health care and oldage security, and the satisfaction of the floating population is higher than that of the whole sample population, that the overall satisfaction of the floating population of different age groups has significant heterogeneity. From the perspective of the effect, personal characteristics such as age, income improvement, employment and occupational type and economic ability have significant differences on the overall satisfaction of people's livelihood; public services such as government services and medical and health services have significant positive effects on the overall satisfaction of people's livelihood. Therefore, promoting the equalization of basic public services and improving the satisfaction of the people's livelihood security of the floating population are of great practical significance for the sustainable and stable development of economy and the building of a well-off society of high quality in Guangdong Province.
Is the Inclusive Post-R & D Subsidy Policy Effective:An Empirical Study of Enterprises in Guangdong
LI Kui, ZHANG Yue
2019, 34(5): 88-99.
[Abstract](119) [FullText HTML] (116) [PDF 1793KB](401)
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More and more Innovation Bureaus in China have begun to use the post-R & D subsidy to stimulate enterprise innovation. It's a different policy from traditional R & D subsidy and tax-reduction, which can change the constraint of firm's R & D budget and the expectation of R & D input and output. Based on the panel data of firms which received the post-R & D subsidy in Guangdong from 2015-2017, this paper empirically examines the impact of post-R & D subsidy on firm's R & D investment. The results show that the post-R & D subsidy has a crowding effect on the firm's R & D investment, with a coefficient of 1. 208, that enterprise heterogeneity has a significant impact on policy effect, such as firm's size, growth stage and industry field, and that the post-R & D subsidy has significant time lag.
Urbanization and Rural Economy
Can Agricultural Productive Services Promote Farmers' Income Growth
QIU Hai-lan, TANG Chao
2019, 34(5): 100-112.
[Abstract](149) [FullText HTML] (55) [PDF 2589KB](10)
Abstract:
The problem of increasing farmers' income has always been a concern. Based on the survey data of 3863 farmer households in Henan Province, this paper constructs a ERM model to explore the difference and mechanism of the effect of agricultural productive services on income heterogeneity in farmer households, and evades the endogenous problem of the model by combining the PSM method to verify the mechanism of the income-increasing effect of agricultural productive services. The study found that there is an income threshold for fertilization services, which has a more prominent effect on the income of high-income farmers. Compared with high-income farmers who can buy farm machinery by themselves, land consolidation and harvesting services have a significant effect on the income of low-income farmers, and the effect of wage income growth has also been confirmed. We should focus on the development of low-income farmers, not only provide them with technology-intensive services, but also cultivate labor-intensive services to help farmers become wealthy and promote the realization of the strategic goal of rural revitalization.

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