2020 Vol. 35, No. 1

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Government Intervention, Economic Agglomeration and Urban-rural Income Gap
ZHANG Yue
2020, 35(1): 4-15, 56.
[Abstract](191) [FullText HTML] (32) [PDF 1310KB](17)
Abstract:
The evolution of urban-rural income gap in China is related to the realistic background of economic agglomeration and government intervention. Taking government intervention as an intermediary variable, this paper systematically analyzes the impact mechanism of economic agglomeration on the income gap between urban and rural areas at the three levels of enterprise, industry and region. Research hypothesis is put forth and the spatial Doberman model is constructed for empirical test and analysis with Chinese provincial panel data. The results show that there is a significant negative correlation between the market-oriented economic agglomeration and the income gap between urban and rural areas; the economic agglomeration at the three levels of enterprise, industry and region is conducive to reducing the income gap between urban and rural areas; the economic agglomeration under the government intervention expands the income gap between urban and rural areas, and the robustness and endogenous test support this conclusion. It is further found that non-agricultural employment, technical progress and farmers' human capital investment play an intermediary role in the impact of enterprise agglomeration, industrial agglomeration and urbanization on the urban-rural income gap; non-agricultural employment, technology progress and human capital investment to farmers under government intervention cannot play an intermediary role in the impact of economic agglomeration on the urban-rural income gap.
Industrial Co-agglomeration and Environmental Pollution Control: Impetus or Resistance
LU Feng-zhi, YANG Hao-chang
2020, 35(1): 16-29.
[Abstract](284) [FullText HTML] (249) [PDF 1072KB](29)
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Based on the panel data of 30 provinces in China from 2003 to 2016, the application of the time-space fixed effect, spatial panel Dubin and other measurement models, combined with the mediation effect test model, this study empirically tested the impact of industrial co-agglomeration on environmental pollution control. The results show that there is a stable inverted U relationship between industrial co-agglomeration and environmental pollution, and there is no regional difference, which indicates in the short run, the co-agglomeration of industries represents the resistance of environmental pollution control, and in the long run, it will gradually be transformed into the assistance of environmental pollution control; there are regional differences in the spatial spillover effect of industrial co-agglomeration, of which the effect in the eastern region is not significant, and the spillover effect in the central and western regions is more significant; scientific and technological innovation can be a mediating variable of industrial co-agglomeration affecting environmental pollution. Therefore, it is necessary to vigorously promote the strategy of industrial co-agglomeration, formulate policies for industrial co-agglomeration development in line with local conditions, and establish joint prevention and control measures, so as to promote the effective management of environmental pollution.
The Mechanism and Effect of Population Aging on Various Savings Rates
MENG Ling-guo, MA Jing-yan
2020, 35(1): 30-43.
[Abstract](170) [FullText HTML] (110) [PDF 3142KB](21)
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Taking the data of China from 1992 to 2017 as a sample, and using the life cycle theory, this study employs the VAR model to investigate the impact of population aging on household savings rate, corporate savings rate and government savings rate. The empirical results show that: the aging of the population has the greatest impact on the corporate savings rate, with the impact being first negative then positive, and secondary impact on the government savings rate, with a positive effect followed by a negative effect, and the least impact on the household savings rate, with the effect being first positive then negative. Therefore, in order to cope with the impact of population aging on various savings rates, it is recommended to implement the cultivation of innovative talents, industrial structure upgrading, improve endowment insurance, establish an old-age financial system, develop a silver-haired industry and an elastic retirement system.
The Social Embedded Governance Mechanism of Enterprise's Overseas Investment Risk: Case Studies of the Countries Along the "Belt and Road"
YANG Ling-li, WAN Lu
2020, 35(1): 44-56.
[Abstract](148) [FullText HTML] (52) [PDF 1624KB](15)
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The development of overseas investment needs to establish an effective risk governance mechanism. A large number of researches have discussed how good national relations can help reduce the risk of overseas investment at the micro level. However, the change of the host country's domestic political situation and international situation will weaken the effectiveness of the state-to-state relationship in the governance of investment risk. Therefore, it is necessary to expand risk governance from the level of national relations to the level of social relations, explore the mechanism of overseas-invested enterprises to enhance risk governance capability by embedding the enterprises into local society, and further discuss the synergy between social embedding and national relations. The results from the study of entrepreneurs in the Yangtze River Delta and Pearl River Delta, show that there are two governance models in China: one is "bilateral relationshipgovernment identity-investment risk", the other is "social embeddedness-social identity-investment risk", whose synergistic effect indicates that social identity promotes government identity. Therefore, when Chinese enterprises go abroad, they should avoid the one sidedness of "state centered theory"or "social centered theory", and improve the governance ability of overseas investment risk with"government diplomacy"and"public diplomacy"together.
The All Factor Model of Poverty Alleviation through Entrepreneurship: Enlightenment from Model Innovation and Management
TONG Ze-lin, FENG Jing-dan, PENG Si-qing
2020, 35(1): 57-66.
[Abstract](269) [FullText HTML] (83) [PDF 1136KB](14)
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In recent years, Chinese entrepreneurs increasingly have a hand in poverty alleviation, giving full play to their entrepreneurship through innovating poverty alleviation models and their contribution to poverty alleviation. Based on the case study of poverty alleviation by Wanda Group in Danzhai County, it is found that the most effective way for entrepreneurs to participate in poverty alleviation is not simply to donate money and materials or to fund a local industry but to develop the spirit of risk-taking, innovation and enterprising. Specifically, entrepreneurs should invest funds, technology, professional teams and other needed resources, control the progress of poverty alleviation project, and pursue the sustainability of poverty alleviation. As a result, the poor people can be lifted out of poverty in economy, spirit, behavior, society and culture. This poverty alleviation method can be named as Poverty Alleviation through Entrepreneurship. This model takes into account the short, medium and long term effects of poverty alleviation, and inspires the poor people to actively participate in poverty alleviation projects to get out of poverty sustainably and successfully.
On the Developing Deviation and Classified Correction of Sharing Platform
XU Wen
2020, 35(1): 67-79.
[Abstract](110) [FullText HTML] (94) [PDF 1561KB](10)
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As the operation hub of the sharing economy, the different positioning of each sharing platform determines the difference of their operation modes. Based on the user agreements of "Di Di", "Airbnb", "ofo"and"GoFun", the sharing platform can be classified into Mutual-Benefit Sharing Platform and Managing-Only Sharing Platform. Sharing economy is featured with fetishism, which has deviated the sharing platform from innovation-oriented and entrepreneurship-oriented direction to profit-seeking and arbitrage-seeking direction. To correct this deviation, the existed customized scheme, legislation scheme, experimental scheme, dual-track scheme, and marketization scheme can hardly satisfy criterion of effectiveness, feasibility, economy and flexibility simultaneously, let alone applying different schemes to different sharing platform.In order to take into account the development needs of the sharing economy industry as well as the legitimate interests of stakeholders, it is advisable to apply the platform-enabling scheme, which is based on data protocol, to Mutual-Benefit Sharing Platform, and it is advisable to apply the separation of two rights scheme, which is derived upon BOT agreement, to Managing-Only Sharing Platform.
Economic Analysis of National Standpoint, Public Preference and Diplomatic Discourse
CHEN Jie
2020, 35(1): 80-86.
[Abstract](224) [FullText HTML] (94) [PDF 1210KB](67)
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National standpoint is inherent and rational while public preference rational and irrational. The construction of diplomatic discourse requires the equilibrium between national standpoint and public preference. Rational analysis of diplomatic discourse offers a special perspective for the understanding of national diplomatic policies and world public opinion. Based on the maximization of government's utility function, this paper establishes a national policy game model and analyzes optimal national policy. Diplomatic discourse is the best expression of optimal national policy. Then, a diplomatic discourse game model is constructed to describe the impact of national standpoint and public reference on diplomatic discourse. The findings show that the national policy game leads to a stable Nash Equilibrium and it is convergent, and optimal national policy is determined by national standpoint, the gap between their own national standpoint and their preference for cooperation; suppose that the country's national standpoint and optimal policy are fixed, the construction of diplomatic discourse is determined by both the public preference for hawkish or dovish language style and government's willingness to cooperate.
Solutions to the Financing Difficulties in Chinese Enterprises: From the Perspective of Tax Reduction
MAO De-feng, PENG Fei
2020, 35(1): 87-100, 112.
[Abstract](332) [FullText HTML] (404) [PDF 1151KB](122)
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Financing constraint is an important bottleneck, which has restricted the transformation and upgrading of Chinese enterprises. Whether tax reduction can effectively alleviate financing constraint of enterprises is directly related to the quality of China's economic development. Based on a natural experiment of corporate income tax reform by unifying the tax rates in 2008, and the micro data of China's industrial enterprises from 2005 to 2012, this paper explores the effect of tax reduction on the financing constraints of enterprises by DID identification. The results revealthat tax reduction has effectively alleviated the financing constraint of domestic enterprises; the higher the initial tax burden of enterprises, the more the tax reduction effect will be; the effect of tax reduction on non-state-owned enterprises is highly significant, but on stateowned enterprises being less significant due to ownership advantages. The effect is universal by region, but the effect is more significant in the western region. From the perspective of corporate heterogeneity, the effect of tax reduction is more significant on the start-up, small and medium-sized enterprises. This paper not only provides a new micro-foundation for further understanding the impact of tax reduction on financing constraint, but also provides an inspiration for promoting the corporate income tax reform and responding to international tax reduction.
Accounting Conservatism and Corporate R & D Investment: Evidence from Chinese Capital Market
DONG Zhu, ZHANG Xin
2020, 35(1): 101-112.
[Abstract](133) [FullText HTML] (52) [PDF 1063KB](13)
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Using the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2017, this paper investigates the impact of accounting conservatism on R & D investment, and further tests the role played by ownership, heterogeneous institutional investors and information transparency. The results show that the higher the accounting conservatism is, the less the R & D investment of enterprises is, indicating that accounting conservatism will restrain the R & D investment of enterprises. It is found through further tests based on the nature of ownership that accounting conservatism has a stronger inhibitory effect on R & D investment in non-state-owned enterprises than that in state-owned enterprises; while stable institutional investors and the improvement of enterprise information transparency can alleviate the negative impact of accounting conservatism on R & D investment. This study is of theoretically and practically significance for comprehensive understanding of the impact of accounting conservatism on enterprise investment activities and how to reduce the negative effect of accounting conservatism on R & D investment.

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