2020 Vol. 35, No. 3

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Economic Theory and Exploration
Research on the Internal System Arrangement of China's Export Against the Trend: From the Perspective of Trade Facilitation
WANG Zhang-ming, ZHAO Jing-feng, CHENG Rui
2020, 35(3): 4-17+43.
[Abstract](343) [FullText HTML] (156) [PDF 1329KB](17)
Abstract:
Trade facilitation, as an important institutional arrangement for reducing transaction costs in the trade process, has an important impact on a country's export trade. Upon the continuously deteriorating external environment, it is imperative to explore the internal mechanism of export trade growth in the new era.On the basis of inter-provincial panel data from 2001 to 2016, this paper studies the impact of trade facilitation on reducing transaction costs. It is found that trade facilitation has a significant export growth effect, among which the improvement of the business environment quality works best, and this conclusion is still true after a series of robustness tests; trade facilitation promotes export growth mainly through mechanisms such as scale effect, agglomeration effect and cost effect. It is also concluded that as the geographical location extends to inland, the role of trade facilitation in export growth also increases. So does the export growth effect of trade facilitation with the improvement of product technology level. Transportation infrastructure, port clearance efficiency and government regulatory efficiency have the largest effect on export growth of mediumtech products, while the market business environment has the most significant effect on export growth of high-tech products. Therefore, optimizing institutional arrangements in the export process and improving the level of export facilitation are important internal driving forces for export still growth in the new era.
International Collaborations and Potential Economic Growth: Evidence from the Analysis of Countries along the Belt and Road
SHEN Zhi-yang, ZHU Ning, GUO Wei
2020, 35(3): 18-29.
[Abstract](247) [FullText HTML] (135) [PDF 1820KB](15)
Abstract:
Against the background of the rise of anti-globalization and the urgent need for China to develop a high-level open economy, a nonparametric calculation method in this research is introduced to measure the growth potential of the whole economy. Taking 54 potential international cooperation countries as a whole, based on the robust overall directional distance function and the overall Luenberger productivity index, this paper attempts to analyse the evolution of economic growth and driving factors in 54 sample countries from 1990 to 2014 through the technical efficiency to measure their own economic development and through the structural efficiency to measure transnational cooperation. It is found that as to the potential countries for international cooperation, the room for economic growth improvement is very limited if they improve their technical efficiency by themselves; if international cooperation is strengthened, structural efficiency can be improved by optimizing the allocation of resources, thus significantly raising the level of output. During testing period, the average annual growth rate of productivity in the sample countries was about 0.83%, among which the contribution of structural efficiency change was only 0.23%. Therefore, to fully tap the potential space for international cooperation and improve the capacity of transnational cooperation and technology absorption in scientific and technological innovation will surely have great development potential and space.
Enterprise and Business Economy
Can Strategic Deviance Reduce Corporate Risk of Advanced Manufacturing?Research under the Background of Sino-US Trade Friction
LI Jian, LIU Shi-jie, LI Yan-shu, BAO Yao-dong
2020, 35(3): 30-43.
[Abstract](420) [FullText HTML] (153) [PDF 1513KB](18)
Abstract:
In the context of Sino-US trade friction, it is particularly important to study the risk of Chinese enterprises in advanced manufacturing. Based on the strategic balance theory and the neo-institutional theory, the relationship between strategic deviance and the risk of advanced manufacturing is first explored with the competition pressure mechanism, to explore how strategic deviance can effectively balance uncertainty and homogeneous competition to minimize corporate risk in advanced manufacturing, and on this basis, consider the situational effects of property rights and customer concentration. The empirical results show that there is a positive U-type relationship between strategic deviance and corporate risk; the nature of non-private property rights weakens the positive U-type relationship between strategic deviance and corporate risk; customer concentration strengthens the positive U-type relationship between strategic deviance and corporate risk. In addition, compared with non-private enterprises, the positive adjustment effect of customer concentration is more significant in private enterprises. The findings provide a reference for advanced manufacturing enterprises under the current trade friction to achieve corporate risk optimization through reasonable management and control of strategic deviance.
On the Influence Mechanism of Time Pressure on Employees' Creativity
FAN Xiao-qian, YU Bin, CAO Qian
2020, 35(3): 44-56.
[Abstract](477) [FullText HTML] (155) [PDF 1173KB](19)
Abstract:
Employees' creativity is a key competitive advantage of an organization, while time pressure is commonly faced by employees, and has both positive andnegative effects on creativity. From the perspective of the Transactional Models of Stress and the Dual Pathway to Creativity Model, this paper attempts to further explore the influence mechanism of time pressure on creativity by investigating employees and analyzing by Mplus. The results show that the time pressure evaluated as a challenge or threat awakens different creative pathways respectively. Challenging time pressure awakens cognitive flexibility and promotes creativity from"breadth"through the flexible pathway. Threatening time pressure on stress awakens cognitive persistence and promotes creativity from "depth"through the persistent pathway. Organizational commitment of employees moderates the relationship between threatening time pressure and cognitive sustainability, so as to encourage employees to invest more time and energy in hard work. The findings provide a new perspective for future research on time pressure, and beneficial inspiration for managers to improve employees' creativity.
Customer Concentration and Capacity Utilization of Listed Companies
WANG Long-feng, MA Zhong, HU Yun-yun
2020, 35(3): 57-69+83.
[Abstract](296) [FullText HTML] (186) [PDF 1008KB](9)
Abstract:
Based on the asymmetric impact of customer concentration on capacity investment and disposal, this paper analyzes the determinant mechanism of capacity utilization rate of enterprises, and employs the data from manufacturing listed companies in Chinese A-share stock markets from 2008 to 2017 to examine the impact customer concentration on utilization rate. It is found that the customer concentration will reduce the capacity utilization rate of the enterprise, and the impact will be weakened when the enterprise has a high market competitive position or is in a high prosperity industry. The concentration of customers has restrained the cyclical relationship between the capacity investment and capacity disposal of enterprises, making them show an asymmetric relationship, thus causing a backlog of idle capacity and reducing capacity utilization. The findings will enrich the theoretical explanation of the overcapacity determination mechanism from the perspective of customer relationships, which expands the research on the economic consequences of customer concentration, and provides a reference for companies to optimize their customer relationships for capacity management.
How Does Selective Industrial Policy Affect Business Performance?Empirical Evidence from the Qualification of High-tech Enterprises
QIU Yang-dong
2020, 35(3): 70-83.
[Abstract](363) [FullText HTML] (249) [PDF 1630KB](16)
Abstract:
Taking the high-level enterprise qualification policy as a quasi-natural experiment, the paper aims to test the effect and micro-mechanism of high-level enterprise qualification policy on corporate performance through a progressive double difference model. It is found that compared with non-high-tech enterprises, the high-tech qualification certification policy significantly inhibits the performance of high-tech enterprises; however, the direction and degree of high-tech qualification certification policies affecting corporate performance also depend on the regulatory role of external markets and the government; excessive regional competition and excessive government intervention are not conducive to improving the effectiveness of high-level enterprise qualification policy; on the contrary, increasing the degree of regional marketization and industrial marketization will help to better exert the policy effects of high-level enterprise qualification policy. It is also concluded that the implementation of the high-enterprise qualification policy on the one hand led to the"high investment and low efficiency"problem of high-tech enterprises, and on the other hand caused the R & D manipulation behavior of high-tech enterprises. The findings not only reveal the current dilemma of the implementation of selective industrial policies, but also clarify the mechanism that may cause distortion effects of selective industrial policies, which has important implications for further improving China's industrial policy formulation.
Does the Informal Hierarchy of Independent Directors Affect Auditor's Choice?
MA Dong-shan, WANG Cui-fang, ZHANG Sheng-qiang
2020, 35(3): 84-97.
[Abstract](510) [FullText HTML] (306) [PDF 1010KB](9)
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Based on the sample of A-share listed companies from 2008 to 2017, this paper investigates the impact of the informal hierarchy of independent directors on the auditor's decisions. It is found that the higher the clarity of the informal hierarchy of independent directors is, the more likely they are to choose high-quality auditors, and this effect is more significant in the sample of enterprises with high performance pressure and non-state-owned enterprises. Furthermore, grouping tests based on agency costs show that the informal hierarchy of independent directors plays a significant role in the enterprises with low agency cost, and not significant in the enterprises with high agency cost, indicating that the behavior of management and major shareholders will inhibit corporate governance of informal hierarchy of independent directors. The results reveal to a certain extent the influence of the hierarchical order of independent directors' team on the auditor's choice, enrich the relevant research on the influence of independent directors' behavior on the enterprise decision-making, and provide empirical evidences for enterprises to improve the structure of independent directors, promote the choice of high-quality auditors and perfect corporate governance.
Can Financial Literacy Reduce the Household Debt Burden? Empirical Evidences from CHFS Data
JIA Li, YUAN Tao, DENG Guo-ying
2020, 35(3): 98-112.
[Abstract](266) [FullText HTML] (139) [PDF 1020KB](9)
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Based on China Household Financial Survey data in 2015, this paper takes the self-assessment solvency as the subjective debt burden indicator, and the difference between the actual debt repayment period and the average debt maturity period as the objective indicator to analyze the financial impact on household debt burden and the mechanism. It is found that financial literacy can significantly reduce both the household's subjective debt burden and the household's objective debt burden; the financial literacy has a significant negative impact on the actual debt repayment period and a significant positive impact on the average maturity of the debt. Further analysis indicates that financial literacy can reduce the household debt burden by increasing household debt repayment funds and improving household debt structure. This research provides new evidences for understanding the relationship between financial literacy and household debt burden, which helps to understand the factors affecting the household debt burden, and offers a useful reference for preventing financial risks.

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