2020 Vol. 35, No. 5

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The Quality Effect and Its Influence Mechanism of the Uncertainty of Transfer Payment on Economic Development
ZHAN Xin-yu, LIU Yang
2020, 35(5): 4-21.
[Abstract](196) [FullText HTML] (67) [PDF 1607KB](16)
Abstract:
Based on the data from prefecture-level cities of 24 provinces in China, this paper constructs a fixed-effect model to test the relationship between the uncertainty of intergovernmental transfer payments and the quality of economic development. The results of the study show that the uncertainty of transfer payments faced by the provincial and prefecture-level municipal governments has a significant negative impact on the quality of the economic development of the jurisdiction; the prefecture-level municipal governments are more negatively affected due to facing greater financial pressure. Heterogeneity analysis indicates that the uncertainty of general transfer payments and special transfer payments faced by provincial governments and prefecture-level municipal governments has a significant inhibitory effect on the quality of economic development in the jurisdiction, and has more impact on the prefecture-level municipal governments, but the uncertainty of tax rebate has no significant inhibitory effect on the quality of economic development in the jurisdiction. The dampening effect of transfer payment uncertainty in the eastern region is lower than that in the economically underdeveloped central and western regions, which is more pronounced when the government level is lowered from the provincial government to the municipal government. The analysis of the influence mechanism shows that when the provincial and prefecture-level municipal governments face higher transfer payment uncertainty, it will increase the bias of productive fiscal expenditure, thus alleviating the financial pressure, thus reducing the quality of economic development in the bailiwick.
On the Impact of Local Government Special Bonds on Private Investment
LONG Xiao-yan, ZHAO Quan-hou, LIANG Cheng-cheng
2020, 35(5): 22-34+68.
[Abstract](595) [FullText HTML] (191) [PDF 1059KB](16)
Abstract:
Based on the mathematical model of local government debt growth and private investment, this paper analyzed the impact of the issuance of local government special bond on private investment by using macro data at the provincial level. The results show that the local government debt in general would inhibit private investment, but after considering the impact of special debt policy, the special debt has no significant linear relationship with private investment; when the scale of special debt is lower than a certain level, it will stimulate private investment; when exceeding the optimal scale, it inhibits private investment. There is a similar nonlinear relationship between general bond and private investment, at an inflection point 22. 68%and 29. 95% respectively. In addition, special bonds and general bonds have heterogeneous effects on different types of private investment. At present, according to the local economic strength, the government should reasonably arrange the scale of local government special bonds and general bonds, reasonably reduce the difference in debt limit and balance between local government, and improve the macroeconomic policy environment to promote the level of private investment.
Quality Upgrading of Imported Intermediate Products and Global Value Chain Climbing of Manufacturing Industry
CHENG Kai, YANG Feng-min
2020, 35(5): 35-47.
[Abstract](437) [FullText HTML] (323) [PDF 992KB](20)
Abstract:
China is at the middle and low end of the global value chain, and the scale of trade is seriously asymmetry with trade gains. Effective improvement of the level of profitability in the international division of labor and its position in the global value chain is an important proposition in current international trade research. Based on related theoretical models, and Chinese micro-enterprises data, empirical analyses are made on the impact of imported intermediate quality on the global value chain of manufacturing. The results show that the upgrade of imported intermediate quality has positive and negative effects on the status of the manufacturing global value chain, but the overall performance is a promotion; specifically, the promotion of public enterprises is greater than that of foreign-owned enterprises and private enterprises, and the promotion effect on general enterprises is greater than that of processing trade enterprises; from a dynamic point of view, the promotion effect of the upgrading of imported intermediate quality on the rising global value chain of the manufacturing industry will gradually be strengthened. Therefore, enterprises should be encouraged to import high-quality intermediate products, pay attention to innovation on the basis of absorption, strive to create a fair competitive environment, and improve China's technological innovation level as a whole to realize the ascent of China's manufacturing global value chain.
Environmental Regulation, Technological Innovation and the Green Development of Manufacturing
ZHANG Xiao-yun, LIU Jie-jiao, LI Bin
2020, 35(5): 48-57.
[Abstract](1181) [FullText HTML] (554) [PDF 1020KB](107)
Abstract:
Based on the difference between environmental regulations and industry competition, the division of manufacturing industries into high-competitive and low-competitive industries, this paper, with systematic GMM method, evaluates the heterogeneous impact of command-and-control environmental regulation, market-incentive environmental regulation, and the comprehensive one combining these two on the green development of manufacturing industry. It is found that the impact of environmental regulation on green development of manufacturing will undergo a "U-shaped"transformation from hindrance to promotion, and the current impact is still in the stage of hindrance, which is more significant in high competitive industries, and the U-shaped turning point of low competitive industries appears later; the green development of manufacturing industry is hindered and promoted by executive-order environmental regulation and market-incentive environmental regulation respectively, and the two effects are more significant in high competitive industries; technological innovation mainly drives the green development of low competitive industries, but the driving effect is not significant in high competitive industries.
Enterprise and Business Economy
The Impact of Different Agglomeration Modes on Innovation Efficiency in Industrial Development Stage: Based on the Analysis of Creative Industries in China
CHEN Yu-jie, ZHAO Hong-yan, ZHENG Wan-teng
2020, 35(5): 58-68.
[Abstract](545) [FullText HTML] (83) [PDF 977KB](12)
Abstract:
Based on the panel data of 28 provinces from 2007 to 2018, the system GMM model is used to explore the impact of creative agglomeration in creative industries on the innovation efficiency in the stage of knowledge development and economic transformation. The findings reveal that the promotion effect of specialized agglomeration and diversified agglomeration on innovation efficiency in the stage of knowledge development is more significant than that in the stage of economic transformation, and the effect of diversified agglomeration is greater than that of specialized agglomeration; competitive agglomeration has a significant negative effect on the innovation efficiency in the stage of knowledge development, and not quite significant negative effect on the innovation efficiency in the stage of economic transformation. Therefore, industrial agglomeration and in-depth cooperation between innovation subjects from different industries are encouraged. Measures should be taken such as improving the institutional environment and market mechanism of creative industries so as to enhance the innovation ability of China's creative industries.
The Impact Mechanism and Effectiveness of the Servant Leadership on Work-Family Facilitation
ZOU Wen-chi, HU Dan, TANG Li-hua
2020, 35(5): 69-79+111.
[Abstract](552) [FullText HTML] (327) [PDF 1118KB](17)
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Based on conservation resources theory, this study analyzed the impact of service leadership on work-family facilitation, and employed psychological safety and power distance orientation as the mediator to test the hypothesis. The research results demonstrate that servant leadership has significant positive impact on work-family facilitation through individual psychological security, but power distance orientation can adjust the effect. The specific performance is: for employees with higher level of power distance orientation, the positive effect of service-oriented leadership on their psychological security will be weakened, which weakens the service-oriented leadership on the positive effect of employees' work-family facilitation. On the contrary, for the employees with lower power distance orientation, the positive effect of service-oriented leadership on their psychological safety will be enhanced, thus enhancing the positive impact of service-oriented leadership on employees' work-family facilitation.
Guangdong Business and Economy
The Collaborative Innovation of the Mode of Innovation and Entrepreneurship in Guangdong-HongKong-Macao Greater Bay Area
DING Huan-feng, ZHANG Yu-guang
2020, 35(5): 80-88.
[Abstract](322) [FullText HTML] (325) [PDF 1155KB](19)
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In the process of the construction of Guangdong-Hong Kong-Macao Greater Bay Area(abbr.GBA), as an important support carrier of the service system of socialized innovation and entrepreneurship, the mode of innovation and entrepreneurship plays an important role in deeply promoting synergy innovation of Guangdong, Hong Kong and Macao. In view of the problem of market barriers, structural contradictions, supply-demand split and lack of synergy mechanism in the construction of the mode of innovation and entrepreneurship in GBA, this paper explores the strategy of multi-level institutional innovation, global spatial reconstruction and multi-dimensional synergy mechanism, to establish the mechanism system of the integrated development of the cross-regional modes of innovation and entrepreneurship, promote the modes of innovation and entrepreneurship cluster, and create the collaborative innovation ecosystem of the modes of innovation and entrepreneurship. It builds a regional collaborative innovation community, which will integrate with innovation chain, value chain and industrial chain, realizing the functional complementarity, dislocation development and cooperative cooperation of the mode of innovation and entrepreneurship in GBA.
Coordination and Optimization of Legal System for Building Guangdong-Hong Kong-Macao Greater Bay Area Construction under CEPA Framework
ZHONG Li-guo
2020, 35(5): 89-100.
[Abstract](495) [FullText HTML] (325) [PDF 969KB](11)
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CEPA is an indispensable and vital platform for the construction of Guangdong-Hong Kong-Macao Greater Bay Area(abbr. GBA). As a free trade agreement signed between the Mainland, Hong Kong, and Macau, CEPA has established a solid legal foundation for special preferential trade treatment among these areas, which facilitates the liberalization of trade and investment and promotes the free flow of production factors between the three regions. By merging the three CEPAs into one, adding new issues such as competition policy and environmental protection, improving existing trade and investment rules, and giving Guangdong province more power to conduct first, CEPA shall play a more important role in the construction of the GBA.
Urbanization and Rural Economy
Farmers'Perception of Climate Risk, Intervention of Policy Instruments and the Distortion of Agricultural Insurance Market
ZHENG Wo-lin, LUO Bi-liang, ZHONG Wen-jing
2020, 35(5): 101-111.
[Abstract](451) [FullText HTML] (169)
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This paper aims to analyse the essence of the distortion of the agricultural insurance market.The results show that farmers generally have the risk perception bias, namely, in the face of severe climate risk, they do not necessarily purchase agricultural insurance; the relationship between premium subsidy of agricultural insurance and farmers' purchase of insurance is inverted U-shape; agricultural relief induces farmers' welfare dependence, reducing the promotion effect of premium subsidies on farmers' purchase of agricultural insurance, thus inhibiting the development scale of insurance market. Therefore, the development of agricultural insurance market is required to correct farmers' perception bias of climate risk, and to construct a matching mechanism of policy instruments and insurance market.

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