2019 Vol. 34, No. 2

Economic Theory and Exploration
Technological Progress Trigger Trade Friction with China:Based on Industrial Level
DENG Lu, LIU Wei-tao
2019, 34(2): 4-16.
Abstract:
Increasing trade friction with China is an inevitable phenomenon while China has been integrated deeply into global economy. Technological progress in a certain industry or product may bring comparative advantages to a country's export, but it will also lead to trade frictions between countries. Bas...
Macroeconomic Effects of the Productive Factor Price Distortion in China:Simulation Analysis Based on DSGE Model
LI Yan, HUANG Ting-ting
2019, 34(2): 17-30.
Abstract:
Market-oriented reform of the price of production factors is the key to improving the socialist market economic system. This paper incorporates labor price distortion and capital price distortion into a DSGE (dynamic stochastic general equilibrium) model, and investigates effects of these distortion...
Corporate Finance and Accounting
Does the Beauty Premium Effect Exist: Empirical Evidence from Executive's Excess Compensation
SHAO Jian-bing, FAN Cun-jian
2019, 34(2): 31-45.
Abstract:
Taking the listed companies on the GEM of China from 2009 to 2016 as the research object, this paper empirically tests whether there is a beauty premium effect in the excess compensation of executives. The results indicates that there is a beauty premium effect in executive's excess compensation; wh...
Institutional Investors' Holdings, Executives' Excess Compensation and Corporate Governance
CHEN Xiao-shan, LIU Hong-duo
2019, 34(2): 46-59.
Abstract:
The existing literature is limited to the analysis of institutional investors as indiscriminate subjects, making it still unclear of which role institutional investors play in corporate governance such as a supervisor, collaborator or bystanders. Based on the perspective of individual heterogeneity ...
Finace and Capital Markets
Media Attention, Capital Market Mispricing and Corporate Investment
HU Guo-qiang, XIAO Zhi-chao
2019, 34(2): 60-73.
Abstract:
Based on the perspectives of information asymmetry and behavioral finance, the paper employs the data from Chinese A-share market to examine that media attention plays dual roles of information and sentiment in stock mispricing, but both follow different paths. Media largely plays information role i...
Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies
CHENG Bo
2019, 34(2): 74-89.
Abstract:
Taking the listed companies in Shanghai and shenzhen from 2007 to 2015 as samples, this study examines the function of the analysts' attention to corporate environment performance. By analyzing the mechanism of how the analyst as the capital market intermediary affects the corporate environmental pe...
Guangdong Business and Economy
The Ways of Economic Development Affecting the Public's Sense of Legal Identity: An Case Study of 9 Mainland Cities in Guangdong-Hong Kong-Macao Greater Bay Area
QIU Fo-mei, ZHENG Fang-hui
2019, 34(2): 90-101.
Abstract:
Based on the strategy of high-quality development transformation and fully advancing the lawbased governance of the country in the new era, this paper explores the impact of economic development of nine cities in Guangdong-Hong Kong-Macao Greater Bay Area on the public sense of legal identity. It is...
The Change Trajectory and Evolution Characteristics of Guangdong Total Factor Productivity in the Context of Opening up
LIAO Li-ping, WANG Fang
2019, 34(2): 102-112.
Abstract:
Guangdong is the pioneer of China's reform and opening up. In recent years, the slowdown of economic growth in Guangdong has aroused concerns about the sustainable growth of export-oriented economy. In order to effectively play a role of opening to the outside world for the promotion of total factor...