广东财经大学学报

The Growth Sources, Existing Potential and the Future Growth Interval in China's Economy

ZHENG Yi

2020, 35(2): 4-19.

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Abstract:
Based on the data of inputs and outputs of China, the United States, Japan and several other economies during 1950-2017, this paper examines the power of the Chinese catching up in the past through analyzing the sources of economic growth for sample economies, to predict potential economic growth interval of China. The empirical results show that the accumulation of material factors, the improvement of labor quality and the potential growth space maintain the resilience of China's economic growth; the economic growth of China is mainly due to the"contribution"of physical capital and TFP during 1980-2014, with the contribution rate of 43. 5% and 41% respectively; as to the level of China's per capital income, productivity, factor price and other aspects, China is far away from the United States, but there is still a large growth space for economic development in the future. Empirical analysis based on growth extrapolation indicates that China's GDP growth rate in 2018-2023 and 2023-2028 will still maintain 6%-7% and 5%-6% respectively.

The Measurement and Its Distribution of Innovation Efficiency of Strategic Emerging Industries in China

YANG Qian, LIU Xin-peng, WANG Jue

2020, 35(2): 20-34.

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Abstract:
Based on the super efficiency SBM model, this paper measures the innovation efficiency of China's strategic emerging industries in 2009-2016, to explore the causes of the innovation inefficiency in China's strategic emerging industries, and uses the kernel density estimation and Markov chain to investigate the distribution and evolution trend of innovation efficiency in China's strategic emerging industries.The results show that: the innovation efficiency of China's strategic emerging industries is low, and there is a large space for improvement, and the innovation inefficiency is mainly due to the lack of output; the innovation efficiency of China's strategic emerging industries shows the characteristics of multipolar differentiation, with the distribution center moving to the right, the main peak value decreasing and the double peaks changing to the multi peak gradually; China's strategic emerging industries in the process of innovation are featured with significant "Matthew effect", with a strong "self-strengthening"trend, but with no significant"club convergence". In the future, it is more likely for China's strategic emerging industries to implement leap-forward development in the innovation efficiency.

Family Ownership and Firm Internationalization:The Moderating Effects of Institutional Environment

HUANG Li-ying, HE Le-rong

2020, 35(2): 35-45+102.

[Abstract](163) [FullText HTML] (62) [PDF 1573KB](12)

Abstract:
Internationalization is an important growth strategy for export-oriented family business. Using a sample of Chinese firms listed on the SME Board and ChiNext Board between 2009 and 2016, this paper aims to investigate the influence of family ownership on firm internationalization and the moderating role of the institutional environment including China's economic policy uncertainty, regional marketization and industry competition in the process of the influence. The results show that there is a significant negative correlation between family ownership and firm internationalization. In addition, it is found that the degree of regional marketization and the intensity of market competition will ease the inhibition of family ownership on the firm internationalization, but the moderating effect of China's economic policy uncertainty is not significant. The conclusion expands the empirical research on the relationship between the heterogeneity of family business and internationalization strategy, which has policy implications for understanding the impact of institutional environment on corporate behavior under the transitional economy.

Industrial Policy, Technological Comparative Advantage and Innovation Output: An Analysis of the Implementation of Strategic Emerging Industry Policy

ZHANG Yang-xun

2020, 35(2): 46-54.

[Abstract](231) [FullText HTML] (130) [PDF 1537KB](11)

Abstract:
Based on the patent application data of 28197 enterprises and universities in mainland China from 2006 to 2016, this paper uses the difference-in-difference method to evaluate the impact of strategic emerging industry policy on the innovation output of new material industry, and discusses the role of technological comparative advantage in it. It is found that in general, strategic emerging industry policy has significantly promoted the innovation output of new material industry; the innovation effect of industrial policy is relatively more significant in the provinces with comparative advantage of new material industry, and relatively less and lagging in the provinces without comparative advantage. The cause for this difference is that the innovation effect of policy is relatively less in the university sample of the latter, and not significant in its enterprise sample.

The Impact and Its Performing Mechanism of Divestiture on Financial Performance

GUO Wei, GUO Ze-guang

2020, 35(2): 55-67.

[Abstract](598) [FullText HTML] (493) [PDF 984KB](130)

Abstract:
Using a unique sample constituted by the 2008-2017 A-share listed companies in China, this paper empirically tests the impact of divestitures on corporate financial performance. It is found that the implementation of asset divestiture can significantly improve the financial performance of enterprises, the influence of divestitures depends on the prior performance of the companies. Divestitures can significantly improves the financial performance of higher-performing companies, and vice versa. The findings from mechanism research indicate that financing constraints and investment efficiency play an intermediary role in the negative and positive relationship respectively between divestiture and corporate financial performance.

Will Gambling Agreement Affect the Reduction of Executives' Holdings:An Empirical Study on the M & A of A Share Listed Companies

GUAN Jing-yi, LIU E-ping

2020, 35(2): 68-81.

[Abstract](419) [FullText HTML] (160) [PDF 988KB](10)

Abstract:
Taking samples of A-share listed companies which implemented M & A with private placement including value adjustment mechanism(VAM) from 2012 to 2016, this paper analyzes the relationship between VAM and managers' stock trading in M & A with private placement, as well as the impact of managers' stock trading on post-issue market performance and financial performance. The results suggest that the higher the annual net profit committed by the target company, the less likely the managers are to reduce their holdings stocks. However, when the information asymmetry between the acquirer and the target company is measured by the private placement discount, the reputation of the asset appraisal institution and the age of the target company, it is found that only when the information asymmetry is low, the committed profit can weaken the managers' stock selling. The direction of managers' stock trading will not significantly affect the post-issue performance, but when the managers sell a large number of stocks, the market performance and financial performance will show a significant decline. These results verify the limited incentive effect of the VAM, and reveal that the factor for the post-issue performance is the degree rather than the direction of the managers' stock trading, which provides reference for investors to interpret VAM and managers' stock trading, and help regulators to further improve the supervision system of insider trading.

Service Organization Models Connecting Small Farmers with Modern Agriculture: Mechanism and Effect Analysis

HAN Chun-hong, ZHANG De-yuan

2020, 35(2): 82-92.

[Abstract](232) [FullText HTML] (89) [PDF 1644KB](8)

Abstract:
It is argued that the service organization models of the connection between small farmers and modern agriculture in the main grain producing areas can be classified into industrial service organization model, cooperative service organization model and market service organization model. This paper aims to theoretically analyze the internal mechanism of the service organization models, and evaluate the grain production effect of small farmers under different service organization models from the dual dimensions of output and benefit with the survey data from Anhui and Shandong provinces. It is found that three service organization models have played an active role in promoting the connection between the production of small farmers and the development of modern agriculture, but there are still significant differences in their operational performance. The specific performance is as follows: the industrial service organization model promotes the expansion and deepening of agricultural industrial chain by giving full play to the market power and capital strength advantages of leading enterprises, and can significantly increase the grain output of small farmers; the market service organization model can effectively increase the grain production profit of small farmers by expanding the service market capacity, promoting agricultural division of labor and integration of factors.However, compared with the above two models, the cooperative service organization model has no significant advantages in promoting the grain output and benefit of small farmers.

On Poverty Reduction Effect in Targeted Poverty Alleviation Through Differential Land Remediation

ZHONG Wen, ZHONG Chang-biao, ZHENG Ming-gui

2020, 35(2): 93-102.

[Abstract](311) [FullText HTML] (150) [PDF 1225KB](8)

Abstract:
The impact of land remediation on regional poverty control depends not only on the degree of land remediation, but also on the differentiated mode of land remediation. On the basis of sustainable livelihood theory, the differentiated land remediation model constructed on land consolidation, land reclamation and land development, the paper explores the realization path of differential land remediation to promote targeted poverty alleviation, further identifies the interpretation of poverty reduction effect and mechanism of regional targeted poverty alleviation. The results show that the way out of differential land remediation and poverty reduction is closely related to the type of land remediation mode, which can be achieved through improvement of the quantity of land, the quality of land and the ecological environment. As to the effect, the land consolidation model has the greatest impact on the poverty alleviation at the national level, followed by land development pattern and land reclamation pattern. At the sub-regional level, land consolidation has the greatest effect on poverty reduction in the eastern region, while land reclamation pattern has the greatest effect poverty reduction in the central region, and land development has the greatest effect on poverty reduction in the western region. Therefore, it is of great practical significance to scientifically grasp the regional discrepancies in land remediation, poverty reduction effect and their ways, to formulate differentiated land poverty alleviation policies and paths for targeted poverty alleviation.

Algorithmic Collusion: The Determination of Boundary and Its Regulation of Antitrust Laws

LI Dan

2020, 35(2): 103-112.

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Abstract:
Market subjects make use of market transparency and algorithm to make collusion not restricted by market concentration, which breaks through the traditional form of collusion to achieve new algorithm collusion and destroy the order of market competition, so it is necessary to regulate algorithm collusion through anti-monopoly law. On the establishment of the collusion boundary of the anti-monopoly law, the collusion types of the algorithm can be classified into messenger collusion, axial and radial collusion, prediction collusion and independent collusion, and the real subjective intention and the existence of monopoly agreement can be explored to accurately identify the collusion of the algorithm. In terms of the selection of specific implementation plan, the anti-monopoly law enforcement agencies should adhere to the principle of modest law enforcement, take the algorithm implementer as the main body of responsibility for algorithm collusion, and implement reasonable anti-monopoly regulations on algorithm collusion through specific measures such as limited disclosure of algorithm and regulatory technology.

2020 Vol. 35, No. 2

Journal Of Retrieval

Classification Retrieval