2020 Vol. 35, No. 4

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State-building and Financial Reform under the Vision of"Comparative modernization": Review and Reflection Based on Historical Sociology and New Financial History
LIN Guang-qi, HONG Li-hua
2020, 35(4): 4-19.
[Abstract](207) [FullText HTML] (157) [PDF 1232KB](15)
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Since the 1980 s, historical sociology and new financial history in Europe and the United States for the first time have taken"state"and"financial history"as independent variables of social science analysis and included them into the research field of "comparative modernization". Historical sociology maps the financial reform from the state-building, and new financial history interprets the state transformation from the financial system change. From opposite directions, they have completed the academic marriage of "state"and "finance". Seen from experience and logic, state-building can be divided into state formation and state transformation. State formation interprets the realization process from scratch or from underdeveloped to developed. State transformation focuses on the experience and has lessons from "undesirability"to "desirability". State formation has drawn a picture of"external military competition"and"internal financial absorbency", jointly promoting and determining the state boundary and determining relationship between state and society. Through the interaction between the state and society, state transformation illustrates how the financial system and financial regime constitute the driving force of social change, and how they determine the growth mode and development path of the state. There are two dimensions of "instrumental rationality"and "value rationality"in state-building and financial reform, which forms different ways for combination. In the dimension of instrumental rationality, "state"and"finance"are neutral. Whether its power, ability and autonomy are strong or weak, in the dimension of value rationality, they may be subject to those characteristics of traditional state and finance, and may also serve those norms of modern state and finance. We should try to move away from the traditional practice of extracting financial resources and strengthening state capacity by"state defeats society or power suppresses rights". When state-building is brought into the track of"democratic accountability"and"limitation of power by law", the friction cost between state and society can be reduced, and social recognition of the state can be really improved. When fiscal reform is promoted on the basis of "no taxation without representation"(taxation by law) and "no expenditure without public"(budget democracy), the relationship between government and taxpayers can be changed from one-way rule and obedience to two-way contract and cooperation, and taxpayers' obedience and support for taxes and spending is likely to rise.
Business Cycle, Market Power and Trade Barriers Against China
ZHAO Wen-xia
2020, 35(4): 20-33.
[Abstract](298) [FullText HTML] (119) [PDF 1370KB](20)
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In recent years, there are increasing uncertainties in the world economy, and significantly increasing trade barriers worldwide. Based on the panel data of disaggregated product level(HS6) between1988 and 2018, this paper analyzes the impact of business cycle and market power on trade barriers against China. It is found that tariff and non-tariff barriers have different characteristics, among which tariff barriers show significant pro-cyclicality, while non-tariff barriers do not. Group regressions show that in the period of economic prosperity, low-income countries tend to raise tariffs level on China, while high-income countries tend to increase non-tariff barriers against China; in the period of economic downturn, all countries tend to increase the probability of countervailing barriers against China. In addition, the findings indicate that market power enhances the non-tariff barriers and drives the pro-cyclicality of tariffs. This study puts forward a new perspective to understand the cyclicity of trade barriers, which presents some enlightenment to China's trade policy-making under the background of deglobalization.
On the Spillover Mechanism and Spatial Effect of Human Capital in the High-quality Development of Regional Economy
LV Xiang-wei, XIN Bo
2020, 35(4): 34-47.
[Abstract](404) [FullText HTML] (322) [PDF 1069KB](36)
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Under the new era background of high-quality economic development, dynamic spatial panel model, together with the 2007-2017 provincial panel data is employed to explore the spacial effect of human capital on high-quality economic development, the regional heterogeneity of human capital spillover effect, and testify the influence of human capital on innovation and its mechanism for the promotion of highquality economic development. It is found that, at the national level, the quality of regional economic development has a significant positive spatial correlation, and regional human capital will significantly promote the high-quality development of regional economy; the direct effect of human capital on the quality of economic development is positive by region, but the spillover effect is heterogeneous. The human capital of the neighboring areas in the mideastern China presents positive spillover effect, while the human capital of the neighboring areas in the central and western regions shows negative spillover effect. Therefore, the eastern, central and western regions in China should be deeply integrated into the domestic value chain division of labor system, to achieve the coordinated development among regions through reasonable division of labor and cooperation.
The Impact of Smog on Inbound Tourism in China from the Perspective of Heterogeneity of Tourists'Risk Perception
YE Li, CHEN Xiu-qian
2020, 35(4): 48-57.
[Abstract](397) [FullText HTML] (173) [PDF 1451KB](14)
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Based on China's provincial panel data from 2011 to 2017, the paper employs the emission intensity of sulfur dioxide, nitrogen oxide and smoke dust as the measurement index of smog pollution constructs regression model of impact of smog on inbound tourism scale from the perspective of risk perception theory, and makes empirical analysis using Two-way Fixed Effect Model. The results show that smog has significantly negative impact on the scale of inbound tourism in China. Judging from the categories of tourists, the negative impact of smog on the scale of foreign tourists is significant, while the negative impact on the scale of tourists from Hong Kong, Macao and Taiwan is not obvious, indicating that the foreign tourist market is more sensitive to smog pollution, and there is heterogeneity in tourists' perception for smog affecting inbound tourism. Furthermore, the heterogeneity of risk perception is examined from different regions with different pollution levels. The negative impact of smog in the more polluted northern regions on inbound tourism is significantly greater than that in the southern regions. On this basis, the negative impact of smog in the southern and northern regions on the scale of foreign tourists is significantly greater than that of tourists from Hong Kong, Macao and Taiwan. This further proves that foreign tourists have stronger perception of smog risk than tourists from Hong Kong, Macao and Taiwan. Therefore, effective ways such as strengthening the control of smog pollution, especially in heavily polluted areas, and taking measures to create the image of "China Blue", strengthening international regional cooperation, and optimizing the comprehensive tourism system according to the heterogeneity of tourists' preferences can be taken to reduce tourists ' perception of smog risk and enhance the attractiveness of China's inbound tourism.
Finance and Capital Markets
Can Private Equity Investment Alleviate the Inefficient Investment of SMEs: Empirical Evidence from Listing on SMEs and GEM
XIE Yang, HONG Zheng
2020, 35(4): 58-71.
[Abstract](345) [FullText HTML] (150) [PDF 1448KB](13)
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Small and medium-sized enterprises(SMEs) are more likely to fall into the inefficient investment and development dilemma of under-investment and over-investment. Based on the theory of inefficient investment and private equity investment(PE), this paper puts forward the theoretical hypothesis of PE's influence on inefficient investment behavior. Through the calculation of the inefficient investment of SMEs, it is found that the inefficient investment behavior of SMEs generally exists; compared with over-investment, the problem of under-investment is particularly serious; PE can restrain the inefficient investment of SMEs by controlling the agency cost and alleviating the information asymmetry contradiction. It is also found that PE with different characteristics has different effects on inefficient investment: PE with high shareholding ratio and joint investment has stronger mitigation effect on inefficient investment, and PE with long-term detention in SMEs has weaker mitigation effect. The results verify the inhibition of PE on the inefficient investment behavior of SMEs and its mechanism.
Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing
ZHANG Yong
2020, 35(4): 72-86+102.
[Abstract](428) [FullText HTML] (144) [PDF 1087KB](16)
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From the perspective of investor's site visits as the important source of non-financial information and one of the corporate governance mechanisms, this paper investigates whether investors' site visits can affect the firm's cost of debt financing. It is found that investors' site visits to the production and operation of listed companies can significantly reduce the firm's cost of debt financing; that is, the frequency, breadth and depth of investors' site visits to listed companies are inversely proportional to the firm's cost of debt financing; moreover, ownership type can significantly affect the efficiency of investors' site visits in reducing the firm's cost of debt financing, which indicates the negative impact of investors' site visits on the firm's cost of debt financing only exists in the non state-owned firms. Further research finds that the net positive tone of corporate executives' responses to questions from research subjects about the firm's production and operation can help reduce the firm's cost of debt financing; meanwhile, the net positive tone can effectively mitigate the positive impact of poor operating performance on firm's cost of debt financing.
Urbanization and Rural Economy
On the Measurement and Spatial Characteristics of China's Imbalance in Agricultural Supply Structure
LI Xin-wu, XU Shu-bin
2020, 35(4): 87-102.
[Abstract](276) [FullText HTML] (147) [PDF 1579KB](10)
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Based on the structural problems of the agricultural supply-side, this paper constructs an index system of agricultural supply structure imbalance including 20 indexes of effective supply, factor allocation, green development and achievements benefiting farmers. It measures the imbalance degree of agricultural supply structure nationally and provincially from 2008 to 2017. It is found that, imbalance of agricultural supply structure in China has been gradually improved, with the greater growth potential in effective supply and factor allocation; the agricultural supply structure imbalance among different regions is obviously different, with comprehensive indexes of imbalance in agricultural supply structure, and the two imbalance indexes of the factor allocation and the achievements benefiting farmers presenting"West High East Low", while the green development showing "East High West Low"; effective supply imbalance index excepted, imbalance index and other secondary indexes of the agricultural supply structure is obvious at the level of the spatial clustering tendency, showing a binary spatial distribution of "high-high"and "low-low". China should focus on the adjustment of agricultural supply structure and the optimization of factor allocation, and plan the agricultural development direction according to local conditions, to promote the balanced development of China's agricultural supply structure.
The Impact of Non-agricultural Employment Experience on Agricultural Operating Income of New-type Professional Farmers
LUO Ming-zhong, LEI Xian-kai
2020, 35(4): 103-112.
[Abstract](250) [FullText HTML] (110) [PDF 1179KB](9)
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The agricultural operating income of the new-type professional farmers determines their development prospects. This paper aims to examine the impact of non-agricultural employment experience on the agricultural operating income of new-type professional farmers with 501 questionnaire survey data. The results show that, by enhancing the ability of new-type professional farmers to obtain and integrate resources, non-agricultural employment experience can not only increase the agricultural operating income of new-type professional farmers, but also help alleviate the agricultural operating income gap between new-type professional farmers.Resultsfrom further classification test indicate that the non-agricultural employment experience has a significant effect on the increase of agricultural income of new-type professional farmers at low and medium income levels. Variables such as age and scale of agricultural operations have different effects on the agricultural income of new-type professional farmers. It is necessary to clear the institutional barriers for agricultural production and management of laborers with non-agricultural employment experience, and also to take effective measures to encourage and help new-type professional farmers to convert the capital and capabilities accumulated by non-agricultural employment experience into agricultural advantages in production and operation, ultimately to promote agricultural production efficiency and agricultural operating income growth.

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