英文目录、摘要

Environmental Pollution, Population Structure and Consumption of Urban and Rural Residents: Evidence from China ’s Provincial Panel Data

FANGDaZHANGGuanghui(3)

Environmental Regulation，Government Competition and Performance of Industrial Enterprises: Based on Difference-in-Differences Model

ZOUGuoweiZHOUZhenjiang(13)

How Bank Credit Influence Carbon Emissions：Based on Growth Model and Evidence from China

WUSansan(22)

On the Conduction Effect of Residents’ Consumption Structure in Urbanization and Industrial Structure Optimization

WANGFangHULijun(33)

The Spatial Temporal Evolution and Driving Factors of Mechanized Service Expenditure of Rural Household in Hubei: An Empirical Analysis Based on County Level Panel Data from 2004 to 2016

PANJingtaoCHENChiboQinJinjin(44)

The Decision-making Behavior Factors of the Board of Directors in Corporate Financial Crisis and Its Warnings

RENGuangqian(52)

Officials’ Incentives and the Peer Effect of Corporate Investment

JIANGXinfengZHANGDunli(62)

Can Corporate Risk-taking Lead to Audit Fee Premium: Extending Analysis from Property Rights and Cost Stickiness

ZHUPengfeiZHANGDanniZHOUZejiang(72)

The Impact of Public Investment in Primary Education on School Education Outcomes: A Canonical Analysis Based on 70 Primary Schools in Hubei Province

LIXiangyunZHANGJianshun(81)

Reassessment of Investment Effect of China’s 2009 VAT Reform: Evidence from the Notes to the Financial Statements of Listed Companies

ZHANGYiranYUANDeyu(89)

The Impact of Trump’s Tax Reform on China’s Economy and Countermeasures

SHANXiyan(97)

Labor Cost, International Tax Competition and FDI Location

LIUChaoZHENGChenyang(102)

On the Increasing of Real Estate Price and Firm Export Performance: From the Perspective of Collateral Channel

LIUCanleiSHENGDan(114)

On the Trade Potentialities of China and “One Belt and One Road” Countries: Based on the Investigation of Nocturnal Lighting Data

ZONGHuijunWANGMingyi(125)

On Cross-cultural Integration Based on Cultural Network: A Case Study of FAIR Friend Group

ZHOUJianboLIJing(134)

Loosening of Monetary Policy, Real Estate Investment and the Performance of Manufacturing Enterprises

CHENJianyingDUYong(144)

HIGHLIGHTS

EnvironmentalPollution,PopulationStructureandConsumptionofUrbanandRuralResidents:
EvidencefromChina’sProvincialPanelData

FANG Da1ZHANG Guanghui2

·3·

(1.SchoolofEconomics,PekingUniversity,Beijing100871,China;
2.SchoolofEconomics,LiaoningUniversity,Shenyang110036,China)

Abstract:Based on the provincial panel data of China, this paper studies the relationship among resident consumption, environmental pollution and population structure bazed on the corresponding regression model. The result shows that there are obvious differences between urban-rural areas and regions in the impact of environmental pollution on the consumption of residents. First of all, the main pollutants that affect the consumption of residents in various regions are different, even in the same area, the main pollutants that have influence on the consumption of urban and rural residents in this area are different. What’s more, rural residents’ consumption is more sensitive to environmental pollution. Further study also shows that the interaction of population structure and environmental pollution has a significant impact on the consumption of residents. With the improvement of social living standards and the current changing of population structure, the above effects will become increasingly prominent.

Keywords:Environmental Pollution; Population Structure; Resident Consumption; Ecological Civilization

EnvironmentalRegulation，GovernmentCompetitionandPerformanceofIndustrialEnterprises:
BasedonDifference-in-DifferencesModel

ZOU Guowei1ZHOU Zhenjiang2

·13·

(1.SchoolofEconomicsandManagement,SouthChinaAgriculturalUniversity,Guangzhou510632,China;
2.GuangdongInstituteofScientificandTechnicalInformation,Guangzhou510632,China)

Abstract:Based on the data of industrial enterprises from 1998 to 2007, the paper evaluates the impact of the “two control zones” policy on corporate performance by the approach of difference in difference method, and tests the mechanism that the “two control zones” policy affects corporate performance. The result shows that: (1) On the whole, the “two control zones” policy has a significant positive impact on corporate performance, but this positive impact is mainly due to the hard-constrained areas that strictly enforce the “two control zones” environmental regulation policies, while in the restricted areas, the “two control zones” policy doesn’t exert a positive impact on corporate performance improvement.(2) The test of impact mechanism’s results show that the positive impact of the “two control zones” policy on corporate performance is mainly achieved through enterprise innovation, and when the “two control zones” policy is strictly implemented, which can increase the enterprise cost and thus force the enterprise’s technology innovative activities, and when there are deviations in the implementation of environmental regulation policies, environmental regulation policies do not increase the total cost of enterprises, and therefore do not have a positive incentive effect on corporate innovation activities, hindering the improvement of corporate performance.

Keywords:Environmental Regulation; “Two-control zone” Policy; Corporate Performance; Difference in Difference Method

OntheConductionEffectofResidents’ConsumptionStructurein
UrbanizationandIndustrialStructureOptimization

WANG Fang HU Lijun

·33·

(SchoolofBusinessAdministration,ZhongnanUniversityofEconomicesandLaws,Wuhan430073,China)

Abstract:It is significant for formulating economic policies to clarify the relationship between urbanization, residents’ consumption structure and industrial structure optimization, and their actual performance in different regions of China. This result shows that urbanization not only directly affects the industrial structure optimization, but also indirectly affects it through the intermediary of residents’ consumption structure, and the study of the latter case has not received due attention. Based on the panel data of 31 provinces in China from 2005 to 2016, testing the mediating effect at national and regional levels and we can safely draw the following conclusion: The mediating effect of residents’ consumption structure is established at the national level and the regional level, but it has different transmission paths in different regions. In more and less developed regions, urbanization plays an important role in promoting the optimization of industrial structure. The higher the level of economic development, the stronger the mediating effect urban residents’ consumption structure. The lower the level of economic development, the stronger the mediating effect of the rural residents’ consumption structure. These conclusions constitute the main innovation points of this paper. Based on these conclusions, this paper argues that the differentiated industrial policies with regional characteristics should be carried out from the following aspects: the eastern region takes promoting the upgrading of residents’ consumption structure as the main line, the central region takes coordinating urban-rural coordination and rural revitalization as the key point, while the western region should take targeted poverty alleviation as the breakthrough point.

Keywords:Urbanization; Residents’ Consumption Structure; Industrial Structure Optimization; Rural Revitalization; Consumption Upgrade

Officials’IncentivesandthePeerEffectofCorporateInvestment

JIANG Xinfeng1ZHANG Dunli2

·62·

(1.SchoolofEconomicsandManagement，HuazhongAgriculturalUniversity，Wuhan430070，China；
2.SchoolofAccounting，ZhongnanUniversityofEconomicsandLaw，Wuhan430073,China)

Abstract:Based on selects samples of listed companies in Shanghai and Shenzhen A-share stock markets, this paper studies the investment behavior of enterprises by the approach of peer effects, and examines the role played by local government officials in this process. The result shows that China’s listed companies show a following-type peer effect that getting close to the general level of the industry, but this effect is affected by the officials’ incentives. The stronger officials’ incentive is, the weaker company’s following-type investment peer effect is. Further study shows that officials’ incentives exacerbated the catch-up-type peer effect of enterprise investment in the industry, leading to excessive investment in the enterprise level, the reason of this phenomenon lies in the firms in the areas where officials’ incentive are high obtained more credit rationing.

Keywords:Peer Effect; Officials’ Incentives; Corporate Investment; Following-type Peer Effect; Catch-up-type Peer Effect

CanCorporateRisk-takingLeadtoAuditFeePremium:
ExtendingAnalysisfromPropertyRightsandCostStickiness

ZHU Pengfei1ZHANG Danni1ZHOU Zejiang1,2

·72·

(1.SchoolofBusiness,NanjingUniversity,Nanjing210093,China;
2.SchoolofBusiness,AnhuiUniversity,Hefei230601,China)

Abstract:It is obvious that corporate risk-taking can exert influence on audit fee, but there is little literature to analyze the above issue for a long time. Therefore, this article uses A-share list companies from 2009 to 2014 in China’s capital market as sample to discuss whether corporate risk-taking can lead to audit fee premium and various characteristics of the above phenomena. The empirical results show that: corporate risk-taking enhances audit fee premium significantly, in other words, audit fee premium from corporate risk-taking exists; compared with non-state-owned enterprises, audit fee premium caused by risk-taking weakens in state-owned enterprises; there is certain stickiness in audit fee premium, which means when corporate risk-taking decreases, the descent speed of audit fee is lower than that of corporate risk-taking.

Keywords:Corporate Risk-taking; Audit Premium; Property Rights; Cost Stickiness; Audit Fee; Profitability Fluctuate

TheImpactofPublicInvestmentinEducationonSchoolEducationOutcomes:
ACanonicalAnalysisBasedon70PrimarySchoolsinHubeiProvince

LI Xiangyun ZHANGJianshun

·81·

(SchoolofFinanceandTaxation,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:This paper uses canonical analysis, which is different from existing typical domestic research methods, to study the impact of public investment in primary education on school education outcomes and pay more attention to input factors which have greater effect on student achievements. By using canonical analysis to study multi-input variables and multi-output variables of 70 primary schools in JX district and ZD district of Wuhan, the empirical results show that 12.6% of outputs of schooling can be predicted by the linear combination of education input variables. Among all the input variables, the number of teachers and the quality of teachers exert the greatest influence of student achievements. And it basically coincides with the conclusions of domestic researches using education production functions. According to the results, increasing financial support and optimizing expenditure structure, especially increasing personnel expenditure, can help to reach a result balance among county area’s primary education.

Keywords:Primary Education; Public Investment; Education Outcomes; Educational Finance; Policy Optimization

ReassessmentofInvestmentEffectofChina’s2009VATReform:
EvidencefromtheNotestotheFinancialStatementsofListedCompanies

ZHANG Yiran YUAN Deyu

·89·

(SchoolofInternationalTradeandEconomics,UniversityofInternationalBusinessandEconomics,Beijing100029,China)

Abstract:Based on the data of the notes to the financial statements of A-share listed companies, this paper uses the accurate regression discontinuity design to reassess the impact of China’s 2009 VAT reform on fixed asset investment. The results show that China’s 2009 VAT reform significantly promoted the fixed assets investment of listed companies. After the reform of VAT, the fixed assets investment of listed companies increased by 0.52%. Further heterogeneity analysis show that China’s 2009 VAT reform promotes the fixed assets investment of non-state-owned enterprises, but the promotion effect of fixed assets investment of state-owned enterprises is not obvious. The promotion effect of VAT transformation on the fixed assets investment of listed companies in the eastern region is obvious, but it is not obvious to the central and western regions.

Keywords:VAT System Transition; Fixed Assets Investment; Reassessment; Investment Profit; Taxation System Reform