英文摘要

(1)Practical reason and value consensus: reflection on the construction of ethical discourse system in contemporary China

BIANShao-bin·5·

Establishing defensible universal norms and pursuing maximum value consensus represent the overarching objectives of the construction of the current ethical discourse system. One of the crucial tasks is to break away from “dogmatism” and “representational thinking” and explore and clarify the normative values implic it in traditional and current Chinese social and cultural practices. This normative value is not a self-explanatory entity or a state of affairs to be discovered. Instead, it is the result of reflection and argumentation based on the paradigm of practical reason, which thus demonstrates the ideal of moral personality, the concept of universal will, the sense of mutual responsibility, and the spiritual intention of equality and respect in ethical and cultural life. In this sense, the construction of a “space of reasons” based on the Chinese ritual and music tradition will be a crucial prerequisite.

(2)Revisiting ConfucianDeXingethics: a discussion with Dr. Huang Yong

CHENJi-hong·12·

Huang Yong believes that “Virtue Ethics” can better reflect the characteristics of Confucian ethics than “DeXingEthics”. There are at least three aspects in his argument that are debatable. First of all, as two Confucian concepts mutually interpretable, both “DeXing” and “De” consider character and conduct as two sides of the same coin. And in “DeXing”,Deor virtue is not a modifier of “Xing” or conduct. However, it is unfounded to deny the validity of ConfucianDeXingEthics from the perspective of language translation just because virtue cannot be translated as “DeXing”. Secondly, “DeXing” is the most important concept of Confucian ethics, that represents character. In Confucianism, emotion and conduct cannot be derived from character, but “DeXing” can define character and conduct. Thus, “ConfucianDeXingEthics” is a more appropriate expression. Thirdly, “ConfucianDeXingEthics” does not exclude the dimension of emotions. Rather, it includes both emotions and behavior in the criticism of character, which provides a unique Confucian explanation for the abnormal situation where feelings are not aroused, orWeifa(未发). As a result, we should not say that it limits the scope of Confucian ethics. On the contrary, we should change the course and move from interpreting China from a western perspective. Only “DeXingEthics” can demonstrate the theoretical characteristics of Confucian ethics that are different from those of Western ethics.

(3)Body virtue and the physiological enhancement technology

LISong·23·

Physiological enhancement technology is designed to enhance a person’s physical capacities using drugs, biotechnology, genetic technology, and intelligent technology. It is caught in the ethical dilemma that while it brings benefits to humans, it also poses a threat to their health, safety and evolution. Given the circumstances, the common good of human beings should be an ethical principle on its part. Body virtue is dedicated to liberating the body and transcending its limitations. Guided by body virtue, physiological enhancement technology should be committed to the common good of human beings by providing health, robustness and freedom to humans so that it will show its own positiveness and do its part to the human evolution as well.

(4)The tendency of imposing heavy penalties and judicial restrictions of the Criminal Law Amendment (XI)

OUYANGBen-qi,LIUMeng·29·

The Amendment (XI) to the Criminal Law does not reduce the death penalty for existing crimes but adds life imprisonment, increases fixed-term imprisonment, reduces custodial sentences and control sentences, and adds unlimited fines, which reflects an obvious tendency of imposing heavier penalties. The theoretical basis for such a tendency lies in the obsession with the function of general prevention of criminal punishment. The practical basis is an over-reaction to social hotspot issues and public concerns. However, neither can prove the legitimacy of this amendment, hence posing major risks of rule of law. This tendency not only diverges from the principles of legislation of criminal law, such as the principle of “tempering justice with mercy” and the principle of legality, but may put judicial practice in a dilemma of massive criminalization. Therefore, to contain it, the criminal and justice authorities should play their role. Firstly, when convicting, we should flexibly interpret the criminal law and exclude behavior that should not be criminalized and punished to prevent inappropriate criminalization. Secondly, the sentencing should distinguish between responsible punishment and preventive punishment, limit the application of heavy penalties to avoid aggravation of penalties.

(5)The legal regime of crimes against public health: an analysis based on the Amendment to the Criminal Law (XI)

LIXiang·42·

The Amendment to the Criminal Law (XI) amends Article 330 of the Criminal Law. The revision incorporates the relevant contents of theProvisionsontheCriteriaforFilingandPursuingCriminalCasesundertheJurisdictionofPublicSecurityOrgans(I)(hereinafter referred to as Provisions (I)) and theOpinionsonPunishingViolationsandCrimesthatObstructthePreventionandControloftheCOVID-19EpidemicAccordingtoLaw(hereinafter referred to as Opinions). The crime of obstructing the prevention and control of infectious diseases as in the revision does not exclude the application of other related crimes that endangered public health prior to the amendment. Under “extraordinary circumstances” of society, it is in line with rationality to implement the criminal policy of “tempering justice with mercy” in combination with “strict punishment according to law” in general. In accordance with the policy of “strict punishment according to law”, the crime of obstructing the prevention and control of infectious diseases as in the revision is not a “misdemeanor” to replace a “felony”, and there is still a certain level of applicability for the crime of endangering public safety by dangerous means. In addition, there does not exist simple concurrence between the crime of negligently endangering public safety by dangerous means and the crime of obstructing the prevention and control of infectious diseases, and it is not appropriate to deny the possibility of imaginative concurrence of the two.

(6)Does lottery-playing speculative activity affect liquidity risk premiums?

ZHANGJin-qing,LIJian-yu·53·

By observing the skewness-expected return correlation before and after the 2015 stock market crash, we find that investors who engage in lottery-playing speculative activities may suffer greater loss when liquidity deteriorates. Based on this, stock data of China A-share market from January 2007 to December 2019 are selected and analyzed by group analysis, Fama-MacBeth regression method and Houand Loh split method. The study finds out: (1) lottery-playing speculation significantly increases the liquidity risk premium. Of the stock portfolios with stronger lottery-playing characteristics, there exists significant liquidity risk premium. In contrast, of the stock portfolios with inconspicuous lottery-playing characteristics, the liquidity risk premium is not as significant; (2) the Hou and Loh splitting results indicate that lottery-playing speculation contributes to 54.95% of the liquidity risk premium, which is much higher than other variables; and (3) in terms of the influence mechanism, the propensity of lottery-playing speculators to purchase low-value stocks and to make short-term investments reinforces the effect of lottery-playing speculation on the liquidity risk premium.

(7)A study on the dynamic topology of a complex network of diversified financial listed companies in China’s securities market

NIUXiao-jian,LIUHong-yi·65·

Today, as China’s financial market becomes more robust and financial institutions closely connected, there is growing possibility of systemic risks and hence serious consequences.Studying the complex network topology among financial institutions is an effective way to analyze and prevent systemic risks. The network topology among the stock markets of listed companies is a typical manifestation of the complex financial network structures. This paper conducts a complex network modeling of the stocks of Chinese A-share diversified financial companies based on yield correlation in 2009 and 2019, and studies the dynamic changes of their network topology during this decade, revealing the characteristics of their increasingly connected networks. The paper uses control variables to explain the reasons for the changes, and at the same time seeks realistic basis for the evolution of the network structure by examining the fundamentals such as changes in the financial regulatory environment including the New Regulation on Capital Management and economic policies such as macro deleveraging as well as the companies’ own operating conditions. The dynamic selection of components for stock index is theoretically supported by our findings that important nodes provide information characterizing the whole system. Focusing on the stock market which has been influenced by the outbreak of COVID-19 since the beginning of 2020, the paper finds out that negative shocks induced by systemic crises lead to structural changes in the segments of stock market, featured by a weaker network connectivity, the increased number of edge nodes, and the fluctuations in the relative importance of each company. Based on the findings, the paper provides advice and suggestions for regulators and investors.

(8)An empirical study on the impact of public health emergencies on aviation insurance

YANGBo,LIUYun-er,LUYu-jie·74·

Aviation insurance is a promising industry in China, but still faces uncertainties such as public health emergencies. The paper analyzes how public health emergencies affect aviation insurance through passenger volume and passenger willingness to get insured, and examines the impact of COVID-19 on aviation insurance based on the data provided by an airline. The study finds that the number of airline insurance policies and the number of airline passengers during the epidemic show a trend of synchronization, with a “hook” curve higher on the left and lower on the right. Meanwhile,the increasing number of insurance policies represents a higher willingness of passengers to get insured, which proves the existence of the impact of the epidemic on the airline insurance. Finally, the paper summarizes the impact of public health emergencies on aviation insurance and the transmission path, and proposes suggestions to promote the development of aviation insurance from the perspectives of consumption scenarios, product providers and business entities, which is of relevance for the analysis of the impact of epidemics in cross-sectoral industries with composite characteristics.

(9)The existence of pendulum effect in stock market

CHENChu,HUDing,FANGXian-ming·86·

The stock price normally swings around the stock value, thus forming the phenomenon of stock price fluctuation and affecting the investors’ income. When this financial phenomenon occurs repeatedly, the pendulum effect of stock market arises. Based on the definition of the pendulum effect, the paper analyzes the formation mechanism of the pendulum effect in stock market, and empirically tests the existence and the inherent properties of the pendulum effect based on the variable of correction reversal coefficient. The research finds that two conditions must be met to form the pendulum effect of stock market. Firstly, momentum effect and reversal effect need to be evolving and changing continuously, so as to ensure the long-term multi-level bidirectional swing of stock price. Secondly, the stock price must move back and forth with a central axis as the center, which means the stock price must have the mean reversion. Further research shows that there are multifractal characteristics of the multi-level fluctuation of the pendulum effect in stock market, and this feature has been established in different window selection methods, stock types and ranking periods. However, the sudden change of the acceleration factor causes the pendulum effect to be non-profit. These characteristics of the stock market pendulum effect determine that it has two facets. Individual investors, institutional investors and regulators should pay attention to and effectively deal with the stock market pendulum effect.

(10)Population mobility and change of trust during the transition period (2005—2015)

HANYan-chao·108·

Based on the data from the China General Social Survey (CGSS) in 2005 and 2015 and a sampling survey of 1% the Chinese population, the paper uses multi-layer linear regression and mixed linear regression to explore how population mobility has reshaped the trust structure of Chinese people during the decade from 2005 to 2015 and the moderating role of household registration system. The paper finds that population mobility during the social transition period has changed people’s interaction patterns and contributed to the change of trust structure. However, due to the existence of the household registration system, this change has different manifestations in the local and mobile populations. Compared with 2005, the general level of trust of locals went up and the special trust declined in 2015, while the general and special trust of the mobile population both showed a declining trend during the decade. The literature which argued that modernization has promoted structural changes in trust ignores the unique role that the household registration system plays.

(11)This is not a simple plum blossom: the generation of the paintings and inscriptions of theMeihuaXishenPu

SHENYa-dan·117·

TheMeihuaXishenPu, or Luck God Composition for Plum Blossom, is the first poetic and pictorial atlas in China. It was composed by Song Boren, a poet of the Southern Song Dynasty. The book presents how plum blossoms from sprouting to dying with one hundred paintings. The author named the plum blossoms according to their different stages of blossoming and their postures, such as plants, ritual vessels, historical events, and animal organs, and then “inscribed them with ancient rhythms”. The verses are often not about plum blossoms, but about the named objects, and most of them are attributed to Confucian morality and righteousness. In this process, the plum blossoms are repeatedly altered and obscured, and the concept they represent, even the image they were intended to carry, disappear in the process of difference. The image of the plum blossoms in visual perception is first perceived as something similar in form, and is presented as an image and named after “what it resembles”. Then, the names or the named objects are incorporated into five-word poems full of allusion, teachings and doctrines. The unique value of the book lies in the connection and concealment of the plum blossom with the images of other objects, the juxtaposition and cleavage of the paintings and the inscriptions.

(12)The two-dimensional expression of technology and art in modern cities

WANGQian·124·

Modern city as we know it is a combination of technical presentation and artistic representation. However, technology follows its own logic in presenting modern cities, and art follow its own characteristics in expressing modern cities. Thus, modern cities are to a certain extent caught in the logical vortex created by technology and art. The key is to be aware of and reflect on this logical vortex, and to get out of it. On this basis, we can develop a harmony between people and cities, and construct more desirable modern cities.

(13)Meaning in pictures: the form, characteristics and significance of illustrations of theTianwen

LUOJian-xin·130·

Most researchers have put their interpretations of theTianwen(Heavenly Questions by Qu Yuan, a poet during the Warring States Period) into words, and their writings have taken the form of textual annotations. Xiao Yuncong of the Ming Dynasty and Men Yingzhao of the Qing Dynasty brought illustrations into this field. Their formatting took the form of “texts on the left and pictures on the right”. These well-documented pictures were combined and connected in a non-linear and multi-dimensional manner that went beyond time and space. In terms of its educational significance, the illustrators were dedicated to making people understand the gains and losses, and the peace and the chaos. The illustrations enhanced the influence ofTianwenamong the public and intellectual communities, expanded the aesthetic horizons of those who annotated and read the poem, and enriched the methods of interpretation of ancient Chinese classics, which proved to be a valuable asset in many aspects.

(14)From individual imagination to collective memory:the“shimmer of memory”in literary representation and the Great Influenza of 1918

WANGMi·138·

The Great Influenza of 1918 is still “remembered” by some though has been “forgotten” by many. The collections of three short novels includingPaleHorse,PaleRiderpreserve the painful traumatic experience of individuals in the Great Influenza through the autobiographical literary writing. As the most important witness of the Influenza, these individual memories dormant in literary imaginations have been brought back to life due to the outbreak of another pandemic and accordingly become the source of collective remembrance of the Great Influenza. The transformation of the Great Influenza from individual imagination to collective memory provides insight for us: to achieve collective remembrance of pandemics, we should follow a bottom-up way instead of a top-down way, which means that individual traumatic writings take precedence over grand narratives.Only in doing so can the past experience serve as a guide for the future, if not forgotten.