Abstracts of Key Articles

HistoricalOriginandOriginalContributionoftheRelationshipbetweenTop-levelDesignandPracticalExplorationinChinese-styleModernization

Li Yongjie, Guo Caixia

(Marxist Research Institute, Fujian Provincial Party School of the CPC, Fuzhou, Fujian, 350108)

Abstract: Promoting Chinese-style modernization is a systematic project, which needs correct handling of a series of important relationships, among which top-level design and practical exploration are of vital importance. Beneficial experience has been accumulated in dealing with this relationship in various modernizations. Primitive modernization relies on bottom-up practical exploration, while modernization driven by the Soviet planned economy unilaterally relies on the top-level design of the government. The experience and lessons of these two modernizations have been learned to realize Chinese-style modernization better, and the relationship between top-level design and practical exploration is correctly handled. The top-level design of Chinese-style modernization is based on practical exploration, and the exploration is under the guidance of top-level design. To promote Chinese-style modernization, we must correctly handle the relationship between top-level design and practical exploration.

Keywords: Chinese-style modernization; top-level design; practical exploration; historical origin; original contribution

HistoricalSourceandEnlightenmentofKeynesianEconomicsRunningawayfromHome:OntheEssenceofCreditMoneyandPositiveSignificanceofFinancialDerivatives

Fang Jianguo

(School of Economics and Management, Fuzhou University, Fuzhou, Fujian, 350108)

Abstract: Since the 20th century, the common nostalgia complex in Britain is a reflection of conservatism, which has greatly hindered the social elites’ cognition of the nature of credit money and its practical significance, as well as their acceptance of the economic theory of government intervention. The “backsliding” of conservative politicians who determined to return to the gold standard currency and fiscal balance led to the decline of Britain after the two world wars. Some prominent economists such as Pigou and Robbins forced Keynesian theory to lose its real influence on the British economy. But Roosevelt’s New Deal and the stable status of Wall Street as an international financial center led to the running away of Keynesian monetary theory from her home like a cheating lover and finding a social basis to flourish in the United States. Flourishing complex and hegemonism are a reflection of nostalgia complex. Financial derivatives are the most essential and typical capital characteristic of credit economy. The original sin of financial crisis is not financial derivatives, but the lack of effective supervision by the government. Decomposing operational risks through financial derivatives and promoting digital currency to strengthen credit are realities that must be dealt with in a socialist market economy.

Keywords: nostalgia complex; credit economy; national credit; derivatives; government supervision

MaturityMismatchofInvestmentandFinancingandEnterpriseTotalFactorProductivity:EffectandMechanism

Yu Ranhai

(School of Economics and Management, Fuzhou University, Fuzhou, Fujian, 350108)

Abstract: Maturity mismatch of investment and financing is an alternative method for enterprises to deal with financial constraints. On the one hand, this aggressive financing strategy may trigger liquidity risk and has a negative effect on the TFP of enterprises. On the other hand, it may be a risk-taking behavior actively chosen by firms, which can enhance the value of enterprises and have a positive effect on the TFP. Using the annual data of nonfinancial listed firms from 2004 to 2019, the empirical results are as follows. First, the maturity mismatch of investment and financing has a significant negative impact on the TFP of corporates. The study finds that the inhibiting effect on enterprise TFP is more significant in firms with smaller scale, higher capital intensity, higher opacity, and lower-quality internal control. Investment-finance maturity mismatch inhibits TFP by increasing managerial risk aversion(increasing managerial myopia) and reducing the level of risk-taking(crowding out innovation inputs). Excluding non-linear effects and annual trends in the industry, other economic consequences of corporate investment and financing maturity mismatches are manifested in the biased allocation of tangible assets. Therefore, efforts should be made from both the supply and demand sides, to improve the level of medium- and long-term capital supply to financial institutions and to modernize the companies’ governance, in order to support the high-quality development of China’s economy.

Keywords: term structure of credit;maturity mismatch;managerial myopia;total factor productivity

ThreeQuestionsontheCodificationofIntrapartyRulesandRegulations

Duan Lei, Jiang Yuhe

(Institution of Intraparty Rules and Regulations, School of Law, Wuhan University,Wuhan, Hubei, 430072)

Abstract: Exploring the codification of Intraparty Rules and Regulations is of great significance for improving the construction of Intraparty Rules and Regulations, but three theoretical issues, namely “the logical basis of codification”, “the degree of codification” and “the source of norms for codification”, still need to be further discussed. The general law of codification requires the division of sectoral laws as the basis, while the “1+4” division of Intraparty Rules and Regulations has logical differences with this requirement, so in order to ensure the scientific codification of Intraparty Rules and Regulations, it should return to the logic of division of sectoral laws, and carry out the exploration of codification on the basis of sectoral units. The degree of codification of Intraparty Rules and Regulations should be appropriate according to the reality, and neither a comprehensive “Code of Intraparty Rules and Regulations” should be compiled, nor should it be considered that Intraparty Rules and Regulations of all departments are suitable for codification. At present, among the Party’s organizational laws and regulations, the conditions for codification are most adequate for the part that regulates the construction of the Party’s organizational system. In compiling a code of Intraparty Rules and Regulations, consideration should be given to the integration of other sources of Intraparty Rules and Regulations, such as individual Intraparty Rules and Normative Documents, and, on the basis of the Central Intraparty Rules and Regulations, appropriate norms should be drawn from the Intraparty Rules and Regulations of the ministries and commissions and the local Intraparty Rules and Regulations.

Keywords: codification of Intraparty Rules and Regulations; “1+4” plate; Intraparty Rules and Regulations sectors; Party organizational and regulatory system; sources of Intraparty Rules and Regulations

ImportedMovies,ContentIntensityandBoxOffice-Exemplified by Imported American Films

Ren Li, Li Mei, Tuo Hong

(School of Economics, Xiamen University, Xiamen, Fujian, 361005)

Keywords: movie box office; movie content intensity; movie quality

MultipleFeelingsandThinScreensofReflexivity:ALifeExperienceStudyofVirtualRealityTechnology

Yang Huiqiong1, Liu Zhengyu2

(1. School of Communication, Fujian Normal University, Fuzhou, Fujian, 350117;2. Xiangyang Personnel Testing Authority,Xiangyang, Hubei, 441021)

Abstract: From the perspective of media evolution history, virtual reality(VR) is a personal experience built on a technical level. Human experience has a complex psychological experience and experience structure, so the experience generated by the interaction between human body and mind and VR situation may be far from what can be fully included by “immersion”. Using the phenomenological research method of life experience, the study finds that VR experience is the unity of two processes: the feeling process with the body as the medium, and the reflexive process of interaction between “I” and “me”. In the dual process of feeling and reflexivity, immersion is not the only feeling of VR experience. Immersion is both generated independently, and often intertwined with non-immersion and no-immersion. Furthermore, they form three experience structures of integration, juxtaposition and shelving which are simultaneously three virtual-real relationships. Reflexivity not only constitutes the sliding boundary where individuals can not only slide with the three implicit identities of witnesses, participants and spectators between human experience and technology, but also makes self, society, culture and even civilization to move forward in the constructive process through the renewal of individual experience. The reflexive and constructive characteristics of experience mean that technology can approach but cannot reach the original zone of human basic experience. As cultural experience and cultural practice have increasingly developed into challenging adaptation issues, it is an angle to understand the relationship between technology and human beings by using human subjectivity based on subtle human reflexive experience.

Keywords: virtual reality;embodiment;reflexivity; life experience