Table of Content

    20 June 2022, Volume 38 Issue 3 Previous Issue   
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    Evolution of Spatiotemporal Pattern of Economic Resilience in Yellow River Basin and SD Simulation Analysis
    JIANG Meng-qiang, ZHOU Zhi-tai 2022, 38 (3):  16-26. 
    Abstract ( 226 )   PDF (1625KB) ( 58 )   Related Articles | Metrics
    Abstract:Improving economic resilience is important for high-quality and stable economic development. This paper uses green GDP as the metric to measure the economic resilience of the Yellow River Basin in the face of short-term shocks and long-term disturbances,builds a system dynamics model based on economy,resources,and environment,and sets three policy scenarios,each of which set up three sub-categories of weak,medium and strong scenarios. The results show that the economic resilience of the Yellow River Basin from 2006 to 2019 was significantly impacted by the financial crisis in 2008 and  the new normal of the economy in 2014,which can be divided into three periods,in which the overall evolution pattern of "overall leading","basically flat" and "overall backward" was presented. Regionally the economic resilience showed the evolution of the spatial distribution characteristics of "middle stream > Upper stream > Lower stream > National","Upper stream > Middle stream(National)>Lower stream","National > Lower stream > Upper stream > Middle stream". On the provincial level,Qinghai,Shaanxi,and Henan performed better in economic resilience,followed by Ningxia and Inner Mongolia,while Shandong,Shanxi,and Gansu performed poorly. From 2020 to 2030,the negative list scenario is better than the enhanced resource utilization scenario,and the average resilience of the three sub-categories of development scenarios is 4 times,3.5 times,and 4.5 times that of the latter,respectively,and the enhanced pollution control scenario has the worst effect.
    Land Supply Strategies,Housing Prices ,and Manufacturing Agglomeration
    LI Yong-gang 2022, 38 (3):  27-42. 
    Abstract ( 227 )   PDF (1220KB) ( 55 )   Related Articles | Metrics
    Abstract:Based on the discussion of the impact mechanism of both the local government's land supply strategy and housing price fluctuation on manufacturing agglomeration,this paper uses panel data at the provincial level in China from 2003 to 2018 to empirically test the impact of the two on manufacturing agglomeration. The results show that the land supply strategy has a significant positive impact on manufacturing agglomeration,while housing prices have a significant negative impact on it. The land supply strategy weakens the effectiveness of land factors in promoting urban economic agglomeration due to the rise in housing prices. Further analysis found that there is industry heterogeneity in the impact of land supply strategy and housing prices on manufacturing agglomeration. The land supply strategy helps to increase the degree of agglomeration of labor-intensive manufacturing. However its impact on capital-intensive and technology-intensive manufacturing agglomeration is not significant. The housing price promotes the agglomeration of capital-intensive manufacturing and technology-intensive manufacturing,which to a certain extent has forced the upgrading of the manufacturing industry chain. In addition,the impact of land supply strategy on manufacturing agglomeration has significant spatial and temporal heterogeneity,and its positive impact on manufacturing agglomeration in the central and western China is far greater than that in the eastern China.
    Has the Improvement of Transportation Infrastructure Promoted the High-Quality Development of Urban Economy?
    WANG Dong-mei, SUN Yang-yang 2022, 38 (3):  43-54. 
    Abstract ( 247 )   PDF (1193KB) ( 78 )   Related Articles | Metrics
    Abstract:Based on the data from 278 prefecture-level cities in China from 2003 to 2018,this paper constructs a multi-time DID model to analyze the impact of high-speed rail on the high-quality development of the urban economy and its pathway of action. The study found that:(1)High-speed rail transportation has a significant role in promoting the high-quality development of the urban economy,and
    this promotion effect has shown an increasing trend over time;(2)High-speed rail enhances the city's configuration effect,innovation ability,and boost industries structural upgrading,thereby improving the level of high-quality economic development;(3)The driving effect of high-speed rail operation on the high-quality development of the urban economy is stronger in eastern cities,municipalities,subprovincial cities,and large cities. The research provides new empirical evidence for the relationship between high-speed rail construction and urban economic development and also provides useful policy inspiration for further optimizing the layout of high-speed rail
    Research on Gambling Preference of Institutional Investors and Price Discovery of Stock Index Futures——Based on CSI 300 stock index futures
    WANG Li, LIU Li, GAO Zhi 2022, 38 (3):  55-64. 
    Abstract ( 230 )   PDF (1197KB) ( 65 )   Related Articles | Metrics
    Abstract:China's securities market is highly speculative. The strong gambling preference of retail investors is the source of the market price bubble while the gambling preference of institutional investors is the accelerator of the formation and expansion of bubbles,which makes use of the gambling mentality of retail investors to ride the bubble and make profits. This paper examines the impact of institutional investors' gambling preference on the price discovery function of the Shanghai and Shenzhen 300 stock index futures market. It is found that the gambling preference of institutional investors has a significant negative impact on the price discovery function of the stock index futures market,and a restriction on the trading of the stock index futures market aggravates this negative influence. Therefore,to contain the gambling behavior of investors in the first place and maintain the normal pricing mechanism of the market,it is not only necessary to strengthen the restrictions on the speculative behavior of individual investors,but also to forcefully regulate the behavior of institutional investors.
    Research on Nonlinear Effects of Household Debt on Consumer Spending
    HUANG Yan-yan, XU Yan-ting, XIANG Xiu-li 2022, 38 (3):  65-77. 
    Abstract ( 219 )   PDF (1226KB) ( 57 )   Related Articles | Metrics
    Abstract:Based on the provincial panel data from 2010 to 2018,this paper discusses the effect and of household debt on consumer spending,and measures the desirable size of household debt.The results show that household debt has a non-linear effect on consumer spending,which is reflected in housing debt. It eases liquidity constraints and promotes consumer spending when the size of household debt is low. Its role in alleviating liquidity constraints will weaken or even turn to inhibition when the size of household debt is high. A heterogeneity analysis shows that non-housing debt increases consumption,and moderate debt promotes the upgrading of consumption structure and expands the consumption expenditure of households in the eastern and central regions. Further calculations show that the threshold for the household debt to income ratio is 133% and the threshold for the debt to GDP ratio is 57%. At present,China's household debt is in the range of desirable scale,and the housing debt in some provinces far exceeds the threshold,which needs to be vigilant. On the whole,the size and proportion of non-housing debt can be appropriately increased,and there is room for structural leveraging in the household sector. The above findings have certain policy implications for promoting domestic circulation and preventing debt risks.
    Do Financial Constraints Inhibit Innovation in Manufacturing Enterprises?
    WANG Jia-xu, WANG Shu-juan 2022, 38 (3):  78-91. 
    Abstract ( 228 )   PDF (1309KB) ( 70 )   Related Articles | Metrics
    Abstract:Based on the World Bank survey data of Chinese enterprises,this paper constructs a bivariate Probit model to empirically examine the impact of financing constraints on the innovation activities in Chinese manufacturing enterprises. The results show that nearly one-third of Chinese manufacturing enterprises face financing constraints,which significantly reduce the probability for Chinese manufacturing enterprises to engage in innovative activities and the possibility of product innovation and process innovation. From the perspective of enterprise characteristics,there are significant differences in the degree of the negative impact of financing constraints on the probability of innovation activities,product innovation,and process innovation of enterprises on account of different sizes,ownership,and export status.To alleviate the financing constraints faced by enterprises,it is necessary to accelerate the reform of the financial system,continuously optimize the financing environment for enterprise innovation,make full use of policy-oriented financial tools,improve the innovation service platform,continue to broaden financing channels,reduce financing costs,and thus prompt the interest of manufacturing enterprise in innovative activities.
    A Study on the Relationship between Director and Officer Liabilit Insurance and Corporate Innovation
     2022, 38 (3):  92-104. 
    Abstract ( 220 )   PDF (1188KB) ( 48 )   Related Articles | Metrics
    Abstract:This paper systematically studies the influence of directors and officers' liability insurance(referred to as D&O insurance)on enterprise innovation and the moderating effect of board size on this influence. The results show that directors' liability insurance has a significant role in promoting enterprise innovation,indicating that the D&O insurance,as a governance tool for listed companies,can in⁃
    deed help corporate innovation. The expansion of the board size will inhibit the incentives of D&O insurance on corporate innovation,indicating that listed companies with a larger board size have a certain degree of an impediment to the innovation decision-making of listed companies due to the dilemma of collective decision-making. After the robustness test and endogeneity treatment,the above conclusion still
    holds. From the perspective of the heterogeneity of listed companies,this paper further analyzes the role of D&O insurance on enterprise innovation and finds that D&O insurance at state-owned listed companies can promote innovation more than at non-state-owned enterprises. D&O insurance has a more significant incentive effect on innovation at listed companies where CEO and chairman are separated than that at companies where the two roles are combined. The research results provide a certain reference for listed companies to purchase directors' liability insurance and to choose innovative incentive strategies.
    Research on the Impact of  Entrepreneurial Bricolage on Innovation Performance of Technology-based Start-ups
     2022, 38 (3):  105-115. 
    Abstract ( 203 )   PDF (1242KB) ( 48 )   Related Articles | Metrics
    Abstract:Technology-based start-ups are an important force in technological innovation,whose innovation performance is crucial to implementing innovation-driven development strategies and accelerating the construction of an innovative country. Based on the theory of entrepreneurial bricolage,this paper uses the questionnaire survey data of 193 technology-based start-ups to explore the relationship between entrepreneurial bricolage and the innovation performance of technology-based start-ups,as well as the moderating effects of internal risk-taking and external environmental uncertainty on the relationship.The empirical results show that problem-oriented entrepreneurial bricolage has a significant negative impact on the innovation performance of technology-based start-ups,while opportunity-oriented entrepre neurial bricolage has a significant positive impact on it. Internal risk-taking negatively moderates the negative relationship between problem-oriented entrepreneurial bricolage and innovation performance and positively moderates the positive relationship between opportunity-oriented entrepreneurial bricolage and innovation performance. Environmental uncertainty has a positive moderating effect on the relationship between problem-oriented entrepreneurial bricolage,opportunity-oriented entrepreneurial bricolage,and innovation performance of technology-based new ventures. The research conclusions expand the application of entrepreneurship bricolage theory in innovation management and provide practical guidance for technology-based start-ups on how to explore innovation opportunities,rationally utilize resources,and improve innovation performance.
    Judicial Considerations and Ways to Improve China's Environmental Public Interest Litigation System
    JIN Shi, ZHANG Yun-liang 2022, 38 (3):  116-128. 
    Abstract ( 221 )   PDF (1095KB) ( 57 )   Related Articles | Metrics
    Abstract:The environmental public interest litigation system is a socialist judicial system with Chinese characteristics,which has such characteristics as the particularity of subjects of litigation,the necessity of initiating litigation,the synergy of litigation attributes,and the public interest of litigation claims. Facing the problems of scattered laws,difficulties in identification of environmental damage and enforcement,and inappropriate use of compensation,environmental public interest litigation should be improved through correctly understanding the special characteristics of environmental public interest litigation that are different from general environmental infringement litigation;establishing a legal system for public interest litigation on environmental protection;strengthening the supporting measures of appraisal and evaluation;optimizing the connection mechanism with the ecological environment compensation system;improving the management of public interest litigation compensation fund,and promoting the synergy of prosecutors office in environmental public interest litigation.