Most Down Articles

Published in last 1 year|In last 2 years|In last 3 years|All|Most Downloaded in Recent Month|Most Downloaded in Recent Year|

Most Downloaded in Recent Year

Please wait a minute...


For Selected: Download Citations EndNote Reference Manager ProCite BibTeX RefWorks Toggle Thumbnails

Select

The impact of financial technology on commercial banks' risk-taking-From the perspective of credit structure of commercial banks REN Bi-yun, ZHENG Zong-jie Journal of Guizhou University of Finance and Economics 2021, 39 (05): 61-69. Abstract（ 925） PDF（1418KB）（ 3018） Knowledge map The integrated development of financial technology and commercial banks has attracted extensive attention from all walks of life in recent years, but the research on the relationship between financial technology, credit structure and risk-taking of commercial banks is not sufficient. Therefore, this paper manually collects some data of Baidu search index and listed banks, constructs the financial technology development index, makes an empirical analysis based on the panel data of listed banks from 2013 to 2019, and discusses the relationship between the three. The results show that:(1) the integrated development of financial technology and commercial banks is conducive to reducing the risk-taking of commercial banks(2) There are significant differences in the effect of applying financial technology in different commercial banks. Compared with state-owned commercial banks, the effect of other joint-stock commercial banks applying financial technology to mitigate risk is more obvious(3) The application of financial technology to different credit structures has significant differences in the impact and preference of commercial banks on risk-taking. State owned commercial banks prefer to adjust the loan guarantee structure with the help of financial technology to mitigate risk-taking, while other commercial banks prefer to adjust the loan term structure with the help of financial technology to mitigate risk-taking. The research conclusion of this paper provides important enlightenment for the deep integration of fintech and commercial banks, optimizing credit structure and mitigating risk. Reference|Related Articles|Metrics

Select

ESG Disclosure and Stock Price Crash Risk SHENG Ming-quan, YU Lu, WANG Wen-bing Journal of Guizhou University of Finance and Economics 2023, 41 (02): 32-41. Abstract（ 732） PDF（1560KB）（ 1378） Knowledge map How to prevent risk has become the focus of attention at the stage of high-quality development, so it is very important to clarify the relationship between ESG disclosure (environment, society and governance) and risk. Therefore, taking stock price crash risk as the breakthrough point, this paper examines the impact of ESG disclosure on stock price crash risk based on the data of Shanghai and Shengzhen A-share listed companies from 2010 to 2020, the research results indicate that ESG disclosure can decrease the stock price crash risk, and it mainly acts on that through reducing agency costs and improving agency efficiency. The cross-sectional test results show that, this impact of ESG disclosure is even more significant in non-SOEs, non-polluting enterprises, and enterprises with higher information disclosure quality. The conclusions provide empirical evidence for ESG disclosure to restrain stock price crash risk, and have certain implications for avoiding stock price crash risk and stabilizing the development of capital market. Reference|Related Articles|Metrics

Select

Environmental Protection Taxes and Green Technology Innovation of Enterprises—Evidence from the Adjustment of Pollution Charges Standard in China WEN Hu-wei, ZHONG Qi-ming Journal of Guizhou University of Finance and Economics 2020, 38 (03): 91-100. Abstract（ 580） PDF（2078KB）（ 2268） Knowledge map Based on the reform practice of adjusting the environmental tax standard, this paper adopts the difference-in-difference method to investigate the heterogeneous effect of policy intervention, and discusses the impact of environmental protection tax on the green technology innovation. The results show that environmental tax has a significant positive effect on both the extensibility and intensiveness of green technology innovation, which supports "Porter Hypothesis". The environmental tax forces the green technology innovation for medium-sized and lager firms, but the impact on small firms is not significant. The effect of environmental tax adjustment policy on green technology innovation is more prominent for firms in high-polluting industries, in cities with strong policy execution and in regions with green tax policy. Environmental protection taxes will bring dividends to environmental governance, but supporting policies are needed to reduce the adverse impact on small and micro-enterprises. Reference|Related Articles|Metrics

Select

The influence of brand social media advertising content on consumers' social media involvement HOU Tian-yi, DENG Fu-min, WANG Xiao-yan Journal of Guizhou University of Finance and Economics 2021, 39 (04): 92-100. Abstract（ 423） PDF（1294KB）（ 2206） Knowledge map How to optimize the content of brand social media advertising is a hot issue in academia.Based on the involvement theory and the characteristics of social media,this study defines the four dimensions of consumer social media participation:consciousness,emotion,rational thinking and identity.After collecting second-hand data,variance model is used to analyze the impact of brand social media advertising content on consumers' social media participation.The results show that the type of social media advertising content has a significant impact on consumers' social media involvement,and new product content has the best effect,followed by promotion,game/lottery and social responsibility content.This study not only enriches the theoretical research of brand social media advertising from the perspective of consumer behavior,but also provides valuable management suggestions for brand design of social media advertising content marketing. Reference|Related Articles|Metrics

Select

The Interactive Effect of Endorser Type and Brand Concept on Consumer Attitude LI Ke-yi, JIN Fei Journal of Guizhou University of Finance and Economics 2022, 40 (05): 83-91. Abstract（ 659） PDF（1298KB）（ 1610） Knowledge map With the development of social media, the types of endorsers are becoming more and more abundant, and the development of virtual influencers has brought a new choice to enterprises. However, how to choose between real endorsers and virtual endorsers has become a critical problem for enterprises. This study explored the applicable situations of virtual endorsers based on the Processing Fluency Theory. We conducted two experiments to show (1) the interaction between brand concept and the types of celebrity endorsers on the purchase intention, which is when consumers faced with the open brand concept, the choice of virtual celebrity endorsers makes them have higher purchase intention; When consumers face conservative brand concept, choosing real celebrity endorsers will make them have higher purchase intention; (2) processing fluency plays a mediating role in this interaction. Reference|Related Articles|Metrics

Select

How Does Green Credit Affect Bank Financial Performance—Based on the Heterogeneity of Regional Green Development ZHANG Lin, LIAN Yong-hui, CAO Hong Journal of Guizhou University of Finance and Economics 2020, 38 (03): 22-32. Abstract（ 528） PDF（1591KB）（ 1885） Knowledge map Based on the unbalanced panel data of 34 Chinese commercial banks from 2007 to 2017, this paper empirically tests the influence of green credit on banks’ financial performance and examines the moderating effect of green development on the relationship between green credit and bank financial performance using the provincial green development index provided by "China Green Development Index Report". Results show that: green credit granted is helpful to improve banks’ financial performance, and the improvement effect is mainly achieved by improving banks’ return on interest bearing assets; green development can enhance the economic benefits of green credit granted by banks, and the enhancement effect is mainly related to the greening degree of local economic growth and the support degree of local governments for green development.Commercial banks should actively carry out green credit business; government departments should strengthen and improve green credit incentive policies to promote the coordinated development of green finance and green economy. Reference|Related Articles|Metrics

Select

Family Capital and Social Class—Empirical research based on CGSS2017 survey data XU Li, YI Xiao-man Journal of Guizhou University of Finance and Economics 2021, 39 (02): 72-79. Abstract（ 504） PDF（1291KB）（ 1688） Knowledge map With the concerns of social facts such as the "second-generation phenomenon" and "stratum consolidation", whether family capital affects the acquisition of individual social classes arouses people's thinking. Based on the CGSS2017 survey data, this research uses multiple linear regression analysis methods to investigate the influence of family capital on the social class of offspring from three aspects:family economic capital, family cultural capital, and family social capital. The study found that the family economic capital has a significant effect on the acquisition of the upper class of society. In the family cultural capital, the mother's education level has a positive effect on the social class of the offspring, but the significance disappears over time. In family social capital, the occupation level of the mother has a positive effect on the social class of the offspring, and this effect is also no longer significant over time. Reference|Related Articles|Metrics

Select

The Influence of Urban and Rural Medical Insurance System on the Medical Burden of Residents—Based on the Difference in Urban and Rural Areas CHANG Xue, SU Qun, XIE Hao-ran Journal of Guizhou University of Finance and Economics 2021, 39 (02): 80-89. Abstract（ 444） PDF（1589KB）（ 1353） Knowledge map Based on the Chinese Labor-force Dynamic Survey data in 2014 and 2016, this paper built the difference-in-difference model to analyze the impact of Urban and Rural Medical Insurance System on the medical burden of urban and rural residents. The results show that the implementation of the Urban and Rural Medical Insurance System will increase the medical expenditure of low-income rural residents rather than share of the medical expenditure in total expense. The policy has reduced the medical burden of middle-income rural residents. However, high income community and urban residents are less subject to economic constraints, their medical consumption is hardly affected by the medical insurance. the improvement of medical insurance treatment has alleviated the medical burden of the medium-to-income rural residents. The regression results by medical expenditure group also show that the current medical insurance system could not share the pressure of medical treatment for families with heavy medical burden. Therefore, from the perspective of policy making, we should improve the medical insurance treatment for serious diseases and reduce the pressure of medical treatment for people with heavy burden to avoid the occurrence of poverty caused by diseases. Reference|Related Articles|Metrics

Select

How does Local Government Debt Affect Entity Enterprises’ Credit Financing—The Heterogeneous Analysis of China’s Industrial Firms HUA Xia, MA Shu-cai, HAN Yun-hong Journal of Guizhou University of Finance and Economics 2020, 38 (03): 33-39. Abstract（ 386） PDF（1269KB）（ 1730） Knowledge map Using micro-data of China’s industrial firms, this paper empirically tests how local government debt affect entity enterprises’ financing credit from both linear and nonlinear perspectives. The empirical results discover that increasing local government debt has crowding-out effect on entity enterprises’ financing credit, and this crowding-out effect presents statistically entity scale heterogeneity and ownership heterogeneity. Linear test shows that the crowding-out effect on small and micro enterprises and non-state-owned enterprises is much bigger than large scale enterprises and state-owned enterprises respectively. The nonlinear test with quadratic term and panel threshold model proves the conclusion above again, and specifically compared with large scale enterprises, crowding-out effect on small and micro enterprises is linear and without threshold effect. Reference|Related Articles|Metrics

Select

The Realization of Public Sentiment and Economic Fluctuations: The Perspective of Financial News LI Shou-hao, DING Li-gui Journal of Guizhou University of Finance and Economics 2021, 39 (05): 30-41. Abstract（ 3323） PDF（2324KB）（ 3739） Knowledge map To systematically analyze the relationship between public expectations and economic fluctuations, we construct a system to analyze economic climate based on public opinion by text mining. Through the creation of a financial sentiment dictionary and natural language processing, we quantify the public's judgment on the economic situation reflected in multi-channel news, that is, the financial sentiment score, which could be used to measure the chaos of economic activity. Because the financial sentiment score can be obtained and updated in real time, it is forward-looking and can be used to portray public expectation. In the empirical analysis, there is indeed a linkage between economic fluctuation and public expectation. The empirical analysis finds that official information tends to reversely realize, and free public expectation and professional expectation could self-realize, that is, optimism brings economic growth, and pessimism brings economic decline. A further Granger test finds that there is a two-way causal relationship between economic fluctuations and public expectations, verifying their self-realization relationship. For the mechanism and path of self-expectation realization, we believe that news information shows the consistent and stable preferences of rational individuals, i.e., the financial sentiment score. Such emotion is finally transmitted to the economic activities of entrepreneurs, causing self-realization. This finding could help the public and regulators further understand the interaction between expectation management and macroeconomic regulation. Reference|Related Articles|Metrics

Select

The Welfare Effects of Parenthood: Influence of number and gender of children to parents' well-being CHEN Yi-li null 2016, 34 (03): 76-84. Abstract（ 376） PDF（1185KB）（ 1879） Knowledge map Children are considered to be able to bring their parents utility but the empirical results are controversial. Whether China's family planning and children's gender would have a significant impact on parents' well-being? Based on the data of Chinese General Social Survey 2008, the study show that whether the one-child parents is not a significant factor affecting parents' happiness, but the girls are more helpful to improve the well-being of their parents compared to boys. These results are the same in the full sample, the rural and urban population, a different level of education, the middle-aged population. However, the number and gender of children have no significant effect on the well-being of young and old parents. The raising costs of fertility, changes in people's reproductive motives and behavior, and gender roles of boy and girl are all related to the conclusion. Reference|Related Articles|Metrics

Select

Fiscal Pressure,Technological Innovation and Green Total Factor Productivity ZHENG Wei, LU Yuan-quan Journal of Guizhou University of Finance and Economics 2021, 39 (04): 101-110. Abstract（ 413） PDF（1394KB）（ 1281） Knowledge map The typical Chinese-style "pressure-type" finance in economic and social transition period has important influence on local innovation activities and green sustainable development.By using the panel data of 256 prefecture-level cities in China in 2004~2017,this paper empirically examines the influence of fiscal pressure on green total factor productivity and the transmission mechanism.The results of benchmark test show that fiscal pressure significantly inhibits the improvement of green total factor productivity,and technological innovation significantly promoted green total factor productivity; The intermediary effect test found that the financial pressure prevented the green total factor productivity by restraining the technological innovation; Further threshold effect test shows that the effect of technological innovation on green total factor productivity has a double threshold effect based on financial pressure.In the different threshold range of financial pressure,the promotion effect of technological innovation on green total factor productivity shows a significant step down.In the future,it is necessary to comprehensively improve the Chinese-style "pressure-type" financial incentive system,reasonably control the range of financial pressure,and help technological innovation to enhance urban green total factor productivity. Reference|Related Articles|Metrics

Select

Environmental Regulation,Market Power and Enterprise Innovation CHEN Yi-li, DENG Yu-wei Journal of Guizhou University of Finance and Economics 2021, 39 (01): 30-43. Abstract（ 413） PDF（2273KB）（ 1409） Knowledge map When enterprises with monopoly power are facing environmental regulation, they can realize the Porter effect through innovation, or maximize profits by transferring compliance costs. Based on the data of listed companies, double difference model and triple difference model, this paper systematically evaluates the impact of strong environmental supervision on R & D innovation of listed companies with different market forces by using the quasi natural experiment implemented by the new environmental protection law. The empirical study finds that, firstly, the implementation of the new environmental protection law significantly promotes the R & D innovation of enterprises; secondly, market power and enterprise innovation present an inverted "U"; Finally, market forces significantly inhibit the porter effect of the new environmental protection law. Reference|Related Articles|Metrics

Select

The Antecedents and Consequences of Corporate Social Responsibility-A Structural Literature Review SHEN Yi, XU Guang-hua null 2016, 35 (01): 101-110. Abstract（ 223） PDF（1212KB）（ 1427） Knowledge map Corporate Social Responsibility (CSR) is becoming a hot topic in both academics and industry sectors. Although the theory of CSR has been built for more than three decades, we are still not very clear about its entire logic frame. Based on the Chinese and English literature in the last 30 years, we begin our literature review with the concept of CSR and then we develop it to a "line" which includes the relations between CSR and financial performance. Finally, we built a net, including the antecedents and consequences of CSR. This study contributes to the literature in understanding the entire structure of CSR. Related Articles|Metrics

Select

Research on the use of China industrial enterprise database (1999~2013): Comparative analysis of missing value processing methods ZHANG Shao-hua, LI Su-su Journal of Guizhou University of Finance and Economics 2021, 39 (05): 20-29. Abstract（ 512） PDF（2675KB）（ 1413） Knowledge map China industrial enterprise database has become the preferred database to study China's micro enterprise activities. However, the lack of key indicators in the database seriously affects the update and use of the database. On the basis of referring to the main literature processing methods, this paper uses five interpolation methods to improve the database, including single imputation, MICE1、MICE2、MMICE1和MMICE2, so as to extend the Chinese industrial enterprise database to 2013, and evaluate the relative effectiveness of various interpolation methods by calculating the total enterprise productivity. The results show that:In the five interpolation methods, the single imputation method and MMICE1 are the two most effective interpolation methods, which can not only achieve the consistency of database features before and after interpolation, but also achieve the consistency of data structure features of total factor productivity. It is worth emphasizing that in terms of improving the database and calculating the total factor productivity, the former is a relatively economic method because of its simple process, while the latter is a relatively effective method because it can retain more sample information The research value of this paper is to provide basic research work for the use of Chinese industrial enterprise database. Reference|Related Articles|Metrics

Select

The predictive power of aggregate illiquidity for stock returns—based on ARFIMA model XIE Jun, HU Nan, GAO Bin, LUO Tian-tian Journal of Guizhou University of Finance and Economics 2021, 39 (02): 31-40. Abstract（ 367） PDF（1856KB）（ 1510） Knowledge map From the concept of illiquidity, we calculate seven illiquidity proxies by using samples from Shanghai and shenzhen stock exchange (csi) 300, and use principal component analysis (pca) to obtain the comprehensive illiquidity proxy(prin). We use ARFIMA model to fit the long memory and residual correlation of various variables, monte carlo simulation is constructed to measure the influence of long memory and residual correlation on prediction regression, and Bootstrap sampling method is used to adjust the deviation and screen the illiquidity measure with robust prediction ability. The results show that:the illiquidity measure can predict the short, medium and long term excess returns, R 2measures of fht and prin are high, which reflects that the important role of illiquidity factor in liquidity risk pricing; The short-term forecasting ability of most illiquidity indexes to the market excess returns comes from the market volatility, while the medium-term and long-term forecasting ability is dominated by the illiquidity factors which have nothing to do with the volatility. Reference|Related Articles|Metrics

Select

Managerial Cognitive Bias, Corporate Government Quality and Over-investment-Evidence Based on Consistency of High Financial Performance ZHONG Ma, XU Guang-hua null 2016, 34 (02): 26-36. Abstract（ 222） PDF（1092KB）（ 1300） Knowledge map Based on theory of behavioral and psychological science, people are prone to be overconfident because of self-attribution bias (SAB) when facing a serie of successes. Based on China's listed corporate data during 2001-2013,due to managerial SAB, we find that overinvestment firms overinvest more when high past performance exists; moreover, the overinvestment levels are high in the firms with 2-year-least consistent high performance, especially 3 years consistent ones. At last, our study provides evidence that the present corporate government in China can reduce but not remove this relationship between consistency of high performance and overinvestment. Our suggestion is that top executives should notice SAB in decision-making when facing past consistent successes. Reference|Related Articles|Metrics

Select

Financial Development, Environmental Regulation and Green Total Factor Productivity—An Empirical Analysis Based on Spatial Durbin Model NI Ying, CHEN Bai-yun, WANG Yi-wen Journal of Guizhou University of Finance and Economics 2020, 38 (03): 12-21. Abstract（ 507） PDF（1773KB）（ 1448） Knowledge map The panel data of 30 provinces, municipalities directly under the central government and autonomous regions in mainland China from 2006 to 2015 were selected to calculate green total factor productivity using DEA-BCC model and entropy method. Spatial durbin model was adopted to study the spatial spillover effect of financial development and environment on green total factor productivity. The results show that:(1)there is a significant spatial spillover effect of green total factor productivity in Chinese provinces. (2)single financial development and environmental regulation can promote green total factor productivity to some extent;(3)at the present stage, the mode of "financial development and environmental regulation" combined inhibits green total factor productivity. Therefore, it is necessary to deepen the reform of financial system and optimize the effect of financial development. Improve the environmental regulation system and make reasonable investment in pollution control; Formulate appropriate environmental regulation policies and consider financial development. Reference|Related Articles|Metrics

Select

Research on the Relationship between Financing Constraints, Earnings Management and Technology Innovation—Empirical analysis based on manufacturing listed companies SUN Liang-zhu Journal of Guizhou University of Finance and Economics 2020, 38 (06): 29-37. Abstract（ 366） PDF（1332KB）（ 1318） Knowledge map This paper selects the empirical data of China's A-share manufacturing listed companies from 2013 to 2018, and uses regression analysis to test the impact of earnings management on the relationship between financing constraints and corporate technological innovation. The results show that listed manufacturing companies in China have significant R&D investment-cash flow sensitivity and companies are facing external financing constraints; Earnings management has a significant positive effect on corporate technological innovation; Financing constraint has a significant mediating effect in the relationship between earnings management and technological innovation; After further analysis of ownership nature and scale factors, it is found that earnings management has a more obvious easing effect on private manufacturing enterprises' R&D financing constraints, and is more conducive to alleviating the financing difficulties faced by small and medium-sized manufacturing enterprises. Reference|Related Articles|Metrics

Select

Can the Development of Digital Inclusive Finance Promote Household Consumption - Empirical Research Based on CHFS data GUO Ji-hui, WANG Ze-rong Journal of Guizhou University of Finance and Economics 2022, 40 (04): 22-31. Abstract（ 641） PDF（1385KB）（ 1134） Knowledge map Using the data of China Household Finance Survey (CHFS) in 2015, 2017 and 2019, this paper empirically evaluates the impact of DIF on household consumption behavior. Results show that DIF significantly promotes the household consumption level. After considering endogeneity and other issues, the benchmark results remain robust. On the one hand, DIF can improve household consumption by increasing the per capita consumption of low-level households and increasing household expenditure on food, household equipment, transportation and other aspects; On the other hand, it can also improve household consumption by alleviating liquidity constraints, improving financial literacy and improving payment convenience, and these three mechanisms explain about 68.9% of the benchmark effect. In addition, the main beneficiaries of the positive consumption effect of DIF are households with middle-aged or young householders, high school or above household heads, form rural, central or western areas. Further analysis show that the development of DIF is a double-edged sword, because it improves the probability of excessive consumption of young people. Reference|Related Articles|Metrics

Select

Statistical analysis of the impact of regional factor endowments on China's economic development - Based on 30 provinces panel data quantile regression MA Li-ping, ZHANG Peng, HU Pei null 2016, 34 (04): 94-102. Abstract（ 220） PDF（1642KB）（ 1622） Knowledge map This paper views environment as an element of production function and establishes a quantile regression model based on the 2006—2013 panel data. Under the background of low-carbon economy, we study the regional difference of the impact of factor endowments on China's economic development. The results show that labor force, physical capital and environmental investment are the main factors of economic growth, however, human capital doesn't as we expected significantly promote economic growth because it has not met the economic market needs. In the areas where economy is relatively backward, increasing physical capital investments and promoting industrial upgrading are the most effective ways to drive its economic growth. In the areas where economy is in the middle level, labor force and physical capital investment could remarkably boost the economy. In the areas where economy is relatively developed, the function of physical capital investment is weakened. The market demands of innovative technology and talents are the new driving power of sustained economic growth. Reference|Related Articles|Metrics

Select

Comprehensive Quality, Consumption Situation and Purchase Intention of Advent Food - Mediating Effect of Price Sensitivity and Moderating Effect of Food Safety Literacy ZHANG Bei, ZHAO Chu-yao, LAI Heng-jian, MA Ru-qiu Journal of Guizhou University of Finance and Economics 2022, 40 (01): 36-45. Abstract（ 413） PDF（1692KB）（ 1012） Knowledge map Enhancing the willingness to buy advent food is particularly important for strengthening the control of advent food safety risks and promoting the sustainable development of the food industry. Questionnaire data were collected and empirical analysis was carried out based on the scenarios of advent food purchase. The results show that: comprehensive quality and consumption situation have significant positive impacts on purchase intention; However, price sensitivity can enhance the purchase intention caused by comprehensive quality and consumption situation to some extent, among them, price sensitivity plays a partial mediating role in the relationship between product quality, customer service, scene atmosphere and purchase intention, price sensitivity has a complete mediating effect on the relationship between label quality and purchase intention; In addition, food safety literacy strengthens the positive effect of label quality and scene atmosphere on price sensitivity. Reference|Related Articles|Metrics

Select

Research on the Influence Mechanism of Followership Prototype—Trait Matching on Employees' Following or Withdrawal Behaviors WANG Jian-ju, YANG Jun, DENG Zhi-hua Journal of Guizhou University of Finance and Economics 2021, 39 (02): 62-71. Abstract（ 346） PDF（1459KB）（ 1159） Knowledge map For employees, if their personal traits match the Followership Prototype of their leader and achieve match with them,they are more willing to actively follow the leader. However, if the role is overloaded, overwhelmed, and physically and mentally burdened by overused,employees may choose to withdraw from work instead. Based on the theory of resource conservation, this paper discusses in the case of following the prototype-trait matching when employees actively follow the and when they withdraw from work. Using the structural equation model and based on the statistical analysis of 256 pairs of superior and subordinate matching data in 35 teams, the conclusion is drawn that the match of following prototype and trait can, on the one hand, stimulate the employees' passion for harmonious work and encourage them to actively follow. On the other hand, they may overload their roles and choose to withdraw from work instead. The above conclusions deepen the research on the field of following, also provide practical guidance for the interaction between superiors and subordinates and leadership strategies in organizations. Reference|Related Articles|Metrics

Select

null 2015, 33 (04): 103-. Abstract（ 483） PDF（963KB）（ 1578） Knowledge map Related Articles|Metrics

Select

Monetary Equity and RMB Internationalization LUO Cheng, GU Yong-kun Journal of Guizhou University of Finance and Economics 2020, 38 (06): 1-10. Abstract（ 530） PDF（2413KB）（ 1376） Knowledge map Based on the exploration of state capital structure,supply hierarchy structure and property right relationship of monetary, this paper designs a theoretical framework for study of currency equity, which is to define currency equity and analyze its structure.By using this theory, we explores the three groups of relationships between currency equity and economic growth, exchange rate and foreign exchange reserve, and inflation. Moreover, we also deeply reveals the mechanism of currency equity among RMB internationalization.On this basis, we further elaborates the new strategy, new path and new method for promoting RMB internationalization with the new thinking of currency equity. Reference|Related Articles|Metrics

Select

Research on the risk measurement and early warning mechanism construction of rural poverty alleviation families-An analytical framework based on livelihood vulnerability CHEN Wen-mei, ZHANG Chang-zhu, LI Chun-gen Journal of Guizhou University of Finance and Economics 2023, 41 (02): 73-82. Abstract（ 310） PDF（1374KB）（ 691） Knowledge map On the basis of explaining the mechanism of livelihood vulnerability and the risk of returning to poverty of the poverty-stricken households, this paper constructs the index system for measuring the risk of returning to poverty of the rural poverty-stricken households and calculates the risk degree of returning to poverty. The empirical results show that the risk of returning to poverty of rural poverty relief families in the whole country is low, and the risk of returning to poverty of rural poverty relief families in the western region is high, and at the same time. Facing the dual dilemma of external risk and weak internal capacity; The risk adaptation ability is the main indicator leading to the risk of returning to poverty. The five capital contribution rates are different. Financial capital and human capital are the main contribution factors to enhance the risk adaptation ability. On this basis, the early warning mechanism of poverty reduction risk can be built from five aspects:information collection and management system, big data platform judgment of early warning level, early warning level verification, early warning measures intervention, and early warning measures evaluation. We can focus on areas prone to return to poverty, prevent the risk of external return to poverty, improve the anti-risk ability of rural poverty-stricken families, and improve the implementation of early warning and assistance mechanism to prevent return to poverty. Reference|Related Articles|Metrics

Select

“Financial Accelerator Effect” or “Rational Asset Price Bubble Effect”-Research on Time-varying Relationship based on Monetary Policy, Asset Prices and Economic Fluctuation ZHANG Rui, GUO Xiao-man, SHEN Cheng-cheng Journal of Guizhou University of Finance and Economics 2021, 39 (06): 36-47. Abstract（ 298） PDF（4639KB）（ 1061） Knowledge map China's economy is facing downward pressure, and asset prices have reached high level at the current stage. It is very necessary and urgent toexplore how monetary policies balance "steady growth" and "risk prevention" in different financial and economic environments. However, the theory of "Financial Accelerator" and "Rational Asset Price Bubble" provide contradictory theoretical basis for the choice of monetary policies. In this paper, principal component analysis method is adopted to construct comprehensive price indexes of Chinese financial assets including stocks, real estate, bonds and funds. By taking the fourth quarter of 2006 to the first quarter of 2020 as the research period,the time-varying relationship among monetary policy, asset prices and economic fluctuation is studied based on TVP-SV-VAR model. This paper provides empirical evidence for the interaction relationship among the above three and the time-varying characteristics of structural shock volatility. The conclusions are as follows:In the general economic environment, China has a "financial accelerator effect", but after asset prices reach a high level, the "rational asset price bubble effect" appears, which means, asset prices will rise as interest rate rises;As time goes by and China's asset price bubble has increased,the effectiveness of the policy transmission channel of "decline in interest rate → growth of macro-economy" is gradually decreasing;In the short run, rise of asset price drives economic growth while severe bubble may dampen growth;The current impliedmacro-control direction is "expanding credit, stabilizing monetary policy and slack fiscal policy". Reference|Related Articles|Metrics

Select

The impact of business diversification on performance of commercial banks-Mediating effect based on risk taking WANG Xin-xin Journal of Guizhou University of Finance and Economics 2021, 39 (04): 65-73. Abstract（ 380） PDF（1395KB）（ 1192） Knowledge map In this paper,we choose the agency variables of the diversification of commercial bank business from the two dimensions of income diversification and asset diversification,and take 28 commercial banks listed in A-share market in 2006~2019 as the research samples.Through the establishment of dynamic panel data model,this paper studies the impact mechanism of business diversification on performance and risk-taking in China's commercial banks,and empirically tests the intermediary role of risk-taking in business diversification and performance impact.The results show that,no matter from the perspective of income diversification or asset diversification,business diversification is negatively related to the performance of commercial banks in China,and positively related to the risk-taking of commercial banks in China,but its effect varies according to the ownership structure.In the role of business diversification on the performance of banks,risk-taking partially or completely plays an intermediary effect. Reference|Related Articles|Metrics

Select

Does High-Speed Railway Improve the Efficiency of Urban Green Development-An Empirical Test Based on Difference in Difference Model RAN Qi-ying, ZHANG Jin-ning, YANG Xiao-dong Journal of Guizhou University of Finance and Economics 2020, 38 (05): 100-110. Abstract（ 886） PDF（1860KB）（ 1913） Knowledge map Based on the balanced panel data of 271 prefecture level cities in China from 2006 to 2017, this paper uses the data envelopment analysis method to measure the efficiency of urban green development, and then uses the difference in difference model and the intermediary effect model to test the impact and mechanism of high-speed rail on urban green development efficiency. The results show that:(1) on the whole, the opening of high-speed rail has significantly improved the efficiency of urban green development. This conclusion is still valid after alleviating endogenous problems and carrying out a number of robustness tests. From the perspective of dynamic effect, the pull of high-speed rail to urban green development efficiency is increasing year by year. (2) The mechanism analysis shows that the opening of high-speed rail improves the efficiency of urban green development by means of innovation effect, structural effect and configuration effect, among which innovation effect plays the strongest role, while structural effect has a weak impact. (3) The heterogeneity study found that the pull effect of high-speed rail on urban green development efficiency is more significant in the eastern region and large and medium-sized cities. (4) Based on the analysis of the expansion of geographical distance circle, it shows that the promotion effect of the opening of high-speed railway on the green development efficiency of cities in different circles shows an inverted U-shaped trend, and reaches the maximum at 200 km away from the central city. Reference|Related Articles|Metrics

Select

null 2011, 29 (5): 36-. Abstract（ 652） PDF（571KB）（ 1522） Knowledge map Related Articles|Metrics