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15 September 2018, Issue 05 () Previous IssueNext Issue

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Urban and Rural Integration Development in the Past 40 Years of Reform and Opening up: Retrospect and Summary JIANG Yong-mu, ZHOU Yu-han 2018 (05): 1-10. Abstract( 315) PDF(3809KB) ( 827) Since the reform and opening up, the PRC has led the integration of urban and rural development through four stages, the interactive stage of rural and urban development, the development of the urban and rural coordination stage, the development of the market economy system, the continuous reduction of the gap between the urban and rural areas and the comprehensive deepening of the reform, the integration of urban and rural integration stage. Through the combing of the historical process of the four stages, this article will summarize the logical line of the PRC's leadership on the development of urban and rural integration as the deepening of the understanding and practice of urban and rural development, which can be summarized as three progressive levels:the insistence on Marx and Engels's urban and rural theory, the basic premise of the integration of urban and rural areas, and the Marx Engel. The combination of urban and rural theory and the law of modern social development seeks the overall route of the changes in the relationship between workers, peasants and urban and rural areas, and combines the theory of Marx and Engels's urban and rural areas with the reality of contemporary China to explore the urban and rural integration pattern of socialism with Chinese characteristics. References|Related Articles|Metrics

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The Achievements, Problems and Prospects of China's Fiscal Supporting Agriculture Policies in 40 Years of Reform and Opening-up Deng Ju-qiu, Wang Zhen-min, Yin Zhi-fei 2018 (05): 11-16. Abstract( 300) PDF(1732KB) ( 846) The issue of agriculture, rural areas and farmers is the most important part of China's economic and social development.The development of agriculture depends on the support and input of the public finance.In the past forty years of reform and opening-up, the fiscal support agriculture policy of China has kept adjusting and changing constantly based on the idea of "more taking than giving ","more giving than taking"and "giving without taking".China has built up a fairly apprehensive policy system which has improved the overall agricultural production capacity, promoted the development of rural infrastructure and rural social security, raised the level of farmers' income dramatically,and alleviated poverty in rural areas.However, the current fiscal support agriculture policy cannotadapt to the requirements of socialism with Chinese characteristics entering a new era.There are still some problems such as lack of long-term planning, unclear goals, insufficient investment, unreasonable expenditure structure and poor performance of the finance.In order torealize the revitalization of the countryside and achieve the goal of agricultural modernization, the fiscal support for agriculture policy must establish long-term planning and set clear goals, ensure the amounts of fiscal funds, adjust the structure of inputs, improve the efficiency of the funds by evaluating the performance, and perfect and innovate the mechanism of management of fiscal supporting agriculture finance. References|Related Articles|Metrics

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The Course and Experience of Rural Development in the 40 Years of Reform and Opening up WANG Feng 2018 (05): 17-23. Abstract( 389) PDF(2129KB) ( 892) The 19th National Congress of the Communist Party of China first proposed the strategy of rural vitalization, but the practice of rural vitalization has been started, and it is constantly pushing forward the leap-forward development of China's rural areas. Understanding rural development from the historical dynamics during the 40 years of reform and opening up will reveal that its theoretical connotation is continuously enriching; it corresponds to the evolution of theoretical connotation, and rural development has gone through five stages, namely, preliminary revitalization of the rural economy, the exploration of the improvement of rural governance, the construction of a new socialist countryside with Chinese characteristics, the path of revitalizing rural areas with Chinese characteristics. Four basic experiences has been formed, namely, the basic law of the rural reform is correctly grasped, advancing with the times to promote comprehensively deepening of reform, establishing a Farmer-centered Development Philosophy, improving the rural governance model. References|Related Articles|Metrics

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The Effect of Investment Opportunity Set on Stock Liquidity: the Adjustment of Asset specificity CHEN Chun-chun, WANG Guo-cheng 2018 (05): 24-34. Abstract( 322) PDF(2527KB) ( 819) What's the effect of the investment opportunity set on stock liquidity What are the factors that affect the above effect The paper built a theoretical modeling and used the data of Hushen A-share stock market to prove:1) as the expansion of the investment opportunity set, broader investment field makes the firms' future business performance face higher uncertainty, this uncertainty leads to difficult converging for investors' grasp on stocks internal value, so the stocks circulation between investors will be hindered and the stocks liquidity will decline; 2) asset specificity avoids firms' invest on projects which they are lack of advantage and experience, limits the fluctuation of firms' future business performance, in this case, it's easier for investors' grasp of the stocks intrinsic value to converge, and so the adverse effect of the investment opportunity on liquidity can be weakened. The conclusions provide reasonable explanations to the findings of Gopalan et al. (2012), and find new evidence for the liquidity commonality (liquidity common factors). References|Related Articles|Metrics

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Banking Competition and the Firm Size Distribution-Empirical Analysis on Industrial Enterprise Data ZHI Hong-juan, JIANG Ling 2018 (05): 35-43. Abstract( 305) PDF(2367KB) ( 818) The distribution of firm size is an important research issue in the fields of firm entry, exit and industrial structure adjustment. However, few scholars have studied the issue from the perspective of banking competition. We combine Annual Survey of Industrial Firms of China from 1999 to 2007 and the data of banking competition to empirically test the influence of banking competition on the state of firm size distribution. The results are as follows. First, the Pareto index of the firm size distribution increases year by year, which indicates the overall firm size becomes more and more uniform. Second, the banking competition has unbalanced effect on the growth of firms in different scales and is more favorable to the growth of small and medium-sized enterprises, thus making the distribution more uniform. A series of tests show that the above conclusion are very robust. The research provides a new idea to optimize the firm size distribution and promote the transformation of industrial structure. References|Related Articles|Metrics

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Technological Progress, R&D Input and Gender Wage Gap-Based on the empirical analysis of CGSS data HAO Cui-hong, LI Jian-min 2018 (05): 44-54. Abstract( 431) PDF(2286KB) ( 858) In theory, skill-biased technical progress will reduce the importance of motor skills and emphasize the need for cognitive skills. Because men and women have different skill distributions, when technological advances cause relative price changes in different skills, the gender wage gap will also Change has occurred. The study used Chinese general social survey data and provincial-level technological progress data to empirically test the impact of technological progress on the gender wage gap. The analysis shows that technological progress, as measured by R&D investment, helps to narrow the gender wage gap. The same results have been obtained for the regression results by year, education level, occupational skill level, unit nature, and regional group. It is noteworthy that technological progress can help reduce the gender of the labor force with low education level and low professional skills. The key conclusions of this paper also passed the robustness test. References|Related Articles|Metrics

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Empirical study on the performance Evaluation of Chinese Enterprises' Overseas M&A XU Qin 2018 (05): 55-63. Abstract( 333) PDF(2031KB) ( 929) With the deepening of China's participation in international competition, while attracting foreign direct investment, China's outward investment has also shown a rapid growth trend, in the world alone. However, China's overseas M & A also faces some outstanding problems, such as imperfect domestic legal guarantee mechanism, foreign political and legal uncertainty, increasingly stringent security review and cultural differences.This research constructs a performance evaluation system of overseas M & A from four dimensions of profitability level, debt repayment level, operation level and development potential, and based on 27 A-share listed companies overseas M & A cases for empirical analysis.The results show that in the short term of overseas M & A, the profit level and operation ability of the enterprises decrease, and the debt risk increases,but the development potential index which reflects the long-term development ability of the enterprise is good;similarly,the higher the controlling level of domestic M & A enterprises to the M & A enterprises, the more prominent the long-term development ability of M & A enterprises, but from the point of view of the acquired enterprises, the performance of enterprises in North America is higher than that in Europe and Australia. References|Related Articles|Metrics

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An empirical study on the impact of food safety production on cost-Based on empirical evidence of the data about industrial enterprises XU Cheng-bo, LI Jiang-yi 2018 (05): 64-76. Abstract( 220) PDF(6245KB) ( 813) The food safety is endogenous within behavior of the enterprises. Meat products enterprises were mainly labor-intensive. Meat raw materials, technical level and residents' income had a positive effect on food safety level, but the investment of assets had a weaker negative impact on it. After focusing on food safety production, if the enterprises still adopt the strategy of increasing production, they will pay more cost and face the pain of transformation.There is still room for improvement in safety production after forming a certain economies of scale in food safety production. This change about structural characteristics in the enterprises is influenced by the effect of economies of scale. The paper provides some reference for government to formulate relevant regulatory policies. References|Related Articles|Metrics

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The Impacts of Employment Protection Legislation on the Economic Performances of Private Enterprises-Based on the Evidences of Difference in Difference Method JIANG Da-wei, ZHAO Zhong 2018 (05): 77-85. Abstract( 234) PDF(1803KB) ( 772) Based on a private enterprise sample in China, we made use of Difference in Difference method to study the impacts of 2008 Labor Contract Law on the private firms' performances. Compared with micro enterprises, we found that the Labor Contact Law significantly promoted the small and medium private enterprises' annual sales per capita; these effects were more significant in non-foreign trade and poor management small and medium firms. At the same time, we found the evidences that the law didn't cause firms to hire more temporary workers to control the labor costs. On the contrary, the decline of the hiring and firing caused by the law might impel private firms to adjust their human capital strategies and invest more in training which would improve the firms' performances. References|Related Articles|Metrics

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Who is Better for Rural Poverty Reduction Fiscal Support Agriculture or Urbanization DUAN Long-long, WANG Lin-mei 2018 (05): 86-95. Abstract( 289) PDF(2581KB) ( 784) Fiscal support agriculture and urbanization in the developing countries are recognized two paths to poverty reduction. Explaining who is more conducive to rural poverty reduction is the key to understanding the mystery of China's rapid poverty alleviation. This article explores the impact of fiscal support agriculture and urbanization on poverty reduction in rural areas through the provincial dynamic panel data and static panel data models in China, The study found:China's rural poverty reduction thanks to the interactive tool synergies financial support for agriculture and urbanization strategy, However, the process of urbanization is more effective in reducing poverty in rural areas. Investment in poverty alleviation,employment urbanization and spatial urbanization in financial support for agriculture are more conducive to rural areas in the east. The comprehensive development expenditure and urbanization of the population are more effective in rural poverty reduction in the central and western regions. Although the Rural poverty has "ratchet effect" obviously, However, with the increase of fiscal decentralization, Agricultural operation scale and rural medical education and technology, the incidence of rural poverty will be suppressed accordingly. References|Related Articles|Metrics

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Convergence of income gap between urban and rural residents in New UrbanizationT test method based on paired data Li Guang-xi 2018 (05): 96-103. Abstract( 273) PDF(8155KB) ( 78) Since the reform and opening up, China's economy has developed at a high speed, the rural population has been pouring into the cities, and the process of urbanization has been advancing continuously. In March 2014, the State Council issued the National New Urbanization Plan (2014-2020), marking the beginning of China's new urbanization phase. Academia holds that urbanization enlarges the income gap between urban and rural residents, while the other holds that urbanization helps to narrow the income gap between urban and rural residents. Taking 2013 as the base period and using the t test method of paired data, this paper compares and analyzes the changes in the income gap between urban and rural areas in China since the implementation of the new urbanization plan to 2017. The research results show that since the new urbanization, the income ratio of urban and rural residents in China is decreasing, and the income difference between urban and rural residents is still increasing, that is, the relative gap between urban and rural residents is converging, and the absolute gap between urban and rural residents in China is expanding. Although the relative gap between urban and rural residents' income is narrowing in the development stage of new urbanization, the relative gap between urban and rural residents' income is still higher in our country, so the income difference between urban and rural residents will continue to expand in the future as long as the residents' income continues to grow. References|Related Articles|Metrics

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Research on the comprehensive performance evaluation system of China's economy based on green development Chen Jie 2018 (05): 104-110. Abstract( 302) PDF(1786KB) ( 832) under the background of the national "green development" strategy, China's economic green development has attracted more and more attention. At the same time, the implementation of the new Environmental Protection Law enhances the environmental binding force and the sense of responsibility for the green development of industry. Based on the previous research results of green development, the connotation of green development is defined, and green development evaluation index system of green manufacturing industry is constructed from three dimensions of green development performance, economic performance and social responsibility performance. Based on the relevant data of green development and economic development of China's manufacturing industry and its sub-sectors, this paper evaluates the green development of enterprises through quantitative analysis. The evaluation results show that the traditional "three high" industries and the forefront of green products R & D industry pay more attention to green development. Related Articles|Metrics