Pub Date : 2021-11-01DOI: 10.1080/14765284.2021.1996190
Cheng Tang, Cheng Zhang, Huaxia Yang
ABSTRACT This study analyses the phenomenon of the high saving rate of China’s households from the perspective of bequest motives based on the data of China Household Finance Survey (CHFS). The result shows that, like Japan, the bequest motives of China’s households have a significant positive effect on the family saving rate, especially on rural household savings, middle-wealth and low-wealth households, those whose children work outside of the government system and those whose children with low education, indicating that the bequest motives of China’s households are more altruistic. This provides a new understanding of the high savings of households in China and can provide a reference for future policy making.
{"title":"Bequest motives and the Chinese household saving puzzle","authors":"Cheng Tang, Cheng Zhang, Huaxia Yang","doi":"10.1080/14765284.2021.1996190","DOIUrl":"https://doi.org/10.1080/14765284.2021.1996190","url":null,"abstract":"ABSTRACT This study analyses the phenomenon of the high saving rate of China’s households from the perspective of bequest motives based on the data of China Household Finance Survey (CHFS). The result shows that, like Japan, the bequest motives of China’s households have a significant positive effect on the family saving rate, especially on rural household savings, middle-wealth and low-wealth households, those whose children work outside of the government system and those whose children with low education, indicating that the bequest motives of China’s households are more altruistic. This provides a new understanding of the high savings of households in China and can provide a reference for future policy making.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"355 - 376"},"PeriodicalIF":2.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47912432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-29DOI: 10.1080/14765284.2021.1989883
E. Tsang
ABSTRACT Time Series (TS) records transactions in a market at fixed intervals. Directional Change (DC) is an alternative way to record transactions: it only records transactions that represent significant price changes in the opposite direction in a trend, where ‘significance’ is observer-defined. In this paper, we argue that DC is particularly suitable for recording and analysing tick-to-tick data. Firstly, significant data points and high activities between sampling points that may not be recorded in a TS will always be recorded in DC. Secondly, as transactions take place at irregular times, but TS records transactions at fixed intervals, adjustments are required in the recording process, which may distort the records; no adjustments are required in DC. Thirdly, as DC is data-driven: every new transaction could potentially provide us with new information on the pulse of the market. For these reasons, DC is more suitable than TS for tracking tick-to-tick data for signals.
{"title":"Directional change for handling tick-to-tick data","authors":"E. Tsang","doi":"10.1080/14765284.2021.1989883","DOIUrl":"https://doi.org/10.1080/14765284.2021.1989883","url":null,"abstract":"ABSTRACT Time Series (TS) records transactions in a market at fixed intervals. Directional Change (DC) is an alternative way to record transactions: it only records transactions that represent significant price changes in the opposite direction in a trend, where ‘significance’ is observer-defined. In this paper, we argue that DC is particularly suitable for recording and analysing tick-to-tick data. Firstly, significant data points and high activities between sampling points that may not be recorded in a TS will always be recorded in DC. Secondly, as transactions take place at irregular times, but TS records transactions at fixed intervals, adjustments are required in the recording process, which may distort the records; no adjustments are required in DC. Thirdly, as DC is data-driven: every new transaction could potentially provide us with new information on the pulse of the market. For these reasons, DC is more suitable than TS for tracking tick-to-tick data for signals.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"171 - 182"},"PeriodicalIF":2.0,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43625934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-27DOI: 10.1080/14765284.2021.1989884
Moosa Yousuf, Jia Zhai
ABSTRACT This paper investigates the interconnectedness between the GCC region, crude oil prices, and global equity markets of the US, Europe, and China. We use DCC-GARCH models and the Diebold and Yilmaz (2012) approach to examine the dynamic connectedness and the net directional flow of spillovers. Consistent with previous studies, we find that the US and European markets are net global contributors of return and volatility shocks, whilst the Chinese equity markets are gradually becoming influential. Meanwhile, the GCC equity markets have been anet recipient of shocks from oil prices. Our empirical results provide some important insights. Firstly, the net transmission of shocks from oil prices to the GCC markets has been reducing over time. Secondly, the total connectedness nearly doubled in response to the global pandemic. Thirdly, the Chinese stock markets are gradually transforming into net transmitters of spillovers to other global equity markets.
{"title":"The financial interconnectedness between global equity markets and crude oil: evidence from the GCC","authors":"Moosa Yousuf, Jia Zhai","doi":"10.1080/14765284.2021.1989884","DOIUrl":"https://doi.org/10.1080/14765284.2021.1989884","url":null,"abstract":"ABSTRACT This paper investigates the interconnectedness between the GCC region, crude oil prices, and global equity markets of the US, Europe, and China. We use DCC-GARCH models and the Diebold and Yilmaz (2012) approach to examine the dynamic connectedness and the net directional flow of spillovers. Consistent with previous studies, we find that the US and European markets are net global contributors of return and volatility shocks, whilst the Chinese equity markets are gradually becoming influential. Meanwhile, the GCC equity markets have been anet recipient of shocks from oil prices. Our empirical results provide some important insights. Firstly, the net transmission of shocks from oil prices to the GCC markets has been reducing over time. Secondly, the total connectedness nearly doubled in response to the global pandemic. Thirdly, the Chinese stock markets are gradually transforming into net transmitters of spillovers to other global equity markets.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"183 - 206"},"PeriodicalIF":2.0,"publicationDate":"2021-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42955295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-20DOI: 10.1080/14765284.2021.1989885
A. Bhalla, Jing Fang
ABSTRACT The three key actors in the current fight against the Coronavirus pandemic are as follows: (1) Leaders (political, scientific, industry, academic), (2) agents (public health departments, centres for disease control, educational and scientific institutions, multilateral organizations) and (3) followers (citizens, public, local community). All three need to be in sync to attain success, but the condition is fulfilled in only a very few countries mostly in Asia. Many political leaders were in denial about the pandemic and failed to provide any incentives to agents and followers to comply with public health rules and guidelines. A brief country review to test the above institutional framework offers several policy lessons for the future notably, need for global cooperation, greater role for government, strengthening of public health care and safety nets, and global sharing of Covid-19 data and vaccines, besides a change in human behaviour, working habits and lifestyles.
{"title":"Leaders, institutions and people during Covid-19 : Secret of Asian success","authors":"A. Bhalla, Jing Fang","doi":"10.1080/14765284.2021.1989885","DOIUrl":"https://doi.org/10.1080/14765284.2021.1989885","url":null,"abstract":"ABSTRACT The three key actors in the current fight against the Coronavirus pandemic are as follows: (1) Leaders (political, scientific, industry, academic), (2) agents (public health departments, centres for disease control, educational and scientific institutions, multilateral organizations) and (3) followers (citizens, public, local community). All three need to be in sync to attain success, but the condition is fulfilled in only a very few countries mostly in Asia. Many political leaders were in denial about the pandemic and failed to provide any incentives to agents and followers to comply with public health rules and guidelines. A brief country review to test the above institutional framework offers several policy lessons for the future notably, need for global cooperation, greater role for government, strengthening of public health care and safety nets, and global sharing of Covid-19 data and vaccines, besides a change in human behaviour, working habits and lifestyles.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"253 - 273"},"PeriodicalIF":2.0,"publicationDate":"2021-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44810701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-02DOI: 10.1080/14765284.2021.1996191
Y. Park, Xiaoyang Tang
ABSTRACT Based on a brief review of the existing literature on knowledge transfer between Chinese and Africans, this introductory essay sheds light on the purpose, methodologies, and main findings of this special issue. Aiming to investigate the impacts of Chinese FDI projects on technology learning in Africa, a team of SAIS-CARI researchers conducted field research in six African countries. To our knowledge, this is the first time such a comprehensive analysis on China-Africa knowledge transfer has been carried out. Our research finds that the majority of investments in agricultural and manufacturing comes from private small-to-medium sized companies that are driven by market factors and operate outside the Chinese government. The research suggests that Chinese investments in Africa have contributed to hiring and training local employees, demonstrated advanced technologies, and cooperated with local enterprises; however, the effectiveness and sustainability of the knowledge transfer varies across different sectors and countries.
{"title":"Chinese FDI and impacts on technology transfer, linkages, and learning in Africa: evidence from the field","authors":"Y. Park, Xiaoyang Tang","doi":"10.1080/14765284.2021.1996191","DOIUrl":"https://doi.org/10.1080/14765284.2021.1996191","url":null,"abstract":"ABSTRACT Based on a brief review of the existing literature on knowledge transfer between Chinese and Africans, this introductory essay sheds light on the purpose, methodologies, and main findings of this special issue. Aiming to investigate the impacts of Chinese FDI projects on technology learning in Africa, a team of SAIS-CARI researchers conducted field research in six African countries. To our knowledge, this is the first time such a comprehensive analysis on China-Africa knowledge transfer has been carried out. Our research finds that the majority of investments in agricultural and manufacturing comes from private small-to-medium sized companies that are driven by market factors and operate outside the Chinese government. The research suggests that Chinese investments in Africa have contributed to hiring and training local employees, demonstrated advanced technologies, and cooperated with local enterprises; however, the effectiveness and sustainability of the knowledge transfer varies across different sectors and countries.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"257 - 268"},"PeriodicalIF":2.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48708362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-01DOI: 10.1080/14765284.2021.1985933
Dinggen Zhou, Yanguang Liu, Xiaohang Ren, Cheng Yan, Yukun Shi
ABSTRACT Based on merged custom import and export data and Chinese industrial enterprise data, this paper studies the influence of economic agglomeration incurred by urbanization in China on the products’ quality upgrading. We find that economic agglomeration can improve the product quality of Chinese enterprises. We further show that in the context of deepening trade liberalization, economic agglomeration leads enterprises to import more various intermediate products, thus helping to upgrade the quality of final products. The increase in the proportion of intermediate products imported from high-income countries will strengthen the role of economic agglomeration in upgrading the quality of products.
{"title":"Economic agglomeration and product quality upgrading: evidence from China","authors":"Dinggen Zhou, Yanguang Liu, Xiaohang Ren, Cheng Yan, Yukun Shi","doi":"10.1080/14765284.2021.1985933","DOIUrl":"https://doi.org/10.1080/14765284.2021.1985933","url":null,"abstract":"ABSTRACT Based on merged custom import and export data and Chinese industrial enterprise data, this paper studies the influence of economic agglomeration incurred by urbanization in China on the products’ quality upgrading. We find that economic agglomeration can improve the product quality of Chinese enterprises. We further show that in the context of deepening trade liberalization, economic agglomeration leads enterprises to import more various intermediate products, thus helping to upgrade the quality of final products. The increase in the proportion of intermediate products imported from high-income countries will strengthen the role of economic agglomeration in upgrading the quality of products.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"377 - 395"},"PeriodicalIF":2.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44664256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-30DOI: 10.1080/14765284.2021.1985934
K. Jia
ABSTRACT A low-carbon economy is not only vital to human survival but also to national energy security. The dual goals of carbon emission include those of a carbon peak and carbon neutrality, which are necessary for realizing new development patterns and promoting high-quality development in China. This study is focused on the innovation mechanism as applied to the dual goals of carbon emission, and two issues are considered – the overall carbon peak and carbon neutrality situation from resource tax and power reform perspective and the construction of a long-term mechanism to address environmental threats, such as smog. The continuous use of endogenous mechanisms to regulate the production and consumption behaviors of enterprises and people, as well as the means by which China may fully use its economic power to promote green, low-carbon, sustainable development are emphasized and analyzed.
{"title":"Goals on the road: institutional innovations in carbon peak and carbon neutrality","authors":"K. Jia","doi":"10.1080/14765284.2021.1985934","DOIUrl":"https://doi.org/10.1080/14765284.2021.1985934","url":null,"abstract":"ABSTRACT A low-carbon economy is not only vital to human survival but also to national energy security. The dual goals of carbon emission include those of a carbon peak and carbon neutrality, which are necessary for realizing new development patterns and promoting high-quality development in China. This study is focused on the innovation mechanism as applied to the dual goals of carbon emission, and two issues are considered – the overall carbon peak and carbon neutrality situation from resource tax and power reform perspective and the construction of a long-term mechanism to address environmental threats, such as smog. The continuous use of endogenous mechanisms to regulate the production and consumption behaviors of enterprises and people, as well as the means by which China may fully use its economic power to promote green, low-carbon, sustainable development are emphasized and analyzed.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"95 - 107"},"PeriodicalIF":2.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45127609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-30DOI: 10.1080/14765284.2021.1966733
Ying Xia
ABSTRACT This paper investigates the development trajectory of Chinese investments in two East African countries and their implications for technology transfer. It traces the transformation of Chinese economic engagements with Africa since the early independence era. Most Chinese investments were established in the past decade, except for a few aid-driven investments created in the 1970s and those made by the first wave of Chinese expatriate entrepreneurs to East Africa in the 1990s. These recent investments have concentrated in construction-related industries, export-oriented garments industry, plastic recycling and reprocessing, and agro-business. In terms of technology transfer, there are local training efforts and signs for intra-industry spillovers. Large-scale Chinese investments or development projects have established formal training programs with explicit localization targets and are more likely to collaborate with government agencies or vocational training institutes. Moreover, horizontal and vertical spillovers have also taken the form of the development of sub-contracting, local supply, distribution networks, and imitation by local firms. Nevertheless, those industry-level spillovers are less systematic due to the limitations of local investors’ financial and technological capacity.
{"title":"Chinese investment in East Africa: History, status, and impacts","authors":"Ying Xia","doi":"10.1080/14765284.2021.1966733","DOIUrl":"https://doi.org/10.1080/14765284.2021.1966733","url":null,"abstract":"ABSTRACT This paper investigates the development trajectory of Chinese investments in two East African countries and their implications for technology transfer. It traces the transformation of Chinese economic engagements with Africa since the early independence era. Most Chinese investments were established in the past decade, except for a few aid-driven investments created in the 1970s and those made by the first wave of Chinese expatriate entrepreneurs to East Africa in the 1990s. These recent investments have concentrated in construction-related industries, export-oriented garments industry, plastic recycling and reprocessing, and agro-business. In terms of technology transfer, there are local training efforts and signs for intra-industry spillovers. Large-scale Chinese investments or development projects have established formal training programs with explicit localization targets and are more likely to collaborate with government agencies or vocational training institutes. Moreover, horizontal and vertical spillovers have also taken the form of the development of sub-contracting, local supply, distribution networks, and imitation by local firms. Nevertheless, those industry-level spillovers are less systematic due to the limitations of local investors’ financial and technological capacity.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"269 - 293"},"PeriodicalIF":2.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47786979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-08DOI: 10.1080/14765284.2021.1977081
Dan Li, Hong Li
ABSTRACT In this study, we investigate whether the measures to improve corporate governance of financial institutions promoted by the Chinese authorities in 2013 have contributed to the positive growth of the values of institutional investments in firms. Given the regulatory changes about financial institutions in 2013, we hypothesise that the improvement of corporate governance of financial institutions has a spillover effect and increases the performance of the companies that the institutions invest in. Our results are robust in supporting the hypothesis, even after we address for reverse causality issue. In particular, we verify that the spillover of governance, arising from the improvement of corporate governance in financial institutions, can strengthen the positive association between institutional ownership and firm value.
{"title":"The impact of governance improvement of institutional shareholders on firm value","authors":"Dan Li, Hong Li","doi":"10.1080/14765284.2021.1977081","DOIUrl":"https://doi.org/10.1080/14765284.2021.1977081","url":null,"abstract":"ABSTRACT In this study, we investigate whether the measures to improve corporate governance of financial institutions promoted by the Chinese authorities in 2013 have contributed to the positive growth of the values of institutional investments in firms. Given the regulatory changes about financial institutions in 2013, we hypothesise that the improvement of corporate governance of financial institutions has a spillover effect and increases the performance of the companies that the institutions invest in. Our results are robust in supporting the hypothesis, even after we address for reverse causality issue. In particular, we verify that the spillover of governance, arising from the improvement of corporate governance in financial institutions, can strengthen the positive association between institutional ownership and firm value.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"437 - 460"},"PeriodicalIF":2.0,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48873058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-19DOI: 10.1080/14765284.2021.1968708
Yinshan Tang
ABSTRACT In its history, Chinese culture has experienced three big waves of developments. The first one was in the Warring State Period, instigated by a large number of philosophers who laid the foundations of Chinese culture. The second was the introduction of Buddhism and its final integration with Confucianism and Daoism in Southern Song dynasty (1127–1279). The third was represented by the introduction of science and social beliefs from the West (from 1840 onwards). This paper focuses on the cultural changes since 1840, from the Opium war to COVID-19 expands three Gengzi cycles. During the past 180 years, China has experienced one the most turbulent eras of its history, associated with immense culture changes. . In the recent 60 years, China has focused on economic development. The fast economic development and their response to COVID-19 have demonstrated that a system with Chinese characteristics will become the de facto system for China.
{"title":"Gengzi reflections: how did Chinese culture evolve in the last 180 years","authors":"Yinshan Tang","doi":"10.1080/14765284.2021.1968708","DOIUrl":"https://doi.org/10.1080/14765284.2021.1968708","url":null,"abstract":"ABSTRACT In its history, Chinese culture has experienced three big waves of developments. The first one was in the Warring State Period, instigated by a large number of philosophers who laid the foundations of Chinese culture. The second was the introduction of Buddhism and its final integration with Confucianism and Daoism in Southern Song dynasty (1127–1279). The third was represented by the introduction of science and social beliefs from the West (from 1840 onwards). This paper focuses on the cultural changes since 1840, from the Opium war to COVID-19 expands three Gengzi cycles. During the past 180 years, China has experienced one the most turbulent eras of its history, associated with immense culture changes. . In the recent 60 years, China has focused on economic development. The fast economic development and their response to COVID-19 have demonstrated that a system with Chinese characteristics will become the de facto system for China.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"245 - 251"},"PeriodicalIF":2.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45627390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：