Pub Date : 2021-11-23DOI: 10.1108/jefas-05-2021-0049
Wilkista Lore Obi̇ero, Seher Gülşah Topuz
PurposeThis study aims to determine whether there is an effect of internal and public debt on income inequality in Kenya for the period 1970–2018.Design/methodology/approachThe relationship is examined by using the Autoregressive Distributed Lag (ARDL) model by Pesaran et al. (2001) and Toda Yamamoto causality by Toda and Yamamoto (1995).FindingsOur findings suggest that both internal and public debt harm inequality in Kenya in the long term. Furthermore, a one-way causality from internal debt to income inequality is also obtained while no causality relationship is found to exist between public debt and income inequality. Based on these findings, the study recommends that to reduce income inequality levels in Kenya, other methods of financing other than debt financing should be preferred because debt financing is not pro-poor.Originality/valueThis study is unique based on the fact that no previous paper has analysed the debt and inequality relationship in Kenya. To the best of our knowledge, this will be the first study to analyse the applicability of redistribution effect of debt in Kenya. The study is also different in that it provides separate analysis for public debt and internal debt on their effects on income inequality.
{"title":"Do public and internal debt cause income inequality? Evidence from Kenya","authors":"Wilkista Lore Obi̇ero, Seher Gülşah Topuz","doi":"10.1108/jefas-05-2021-0049","DOIUrl":"https://doi.org/10.1108/jefas-05-2021-0049","url":null,"abstract":"PurposeThis study aims to determine whether there is an effect of internal and public debt on income inequality in Kenya for the period 1970–2018.Design/methodology/approachThe relationship is examined by using the Autoregressive Distributed Lag (ARDL) model by Pesaran et al. (2001) and Toda Yamamoto causality by Toda and Yamamoto (1995).FindingsOur findings suggest that both internal and public debt harm inequality in Kenya in the long term. Furthermore, a one-way causality from internal debt to income inequality is also obtained while no causality relationship is found to exist between public debt and income inequality. Based on these findings, the study recommends that to reduce income inequality levels in Kenya, other methods of financing other than debt financing should be preferred because debt financing is not pro-poor.Originality/valueThis study is unique based on the fact that no previous paper has analysed the debt and inequality relationship in Kenya. To the best of our knowledge, this will be the first study to analyse the applicability of redistribution effect of debt in Kenya. The study is also different in that it provides separate analysis for public debt and internal debt on their effects on income inequality.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"70 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73876833","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 : 2021-11-19DOI: 10.1108/jefas-10-2021-0207
Vera Butkouskaya, Joan Llonch-Andreu, María-del-Carmen Alarcón-del-Amo
PurposeTaking the customer-centric nature of integrated marketing communications (IMC), this article investigates the specific role of customer performance in IMC effectiveness in various size companies applying inter-country context.Design/methodology/approachThe sample consists of the primary data from developed (Spain) and developing (Belarus) economies. A total of 540 manager respondents participated in the survey. The article uses structural equation modeling and multi-group analysis for analysis.FindingsWhen taking into consideration, customer performance affects the IMC outcome on the market and financial performance. The customer performance role varies in firms of various sizes and small- and medium -sized enterprises (SMEs) operating both in developed and developing economies.Research limitations/implicationsThe research underlines the significant role of customer performance in IMC implementation, which stimulates further investigation on the topic. It also closes the gap in the IMC outcomes analysis in SMEs operating in developed and developing economies.Practical implicationsCustomer evaluation plays a vital role in the IMC outcomes for market growth and financial returns. SMEs and larger companies implement IMC with different levels of effectiveness. SMEs with IMC implementation can gain an advantage over larger rivals and improve their market position. Moreover, the study generalizes the results by applying inter-country context.Originality/valueThis is a pioneering study of the complex IMC outcomes model under firms' size moderate conditions. The research applies an inter-country context.
{"title":"The impact of customer performance on IMC outcomes: firm size moderation in the inter-country context","authors":"Vera Butkouskaya, Joan Llonch-Andreu, María-del-Carmen Alarcón-del-Amo","doi":"10.1108/jefas-10-2021-0207","DOIUrl":"https://doi.org/10.1108/jefas-10-2021-0207","url":null,"abstract":"PurposeTaking the customer-centric nature of integrated marketing communications (IMC), this article investigates the specific role of customer performance in IMC effectiveness in various size companies applying inter-country context.Design/methodology/approachThe sample consists of the primary data from developed (Spain) and developing (Belarus) economies. A total of 540 manager respondents participated in the survey. The article uses structural equation modeling and multi-group analysis for analysis.FindingsWhen taking into consideration, customer performance affects the IMC outcome on the market and financial performance. The customer performance role varies in firms of various sizes and small- and medium -sized enterprises (SMEs) operating both in developed and developing economies.Research limitations/implicationsThe research underlines the significant role of customer performance in IMC implementation, which stimulates further investigation on the topic. It also closes the gap in the IMC outcomes analysis in SMEs operating in developed and developing economies.Practical implicationsCustomer evaluation plays a vital role in the IMC outcomes for market growth and financial returns. SMEs and larger companies implement IMC with different levels of effectiveness. SMEs with IMC implementation can gain an advantage over larger rivals and improve their market position. Moreover, the study generalizes the results by applying inter-country context.Originality/valueThis is a pioneering study of the complex IMC outcomes model under firms' size moderate conditions. The research applies an inter-country context.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"30 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85493650","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}
Financial health of women is crucial as it enables them manage their financial commitments, respond to short-term financial shocks and be financially resilience. There is a marked difference between the financial health or wellbeing of women living in rural and urban areas. This study analyzes the factors that influence the financial health of women in rural and urban areas in Kenya using the Poisson regression model. The study data is based on the FinAccess survey of 2019 conducted by Central Bank of Kenya, Financial Sector Deepening Kenya and the Kenya National Bureau of Statistics. A comparison is made between the key factors influencing the financial health of the women based on area of residence. The presence of overdispersion in the data meant the use of quasipoisson instead of poisson model in the data analysis. The findings is that women in urban areas are more financially healthy than those in rural areas. The risk coping, age, invest score, ability to manage day to day, vulnerability, area of residence, widowed as a marital status and completed university are significant in influencing financial health of the women.
{"title":"Financial Health of Women: A Poisson Regression Analysis Approach","authors":"Davis Bundi Ntwiga, Arthur Wanyonyi Wafula","doi":"10.12691/jfe-9-6-1","DOIUrl":"https://doi.org/10.12691/jfe-9-6-1","url":null,"abstract":"Financial health of women is crucial as it enables them manage their financial commitments, respond to short-term financial shocks and be financially resilience. There is a marked difference between the financial health or wellbeing of women living in rural and urban areas. This study analyzes the factors that influence the financial health of women in rural and urban areas in Kenya using the Poisson regression model. The study data is based on the FinAccess survey of 2019 conducted by Central Bank of Kenya, Financial Sector Deepening Kenya and the Kenya National Bureau of Statistics. A comparison is made between the key factors influencing the financial health of the women based on area of residence. The presence of overdispersion in the data meant the use of quasipoisson instead of poisson model in the data analysis. The findings is that women in urban areas are more financially healthy than those in rural areas. The risk coping, age, invest score, ability to manage day to day, vulnerability, area of residence, widowed as a marital status and completed university are significant in influencing financial health of the women.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"120 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88035397","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210813.401
Zou Xu, Ma Xianlei, S. Xiaoping
Since the housing system reform in 1998, China’s commercial housing prices have risen rapidly, and far exceeded the affordability of commonality. In order to solve the housing problems of middle and low income families, China launched the construction of affordable housing, which has greatly improved people’s livelihood and social welfare. The impact of affordable housing supply on the real estate market is also related to the interests of social groups. How to understand the relationship between the two types of housing has become an important reference for building an internally coordinated and efficient housing supply system.Combined with China’s special housing security and land system, this study theoretically analyzes the possible impact of affordable housing supply on the commercial housing market by constructing the equilibrium model of supply and demand. Based on the panel data of 248 prefecture-level cities in China from 2007 to 2016, the FEM and IV models are used to test the theoretical hypothesis, and the mechanism and heterogeneity are further discussed.The results show that: In the statistical sense, we find that affordable housing crowds out commercial housing supply through the competitive allocation of land, but it cannot replace demand in the segmented housing market, which eventually raises housing prices. Furthermore, the crowding-out effect is more obvious in the regions with low land financial dependence. But the economic meaning of empirical results is weak, and the crowding-out effect and the impact of housing prices can be ignored. This means that the supply of affordable housing basically does not harm the welfare of other groups.In general, this study has strong policy implications. On the one hand, China should establish multi-agent supply channels. Collective construction land and idle land owned by enterprises can be used to build affordable housing to ensure the independence of the land supply mechanism. On the other hand, some cities can gradually relax the access restrictions on affordable housing according to the actual situation. They can provide talent housing for college graduates and professional and technical personnel, and provide affordable rental housing for urban “new citizens” and migrant workers, so as to effectively divert the demand for commercial housing and stabilize the price of commercial housing.
{"title":"How does Affordable Housing Supply Affect Commercial Housing Prices：Crowd out Supply or Divert Demand？","authors":"Zou Xu, Ma Xianlei, S. Xiaoping","doi":"10.16538/J.CNKI.JFE.20210813.401","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210813.401","url":null,"abstract":"Since the housing system reform in 1998, China’s commercial housing prices have risen rapidly, and far exceeded the affordability of commonality. In order to solve the housing problems of middle and low income families, China launched the construction of affordable housing, which has greatly improved people’s livelihood and social welfare. The impact of affordable housing supply on the real estate market is also related to the interests of social groups. How to understand the relationship between the two types of housing has become an important reference for building an internally coordinated and efficient housing supply system.Combined with China’s special housing security and land system, this study theoretically analyzes the possible impact of affordable housing supply on the commercial housing market by constructing the equilibrium model of supply and demand. Based on the panel data of 248 prefecture-level cities in China from 2007 to 2016, the FEM and IV models are used to test the theoretical hypothesis, and the mechanism and heterogeneity are further discussed.The results show that: In the statistical sense, we find that affordable housing crowds out commercial housing supply through the competitive allocation of land, but it cannot replace demand in the segmented housing market, which eventually raises housing prices. Furthermore, the crowding-out effect is more obvious in the regions with low land financial dependence. But the economic meaning of empirical results is weak, and the crowding-out effect and the impact of housing prices can be ignored. This means that the supply of affordable housing basically does not harm the welfare of other groups.In general, this study has strong policy implications. On the one hand, China should establish multi-agent supply channels. Collective construction land and idle land owned by enterprises can be used to build affordable housing to ensure the independence of the land supply mechanism. On the other hand, some cities can gradually relax the access restrictions on affordable housing according to the actual situation. They can provide talent housing for college graduates and professional and technical personnel, and provide affordable rental housing for urban “new citizens” and migrant workers, so as to effectively divert the demand for commercial housing and stabilize the price of commercial housing.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"71 1","pages":"49-63"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80737382","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210825.102
T. Wei, Su Fang
Establishing a long-term care insurance (LTCI) system covering the whole people and balancing urban and rural areas is an important strategic plan for China to deal with the aging and disability of the population. Since the establishment of the LTCI system at the national level in 2016, China has 49 pilot areas for LTCI by 2020. Each pilot area is seriously fragmented, and the financing model of LTCI has not yet been finalized. So what is the financing model of LTCI that suits China’s national conditions? In addition, different financing models have their own advantages and disadvantages. The optimal financing model may depend on economic, social and demographic factors. Since the fund funded system does not have the function of mutual assistance in social insurance, this paper limits the financing model of LTCI between the pay-as-you-go system and the mixed system. Which one is optimal for the long-term sustainable development of China’s LTCI? Starting from the evolutionary law of the health status of elderly individuals, this paper explores the operation of China’s LTCI system under different financing models.This paper uses multi-period micro-tracking survey data, through the continuous time homogeneous Markov process and the generalized linear model, to describe the movement law of the health status transition of the elderly in China, and combines the seven census data and the age shift algorithm to calculate the size and structure of the disabled elderly population from 2020 to 2040. Further, based on the social insurance actuarial balance theory, a dynamic actuarial model under the pay-as-you-go system and three mixed systems is constructed to simulate the equilibrium premium rate and payment amount of LTCI for urban employees and urban and rural residents in the next 20 years. The study finds that, in terms of the size of disabled population, the female elderly are the main body of disabled population; the scale of disabled population in urban areas is significantly higher than that in rural areas. The main reason is that rural-urban migration has made urban elderly population larger, and the urban disability rate is higher than that in rural areas. In addition, in terms of funding pressure, the study shows that at any time and under any financing model, the relative payment pressure of LTCI for urban employees is significantly lower than that of urban and rural residents, but the absolute payment pressure is slightly higher than that of urban and rural residents. Finally, in terms of the selection of financing models, this paper believes that LTCI for urban employees should adopt a mixed system, and LTCI for urban and rural residents should adopt a pay-as-you-go system.The contribution of this paper is mainly reflected in two aspects: First, at the level of empirical research, it combines macro and micro data to describe the evolution of the health status of the elderly from the micro level, predicts the size of disabled population in Chi
{"title":"A Research on the Different Financing Models of Long-term Care Insurance in China","authors":"T. Wei, Su Fang","doi":"10.16538/J.CNKI.JFE.20210825.102","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210825.102","url":null,"abstract":"Establishing a long-term care insurance (LTCI) system covering the whole people and balancing urban and rural areas is an important strategic plan for China to deal with the aging and disability of the population. Since the establishment of the LTCI system at the national level in 2016, China has 49 pilot areas for LTCI by 2020. Each pilot area is seriously fragmented, and the financing model of LTCI has not yet been finalized. So what is the financing model of LTCI that suits China’s national conditions? In addition, different financing models have their own advantages and disadvantages. The optimal financing model may depend on economic, social and demographic factors. Since the fund funded system does not have the function of mutual assistance in social insurance, this paper limits the financing model of LTCI between the pay-as-you-go system and the mixed system. Which one is optimal for the long-term sustainable development of China’s LTCI? Starting from the evolutionary law of the health status of elderly individuals, this paper explores the operation of China’s LTCI system under different financing models.This paper uses multi-period micro-tracking survey data, through the continuous time homogeneous Markov process and the generalized linear model, to describe the movement law of the health status transition of the elderly in China, and combines the seven census data and the age shift algorithm to calculate the size and structure of the disabled elderly population from 2020 to 2040. Further, based on the social insurance actuarial balance theory, a dynamic actuarial model under the pay-as-you-go system and three mixed systems is constructed to simulate the equilibrium premium rate and payment amount of LTCI for urban employees and urban and rural residents in the next 20 years. The study finds that, in terms of the size of disabled population, the female elderly are the main body of disabled population; the scale of disabled population in urban areas is significantly higher than that in rural areas. The main reason is that rural-urban migration has made urban elderly population larger, and the urban disability rate is higher than that in rural areas. In addition, in terms of funding pressure, the study shows that at any time and under any financing model, the relative payment pressure of LTCI for urban employees is significantly lower than that of urban and rural residents, but the absolute payment pressure is slightly higher than that of urban and rural residents. Finally, in terms of the selection of financing models, this paper believes that LTCI for urban employees should adopt a mixed system, and LTCI for urban and rural residents should adopt a pay-as-you-go system.The contribution of this paper is mainly reflected in two aspects: First, at the level of empirical research, it combines macro and micro data to describe the evolution of the health status of the elderly from the micro level, predicts the size of disabled population in Chi","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"26 1","pages":"34-48"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72665538","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210813.301
Bian Yuanchao, B. Junhong
For Chinese enterprises, which are in a situation of great change that has not been seen in a century, improving capacity utilization is not only an important way to enhance sustainable viability and comprehensive competitiveness, but also the key to optimize the allocation of social resources and improve economic resilience. Especially in recent years, governments have continuously deepened the supply-side structural reform, promoted the “three removal, one reduction and one compensation”, and regarded the “removal of production capacity” as one of the important tasks to achieve high-quality economic development. However, the overcapacity of Chinese enterprises has not been fundamentally solved, which has become a deep-seated problem hindering the sustainable development of China’s economy. Therefore, identifying the key factors affecting the improvement of capacity utilization of Chinese enterprises and exploring the path of optimizing enterprise capacity decision-making are still an important issue worthy of attention.In recent years, accelerating the regional coordinated development and building a unified domestic market have gradually attracted extensive attention. Governments have successively issued a variety of measures to eliminate local protectionism and market segmentation to promote regional market integration. At the same time, they have accelerated the construction of transportation infrastructure such as high-speed railway and improved the interconnection between different regions. China’s domestic market is undergoing an important transformation from segmentation and fragmentation to integration. In the continuously integrated domestic market, the market space of enterprise products is broader, and the efficiency of resource allocation is improved, which will have an important impact on enterprise capacity decision-making and capacity utilization.From the perspectives of market demand effect and resource allocation effect, this paper investigates the impact of regional market integration on enterprise capacity utilization, and empirically analyzes the effect by using the micro data of Chinese industrial enterprises. It is found that regional market integration significantly improves the capacity utilization of enterprises. Regional market integration not only improves the market demand of enterprise products, but also promotes the effective supply of factors and the optimal allocation of resources, which has a positive effect on the improvement of enterprise capacity utilization. Enterprises with high tax base and high employment contribution and state-owned enterprises are more sensitive to regional market integration; the effect of regional market integration on the capacity utilization of enterprises in heavy industry sector is also higher than that in light industry sector; regional market integration significantly improves the capacity utilization of enterprises in the central and western regions, while the effect in the east
{"title":"Can Regional Market Integration Improve the Capacity Utilization of Enterprises","authors":"Bian Yuanchao, B. Junhong","doi":"10.16538/J.CNKI.JFE.20210813.301","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210813.301","url":null,"abstract":"For Chinese enterprises, which are in a situation of great change that has not been seen in a century, improving capacity utilization is not only an important way to enhance sustainable viability and comprehensive competitiveness, but also the key to optimize the allocation of social resources and improve economic resilience. Especially in recent years, governments have continuously deepened the supply-side structural reform, promoted the “three removal, one reduction and one compensation”, and regarded the “removal of production capacity” as one of the important tasks to achieve high-quality economic development. However, the overcapacity of Chinese enterprises has not been fundamentally solved, which has become a deep-seated problem hindering the sustainable development of China’s economy. Therefore, identifying the key factors affecting the improvement of capacity utilization of Chinese enterprises and exploring the path of optimizing enterprise capacity decision-making are still an important issue worthy of attention.In recent years, accelerating the regional coordinated development and building a unified domestic market have gradually attracted extensive attention. Governments have successively issued a variety of measures to eliminate local protectionism and market segmentation to promote regional market integration. At the same time, they have accelerated the construction of transportation infrastructure such as high-speed railway and improved the interconnection between different regions. China’s domestic market is undergoing an important transformation from segmentation and fragmentation to integration. In the continuously integrated domestic market, the market space of enterprise products is broader, and the efficiency of resource allocation is improved, which will have an important impact on enterprise capacity decision-making and capacity utilization.From the perspectives of market demand effect and resource allocation effect, this paper investigates the impact of regional market integration on enterprise capacity utilization, and empirically analyzes the effect by using the micro data of Chinese industrial enterprises. It is found that regional market integration significantly improves the capacity utilization of enterprises. Regional market integration not only improves the market demand of enterprise products, but also promotes the effective supply of factors and the optimal allocation of resources, which has a positive effect on the improvement of enterprise capacity utilization. Enterprises with high tax base and high employment contribution and state-owned enterprises are more sensitive to regional market integration; the effect of regional market integration on the capacity utilization of enterprises in heavy industry sector is also higher than that in light industry sector; regional market integration significantly improves the capacity utilization of enterprises in the central and western regions, while the effect in the east","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"26 1","pages":"64-77"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76743516","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210917.201
郎旭华, Lang Xuhua, 冒佩华, Mao Peihua
Ensuring both “development and security” is the historical thread of the national governance of the Communist Party of China (CPC). Starting from this thread, based on historical materials, this paper investigates the historical experience and governing logic formed by the CPC in this process, and extracts its unique advantages from the perspective of Marxism, which is of great significance to study the CPC’s positioning and role in financial governing and even the national governance system. However, the existing research lacks the combing and analysis of the CPC’s financial governance practice and logic, and there is little overall and systematic understanding of the CPC’s role in coordinating the relationship between the government and the market. By combing the historical sources of the CPC’s centennial financial governance, this paper examines the unique role and advantages of the CPC in this process, and makes an academic study of this historical experience and governing logic from the perspective of Marxism, forming a ternary relationship framework of the CPC, the government and the market. The research finds that: (1) Financial governance under the leadership of the CPC not only realizes the transformation of financial support for the real economy from individualization and decentralization to collectivization, scale and even integration, but also deepens the recognition of aspect of security from party security, sovereign security to economic security and even overall national security. (2) The deepening of the understanding of “development and security” stems from the advantages of strategic stability, power regulation capability and political mobilization brought by the CPC’s fundamental ideological orientation, strategic goal orientation and core interest orientation. This makes the CPC’s leadership a long-term strategic leadership on the basis of clarifying the power boundary with the two main bodies of the government and the market, forming a unique governance advantage. (3) The unique governance advantage of the CPC promotes the improvement of national governance efficiency through two power paths. That is, the CPC’s strategic stability advantage ensures the continuity and stability of the government’s decision-making, and the advantages of power regulation ability and political mobilization ability enable the CPC to play a role in guiding and balancing interests between the government and the market. The research contribution mainly lies in three aspects: First, this paper analyzes the CPC’s unique advantages from the perspective of financial governance, which is a further enrichment of the existing research. Second, taking “development and security” as the thread, this paper forms the historical context and analytical framework of the CPC’s centennial financial governance history, which fills the gap of the existing research. Third, this paper further develops the ternary governance framework of the CPC, the government and the ma
{"title":"中国共产党在统筹“发展和安全”中的独特优势","authors":"郎旭华, Lang Xuhua, 冒佩华, Mao Peihua","doi":"10.16538/J.CNKI.JFE.20210917.201","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210917.201","url":null,"abstract":"Ensuring both “development and security” is the historical thread of the national governance of the Communist Party of China (CPC). Starting from this thread, based on historical materials, this paper investigates the historical experience and governing logic formed by the CPC in this process, and extracts its unique advantages from the perspective of Marxism, which is of great significance to study the CPC’s positioning and role in financial governing and even the national governance system. However, the existing research lacks the combing and analysis of the CPC’s financial governance practice and logic, and there is little overall and systematic understanding of the CPC’s role in coordinating the relationship between the government and the market. By combing the historical sources of the CPC’s centennial financial governance, this paper examines the unique role and advantages of the CPC in this process, and makes an academic study of this historical experience and governing logic from the perspective of Marxism, forming a ternary relationship framework of the CPC, the government and the market. The research finds that: (1) Financial governance under the leadership of the CPC not only realizes the transformation of financial support for the real economy from individualization and decentralization to collectivization, scale and even integration, but also deepens the recognition of aspect of security from party security, sovereign security to economic security and even overall national security. (2) The deepening of the understanding of “development and security” stems from the advantages of strategic stability, power regulation capability and political mobilization brought by the CPC’s fundamental ideological orientation, strategic goal orientation and core interest orientation. This makes the CPC’s leadership a long-term strategic leadership on the basis of clarifying the power boundary with the two main bodies of the government and the market, forming a unique governance advantage. (3) The unique governance advantage of the CPC promotes the improvement of national governance efficiency through two power paths. That is, the CPC’s strategic stability advantage ensures the continuity and stability of the government’s decision-making, and the advantages of power regulation ability and political mobilization ability enable the CPC to play a role in guiding and balancing interests between the government and the market. The research contribution mainly lies in three aspects: First, this paper analyzes the CPC’s unique advantages from the perspective of financial governance, which is a further enrichment of the existing research. Second, taking “development and security” as the thread, this paper forms the historical context and analytical framework of the CPC’s centennial financial governance history, which fills the gap of the existing research. Third, this paper further develops the ternary governance framework of the CPC, the government and the ma","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"1 1","pages":"4-19"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77014226","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210715.201
Liru Shu, Deng Rui
The high-stage goal of new urbanization is to continuously improve the urban life experience of migrant workers as the main body of integration. This change in subjective perception factors is often based on the mental changes of migrant workers, and the subtle role of culture is also not to be ignored. The continuation of rural customs is often regarded as an unfavorable factor in the urban cultural adaptation of migrant workers, but its impact on the urban life experience of migrant workers has not yet been fully confirmed by experience.By constructing a comprehensive measurement index of rural customs, this article systematically evaluates the impact of rural customs on the subjective life quality, which is an important characterization of migrant workers’ urban life experience, from a theoretical and empirical level with the help of dynamic monitoring data of floating population. The research results show that: After correcting the potential endogenous errors, rural customs have a significant positive impact on the subjective life quality indicators such as life satisfaction, mental health, and social goodwill of migrant workers, which confirms the positive role of the native nature. The mechanism test results show that the retention of rural customs can make migrant workers more actively join the fellow villager associations at work sites. With the help of the resource support and risk-sharing function of cross-regional formal social network, the subjective life quality of migrant workers can be effectively improved. In addition, the promotion effect of rural customs on the subjective life quality of migrant workers will show a certain degree of heterogeneity due to the positive acceptance attitude of urban residents, and there are certain generational differences in this promotion effect. The policy implication of this article is to fully respect cultural diversity, shape the traditional cultural self-confidence of migrant workers, improve the cultural adaptability of migrant workers, and standardize the development of primary social network organizations for migrant workers in cities based on rural culture, which can help this group to better integrate into the urban society while retaining homesickness.The academic value of this article is mainly reflected in the following two aspects: On the one hand, this article strives to transition from focusing on the influencing factors of the cultural identity conversion of immigrants to analyzing the consequences of the rural-urban cultural impact of migrant workers within the integrated rural-modern analysis framework. It provides a possible perspective for studying the effect and mechanism of cultural inertia experienced by migrant workers. On the other hand, this article gives empirical evidence that traditional rural culture affects the subjective life quality of migrant workers, which has a certain reference value for understanding the cultural conflict theory or the cultural adaptation theo
{"title":"Rural Customs and Subjective Life Quality of Migrant Workers: Empirical Research Based on Dynamic Monitoring Data of Floating Population","authors":"Liru Shu, Deng Rui","doi":"10.16538/J.CNKI.JFE.20210715.201","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210715.201","url":null,"abstract":"The high-stage goal of new urbanization is to continuously improve the urban life experience of migrant workers as the main body of integration. This change in subjective perception factors is often based on the mental changes of migrant workers, and the subtle role of culture is also not to be ignored. The continuation of rural customs is often regarded as an unfavorable factor in the urban cultural adaptation of migrant workers, but its impact on the urban life experience of migrant workers has not yet been fully confirmed by experience.By constructing a comprehensive measurement index of rural customs, this article systematically evaluates the impact of rural customs on the subjective life quality, which is an important characterization of migrant workers’ urban life experience, from a theoretical and empirical level with the help of dynamic monitoring data of floating population. The research results show that: After correcting the potential endogenous errors, rural customs have a significant positive impact on the subjective life quality indicators such as life satisfaction, mental health, and social goodwill of migrant workers, which confirms the positive role of the native nature. The mechanism test results show that the retention of rural customs can make migrant workers more actively join the fellow villager associations at work sites. With the help of the resource support and risk-sharing function of cross-regional formal social network, the subjective life quality of migrant workers can be effectively improved. In addition, the promotion effect of rural customs on the subjective life quality of migrant workers will show a certain degree of heterogeneity due to the positive acceptance attitude of urban residents, and there are certain generational differences in this promotion effect. The policy implication of this article is to fully respect cultural diversity, shape the traditional cultural self-confidence of migrant workers, improve the cultural adaptability of migrant workers, and standardize the development of primary social network organizations for migrant workers in cities based on rural culture, which can help this group to better integrate into the urban society while retaining homesickness.The academic value of this article is mainly reflected in the following two aspects: On the one hand, this article strives to transition from focusing on the influencing factors of the cultural identity conversion of immigrants to analyzing the consequences of the rural-urban cultural impact of migrant workers within the integrated rural-modern analysis framework. It provides a possible perspective for studying the effect and mechanism of cultural inertia experienced by migrant workers. On the other hand, this article gives empirical evidence that traditional rural culture affects the subjective life quality of migrant workers, which has a certain reference value for understanding the cultural conflict theory or the cultural adaptation theo","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"16 1","pages":"109-123"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91262034","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 : 2021-11-03DOI: 10.16538/J.CNKI.JFE.20210813.303
Qiang Haofan, Yan Han, Zhang Wencheng, Xia KangKang
Has the establishment goal of China’s government-sponsored venture capital to alleviate corporate financing difficulties achieved? This paper conducts a systematic study on this based on the micro data of listed companies and manually collected government-sponsored venture capital data. The empirical results steadily show that government-sponsored venture capital can effectively alleviate the degree of subsequent corporate financial constraints, thus the Chinese government’s involvement in venture capital activities has been effective and largely achieved the original purpose for which it was established. Furthermore, government-sponsored venture capital with a higher shareholding ratio, multi-joint investments, and higher political levels has a stronger effect on alleviating the financial constraints of funded enterprises. Heterogeneity analysis shows that government-sponsored venture capital has a stronger effect on enterprises in the environment of underdeveloped economy and low institutional quality, enterprises facing high environmental uncertainty and high competition, private enterprises, and enterprises in the period of growth and turbulence, the feature of which is like “timely help”. The mechanism test shows that government-sponsored venture capital can not only significantly reduce the degree of corporate information asymmetry through the role of certification, but also exert the resource effect of political connections, including significantly promoting bank-enterprise relations and the ability of enterprises to obtain trade credit, and increasing the government subsidies that enterprises receive, thereby reducing the financial burden of enterprises and alleviating their financial constraints. The analysis of economic consequences shows that government-sponsored venture capital can significantly reduce the cost of equity capital and debt capital for the external financing of enterprises, helping to improve the problem of expensive financing for enterprises, and contributes to the sound development of enterprises in innovation and operation. However, government-sponsored venture capital has not played an effective role in supervision, and cannot alleviate the principal-agent conflicts of enterprises, especially it will lead to a significant increase in the first type of agency costs, and the increase in executive compensation plays an important role. Therefore, in the future development of government-sponsored venture capital, it is necessary to grasp the degree of “government role” intervention, and improve the supervision and management mechanism of government-sponsored venture capital over enterprises. At the same time, taking into account the uneven development of regions, it is important to provide appropriate and necessary assistance to the development of government-sponsored venture capital in the central and western regions, so as to promote the rapid development of government-sponsored venture capital in the new era.
{"title":"Government-sponsored Venture Capital and Corporate Financial Constraints: Wish-fulfilled or Backfired?","authors":"Qiang Haofan, Yan Han, Zhang Wencheng, Xia KangKang","doi":"10.16538/J.CNKI.JFE.20210813.303","DOIUrl":"https://doi.org/10.16538/J.CNKI.JFE.20210813.303","url":null,"abstract":"Has the establishment goal of China’s government-sponsored venture capital to alleviate corporate financing difficulties achieved? This paper conducts a systematic study on this based on the micro data of listed companies and manually collected government-sponsored venture capital data. The empirical results steadily show that government-sponsored venture capital can effectively alleviate the degree of subsequent corporate financial constraints, thus the Chinese government’s involvement in venture capital activities has been effective and largely achieved the original purpose for which it was established. Furthermore, government-sponsored venture capital with a higher shareholding ratio, multi-joint investments, and higher political levels has a stronger effect on alleviating the financial constraints of funded enterprises. Heterogeneity analysis shows that government-sponsored venture capital has a stronger effect on enterprises in the environment of underdeveloped economy and low institutional quality, enterprises facing high environmental uncertainty and high competition, private enterprises, and enterprises in the period of growth and turbulence, the feature of which is like “timely help”. The mechanism test shows that government-sponsored venture capital can not only significantly reduce the degree of corporate information asymmetry through the role of certification, but also exert the resource effect of political connections, including significantly promoting bank-enterprise relations and the ability of enterprises to obtain trade credit, and increasing the government subsidies that enterprises receive, thereby reducing the financial burden of enterprises and alleviating their financial constraints. The analysis of economic consequences shows that government-sponsored venture capital can significantly reduce the cost of equity capital and debt capital for the external financing of enterprises, helping to improve the problem of expensive financing for enterprises, and contributes to the sound development of enterprises in innovation and operation. However, government-sponsored venture capital has not played an effective role in supervision, and cannot alleviate the principal-agent conflicts of enterprises, especially it will lead to a significant increase in the first type of agency costs, and the increase in executive compensation plays an important role. Therefore, in the future development of government-sponsored venture capital, it is necessary to grasp the degree of “government role” intervention, and improve the supervision and management mechanism of government-sponsored venture capital over enterprises. At the same time, taking into account the uneven development of regions, it is important to provide appropriate and necessary assistance to the development of government-sponsored venture capital in the central and western regions, so as to promote the rapid development of government-sponsored venture capital in the new era.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"5 1","pages":"154-169"},"PeriodicalIF":2.4,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89169298","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}
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