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25 August 2021, Volume 0 Issue 4 Previous Issue    Next Issue

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The Influence of Internet Use on Household Financial Investment and Its Mechanism — Evidence from CFPS2018 Zhang Yongqi, Shan Depeng 2021, (4):  5-15.  doi: 10.16716/j.cnki.65-1030/f.2021.04.001 Abstract ( )   PDF (827KB) ( )   Save Financial market participation is the core issue in the field of household finance. Based on CFPS2018 data, this paper empirically studies the impact of Internet use on household financial market participation. The study finds that the use of Internet channels can not only significantly improve the participation probability and investment scale of the financial market, but also have a significant positive impact on the allocation rate of household financial assets. After the instrumental variable method was used to alleviate endogenicity problems and the birobust IPWRA model and PSM model with corrected sample self-selection bias were used for robustness tests, the core research conclusions remained significant. The heterogeneity study found that the positive influence was more obvious in the farmers in the regions with high income, low housing price and developed e-commerce. The analysis of function channels shows that the use of the Internet can indirectly drive the financial investment of households by increasing factor input, broadening information channels, expanding social groups and enhancing social trust. It is of great practical significance for accelerating the digital rural strategy to further explore the role of Internet use in promoting the financial investment of rural households. References | Related Articles | Metrics

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Paradox of "Poverty Alleviation Sheep"—Based on the Perspective of Asset-based Poverty Trap Chu Xinyuan, Lu Aizhen, Qiu Wei 2021, (4):  16-26.  doi: 10.16716/j.cnki.65-1030/f.2021.04.002 Abstract ( )   PDF (2636KB) ( )   Save This paper uses CFPS 2010-2018 household tracking survey data to construct statistics based on the "probability of negative income growth" to verify whether there is an asset-based poverty trap in rural China. The test results show that there is no poverty trap in rural China, and the elasticity of rural household capital output continues growth and the insignificant difference in the technical level of families with different levels of wealth are the reasons why the poverty trap does not exist. When there is an asset-based poverty trap, the gratuitous aid represented by "poverty alleviation sheep" is indeed an efficient way of poverty alleviation. However, when this strategy is applied to the actual situation in rural China, under the influence of the law of diminishing marginal returns of production factors, the input of material assets will become relatively unimportant and can only show short-term effects. At the moment of the epidemic, from the perspective of curbing the return to poverty in the short term, priority should be given to increasing the production assets and self-use assets of rural households. Sustained poverty alleviation and rural revitalization also need to find endogenous causes of poverty. References | Related Articles | Metrics

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A Study of Relationship between Manufacturing Service and Foreign Trade:A Literature Review Sheng Xinyu, Xu Xiaojun 2021, (4):  27-37.  doi: 10.16716/j.cnki.65-1030/f.2021.04.003 Abstract ( )   PDF (839KB) ( )   Save The researches on the relationship between servitization in manufacturing and foreign trade progressed smoothly and made evident progress. It is of great theoretical significance to further researches that grasp the connotation and quantitative method of servitization in manufacturing and understand the important viewpoints of the typical literature. This paper reviews the typical literature of servitization in manufacturing and foreign trade and finds that scholars had given the definition of servitization in manufacturing based on product perspective, business perspective and input-output perspective, and provided the quantitative method. The conclusion of the typical literature is that there is an inevitable relationship between servitization and foreign trade, servitization in manufacturing can promote export expansion and competitiveness and improve the division of labor behavior in global value chain, but the influence of servitization is in the characteristic of heterogeneity. Service imports especially producer service imports is the power that can promote servitization in manufacturing. For further study, we can do much more on the topic of servitization and high quality development of China's foreign trade,research on the threshold of servitization's influence and the impact of advantages of tangible and intangible elements from service imports on servitization in manufacturing. References | Related Articles | Metrics

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A Game Study of Supervision of Central and Local Governments in the Process of Mineral Resources Exploitation Zhu Xiao 2021, (4):  38-48.  doi: 10.16716/j.cnki.65-1030/f.2021.04.004 Abstract ( )   PDF (3391KB) ( )   Save In the process of mineral resources development, the regulatory relationship between the central and local governments has always been the focus of social attention. Through the establishment of evolutionary game model and analysis of dynamic game model, it is found between the central and local government behavior evolution characteristics and the key factor reaches a stable equilibrium state. The optimal stability strategy of the evolutionary game model is obtained through numerical simulation analysis with Matlab. The research results show that the epicenter in the two levels of government regulation strategy can achieve stable equilibrium depends on both in the process of game of net profit, cost of cost, supervision of the central government and the local government in the process of game lost opportunity cost, at the same time game both sides of the initial state of stable equilibrium state also has certain influence; Central to two levels of government in the process of game to take the best strategy for {negative supervision, actively perform}. Finally, some effective policy suggestions are put forward for the central and local governments to supervise mineral resources. References | Related Articles | Metrics

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Does Executive Incentive Boost Charitable Foundation Donation Income?—Based on the Analysis of the Mediating Effect of Foundation Information Transparency Xu Jianling, Zhou Zhiyuan, Hong Jiao 2021, (4):  49-60.  doi: 10.16716/j.cnki.65-1030/f.2021.04.005 Abstract ( )   PDF (839KB) ( )   Save This paper takes the charity foundations published by China Social Organization Network from 2013 to 2018 as samples, and makes an in-depth discussion on the relationship between executive incentive of foundations and their donation income. Meanwhile, the intermediary role of information transparency of foundations is also investigated. The research finds that executive incentive is significantly positively correlated with the donation income of charitable foundations, and the transparency of foundation information plays an intermediary role in the incentive of executive incentive to promote the acquisition of donation income of foundations, and this relationship mainly exists in public foundations. Further study found that when the foundation showed high performance, executives were more willing to improve transparency to obtain more donation income, namely, the mediating effect was more significant. This paper expands the role of salary incentive mechanism in charity organizations and provides experience support for charity foundations to develop appropriate talent incentive and management system. References | Related Articles | Metrics

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"the Belt and Road" Initiative and Chinese Household Consumption Structer Upgrading—Based on a Quasi -Natural Experiment Using Difference -in -Difference Model Analysis Liu Yufei, Chang Xiaokun 2021, (4):  61-69.  doi: 10.16716/j.cnki.65-1030/f.2021.04.006 Abstract ( )   PDF (875KB) ( )   Save This paper regards "the Belt and Road" Initiative as a quasi -natural experiment and uses the difference-in-difference model to study the impact of "the Belt and Road" Initiative on Chinese household consumption upgrading. The result illustrates that "the Belt and Road" Initiative has significantly boosted China's household consumption structure from survival to development and enjoyment. The above conclusion is still robust after changing the explanatory variables that measure consumption structure. Additionally, "the Belt and Road" Initiative is mainly driven by the increase in the proportion of consumption expenditure for medical care consumption, while the impact on consumption of transportation,communications, culture, education and entertainment is positive, but it is not significant during the sample period. Furthermore, "the Belt and Road" Initiative is mainly to promote the change of urban residents' consumption structure from survival to development and enjoyment, however, it has a greater effect on rural residents in reducing food consumption expenditure. All in all, this paper expands the research framework of "he Belt and Road" Initiative policy and the realization of domestic and international double circulation in the post-epidemic era, which may be a good reference for follow-up policy decision-making. References | Related Articles | Metrics

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A Study of Early Warning of Systemic Financial Risk in Kazakhstan–An Analysis Based on Financial Pressure Index Zuo Zhenglong 2021, (4):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2021.04.007 Abstract ( )   PDF (2373KB) ( )   Save Taking the data in Kazakhstan as the sample, this paper selects representative synchronous variables in four subsystems such as external financial market, stock market, banking and macroeconomic fundamentals. Based on the CRITIC empowerment, the financial stress index is obtained as dependent variable by using the three-level indices through three-time Synthesis. Taking the variables of macro-economic and monetary credit policy, the indices of international economic relations and trading partner countries, and the lagged dependent variable as independent variables, the optimal prediction equation of systemic financial risk is constructed by using the stepwise regression method and the practical risk early-warning index system in Kazakhstan has been established, and by using it the risk status in Kazakhstan has been predicted. The results show that the synthetic total stress index has the characteristics of periodic change. The stress prediction results from July 2018 to July 2019 show that the total stress is decreasing with increasing amplitude. By identifying the stress periods, Kazakhstan is basically in a moderate stress period and began to decline to a relative safety one in the forecast period. On the whole, the forecast results are in good agreement with the economic and financial development reality in Kazakhstan. References | Related Articles | Metrics