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25 April 2021, Volume 0 Issue 2 Previous Issue    Next Issue

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An Evaluation on the Demand Substitution Effect of High-speed Rail：Based on Nationwide Network Weng Jin, Xiao Jiaying, Li Xin 2021, (2):  5-16.  doi: 10.16716/j.cnki.65-1030/f.2021.02.001 Abstract ( )   PDF (984KB) ( )   Save This paper uses GIS to calculate the demand substitution effect of high-speed rail on aviation and highway after the completion of the "eight vertical and eight horizontal" high-speed rail network, and to quantitatively evaluate the impact of high-speed rail network on travel efficiency and environmental benefits. The results show that high-speed rail has a significant substitution effect on highway and aviation, replacing 31.65% of the road market share and 12% of the aviation market share. The elastic coefficient of high-speed rail is much larger than the that of aviation and highway, and is the only one greater than 1. More importantly, the construction of the high-speed rail network will trigger the effect of "cut-off". Among aviation and highway, 50.4% of the reduced passenger volume and 46.1% of the reduced turnover volume are attributed to the "cut-off" effect. High-speed rail can also improve travel efficiency and enhance environmental benefits by reducing the total carbon emissions in the operational stage. Different from previous studies on single high-speed rail lines or local areas, this study takes the global network between 337 prefecture-level cities in mainland China as the research object and considered the multi-modal transportation network including aviation, highways, and high-speed rail. Therefore, the results are more realistic. References | Related Articles | Metrics

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A Research on Tourism Synergistic Development Network Evolution and Influencing Factors of Beijing-Tianjin-Hebei Region Shan Chen, Chen Yidan 2021, (2):  17-28.  doi: 10.16716/j.cnki.65-1030/f.2021.02.002 Abstract ( )   PDF (2194KB) ( )   Save In this paper, 13 cities in the Beijing-Tianjin-Hebei Region are selected as research objects, based on Membership Function Coordination Model (MFCM), the tourism synergistic development degree was measured; the social network analysis method (SNA) and Exploratory Spatial Data Analysis (ESDA) tools were employed to study the spatial evolution characteristics of tourism synergistic development; then the influencing factors was studied by the Grey Correlation Analysis (GCA). The result showed: during the inspection period, the tourism synergistic development degree increased significantly, and the regional network has basically formed. The coordinated development of tourism among cities in the Beijing-Tianjin-Hebei region has been significantly improved; The Tourism Synergistic Development Network density increased; Cities such as Qinhuangdao, Zhangjiakou and Chengde were the key areas which promote the synergistic development of the Beijing-Tianjin-Hebei region; From the regional characteristics, the spatial structure of the research area presented the pattern that south was relatively sparse, and north was densely. There is a significant positive spatial correlation between cities within the region, while the spatial aggregation situation showed a increasing trend year by year. Judging from the research conclusions of Gray Correlation Analysis, ecological environment is the primary factor affecting the coordinated development of tourism, innovation ability has an important impact on improving the level of tourism synergistic development. References | Related Articles | Metrics

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Banking Connection,Regional Financial Development and Executive Compensation Chen Jiping, Cui Haojie, Wang Shuai 2021, (2):  29-39.  doi: 10.16716/j.cnki.65-1030/f.2021.02.003 Abstract ( )   PDF (911KB) ( )   Save By using A-share listed enterprises during 2012-2019 in China, this paper empirically studies relationship between banking connection and executive compensation. The study has found that banking connection could improve the level of executive compensation, and it is more significant in higher-hierarchy banking connected enterprises. It also finds that the level of regional financial development will affect the role of banking connection in executive compensation pricing. Executive compensation will be improved more significantly after building higher-hierarchy banking connection in areas of lower financial development level. Further research its mechanism, the paper finds that alleviating financing constraints has a significant indirect effect on improving executive compensation. This paper explores the factors influencing executive compensation from the perspective of informal institution of bank association, which provides empirical evidence for the design of executive compensation contracts. References | Related Articles | Metrics

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Reflections on Local Financial Investment to Support Independent Innovation of Enterprises in China Hu Shaoyu 2021, (2):  40-48.  doi: 10.16716/j.cnki.65-1030/f.2021.02.004 Abstract ( )   PDF (1150KB) ( )   Save Based on the basic theory of enterprise independent innovation and that of local financial input, this paper analyzes the current situation of local financial investment supporting the independent innovation of enterprises in China. It also points out that there are still some problems such as the lack of top-level design, unreasonable investment structure and imperfect growth mechanism. Therefore, this paper suggests strengthening the top-level design, optimizing the structure of local financial science and technology investment, building a stable growth mechanism of local financial scientific and technological investment, and actively introducing performance evaluation mechanism; optimizing the tax preferential system, broadening the policy support for independent innovation of enterprises; further completing the government procurement system and applying it to the technological innovation activities of enterprises in China; building a state-owned capital management budget system, and strengthening the scientific and technological innovation capabilities of local state-owned enterprises, so as to improve the system and mechanism of local financial input to support independent innovation of enterprises in China. References | Related Articles | Metrics

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A Study of the Effect of "Tax Wedge" on Regional Employment Level Li Yonghai, Hu Shan 2021, (2):  49-58.  doi: 10.16716/j.cnki.65-1030/f.2021.02.005 Abstract ( )   PDF (1476KB) ( )   Save As the primary content of "six priorities"and stability in six areas, it is of great practical significance to stabilize the employment of residents. Under the background of increasing tax reduction and fee reduction, the high rigid cost of enterprises is still a prominent problem that hinders the steady development of enterprises. "Tax wedge" as an important indicator to measure the operating cost of market entities, also has an important impact on the employment of local residents. Firstly, this paper calculates the "Tax wedge"of various regions in China from 2008 to 2018, and concludes that the national average level is 33.4%, in which the enterprise burden and social insurance payment burden account for the main share. This paper further uses the fixed effect model to investigate the effect of "Tax wedge"on employment level, and concludes that "Tax wedge"will lead to the decrease of employment rate and the increase of unemployment rate. Therefore, it is necessary to further reduce the social security payment burden of enterprises, implement the current tax reduction and fee reduction policy, unify the national social security payment proportion, and improve the social security collection and payment, so as to enhance the vitality of regional market entities and stabilize the employment level of residents by reducing the "Tax wedge". References | Related Articles | Metrics

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Promotion Effects of China's Loans on Economic Development of Countries along the Belt and Road—An Empirical Analysis Based on 24 Countries Along the Belt and Road Du Xiaorong, Zhou Jing 2021, (2):  59-70.  doi: 10.16716/j.cnki.65-1030/f.2021.02.006 Abstract ( )   PDF (2149KB) ( )   Save In order to refute the faulty statement that China has led the countries along "the Belt and Road" (CBR) into "debt trap", the debt data for the 24 CBR are collected. It is found that measured by the ratios of the debt of the CBR to China to their GDP, the average annual debt burden of CBR is so much low. And empirically, there exists positive correlations between loans from China and CBR's economic growth, which demonstrates that loans from China to the CBR has promoted their economic growth. At the same time, the debt structure of the CBR shows that although the ratios of the debt of the CBR to China in their total foreign debt is increasing, so far, such debt structures are also driving their economic growth. And such feature is more obvious in the countries with high sovereign credit risk. These conclusions will help China put forward the CBR further to abstract more countries joining to the "Dual Circulation" Strategy. References | Related Articles | Metrics

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A Spatial Econometric Study of the Impact of the RMB Exchange Rate on China's Foreign Direct Investment—Taking Countries along"the Belt and Road"as an Example Hu Ying, Sun Di 2021, (2):  71-80.  doi: 10.16716/j.cnki.65-1030/f.2021.02.007 Abstract ( )   PDF (1182KB) ( )   Save China's direct investment in countries along the "Belt and Road" is relatively risky, and operating risks caused by changes in the RMB exchange rate are one of them. This paper selects 44 countries along "the Belt and Road" to construct a spatial econometric model using panel data from 2003 to 2018, and uses stata15.0 and matlab2018 software to empirically test the impact of the RMB exchange rate on China' s OFDI. The results show that the appreciation of the renminbi significantly promotes China's OFDI in countries along the route; the size of the host country's market, the level of openness, and the degree of corruption control are important factors affecting China's OFDI; China's OFDI in countries along "the Belt and Road" is spatially related and there is a positive third country effect. The paper suggests that Chinese companies should pay attention to the risk of RMB exchange rate changes and reasonably use hedging tools; it is recommended to consider the market size, openness and corruption control levels of countries along the route, select key countries and formulate appropriate investment plans; optimize the space for key countries along the route layout, realize the spatial agglomeration of OFDI around key industries, and form the industrial chain cooperation of countries along the route. References | Related Articles | Metrics