Management World is supervised by Development Research Center of The State Council, and sponsored by Development Research Center of The State Council. It aims to reflect the multi-field and multi-disciplinary research on China’s economic and social management issues, and to provide services for China’s economic reform and development. Its scope covers fiscal and financial research, rural economics, macroeconomic management, public management, business management, industrial and regional development. The journal, included in CSSCI and JST, has been in the top list in the field of economic management for many years, and achieved a very high reputation from readers all over the world.
Editor-in-Chief Li Kemu
Deputy Editor-in-Chief Tian Yuan,He Shaohua, Lu Jian, Jiang Dongsheng
Editorial Board Ma Xiaogang, Qiao Renyi, Li Jiping, Li Menggang, Li Peiyu, Zhang Xinmmin, Shen Bainian, Chen Dongsheng, Cheng Quansheng, Zhao Jie,Tuo Zhen
This paper uses the case of Suntech Power as an example to discuss whether a comprehensive Board of directors （hereinafter referred to as BoD） system will necessarily bring ideal governance outcomes. Our analysis shows that the fail of Suntech Power mainly related to unreasonable affiliate transaction, major decisive mistakes, and administrative negligence, while Suntech Power had model BoD system with great independence, professional background and proper constitution. Our discussion tends to believe that the BoD of Suntech Power did not exert its function of decision making and supervising. A further comparison among China concept stock companies, which listed in the US stock markets, shows that even BoD systems operating under the strict regulations cannot prevent some companies from operational failure. Based on our analysis, this paper proposes the BoD puzzle, namely, according to current literature, whether BoD can exert decision making and supervising function and what effect BoD can exert are the questions that remain to be answered.
Based on the microscopic study of the effects of the transportation infrastructure on economic growth, this essay builds a framework of the fixed effect model that incorporates a spatial dimension analysis using the panel data of Chinese manufacturing enterprises from 1998 to 2007, to estimate the spatial spillover effects of the provincial highway infrastructure on business inventories. By recognizing the causal relationship behind this effect, through a quasi-natural experiment, the study provides microscopic evidence for the existence of spatial spillover effects of China’s transportation infrastructure and its causal relationship. The results show that China’s provincial highway infrastructure has significant spatial spillover effects on business inventories; the average elasticity estimate is -0.087, which is about 1.5 times the effect of the provincial highway infrastructure. In addition, we also found that during the sample session, the provincial highway infrastructure did not significantly reduce the business inventories in the state-owned enterprises and inland enterprises; and China’s highway infrastructure is also noted to have more significant spillover effects in the latter part of the sample session.
In this paper, we have studied the relationship between entrepreneur’s moral behavior, and consumer’s mental association and behavior intention. From the cultural perspective of differential mode of association, we divided entrepreneur’s moral behavior into public and private moral behavior and used Five Cardinal Relations as the boundary to differentiate the two moral behaviors. By the method of situational experiment, we examined consumer’s mental association on entrepreneur’s public and private moral behavior as well as consumer’s reaction. Results show that in the aspect of enterprise association, public moral behavior triggers the consumer’s mental association on enterprise social responsibility under the influence of cultural influence of differential mode of association, while private moral behavior triggers an association on enterprise production capacity. In the aspect of purchasing intention, private moral behavior significantly improved consumer’s purchasing intention, while entrepreneur’s moral behavior can have the same effect only when providing the clue of the product quality.
This paper aims to judge the evolutionary trend of China’s social mobility according to social status and the annual virtual variable interaction regression coefficient by using CGSS and CLDS pooled cross-section data. This paper first uses the subjective method to measure the social status index (self-evaluation). The estimated results of the maximum likelihood show that the impact of family social status on the filial generation was significantly reduced in 2010 and 2012 compared with 2008, while the regression results of the two-stage least squares by using instrument variables show that the impact of family social status on the filial generation was also significantly reduced in 2012 compared with 2010. Then this paper uses the objective method to measure the robustness of the ISEI. The empirical results show that the impact of the father’s socio-economic status on the filial generation was successively significantly reduced in 2006, 2008 and 2010. The consistence of the empirical results obtained by using the subjective method and the objective method has proved the upward changing trend of China’s social mobility in this period. Lastly, this paper further, by using the structural equation model, deeply analyzes the main ways in which the filial generation obtain their social status and the elder generation affect the filial generation, that is, in descending order of importance, education, joining the Party, finding a job in the institutional unit, and starting business.
Under the current tax-sharing fiscal system, land grant is an important channel for local governments to relieve their fiscal gap pressure. This paper studies the role of state-owned enterprises (SOEs) in granting land when local governments face fiscal gaps by using urban panel data of 149 Chinese prefecture-level cities between 2003 and 2010 and combining China Industry Business Performance Data between 2003 and 2008. The basic conclusion of this paper is, when facing with comparatively high fiscal gap, local governments will increase land grant to SOEs at a comparatively low price. When there is a slowdown in economic growth and local government uses fiscal policies to stimulate economy, the widened fiscal gap will lead to higher proportion of urban agreement land grant by cities with a higher proportion of SOEs. From the perspective of mutual benefits, SOEs can obtain more cheap land as investment, and thus enhance operation revenue of the enterprise. Meanwhile, local governments will acquire more tax revenue due to an enhanced investment from SOEs.
RMB exchange rate volatility is affected by not only economic factors but also political factors at home and aboard. This study firstly analyzes the transmission of the effects of political cycles to RMB exchange rate, and then builds a model for the spillover effects of political cycles. After empirical analysis, we get the following findings. (1) US political cycles have direct effects on RMB exchange rate in the short run, and such effects are mainly transmitted via regulation and capital flow. (2) The RMB appreciation rate changes periodically in accordance with US presidential election and mid-term election. It significantly decreases in the first year after a new US president takes office, but significantly rises in the first year after the mid-term election. (3) Though the effects of US political cycles are not affected by the change of the party in power, they are greatly affected by the unity of the US President and Congress, namely that whether the two branches are controlled by the same party. This study not only extends the research on the influencing factors of RMB exchange rate to the political field, but also builds a new model to analysis the impact of political factors on RMB exchange rate volatility, thus providing a new line of thinking for fully understanding the external environment of the RMB exchange rate reform.
Combining the two trends of trade globalization and RMB internationalization, against the background of RMB appreciation for up to eight years, and starting from vertical specialization and currency of invoice, this paper, by building a DSGE model of the open multilateral economy, investigates the pricing-to-market (PTM) behavior adopted by the export enterprise in face of the impact of RMB appreciation. The research has found: (1) in the case of trade products denominated in US dollars, when RMB appreciates, export enterprises all take a certain degree of PTM behavior, and the higher the degree of vertical specialization is, the greater the ability of export enterprises is to stabilize the export prices denominated in local currencies in foreign markets by taking a larger degree of PTM behavior; (2) even in face of the same impact of RMB appreciation, if the source country of the imported intermediate products is different from the destination country of the exported final products, the export enterprise is still incapable of adopting a high degree of PTM behavior, even if its vertical specialization degree is high; and (3) further considering the developing trend of the increasingly higher proportion of RMB settlement in China’s foreign trade, the comparison between RMB invoicing and US dollar invoicing shows that in the short term the export enterprises adopting RMB invoicing have a lower degree of PTM than those adopting US dollar invoicing. That means in the short term the export enterprise adopting RMB invoicing can better pass through the shocks of RMB appreciation; in the long run, however, there is no obvious difference between the two.
