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
During important corporate events, enterprises have a strong incentive to manage the media in order to gain excess returns. By means of manually collecting and organizing media coverage data about listed companies in china between 2000 and 2012, this paper empirically studies collusion between enterprises and the media in affairs of equity refinancing. The results reveal that the positive media coverage on enterprises becomes significantly more frequent in the process of equity refinancing; moreover, the larger the comparative scale of equity refinancing, the more intensely the media hype up enterprises; in a quarter after enterprises' equity refinancing, media coverage on enterprises returns to the normal level. In further research, enterprises are active to release more positive reports to attract investors and make sure refinancing successful in the process of equity refinancing. Besides, the equity refinancing influence stock prices via the media hype; the enhancement of positive media coverage could actually lead stock prices rising, however the price would drop afterwards. These discoveries provide indirect proof of collusion between the media and enterprises.
Based on the 2003-2010 household survey data of National Rural Fixed Observation Point, this paper uses quantile regression and Bootstrap technique to study Chinese farmers’ income gap and its influencing factors. The study has found that the factors affecting farm household income gap are diverse and complex, involving not only microeconomic factors such as human capital, physical capital, financial capital and social capital but also macroeconomic factors such as industry differences, regional division, and institutional policies. Among these factors, human capital, physical capital, financial capital, and non-agricultural employment have reduced farm household income gap; social capital, financial debt, institutional policy, regional development level and other factors have increased farm household income gap. According to the structural decomposition of income data, the factors affecting the income gap vary by the sources of income; the impact on farm household income gap also varies by different factors. Among these factors, the basic education reflected in human capital and the level of regional economic development impacts farm household income gap comprehensively; other factors have structural effects on farm household income gap, only affecting farm household income gap through partial revenue source.
Opinion leader is an influential and important node in social network site and owns much more network relations than others. Scholars mainly paid attention to its identification and influence without discussing its formation in the past. So this paper provides an answer. Firstly we classify the social network into traditional social network and consumer advice network; compared with social network (e.g., WeChat), the consumer advice network (e.g., Meilishuo and Mogujie) is better in information sharing and getting, and it represents the flow of information rather than reflecting the real interpersonal relationship. Based on this, we analyze the impacts of information creation and network structure of the network nodes on establishing network relations and forming opinion leaders. On the basis of the network evolution data for 13 years, our empirical analysis shows that: (1) creating and providing information can increase the probability of establishing relations and accumulate relations significantly, further promoting the formation of opinion leaders; (2) the high-quality negative information has greater effects; (3) the network structure variables like preferential attachment, structural equivalence, reciprocity and similarity can also forecast the probability of establishing potential relations well; and (4) from the final results of network relations evolution, the impacts of information creation and network structure on opinion leaders and non-opinion leaders are different.
In the background of the accelerated pilot reform of China’s mortgage on contracted land management rights and based on the field research data of the Tongxin County, the pilot area of Ningxia Hui Autonomous Region in 2013, this article provides an empirical analysis of the behavioral responses of the rural households in the poor regions who have financing needs to mortgage on contracted land management rights. Compared with the existing literature, by using the approach of direct leading questioning, this article adopted the Poisson Hurdle model to deal with the four quantitative questions including data feature analysis, data truncation, sample selection bias, and endogeneity of variables which are inherent in this type of studies and put forward new ideas to solve the problem of repeated responses to mortgage. The findings are: (1) the investigation of rural households’ response to mortgage on contracted land management rights itself is more valuable than the investigation of the specific times of responses; (2) mortgage on contracted land management rights mitigates the problem of small rural households’ difficulty of financing and small rural households respond more positively to mortgage on contracted land management reform than large rural households. China’s rural financial market is in a crucial period of gradually establishing system, improving market, innovating products. The new features of the current rural households’ behavioral responses to mortgage on contracted land management rights in the poor regions shown by this article will provide reference to China’s rural land finance pilot reform.
Foreign studies have shown that autonomous provisions in corporate bylaws can increase corporate value. However, for a long time in China, the phenomenon of ineffective, similar corporate bylaws is severe and autonomy is limited. The current Corporation Law encourages corporate autonomy and gives more autonomy to listed companies. Listed companies can revise their bylaws in accordance with their conditions, which provides a good opportunity for us to study the effectiveness of autonomy via Chinese listed companies' bylaws. We take companies listed on the A-share markets of Shanghai and Shenzhen during 2005–2012 as initial samples and empirically test the impacts of boards' power over outward investment as specified in corporate bylaws on corporations' investment efficiency. Our study shows that the autonomy via corporate bylaws is effective to some extent. To be specific, reducing the board's power over outward investment can restrict the company's over-investment tendency. This effect is more obvious in state-owned listed companies. However, too limited power can also lead to insufficient investment. Further study shows that state-owned listed companies tend to grant more power to the boards of directors with respect to outward investment mainly for the sake of making up for their insufficient currency remuneration; in non-state-owned listed companies, whether strong control could be achieved affects boards' power over outward investment as specified in the bylaws.
Since the tax-sharing reform, theoretical studies on whether the huge amount of fiscal transfer payments play an important role in the continuous expansion of local government’s expenditure scale or not are still not enough in China. Some foreign papers present four types of hypotheses, for example, “fiscal illusion” to explain the impacts of transfer payment on government scale; however, whether these theories can be applied in China, is still unknown. By introducing the “price effect”—transfer payment can decrease the price of public services, this paper reveals a special mechanism of how general transfer payment generates the “flypaper effect,” that is, “price effect” is the key factor determining that transfer payment can stimulate local governments to increase public expenditure rapidly, which confirms the taxation cost hypothesis. This is verified by the empirical study and robustness tests in multiple dimensions by using China’s county-level data during 2000 to 2007. Our conclusion provides some implications for China’s local taxation system construction and the improvement of transfer payment system.
There are some differences between the political activities performed by Chinese enterprises and what’s discussed in Western literature. Therefore, it is of theoretical and practical significance to carry out empirical studies on the antecedent variables in China. Through analyzing the political activities of 129 private enterprises, this study finds that when entrepreneurs realize the bribing activities of other enterprises around them, they will be influenced and increase their investment in political activities. Taking into account corporate objective characteristics, we find that small-scale businesses are more dependent on the external environment, and thus more responsive to other enterprises’ influence. Taking entrepreneurs’ subjective perception into further consideration, we find the triple interactive effect of bribing activities of other enterprises, firm size and government importance by entrepreneurs’ subjective perception: when entrepreneurs consider government to be important, they will follow their surrounding enterprises to carry out political activities regardless of their firm size; and when they consider government to be not important, small businesses will still carry out political activities, while large enterprises will ignore political activities due to their sufficient legitimacy. This study helps us understand how external environment, corporate objective characteristics and entrepreneurs’ subjective preferences interact to influence corporate political activities.
The paper investigates the cyclicality of capital buffers for the banks in China from the perspective of the capital supplement ability. By analyzing the channels of China’s banks supplementing capital, it classifies the state-owned and joint-stock banks, and city commercial banks into the banks with strong capability in replenishing capital and the banks with weak capability in replenishing capital, respectively. Based on this, the paper applies the annual non-balanced panel data of 16 state-owned and joint-stock banks, and 60 city commercial banks from 2004 to 2012, to test the capital buffer cyclicality for the two types of banks, respectively. The results show that, the state-owned and joint-stocks banks have counter-cyclicality, while the city commercial banks present procyclicality. The deeper analysis discovered the reasons for the differences in the capital buffer cyclicality for the two types of banks are as follows: the better the economic situation is, the higher the proportion of the capital of the state-owned and joint-stock banks to the total assets is; however, that proportion is lower for the city commercial banks. Besides, the paper also finds that the city commercial banks have to reduce credit supply in order to increase the capital buffers, while the negative impact of the state-owned and joint-stock bank capital buffers on credit supply is insignificant.
