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
The relations between the structure and process of top management team (TMT) and organizational performance has attracted extensive scholarly attention, but the question on what kind of structural configuration can improve performance remains unsolved. We argue that to keep TMT effective, three features are important: TMT heterogeneity, power gap and rapport. Our empirical analysis based on China's publicly listed companies provides consistent evidence supporting arguments. The results show that chairman-CEO heterogeneity, power gap, and rapport reflected by tenure overlap are all positively correlated with organizational performance. Our study thus provides a relatively comprehensive model of effective TMT structure and process, which extends and enriches the upper echelon perspective, and has practical implications for management practices.
The booms and busts of a capital market can provoke sensitive nerves of the investors, and cause extreme market volatility and crisis contagion, hence, it is very important to explore the factors and mechanism for market stabilization. This paper uses the special data from the questionnaire survey, experimental tests, web site survey, annual reports and other comprehensive survey from the joint Securities Regulatory Commission of Nanjing University, which were sent out to investigate the overall IRM situation of China's A shares listed company, and empirically tested and analyzed the effect and mechanism of investor relations management on the risk of stock price crash. Our research found, the information functions and management functions of the investor relations management have significant negative relationship with the future stock crash risk, suggesting that in China's capital market, information and organization functions of the investor relations management have a “market stabling effect.” Further mechanism analysis shows, the market stabilization effect mainly comes from the followings: information functions of investor relations management inhibits the internal cause forming stock crash risk (management information disclosure manipulation tendency) and external (opacity of information environment), and organization function inhibits the internal cause forming stock crash risk; Finally, we found that regarding to the stability of a market, the internal control quality and the organization function of investor relation management have complementary relations. The conclusion of this paper has the following important inspiration and guidance values for the listed companies: improving and perfecting investor relations management practices, and preventing the stock market from crashing and having crisis contagion.
“Officialdom being the natural outlet for good merchants” makes the relationship between local government officials who have management experience in enterprises (herein referred to as “political CEOs”) and local economic growth a very significant research subject. But previously, no sufficient study has been done in this area. Through quantitative analysis of the provincial panel data from 1991 to 2012, this paper found that officials who have business background during the market economy period exert a significant positive impact on the economic growth of areas under their jurisdiction, and within a certain range, the longer the tenure is, the more obvious the impact is; but those with business experience during the planned economy period do not have an impact on the economic growth. Moreover, the eastern region is more sensitive to this relationship than the central and western regions, and provincial governor is more sensitive to this relationship than the provincial Party secretary. Another contribution of this paper is that it discussed the influence mechanism of the above results through combining exploratory case study and quantitative test, and it found that officials with business background during the market economy period can bring benefits to the local economy and promote investment growth and manufacturing development through management methods, knowledge, ability and social capital. Conclusions of this paper will provide plenty of implications for the leader exchange between the government and enterprises or public institutions.
Under current rural land system in China, high transaction costs have become a significant obstacle to land circulation. Land right confirmation that started nation-wide pilot implementation in 2011 for the first time issues certificate for contracted land of rural households based on field measurement, laying property rights foundation for large-scale rural land circulation. To discuss the impact of land right confirmation on rural land circulation, we establish a theoretical model, and based on the model use rural household survey data from the 2011–2012 China Health and Retirement Longitudinal Survey (CHARLS) for empirical research. Findings of the article are, with other conditions unchanged, land right confirmation brings an increase of about 4.9% in possibility of rural households participating in land circulation, a rise of 0.37 mu (almost one time) in average volume of land circulation, and a significant increase of land rental rate by 43.3%. Thus rural land right confirmation not only reduces transaction costs and promotes land circulation, but also strengthens intensity of property rights of rural land, hence improving the value of land resource.
From the perspective of expensing or capitalization of the consumption cash expenditure of listed SOEs, this paper investigates the effect of the “Eight Regulations” of the Political Bureau of the CPC Central Committee. This paper finds, after implementing the “Eight Regulations,” for SOEs, the proportion of consumption cash expenditure included in the current administrative and sales expenses decreased significantly, but the proportion included in the current inventory significantly increased. Further study finds, after the implementation of the “Eight Regulations,” the persistence of the expense decline of SOEs is low; and at the same time, the decreased expensing ratio has not led to the future improved performance for SOEs. This means after the implementation of the “Eight Regulations,” by changing the accounting classifications of the consumption cash expenditures, SOEs can partially circumvent the supervision of the “Eight Regulations.”
This paper is aimed at using the comprehensive index for market friction proposed by Hou and Moskovitz (2005) to examine the characteristics and internal mechanisms of the impact of the market friction on the stock returns in the A-share stock markets. The study finds that the stocks with more price delays have lower future returns and that the return of the arbitrage portfolio is up to 1.36% per month. This is not only contrary to the evidence found in the U.S. stock markets, but also hard to explain by the classical theories. This paper offers a new explanation from the perspectives of speculative demand. The price delays indicate that the investors have a lack of response to the public information, and over-rely on the private information. Such behavior would intensify the divergence between the investors over the value of the stocks, stimulates the speculative demands, magnify the value of the resale option of the stocks, and eventually results in an overestimation of the stock prices. Then, this paper confirms that the stocks with greater price delays have stronger characteristics of speculation and that the prediction power of the price delays on the future returns mainly comes from the speculative characteristics of the stocks. This study indicates that, unlike in the U.S. markets, in Chinese markets, the market frictions related to speculative demands have a greater impact on the stock returns than the market frictions related to liquidity and investors recognitions.
Based on the perspective of financial supervision, this paper explains the inner mechanism of the formation of the optimal financial structure and the maximization of social welfare by using the general equilibrium analysis framework, and further analyzes the dynamic characteristics and the economic growth effect of the optimal financial structure. The research shows that, when and only when the medium-sized enterprises are being regulated, the social welfare can achieve maximum, and at this time there exists only one optimal financial structure to match the real economy. However, at different stages of economic development, the optimal financial structure shows the exponential trend of dynamic evolution, and has a decisive effect on the economic growth rate. As a result, the optimal financial structure is not absolute market-oriented or bank-oriented, but it depends on the needs of a country's real economy. On the basis of this, the paper takes the ratios of the total amount of capital formation, the total amount of transactions in the stock market to the bank credit as the measuring index of financial structure, uses the panel data of 96 countries from 2004–2012, including China, and conducts empirical tests of the relations between the financial structure and economic growth. The results show that the economic growth effect of financial structure is significantly positive, and the financial structure is a unidirectional Granger cause of the economic growth. In addition, a variety of theories on financial structures receive the empirical support of tests, and they have complementary relations rather than mutual exclusions.
