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
On the background of global economic integration, developing countries should not pursue excessively the same stylized facts of structural transformation in developed countries. The International division of labor brought about by foreign trade has resulted in the diversity of transformation path of developing countries today. Based on a two-country, three-sector model, this paper analyzes the role of foreign trade in China's structural transformation with the data from China and the US. We find that over the period of 1992–2014, the decline of agriculture sector is mainly driven by domestic factors, while the rapid and persistent growth of manufacturing sector, which is distinguished from the stylized facts of developed countries' historical experience, is greatly affected by foreign trade. However, since the significance of foreign trade is becoming weakened, and the influence of domestic factors is gradually increasing, domestic demand plays a crucial role in China's structural transformation in the long run.
Against the background of an open economy, the connotation of international trade is constantly expanding, and trade relationship of agricultural products among countries is becoming increasingly intricate, so the observation on labor division status in the agricultural value chain in a country requires us to position it in the network of trade relations with other countries. On grounds of data concerning trade of agricultural products in 1996 to 2013, this paper starts by deploying social network analytical method to probe into holistic pattern of global trade of agricultural products and depicts characteristics featured by trade network of agricultural products in a country from three dimensions covering network centrality, network connection intensity and network heterogeneity. Analysis result indicates that evolution of global trade network of agricultural products is a progressive course and characteristics of trade network in a country shows skewed distribution. On this basis, this paper further conducts an empirical study to verify the impacts of the characteristics of trade network of agricultural products on its labor division status in the agricultural value chain. Research results indicate that network centrality, network association strength, and network heterogeneity display steady and evident facilitation on labor division status in the global agricultural chain in a country.
There is a popular view that the preservation of socioemotional wealth inhibits the family business innovation investment. This paper combines the behavioral logic of short-sighted loss aversion with the classification of social affection wealth, and proposes that only restricted socioemotional wealth can restrain the innovation investment of the family enterprises, and that extended socioemotional wealth will promote the innovation investment of family enterprises. The roles of two types of socioemotional wealth in China are also affected by the transitional institutional context. Based on the 9th private enterprise sample survey, empirical research results of 480 manufacturing enterprises show: there is a significant negative effect on enterprise’s R&D intensity due to family control intention; while family inheritance desire enhance corporate R&D intensity, the degree of marketization weaken the negative effect of family control intention, and the entrepreneur’s political connections weaken the positive effect of family succession intention. The results suggest that different socioemotional wealth has different effects, and that the formal institution can weaken the short-term orientation of restricted socioemotional wealth, while political connections weaken the long-term orientation of extended socioemotional wealth. This means that to guide the family business to increase investment in innovation, on the one hand, we must guide the family to strengthen long-term commitment; on the other hand, we need to perfect the formal institution, and we cannot rely too much on the informal institution of private assistance.
Based on the sensitivity of “investment to short-term financing and the constructed variable of “short-term financing, long-term investment,” this study first verifies the existence of the aggressive financing strategy of investment with short-term financing in Chinese firms and finds that it has a seriously negative influence on corporate performance, indicating that it is an alternative mechanism in response to the financial repression, rather than a self-selected decision based on firms’ own characteristics. The increasing moderation of monetary policy adjustment not only can reduce the aggressive financing strategy directly, but also play a mitigating role on the negative association between the aggressive financing strategy and corporate performance. Further analysis reveals that such financing strategy could negatively affect corporate performance mainly by exacerbating operating risks, causing inefficient investment, and increasing financial distress. Regarding the nature of property rights, such aggressive financing strategy is more severe in non-state-owned firms and the effect of the moderate adjustment of monetary policy is more significant. This study helps explain the reasons of increasing risks of the real economy and the effects of monetary policy adjustment on those risks, which also contributes to the explanation of the “escape” phenomenon of the regional entrepreneurs in China.
This study adopts a quasi-experimental method, designing the sample size for treatment and control groups, setting up a large sample of 1356 households before and after project intervention, using peasant household asset index and household scorecard index, which are two stable indices of poverty, to filter out time effect measurement errors, and utilizing difference-in-differences, propensity score matching and panel regression methods to quantitatively analyze the net contribution to rural poverty reduction from the UN International Fund for Agricultural Development (IFAD). It finds that IFAD project intervention (1) significantly reduced China’s rural poor population, with 387,646 individuals in nine provincial regions brought out of poverty during the project implementation period; (2) had a significant positive influence on household total assets and poverty index; and (3) significantly increased the empowerment of the poor and status of women, food security and agricultural efficiency, and natural resources, environment, and risk resistance. Based on the above findings, corresponding policy recommendations are put forth to accurately and precisely reduce poverty in China.
This paper adopts the micro household data of 2003 to 2010 from national rural fixed observation point, uses the identity of the Party member and cadre as the index, and establishes an econometric mode based on the DID method, with the aim to study the impact of political identities on farmer income as well as its trends. It is found that the average per capita income of political identity households were 19.38% higher than that of non-political identity households, with 5.84 percentage points as the contribution of political identity (income effect). The income effect of rural cadre households is the strongest (7.73%), followed by the national cadre households (6.05%), and the Party members households is the weakest (3.94%). The contribution rate of political identity to the overall income inequality among farmers is 0.48%, which is not the main reason for income inequality in China’s rural areas. The income effects of political identity mainly come from the salaries of national employees, as well as non-labor income such as property income and transfer payment income. The promotion of marketization level only changes the income effect of political identity on all kinds of structural income, but has no significant influence on the income effect of total income. Thus, it is an important task for Chinese rural governance and rural stability to build and cultivate a sound rural market economic system, to regulate and reform rural political governance structure and mode, to suppress the rent-seeking activities and the income effect of them of political identity households, especially rural cadre households
This paper investigates the relation between reputation of independent directors and the earnings quality of Chinese listed firms. Based on the sample of Chinese non-state-owned listed enterprises between 2007 and 2012, it investigates the influence of independent directors’ reputation on the earnings quality from the perspectives of independent directors with accounting background. The analysis shows that the reputation of independent directors with accounting background has a significant and positive effect on earnings quality. This relationship is more eminent for the independent directors who served as the chairmen of the audit committee, employed by firms with severe tunneling from majority shareholders, and employed by firms in regions with slow marketization process. Our findings are robust when different measures of earnings quality, different measures of reputation are employed and the endogeneity problem is controlled. The findings show that the independent directors with accounting background and of high reputation can play an active role in corporate governance and improve the earnings quality. The paper provides a new perspective for studies of independent directors’ reputation. It suggests that the reputation mechanism can encourage independent directors to maintain their independence, improve corporate accounting information disclosure quality, and thus protect the interests of minority shareholders, which effectively complements the undeveloped corporate governance and investor protection mechanisms in China.
