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
Industrial transfer is an important way to optimize the spatial distribution of production factors and promote balanced development between regions. Different from previous research, this paper creatively constructs an industrial transfer index reflecting both scale and direction, and draws the industrial transfer map of labor, capital and technology-intensive industries based on the estimated results. Then the spatial characteristics of China’s manufacturing industrial transfer is summarized. Meanwhile, the agglomeration index based on the industrial linkage is designed, to estimate and compare the agglomeration level of manufacturing industries between the transfer-in and transfer-out regions. Furthermore, with the sample of 30 Chinese provinces (including municipalities directly under the central government and autonomous regions) from 2004 to 2013, the intermediate mechanism of the influences of industrial transfer on the regional economic development through the factors agglomeration is tested. The results show that, with the increasing difference of regional cost, the “low-lying land effect,” transferring to the surrounding developing regions, appears in the manufacturing industries of coastal developed regions. While the production factors of manufacturing industries in central and western provinces continuously gather to the regional economic center, forming new comparative advantages. The degree of manufacturing agglomeration keeps rising from 2004 and that of the transferring regions is obviously higher than the transfer-in destination. Finally, the interaction between industrial transfer and factor agglomeration has a significant impact on regional economic development. The immigration of traditional manufacturing not only improves the productivity of destination regions, but also increases energy consumption and pollutant emissions. Conversely, the transfer-out of manufacturing reduces the labor-productivity of transferring regions, but benefits to energy saving and emission reduction.
Why can enterprise groups continue to grow and develop in developing countries? An important reason for this lies in that the risk-sharing mechanism of enterprise groups can replace some of the beneficial functions of markets in developed countries and make up for the weaknesses of markets in developing countries. In order to verify the risk sharing hypothesis, this paper selects the corporate bonds circulating in the bond market of China’s stock exchanges from 2011 to 2015 as the research object. Through research, it is found in this paper that when the controller has a better financial position or has a better financial position relative to the company, investors may predict that the resources will flow from the controller to the company, which can decrease the cost of corporate bonds; on the contrary, when the controller has a poor financial position or has a poor financial position relative to the company, investors may predict that the resource will flow from the company to the controller, which can increase the cost of corporate bonds. In addition, it is also found in the paper that the lower the uncertain risks of the company are, the weaker the negative correlation between the financial position of the controller and the cost of corporate bonds is. The enlightenment of this paper is that the market institutional environment can have a big impact on the organizational form of enterprises, and therefore it is inappropriate to blindly copy the experience of developed markets such as the United States.
It is of great significance to clarify a firm’s global production chain position to analyze the role evolution of Chinese firms in international division of labor, and realize the industrial upgrading and firm growth. At the micro level, the paper studies the position and change mechanism of Chinese firms’ global production chain position. The results indicate that from 2000 to 2008, the export production chain position of Chinese firms improved a little, while the import production chain position improved a lot. Among them, the firms of processing trade, state-owned firms and firms in the east region are the main drivers to promote the global production chain position improvement. After structural decomposition of the global production chain position change, we find that the export production chain position change is mainly led by the upgrading effect of industrial chain, while the import production chain position change is jointly led by trade structural effect and industrial chain upgrading effect. To further examine the mechanism of the firm’s production chain position change, we find that introduction of foreign investment, total factor productivity and country difference of import and export are all the important reasons influencing the position change of firms’ global production chain.
Based on the natural experiment of granting of the status of Permanent Normal Trade Relations (PNTR) to China by the United States after China’s accession to the WTO, this paper adopts a difference-in-difference method to empirically investigate the impact of trade policy uncertainty (TPU hereafter) on firm saving behavior. We find that TPU reduction significantly reduces firm savings rates, and such an impact is stronger after China’s accession to the World Trade Organization (WTO). The further mechanism tests show that the promotion effect of TPU reduction on firm value added is larger than that on firm profit, and furthermore, TPU reduction tends to raise firms’ innovation intensity, increase intermediate imports as well as ease firms’ financing constraints, thereby decreasing firm savings rates. We also find that the impacts of TPU reduction on firm savings rates depend on firm ownership and trade pattern; in addition, we provide evidence that TPU reduction via input-output linkages also contributes to the decline in firm savings rates; and specifically, TPU reduction via downstream linkages significantly decreases firm savings rates, whereas the effect of upstream linkages is insignificant. This paper provides a novel explanation for Chinese manufacturing firm savings rates’ evolution in recent years from the perspective of trade policy variation, and it also enriches the literature on the economic effect of TPU.
According to the principle of geo-economics, the geographical proximity between enterprises and tax bureaus may not only facilitate tax avoidance through rent-seeking (the distance-decay effect of rent-seeking cost), but also help tax bureaus strengthen tax collection and administration through obtaining more enterprise information (the distance-decay effect of information-seeking cost). Using the data of listed enterprises, we find that the enterprises geographically closer to the competent tax bureaus at the grass-roots level have a higher degree of tax avoidance, which supports the hypothesis of the distance-decay effect of rent-seeking cost, namely that the enterprises located closer to the competent tax bureaus face lower rent-seeking cost and are more capable of obtaining tax avoidance benefits through rent-seeking. Further research results show that this effect is more significant when the competent tax bureaus are state tax bureaus or the sample enterprises are private enterprises. After a series of robustness tests, the above conclusions are still valid. This paper enriches the literature on factors influencing corporate tax avoidance from a new perspective and provides new empirical evidence for the distance-decay effect of geo-economics.
By using the railway timetable data, the paper accurately describes how rail transport time and time cost have changed between provinces in China since 1970. The empirical analysis in this paper finds that each 1% decrease in railway transport time each year will increase the growth rate of GDP per capita of each city by 1.382% to 2.194%. The larger the size of the urban population is, the greater the per capita economic growth effect of time cost savings will be. Cities with higher per capita economic levels will experience slower economic growth, and the degree of opening to the outside world can significantly promote per capita economic growth. The research in this paper provides solid data support for comprehensively and accurately estimating the economic benefits of China’s railway construction.
