Optimal rebalance rules for the constant proportion portfolio insurance strategy – Evidence from China

The constant proportion portfolio insurance (CPPI) strategy is one of the most popular asset allocation strategies employed by guaranteed-return financial products investors. Rebalance disciplines play an important role in determining the CPPI performance in practice. This paper examines whether the selection of rebalance rules affects CPPI strategy performance in the context of Chinese equity markets and, if so, in what pattern, and whether an optimal parameter of rebalance exists. We find that, (1) the three alternative rebalance disciplines – time discipline, market move discipline and lag discipline – are indifferent in affecting the performance of CPPI strategy; (2) in terms of optimal parameters of each rebalance rule, the optimal rebalancing period for the time discipline is 3 trading days, the optimal trading threshold of the market move discipline 4%, and the optimal lag factor of the lag discipline 6%. These optimal parameters are not influenced by the length of investment.     

双元视角下调节聚焦对国防研发人员创新行为的影响机制

调节聚焦作为个体实现目标的动机调节系统，对个体创新行为具有重要作用，是组织行为学领域关注的热点。基于调节聚焦等相关理论，从二维视角深入考察个体调节聚焦对其双元创新的过程机理与边界机制。对527名国防科技研发人员进行问卷调研分析，结果发现：①促进聚焦和防御聚焦均正向预测双元创新及其平衡性与互补性，促进聚焦的预测作用更强；②探索式失败学习和利用式失败学习同时中介上述关系；③正向组织差错管理氛围正向调节促进聚焦与双元创新及其互补性的关系，负向组织差错管理氛围正向调节防御聚焦与双元创新及其互补性的关系。     

创业企业何以提高创新绩效——基于创业学习与商业模式创新协同联动视角的QCA方法

以150个创业企业为样本，基于创业学习和商业模式创新理论，运用模糊集定性比较分析方法（fsQCA），探究经验学习、认知学习、新颖型商业模式创新和效率型商业模式创新对创新绩效的影响路径及机制。研究发现，存在新颖型商业模式创新等4条创新绩效产出关键路径；相较于效率型商业模式创新，新颖型商业模式创新在关键路径中更容易提高创新绩效；利用QCA方法证实了影响创业企业创新绩效的组态内部各要素之间的替代性。结论丰富了创新绩效产出内部机制，可为创业企业提高创新绩效提供指导和借鉴。     

Labor migration and the decoupling of the crop-livestock system in a rural mountainous area: Evidence from Chongqing,China

Massive out-migration of rural labor force brings both challenges and opportunities to crop-livestock integrated production system (crop-livestock system) in smallholder economy. Compared with previous researches that have paid major attention to the effect of labor migration on either crop production or livestock husbandry, this study considers the mediating role of crop production in predicting the effect of labor migration on livestock raising. Our econometric estimation based on a 2012 survey of 974 rural households in Chongqing, a mountainous region of China, showed the following. (1) The massive migration of rural labor force had led to significant increase in farmland abandonment and considerable changes in the pattern of livestock raising. (2) The livestock raising number per household began to differentiate, with the livestock system separating from the traditional crop-livestock system and becoming a specialized business. (3) In terms of the pathways through which rural labor migration exerts impact on livestock raising number, though the increased opportunity costs of rural labor greatly reduced farmers’ willingness to raise livestock, the decoupling of the crop-livestock system partly alleviated the declining trend in the livestock raising number because of the availability of household labor force freed from cropping via farmland abandonment. These findings have important policy implications for rural development and agricultural restructuring in mountainous areas of China, and provide references for other developing countries.     

最低工资标准、人力资本扩张与企业成本加成*

本文以人力资本扩张为切入点，构建了最低工资、人力资本扩张影响企业成本加成的理论框架，并使用中国1998-2013年284个地级市的工业企业数据进行了经验研究。结论显示：最低工资上调会显著抑制企业成本加成的提升，削弱了企业的市场势力，但该抑制效应在人力资本扩张的背景下得以缓解。同时本文通过进一步分组回归发现，最低工资标准与人力资本扩张对企业成本加成具有明显的异质性影响。因此，适度、稳定调整最低工资标准及推动人力资本质量的整体提升有助于保持企业成本加成能力及其动态竞争力。     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Does rice farming shape audit quality: Evidence from signing auditors level analysis

This study examines whether signing auditors from rice planting regions affect audit quality. Using a sample of 12,223 firm-year observations from the Chinese stock market over the period of 2004–2015, our findings reveal that signing auditors from rice regions are significantly negatively associated with the likelihood of unclean audit opinions, suggesting that signing auditors with rice culture are more likely to succumb to the managers and hamper independence, and thus are more inclined to issue favorable audit opinions, and eventually impair audit quality. Furthermore, audit firm size and industry expertise attenuate the negative relation between signing auditors with rice culture and audit quality. In addition, above findings are robust to a variety of sensitivity tests using different measures of audit quality and signing auditors from rice cultivating areas and our conclusions still stand after using the Heckman two-step approach, placebo test and differences-in-differences method to address the potential endogeneity problem.     

政府质量、科技创新与绿色GDP——中国省际空间溢出效应及区域差异对比

通过构建嵌入政府质量和科技创新因素的经济增长模型，利用中国30个省份2004~2017年的平衡面板数据，实证检验政府质量、科技创新对绿色GDP发展的影响。研究发现：中国绿色GDP存在显著的空间集聚性及明显的区域差异性。在经济权重矩阵影响下，不同地区的政府效率、市场化程度、公平程度和腐败程度对绿色GDP的影响不同，其中政府效率、公平程度能有效促进经济发展较好地区的绿色GDP增长，却会抑制比较落后地区绿色GDP的增长；市场化程度对大部分地区绿色GDP呈现促进作用；腐败程度对地区绿色GDP增长呈阻碍作用。科技创新对各地区绿色GDP均起到积极的促进作用。因此，提升绿色GDP发展水平不仅需要提高地方政府质量，为绿色GDP发展提供符合实际的政策指导意见，还需激活企业科技创新能力，为绿色GDP发展提供有力科技保障。     

开征地热资源税的可行性研究——以山东省为例

我国地热资源储量丰富、分布广泛,而地热资源具有经济价值高、开发潜能广等特征。合理利用地热资源是缓解资源约束、优化能源结构的重要途径。将地热资源纳入资源税征收管理、充分发挥资源税对地热资源的使用调节作用,既是实现地热资源有效利用的必然要求,也有利于深化资源税改革。文章基于我国及山东省地热资源禀赋和开发利用现状,分析将地热纳入资源税征收管理范围的可行性及法律依据;对开征地热资源税所面临的现实问题,从征管体制、税源管理、税费关系等角度提出政策建议,以期实现地热资源的合理开发利用,缓解地方财政压力,促进经济可持续发展。     

Influencing factors of farmers’ willingness to withdraw from rural homesteads: A survey in zhejiang,China

The purpose of the paper is to analyse the influencing factors on farmers’ willingness of withdrawal from rural homesteads (WRH). Methods that included field surveys, factor analyses and case studies were used for this paper. The results show that farmers have a strong willingness to own the property on which their homesteads sit. There are deviations between homestead systems and execution. It is common that the area of a homestead exceeds the lawful standard, and one peasant family owns two or more homesteads. Peasant families have many concerns about WRH, which include: reduction of employment, lack of supporting social security, high expenditure of new houses, low compensation criteria for homesteads, decline in standard of living and inconvenience in agricultural production. Among all means of compensation, peasants prefer allocated residences, and they pay more attention to public service facilities and fundamental facilities. The authors argue that implementing employment and social security policies and setting up linkage mechanisms of WRH could help to smoothly push forward WRH.