Do constraints created by economic growth targets benefit sustainable development? Evidence from China

An economic growth target is a declaration by policy authorities of commitment to that target and the corresponding allocation of resources. The constraints created by economic growth target are an important economic management method in China, which has helped China's economy to achieve remarkable achievements. However, it has also brought about serious environmental problems, threatening China's sustainable development. Using the data about economic growth targets in the work reports of 30 Chinese provincial governments from 2006 to 2017, this paper constructs several spatial measurement methods, such as the spatial Durbin model, to examine the constraints created by economic growth target's impacts on air pollution. The main conclusions are as follows. First, a significant “U-shaped” relationship exists between the constraints created by economic growth targets and air pollution. Second, the spatial Durbin model analysis revealed that PM_2.5 across China's provinces display significant positive spatial spillover effects and spatial agglomeration characteristics. Third, the direct, indirect, and total effects of constraints created by economic growth targets on air pollution are all statistically significant and depict a “U shape.” Finally, the constraints created by economic growth targets have an apparent threshold effect on air pollution, and the inhibiting effects increase with human capital and industrial restructuring. However, with the increase in foreign direct investments, constraints created by economic growth targets may increase air pollution. The conclusions of this paper are of great significance for improving the management of local government economic growth targets and sustainable development.     

怒江美丽公路绿道悬挑结构设计

怒江美丽公路绿道与国道G219线丙六公路改建工程同岸并行布线,总体走向沿怒江峡谷由北至南.由于地形条件限制,部分路段绿道无法采用常规路基或者桥梁,只能在原公路路基挡墙上设置悬挑结构.悬挑结构为三角形钢架,上铺钢桥面板,通过钢花管与锚固于原挡墙,受力可靠,同时重量较轻,不致于影响原路基挡墙的稳定性.     

ON THE PROFITABILITY OF RESALE PRICE MAINTENANCE WHEN DEMAND IS UNCERTAIN

A previous study finds that in a market where a manufacturer faces uncertain demand and sells to consumers through competitive retailers, the manufacture wishes to support adequate retail inventories by imposing resale price maintenance (RPM). I show that if retail inventories are allocated to consumers through first‐come‐first‐served rule rather than efficient rationing rule in the game with unconstrained retail competition, imposing RPM may not be profitable. It may not encourage more retail inventories either. RPM may also lower consumer surpluses and social welfare. This study casts some doubt on the demand uncertainty theory that supports RPM.     

When Will Employees Embrace Managers' Technological Innovations? The Mediating Effects of Employees' Perceptions of Fairness on Their Willingness to Accept Change and its Legitimacy

Innovation researchers have thoroughly discussed how attitudes toward innovation influence people's intentions to use it. Most prior research tried to explore employees' acceptance of technological change through the lens of change initiators; however, using a manager's or the “great man's” perspective to explain change recipients' reaction to an innovation is indirect and peripheral. This paper argues that innovation should be studied directly from the perspective of change recipients, and that their perceptions of fairness in the wake of an innovation become a key factor in their willingness to accept it. More specifically, this paper argues that the recipients' fairness perceptions mediate the impact of innovation characteristics (operationalized as “usefulness” and “ease of use”) and implementation approach on their acceptance and belief in the legitimacy of the innovation. Two studies investigated the hypothesized mediating effects of procedural fairness/outcome fairness. The field study was conducted in a real‐world technological innovation setting, but raised questions about whether the causal effect of the mediating model really existed. The scenario study was conducted in a semi‐experimental condition which had high internal validity and guaranteed the cause–effect relation. Hence, the research design of the two studies complemented each other. The multiple regression analyses using the criteria proposed by Baron and Kenny were used to test the mediating models in the paper. Moreover, both Sobel tests and bootstrapping methods were used to guarantee that the mediating paths do exist among the independent variables, mediators, and the dependent variables. Both the field study and the scenario study showed that most of our hypotheses were supported, and change recipients had strong psychological reactions to the innovation and how the innovation was implemented in terms of fairness perceptions. Change recipients' perception of procedural and outcome fairness mediated the impact of innovation characteristics and implementation approach on their acceptance of the innovation and the perceived legitimacy of the innovation. The results disclosed that the change recipients' fairness perceptions were a key step for their sense‐making process of an innovation and its implementation. The results also indicated that studying change from recipients' perspective, as well as trying to understand their fairness perceptions, can broaden our knowledge about change. Other theoretical and practical implications were also discussed.     

食品中内源性甲醛的产生机理及控制技术

甲醛属于致癌、致畸物质,添加到食品中会对食用此食品的人造成伤害。本文综述内源性甲醛在各类食品中的来源、形成机理、影响因素及其毒性控制技术。以期在食品安全生产过程中,更好地减少和控制各类食品中内源性甲醛的含量。     

Performance Stable at the Beginning of 2011

Textile industry this year will face more pressure Q1 Textile Industry’s Performance Conference was unveiled by China National Textile & Apparel Council on May 13.Since the beginning of 2011,the standard for defin ing large-scale enterprises was raised from the annual income of 5 million yuan of main business to the annual income of 20 million yuan of main business, according to the latest news.     

Globalization and affordability of microfinance

We study how globalization can differentially affect financial inclusion through the lens of microfinance. Based on an institutional logics perspective, we argue that MFIs embody both social logic and market logic with regard to provision of affordable microfinance loans. Speicially, social logic is amplified by greater social globalization and the stronger presence of nonprofit organizations (NPOs) in the microfinance industry. In contrast, economic globalization catalyzes MFIs' market logic, leading to weaker or greater affordability of microfinance, depending on the relative strength of the profit-maximizing motive and real competition. We test these predictions by focusing on MFI interest-rate setting and using longitudinal data from 2030 MFI observations across 50 countries from 2002 to 2012. We find that country-level social globalization measure is negatively associated with the average MFI loan interest rates and that country-level economic globalization measure has an inverse U-shaped relationship with the average MFI loan interest rates. These results support our hypotheses and suggest a more nuanced view on how globalization affects affordability of microfinance.     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

粮食中镉含量测定方法初探:以石墨炉原子吸收分光光度计法为例

笔者长期从事粮食中镉污染检验工作,大量实践经验表明,虽然原子吸收仪的品牌、型号各不相同,但应用原理、结构大致相同。本文以石墨炉原子吸收分光光度计法对粮食中镉的含量的检测为例进行说明,发现试样前处理、试剂空白、使用试剂、回收实验及在操作过程中的对仪器的处理等对检测结果均会产生直接影响。为确保检测结果准确性,本文对检测过程中影响检测结果的各注意事项进行了分析总结,希望能对从事镉污染检测工作的人员提供理论指导和借鉴。     

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.