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  • article
    HUANG Da-Qiang, CHEN Shu, ZHENG Hao-Li
    South China Journal of Economics. 2014, 32(32): 88-105.
    1.损失厌恶与偏好异质性——来自神经经济学的证据 2.产权制度的起源与禀赋效应 3.信任的测度
  • article
    ZHOU Ye-An
    South China Journal of Economics. 2015, 33(4): 106-115.
    This paper refined microstructure theory of preference based on summing up researching in behavioral and experimental economics nearly forty years. According to this theory, the preference is a endogenous result of  cognitive process. The preference is selfish, but also is social. There are interaction between self-interest preference and social preference, one may crowd out or in another, the interaction may determine the complexity of people's behavior. This paper argues that the microstructure theory of the preference is an alternative hypothesis to the rational and self-interest preference in the neoclassical paradigm, and the behavioral paradigm will act as alternative theories of neoclassical paradigm.
  • article
    YANG Fan
    South China Journal of Economics. 2014, 32(4): 94-98.
    中国改革最基本的经验是以开放为改革提供压力、动力、标准和经验,是动力中的原动力。2013年底,中国共产党十一届三中全会再次启动市场化导向改革,必定营造进一步对外开放的大背景,上海自贸区则是以开放促改革的最新前沿试验场。美国主导的国际贸易投资新规则,给中国造成了改革国内体制的外部压力,建设具有国际水准的投资贸易便利、货币兑换自由、监管高效便捷、法制环境规范的上海自贸区为中国的进一步开放做历史性准备。作者认为,2017年左右将是中国金融风险聚集期。人民币升值到1:5.5左右,房地产泡沫难以维持,政府债务接近警戒线,香港政治动荡加剧,美国停止量化宽松美元走强,国际大宗商品价格下跌,中国和金砖国家经济调整。此时如外资大规模撤资,人民币可能在香港贬值,超过在国内贬值幅度。人民币贬值预期将促使资本继续外流,房地产泡沫破裂。上海自贸区没有自己的货币,比香港容易控制。在区内实行人民币自由兑换,不可能不设二线与国内隔离。自贸区内人民币汇率会与香港套平,与国内人民币汇率不能拉平。在人民币贬值预期下,美元可能到上海和长江三角洲流通,这是一种化解外汇风险的方式。上海自贸区内的人民币自由兑换,不会带动人民币总体自由兑换。反而发展上海自贸区,在客观上有规避香港金融风险的意义。
  • article
    LI Chong
    South China Journal of Economics. 2014, 32(1): 89-97.
    Seigniorge is the revenue of central Bank based on the right of money issue. International Seigniorage is the revenue of a country which money is international reserve money. International Seigniorage may be divided into flow and stock. United States has got a lot of International Seigniorage because US dollar is main international reserve money. But International Seigniorage is a kind of debt. If American economic position falls, countries with US dollar will suffer great losses and American economy will come to harm.
  • article
    JIA Yong-Min, HUANG Da-Qiang, ZHENG Hao-Li, LUO Jun, YE Hang
    South China Journal of Economics. 2015, 33(5): 97-119.
    Behavioral economists empirically observed phenomenon of loss aversion when individuals made risk decisions. This is a challenge to economics axiom system based on the rational man hypothesis. We use neuroeconomics research methods to test the neural mechanisms of loss aversion from causal relationship perspective by transcranial direct current stimulation (tDCS) technology. Our study found that they are non-symmetry when brain nervous system process information about gains and losses, so that the risk preference of decision makers showed obvious reversals. However, the behavioral preference of decision makers is still subject to the requirements of consistency axiom in the given situation (gains or losses). The results of this study can not only expand the traditional understandings about human behavioral preferences in economics, but also accommodate empirical observations about human behavioral preferences from behavioral economists, and thus provides a feasible paradigm for development of the basic economics theory.
  • article
    Zuo Lian-cun
    South China Journal of Economics. 2011, 29(4): 76-80.
    美国的对外经济政策发生变化将会引起其它国家相应政策一定程度的调整以及世界经济的变动。中国是美国第三大出口市场,广东省对美国贸易总额占全国对美贸易总额的30%左右,美国实施出口倍增计划对中国特别是对广东的外经贸发展必然产生影响,这种影响既有有利方面也有不利方面。广东的应对措施主要应包括:继续坚持实施互利共赢的开放战略;抓住机遇,建立与美国以及其他国家进出口企业的广泛联系;重构广东的自主创新战略;提高出口商品价格,缓解人民币汇率升值和出口成本增加的压力;发挥制造业优势,积极参与国际经济合作,提升国际竞争力;注重国际市场安全研究,加强市场多元化战略的实施,保护海外利益。
  • article
    YE Hang
    South China Journal of Economics. 2015, 33(8): 1-31.
    Modern economics has ever happened three times of revolution and integration. Every revolution put forward different research paradigms, and integration unified different research paradigms. This revolution and integration appear alternately the economics of innovation model, reflects both the pace of the human economy forward, also reflects the human thought process of deepening. This paper first puts forward the concept of modern economics fourth revolution and integration. On this basis, this paper comprehensively elaborated the contents of the fourth revolution and integration. This research will help us to grasp the development direction and trend of economics, and will also help Chinese economist as soon as possible into the ideological trend of economics theory innovation.
  • article
    South China Journal of Economics. 2011, 29(6): 23-37.
    China’s rural-urban and interregional migration emerges in a scene of global market integration and domestic market segmentation. An increasingly large scale of migrants have been absorbed in manugacturing and service sectors mainly in southern-eastern coastal cities. However, being constrained by the hukou and land system, labor migration is of short-term feature, but a long-term trend, thus forming a within-city “new dual society”. Early empirical studies focused on how personal characteristics, household characteristics and policy environment affect migration decision. Recent researches provided new insights for the causes of labor mobility by studying the destination of migration with a perspective of human capital externality and scale economy. Nevertheless, to understand the puzzles of China’s labor migration, institutional constraints and information asymetry should be taken into consideration. Based on these studies, the policies that efficiently promote migration and urbanization should include economic policies upgrading education, social policies enhancing information exchange, and institutional reforms integrating urban-rural society.
  • article
    ZHENG Chun-Rong
    South China Journal of Economics. 2014, 32(1): 1-15.
    2008 outbreak of the global financial crisis and subsequent European sovereign debt crisis shows, the same high-welfare state, the Nordic countries have maintained high economic growth, low unemployment and relatively healthy fiscal position, while Greece, Portugal, Spain and Italy and other southern European countries are plunged into an unprecedented economic and social crisis. Analyze the reasons, there is a great sense of trust social differences, leading to the implementation of the effect of different tax and social security systems; social security expenditure structural imbalance, leading to high welfare system still failed to ease the distribution of income disparity in southern European countries; beyond the financial capacity to pay social security expenditures, education and employment policies as well as large-scale deviations underground economy and the prevalence of family pension mode so seriously hampered the social security system to play its proper functions. These lessons provide China a good reference in improving its social security system.
  • article
    Shen-Zhou Jiang
    South China Journal of Economics. 2011, 29(9): 3-16.
    There is a preference about the differential mode of Guanxi affected by Chinese culture, when directors make decisions. There is also herd behavior in group decision. So the independence of the board will be affected, and the probability of tunneling will be increased. Intercorporate loans and earnings management are used as the proxy variable of tunneling. The experiential result indicates that: if there are some Guanxi structures in the board, which can be observed, the probability of tunneling will be increased. Affected by the differential mode of Guanxi, as the Guanxi structures change, the mode or degree of tunneling will be different; the change of chairman of the board will lead to the change of Guanxi structures, which makes intercorporate loans increased; The more directors who receive compensation are, the more easy herd behavior forms, and the more intercorporate loans are.
  • article
    En Chen,Jing Liu
    South China Journal of Economics. 2013, 31(11): 74-84.
    With the Closer Economic Partnership Arrangement (CEPA) and other related policies, economic cooperation specially service industry cooperation of Guangdong,Hong Konge and Macao has entered a new stage of development. Based on the theory of service trade liberalization ,According to the practical issues, this article start from service industry, service trade liberalization and other concepts, we establishs the services trade liberalization model under the assumption of standard perfect competition and constant returns to scaleproducer. According to the characteristics of Hongkong and the mainland, we add some related variables on the CEPA implementation of the producer services trade liberalization and cosider the effect of trade in producer services by empirical test .We explore the main path by analysing the situation and problems of service trade liberalization of Guangdong ,Hong Kong and Macao.Research shows that, the full introduction of service industry of Hong Kong and Macao, especially Hongkong's financial services industry, we can improve the whole profits,and we should complete the development of the Nansha, Hengqin test area, cohesion and implement of the relevant policies,carry out relevant tax policy,in order to promote the main path of trade services liberalization.Finally,we propose relevant policy recommendations.Due to the lack of the tool of measuring the dynamic effect, this paper mainly in the comparative static analysis, dynamic analysis needs to befurther supplemented and improved.
  • article
    South China Journal of Economics. 2017, 36(3): 99-105.
    随着信息技术的不断进步及其商业应用的深化,共享经济模式逐渐兴起。作为一种新型的经济模式,共享经济提高了社会闲置资源的使用效率,增进了消费者福利,因而具有强大的活力和广阔的前景。然而,基于市场机制自发形成的共享经济自身有着不可克服的缺陷,这不仅阻碍了自身的发展,还对经济、社会各方面产生一定的负面影响。要维护市场秩序并使共享经济健康发展,政府必须改变原有的监管模式。论文通过分析共享经济模式的内涵和特征,探讨共享经济模式对社会、经济各方面的影响,提出有序、有效的市场要与有力、有度的政府监管进行高效协作,协同发展的观点。论文认为应该从分行业指导和管理、平衡创新与监管关系、改善基础设施及制度环境等方面提高政府对共享经济监管的有效性。
  • article
    YE Hang
    South China Journal of Economics. 2014, 32(6): 75-80.
    In recent 10 years, along with some non-mainstream Neo-Economics development and mature, a new theory system of beyond the Neoclassical Economics is gradually formed. In this paper, we   introduced the research methods and basic assumptions of Neo-Economics. It will help us grasp the direction and tendency of the development of economics in the future, help Chinese economists as soon as possible into the growing trend of theoretical innovation, and thus can shorten the gap between China's economics and international academic frontier.
  • article
    Zhang Yu
    South China Journal of Economics. 2010, 28(12): 17-31.
    The economic of China has keep on growing for about 30 years since 1978, while a character coming with this process is the increasing of foreign capital dependence spreading allover industries of China, which cannot be explained simply by the widening of openness and technology gap. Starting from the reality of institutional transition, this paper analyzed the role of two main institutional constraints in the increasing of foreign capital dependence, which is the discrimination to private investors and the excess encourage to the foreign investors. Further more, we clarified that this increasing of foreign capital dependence will damage the technology spillover effect of FDI.
  • article
    FANG Hui-Ling
    South China Journal of Economics. 2010, 28(2): 74-82.
  • article
    CHEN Ye-Feng
    South China Journal of Economics. 2014, 32(6): 81-86.
    As a representative of behavioral game theory,the positive allocation of proposers and the rejection for the unfair allocation of responders in the ultimatum game means that people have a tendency to pursue fairness. Focusing on the ultimatum game,this paper make brief review of the origin,dispute and development of ultimatum game. Meanwhile we simply introduce the study of fairness and its neural basis in the ultimatum game. Finally we report one of the ultimatum game study of the interdisciplinary center for Social Sciences.
  • article
    South China Journal of Economics. 2011, 29(5): 28-42.
    Informal finance plays an important role in the development of Small and Medium-sized Enterprises. As one of the informal finance organizations, Mutual Finance was formed and kept in rural community as a folk finance, and maintained normal function by inter-personal trust in rural community such as Mutually, Favor, Mianzi, Familiarity, Dingqi and so on. This paper manages two methods which are questionnaire and non-structural interview to study the running mechanisms and risk controlling mechanisms of SMEs in the county of Cangnan in Wenzhou City. Based on the investigation in Xindu village, we find that mutual finance would be stopped and induced large-scale risk if it overran familiarity boundary or deviated favor mechanism. Inter-personal trust will be gradually transited to institution-based trust accompanied by the social transition. However, the present fact shows that Rural SMEs’ mutual finance is still sustaining by inter-personal trust in rural community although its running mechanisms changed reciprocally.
  • article
    ZHANG Shu-Guang
    South China Journal of Economics. 2010, 28(1): 3-14.
  • article
    South China Journal of Economics. 2010, 28(12): 32-42.
    在国际产品内分工的背景下,本文研究了FDI技术溢出对于制造业内资企业技术升级所带来的影响。分析结果显示,无论是行业内的水平溢出,还是行业间的垂直溢出,FDI都对本土企业的研发能力起到了正向的影响。中间产品贸易对于FDI外溢效应带来的影响主要体现在垂直方向,其中前向溢出效应有所减弱,而后向溢出效应得以增强。对于中国的不同部门而言,由于参与国际分工的程度和在全球价值链中的位置不同,从而对技术溢出的渠道和效应产生影响。
  • Macro Economy
    Tian Yanping,Xiang Xuefeng
    South China Journal of Economics. 2023, 42(4): 44-62. https://doi.org/10.19592/j.cnki.scje.400225
    Achieving common prosperity is the essential requirement of socialism and an important symbol of building a modern and powerful socialist country with Chinese characteristics. The key to solidly promoting common prosperity lies in promoting low-income group to increase their income,expanding the scale of middle-income group,eliminating the polarization of income distribution,gradually narrowing the income distribution gap,and realizing the transformation of income distribution structure from“pyramidal”to“olive”. However,the current income distribution in China is not optimistic,with the Gini coefficient of 0.468 in 2020,which is significantly higher than the international alert line of 0.4,and more than 60% of the residents do not reach the middle-income standard proposed by the National Bureau of Statistics. Narrowing the income gap and expanding the size of the middle-income group are important goals for China during the 14th Five-Year Plan. In the context of the disappearance of demographic dividend,demand contraction,supply shock and weakened expectations,how to achieve the expansion of the middle-income group is an urgent issue for us to consider and solve.
    The digital economy as a new economic model provides a strong impetus for sustainable and healthy economic and social development,and while the country promotes the expansion of middle-income scale,it also emphasizes the need to actively promote the development of digital economy. During the 14th Five-Year Plan period,the digital economy should shift to a new stage of deepening application,standardizing development and sharing for the benefit of all,and continue to promote profound changes in the modes of production,life and governance.Can the inclusive sharing of digital economy alleviate the problem of insufficient income growth of low-income group,promote their upward mobility and expand the middle-income group? To address these questions,the article theoretically analyzes the characteristics of each income class and the impact of digital economy development on the upward mobility of low-income groups' classes,and empirically tests them using data from the China Family Panel Studies(CFPS).
    The study finds that:First,as of 2018,68.67% of households in China are still in the low-income class,and the“pyramidal”income distribution structure is obvious,and the upward mobility of the low-income class is slow;Second,the development of digital economy promotes the upward mobility of the low-income group and helps to expand the middle-income group;Third,the mechanism test finds that household entrepreneurship,financial participation and employment level are important channels through which the digital economy promotes the upward mobility of low-income group;Fourth,heterogeneity analysis finds that the boosting effect of digital economy development on upward mobility of income classes of low-income group is more pronounced in the central and western regions and in regions with lower levels of economic development,and that this boosting effect is stronger among rural households and high human capital households compared to urban and low human capital households. The findings of the article provide new arguments for digital economic development to promote common prosperity
  • article
    Chun-Bing Xing
    South China Journal of Economics. 2011, 29(9): 17-29.
    Using CHIP data for 2002 I investigate the stock market investment behavior of urban household in this paper. I highlight the importance of participation cost and heterogeneity in the stock market investment process and emphasize the appropriateness of using Heckit model to examine the determinants of the amount or the share of stock in households’ total assets. I find that household stock market participation is positively correlated with education, income, and wealth. Its relationship with age is inverted U-shaped. These factors also have similar effect on the value of stocks hold by households, with education playing a less important role. In terms of stock shares in total wealth or in financial wealth, neither education nor age plays a consistently significant role. The stock share decreases significantly as household’s wealth level increases.
  • article
    LUO Jun
    South China Journal of Economics. 2014, 32(6): 87-92.
    With the application and development of laboratory experiments in economics, field experiments is a kind of experiments that closer to the real world also started to become a popular method of empirical research. In this paper, we introduced and reviewed the development, concept and classification of field experiments. We also reported our two studies instance from ideas, experimental design and experimental results.
  • article
    WANG Lu-Qing, HE Jing, ZHAO Han-Qing
    South China Journal of Economics. 2015, 33(3): 24-37.
    Chinese capital market has come into an entire circulation time. Does stock value fluctuation affects M&As? This paper is based on the stock market misevaluation hypothesis. We selected companies who carried out M&As from 2007 -2013, listed in Shanghai and Shenzhen Market as the empirical research samples. By constructing Probit regression models, we draw the conclusion that overvalued companies are more likely to play part in M&As; acquirers are always overvalued than targets and likely to take advantage of short-time misevaluation in firm-specific to initiate M&As.
  • article
    South China Journal of Economics. 2011, 29(10): 3-11.
    Under the background of current export predicament in China, this paper divides the factors that affect China export into two groups: factor input and domestic constraints. First, a heteroscedastic stochastic frontier export model is formulated, then we use it to estimate the effect of the above factors on export, and their influence on export constraints and export consistence. Based on such settlement, export efficiency is defined and calculated to analyze the discrepancy of different provinces in China. the conclusions find that there are some institute constraints in China export, which are distinct deeply in different regions.
  • article
    South China Journal of Economics. 2011, 29(9): 57-69.
    This paper models the precautionary motive for NGEs’ cash holding. A three-period investment model shows that it is optimal for the borrower to get more assurance against the firm’s shortage of funds than is provided by a wait-and-see policy. This creates a corporate demand for liquidity. We test the empirical implications using yearly information from a sample of China’s NGEs from 2004 to 2009, and find that the empirical evidence supports the theory.
  • article
    CHEN Rong, ZHOU Sheng-Lin, ZHANG Xiao-Lin
    South China Journal of Economics. 2015, 33(3): 93-105.
    Job crafting is the physical and cognitive changes individuals make in the task or relational boundaries of their work. It is a down-up process for the individuals to change their job contents and behavioral norms. We divide the concept into three-dimension and four-dimension perspectives, and the development of measurements are mainly based on the four-dimension perspective. And also classify the antecedent and outcome variables of job crafting. Finally, we propose the future research directions for the concept.
  • article
    FENG Yang, LI Wei-Guang
    South China Journal of Economics. 2014, 32(4): 1-8.
    The Keynesian revolution overthrew the classic finance rule of balanced budget and replaced it with functional finance. As the deficit under functional finance was mainly balanced through monetization of government bonds, seigniorage and inflation tax have played more and more important roles in fiscal revenue, and have triggered the crisis of the tax state. The thesis explores these changes in the perspective of fiscal sociology, and analyses the modern state construction problems about finance and money constitution.
  • article
    South China Journal of Economics. 2010, 28(12): 3-16.
    This paper chooses 378 listed companies from Shanghai and Shenzhen stock exchanges and regards corresponding balanced panel datasets as sample. The article analysez the impact of macroeconomic conditions on capital structure adjustment speed based on dynamic panel data with first-differenced GMM estimation. Two main conclusions are ultimately obtained: Firstly, firms adjust their capital structure toward target faster in good macroeconomic states relative to bad states. Secondly, The evidence holds whether or not firms are subject to financial constraints.
  • article
    YE Shan-Hu, HAN Yong-Hui, ZOU Jian-Hua
    South China Journal of Economics. 2014, 32(1): 61-76.
    To estimate the effect of "Exchange market for technology" strategy in our country’s automobile industry, we can measure the industry total factor productivity (TFP) to get the results. In order to overcome the shortages of traditional (macro) method which estimates industry TFP, this paper is originally based on the micro point of view, using car company’s data to complete the measurement of auto industry TFP. To ensure the reliability of the results, the author contrasted different kinds of methods, by means of the horizontal comparison of the panel fixed effect method, Olley&Pakes method and Levinsohn&Petrin method, and finally draws the same conclusion. The measuring results showed that during 1999-2007, China’s automobile industry TFP had increased significantly overall, subdivision for the holding type, the sub-industry was the same; the TFP of the state-owned automobile enterprise is lower than that of non-state-owned holding auto enterprise, but with a rapid increase, the convergence between them gradually became more and more obvious. This showed that for a long time the automobile industry development strategy of "Exchange market for technology" has made the actual effect, and China's automobile enterprises are changing from "introduce-absorption-digestion" to "innovation-surpass" phase, continuing to strengthen technology research and development, constructing the international competitiveness of China's automobile industry become the main path in the industry development.
  • article
    South China Journal of Economics. 2010, 28(10): 49-60.
    This study attempts to examine empirically dynamic causal relationships between carbon emissions, energy consumption, income, and foreign trade in the case of China using the time series data for the period 1971-2008. This research tests the interrelationship between the variables using the bounds testing to cointegration procedure. The bounds test results indicate that there exists one form of long-run relationships between the variables. In the form of long-relationship, carbon emissions are determined by energy consumption, income and foreign trade. An augmented form of Granger causality analysis is conducted amongst the variables. The empirical results suggest that energy consumption is the most significant variable in explaining the carbon emissions in China which is followed by income and foreign trade. Moreover, there exists a stable carbon emissions function. The results also provide important policy recommendations.
  • article
    Da-Xing He
    South China Journal of Economics. 2011, 29(3): 16-28.
    This paper investigates the effect of political equality on the economic growth with the dynamic Solow regression model and the data from QofG and PWT. The regression results show that political equality has a significant and positive effect on economic growth and can improve the performances of government expenditure and inflation. After using other proxy variables for political equality and excluding the disturbance of the outliers, the results are still robust.
  • article
    South China Journal of Economics. 2011, 29(3): 43-55.
    Since the reform and opening up, a ‘religious fever’ phenomenon has emerged in many rural China areas. Based on the rural household sample data in Song County, this paper has analyzed the factors that influenced the rural residents’ religion choice with a Logit regression, and found that the variables like age, sex, political status, healthy hazard and social security level has an important affection. Therefore, we has discussed the economic logic behind this affection, and pointed out that the shortage of public services like medical care in the long run, which resulted from the Government withdraw form the rural basic public goods, has increased the healthy risk of rural residents, and in a way, it has promote the ‘religion revival’ in rural China.
  • article
    South China Journal of Economics. 2010, 28(9): 29-39.
    To study the fluctuation of RMB exchange rate, this paper constructs a dynamic stochastic general equilibrium (DSGE) two-country model, and together with the assumptions of monopolistic competition market structure and sticky price, we simulates the exchange rate fluctuations on the condition of supply shocks represented by technology shock and demand shocks represented by money shock, we then apply this model to simulate RMB exchange rate fluctuations. We find that compared with demand shock, however, supply shock is better in explaining fluctuations in RMB exchange rate, which indicates that the “Balassa-Samuelson” effect would be right way to explain and forecast the fluctuations of RMB exchange rate, and it also shows how to keep the RMB exchange rate at its equilibrium level.
  • article
    South China Journal of Economics. 2011, 29(10): 12-26.
    This paper applies SBM directional distance function and Luenberger productivity indicator to measure the provincial agricultural efficiency and TFP in china over the period 1995 to 2008, and analyzes the influence factors. The major conclusions are as follows: the provinces in the eastern regions experience higher agricultural efficiency than in centre and western regions, output deficiency, overuse of livestock and unreasonable framework of sowing area are the main sources of agricultural inefficiency. The growth of agricultural TFP in china is 5.58 percent, mainly because of the technology progress and technology progress scale change. The provinces in the eastern regions experience highest agricultural TFP. Enhancing the education of agriculture practitioners can speed up the growth of agricultural efficiency and TFP, the popularization of mechanization can push agricultural TFP ahead.
  • article
    South China Journal of Economics. 2011, 29(6): 67-80.
    Since the regional disparity is so large not only in terms of economic development, but also in terms of the public goods, lots of studies claim the adoption of fiscal transfer to reduce the disparity. But recent studies find that the effects of transfer on reducing regional disparity and inducing growth are not significant. Even though the transfer increases the public good provision, it has not decreased the regional fiscal capacity disparity. What is even worse is the expansion of local governments and lower fiscal incentive. So the next stage reform should not only focus on the fiscal transfer system itself, but also the intergovernmental relationship and labor market, which means the market mechanism is prior to the government intervene as the way to attain balanced regional development.
  • article
    YI Yang, ZHU Lei
    South China Journal of Economics. 2015, 33(7): 93-107.
    While previous voice research mainly focused on why employees will voice their ideas and concerns, the reasons determining supervisors’ endorsement of these ideas have been largely underrepresented in the literature. To fill this research gap, drawing on the Elaboration Likelihood Model (ELM), we propose a model to explain how and why voice tactics promote supervisor’s voice endorsement and further solicitation of individual subordinates’ voice. We tested our model with 258 dyadic samples from Guangdong private enterprises. The results revealed that subordinates’ voice had stronger effect on supervisor’s voice endorsement and solicitation when the focal employee applied the rational persuasion tactic to speak up, and this effect was mediated by supervisor’s perception of constructiveness of the focal employees’ voice. We discuss the theoretical contributions and the promising directions for future research.
  • article
    South China Journal of Economics. 2011, 29(2): 3-15.
    Based on the “core-periphery” theory of New Economic Geography, this paper studies the three major city clusters centering respectively around three large ports, Shanghai, Hong Kong and Tianjin, using Chinese city-level panel data. We find that the relationship between a city’s GDP per capita and its distance to the nearest port shows a cubic curve of “∽” shape in Pearl River Delta (PRD) and Yangtze River Delta (YRD). Within a certain distance from a major port when agglomeration effect dominates dispersion effect, the farther away from the core city, the lower a city’s GDP per capita is. But as the distance is farther, the dispersion effect gets stronger. Thus, the first bottom of the “∽” shape can be interpreted as the scope of the city cluster, and the slope of the first section of the curve reflects the relative agglomeration effect, compared with dispersion effect of the core city. A major finding is that YRD’s relative agglomeration effect is slightly stronger than that of PRD. Whilst city clusters around Bohai Sea remain as a city system where several port cities present radiation effects all together.
  • article
    ZOU Ping
    South China Journal of Economics. 2015, 33(7): 29-46.
    China’s stock market still has many institutional defects. The stock price fluctuates frequently and the stock price crash risk is relatively higher. Using a sample of China's A-share listed companies, we investigate the influence of the monetary policy as an excitation mechanism and the stock liquidity as an external generating mechanism on stock price crash risk. The results show that the lower the stock liquidity is, the larger the stock price crash risk will be, and a loose monetary policy helps to strengthen the effect that the stock liquidity exercises on the stock price crash risk. The further analysis based on the different states of the stock market shows that under the bear market, the stock liquidity’s influence on the stock price crash risk is stronger and the loose monetary policy’s strengthening effect on this relationship is more outstanding.
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    South China Journal of Economics. 2010, 28(3): 34-45.
    Using the inter-provincial panel data during 1990-2007, this paper investigates the impacts of technology spillover on the productivity growth of China based on Malmquist productivity index measured by DEA method. The paper finds that technology spillovers by foreign direct investment and import have significantly positive impact on the productivity growth of China. However, the growth rate decreases while the FDI and import increases. At the same time, human capital is of great importance to productivity growth and its growth rate. Finally, this paper gives corresponding policy recommendations.
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    GAO Meng-Tao
    South China Journal of Economics. 2011, 29(12): 16-25.
    Using a database from 8 provinces rural China, this paper analyses the impacts of offspring's education fee on farmers’ consumption. The main findings includes that the per capita consumption with kids in school is lower about 10% comparing the counterparts without kids in school. The kids’ higher education expenditure might lower his family per capita consumption about 14% than the family with kids in other level school. These impacts play more important role for the poor than the rich.