CONTENTS

How does Bank Internal Control Quality Affect Credit Risk?An Empirical Analysis Based on the Perspective of Industry Risk Identification……………………WANGLeiGUORuijiaCHIGuohua(3)

The Opening of High-speed Railway and Accounting Conservatism: A Quasi-natural Experiment……………………WUKepingKONGDongminYANGWei(13)

Is the International Board a “Safe Haven” or “Firewall” for Executives’ Self-serving Behavior? An Empirical Evidence from Chinese A-share Listed Companies……………………DAIBinPENGCheng(25)

A Literature Review of Managerial Political Promotion of State-owned Enterprises……………………XUYekun(36)

Poverty Alleviation Effect of Rural Informal Finance on Multidimensional Asset Poverty: An Empirical Analysis Based on CFPS Micro Household Survey Data……………………ZHOUQiangZHANGQuanhong(46)

The Influencing Mechanism and Effect of Industrial Poverty Alleviation on Farmers’ Income: A Quasi-experimental Study of Industrial Poverty Alleviation Pilot Project in the Wumeng Mountain and Liupan Mountain Area……………………NINGJingYINHaodongWANGSanguiLIUMingyue(58)

Is Market Integration Beneficial to Environmental Quality? An Empirical Study of the Yangtze River Delta Region……………………ZHANGKe(67)

Competition of the Hukou Policy and Its Effect on Economic Development: An Empirical Test Based on Dynamic Spatial Durbin Model……………………ZHANGKunlingLIUQingjie(78)

The Coupling Coordination of Logistics Industry and Economy Development in Urban Agglomerations in the Middle Reaches of the Yangtze River……………………WUNingjieGUANCuilingQIUYinggui(89)

The Influence and Its Mechanisms of Vertical Specialization on the Export Sophistication: An Evidence of China’s High-tech Industries……………………DAIKuizaoFANGJiewei(110)

在髙中数学的教学过程中不仅要教会学生相应的数学知识、数学技能,更重要的是要教会学生数学思维方法、数学的探索精神,将数学文化有效的渗透到数学教学的方方面面.教学实践证明，在教学过程中,引导学生学会主动探究和思考,发挥探究的主动性，有利于提升学生的学习兴趣，改善学生的学习方式，提高学生的数学素养,帮助学生养成主动学习和思考的学习习惯.

Export Product Quality, Export Relationship Survival and Growth……………………ZHANGJunmei(111)

Determination of the Optimal Scale of Public Services Supply and Its Improvement……………………HUHongshuWUSiqi(122)

The Impact of Tax Competition on Corporate Investment and Financing Behavior……………………PULongXUJingxuan(128)

Housing Provident Fund, Financial Knowledge and New Citizen’s Housing Rent-Purchase Decision: An Evidence from CHFS……………………LIWeijunWUYidong(139)

Evolution Path and Internal Motivation of Listed Companies Financial Constraints……………………FANYaliDINGZhiguo(149)

HIGHLIGHTS

How does Bank Internal Control Quality Affect Credit Risk?An Empirical Analysis Based on the Perspective of Industry Risk Identification

WANG Lei1GUO Ruijia1CHI Guohua2

·3·

(1.SchoolofAccounting,DongbeiUniversityofFinanceandEconomics,Dalian116025,China;2.SchoolofInternalAudit,NanjingAuditUniversity,Nanjing211815,China)

Abstract:Based on the data of China’s listed Banks from 2007 to 2015, this article explores the mechanism of internal control quality to influence bank credit risk through the investigation of the industrial credit allocation structure from the perspective of internal control quality. The results show that banks with high quality internal control can effectively identify the risk status of different industries, reduce the credit capital inflow in high-risk industries and increase the credit capital inflow in low-risk industries compared with banks of low quality internal control; and banks with high quality internal controls are more likely to choose loans secured by less risky pledge or mortgages.

Key words:Quality of Internal Control; Credit Risk; Credit Allocation Structure; Industry Risk

The Opening of High-speed Railway and Accounting Conservatism: A Quasi-natural Experiment

WU Keping1KONG Dongmin2YANG Wei3

·13·

(1.SchoolofBusinessAdministration,ChaohuUniversity,Chaohu238000,China;2.SchoolofFinance,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China;3.SchoolofBusiness,EastChinaUniversityofScienceandTechnology,Shanghai200237,China)

Key words:High-speed Railway; Accounting Conservatism; Capital Market

Poverty Alleviation Effect of Rural Informal Finance on Multidimensional Asset Poverty: An Empirical Analysis Based on CFPS Micro Household Survey Data

ZHOU Qiang1ZHANG Quanhong2

·46·

(1.SchoolofEconomics,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China;2.SchoolofEconomicsandTrade,HubeiUniversityofEconomics,Wuhan430205,China)

Abstract:Asset plays an important role in alleviation poverty and fostering family development capability. Based on the multidimensional poverty theory and measurement method, this paper constructs a multi-dimensional asset poverty index, and uses the data of China Family Panel Studies (CFPS 2012-2014) to analyze the cause of asset poverty in rural families. Research shows that lack of assets in rural families is a very common phenomenon in long-term development. The asset effect of rural land and housing is too weak, so that the high-income families has suffered a more serious “hidden deprivation” in housing assets. To a large extent, there is a reverse allocation effect in income and asset accumulation. Informal finance enlarges the multidimensional asset poverty gap and its multidimensional inequality in different income levels in rural areas. The reverse allocation effects are more conducive to the accumulation of assets in middle-high income families than the middle-low income families. Finally, this paper puts forward establishing a policy system based on assets to help the poor and endow them out of poverty with the sustainable development ability.

Key words:Asset Poverty; Effect of Reducing Poverty; Precise Poverty Alleviation; Informal Finance

The Influencing Mechanism and Effect of Industrial Poverty Alleviation on Farmers’ Income: A Quasi-experimental Study of Industrial Poverty Alleviation Pilot Project in the Wumeng Mountain and Liupan Mountain Area

NING Jing1YIN Haodong2WANG Sangui3LIU Mingyue3

·58·

(1.SchoolofEconomicsandManagement,ChinaAgriculturalUniversity,Beijing100083,China; 2.ResearchDepartmentofRuralEconomy,DevelopmentResearchCenteroftheStateCouncil,Beijing100010,China; 3.SchoolofAgricultureandRuralDevelopment,RenminUniversityofChina,Beijing100872,China)

Abstract:The industrial poverty alleviation is the fundamental strategy for helping the poor farmer to get rid of poverty. Based on the quasi-experimental data of the industrial poverty alleviation pilot project on eight counties in three provinces of the Wumeng and Liupan mountain area, this paper used DID to analyze the impact of industrial poverty alleviation projects on the poor farmers’ income. The study found that the industrial poverty alleviation project could increase the farmer’s operating income, and increase the farmer’s wage income through employment, also could increase the farmer’s property and transfer income through asset dividends and subsidies. The study also found that industrial poverty alleviation projects had a positive effect on per capita income. More specifically, the industrial poverty alleviation projects had significant effects on per capita property income and transfer income, but hadn’t remarkable influence on per capita operating income and wage income. The conclusions were confirmed by analysis of PSM-DID and placebo test. The research presented the common problem existing in the industrial poverty alleviation, which was that the grassroots government and executive entities preferred the model of asset investments under the influence of factors such as cost, income and risk, so that the number of poor farmers developing industries and being employed was small. So, it’s necessary to make poor households more involved in the agricultural industrial chain and promote the integration of the first, second and third industries, so as to expand the channels for the increase of poor households incomes. Meanwhile, the government should cultivate entities and elites in rural areas, and increase the organization degree of farmers, which can help the poor farmers to get rid of poverty.

Key words:Poverty; Industrial Poverty Alleviation; Professional Cooperative; Precise Poverty Alleviation

The Influence and Its Mechanisms of Vertical Specialization on the Export Sophistication: An Evidence of China’s High-tech Industries

DAI Kuizao FANG Jiewei

·110·

(1.SchoolofBusiness,HunanUniversityofScienceandTechnology,Xiangtan411201,China;2.SchoolofEconomics,NankaiUniversity,Tianjin300071,China)

Abstract:How does the vertical specialization affect the export sophistication of China’s high-tech industry? This study makes an empirical analysis, using the provincial level data of China’s high-tech industry during the years of 1998-2015.The results show that the vertical specialization significantly improves the export sophistication, but the promotion effect of vertical specialization has weakened after the financial crisis. The vertical specialization promotes the export sophistication by improving labor productivity and increasing R&D investment, but the R&D effect of vertical specialization is weak. In addition, the influence of vertical specialization on export sophistication is heterogeneous, and the effect on the enterprises with better performance is more significant. The size of the enterprise does not change the influence of vertical specialization. Therefore, in order to improve the export sophistication of high-tech industries in different regions, the government should consider the influence of regional enterprise characteristics for the promotion effect of vertical specialization.

Key words:Vertical Specialization; Export Sophistication; Mediating Effect; High-tech Industry

Determination of the Optimal Scale of Public Services Supply and Its Improvement

HU Hongshu WU Siqi

·122·

(SchoolofPublicFinanceandTaxation,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:When public goods’ marginal replacement ratio equals private goods’ marginal replacement ratio, the scale of local public service supply is optimal and residents’ satisfaction is maximized. This paper divides 22 major representative countries in the world into 4 groups: high welfare countries, mainstream developed countries, developing countries and underdeveloped countries. By comparing the ranking and value of the above-mentioned countries’ human development index in 2017 with their public expenditure as a proportion of GDP in the past 10 years, we come to the conclusion that, based on China’s existing resource endowment and factor conditions, the optimal public service scale which is suitable for China’s national condition should be controlled within the range of 14%. When the public expenditure is less than the optimal scale, a moderate increase in fiscal expenditure will be conducive to the improvement of total factor productivity and social welfare. Once the government scale exceeds the optimal range, the increased public expenditure will occupy private investment and consumption, and therefore increase the fiscal burden. In view of the fact that the scale of public service expenditure in China has been hovering around 13% in the past 10 years, this paper puts forward some suggestions to narrow public services gap between regions, to appropriately expand the scale of public service supply with the help of PPP, non-governmental organizations and the power of shared economy in order to enhance our residents’ overall sense of gain.

Key words:Public Service; Optimal Supply Scale; Marginal Utility; Sense of Gain