Working Papers
WP1223Title:Pay Gap and Firm Innovation in ChinaAuthor:Kong  Dongmin,Xu  Mingli  and  Kong  Gaowen   View Count:12
       Abstract:Although the pay gap between executives and employees has received considerable attention, its economic consequences remain unclear due to the unavailability of data. In this study, we examine the effects of the pay gap on firm innovation by using data from Chinese listed companies. We show that: 1) pay gaps between management and employees enhance firm innovation, supporting the tournament theory
WP1222Title:Financial Agglomeration and Hierarchical Urban Systems: A Study Based on Loan Balances of CitiesAuthor:Liang  Qi,Wang  Ruyu,Wang  Zhigao  and  Chen  Jianlong   View Count:13
       Abstract:Financial industries typically exhibit hierarchical spatial structures in modern economies. Based on the data of loan balances of cities and the number of permanent urban residents in China, using the core density estimation and regression analysis, we find that the hierarchical urban and financial structures essentially match each other, although the latter exhibits a higher degree of concentrati
WP1221Title:Irrational factors’ impacts on the Performance-Flow Relationship of mutual fundAuthor:Wu  Yanran,Wang  Kai,  Li  Rui,  Han  Liyan  and  Su  Song   View Count:20
       Abstract:We first explore the effects of two irrational factors, investor sentiment and chasing behavior of fund splits(CBFS), on the flow and the Performance-Flow Relationship(PFR) of mutual fund and we believe they come from the Framing Bias of mutual fund investors. We also investigate more deeply on the mechanism of the impacts of the two factors. First, our results support that investors in Chinese mu
WP1220Title:How does the Manufacturing Industry’s Global-Production-Network Position Influence its International Specialization StatusAuthor:Liu  Haiyun  and  Mao  Haiou   View Count:22
       Abstract:Since the adoption of reform and opening-up policy, the global-production-network (GPN) centrality of China’s manufacturing industry has been rising, however its international specialization status (ISS) has been low, how to improve ISS through adjusting the strategy of embedding in the global-production-network is worthy of study. This paper incorporates GPN position into the framework of intra-p
WP1219Title:The Metamorphosis of High-tech Enterprises——A study on Manipulation of R&D Based on Tax-reducing IncentivesAuthor:Yang  Guochao,  Liu  Jing,  Lian  Peng  and  Rui  Meng   View Count:27
       Abstract:“Administrative Measures for the Determination of High-Tech Enterprises” establishes the quantitative criteria for High-Tech Enterprises, which is directly related to the huge preferential tax. In view of this, this paper studies the relationship between tax reduction policy and corporate R&D manipulation, and the influence of R&D manipulation on R&D performance. We find that in order to obtain pr
WP1218Title:The Effects of Fiscal Subsidy on Industrial StructureAuthor:Qian  Zongxin,Guo  Qingwang  and  Li  Rong   View Count:30
       Abstract:In this paper, we build a model of capital deepening-led industrial structural transition, based on the two-sector model of Acemoglu and Guerrieri (2008). Using this model, we analyze the effects of fiscal subsidy which is biased towards the service industry on industrial structure and economic growth. Then, we use the data on publicly listed companies and panel data models to test the theory. Bot
WP1217Title:The Effect on Pension Reform on Economic Dynamic EfficiencyAuthor:Yang  Jijun  and  Zhang  Erzhen   View Count:33
       Abstract:Dynamic efficiency is the core of capital accumulation and economic growth.The paper collects 30 provincial data of china on 1997-2014 and uses the SYS-GMM method to examine the impact of pension reform on dynamic efficiency. The results show the transition from pay-as- you-go scheme to funded scheme has a significant crowded in effect on savings, which contributes to the foundation of excessive a
WP1216Title:Talent Allocation and China’s Economic GrowthAuthor:Pan  Shiyuan,Zhu  Dandan  and  Xu  Kai   View Count:31
       Abstract:This paper builds an endogenous economic growth model, in which talent is allocated between public sector and private sector, to study how talent allocation impacts economic growth in China. On the one hand, talent who is in public sector (civil servants) provides public service to private sector to stimulate economic growth. On the other hand, with the increase of civil servants, talent devoted t
WP1215Title:The Effect of Union on the Wage Structure and Wage InequalityAuthor:Nie  Haifeng,Xing  Chunbing  and  Yue  Ximing   View Count:32
       Abstract:Using a large sample of employee and employer matched data, we estimate the wage premiums and the effect on the wage inequality of union membership. After controlling the individual human capital and firm productivity variables, we find that the average union wage premium of the male is positive, the average union wage premium of the female is negative. Union increases its male members’ wage but f