《南财财经大学学报》2020年第1期

题目：Does Social Responsibility Information Disclosure Affect Audit Fees?

摘要：Using A-share companies listed in Shanghai and Shenzhen Stock Exchanges during 2009—2015,this paper empirically analyzes impact of form and level of detail of social responsibility information disclosure on audit fees．Results show companies that disclose social responsibility information pay higher audit fees．Audit fees premium associated with more detailed disclosure． Voluntary disclosure forms weaken the positive relationship between them, while third-party institutions examine and strengthen the positive relationship between them． The paper expands the research on governance effects of social responsibility information disclosure and economic consequences of non-financial information disclosure and provides empirical evidence for the study of factors affecting audit fees． Supervisors should strengthen supervision and guidance of corporate social responsibility performance and information disclosure behavior, and improve construction of social responsibility information disclosure system．Companies should disclose financial and non-financial information in combination, and hire independent third-party institutions to review social responsibility information to enhance the credibility of disclosed information．Auditors should incorporate social responsibility reports into the company’s risk assessment process and take them into account when determining audit fees to reduce audit risks．

关键词：non-financial information; social responsibility; information disclosure; audit fees

创新点：Possible contributions of this paper: First, unlike previous studies, this paper focuses on the impact of the form of social responsibility information disclosure and the level of detail of exposure on the auditor's fee level based on the domestic institutional context, and extends the research on the governance effect of social responsibility information disclosure and the economic consequences of non-financial information disclosure. Second, this paper supplements the research in audit and non-financial information to enrich the literature related to the factors influencing audit fees. A logical chain is established between the form of social responsibility information disclosure, the level of detail of exposure and whether it is audited, audit risk and audit fees, and auditors should take the social responsibility information disclosed by companies into full consideration when making audit fee decisions and use it as a basis for decision making. Finally, it provides a basis for regulators to standardize social responsibility information disclosure standards. Encourage listed companies to voluntarily disclose more detailed social responsibility information and appoint a third-party organization to review the information to provide a reference for listed companies to improve the quality of social responsibility information disclosure, etc.

结论：The article examines the impact of non-financial information disclosure on the level of audit fees based on the perspective of social responsibility information. The study finds that: companies that disclose social responsibility information pay higher audit fees; the more detailed the social responsibility information disclosure, the higher the audit fees, and the voluntary disclosure form weakens the positive effect between the two, while the third-party audit strengthens the positive impact between the two. The findings of this paper provide empirical evidence for the economic consequences of non-financial disclosure and extend the study of the factors influencing audit fees.

Based on the above conclusions, the following countermeasures are proposed.

1. Regulators should strengthen supervision and guidance. Regulators should pay attention to the important role of social responsibility in the management of company's business risks and the governance of company's stakeholder relations, and supervise and guide companies to fulfill their social responsibility and information disclosure behaviors by enforcing relevant laws on environmental protection, consumer rights, and interests protection, labor contracts, etc. Companies perform social responsibility and disclose social responsibility information to reduce operational risks and enhance stakeholders' trust in the company's financial information.

2. Improve the social responsibility information disclosure system. Formulate social responsibility information disclosure norms, introduce more detailed disclosure regulations, establish standards for measuring the quality of social responsibility information disclosure, and provide institutional support for improving the disclosure form, disclosure content, and disclosure quality. Encourage companies to disclose a combination of financial and non-financial information, enhance the level of detail of social responsibility information disclosure, and improve the transparency and quality of information disclosure. To facilitate information users to identify the fulfillment of social responsibility, promote independent third-party institutions to examine social responsibility information, enhance the credibility of disclosed information, avoid the voluntary disclosure of social responsibility information from evolving into superficial image management behavior, and improve the usefulness decision-making.

3. The auditor should carry out the risk-oriented audit thinking into the execution of the audit. Auditors should be aware that non-financial information such as social responsibility and financial information are not independent but complementary and should pay attention to the social responsibility information of listed companies when performing audit engagements. Auditors should incorporate social responsibility reports into the company's risk assessment process to provide new audit leads for financial statement audits, capturing possible risks of material misstatement in the company, and taking them into account when determining the level of audit fees to reduce audit risk.。

题目：Study on the Impact of Industry Competitiveness on Enterprise Productivity: An Empirical Study Based on China’s Industrial Enterprises

摘要：Based on data of Chinese industrial enterprises, this paper empirically studies impact of industry competition on enterprise productivity．It is found that increase of industry concentration will lead to decrease of enterprise productivity．However, group regression shows that effect of industry concentration on enterprise productivity is nonlinear．For industries with high monopoly, increasing competition can significantly promote productivity．For industries with sufficient competition and overcapacity, increasing competition will lead to decrease of enterprise productivity, and it is necessary to improve productivity through industry integration and industry concentration．After controlling the nature of enterprise ownership, impact of industry concentration on enterprise productivity is still very significant． Further analysis shows that financing constraints play an important role in the process of the role of industry competition on enterprise productivity．When financing constraints increase, negative impact of industry competition on enterprise productivity will be strengthened． On the contrary, increasing corporate liquidity can significantly alleviate the negative effect of industry competition on productivity．Therefore, in order to promote enterprises productivity, it is necessary to break industry monopoly, strengthen integration of industries with excess capacity, and increase liquidity support for enterprises．

关键词：firm productivity; financing constraints; industry concentration

创新点：Scholars at home and abroad have studied the influence mechanism of market competition on enterprise productivity from several perspectives, and the view that improving market competition promotes enterprise productivity as a whole is widely recognized, which can provide a theoretical basis for formulating relevant industrial policies in China, but there are still some shortcomings. However, there are still some shortcomings. First, there are relatively few studies on the nonlinear relationship between market competition and enterprise productivity; second, the financing constraints of enterprises are not considered in the process of market competition's impact on enterprise productivity. Based on this, this paper takes enterprises in the China Industrial Enterprise Database 1999-2013 as an example to study the effect of industry concentration on enterprise productivity while considering the role of financing constraints.

结论：Firm productivity is essential for accumulating social wealth and improving quality of life. The self-selection mechanism of inter-firm competition will motivate firms to improve productivity and increase competitiveness continuously. At the same time, technological innovation investment, purchase of advanced equipment, and management training require large amounts of financial support, thus liquidity becomes an important factor limiting enterprise productivity. Based on this, this paper uses the data of Chinese industrial enterprises from 1999 to 2013 to study the relationship between industry concentration and firm productivity. In terms of industry concentration, the overall regression shows that an increase in industry concentration, i.e., an increase in monopoly, will cause a decline in firm productivity. On the contrary, sufficient competition can promote productivity growth. However, the grouped regressions show that the effect of industry concentration on firm productivity is nonlinear. For industries with high monopolies, competition can significantly increase productivity, while for industries with good competition and overcapacity, industry consolidation and higher industry concentration are needed to increase productivity. At the same time, financing constraints are an essential reason for the decline in productivity of enterprises, whether state-owned, private, or foreign enterprises, whose productivity is affected by financing constraints. In reality, more often than not, financing constraints and industry competition exist simultaneously, and at this time, increasing the flow of firms

Motivation can enhance the productivity-boosting effect of industry competition. Accordingly, this paper proposes the following suggestions to promote productivity improvement of firms.

1. Break industry monopoly and increase competition. Although China's market economy system has been gradually improved with the advancement of market economy reform, specific industries still have strong monopolies, which threaten the market order of fair competition and raise the production cost of the industry, leading to a decline in the overall production efficiency of the industry. To increase competitor in the industry, it is necessary further to liberalize the market access restrictions of the sector, implement the reform of the state-owned system, and increase the shareholding of the private economy. At the same time, foreign investment can be introduced under the premise of ensuring economic security to create a pattern of healthy competition and promote productivity improvement.

2. Strengthen industry integration and improve production efficiency. Due to low technology content, low entry threshold or exit threshold is too high, leading to excessive competition in some industries in China, overcapacity situation. The direct consequence of extreme competition is inefficiency. To this end, the need to regulate the market entry and exit order and exit implementation methods. Accelerate the disposal of "zombie enterprises," eliminating low-productivity enterprises, and steadily promote the elimination of superiority and inferiority of enterprises. At the same time, it strengthens industry integration, encourages market-based mergers and acquisitions to achieve industry production efficiency.

3. Increase the liquidity support for enterprises. Financing constraints are a frequent problem faced by enterprises in production and operation. Adequate liquidity can reduce the negative impact of market competition on enterprises and maintain a high productivity level. To this end, a prudent and neutral monetary policy is needed to keep the overall stability of market liquidity. The interest rate transmission mechanism should be eased, rigid exchange rate and implicit guarantee should be broken. The problem of expensive and challenging financing for private enterprises should be solved. At the same time, implement targeted financial support policies to estimate corporate investment in science and technology innovation and promote production efficiency.

题目：Impact of Listing on the Sensitivity of Enterprises’ Investment to Peers’ Stock Prices Information

摘要：Based on data set of Chinese A-share firms from 1999 to 2017,this paper investigates change on dependence of investment decisions on one of the most important information sources-stock price information of peer firms, after listing． Furthermore, mechanism of this change is examined from the perspectives of substitution effect and behavioral intuition． The study has found that sensitivity of investment to stock price information of peer firms has been significantly improved after listing． The results of mechanism test indicate that in China, the use of peer information in managerial investment decision-making is a leap, the choice of investment opportunity information is led by behavioral intuition rather than substitution effect． These results suggest that it is necessary for enterprise managers to optimize and improve the methods and efficiency of the use of investment information resources to achieve the effective allocation of resources in China’s capital market．

关键词：listing; investment decisions; peers’ stock price information; industrial tobin’s Q

创新点：The possible contributions of this paper are: first, this paper uses data from Chinese firms to study the effect of going public on the sensitivity of information about firms' investment decisions - peer stock prices, and obtains findings that are different from those of Foucault and Fresard, and suggests that corporate managers in the context of Chinese capital markets have an other way of thinking about information acquisition for investment decisions than The findings are different from those of Foucault and Fresard. The results show that under the current development stage and institutional context of the Chinese capital market, corporate managers pay attention to information about investment opportunities of peer companies when making investment decisions. Still, they do not yet choose among different information sources according to the quality of information and are more likely to use information resources from behavioral intuition. Their ability and efficiency of information selection remain limited. These preliminary explorations can provide some insight into the resource allocation mechanism of China's capital market and explore and improve the operation mechanism of the information transmission function. Second, as far as this paper is aware, although various factors affecting corporate investment decisions and investment efficiency have been explored in the Chinese context, few have examined the impact of this externality on corporate decision making from the perspective of peer-to-peer "information spillover effects" on firms, and this paper addresses this research gap. This paper complements this research gap.

结论：Based on the Foucault and Fresard model, this paper investigates the effect of going public on the dependence of firms' investment decisions on the stock price information of peer firms, using a sample of A-share firms in China from 1999-2017. The study in this paper finds that the sensitivity of firms' investments to peer firms' stock price information is significantly increased after going public. This paper attempts to explain the mechanisms responsible for the increased sensitivity of firms' investment-peer firm stock price information due to going public regarding the competitive and information quality dimensions from the information substitution effect perspective and the information deficit dimension from a behavioral standpoint. The results show that going public increases the sensitivity of firm investment-peer firm stock price information to the same extent in both high and low competitive industries, regardless of whether the firm's information quality is high or low. At the same time, regressions distinguishing between pre-IPO years find no evidence that firms utilize peer firm stock price information in their investment decisions as long as they are not yet listed, and only after going public do firms' investments exhibit a significant reliance on peer firm share price information.

The above results suggest that there is no significant evidence of information substitution effect in Chinese managers' information utilization for investment decisions. Managers' utilization of peer-to-peer information before and after IPO is a jumping process guided by behavioral intuition, from nothing to something, rather than a substitution result after screening and selecting the quality of different information sources. Accordingly, this paper gives the following policy recommendations: first, further, improve the information channels in the capital market so that share prices can be more fair and timely reflect the information possessed by investors; second, the access mechanism and trading behavior of the capital market need to be improved to enhance the information value of share price information in the investment decisions of corporate managers; third, further clarify the peer positioning methods of listed and unlisted companies to optimize and improve their methods and efficiency for information resource utilization, so as to enhance the efficiency of capital market resource allocation.

题目：An Experimental Study on the Regulatory Effect of “Double Random and One Open” Food Industry

摘要：China will fully implement the “double random, one open” market supervision to create a fair and just market competition environment． The article conducts research on the “double random, one open” regulatory mechanism, and intro-duces the frequency of supervision and punishment into the lemon market experiment to examine the impact of food fraud and different regulatory mechanisms on the behavior of consumers and retailers, and to explore what kind of regulatory mechanisms can effectively curb the production of food fraud． By introducing supervision and punishment mechanisms into the lemon market experiment, we found that the increase in supervision frequency can significantly improve the status of food fraud, but the increase in penalties will have a significant effect on price increase． This paper points out that the supervision department should strengthen the frequency and scope of supervision, control the punishment, enforce the law and morality at the same time, and strengthen the construction of food safety ethics． From the perspective of social welfare, this paper proves that high supervision and appropriate punishment is the best combination policy．

关键词：food fraud; lemon market; deterrence theory; punishment; regulatory frequency

创新点：In recent years, scholars at home and abroad have conducted specific and careful research on food fraud, which has yielded many results and provided a theoretical basis for subsequent researchers, but there is still room for improvement, mainly because they only analyze the behavior of food fraud-related subjects from the assumption of rationality. However, the social, psychological, ethical, and moral uncertainties in the food market are so significant that a "rational person" perspective is not sufficient for a comprehensive understanding of food safety issues. At the same time, existing research focuses on the impact of regulatory penalties in the food industry from a qualitative perspective but lacks quantitative research. Therefore, this paper aims to remedy the lack of quantitative analysis in the existing studies by quantifying the behavior of buyers and sellers in food transactions using an experimental approach in economics and combining it with the "double random, one public" regulatory system to better analyze the behavior of buyers and sellers under different regulatory and punitive mechanisms in reality, to provide a reference for the experimental method is used to quantify the behavior of buyers and sellers in food transactions.

结论：This paper investigates the impact of food fraud and its effect on consumer welfare under the "double random, one public" regulatory mechanism with different intensities of sampling and punishment. The experimental results show that there is a regulatory dilemma in food safety governance. Specifically, when regulation frequency is low, food fraud is high because producers bear less risk of punishment and can gain additional benefits from choosing fraudulent behavior. When the frequency of regulation increases, the risk of penalties borne by producers increases, and some producers reduce their fraudulent behavior. However, when penalties are increased, producers are prone to pass on the large costs associated with large penalties to consumers, reducing total social welfare. At the same time, the experimental results show that the introduction of regulation and punishment mechanisms can effectively improve fraudulent behavior in the food market, with the most significant effect of the combination of high regulation and low punishment policy. Under increased regulation and low punishment, manufacturers tend to improve product quality, which effectively enhances consumers' confidence in purchasing and ultimately leads to higher consumer welfare and stable economic development. It is also found that the more frequent the regulation, the higher the quality of the product and the severer the quantity produced. At the same time, the severity of punishment mainly affects the price of the product. Thus, from the perspective of overall social welfare, it supports that high regulation and low penalties are the most appropriate combination of policies.

The conclusions of this paper have important implications for the management of food safety problems in China. Not only does our government emphasize "comprehensive quality improvement actions," but the food industry is an essential link between the health of the population and the economic development of society. When consumers experience food fraud, they become suspicious of the entire food industry. It is difficult for high-quality producers to be fully recognized by consumers, and the quality of their products is easily underestimated. The information asymmetry at the producer and consumer levels extends to the food industry level and even generates an industry trust crisis. Therefore, to deal more comprehensively with real-life food fraud, this paper offers four recommendations.

1. The government should establish and improve the legal and regulatory framework for the food industry. Establishing a sound system of laws and regulations will enable the relevant food regulatory agencies to have rules to follow and food fraudsters to be sanctioned. At the same time, consumers' rights and interests will be legally protected.

2. Government regulators need to increase the frequency and scope of regulation. The experimental results of this paper prove that the increase in the frequency of regulation can improve the quality of product production, enhance consumer confidence in purchasing, and ultimately lead to the improvement of consumer welfare and promote the stable development of the economy. Thus, the "double random, one open" market supervision mechanism can maintain the stable and healthy development of the economy and promote the maximization of total social welfare.

3. In the actual implementation of the government to adopt a reasonable level of punishment. In the Food Safety Law, the policy of punishing up to 30 times the amount has a good deterrent effect, but not the harsher the punishment, the better, using the theory of deterrence at the same time must take into account the cost-benefit situation, so the government should fully consider the possibility of passing on the huge cost of large penalties to businessmen to consumers, and adopt a means conducive to the healthy operation of the market.

4. Establish a multi-channel, multi-level approach to food safety ethics. The principles, categories, and norms to be implemented for food safety must combine the government, industry, and the public in a tripartite effort to engage in ethical and moral practices to address the moral issues raised by food safety. The government should combine law and ethics to guide and motivate food producers to operate with integrity through ethical practices such as improving ethical evaluation systems and establishing credit systems for businesses.

题目：TMT’s Innovation Intention，Decision-Making Ability and Firm’s Innovation Performance of Venture Enterprises: Moderating Effect of R&D Organization Level

摘要：Based on the perspective of “motivation” and “ability”, this paper constructs a theoretical model of innovation promotion of venture enterprises based on innovative characteristics of Top Management Team(TMT)． Taking GEM enterprises as the research object, the paper empirically analyses impact of innovation intention and decision-making ability of TMT on innovation performance of venture enterprises． Results show that innovation intention and decision-making ability are positively related to innovation performance of venture enterprises． Among indicators of decision-making ability, average education level and social relevance of the TMT have a significant positive effect on innovation performance of venture enterprises, while the high professional heterogeneity of the TMT is not conducive to innovation． The R&D organization level plays a positive moderating role between decision-making ability of TMT and innovation performance of venture enterprises, but moderating role be-tween innovation intention of the TMT and innovation performance of the venture enterprise is not significant． Therefore, venture enterprises should pay attention to improving the innovation intention of the TMT, and appropriately add talents with high education and rich social capital to the team, so as to improve the decision-making ability of the team, and promote the continuous innovation of the enterprise． At the same time improving the R&D organization level should be paid attention to, so as to provide guarantee for the implementation of the innovation strategy of the enterprise．

关键词：TMT; innovation intention; decision-making ability; innovation performance; R&D organization level; venture enterprise

创新点：The theoretical contributions of this paper are:(1) The theoretical model of innovation promotion in entrepreneurial firms based on the innovation traits of executive teams is constructed by taking into account both "motivation" and "ability" factors in conjunction with existing research. (2) The text analysis method is used to measure the innovation intention of the executive team, which overcomes the limitations of some studies that use demographic indicators or questionnaire research to measure the innovation intention of the executive team. (3) Theoretically explored the measurement indexes of the executive team's decision-making ability and examined its impact on the firm's innovation performance from the perspective of composite and univariate variables, respectively. (4) Using principal component analysis, we constructed an indicator of firms' R&D organization-level. We explored its moderating effect in the influence of executive team's willingness to innovate and decision-making ability on innovation performance of entrepreneurial firms.

结论：(1) Conclusion

There are many studies on the influence of executive teams on the innovation performance of entrepreneurial firms, but the overall research is fragmented and lacks systematicity. This paper constructs a theoretical framework on the influence of the executive team's willingness to innovate and decision-making ability on innovation performance of entrepreneurial firms by considering both "motivation" and "ability" factors and tests the data of 2011-2016. It is found that (i) both the executive team's innovation intention and decision-making ability contribute to the innovation performance of entrepreneurial firms, and the influence of decision-making ability is more significant than the influence of innovation intention. (ii) The univariate test characterizing decision-making ability found that the average education level and social connectedness of the executive team significantly enhance the innovation performance of startups. In contrast, high professional heterogeneity of the team is detrimental to startup innovation. (iii) R&D organization level positively moderates the relationship between executive team's decision making ability and startup innovation performance. Still, the moderating effect of R&D organization level on the relationship between executive team's willingness to innovate and startup innovation is not significant.

(2) Practice inspiration

The findings of this paper provide insights further to understand the improvement of innovation performance in entrepreneurial firms. In the early stage of establishment and the rapid growth period of entrepreneurial firms, it is important to focus on improving the willingness of the executive team to innovate and drive the firm's continuous innovation. In addition, to achieve better innovation performance, the executive team must have high decision-making ability. Specifically, when forming the entrepreneurial team, it is appropriate to attract some talents with high education and rich social capital accumulation to join the top management team to optimize the team structure and enhance the team's decision-making ability. One point to note is that at the early stage of the formation of the entrepreneurial team, the professional background of the members of the senior management team should be as similar as possible, which is conducive to the cognitive consistency of the team members better-resisting risks and promoting corporate innovation. The executive team members should also take the initiative to strengthen social interactions with relevant organizations outside the enterprise, including suppliers, partners, government departments, research institutes, financial institutions, etc. Such accumulation helps the team obtain essential information resources, providing important support for making high-quality strategic decisions. In addition, the role of enterprise R&D organization level cannot be ignored, and the implementation of enterprise innovation strategy decisions can be guaranteed by increasing the proportion of highly educated employees and the proportion of technical employees.

(3) Shortcomings and Prospects

Although this paper has a theoretical basis for analysis, the selection of innovation intention and decision-making ability as measurement variables is still subjective. The representativeness of the two variables in this area is open to debate. The next step of the study can also use the data of non-GEM-listed entrepreneurial enterprises, grouped by, for example, industry and region, to conduct a deeper analysis of the framework proposed in this paper.

题目：Economic Logic and Great Power Mission of Transform from “World Factory” to “Global Market”: On the Change of Internationalization Strategy Since China’s Reform and Opening

摘要：After the financial crisis, global economy has entered a period of deep adjustment． As the main governor of global economy, China should fulfill its responsibility as a great power and contribute to the rebalancing of world economy． Specifically, as the governor of global value chain, transition from “world factory” to“ global market” should be completed． This paper sorts out the path of China’s economic opening and the logic of its transformation since the 40 years of reform and opening up, and analyzes reasons, conditions, and paths for China’s opening strategy change after the financial crisis． Compared to the “Globalization 1.0” version, China’s “Globalization 2.0” must shift from focusing on exports to “exports and imports．” At present, domestic and international economic situation has changed, and China’s traditional comparative advantages and emerging competitive advantages are becoming weaker and weaker． China should shoulder historical choices and assume the role of a great power to complete the transition from the “world factory” to the “global market”． This paper provides a theoretical basis for strategic choice of China’s internationalization in the post-crisis era．

关键词：world factory; global market; the reform and opening-up; import trade

创新点：

结论：

题目：Can Two-way FDI Help to Improve Factor Price Distortions? Empirical Evidence from China’s Manufacturing Industries

摘要：Based on panel data of 28 industries segments in China’s manufacturing industry from 2003 to 2016, and on measuring factor price distortion index of each industry, this paper discusses impact of Two-way FDI on factor price distortion from the perspective of manufacturing industry as a whole and heterogeneous industries by using fixed effect and intermediary effect models．It is found that FDI and OFDI play an important role in improving factor price distortion on the whole, but there is a law of diminishing marginal effect, and there may be differences due to different industries and periods．From the perspective of different industries, the improvement effect of factor price distortion of FDI is relatively stable in different industries, while the improvement effect of factor price distortion of OFDI only has significant effect in low technology, light industry and homogeneous industry．The transmission mechanism of Two-way FDI to the improvement effect of factor price distortions is further studied and discussed．Accordingly, it is suggested to change the previous model of “heavy scale, light quality” of foreign investment, and deepen the model of “diversification, high-end” of foreign investment, so as to greatly release the improvement effect of two-way FDI on the distortion of factor prices, and further promote the high-quality development of manufacturing industries．

关键词：FDI; OFDI; factor price distortion; manufacturing industries

创新点：From the existing studies, although significant results have been achieved on the factors influencing factor price distortions, there are still some shortcomings. Firstly, the current research on improving factor price distortions mainly focuses on factors within a country, and the important influence of external factors (such as international direct investment) in improving factor price distortions has not been fully recognized; secondly, it is based on this research deficiency that there is a lack of in-depth theoretical analysis and empirical evidence on the new issue of how FDI and OFDI affect factor price distortions. This is undoubtedly not conducive to developing relevant theories and the formulation of policies by local government departments according to local conditions. Based on this, this paper investigates whether and how FDI and OFDI affect factor price distortion based on the cross-country flow of factors under open conditions. At the theoretical level, the paper reveals the inner mechanism of two-way FDI involving factor price distortion and elaborates the impact of two-way FDI on factor price distortion to explore it theoretically actively; at the practical level, based on the prominent position of two-way FDI in manufacturing industry towards international high-end and the importance of factor price distortion mitigation to its development, the paper selects panel data of 28 sub-sectors of the manufacturing industry. Based on measuring factor price distortions, multiple explorations are conducted from the overall and sub-industry perspectives, which verify the ameliorating effect of two-way FDI in manufacturing on factor price distortions and conduct heterogeneity analysis from the sub-industry perspective, which is a useful supplement to the existing studies.

结论：Based on the theoretical dissection of the mechanism of the impact of two-way FDI on factor price distortion, this paper examined the improvement effect of factor price distortion of two-way FDI by using panel data of 28 sub-sectors of the Chinese manufacturing industry from 2003 to 2016. The following research conclusions can be obtained: (1) From an overall perspective, two-way FDI plays an important role in the improvement of factor price distortion, and the factor price distortion of the manufacturing industry decreases from 9.63 in 2003 to 3.61 in 2016, which is closely related to the "bring-in" and "go-out" policies. "This is closely related to the policy of opening up to the outside world. However, there is a law of diminishing marginal effect of two-way FDI on the improvement of factor price distortion. At the same time, there is a certain substitution effect of the two on the improvement of factor price distortion at the present stage during the transition period of coordination and friction between FDI and OFDI. (2) From the results of industry segmentation analysis, the improvement effect of FDI on factor price distortions in different categories of industries is relatively stable. In contrast, OFDI only plays an important role in improving factor price distortions in low-tech, light industry and homogeneous industry; (3) further research shows that two-way FDI will also indirectly affect factor price distortions by affecting market competition and government intervention and other intermediary effects in the process of improving factor price distortions.

The research results of this paper affirm the improvement effect of two-way FDI on the distortion of factor prices in China's manufacturing industry, for which the following policy recommendations are made. First, change the previous foreign investment attraction mode of "emphasizing scale but not quality" and promote FDI to high level, high quality, and high technology development. The empirical results show that FDI has an important role in improving factor price distortion in China's manufacturing industry, but there is also a law of marginal diminution. Therefore, in the current transformation period when China's manufacturing industry growth model is shifting from factor-driven to innovation-driven, if we want to continue to play the factor price distortion improvement effect of FDI, we need to bring in "radiation effect" and "high quality" FDI. Therefore, in the current transformation period of China's manufacturing growth model from factor-driven to innovation-driven, if we want to continue to bring into play the factor price distortion improvement effect of FDI, we need to promote the continuous rise of China's manufacturing industry in the global value chain through the introduction of high-quality FDI with more significant "radiation effect," and play its technology spillover effect, high-end factor flow effect and market mechanism improvement effect. Second, to create a suitable environment for OFDI, improve the efficiency of OFDI, and deepen the "diversified and high-end" OFDI model. the importance of OFDI to improve the distortion of factor prices is self-evident, and the continuous deepening of the quality and efficiency of OFDI is an important grasp to achieve its improvement effect. The government should first improve the mechanism related to OFDI, provide legal protection, reasonably avoid the risks of overseas investment for enterprises, optimize the approval matters of OFDI, encourage technology-oriented and efficiency-oriented enterprises to invest abroad, and finally promote a "diversified and high-end" OFDI model. Thirdly, we should give full play to the coordination of two-way FDI, consider the development strategy of both "importing" and "going out," and form a new layout of foreign opening strategy. From the analysis, it can be seen that the current FDI and OFDI in China's manufacturing industry have a certain substitution effect on the improvement of factor price distortion. Therefore, to realize the excellent interaction and coordinated development of FDI and OFDI, it is necessary to pay attention to the quality of investment attraction while actively encouraging enterprises to make technology-oriented foreign investment, make full use of "two resources and two markets" to coordinate internal and external development and change the previous export-oriented foreign development model to a balanced and coordinated development strategy.

题目：Characteristics and Evolution of Industrial Linkages between China and Countries along “the Belt and Road”

摘要：Using the newly developed production decomposition model in Global Value Chain(GVC), this paper analyzes characteristics and evolution of industrial linkages between China and countries along “the Belt and Road” since 2000． Result shows that countries with high forward linkages index have high backward linkages． The forward linkages between China and most countries along “the Belt and Road” are dominated by simple GVC activities, and the forwards dependence of most countries on Chinese market is strengthened． The backward linkages between China and nearly half of the countries along “the Belt and Road” are dominated by complex GVC activities． Therefore, it is not only necessary to consider complementarity of relevant industries with relevant countries to construct regional value chains of “the Belt and Road” around China, but also necessary to strengthen and develop collaboration between China and main trade partners, so as to realize the integration of regional value chain and technology chain．

关键词：“the Belt and Road”; global value chains; decomposition model; forward linkage; backward linkage

创新点：In view of this, this paper uses a production decomposition model to explore the characteristics and evolutionary dynamics of the industrial linkages between China and the countries along the Belt and Road in terms of their participation in global value chains. The possible marginal contributions of this paper are: (1) based on the perspective of value-added trade, the forward and backward linkages of value chains are used to measure the extent, location, and competitiveness of the participation in global value chains of the countries along the Belt and Road as a whole, significant industries and sub-sectors; (2) the analysis of the composition of value-added trade of the countries along the Belt and Road and the characteristics of the (2) analyze the characteristics of value-added trade composition and cooperation forms of countries along the "Belt and Road," and reveal the industrial linkage between China and countries along the "Belt and Road" in the global value chain; (3) span the period of 2000-2017, and cover 63 countries (or regions) along the "Belt and Road," which makes up for the shortcomings of the small number of sample countries and data lag in the existing literature.

结论：Based on the production decomposition model, this paper empirically analyzes the industrial linkages between China and the countries along the Belt and Road in three dimensions: national, regional, and industrial. The main conclusions are as follows: (1) From 2000 to 2014, the forward participation index and backward participation index of China and most of the countries along the "Belt and Road" show a flat growth trend, and most of the "Belt and Road "The position of most of the countries along the Belt and Road in the global value chain tends to change in an "M" trajectory, while the position of China in the global value chain evolves in a "V" trajectory. (2) The composition of intermediate goods value-added trade between China and countries along the Belt and Road is relatively stable. The proportion of most Belt and Road countries in the composition of China's export final goods tends to increase. The forward value chain linkages between China and most countries along the Belt and Road are dominated by simple GVC activities. The forward dependence of most countries along the Belt and Road on the Chinese market has increased. Complex GVC activities dominate backward value chain linkages between China and nearly half of the Belt and Road countries. China's importance as a supplier of intermediate goods to the Belt and Road countries continues to grow.

The policy implication of this paper is: First, in the industrial cooperation of "Belt and Road," it is necessary to consider the complementarity of related industries with relevant countries and create a regional value chain of "Belt and Road." Based on the resource endowments and comparative advantages of each country, China should promote the formation of regional value chains with complementary advantages and internal linkages, taking into account the division of labor in the global value chain and the forward and backward links of countries along the route in the global value chain. Secondly, China needs to continue to strengthen and expand bilateral trade with its major value-added trading partners along the Belt and Road, especially South Korea, Singapore, India, and Thailand, in the form of a global value chain division of labor cooperation. The "spillover effect" in global value chains should be fully considered to realize the integration of value chains, regional chains, innovation chains, and technology chains.

题目：Would China’s Economic Policy Uncertainty Restrain Physical Investment of Real Estate Enterprises: An Empirical Analysis Based on the Perspective of Real Options

摘要：From the perspective that physical investment with irreversibility and timing selectivity is regarded as a real option under economic policy uncertain environment, this paper analyzes value composition of physical investment of real estate enterprises and restraining effect of economic policy uncertainty on investment, and put forward hypotheses． Based on the VARX model and the impulse response function, China’s economic policy uncertainty index and the investment data of China’s real estate development are used to carry out an empirical analysis． Results show that China’s economic policy uncertainty would restrain real estate enterprises’ physical investment, and the irreversibility of investment projects aggravates this inhibition． Accordingly, government should keep the stability and continuity of economic policy as far as possible when adjusting eco-nomic policy, hedge the uncertainty caused by external events such as the subprime crisis and Sino-US trade friction with internal certainty, and China’s real estate enterprises should constantly improve their management decision-making ability and promote their development from high-speed to high-quality．

关键词：economic policy uncertainty; real options; real estate enterprises’ physical investment; VARX model

创新点：This paper views real estate enterprises' physical investment with irreversibility and timing selectivity as a realistic option in an uncertain economic policy environment, which is a new perspective of thinking compared with existing domestic research. Fundamental options theory focuses more on the uncertainty problem of the investment project itself rather than just a single cash flow forecasting and discounting problem; it not only extends the application scope of financial options but also introduces financial market rules into the investment decision within the enterprise and improves the investment strategy thinking.

结论：Based on the studies of Black, Scholes, Myers, Dixit, Pindyck, and others, this paper views a real estate firm's physical investment with timing selectivity and irreversibility as a realistic option in an environment of economic policy uncertainty and analyzes the value components of this investment and the inhibiting effect of monetary policy uncertainty on this investment. The results show that the value of the real estate enterprise's physical investment consists of three components: the net present value of the project's future cash flows, the intrinsic value of the option, and the time value of the option. Based on mixed binary statistics, cross-correlation matrix, and VARX model, an empirical test is conducted using the Chinese economic policy uncertainty index and Chinese real estate development investment data, and the results show that Chinese monetary policy uncertainty inhibits real estate firms' physical investment, and the irreversibility of investment projects exacerbates this inhibitory effect.

When adjusting economic policies to stimulate or control investment in real estate enterprises or even enterprises in other industries, it is suggested that the Chinese government should pay more attention to the inhibiting effect of frequent changes in economic policies that cause uncertainty on enterprise investment. In the face of uncertainties caused by external events such as the US-China trade friction, it is recommended that the Chinese government should release accurate and timely information to the public to enhance investors' expectations of economic policies; it should maintain policy stability and continuity as much as possible to hedge against external uncertainties with inner certainty. For Chinese companies investing in projects with a high degree of irreversibility, it is recommended that they should continuously improve their management decision-making capabilities, optimize and upgrade their internal controls, and promote themselves from high-speed development to high-quality development.