Abstract:The "flying geese" model of industrial upgrading is an important power to promote the development of the manufactural industry in China. Under the great nation effect, taking manufactural industry as an example, through building a trilateral mathematical model about enterprise-consumer-government, this thesis shows that:the great nation effect determines that China can promote the process of the "flying geese" model of industrial upgrading through a dynamic loop of industrial agglomeration and diffusion, and the realization of economy of labor division among regions improves the economic efficiency and quality of "flying geese" model of industrial upgrading. Government behavior is a double-edged sword, the central and local government needs to select the supportive and regulatory model scientifically and define their different roles reasonably according to different decision interval, which can promote the "flying geese" model of industrial upgrading under the great nation effect.

Abstract:Whether the intensity of environmental regulation promotes or inhibits industrial upgrading, there are differences in the study of existing literature. Based on the panel data of 108 cities in the Yangtze River Economic Belt from 2003 to 2015, the paper studies the direct and indirect effects of environmental regulation on the industrial upgrading of the Yangtze River Economic Zone by using the spatial Durbin model. The results show that the coefficient of direct effect and its spatial lag of environmental regulation intensity are significantly negative in each model, which indicates that the improvement of environmental regulation within the jurisdiction or adjacent area will restrain the industrial upgrading of Yangtze River economic zone; ignoring the spillover effect of environmental regulation will lead to an overestimation of its impact on industrial upgrading. The study also finds that economic growth and human capital have a significant effect on industrial upgrading, while foreign direct investment, resource endowment and government intervention will inhibit the industrial transformation and upgrading of the Yangtze River belt in varying degrees.

Abstract:Based on the dataset of the IPO companies listed in Shenzhen and Shanghai of China from 2009 to 2014, this article expands investor sentiment to two dimensions, which are institutional investors rational sentiment and individual investors irrational sentiment, and researches the relationship of investors sentiment on IPO pricing, managers over-optimism and corporate performance.The empirical results show that:Institutional investors rational sentiment has a significantly negative correlation with the over-funding of IPO companies, individual investors irrational sentiment has a significantly negative correlation with the first-day premium of IPO companies; Institutional investors rational sentiment and individual investors irrational sentiment both can shape the over-optimism of the IPO company managers, institutional investors has a significantly negative correlation with the over-optimism of the IPO company managers, individual investors irrational sentiment has a significantly negative correlation with the over-optimism of the IPO company managers;When the IPO companies have a high over-funding and have abundant cash flow, the over-optimism of the IPO company managers can aggravate over-investment behavior of the company and damage the company's overall performance level;When the IPO companies have a low over-funding and lack of cash flow, the over-optimism of the IPO company managers can alleviate the underinvestment caused by lack of funds and will help improve the company's performance. At the same time, individual investors irrational sentiment will affect the performance of IPO companies by the "intermediate channel of managerial over-optimism".The results have a certain explanation about the phenomenon of "IPO discount puzzle" in China, and also contribute to manager of IPO company to identify the information value in stock market and take appropriate financing stratrgy.

Abstract:During the third stage of China' initial public offering (IPO) mechanism reform, regulators carried out a series of administrative interventions aimed at over-financing, P/E ratio and secondary offering problems. Focusing on the disagreement between the first and secondary market, and IPO pricing efficiency, the empirical results suggest that, firstly, administrative intervention improved the intrinsic value pricing efficiency, but substantially reduced the transaction value pricing efficiency, under the circumstances of widespread premium of IPO price over the equity value; secondly, administrative intervention enlarged the disagreement in equity pricing between the first and secondary market, which formed an institutional profit transfer channel. The research results indicate that the administrative interventions on IPO pricing interrupt the marketization process of the third stage of China's IPO mechanism reform. IPO mechanism reform in the future should adhere to the market-oriented direction, target at improvement of pricing efficiency and handle the relationship between the interests of financiers and investors properly.

Abstract:There exist information asymmetry and heterogeneous divergence among investors in emerging capital markets, and traditional behavioral finance theory does not combine the two to conduct in-depth research on IPO underpricing. Based on behavioral finance and information asymmetry theory, this paper constructs an IPO underpricing model under the investor observable heterogeneity and structure of private information, and analyzes the mechanism of them. The results show that remaining the other conditions unchanged, the greater the observable heterogeneity between investors, the higher the IPO underpricing. The private information of institutional investors has a greater impact on IPO pricing, and whether retail investors have private information or not, that is, the greater the degree of information asymmetry between institutional investors, the lower the IPO underpricing, but retail investors have no effect. In addition, further research has found that IPO underpricing is positively correlated with investor risk aversion coefficient, allocation proportion and issuance scale, and is negatively correlated with the number of institutional investors. Therefore, the research in this paper not only can explain the "vision" of China's IPO, but also can provide some theoretical guidance for the further marketization reform of China's securities market.

Abstract:Based on the listed companies of Shanghai Stock Exchange in 2008-2015, this paper uses the absolute value of residual value of the company's capital expenditure, acquisition expenditure and ROA volatility as the proxy variable to measure the optimal risk level, and the reports of the company's social responsibility from RunLing to measure the corporate social responsibility. This paper studies the impact of corporate social responsibility on the risk taking and the firm value. The study finds that corporate social responsibility is an effective mechanism to reduce the deviation of the company from the optimal risk level; corporate social responsibility is a way to increase the value of the company. However, the result of interaction effect of corporate social responsibility and risk taking on firm value shows that the corporate social responsibility does not affect the firm value further through the risk taking. After a variety of robustness tests, the above conclusions remain essentially unchanged. The results of this paper show that the importance of corporate social responsibility for the securities market regulation, the operation of listed companies and investors, and corporate social responsibility also has a great value for reference.

Abstract:The paper investigates adjustment mechanism of corporate social responsibility from trade-off perspectives. The results shows that Chinese listed firms are rational in corporate social responsibility investment,and determine the optimal corporate social responsibility investment based on external pressure,corporate characteristics and costs, with the average adjustment half-life time being 1.4608 years, which is consistent with static trade-off theory; due to the difference of risk attitude, adjustment process owns asymmetric characteristics. It means those above the target are significantly faster than those below, with corresponding difference of adjustment half-life time being 0.4320, which is consistent with dynamic trade-off theory. Therefore, a direct policy implication of this study is that, we not only need policy pressure to force enterprises to fulfill social responsibility, but also need to guide the stakeholders to respond corporate social responsibility better, thus making the enterprise take more proactive steps.

Abstract:Theoretical supply in the big data era refers to delivering scientific theories quickly and effectively to people with the aid of big data information and technology. In the big data era, theoretical supply subjects are of different levels, realistic problems are in an endless stream, supply channels are crisscrossing, supply systems are lack of unity, and these result in a certain degree of realistic dilemma. Based on big data thinking and technology, grasping accurately the information of theoretical demands, striving to create a theoretical supply side and innovating theoretical transmission media system comprehensively are strategic countermeasures to build theoretical supply in the big data era. To realize the effective governance of theoretical supply in the big data era, the keys are to adhere to people-centered management concept, adhere to the strategic choice of governing according to law, and adhere to the principle of organic unity of value management and technical management.

Abstract:Based on the data of 85,000 academic papers in economy from 2006 to 2016 from CNKI, the paper selected 100 academic papers with the highest number of citations as research object, and analyzed the characteristics and implications of these highly cited papers. The results show that judging from cited characteristics, the number of composite citations of highly cited papers from CNKI is in the forefront of similar domestic journals, but the number of international citations is small. From the perspective of characteristics of the papers, the research topics of high-cited papers mainly focus on major issues and hot issues in national social economy. Young and middle-aged professors and associate professors are the main force in the creation of highly cited papers; strong cooperation and joint cooperation of multi-units and multi-authors have become a trend; high-cited papers are mainly published in national Chinese core journals and CSSCI journals, most of which are published in journals sponsored by the Chinese Academy of Social Sciences; the high citation of the papers is closely related to the digitalization development level of the journals. To this end, it is recommended that domestic academic evaluation institutions publish a comprehensive citation list of academic papers every year, and to promote the internationalization of journals and the internationalization of academic papers; to pay attention to the organic combination of topic selection, authors and paper quality of high-cited papers; to recognize the development orientation of journals, and to combine their own conditions and advantages to make appointments for potentially high-cited papers; to integrate and optimize journal resources, to open up the development model of digitalization of international and domestic journals, and to realize the rapid dissemination and sharing of digital resources of journals.

Abstract:The third paragraph of Article 171 of General Provisions of the Civil Law stipulates that the agent who has no right to act as the agent shall be liable for performance of the debts or damages. The liability for substitute performance and the liability for damages are two different kinds of liabilities in nature. The former is contractual liability and the latter is tort liability. The assumption of responsibility for substitute performance actually breaks through the principle of contract relativity and its essence is the general transfer of contractual rights and obligations, that is, the change of contract subject. Based on the particularity of this kind of liability bearing method, in order to prevent this kind of liability bearing from violating the purpose of the agency system itself, it is necessary for the law to restrict the choice of the counterpart in some cases. At the same time, in order to construct a scientific and reasonable system of liability for unauthorized agents, it is necessary for the law to grant the right of negotiation between the unauthorized agent and the counterpart without prejudice to the lawful rights and interests of the principal.

Abstract:The definition of tort liability in third-party environmental pollution control cannot rely on the form division of entrusted management code, custody operation mode, centralized management mode and decentralized governance mode. It should be carried out from the clear relationship between the polluting and pollution control enterprises. According to the pollution control facilities provided by the polluting or pollution control enterprises, the basic relationship between the polluting and pollution control enterprises in third-party environmental pollution control may be the legal relationship of environmental service contracts or work contracts; in addition, the basic relationship between the two may also be an invalid contractual relationship. Under the legal relationship of environmental service contract, the pollution control enterprises should assume joint and several liability with the polluting enterprises if there is any fault in the former. Under work contract, the pollution control enterprises shall bear tort liability if there is no ordering, directing or choosing negligence in the polluting enterprises. Under invalid contract, common infringement, common dangerous behavior, separate infringement with cumulative causality and separate infringement with joint causality should be distinguished, for the polluting and pollution control enterprises to assume joint, or shared, or partly joint and partly shared tort liability. The ultimate liability between the polluting and pollution control enterprises shall be allocated according to the appointed or legal proportion.

Abstract:As "violation of the national relevant stipulations" is the prerequisite condition to establish the crime of infringing on citizens' personal information, it is important to grasp its nature and status, which is the basis to determine the border of protecting personal information by criminal law. In the crime, "violation of the national relevant stipulations" is only to suggest the existence of illegality, rather than the element of constitutive requirements. The legal interests protected by this crime are the tranquility of personal life, not the so-called right of informational self-determination. In the process of judicial determination of this crime, "violation of the national relevant stipulations" has two levels of value and significance. On one hand, it is necessary to examine whether the perpetrator has reason to hinder the illegality through the illegality suggesting function of "violation of the national relevant stipulations" after confirming that the behavior conforms to the constituent elements. On the other hand, in the stage of responsibility evaluation, we should estimate the existence of knowledge of illegality and the avoidability of wrongful acts by substantive interpreting of the legal benefits protected by the crime, and then we can decide whether attribute liability to the perpetrator or not.

Abstract:Electric bicycle sharing is an innovation that combines traditional electric bicycles with the "Internet+" technology, but it has been hampered everywhere. At the macro-control level, the government is implementing an industrial policy that does not encourage the development of electric bicycle sharing at present, and the formation of this policy is affected by the four factors of public safety, environmental pollution, national standards, and regulatory concepts. However, based on the protection of citizens' right to travel, the fulfillment of the responsibilities for survival and care, the development of sharing economy, and the need to accommodate prudential supervision, the government should implement industrial policies that encourage development. At the micro regulatory level, government regulation of electric bicycle sharing through administrative legislation and administrative law enforcement is facing the problem of insufficient legitimacy:the discouraging provisions are contrary to the Legislation Law, the enforcement measures violate the principle of public law and leaving unchecked is suspected as administrative inaction. There is no doubt that the operation of electric bicycle sharing requires effective government supervision. In order to promote the healthy development of electric bicycle sharing, a perfect supervision system should be constructed from four aspects, such as the basis of supervision, the subject of supervision, the principle of supervision and the measures of supervision.

Abstract:Developing the Marxist philosophy in the new era from the perspectives of its context of appearance and innovation of paradigms is an inherent requirement to further comprehend Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. From the perspective of context of appearance, the context of appearance involves three different layers:theoretical layer, practical layer, and the interaction of both. From the perspective of paradigm innovation, Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era is the latest theoretical innovation of the sinification of Marxism and also a general paradigm innovation on the current Marxist philosophy. The unity of change and persistence in socialism with Chinese characteristics entering a new era and in the evolution of the principal contradiction in the new era is two very important innovative paradigms of Marxist philosophy in the new era.

Abstract:Coordinated development is the main content of the new development concepts, is also an important part of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and is the response and practice to the evolution of principal social contradictions in the new era. The essence of coordinated development is to solve the problem of unbalanced development, and "spatial justice" gradually highlights in this process, becoming the priority value of coordinated development. "Spatial justice" has different connotations, not only directly reflected in the geographical space and living space, but also hidden in the development space and value space. The unjust and unbalanced development in these spaces reflects the seriousness and urgency of relative poverty, embodies the imbalance of difference principle and fairness principle in the development ethical value ranking, and also calls for better quality, more balanced and sustained development. To realize the coordinated development in the new era, we need to build a spatial justice value for a better life, which gives a view on the justice of space production and distribution, resists oppression and deprivation of space, and protects the equality and sharing of citizens' space rights.

Abstract:In the era of Internet, information fission openness and compliance performance are necessary and sufficient conditions for building social trust. From the two dimensions of construction of trust, the rural Party organizations can relieve the social resentment of "good central government and evil village cadres" by improving rural social governance ability. Shanlian Village, which was not rich but polluted, has successfully transformed to a "beautiful countryside", and is rich in social governance experience of rural Party organization leading "rural revitalization". According to the experience of Shanlian Village, in the Internet age, the rural Party organizations should on one hand select the leaderships of rural Party organizations with the characteristics of "new capable person", perfect the relationship coordinating system of "upper and lower levels" of the rural Party organizations, strengthen the long-term governance capability and advanced nature and purity construction of the rural Party organizations, and compact its fighting force. On the other hand, we should integrate information disclosure "Internet plus" mode, implement the "lucid waters and lush mountains being invaluable assets" ecological village policy, promise to honor the villagers compliance performance, innovate rural affairs cooperative governance, and realize the rural social governance modernization in the Internet era.

Abstract:Based on the value criterion on personal level of core socialist values, this paper makes a questionnaire survey of doctoral students in 35 universities in China from four dimensions:patriotism values, dedication values, integrity values and friendship values, and makes a comprehensive survey of the current value situation of doctoral students in China. The results show that, on the whole, the current level of doctoral students' values in China is optimistic, but there is still much room for improvement:the lack of political expression will of doctoral students, the different level of patriotism values in different age groups, the structural contradiction of dedication values, the construction of academic ethics, the inadequate initiative of friendship values. Therefore, it is necessary to stimulate the political expression willingness of doctoral students by establishing multi-channel political expression channels, and do a good job in inheriting and educating patriotism values of doctoral students; formulate research plans in combination with the interests of doctoral students, stimulate their intrinsic motivation for scientific research, and maintain a better value of devoting themselves to scientific research; strengthen the role of tutors in the process of morality cultivation through strengthening the construction of tutors' academic ethics and academic communities; stimulate the initiative of doctoral students' friendship values through friendly academic communities, and promote interdisciplinary exchanges and personnel training.