This paper theoretically and empirically investigates whether acquaintance networks influence the deviation of land rent from the reference point advanced by Hart and Moore.The cofficient of variahce and the range of ...This paper theoretically and empirically investigates whether acquaintance networks influence the deviation of land rent from the reference point advanced by Hart and Moore.The cofficient of variahce and the range of land rent are used to represent the degree of deviation from the reference point.Based on village-level data from the 2015 China Household Finance Survey,the estimated results indicate that land rent between acquaintances is more likely to significantly deviate from the reference point.Although rental transactions are conducted between acquaintances,larger deviations from the reference are also associated with a longer time to close deals.Our analysis using household-level data fiurther supports our findings,indicating that land rental markets embedded in the acquaintance networks of rural China are in a transition period and have characteristics of both relational and market orientation.The policy makers should introduce more outer village lesses or other market ingredients to increase the voluntary marketization of land rentals inside acquaintance networks.展开更多
With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectivel...With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the ＂eight-point regulation ＂, investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a ＂lubricant＇for private firms but have a ＂stumbling block＂ effect for SOEs.展开更多
基金The authors are grateful for support from the Keystone Project of the National Natural Science Fund of China(No.7133004)the Keystone Policy Research Project of the National Natural Science Fund of China(No.71742003).
文摘This paper theoretically and empirically investigates whether acquaintance networks influence the deviation of land rent from the reference point advanced by Hart and Moore.The cofficient of variahce and the range of land rent are used to represent the degree of deviation from the reference point.Based on village-level data from the 2015 China Household Finance Survey,the estimated results indicate that land rent between acquaintances is more likely to significantly deviate from the reference point.Although rental transactions are conducted between acquaintances,larger deviations from the reference are also associated with a longer time to close deals.Our analysis using household-level data fiurther supports our findings,indicating that land rental markets embedded in the acquaintance networks of rural China are in a transition period and have characteristics of both relational and market orientation.The policy makers should introduce more outer village lesses or other market ingredients to increase the voluntary marketization of land rentals inside acquaintance networks.
基金"A Study on the Rent-seeking,Political Capital Burst and Economic Consequences of Private Enterprises,Based on the Perspective of Officials Arrest"(Grant No.71702178),National Natural Sciences Foundation"Anti-Corruption,Reconstruction of the Relationship Between Government and Enterprises Social Capital Investment:An Integrated Research Based on Social Relation Network Theory"(Grant No.17YJC790005),MOE Project of Humanities and Social Sciences Foundation
文摘With the implementation of the CPC＇s eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the ＂eight-point regulation ＂, investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a ＂lubricant＇for private firms but have a ＂stumbling block＂ effect for SOEs.
