Table of Content

15 March 2020, Volume 37 Issue 2

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How to Conduct Research of New Structural Economics

2020, 37(2):  1-18. 

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Abstract： What is the New Structural Economics? What is the research of it? Based on these questions, how to conduct research of New Structural Economics is analyzed. Five principles should be followed in the research of New Structural Economics. First, to start with phenomena instead of theoretical models. Second, to keep a mindset of “depending on none”, i.e., independent thinking by relying on no previous theories or explanations in dealing with phenomena. Third, to return to Adam Smith’s research methodology of exploring the essence and determinants of phenomena. Fourth, to start from the particular to the general in conducting theoretical studies since particularities always exist in phenomena. Fifth, to understand the differences and endogeneity among countries with various degrees of development and shift from the twodimensional economics concluded from the economic structures and experience of developed countries to the threedimensional economics based on different structures of countries with various degrees of development, so as to explore new perspectives and new ideas through theoretical modeling and empirical verification. 



Fintech, Banking Structure and SME Financing: from the Perspective of New Structural Economics#br#

2020, 37(2):  19-32. 

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The key to overcoming the difficulties of SMEs (small and mediumsized enterprises) lies in two aspects: the development of a banking structure that matches the scale of enterprises and the application of Fintech (financial technology) to the digital transformation of banks. By using the   structural data of the banking industry and micro financial data of SMEs in different provinces（20112017）and adopting the Digital Inclusive Financial Index compiled by the Research Center for Digital Finance of Peking University for SYSGMM estimation and regional analysis, we conducted the robustness analysis through static panel test and new data test. We come to the following conclusions. First, small and mediumsized banks should play a dominant role in the banking structure and the influence, measured by the proportion of small and mediumsized banks on the financing of SMEs, takes on an inverted Ushape. Second, the development of Fintech makes small and mediumsized Banks more suitable in serving SMEs while big banks are yet to fully overcome the inherent disadvantage in serving SMEs. Third, from the perspective of Fintech structure, small and mediumsized banks take the edge in expanding the lending coverage while larger banks are more competitive in terms of the extent of usage and the degree of digitalization. Fourth, demand for big banks is higher in the more economically developed East China than in other regions. 



A Simulation Study on Economic Policies of Structural Transition

2020, 37(2):  33-45. 

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 In order to better explain the real economic phenomena such as changes in economic structure and increasing returns to scale, new structural economics proposes the concept of endogenous production function. The structured production function is a special case of endogenous production function and it is composed of several production functions of nonincreasing returns to scale which work together through transition zones. A structured production function has the property of locally increasing returns to scale in the transition area. With a simple form, it often achieves structural multiple equilibriums in the corresponding economic model, so that it can describe economic reality in more details. In those economies with structural multiple equilibriums, it is hard to ensure economic transition from a lowlevel equilibrium to a highlevel equilibrium simply by relying on market mechanisms, thus calling for governmental policies on economic transition. Through the simulation analysis of the economic structure transition policy, we come to the conclusion that transition areas with different positions will lead to different degrees of difficulty in structural transition. When a transition area is close to the lowlevel equilibrium, those economic policies that use high investment and low consumption can help the economy to achieve structural transition. However, when the transition area is far away from the lowlevel equilibrium, external resources need to be introduced in order to achieve economic transition.



Foreign Goods, New Fashion and Modern Life: Justifiable Dimension of Understanding the Modernity of Early Shanghai Films#br#

2020, 37(2):  46-56. 

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Early Chinese films were produced during the years of 19181930. The book A History of the Development of Chinese Films, which evaluates films in the perspective of revolution, thinks poorly of early Chinese films on the whole. However, taking the criterion of modernity or examining a film by judging whether it expresses certain modernity or pushes forward the modernity of Chinese society, we will find that early Chinese films dominated by Shanghai films have a great value that cannot be ignored. The early films brought Chinese people a brandnew visual and sound experience powered by electricity at that time. In addition, they constituted as the major battlefields supporting vernacular modernism, shaped a new lifestyle for Chinese people and formed national identification.   



Zhou Jianyun and Film Handouts: Revisiting Chinese “Shadow Play”  Theories#br#

2020, 37(2):  57-66. 

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 Chang Ming Film Correspondence School, led by Zhou Jianyun, was established in 1924. Four years later, Film Handouts was published on the basis of the teaching handouts of the school. It not only systematically introduced the newest concepts about film creation at that time, but also incorporated many theories about the creation of “drama play”. In this regard, researches into Film Handouts will reveal more about “drama play” theories held by early Chinese film producers and their devotion to the film cause in the face of all difficulties. A historical review of how Film Handouts was created and compiled tells the relationship of mutual reference between “drama play” theories and cultural resources in the process of China’s modernization. Meanwhile, as a profession textbook for early drama play practitioners with wellpresented parts like introductions, playwright, direction and photograph, Film Handouts reveals the realistic significance of Chinese traditional cinematic aesthetics on rebuilding Chinese cinematic culture. 



Blockchain: An Effective Solution to Digital Predicaments in Governmental Governance in the Era of Big Data#br#

2020, 37(2):  67-78. 

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It is essential to apply big data and big data thinking to governmental governance so as to improve governance capability and modernize governance system. However, governments of different levels are faced with multiple practical limitations in actual operations, such as invalidity of data, lowpotency of data, the blockade caused by isolated data islands and the threat of data security. Blockchain, an emerging technology in recent years, is a good solution to these problems. An innovative combination of multiple technologies such as P2P networking technology, consensus mechanism, asymmetric encryption algorithm and smart contract, blockchain has unique advantages including conferring value to data, decentralizing technological procedure, guaranteeing data security and presents a new pattern of trust. In this context, blockchain, based on abovementioned technologies, helps improve the quality of data that are needed by and fundamental to governmental governance. It also promotes mutual trust among different levels and departments of governments and between governments and social groups, thus achieving data sharing and improved governance. Besides, blockchain can guarantee the security of data which is closely associated with government legitimacy and public trust. To sum, blockchain, if applied appropriately, will become an effective tool in solving the digital predicaments in governmental governance in the era of big data. However, it should be kept in mind that blockchain technology is still at its initial stage and more improvements and observations of its application effects are needed, so its function in governmental governance should not be exaggerated. 



The Legal Nature of the Blockchain DAO in the Perspective of Token Holders#br#

2020, 37(2):  79-89. 

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The DAO event reveals that it is of great significance to define the subject of blockchain decentralized autonomous organization (DAO), and the key lies in Token holders. The selection of Token holders as the key is significant and in line with the technological features of the DAO. Among the current arguments, identifying the corporate as the subject does not conform to the technological feature that participants on the DAO platform are also managers. What’s more, the argument of “quasiorganization” has not explained the legal implications of “quasi” and its effect of application. Only the argument of “partnership joint venture” is well grounded. The blockchain DAO has its own subjectivity which is a collective notion independent of individual Token holders, its own assets based on Token holders’ accounts and its own organizational elements based on smart contracts and consensus mechanism, thus satisfying the procedural elements of criterion doctrine. To be more specific, since the blockchain DAO meets the requirements of joint operation and joint responsibilities for profits, losses and risks, it can be regarded as partnership business. At present, as to the responsibilities among partners, the joint venture system can be applied and all Token holders should take the responsibility respectively.



On the Construction of Diversified Dispute Resolution Mechanism in GuangdongHong KongMacao Greater Bay Area#br#

2020, 37(2):  90-103. 

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 The construction of GuangdongHong KongMacao Greater Bay Area is a national strategy that not only integrates the development of Hong Kong and Macao into China’s overall growth, but also connects “one country, two systems” with the Belt and Road Initiative. As an important part of the construction of the Greater Bay Area, the diversified dispute resolution mechanism is a core element in creating a sound business environment. Its construction and implementation are directly influenced by such factors as institutional differences, regional uniqueness, legal diversity, market dominance, and its effect has a direct bearing on the transaction cost and the decisionmaking orientation of investors in the region. In the future, the construction and improvement of the diversified dispute resolution mechanism in the greater bay area should be carried out on multilevel legal basis and through different stages and paths. It is necessary to solve such issues as the free passage of civil and commercial judgments within the bay area, the effective identification of foreign laws, and the effectiveness and implementation of mediation agreements, so as to advance the internationalization of China’s theoretical and practical advancement of diversified dispute resolutions and raise China’s discourse power in regional and global governance.



 Securitization of Land Mortgage in Germany#br#

2020, 37(2):  104-119. 

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German land mortgage has gradually formed a system that combines guarantee mortgage, circulation mortgage and land debt since Germanic customary law and Roman law began to merge. The design of its legal system has been improved in terms of independence and liquidity of land mortgage in order to better finance funds. Since the securities technologies were incorporated into the land mortgage with improved independence and liquidity, land mortgage securitization in Germany has developed rapidly and affected the whole European continent. Historically, German land mortgage securitization has adopted both direct and indirect securitization. They occurred almost at the same time, permeated and supplemented each other, and developed alternately, leading gradually to gradual perfection and international influence in legal practice. Accordingly, the real estate (including land) mortgage bonds in Germany has become one of the largest bond markets in Europe and even in the world, making important contributions to the German agricultural economy.



Spatial Turn and Tally’s Spatial Criticism

2020, 37(2):  120-127. 

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Spatial criticism is a general term for spatial literary theory, geocriticsm, social spatial criticism, literary geography and so on. The connection between space and literary criticism has long witnessed such predecessors as Blanchot’s literary space and Bachelard’s poetics of space. In view of this, Robert Tally Jr.’s thought on spatial literary criticism, inherited and developed from Jameson’s cognitive mapping theory, is without doubt a typical case of  “spatial turn” in humanities, a process of making spatial issues prominent in literary and cultural studies. Tally expressed the idea that his spatial criticism was quite different from Westphal’s interdisciplinary geocriticism and he attached greater importance to literature. For geocriticism or spatial criticism, the most effective way is to interconnect the “real” space, the “imaginative” space and the space in reader’s mind together, as can be examined in Homer’s epics and Old Testament. In addition, Tally holds conservative attitude towards GIS approach to humanities, arguing that “human” is the key to humanities. At the very beginning of his new book Topophrenia, Tally points out that “everyone already knows what a map is and what it is used for, yet the map is also a muchcontested object or metaphor in critical theory and beyond.” A map is viewed in this way, what about spatial criticism?



A Comparison of the Origin of Chinese and English Fiction and the Changes of Reading Mechanism#br#

2020, 37(2):  128-140. 

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The continuous changes in the reading mechanism of Chinese and English fictions have enriched novels in aesthetic features, artistic functions and forms. With the reader group infiltrating from the nobility in the early period to ordinary citizens in the 17th and 18th century, the genre of novel completed the combination of elegance and popularity, entertainment and enlightenment. Novels have always been closely associated with readers’ lives as the genre of great modernity. In the 20th century, the elite consciousness of the modernist writers severed the connection between the novel and the ordinary readers. Then the reality that the former readers changed into film and television audiences under the media reform further deepened the fate crisis of the novel. However, by drawing lessons from the art forms such as movies and television programs, Chinese and English novels broke through in a brand new reading environment and continued their own evolution.