Page 108 - 《北京工商大学学报（社会科学版）》2020年第1期

北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 1 期

Gender Gap of Pension Benefits for the Elderly in China

ZHAN Peng
(School of Economics, Nanjing University of Finance & Economics, Nanjing, Jiangsu 210023, China)

Abstract: Against the background of an aging population and gradual improvement of social security, women's benefits from
the old - age security system are still relatively small. Based on the data of CHARLS2015, this paper studies the gender differ鄄
ence of the elderly pension benefits, decomposes the main source of the gender gap, and carefully studies the different types of
pension insurance participation and pension benefits differences. This study finds that the pension benefits of elderly men is about
1郾 9 times that of women, and the gender difference in pension benefits is extremely significant. According to the results of the
decomposition model, it is found that the pension system and pre鄄retirement wages are the main factors that cause the gender gap,
contributing 53% and 19% respectively. The system gap is mainly reflected in the difference in the distribution of the pension
system and the difference in the degree of pension benefits. In order to make up for the lack of pension benefits, elderly male will
increase their personal labor income through labor participation, and elderly female will need to rely on the private transfer of in鄄
come from their children or other relatives and friends. According to the conclusion of this paper, the welfare of elderly women is
far worse than that of elderly men, and they are in a weak position in the social security system, which deserves more attention
from government policies.
Key Words: the elderly; pension benefits; pension system participation; gender gap; Oaxaca鄄Blinder decomposition; Cot鄄
ton decomposition
(本文责编摇 王摇 轶)

(上接第 75 页)

Venture Capital Affects the Value of New Third Board Enterprises:
Discussion on Mechanism, Endogenous and Enterprise Heterogeneity

1,2
CAO Wenting
(1. School of Economics, Sichuan University, Chengdu, Sichuan 610065, China;
2. School of Economics and Management, Yunnan Normal University, Kunming, Yunnan 650500, China)

Abstract: Driven by the policy of “mass entrepreneurship, mass innovation冶, venture capital investors as the entrepreneur
behind grow rapidly. Taking the listed companies on New Third Board during the years from 2010 to 2017 as sample, this paper
empirically tests the impact of venture capital on enterprises value and explores the mechanism. The research finds the following.
Venture capital has significantly positive effects on the value of the New Third Board enterprises. Venture capital can improve the
value of the New Third Board enterprises by improving the corporate governance, stock liquidity and external financing ability, i.
e, in the process of venture capital affecting the value鄄added of New Third Board enterprises, there are mediating effects of gov鄄
ernance, certification and support. Among them, stock liquidity (certified role) shows a complete mediating effect, indicating
that the improvement of information efficiency plays an important role in the process of venture capital affecting the value鄄added of
New Third Board enterprises. Finally, this paper further explores the effects of venture capital investment on the New Third Board
enterprises with different characteristics. It is found that the heterogeneity of the New Third Board enterprises in terms of income
growth ability, intangible assets ratio, governance norm, stock liquidity, and equity financing has a positive impact on the value鄄
added effect of venture capital. The heterogeneity of firm size and debt financing has a negative impact. Therefore, we should ac鄄
tively develop the venture capital and fully release its value鄄added effects. The New Third Board enterprises should cultivate its
long鄄term competitiveness to attract the attention of more quality venture capital institutions.
Key Words: venture capital; New Third Board; SMEs; value鄄added; corporate governance; stock liquidity; financing abil鄄
ity
(本文责编摇 潘端莲)

· 1 0 4 ·