［1］［1］Calvo, G. A., & Reinhart, C. M. (1982). Fear of floating. Quarterly Journal of Economics, 117 (2), 379-408. ［2］［2］Chen, Y., & Wang, Y. (2007). Can China put the Tobin tax into effect? Taxation Research (Shuiwu Yanjiu), 11, 11-15. ［3］［3］Feng, M. (2015). Understanding the new normal of the RMB exchange rate. Tsinghua Financial Review, 2, 66-68. ［4］［4］Fleming, J. M. (1962). Domestic financial policies under fixed and under floating exchange rates. IMF Staff Papers, 9 (3), 369-379. ［5］［5］Galí, J., & Monacelli, T. (2005). Monetary policy and exchange rate volatility in a small open economy. The Review of Economic Studies, 72 (3), 707-734. ［6］［6］Guan, T. (2011). The key to improve the RMB exchange rate formation mechanism: Overcoming the fear of floating. New Finance (Xin Jinrong), 4, 9-12. ［7］［7］Jeanne, O., Subramanian, A., & Williamson, J. (2012). Who needs to open the capital account. Peterson Institute working paper. ［8］［8］Klein, M., Olivei, G. (2008). Capital account liberalization, financial depth, and economic growth. Journal of International Money and Finance, 27 (6), 861-875. ［9］［9］Mckinnon, R., Ohno, K. (1997). Dollar and yen: Resolving economic conflict between the United States and Japan. MA: MIT Press. ［10］［10］Mendoza, E. G. (1991). Real business cycles in a small open economy. American Economic Review, 81 (4), 797-818. ［11］［11］Mundell, R. (1963). Capital mobility and stabilization policy under fixed and flexible exchange rates. Canadian Journal of Economic and Political Science, 29 (4), 475-485. ［12］［12］Obstfeld, M. (2009). Time of troubles: The yen and Japan’s Economy, 1985-2008. NBER Working Paper No. 14816. ［13］［13］Ostry, J., Ghosh, A., Habermeier, K., Chamon, M., Qureshi, M., & Reinhardt, D. (2010). Capital inflows: The role of controls. IMF staff position note, SPN/10/04. ［14］［14］Patnaik, I., Shah, A. (2010). Asia confronts the impossible trinity. National Institute of Public Finance and Policy Working Paper 2010-64. ［15］［15］Yi, G. (2000). The choice of exchange rate regime. Journal of Financial Research (Jinrong Yanjiu), 9, 46-52. ［16］［16］Yi, G. (2015). The direction of foreign exchange management reform and opening. China Finance (Zhongguo Jinrong), 19, 18-20. ［17］［17］Yi, G., & Tang, X. (2001). “Corner solutions” hypothesis of exchange rate regime: A theoretical foundation. Journal of Financial Research (Jinrong Yanjiu), 8, 5-17. ［18］［18］Yu, Y. (2015). Premature capital account opening commits a subversive error on fundamental issues. Economic Herald (Jingji Daobao), 9, 11. ［19］［19］Albouy, D.(2012). Evaluating the efficiency and equity of federal fiscal equalization. Journal of Public Economics, 96 (9-10), 824-839. ［20］［20］Almond, D., Chen, Y., Greenstone, M., & Li, H. (2009) Winter heating or clean air? unintended impacts of China’s Huai river policy. American Economic Review, 99 (2), 184-190. ［21］［21］Altonji, J., Elder, T., & Taber, C. (2005). Selection on observed and unobserved: Assessing the effectiveness of catholic schools. Journal of Political Economy, 113 (2), 151-184. ［22］［22］Black, S. E.(1999). Do better schools matter? parental valuation of elementary education. Quarterly Journal of Economics, 114 (2), 577-599. ［23］［23］Boadway R. (1982). On the method of taxation and the provision of local public goods: Comment. American Economic Review, 72 (4), 846-851. ［24］［24］Boadway, R. & Shah, A. (2007). Intergovernmental fiscal transfers principles and practice. US: World Bank Publications. ［25］［25］Dahlberg, M., Mörk, E., Rattsø, J., & Ågren, H. (2008). Using a discontinuous grant rule to identify the effect of grants on local taxes and spending, Journal of Public Economics, 92 (12), 2320-2335. ［26］［26］Dell, M. (2010). The persistent effects of Peru’s mining mita. Econometrica, 78 (6), 1863-1903. ［27］［27］Fu, W. l., & Shen, K. R. (2012). The equalization of transfer payment and local fiscal expenditure structure. Economic Research Journal (jingji Yanjiu), 47 (5), 45-57. ［28］［28］He, Q., & Dong, Z. Y. (2015). Transfer payment, local fiscal expenditure and residents’ happiness. Economic Perspectives (Jingjixue Dongtai), 2, 56-65. ［29］［29］Imbens, G. W., & Kalyanaraman, K. (2012). Optimal bandwidth choice for the regression discontinuity estimator. Review of Economic Studies, 79 (3), 933-959. ［30］［30］Imbens, G. W., & Lemieux, T. (2008). Regression discontinuity designs: A guide to practice. Journal of Econometrics, 142 (2), 615-635. ［31］［31］Keele, L. J., & Titiunik, R. (2014). Geographic boundaries as regression discontinuities. Political Analysis, mpu014. ［32］［32］Lee, D. S., & Lemieux, T. (2010). Regression discontinuity designs in economics. Journal of Economic Literature, 48 (2), 281-355. ［33］［33］Lei, G. Q., & Cai, X. (2012). Distortion of initial allocation, urban bias of fiscal expenditure and income gap between urban and rural—From the empirical evidence of provincial panel date in China. The Journal of quantitative & technical economics (Shuliang Jingji Yu Jishu Jingji Yanjiu), 29 (3), 76-89. ［34］［34］Liu, Q. Z. (2011). Income inequality and the decomposition of the redistribution function between central finance and local finance. Finance and Trade Economics (Caimao Jingji), 5, 18-23. ［35］［35］Lu, H. Y., & Chen, S. X. (2012). Who benefits from the added transfer payment—Based on the empirical analysis of China’s county-level data. Finance and Trade Economics (Caimao Jingji), 4, 24-32. ［36］［36］Meng, L. S. (2013). Evaluating China’s poverty alleviation program: A regression discontinuity approach. Journal of Public Economics, 101 (1), pp.1-11. ［37］［37］Oates, W. E. (2005). Towards a second generation theory of fiscal federalism. International Tax and Public Finance, 12 (4), 349-373. ［38］［38］Park, A., & Wang, S. (2010). Community-based development and poverty alleviation: An evaluation of China’s poor village investment program. Journal of Public Economics, 94 (7856), 790-799. ［39］［39］Wagener, A. (2000). Variable population size issues in models of decentralized income redistribution. Regional Science and Urban Economics, 30 (6), 609-625. ［40］［40］Wang, C., & Caminada, K. (2011). Disentangling income inequality and the redistributive effect of social transfers and taxes in 36 LIS countries. Department of Economics Research Memorandum, 4, 1-53. ［41］［41］Yao, H. X., & Wang, X. Y. (2009). Labor flow, education level, poverty alleviation policy and income gap in rural—Based on the micro empirical research of multinomial logit model. Management World (Guanli Shijie), 9, 80-90. ［42］［42］Yin, H., & Zhu, H. (2011). Expenditure bias research on county level production. Social Sciences in China (Zhongguo Shehui Kexue), 1, 88-101. ［43］［43］Zeng, G., & Hu, J. J. (2009). Financial system of China’s urban bias and income gap between urban and rural residents. Public Finance Research (Caizheng Yanjiu), 2, 36-39. ［44］［44］Barabási, A. L. (2012). Bursts: new thinking to predict the future in the era of big data (translated by Ma Hui). China Renmin University press. (in Chinese) ［45］［45］Bond, P. (2006). Criticism for Yunus, the Grameen and microfinance: A Nobel Prize usurer? 11. ［46］［46］CGAP. (2003). Basic principles of microfinance. The Consultative Group to Assist the Poor of the World Bank, July. ［47］［47］CGAP. (2014). Interest rate ceiling and microfinance. The Consultative Group to Assist the Poor of the World Bank, September. ［48］［48］Gonzalez-Vega, C. (2003). Deepening Rural Financial Markets: Macroeconomic, Policy and Political Dimensions. Paving the Way Forward for Rural Finance An International Conference on Best Practices. ［49］［49］Guo, X. M. (2008). Research on the financial system arrangement in county economic development. Doctoral Dissertation, Northwest Agriculture and Forestry University. (in Chinese) ［50］［50］Li, H. F. (2012). A study on the theory and practice of rural finance development in China. Doctoral Dissertation, Jilin University, 24. (in Chinese) ［51］［51］Lin, Y. N., & Xie, Z. Z. (2015). Look at county finance from the market share changes of county rural credit cooperatives. The Chinese Banker, 10, 118-121. ［52］［52］Littlefield, E., Porteous, D., & Helms, B. (2015). Financial inclusion 2015: Four scenarios for the future of microfinance. World Bank. ［53］［53］Liu, X. C., Huang, Z. H., & Cheng, E. J. (2007). Phenomenon description and theoretical explanation on the move up of micro credit objective: Based on the survey of farmers about the micro credit project in three provinces (regions). Chinese Rural Economy (Zhongguo Nongcun Jingji), 8, 23-34. ［54］［54］Lu, L. (2014). New proposition of rural financial reform. http://www.zgxcfx.com/Article/65210.html, March 5. ［55］［55］World Bank. (2008). The report of World Bank. World Bank. ［56］［56］Yan, H. B. (2015). Innovating “financial+” and implementing precise poverty alleviation: difficulties and countermeasures of China’s financial poverty alleviation. Wuhan Finance (Wuhan Jinrong), 9, 56-59. ［57］［57］Zero One Research Institute. (2016). Annual Report on Internet Crowd-funding in China (2015). Zero One Research Institute, March. (in Chines) ［58］［58］Zhang, W., & Hu, X. (2011). A review on the performance of 20 years’ subsidized loans for poverty alleviation in China. Journal of Yunnan University of Finance and Economics (Yunnan Caijing Daxue Xuebao), 27 (1), 92-97. ［59］［59］Zhangjiakou Sub Branch, the People’s Bank of China. (2015). Study on the model of financial poverty alleviation. Hebei Finance (Hebei Jinrong), 6, 35-38. ［60］［60］Arellano, M., & Bover, O. (1995). Another look at the instrumental variables estimation error components models. Journal of Econometrics, 68 (1), 29-51. ［61］［61］Barseghyan, L. (2010). Non-performing loans, prospective bailouts, and Japan’s slowdown. Journal of Monetary Economics, 57 (7): 873-890. ［62］［62］Beck, R., Jakubik, P., & Piloiu, A. (2015). Key determinants of non-performing loans: New evidence from a global sample. Open Economies Review, 156 (2):1-26. ［63］［63］Berger, A. N., & Bouwman, C. H. S. (2009a). Bank liquidity creation. Review of Financial Studies, 22 (9) 3779-3837. ［64］［64］Berger, A. N., & Bouwman, C. H. S. (2009b). Bank liquidity creation, monetary policy, and financial crisis. Working paper. ［65］［65］Berger, A. N., Bouwman, C. H. S., Kick, T., & Schaeck, K. (2014). Bank risk taking and liquidity creation following regulatory interventions and capital support. Working paper. ［66］［66］Berger, A. N., & Udell, G. F. (1994). Did risk based capital allocate bank credit and cause a “credit crunch” in the United States. Journal of Money, Credit and Banking, 26 (3), 585-628. ［67］［67］Bernanke, B. S., & Gertler, M. (1989). Agency cost, net worth and business fluctuations. American Economic Review, 79 (1), 14-31. ［68］［68］Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21 (6), 849-870. ［69］［69］BIS. (2006). Basel II: International convergence of capital measurement and capital Standards: A revised framework - comprehensive version. Basel: Basel Committee on Banking Supervision, Available at:＜http://www.bis.org/publ/bcbs128.pdf＞. ［70］［70］Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1), 15-143. ［71］［71］Boudriga, A., Taktak, N. B., & Jellouli, S. (2010). Bank specific and institutional environment determinants of banks nonperforming loans: Evidence from MENA countries. Working paper. ［72］［72］Boyd, J. H., & Prescott, E. E. (1986). Financial intermediary-coalitions. Journal of Economic Theory, 38 (2), 211-32. ［73］［73］Bruche, M., & Llobet, G. (2011). Walking wounded or living dead? Making banks foreclose bad loans. Discussion paper No. 675. ［74］［74］Bryant, J. (1980). A model of reserves, bank runs, and deposit insurance. Journal of Banking & Finance, 4 (4), 335-344. ［75］［75］Chatterjee, U. K. (2015). Bank liquidity creation and asset market liquidity. Journal of Financial Stability, 18, 139-153. ［76］［76］Deep, A.,& Schaefer, G. (2004). Are banks liquidity transformers. Working paper. ［77］［77］Demsetz, R. S., Strahan, P. E. (1997). Diversification, size, and risk at bank holding companies. Journal of Money, Credit and Banking, 29 (3), 300-313. ［78］［78］Dhar, S., & Bakshi, A. (2015). Determinants of loan losses of Indian banks: A panel study. Journal of Asia Business Studies, 9 (1), 17-32. ［79］［79］Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51 (3), 393-414. ［80］［80］Diamond, D. W., & Rajan, R. G. (2000). A theory of bank capital. Journal of Finance, 55 (6), 2431-2465. ［81］［81］Diamond, D. W., & Rajan, R. G. (2001). Liquidity risk, liquidity creation, and financial fragility: A theory of banking. Journal of Political Economy, 109 (2), 287-327. ［82］［82］Diamond, D. W., Dybvig, P. H. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91 (3), 401-419. ［83］［83］Distinguin, I., Roulet, C., & Tarazi, A. (2013). Bank regulatory capital and liquidity: Evidence from US and European publically traded banks. Journal of Banking & Finance, 37 (9), 3295-3317. ［84］［84］Espinoza, R., & Prasad, A. (2010). Nonperforming loans in the GCC banking system and their macroeconomic effects. Working paper. ［85］［85］Foos, D., Norden, L., & Weber, M. (2010). Loan growth and riskiness of banks. Journal of Banking & Finance, 34 (2), 2929-2940. ［86］［86］Ghosh, A. (2015). Banking-industry specific and regional economic determinants of non-performing loans: Evidence from US states. Journal of Financial Stability, 20, 93-104. ［87］［87］Gonzales-Hermosillo, B. (1999). Developing indicators to provide early warnings of banking crises. Financial Development, 36 (2), 36-39. ［88］［88］Gorton, G., & Rosen, R. (1995). Corporate control, portfolio choice, and the decline of banking. The Journal of Finance, 50 (5), 1377-1420. ［89］［89］Gorton, G., & Winton, A. (2000). Liquidity provision, bank capital, and the macro economy. Working paper. ［90］［90］Hackethal, A., Rauch, C., Steffen, S., Tyrell, M. (2010). Determinants of bank liquidity creation. Working paper. ［91］［91］Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (2000). Liberation, moral hazard in banking, and prudential regulations: Are capital requirements enough? The American Economic Review, 90 (1), 147-165. ［92］［92］Holmstrom, B., & Tirole, J. (1998). Public and private supply of liquidity. Journal of Political Economy, 106 (1), 1-40. ［93］［93］Horvath, R., Seidler, J., & Weill, L. (2014). Bank capital and liquidity creation: Granger-causality evidence. Journal of Financial Services Research, 45 (3), 341-361. ［94］［94］Imbierowicz, B., & Rauch, C. (2014). The relationship between liquidity risk and credit risk in banks. Journal of Banking & Finance, 40 (1), 242-256. ［95］［95］IMF. (2006). The financial soundness indicators compilation guide of March 2006. Available at:＜http://www.imf.org/external/pubs/ft/fsi/guide/2006/＞. ［96］［96］Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360. ［97］［97］Kashyap, A. K., Rajan, R. G., & Stein. J. C. (2002). Banks as liquidity providers: An explanation for the coexistance of lending and deposit taking. Journal of Finance, 57 (1), 591-629. ［98］［98］Keeley, M. C. (1990). Deposit insurance, risk, and market power in banking. American Economic Review, 80 (5), 1183-1200. ［99］［99］Kiyotaki, N., & Moore, J. (1997). Credit cycles. Journal of Political Economy, 105 (2), 211-248. ［100］［100］Klein, N. (2013). Non-performing loans in CESEE: Determinants and impact on macroeconomic performance. Working Paper. ［101］［101］Koudstaal, M., & Wijnbergen, S. V. (2012). On risk, leverage and banks: Do highly leveraged banks take on excessive risk? Working paper. ［102］［102］Lawrence, C. E. (1995). Consumer default and the life cycle model. Journal of Money Credit and Banking, 27 (4), 939-954. ［103］［103］Lei, A.C. H., & Song, Z. (2013). Liquidity creation and bank capital structure in China. Global Finance Journal, 24 (3), 188-202. ［104］［104］Louzis, D. P., Vouldis, A. T., & Metaxas, V. L. (2012). Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portfolios. Journal of Banking & Finance, 36 (4), 1012-1027. ［105］［105］Lu, D., Thangavelu, M., & Hu, Q. (2007). Biased lending and non-performing loans in China’s banking sector. The Journal of Development Studies, 41 (6), 1071-1091. ［106］［106］Luo, D., & Ying, Q. (2014). Political connections and bank lines of credit. Emerging Markets Finance and Trade, 50 (s3), 5-21. ［107］［107］Mclever, R. (2005). Asset management companies, state-owned commercial bank debt transfers and contingent claims: Issues in the valuation of China’s non-performing loans. Managerial Finance, 31 (12), 11-28. ［108］［108］Moenninghoff, S. C., Ongena, S., & Wieandt, A. (2015). The perennial challenge to counter too-big-to-fail in banking: Empirical evidence from the new international regulation dealing with global systematically important banks. Journal of Banking & Finance, 61, 221-236. ［109］［109］Nier, E., & Bouwmann, U. (2006). Market discipline, disclosure, and moral hazard in banking. Journal of Financial Intermediation, 15 (3), 332-361. ［110］［110］Nkusu, M. (2011). Nonperforming loans and macro financial vulnerabilities in advanced economies. Working Paper. ［111］［111］Repullo, R. (2004). Capital requirements, market power, and risk taking in banking. Journal of Financial Intermediation, 13 (2), 156-182. ［112］［112］Saunders, A., Strock, E., & Travlos, N. G. (1990). Ownership structure, deregulation, and bank risk taking. The Journal of Finance, 45 (45), 643-654. ［113］［113］Shrieves, R. E., & Dahl, D. (2003). Discretionary accounting and the behavior of Japanese banks under financial duress. Journal of Banking & Finance, 27 (7), 1219-1243. ［114］［114］Skarica, B. (2014). Determinants of non-performing loans in Central and Eastern European countries. Financial Theory and Practice, 38 (1), 37-59. ［115］［115］Suzuki, Y., Mian, Md. D, & Yuan, J. (2008). China’s non-performing bank loan crisis: the role of economic rents. Asian-Pacific Economic Literature, 22 (1), 57-70. ［116］［116］Tanasković, S., & Jandrić, M. (2015). Macroeconomic and institutional determinants of non-performing loans. Journal of Central Banking Theory and Practice, 4 (1), 47-62. ［117］［117］Von Thadden, E.-L. (2004). Bank capital adequacy regulation under new Basel accord. Journal of Financial Intermediation, 13 (2), 90-95. ［118］［118］Zeng, S. (2012). Bank non-performing loans (NPLs): A dynamic model and analysis in China. Modern Economy, 3 (1), 100-110. ［119］［119］Zhang, D., Ca, i.J., Dickinson, D. G., & Kutan, A. M. (2015). Non-performing loans, moral hazard and regulation of Chinese commercial banking system. Journal of Banking & Finance, 63 (5), 48-60. ［120］［120］Zhou, K. (2014). The effect of income diversification on bank risk: Evidence from China. Emerging Markets Finance and Trade, 50 (s3), 201-2013. ［121］［121］Zhu, N., Wang, B., & Wu, Y. (2014). Productivity, efficiency, and non-performing loans in the Chinese banking industry. The Social Science Journal, 52 (4), 468-480. ［122］［122］Cobb, C., & Douglas, P. (1928). A theory of production. The American Economic Review, 18 (1), 139-165. ［123］［123］Deng, X., Huang, J., Rozelle, S., & Uchida, E. (2010). Economic growth and the expansion of urban land in China. Urban Studies, 47 (4), 813-843. ［124］［124］Ding, C., & Lichtenberg, E. (2011). Land and urban economic growth in China. Journal of Regional Science, 51 (2), 299-317. ［125］［125］Du, X. J., Huang, Z. H., & Wu, C. F (2009). Land finance and economic growth in China--Analysis based on provincial panel data. Finance & Trade Economies (Caimao Jingji), 1, 60-64 ［126］［126］Feng, L., Wei, L., & Jiang, Y. (2008). Study on the contribution of land element to economic growth in China. China Land Science (Zhongguo Tudi Kexue), 22 (12), 4-10. ［127］［127］Gong, R. K. (2012). Tax-share reform, fiscal decentralization and housing price. Economic Theory and Business Management (Jingji Lilun Yu Jingji Guanli), 4, 45-56. ［128］［128］Hansen, G., & Prescott, E. (2001). Malthus to Solow. The American Economic Review, 92 (4), 1205-1217. ［129］［129］Harvey, J., & Jowsey, E. (2004). Urban land economics (6th edition), Palgrave MacMillan. ［130］［130］Homburg, S. (1991). Interest and growth in an economy with Land. The Canadian Journal of Economics, 24 (2), 450-459. ［131］［131］Jiang. X. S., Liu, S. Y., & Li, Q. (2007). The land reform and economic growth. Management World (Guanli Shijie), 9, 1-9. ［132］［132］Jiang, Z. (2014). Industrialization, local government efforts and land finance: A perspective of land finance in China. China Industrial Economics (Zhongguo Gongye Jingji), 319 (10), 33-45. ［133］［133］Li, H., Yin, F., & Li, J. (2008). China’s construction land expansion and economic growth: A capital-output ratio based analysis. China & World Economy, 16 (6), 1-17. ［134］［134］Lichtenberg, E., & Ding, C. (2009). Land officials as land developers: Urban spatial expansion in China. Journal of Urban Economics, 66, 57-64. ［135］［135］Liu, J., Wu, J. N., & Ma, L. (2012). Local officials’ promotion and land finance in China: An empirical analysis of panel data from municipal-level cities. Journal of Public Management (Gonggong Guanli Xuebao), 9 (2), 11-23. ［136］［136］Liu, X. G., Zhang, X., & Fang, W. Q. (2015). The income allocation of infrastructure between rural area and urban area: A perspective from labor transfer. The Journal of World Economy (Shijie Jingji), 3, 145-170. ［137］［137］Loupias, C., & Wigniolle, B. (2013). Population, land and growth. Economic Modeling, 31, 223-237. ［138］［138］McCain, R. (1970). Land in Fellner’s model of economic growth: Comment. The American Economic Review, 60 (3), 495-499. ［139］［139］Metzemakers, P., & Louw, E. (2005). Land as a production factor. Paper to be presented on 45th Congress of the European Regional Science Association in Amsterdam, 23-27. ［140］［140］Ngai, R. (2004). Barriers and the transition to modern growth. Journal of Monetary Economics, 51 (7), 1353-1383. ［141］［141］Nichols, D. (1970). Land and economic growth. The American Economic Review, 60 (3), 332-340. ［142］［142］Research Group on China’s Economic Growth (CASS). (2011). Urbanization, fiscal expansion and economic growth, Economic Research Journal (Jingji Yanjiu), 46 (11), 4-20. ［143］［143］Rhee, C. (1991). Dynamic inefficiency in an economy with land. Review of Economic Studies, 58 (4), 791-797. ［144］［144］Solow, R. (1974). Intergenerational equity and exhaustible resources. The Review of Economic Studies, 41, 29-45. ［145］［145］Sun, X. L., & Zhou, F. Z. (2013). Land finance and the tax-sharing system: An empirical explanation. Social Sciences in China (Zhongguo Shehui Kexue), 4, 40-59. ［146］［146］Wu, Y., Zhang, X., Skitmore, M., Song, Y., & Hui, E. (2014). Industrial land price and its impact on urban growth: A Chinese case study. Land Use Policy, 36, 199-209. ［147］［147］Xue, B., & Chi, X. (2010). Land finance, rent-seeking and economic growth. Public Finance Research (Caizheng Yanjiu), 2, 27-30. ［148］［148］Ye, J. P., Ma, C. F., & Zhang, Q. H. (2011). The analysis on the contribution of land to economic growth in China: Based on spatial panel data. Finance & Trade Economies (Caimao Jingji), 4, 15-23. ［149］［149］Yu, J. W., Xiao, J., & Gong, L. T. (2015). Political cycle and land leasing: Evidence from Chinese cities. Economic Research Journal (Jingji Yanjiu), 50 (2), 88-102. ［150］［150］Zou, W., & Liu, H. Y. (2015). Land finance in China: an empirical analysis of spatial panel data from municipal-level cities. Economist (Jingji Xuejia), 9, 21-32. ［151］［151］Allen, F., & Gale, D. (2000). Financial contagion. Journal of Political Economy, 108 (1), 1-33. ［152］［152］Arellano, M., & Bond, S. (2004). Some tests of specification for panel date: Monte carlo evidence and an application to employment equations. Review of Economics Studies, 58 (2), 277-297. ［153］［153］Ariss, R. (2010). On the implications of market power in banking: Evidence from developing countries. Journal of Banking and Finance, 34 (4), 765-775. ［154］［154］Askitas, N., & Zimmermann, K. F. (2009). Google econometrics and unemployment Forecasting. Applied Economics Quarterly, 55 (2), 107-120. ［155］［155］Beltratti, A., & Stultz, R. M. (2012). The credit crisis around the globe: Why did some banks perform better? Journal of Financial Economics, 105 (1), 2012, 1-17. ［156］［156］Berger, A. N., Klapper, L. F., & Turk-Ariss, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35 (2), 99-118. ［157］［157］Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1), 115-143. ［158］［158］Chen, Z. W. (2014). How fresh is the internet finance. New Finance (Xin Jinrong), 4, 9-13. ［159］［159］Dai, G. Q., & Fang, P. F. (2014). Supervision innovation, interest rate liberation and internet finance. Modern Economic Research (Xiandai Jingji Tansuo), 7, 64-82. ［160］［160］Delis, M. D., & Kouretas G. P. (2011). Interest rates and bank risk-taking. Journal of Banking and Finance, 35 (4), 840-855. ［161］［161］Gao, Z. X., Li, C., & L, S. F. (2015). The coordination between monetary policy and prudential supervision. Modern Economic Science (Dangdai Jingji Kexue), 37 (1), 56-66. ［162］［162］He, D., & Wang, H. (2012). Dual-track interest rates and the conduct of monetary policy in China. China Economic Review, 23 (4), 928-947. ［163］［163］Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (2000). Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? American Economic Review, 90 (1) 147-165. ［164］［164］Jimenez, G., Lopez, J. A., & Saurina, J. (2013). How does competition affect bank risk taking? Journal of Financial Stability, 9 (2), 185-195. ［165］［165］Kishan, R. P., & Opiela, T. P. (2000). Bank size, bank capital, and the bank lending channel. Journal of Money, Credit and Banking, 32 (1), 121-142. ［166］［166］Liu, H. E., & Shi, W. G. (2015). The focus and conflict in theory of internet finance. Economist (Jingji Xuejia), 5, 60-67. ［167］［167］Liu, L. Y., Li, M. H., Sun, S. & Yang, J. Q. (2014). The relationship between net interest margin and non-interest income for Chinese banks. Economic Research Journal (Jingji Yanjiu), 49 (7), 110-123. ［168］［168］Liu, Z. Y., & Huang, K. H. (2015). Tirole’s Theory and the regulation of China’s internet finance. Comparative Economic and Social Systems (Jingji Shehui Tizhi Bijiao), 2, 64-76. ［169］［169］López, M., Tenjo, F., & Zárate, H. (2011). The risk-taking channel and monetary transmission mechanism in Colombia. Ensayos Sobre Politica Economica, 29(616), 212-234. ［170］［170］Mckinnon, R. I. (1973). Money and capital in economic development, Washington: The Brookings Institution. ［171］［171］Merton, R. C., & Bodie, Z. (1995). A conceptual framework for analyzing the financial environment. Cambridge: Harvard Business School Press. ［172］［172］Mulherin, J. H., & Boone, A. L. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6 (6), 117-139. ［173］［173］Mussa, A. S. (2010). Asymmetric bank risk taking and monetary policy. http://homepages.wmich.edu/～a6mussa/documents/Asymmetric% 20Bank%20Risk.pdf. ［174］［174］Nautz D., & Scheithauer, J. (2011). Monetary policy implementation and overnight rate persistence. Journal of International Money and Finance, 30 (7), 1375-1386. ［175］［175］Nautz, D., & Schmidt, S. (2009). Monetary policy implementation and the federal funds rate. Journal of Banking and Finance, 33 (7), 1274-1284. ［176］［176］Repullo, R. (2004). Capital Requirements, Market power, and risk-taking in banking. Journal of Financial Intermediation, 13 (2), 156-182. ［177］［177］Shahrokhi, M. (2008). E-finance: Status, Innovations, resources and future challenges. Managerial Finance, 34 (6), 365-398. ［178］［178］Shaw S. E. (1973). Financial deepening in economic development, New York: Oxford University Press. ［179］［179］Shen, Y., & Guo, Pin. (2015). Internet finance, technology spillover and commercial banks TFP. Journal of Financial Research (Jinrong Yanjiu), 3, 160-175. ［180］［180］Syed, A. R., & Nida, H. (2013). Factors affecting internet banking adoption among internal and external customers: A case of Pakistan. Journal of Electronic Finance, 7 (1), 82-96. ［181］［181］Wang, G. G., & Zhang, Y. (2015). A critique of internet finance. Finance and Trade Economies (Caimao Jingji), 1, 5-16. ［182］［182］Wang, S. J., & Peng, J. G. (2014). The studies on the measurement and performance of China’s interest rate liberation: Empirical analysis based on the bank credit channel. Journal of Finance and Economics (Jinrong Jingjixue Yanjiu), 29 (11), 75-85. ［183］［183］Wang, X., & Johansson, A. (2013). Financial Repression and Structural Transformation. Economic Research Journal (Jingji Yanjiu), 48 (1), 54-66. ［184］［184］Wang, Y. C. (2014). Financial repression and credit redistribution. Economic Research Journal (Jingji Yanjiu), 49 (6), 86-98. ［185］［185］Wang, Y. Q., & Jin, H. F. (2014). Interest rate liberation, price competition and bank risk taking. Economic Management Journal (Jingji Guanli), 36 (5), 93-102. ［186］［186］Wu, J. L. (1997). Two Issues in the Formation of China’s Financial Market: Financial Repression and Economic Bubbles. Comparative Economic and Social Systems (Jingji Shehui Tizhi Bijiao), 2, 2-5. ［187］［187］Wu, X. Q. (2015). Internet finance: the logic of growth. Finance and Trade Economics (Caimao Jingji), 2, 5-15. ［188］［188］Xie, P., & Zou, C. W. (2012). Study on the internet finance mode. Journal of Financial Research (Jinrong Yanjiu), 12, 11-22. ［189］［189］Yao, S. J., Jiang, C. X., & Feng, G. F. (2011). Banking reform and efficiency in China: 1995—2008. Economic Research Journal (Jingji Yanjiu), 46 (8), 4-13. ［190］［190］Zheng, L. S. (2014). China’s internet finance: model, impact, nature and risks. International Economic Review (Guoji Jingji Pinglun), 5, 103-118. ［191］［191］Zheng, Z. L. (2015). The influence of internet finance of commercial banks—based on the perspective of the influence of “internet +” on the retail industry, Finance and Economics (Caijing Kexue), 5, 34-43. ［192］［192］Anderson, J. E. (1979). A theoretical foundation for the gravity equation. American Economic Review, 69 (1), 106-116. ［193］［193］Anderson, J. E., & van Wincoop, E. (2004). Trade costs. Journal of Economic Literature, 42 (3), 691-751. ［194］［194］Belderbos, R., & Sleuwaegen, L. (1998). Tariff jumping DFI and export substitution: Japanese electronics firms in Europe. International Journal of Industrial Organization, 16, (5), 601-638. ［195］［195］Bergstrand, J. H. (1985). The gravity equation in international trade: Some microeconomic foundations and empirical evidence. Review of Economics and Statistics, 67 (3), 474-481. ［196］［196］Buckley, P. J., & Casson, M. (1981). The optimal timing of a foreign direct investment. The Economic Journal, 91 (361), 75-87. ［197］［197］Cai, R., & Liu, Q. (2004). Are the Chinese international direct investment and trade complementary? — The empirical analysis based on the marginal industry theory. World Economy Study (Shijie Jingji Yanjiu), 8, 64-70. ［198］［198］Chen, L. M., Yang, Z., & Hou, Z. P. (2010). Export driven or export substitution? — The marginal industry strategy test of Chinese OFDI. Finance & Trade Economics (Caimao Jingji), 2, 78-85. ［199］［199］Chen, W., & Tang, H. (2014). The dragon is flying west: Micro-level evidence of Chinese outward direct investment. Asian Development Review, 31 (2), 109-140. ［200］［200］Hao, J. F., & Ma, H. (2012). The new development of gravity model and the test of Chinese foreign trade. The Journal of Quantitative & Technical Economics (Shuliang Jingji Jishu Jingji Yanjiu), 29 (10), 52-68. ［201］［201］Head, K., & Ries, J. (2001). Overseas investment and firm exports. Review of International Economics, 9 (1), 108-122. ［202］［202］Helpman, E. (1984). A simple theory of international trade with multinational corporations. Journal of Political Economy, 92 (3), 451-471. ［203］［203］Helpman, E., Melitz, M. J., & Yeaple, S. R. (2004). Export versus OFDI with heterogeneous firms. American Economic Review, 94 (1), 300-316. ［204］［204］Hirsch, S. (1976). An international trade and investment theory of the firm. Oxford Economic Papers, 28 (2), 258-270. ［205］［205］Horst, T. (1972). Firm and industry determinants of the decision to invest abroad: an empirical study. Review of Economics and Statistics, 54 (3), 258-266. ［206］［206］Hu, B., & Qiao, J. (2013). The trade effect of China’s OFDI—Based on dynamic panel model system GMM method. Economic Management (Jingji Guanli), 35 (4), 11-19. ［207］［207］Jiang, G.H., & Jiang, D. C.(2014). Export effect of Chinese OFDI. Economic Research Journal (Jingji Yanjiu), 49 (5), 160-173. ［208］［208］Kojima, K. (1975). International trade and foreign investment: Substitutes or complements. Hitotsubashi Journal of Economics, 16 (1), 1-12. ［209］［209］Lin, C. F., & Dong, Q. (2013). The export effect of Chinese OFDI: Inhibition or promotion -- based on the empirical study of panel data of 21 countries. Industrial Economic Review (Chanye Jingji Pinglun), 4 (5), 152-160. ［210］［210］Lipsey, R. E., & Weiss, M. Y. (1981). Foreign production and exports in manufacturing industries. Review of Economics and Statistics, 63 (4), 488-494. ［211］［211］Lipsey, R. E., & Weiss, M. Y. (1984). Foreign production and exports of individual firms. Review of Economics and Statistics, 66 (2), 304-308. ［212］［212］Liu, H. Y., & Nie, F.(2014). Hollow effect of Chinese OFDI of manufacturing industry. China Industrial Economics (Zhongguo Gongye Jingji), 4, 83-96. ［213］［213］Liu, X. G., Gou, Q., & Lu, F. (2014). The impact analysis of Chinese OFDI on export. working paper of economic research, WP672. ［214］［214］Liu, Z. Q., & Xie, R. D. (2014). The empirical analysis of country effect of Chinese OFDI on ASEAN. World Economic Studies (Shijie Jingji Yanjiu),, 6 80-86. ［215］［215］Mao, Q. l., & Xu, J. U. (2014). Does Chinese OFDI promote or inhibit the enterprise export. Journal of Quantitative & Technical Economics (Shuliang Jingji Jishu Jingji Yanjiu), 31 (9), 3-21. ［216］［216］Mundell, R. A. (1957). International Trade and Factor Mobility. American Economic Review, 47 (3), 321-335. ［217］［217］Oberhofer, H., & Pfaffermayr, M. (2012). OFDI versus exports: multiple host countries and empirical evidence. The World Economy, 35 (3), 316-330. ［218］［218］Qiao, J., & Hu, B. (2015). How OFDI affect export—Based on the matching of manufacturing enterprises. Journal of International Trade (Guoji Maoji Wenti), 4, 126-136. ［219］［219］Schmitz, A., & Helmberger, P. (1970). Factor mobility and international trade: the case of complementarity. American Economic Review, 60 (4), 761-767. ［220］［220］Silva, S., & Tenreyro, S. (2006). The log of gravity. The Review of Economics and Statistics, 88 (4), 641-658. ［221］［221］Tinbergen, J. (1962). An analysis of world trade flows in shaping the world economy. New York: Twentieth Century Fund. ［222］［222］Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80 (2), 190-207. ［223］［223］Wang, B. J. (2013). The misunderstood official data—the real OFDI of China”, International Economic Review (Guoji Jingji Pinglun), 1, 61-74. ［224］［224］Wang, S. l., & Xiang, J. J. (2014). Creation or substitution—the mechanism research of Chinese OFDI on trade. World Economy Studies (Shijie Jingji Yanjiu), 6. ［225］［225］Wang, S., Tian, T., & Xie, R. D. (2014).The trade effect research of Chinese OFDI. World Economy Studies (Shijie Jingji Yanjiu), 10, 80-86. ［226］［226］Xiang, B. W. (2009). The trade effect research of Chinese OFDI—Based on the co-integration analysis of panel data. Finance & Trade Economics (Caimao Jingji), 4, 77-82. ［227］［227］Zhang, C. P. (2012). The trade effect research of OFDI. Journal of Quantitative & Technical Economics (Shuliang Jingji Jishu Jingji Yanjiu), 29 (6), 74-85. ［228］［228］Zhang, J. F., & Huang, P. (2013). Replacement of exports or promoting exports—the research on the effect of OFDI on export. Journal of International Trade (Guoji Maoji Wenti), 3, 95-103. ［229］［229］Zhang, R. Q. (2005). The analysis of the relationship between OFDI and international trade. World Economic Studies (Shijie Jingji Yanjiu), 3, 23-27. ［230］［230］Zhang, Y. W. (2007). The relationship between OFDI and trade: Complementary or alternative. Journal of International Trade (Guoji Maoji Wenti), 6, 87-93. ［231］［231］Zhou, X., & Niu, R. (2012). Chinese OFDI and the trade effect—Based on the empirical research on panel gravity model. International Economics and Trade Research (Guoji Jingmao Tansuo), 5, 69-81.