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    A New Perspective to Observe the “Occurrence of the Cold War”:Before the Publication of Economic Vortex:A New Prospective to Observe the Cold War
    Zhi-hua SHEN
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (1): 53-60.   DOI: 10.16382/j.cnki.1000-5579.2023.01.005
    Abstract1266)   HTML255)    PDF (653KB)(1144)      

    The origin and occurrence of the Cold War, especially the role of the Soviet Union, has always been a heated topic in the academic circle. If observing from the new perspective of economy, especially from the notion of economy and economic strategies of the Soviet Union as well as economic relationships between the U.S. and the Soviet Union, we will find a different logic chain, develop a different historical narrative and eventually form a new framework to explain how the relationships between the U.S. and the Soviet Union changed and how the Cold War pattern formed and developed. The mission of historical research is to find out how the Cold War happened, what were the motivations of the U.S. and the Soviet Union and what caused such results. In fact, there were opportunities and possibilities to reverse the trend at each stage, but eventually the U.S. and the Soviet Union sank into the abyss of the Cold War.

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    WANG Yi’s Annotation on The Songs of Chu and the Political Situation in Emperor An’s Reign
    Xing-lu ZHOU
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (4): 106-114.   DOI: 10.16382/j.cnki.1000-5579.2022.04.011
    Abstract348)   HTML25)    PDF (923KB)(1104)      

    WANG Yi’s Annotation on The Songs of Chu not only laid a foundation for the study of The Songs of Chu, but was also significant in the history of literary criticism in the Han Dynasty. During Emperor An’s reign that lasted for around two decades, the political situation was messy and sycophantic. In the court, however, many ministers were brave enough to admonish the emperor severely. The imperial court encouraged political criticism. In such an atmosphere, as a collating officer, WANG Yi developed his thought while collating classic books. Different from the moderation of YANG Xiong and BAN Gu, WANG highly praised QU Yuan’s spirit of satire. The royal family in Nanyang emphasized the responsibility of protecting the country of the Han Dynasty by developing the idea that “the sons of Duke had no righteousness to leave the country” from Chuqiu Fanlu while compiling ritual propriety of the Han Dynasty. This affected WANG to elaborate for the first time on QU Yuan’s idea that people with the same surname of Chu would be not righteous to leave the country.

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    On Scholars′ Paintings:“Implication in Rock Paintings” for 700 Years from SU Shi to ZHENG Ban-qiao
    Zhong-yi XIA
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (5): 63-79.   DOI: 10.16382/j.cnki.1000-5579.2022.05.007
    Abstract258)   HTML6)    PDF (1202KB)(1022)      

    In this paper, the “rock” (modeling element) in the traditional flower and bird paintings is aesthetically divided into two categories, that is, “implication in rock paintings” and “rock worship and pleasure” regarded as an instrumental symbol to mark the distinction between “scholars′ paintings” and “literati′s paintings”. This is significant in three aspects. First, from SU Shi of the Northern Song Dynasty to DONG Qi-chang of the Ming Dynasty, the paintings of men of letters that express their feelings and interests are known as “scholars′ paintings” and “literati′s paintings”. However, in the painting world after DONG Qi-chang, the title of “literati′s paintings” vaguely “cover” “scholars′ paintings”. The “implication in rock paintings” refined in this paper is to prove that “scholars′ paintings” are different from “literati′s paintings” because the former pays more attention to the artist′s moral feelings than the interest in brush and ink skills. Second, from the perspective of “implication in rock paintings”, the history of Chinese paintings from the Northern Song Dynasty to the Qing Dynasty can be divided into “scholars′ paintings” and “literati′s paintings”: the former from SU Shi to ZHENG Ban-qiao, and the latter from MI Fu to CHEN Hong-shou. This is the life roles of the ancient sages represented by rock paintings. Third, from the “Dongpo′s grotesque rock” and “Banqiao′s bamboo, orchid and rock” in the “implication in rock paintings”, we can not only know the ancient inheritance of exemplary persons′ poetry and philosophy, but also learn that the “rock” in the eyes of the worthy has not been a cold object in nature since ancient times, but a symbol of the spiritual foundation of the worthy when they deal with the turbid world.

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    National Security Governance Strategy in the New Era:Its System,Idea and Path
    Hua-fu JIANG, Jun LIU
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (6): 105-111.   DOI: 10.16382/j.cnki.1000-5579.2022.06.012
    Abstract1528)   HTML31)    PDF (543KB)(663)      

    National security governance is related to the long-term governance of the Party, the long-term stability of the country, and people’s life and work in peace and contentment. The strategic system of national security governance in the new era is a set of systematic institutional arrangements for maintaining and shaping national security, and it is the specific application of the national governance system in the field of national security. The strategic concept of national security governance in the new era is mainly reflected in the trinity of XI Jin-ping’s overall national security concept, with the purpose of people’s security, political security as the foundation, and national interests as the criterion. As for the practice path, we should adhere to safe development, promote the dynamic balance between high-quality development and high-level security, adhere to overall warfare, and coordinate traditional and non-traditional security, stick to the path of peaceful development, and promote the coordination of our own security and common security. To exactly grasp the strategy of national security governance system, follow the strategic path of national security governance system and promote national security governance in a comprehensive way is significant for us to realize the goal of the second century and achieve the great rejuvenation of the Chinese nation.

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    How Is a Comprehensive Spiritual Hermeneutics Possible?:Centering on the “Theory of the Interaction between Heaven and Human” in Chinese Humanities
    Wei-xi HU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (2): 1-18.   DOI: 10.16382/j.cnki.1000-5579.2023.02.001
    Abstract249)   HTML26698)    PDF (706KB)(630)      

    The study of hermeneutics is inseparable from the perspective of humanities. For the “spiritual hermeneutics”, which probes into the issue of “spirit”, it is also inseparable from the perspective of “spiritual humanities”, that is, taking the theory of the “interaction between Heaven and human” as the basic hermeneutic principle to explain “human nature and the Dao of Heaven”. With the “interaction between Heaven and human” as the center, the spiritual hermeneutics develops its hermeneutic ideas in the way of the “Dao-speech-wisdom-realm”. In this respect, Chinese philosophy has accumulated and summed up rich hermeneutic ideas and practical experience. The “Dao-speech-wisdom-realm” not only constitutes the unique hermeneutic logic of Chinese philosophical hermeneutics, but also has the transcendental universality so that it can be used to observe and examine the types of Western spiritual hermeneutics represented by Christian theological hermeneutics. The approach of Chinese spiritual hermeneutics is characterized by “from the sage to the holy”, while that of Western Christian theological hermeneutics by “from the holy to the sage”. The fact that these two types of hermeneutics have different theoretical starting points and hermeneutic approaches does not prevent them from taking the “holy spirit” of the highest and ultimate being of the universe as the final goal of interpretation. Thus, Chinese and Western spiritual hermeneutics traditions will finally meet and communicate with each other in the “end” and “summit” of hermeneutics.

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    From Being Crazily Drunk to Lying Drunk:The Evolution of Chinese Wine Spirit
    Hua-nan GONG
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (4): 11-21.   DOI: 10.16382/j.cnki.1000-5579.2022.04.002
    Abstract361)   HTML209)    PDF (1092KB)(579)      

    The phenomenon of drunkenness exists in various civilizations, and is understood, regulated and shaped by them. In China, the long history of civilization endows drunkenness with various spiritual connotations. With the continuous evolution of the intellectual trend of the times, the concept of drunkenness was formed in an intermittent manner. From the Shang and Zhou Dynasties to the Han Dynasty, being crazily drunk was a normal state, and drunkenness fell down from sacredness to pure desire and hobby. After the Han Dynasty, lying drunk became the mainstream. With the establishment of taste thought in China, drinking has become the thinking method for the drinkers, and lying drunk has become their conscious inward spiritual exploration, and the sacredness of drunkenness was restored to a certain extent. Being crazily drunk is aggressive and opposing the world, while lying drunk is a state of doing nothing and being comfortable inside and outside. Those lying drunk refuse to find their stance in the secular society, and consciously approach the quiet and tranquil world of drunkenness, which shows that their pursuit transcends the worldly life. In this process, the body is disciplined and becomes weak and feeble, so that it no longer stands or acts, and the mind is free of thinking, full of leisure and joy. The evolution towards lying drunk reveals the Chinese people’s introverted and inward-turned cultural psychology, which suppresses the impact of wine, but also makes it difficult for the drunk to be strong and upright.

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    Burgundy in the Late Middle Ages and the Construction of a French Nation State
    Ming ZHU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 35-47.   DOI: 10.16382/j.cnki.1000-5579.2023.05.005
    Abstract92)   HTML5)    PDF (786KB)(543)      

    Traditional opinion is that the Hundred Years’ War between England and France in the late Middle Ages consolidated the national consciousness of Western European countries and facilitated the formation of two nation states, i.e., England and France. However, the construction of the Burgundy state indicates that a homogeneous French nation-state was far from being formed during this period, and Valois France did not complete its national construction. The Duchy of Burgundy, located in the eastern part of France, not only gained independence from the Kingdom of France through marriage and expansion, but also strengthened regional national identity through construction of institution and capital city, almost becoming an independent kingdom that included regions such as northern and eastern parts of France and Belgium. The Duke of Burgundy made efforts to expand and integrate his feudal territories, laying the foundation for national construction and leaving behind longue-durée influence. In the late Middle Ages, the territorial states derived from feudal territories facilitated the transformation of urban and regional spaces, reflecting the complexity and diversity of the Western transition from feudal times to the era of modern states.

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    In Pursuit of Chinese Road to Modernization and Human Civilization in a New Form:China’s Exploration since Modern Times
    Wei-ping CHEN
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (6): 17-23.   DOI: 10.16382/j.cnki.1000-5579.2022.06.003
    Abstract728)   HTML33)    PDF (686KB)(481)      

    Taking “the creation of human civilization in a new form” as “the essential requirement of Chinese modernization” in the report of the 20th National Congress of the CPC, President XI Jin-ping reveals their intrinsic link. This is the achievement of historical accumulation of exploring China’s road to modernization and human civilization in a new form since modern times. The historical logic of this exploration since modern times in China is clear. From Westernizationists to reformists and then to Revolutionaries, it shows the starting point and twists of the exploration of modernization and civilization in a new form. In other words, Chinese people began to turn to socialism in order to make China catch up with other nations in the process of learning the modernization of Western capitalism. After the May 4th Movement, CHEN Du-xiu, LI Da-zhao and MAO Ze-dong all stated that China had to realize modernization and build civilization in a new form in the framework of socialism. It was in the first leap of the sinicization of Marxism that the exploration of Chinese modernization and human civilization in a new form has been closely and substantially related to the leadership of the CPC, its historical mission, the prospect of socialism and its firm stance of the masses of people. After the foundation of PRC, the exploration of socialist modernization and civilization in a new form experienced turns and twists and eventually generated a new leap of the sinicization of Marxism in the “second combination of Marxism and China’s condition” during the two periods divided by reform and opening-up. It has integrated Chinese modernization, socialism with Chinese characteristics and human civilization in a new form into a whole.

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    On Two Early English Versions of Huang Di Nei Jing
    Yu YANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (1): 46-52.   DOI: 10.16382/j.cnki.1000-5579.2023.01.004
    Abstract648)   HTML31)    PDF (684KB)(477)      

    Huang Di Nei Jing (Yellow Emperor’s Internal Classic) is the fundamental classic of traditional Chinese medicine (TCM), from which the Western academic circle begins to understand the theory of TCM. Prioritized as the primary TCM work by Western sinologists, Huang Di Nei Jing had been translated into Latin, French, German and other languages before the 20th century. This paper investigates its two early English translations that have scarcely been emphasized or even noticed. Through figuring out the brief history of these two translations, examining the misunderstandings especially on terms by comparing them with the source text, and analyzing what motivated the translators to translate it and how they had first established their knowledge on TCM, this paper explores the special aspects during the transmission of TCM knowledge in the West.

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    “Diverse Life Experiments”:John S. Mill’s Thinking on Individuality
    Hong-tu LI
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (4): 44-58.   DOI: 10.16382/j.cnki.1000-5579.2022.04.005
    Abstract307)   HTML23)    PDF (772KB)(395)      

    In his work On Liberty, one of the most influential classics in the intellectual history, the nineteenth-century British thinker John S. Mill proposed the pivotal idea of “individuality”, which thereafter became the central element of the modern society, by laying the issue of individual rights within the framework of relationship between society and individual. According to Mill, individuality not only represents a way of life, but also has multiple implications, including that of “taste”. It aims at the “self-development” of each individual through his or her own choice. By virtue of Mill’s formulation, “individuality” is no longer an empty concept, but turns out to be one with rich content and specific reference. It grows from its own internal natural character instead of being given externally. Once each individual in the society has the rights to make their own choices, their “taste” and unique ways of life are safeguarded, and the progress and development of the society will be greatly promoted.

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    Travel,Masculinity and Femininity:The Gender Perspective on “Studies of Travel Writings” in Britain and America
    Xiao-lan CHEN, Ling-yi ZHOU
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (5): 80-89.   DOI: 10.16382/j.cnki.1000-5579.2022.05.008
    Abstract216)   HTML12)    PDF (812KB)(393)      

    In Western cultural tradition, travel is usually supposed as the privilege of men and a ritual journey of cultivating masculinity. Ancient epics, legends and colonial writings tend to display the hero′s physical, cultural and psychical masculinity in the narrative of his adventure and struggle in an exotic world. According to this general cultural disposition, travel makes a man a man. However, what does it mean for a woman? Female British writers in the 19th century, who left their domestic sphere and travelled in unfamiliar foreign countries, subverted the conventional prescription of their femininity, and thus reshaped the self-representation of women. Within this trend, they played a role in the imperial knowledge production and in the construction of the culture Other. This paper is concerned with the 19th-century British women′s travel writings in the context of colonialism, and argues that the gender perspective sheds some lights on the complicated relationship between gender liberation and imperial enterprise and between the woman as an individual and the state.

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    On the Contemporary Variations of Machiavelli’s “Political Dilemma”
    Shi-zhong WANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (6): 46-56.   DOI: 10.16382/j.cnki.1000-5579.2022.06.007
    Abstract231)   HTML29)    PDF (752KB)(383)      

    The difference between the themes of Machiavelli’s The Prince and Discourses on Livyshows a “dislocation” between the “monarch” and the “people”. How to reduce this “dislocation” has always been a new “political dilemma” since modern times. Gramsci realized the possible reconciliation between the “monarch” and the “people” through the unity between “modern proletarian party” and “nation-people”. Based on political theology, Schmitt’s “sovereignty decision” re-positioned the relationship of “creating” and “maintaining” and that of “revolution” and “order”. Althusser interpreted Machiavelli’s “political dilemma” as a “revolutionary utopia”. In modern China, Machiavelli’s “political dilemma” is expressed as a “paradox” between “freedom” and the “state”. This “paradox” has constituted the keynote of the symphony of Chinese political thought over the past century, and remains as an intellectual dilemma to be overcome today.

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    On Cultural Preparation for War during the Third Front Movement Period
    Yang ZHANG, You-wei XU
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (6): 67-75.   DOI: 10.16382/j.cnki.1000-5579.2022.06.009
    Abstract285)   HTML37)    PDF (744KB)(349)      

    Cultural preparation for war was an important part of the national war preparation plan during the Third Front Movement period. By building rear war preparation bases and relocating crucial cultural resources, lots of cultural institutions in frontline areas were prepared for a war that might break out at any time. Cultural preparation for war has rich connotations and involves a wide range of fields. There were large-scale preparations of all resources that could help promote national identity and carry forward national culture, such as cultural relics and archives, books and printing, films and radio, and universities and research institutions. Cultural preparation for war continued throughout the whole period of the Third Front Movement and reached its peak in 1965 (with the escalation of Vietnam War) and 1969 (with the incident of Zhenbao Island). Though producing no strategic resources in a state of war, it embodied the war preparation nature of the Third Front Movement. Though the war did not break out as we analyze the movement in retrospect, China’s attitude toward geopolitical crises demonstrated by its cultural preparation might have been an important deterrent.

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    Sinology beyond the Ivory Tower:NCUSCR and Its Efforts to Remake American Perception of China from 1966 to 1972
    Xin ZHANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (5): 52-62.   DOI: 10.16382/j.cnki.1000-5579.2022.05.006
    Abstract279)   HTML29)    PDF (802KB)(338)      

    Since the early days of sinology in the U.S., there has been a clear connection between theory and practice. However, it remains unclear how sinology has influenced and shaped American perception of China and its China policy. Based on archival data and original documents, this paper sheds light on the efforts made by China experts in National Committee on U.S.-China Relations (NCUSCR) more than 50 years ago. It demonstrates how the Modernization Paradigm in China studies had helped push America out of the long shadow of McCarthyism, which in turn promoted a rational understanding of China, and helped to turn America′s policy towards China from isolation to engagement. Furthermore, it reveals that the interactive structure of sinology known as “knowledge production-public opinion-China policy” can better explain the logic between theory and practice. This paper provides implications for promoting a better understanding of China in the U.S., and for developing a healthy and stable relationship between China and the U.S.

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    Analysis of the Relationship between International Humanitarian Law and International Human Rights Law in Armed Conflicts
    Guo-qiang LUO, Jin-lan XU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 65-80.   DOI: 10.16382/j.cnki.1000-5579.2023.05.008
    Abstract116)   HTML4)    PDF (854KB)(317)      

    According to the Pufendorf’s system of Natural Law Theory, international law is a set of absolute natural obligations to others, and state relations are based on a balance between the free exercise of natural rights and the observance of moral obligations. The trade-off between military necessity and humanitarian considerations on the part of parties and combatants in armed conflicts is one manifestation of this. They are not only bound by international humanitarian law, but also rely on natural law to guide their actions. The relationship between international humanitarian law and international human rights law is an important issue when the legal vacuum comes out. The conflict between Russia and Ukraine further reflects the urgency of this issue. In situations of armed conflicts, to choose the hostilities paradigm or the law enforcement paradigm to apply with priority based on a comprehensive consideration of the various elements of the facts is the key to using the principle of “lex specialis derogat legi generali” to distinguish between international humanitarian law and international human rights law. In most cases, there is no real normative conflict between international humanitarian law and international human rights law, and the two can be applied in parallel. Which can become the lex specialis to be applied preferentially, then needs concrete analyses. In addition, the principle of “lex specialis derogat legi generali” can also provide an operational and objective analysis framework for military commanders who need to make values trade-offs and policy choices in practice. According to the above-mentioned theory, China can put forward reasonable proposals from three aspects, i.e., legal compliance, accountability and improvement of norms, in order to deal with the humanitarian crisis and humanitarian consequences brought about by armed conflicts.

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    Beyond “Heresy”:Multiple Facets of WU Yu′s Thought
    Yan-jie ZHAO
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (5): 44-51.   DOI: 10.16382/j.cnki.1000-5579.2022.05.005
    Abstract195)   HTML7)    PDF (711KB)(307)      

    Current studies on WU Yu predominantly focus on his demands against Confucianism, Confucius and filial piety, which were supported by the new intellectuals of the May Fourth era, while intentionally or unintentionally overlooking other facets and undermining the wholeness of his thoughts. Under heavy influence of ZHANG Tai-yan and LIAO Ping, WU emphasized history over classics, novels over historiography, literary Chinese over vernacular and independent thinking over popular opinions, and further advocated free thinking and independent scholarship. As a political commentator, WU hoped China would become a modern nation-state, advocated national political participation based on good education and scholarship, and called for direct election of provincial governors and federalism.

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    The Narratives of Contemporary China:Modernization,National Rejuvenation and the Establishment of Human Civilization in a New Form
    Song-hua FANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (6): 3-10.   DOI: 10.16382/j.cnki.1000-5579.2022.06.001
    Abstract224)   HTML361)    PDF (648KB)(295)      

    Modernization, national rejuvenation and the establishment of human civilization in a new form are three major narratives in modern China. Modernization has been a core narrative of the Chinse nation since modern times, which has been developed from “Chinese learning as substance and Western learning as function” and “overall Westernization” to “socialist modernization”. The national rejuvenation, which means the establishment of China’s modern civilization, has been a key narrative since the foundation of PRC, especially since the practice of reform and opening-up. Human civilization in a new form is an innovative narrative in the new era, which goes beyond China as a nation-state and aims at a new civilization created by China in the history of human society. There are differences and tensions among these three narratives. By unifying and integrating these three major narrations, the report of the 20th National Congress of the CPC advocates Chinese modernization to comprehensively boost the great rejuvenation of the Chinese nation and create human civilization in a new form.

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    On the Mechanism of Decriminalization of Misdemeanor Cases:Practice,Logic and Path
    Wen-jun DU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 81-94.   DOI: 10.16382/j.cnki.1000-5579.2023.05.009
    Abstract165)   HTML9)    PDF (784KB)(287)      

    Misdemeanor legislation fundamentally promotes major changes in the criminal structure, and constructing a mechanism of decriminalization for the special attributes of misdemeanors is the core issue to adapting to the modernization of crime governance. It is important to seek legislative solutions to solve problems, but it is even more critical to respect reality and explore existing normative systems. Since the current misdemeanor legislation has been formed, it is necessary to rationally realize that the promotion of the establishment of the mechanism of decriminalization of misdemeanors is supported by firm policy logic, sufficient practical logic, and internal theoretical logic. Therefore, in terms of governance concepts, it is necessary to complete the transformation from positive justice to negative justice, from guilt thinking to not-guilt thinking; in terms of substantive norms, we shall activate the existing normative crime function, and strengthen the role of rules such as saving clause and conviction but Exemption from Punishment causes in the governance of misdemeanors; in terms of procedural settings, we shall take the reform of the existing system as an opportunity to deeply explore the value of independent decriminalization such as discretionary non-prosecution.

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    On the Health-related Quality of Life and Classified Social Security System of Older Adults Living Alone in Urban Community
    Jian-yun WANG, Ren-yao ZHONG
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (4): 164-174.   DOI: 10.16382/j.cnki.1000-5579.2022.04.017
    Abstract372)   HTML39)    PDF (839KB)(281)      

    The group of older adults living alone has become larger, more complex, and more heterogeneity, with the change of family structure, the aging of parents with only child, the increase of migration frequency and spatial distance, and the change of values. We use the data of “Survey on Older Adults Aged 70 and Above Living Alone in Urban China” to analyze the health-related quality of life among older adults living alone. We find that older adults with different family types have significant differences in health-related quality of life, such as body health, mental health, and social adaptation. One with children and the spouse has the worst quality of body health; one with children but without spouse has the worst quality of mental health; the one without children and spouse has the worst quality of social adjustment. It is suggested to establish and improve the information database of the older adults living alone in the community, and provide targeted care services and classified security in the community. The government should give older adults living alone with children and spouses some help to improve the quality of body health, such as family support program, neighborhood visits and emergency services. The government should give older adults living alone with children but without spouses some help to improve the quality of mental health, such as providing spiritual comfort, “pairing” help and psychological counsel services. The government should give older adults living alone without children and spouses some help to improve the quality of social adaptation, such as constructing harmonious neighborhoods, encouraging social participation and improving life satisfaction.

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    Shares Pledge,Financing Constraints and Enterprise Green Technology Innovation
    Yun ZHANG, Ling-xiao YANG, Zi-ting ZHANG, Zhu-jia YIN
    Journal of East China Normal University (Philosophy and Social Sciences)    2022, 54 (5): 175-187.   DOI: 10.16382/j.cnki.1000-5579.2022.05.016
    Abstract215)   HTML14)    PDF (905KB)(279)      

    Green technology innovation is one of the effective ways to achieve goals for carbon peaking and neutrality. However, the large scale of investment, long return period, and high risk of green technology innovation make it difficult to get high-quality financing for controlling shareholders of enterprises in China. Since controlling shareholders′ shares pledge financing has become a relative convenient and quick financing method, it is necessary to study the direct and indirect effects of controlling shareholders′ shares pledges on enterprises′ investment in green technology innovation, as well as to clarify the role of financing constraints in this regard. By constructing an empirical model, this paper confirms that the share pledge not only inhibits enterprise green technology innovation directly but also exacerbates enterprise financing constraints, which in turn inhibit enterprise green technology innovation investment. It means that the financing constraint plays a mediating role in the impact of controlling shareholders′ shares pledges on green technology innovation. Further heterogeneity analysis reveals that when the chairman and CEO positions are combined, the controlling shareholder′s share pledge has a significant inhibitory effect on corporate green innovation; before the shareholding ratio reaches a certain level, the larger the controlling shareholder′s shareholding ratio is, the greater the inhibiting effect of controlling shareholder′s share pledge on green technology innovation; state-owned enterprises weaken the negative influence of controlling shareholder′s share pledge on corporate green technology innovation through other financing channels. Therefore, to encourage enterprises to carry out green technological innovation in a more effective and targeted manner, the relevant authorities should take measures to improve regulation, enhance the internal governance of enterprises and promote the formation of a consensus on green development among all parties.

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