Working Papers
WP1247Title:The Structural Efficiency of Capital Investment And Long-term Growth in the Transfering Dynamic EconomyAuthor:Liu  Yiqun  and  Huang  Xianhai   View Count:5
       Abstract:Capital structure efficiency is almost equal to long-term growth when capital quantity growth is no longer important. Our theoretical model explain the meanings of the structural efficiency of capital and its implications to the long-term economic growth of a country. It improves the rate of return on capital investment, the incentives of investment and the growth momentum. We use the empirical da
WP1246Title:A Research on the Influence of Outward Foreign Direct Investment on Capacity UtilizationAuthor:Yang  Zhenbing  and  Yan  Bing   View Count:8
       Abstract:In this paper, we will investigate whether the outward foreign direct investment (OFDI) of enterprises is beneficial to the improvement of the capacity utilization, and it has important significance to the introduction of follow-up policies to eliminate excess capacity. We employ an empirical model including propensity score matching model (PSM) and difference in difference (DID) to investigate th
WP1245Title:Minimum Wage and OFDI of China Author:Li  Lei,    Yu  Mingyan    and  Xian  Guoming   View Count:6
       Abstract:In the background of Chinese rapid growing labor cost and OFDI, this paper theoretically and empirically examines the relationship between changes in the minimum wage and firms' OFDI behavior in China using detailed firm-level data of medium and large manufacturing enterprises between 1998 and 2013. Theoretical model was build to analyze the mechanism. Empirical results find that a 1% increase in
WP1242Title:Debt Financing of Foreign-funded Enterprises——Behavioral Interpretation from Cultural ViewpointAuthor:Wang  Jinmeng  and  Shen  Zhiyu   View Count:48
       Abstract:Different from the traditional theory of capital structure which is mainly based on economic factors and ignores the influence of norms on debt financing, this paper investigates the impact of cultural difference between original country and China on the mechanism and the results of debt financing of Foreign-funded Enterprises(FFEs) with the data from micro level. After solving the endogenous prob
WP1241Title:Financial Inclusion, Household Poverty and VulnerabilityAuthor:Yin  Zhichao  and  Zhang  Donghao   View Count:31
       Abstract:Using 2015 China Household Finance Survey(CHFS)data, the paper investigates the effect of financial inclusion on households’ poverty and vulnerability. Based on the household financial inclusion index constructed by the factor analysis method, we find financial inclusion can significantly decrease probabilities of poverty and vulnerability. Financial inclusion plays a timely role in poverty allevi
WP1240Title:Civic Engagement, Generalized Morality and Public Goods Provision in Rural ChinaAuthor:Wen  Yingying   View Count:31
       Abstract:What are the determinants of public goods provision in rural China? Generalized morality may be an important factor. Using a representatively nation-wide sample, this article seeks to explore the link between generalized morality and the public goods provision in rural China. The findings reveal that generalized morality is correlated with public goods provision in rural China. Further analysis sh
WP1239Title:Determination of Labor Allocation between Manufacturing and Service IndustriesAuthor:Wu  Qiang,  An  Xiubo  and  Zhu  Shu   View Count:33
       Abstract:Supply side structural reform requires redundant labor in the excessive manufacturing industries to flow into the service industry, and research on labor allocation between service and manufacturing industries should be paid more attention. This paper proposes the potential supply scale of service industry could measure the absolute development space of the service industry, attract the labor to m
WP1241Title:Inequality, Credit boom and Crisis: Reflection on Subprime CrisisAuthor:Yin  Jianfeng  and  Wang  Zengwu   View Count:39
       Abstract:With the background of U.S. subprime mortgage crisis in 2007, we build an overlapping-generations model in which exogenous inequality exists in the same generation to analyze the relationship between inequality, credit boom and crisis. We find rising inequality results in endogenous credit boom through concentration of financial asset in richer households and concentration of financial liability i
WP1240Title:Transmission Mechanism and Effectiveness of Monetary Policy on Interest Rate of Informal FinanceAuthor:Pan  bin,Xie  Ping  and  Jin  Wen  Wen   View Count:41
       Abstract:The failure in heeding the dual financial structure and the resultant doubletrack inte-rest rate system in China's financial environment will lead to incorrect estimation in producing optimal monetary polices, and thus lowers the efficiency of monetary policies. This paper empir-ically analyzed the mechanism of how monetary policies affect the interest rate of private lend-ing, and further discus