insignificant for firms which have either formally announced or approved CEO stock incentives plans. In addition， there is strong evidence that earnings management is positively related to the probability of stock options exercises by the CEOs. Moreover，industry adjusted ROA significantly declines after a CEO exercises his stock options. The findings of this paper indicate that CEO stock incentives have negative effect on corporate governance. Therefore，to strengthen the effectiveness of corporate governance， the Chinese government should continue to deepen state enterprise reforms and foster a more vibrant modern enterprise system.

Key Words：CEO Stock Incentives; Earnings Management; Corporate Governance; Reform of Non-tradable Shares

JEL Classification：G32， G38， M40

Agricultural Policies， Food Production and Food Productionadjustment Ability

Chen Fei， Fan Qingquan and Gao Tiemei

(Center for Econometric Analysis and Forecasting， Dongbei University of Finance and Economics)

Abstract：The successful agricultural policies depend not only on the policy implementation environment， but also largely on farmers’ response to policy stimulus intensity. In order to analyse the effects of China‘s agricultural policy， this paper uses adaptive expectations models proposed by Nerlove to study the adjustment capacity of China’s food production and agricultural policies effects. Based on 1995—2008 China‘s provincial agricultural panel data， we estimate the influence coefficient of agricultural policies on acreage， yields and total production of wheat， rice， maize crop using dynamic panel GMM way. Furthermore， we analyze food production-adjustment ability and long term effects of agricultural policies. The empirical results show that China’s food production-adjustment ability gradually increases with government investment in agriculture， and the various agricultural policies have significantly positive effect on food production. The agricultural expenditure and rural fixed assets investment policy are the most important factors on China‘s food output growth. But it is relatively weak that expected price level on food production，and the price leverage of market economy is not obvious.

Key Words： Food Production-Adjustment Ability; Agricultural Policies; Adaptive Expectations Model; GMM-DIFF of Dynamic Panel Model

JEL Classification：Q18， O13， C23