Abstract:This study examines the equity structure and the performance of all the listed companies in Shenzhen Stock Exchange excluding financial firms over the span from 1996 to 1999.The empirical evidence suggests that equity structure and corporate governance are closely related to firm performance. By controlling standard economic determinants of return, there is a negative and significant correlation between the proportion of tradable A shares and corporate performance under weak corporate governance in terms of the protection for outside shareholders. Additional analyses indicate that in unprotected industries the firm performance increases with the proportion of the largest shareholder. However, there is little evidence in support of neither a positive correlation between corporate performance and the proportion of legal person shares nor a negative correlation between corporate performance and state owned shares. These findings suggest that the protection for outside shareholders is extremely important in the process of reducing state owned shares and privatization.

Abstract:This paper investigates the changing roles played by liquidity constraints and uncertainty in accounting for the dynamism of Chinese household consumption behaviour. Starting from the Euler equation based model of Robert Hall, a framework encompassing an array of consumption models is developed and applied to Chinese data over the period from 1961 to 1998. The empirical results reveal a regime shift in early 1980s and imply that increases in the proportion of liquidity constrained consumers and increased uncertainty in the post reform period are responsible for the extremely low consumption or high savings in China. Moreover, it is found that interactions between liquidity constraints and uncertainty reinforce each others effects and lead to declines in both the level and growth of consumption.

Abstract:Based on the model and method of Bresnahan & Reiss 1991,we estimate the market size and firm quantity of Chinas auto industry,confirming that there is positive correlation between market size and firm quantity,and measuring the degree of smaller scale of production and investment.We have found out in this research that,in most provinces of China,the actual quantity of automobile emterprises are highly above the theoretical quantity which determined by the “minimum market size”,except only for Shanghai,Tianjin and Jilin, so it is very difficult to adjust the structure of Chinas auto industry.

Abstract:This paper discusses some differences of GDP between China System of National Accounts and UN System of National Accounts 1993 in production boundary, establishment and industrial classification, the definition of output, intermediate input and value added, valuation of value added, consumption of fixed capital, mixed income, and so on.

Abstract:This article reviews recent advances and applications in three subjects: 1 concept lattice in algebra and computer science,2complementarity in economics of R&D and learning process,3 Tarski fixed point theorem in mathematical logic and economics of imperfect competition. A contribution of this article to economics literature is obvious, for many works reviewed here have not been noticed by practioners of economics.