Abstract:This paper attempts to formulize an analytical framework under which Chinas post-reform growth can be accounted for by its industrialization process, which may be best characterized by rapid entry and expansion of non-state sector. The author observes that Chinese economic growth has been declining and may be better explained by its lasting industrialization programs initiated on the outset of reform, which has led to a rising of capital-output ratio and worsening TFP growth.

Abstract:Since the beginning of 1990s, the credit balance of the banking system in mainland has experienced a big swing from negative to positive. The balance has continued to expand up to now. It seems that both negative and positive credit balances are so large that the financial resources have been utilized inefficiently by the banking system. On the eve of Chinas accession to the World Trade Organization WTO, challenges from banking competition will increase. In this paper a three-sector equilibrium model of monopolistic banking competition is set up and is applied to analyze the impact of the expanding credit balance and banking reform on the Chinese economy. Through theoretical analysis, reasons for the expanding credit balance are provided and some possible solutions are given. Chinas accession to the WTO will present many challenges to the state-owned banks. Foreign banks will be allowed to compete directly with Chinese local banks. We found that competition will not only promote Chinas GDP, investment, consumption and deposits as well as bring benefits to consumers, but also provide the banking sector from Hong Kong with new opportunities.

Abstract:Chinas current exchange-rate system is called the “managed-floating” system, which lays dual restrictions on capital-account transactions and exchange-rate floating range. Under the institutional arrangement, we analyzed the micro—behavior of the agents in the foreign-exchange market, and constructed the market demand and supply function. Further analysis shows that: 1non-equilibrium prevail the market. 2 the system is more like the “adjustable-peg” system, while it does not have the exchange-rate stabilizing mechanism embodied in peg system. 3the system has some characters of flexible system, while it does not have the auto-adjustment mechanism of balance of payment. 4frequent use of direct-control policies endogenizes money supply, and enlarges the fluctuation of macro-economy. These conclusions imply that the current system is low in efficiency and reformation is urgent.

Abstract:Based on the relation between information categories in finance and the bank size,this article analyzes the role of bank-borrower relationship to small business.And by elaborating an organizational theory model on trade-off between information costs and agent costs for the best loan decision-making,the article has proved the advantage of small banks in relationship loan.In this article,we also enumerate the problems for further study.And at the same time we give some policy advice on the influence of the changes of banking sector structure in our country on small business financing.

Abstract:In this paper, we develop a general analytical framework of the small-and-medium-sized enterprises SME financing problem. We found that in an economy where the banking sector is highly concentrated, the SMEs risk heterogeneity, the transaction cost and the loan collateral are the major factors that affect the SME financing. Secondly, under some basic assumptions, we introduce the small-and-medium-sized financial institutions SMFs into the model, and prove theoretically that the introduction of SMFs will increase the loans to SMEs and enhance the social welfare. In addition, we find between the SMF number, information advantage and the loans to SMEs, there exists positive relationship. Finally, we apply this analytical framework to Chinas real economy and make some policy suggestions.

Abstract:Price competition has become a common strategic behavior of firms in our country. Selecting the color TV manufacturing industry for case study, the author reveals the characteristics of the industry prone to price competition from six aspects, such as its product characteristics and product life cycle. Furthermore, the author suggests feasible strategies for firms in this industry to engage in price wars. The conclusion not only is widely adaptable, but also provides the micro-basis for the forecast of price wars.

Abstract:The contract nature of the firm proves to be consistence with stakeholder theory. This implies that the firm is a re-bargaining mechanism. The stakeholders bargain for the ownership of the firm, and the outcome of the bargaining determines the governance of the firm. In this process, each partys utility payoffs corresponding to disagreement outcome, bargaining power and fear of disagreement are the key variables. We use Nash Bargaining Model and its extended version to analyze this process. Our conclusion is that corporate governance is endogenous, each one is a special case, and one kind of governance pattern may not be universe. This conclusion has important legal implications.

Abstract:Capital ownership, as institutional assignment of property rights, is only prerequisite condition for firm efficiency, while the sufficient and requisite condition is the institutional assignment of corporate rights, i.e.,firm ownership. The formation of corporate governance is of characteristics of path dependence, which decided by environmental factors a country or firm gets along with. Under the vested economic, technological, and institutional environments, any capital ownership forms adaptive to as above may be effective, only if the assignment of firm ownership is appropriate. The criterion to judge governance efficiency is the minimization of governance cost, or maximization of governor revenue. In order to increase corporate governance efficiency, we should reform and innovate governance systems in time according to different firm cases, and try hard to build up institutional environments fit for firms existence.

Abstract:At present, Marxs theory of surplus value faces challenges from two aspects: One is that some scholars are trying to deny the academic value of the theory, another is that some scholars treat the theory as the theories of natural sciences which need not develop with the changes of social economic conditions, obstructing the theorys developing road. Therefore, being directed against above challenges, this paper discusses the academic value of the theory of surplus value from three respects, and elucidates current foundations for further developing the theory of surplus value in the new historical condition by positively analyzing the changes in production and distribution of enterprises in modern developed countries.

Abstract:The scope of public expenditure has been a problem in China. That results a substitute market, obstacle to social justice, and problem of sustainability of economic and social development. The real reason is that we have a latent assumption: government has a natural rationale to distribute resources. The planning economic system had been set up based on such an assumption. Achievement in reform to market economy is considerable, though government takes considerations of social and economic issues from this assumption unconsciously, therefore the government shoulders unlimited responsibility and risk on expenditure. We have to make a new theoretic assumption: the rationale of government existence is to prevent from and resolve public risk. This paper discusses two points: one is that public risk determines public expenditure, another is that the mission of public expenditure is to prevent from and resolve public risk. Then, the paper provides two basic measures to define the scope of public expenditure——risk destination analysis and reverse assumption analysis.

Abstract:The level of investment from peasant household is a key problem to the development of agriculture at present and in future. Theres a strong significance in this analyze of the investment behavior of peasant household. This paper provides a positive study about some key factors how to influence the investment from peasant household. These key factors include, the income of peasant household, the profit from land, the scale of land, the loan for agriculture, the time limit of contract. How to upgrade the level of investment from peasant household is explained through the study of the relationship between the investment from peasant household and the key influent factors.