Abstrat:Chinas economic development and reform has been entering into a new historian era.And it offered a series of specific questions for us.The key issue for dealing with such questions is on the change of economic growth mode which is based on the technological creation.Technological creation is associated with institutional creation indeed.Hence promoting the productivity becomes the first motive force for the economic mode change under such conditions.In some circumstances,there exists a deep conflict between efficiency and equality.Therefore,keeping the first motive force to the economic sustainable growth needs to solve the problem of social income distribution inequality.Facing to the inequilibrium of social income distribution,we should apply different policy implications vary different reasons in order to deal with the relationship between equality and efficiency appropriately.

Abstrat:This paper applies unit root tests to 10 Chinese macroeconomic and financial series that allow for the possibility of up to two endogenous structural breaks. We find that 6 out of 10 series, which are GDP, GDP per capita, total number of employed persons, bank credit, deposit liabilities and fixed capital, can be more accurately characterized as a segmented trend stationary process around one or two structural breaks as opposed to a stochastic unit root process. The conclusions have important implications for policy-makers to formulate long-term economic growth strategy and short-run stabilization policies, as well as causality analysis among series.

Abstrat:Real estate cycles and financial stability are closely interrelated. Chinas real estate cycle since 1998 involved in the global real estate bubbles draws worldwide attention. Based on analyzing three driving factors of real estate cycle in the aspect of growth, macro-economy and institutional setup, this paper performs an econometric analysis with quarterly data of 1992—2004, indicating that in the medium and long term, both development and general price of real estate tend to maintain the stable upward trend. This paper then points out that the impact of current real estate cycle on financial stability could be the risks resulting from real estate lending exposure, government guarantees and maturity mismatch, followed by some corresponding policy implications such as advancing banking reform, improving the behavior of local governments and strengthening the monitor of foreign capital inflows.

Abstrat:What determines household participation in stock market Utilizing a unique household survey data in Guangdong Province in 2004, we find that both social interaction and trust promote household participation in stock market, although there is some negative effect by the stock market losers via peer group effect. Social interaction exerts more significantly positive effect on the stock market participation for households with lower education. Moreover, people with higher income, higher education, and higher age participate in the stock market more actively. Our findings provide a new policy angle, i.e., social structure and social characteristics, for stock market development. Higher levels of social interaction and trust are both necessary and important for increasing the rate of household stock market participation.

Abstrat:The objective of this paper is threefold. First, to describe the regional disparity of productivity of labor realized in Chinas service sector over the period 1992—2003. Secondly, to discuss the regional disparity of technical efficiency in Chinas service sector and its influence on the productivity of labor, using SFA and panel data. Thirdly, to find the factors which affect the technical efficiency. The main results show that the regional disparity of technical efficiency in Chinas service sector do exist, which is the main cause of the regional disparity of productivity of labor. Moreover, the degree of marketization and the education of employees appear to exert a depressive effect on technical efficiency. At last, the paper gives some suggestions on shortening the regional development disparity of service sector.

Abstrat:This paper tries to extend the entry issues from product market to employee market, and analyzes the change and characters of firms employment conduct under the risk of employees entry. The lower employees entry barriers may make the firm hire less creationary employees, low-level managers or even not. So the conclusion that the reducing entry barrier enhances market performance could not exist in this paper. The meanings of competitive policy on entry can be achieved only if interior employees entry and exterior firms entry are differentiated.

Abstrat:Using a large dataset collected from Zhejiang province,this paper investigates the associations between information technology,organizational change,and firm productivity.We present strong evidence on significant variations of complementarities among certain key components at different phases of firm informatization.More specifically,the complemetarity between information capital and organizational behaviors varies with the size of information investment and the depth of its application within the firms.We also find the significant differences in complementary mechanisms between large firms and small-medium-sized firms.These empirical findings are in stark contrast with the well-accepted results in existing literature focusing on the informatization process of American and European firms.

Abstrat:“Curse of Resources” is a classic hypothesis in economics,but it is not tested whether the hypothesis still holds in different regions within a country.This paper carries out an empirical study on such a hypothesis based on the Chinese provincial data and finds supporting evidence.The findings reveal that the abundant natural resource is not a favorable factor of economic development,but frustrates economic growth.Natural resource exerts harmful impacts on economic growth through the channel of capital inputs.There is also a channel of labor inputs,but this effect is less significant than the former.Moreover,we try to discover transmission mechanisms of the curse through an example of Shanxi Province.From this example,we can see the decline of manufacturing and weakness of institution caused by resources exploitation limit economic growth.

Abstrat:By identifying the types of blockholders,this study investigates the ownership concentration,outside blockholders and their effects on operating performance for chinas listed companies.We find that,there is a linear,rather than a nonlinear relationship between firm performance and ownership concentration,and the positive association holds for all groups.Therefore incentive effect,not entrenchment effect,exists for the largest shareholders.Particularly,the positive effect is highest in the listed companies controlled by SOEs affiliated to the central government SOECGs and by private entities; is in-between in the listed companies controlled by SOEs affiliated to the local government SOELGs; is lowest in the listed companies controlled by state asset-management bureaus SAMB.In the meantime,having outside blockholders is generally associated with lower firm performance; however,the effects of various outside blockholders on firm performance,and these effects in various types of listed companies are significantly different.

Abstrat:Unlike in other countries, negotiated block shares have a huge discount in China. We explain the puzzle by the trade-off between liquidity and control of block shares. While the size of the block increases the probability of gaining control, it also imposes liquidity constraints on the owner. The joint effects of private benefit of control and liquidity constraints have offsetting impact on the pricing of block shares: the first adds a premium and the latter adds a discount. We quantify this trade-off in the highly illiquid capital market of China, where block shares have severe trading restrictions. We find block share prices increase with block size, but decrease with the proportion of restricted shares in the ownership.

Abstrat:The calculating methods of Gini Coefficient have been very abundant, but it has not been settled that how to calculate the overall Gini Coefficient including city and country in dual economies, which blocks deeply researches in the countrywide income distribution. This paper sets up a new calculating method of the overall Gini Coefficient, and gives a new decomposition method of the overall Gini Coefficient. Moreover, we put forward and reason a new index about the disparity between the rural and the urban.Then, we analyzed sometheoretical questions by use of the new decomposition method. At last, we calculated and decomposed the overall Gini Coefficient of individual year in China to test the validity of the new method.