Abstrat:Aiming at the current features of the disequilibrium in Chinese economy, this paper analyzes the limits and shortcomings of demand management policies, and, based on the characteristics of supply-side policies, suggests the necessity of supply management in adjusting both the long-run and short-run macroeconomic fluctuations. We also investigates the basic principles for combining demand-side and supply-side policies in the management of Chinas macroeconomy.

Abstrat:This paper looks back Chinas economy in the depression, analyzes it using economics theory and compares it with the countries in Golden Standard, trying hard to account for historical reality. The findings of this paper as follows: two factors played important role in Chinas economy of depression, one is Silver Standard, and the other is competitive bank system. Silver Standard caused Chinas economy being different from those Gold Standard countries. Unlike Western countries lived through the Great Depression by adopting active finance policy, Chinas money supply had not decreased in depression owing to competitive bank system, so bank crises did not swept China,which was an important reason why Chinese economy suffered little in Great Depression.

Abstrat:The paper shows that the explanations to the high ratio of M_2 to GDP in China at least make two questions clear.One is that the ratio of M_0 to GDP has kept rising from 1980 to 1993,and kept being stable afterwards, but the ratio of M_2 to GDP has kept rising ever since 1985. Few attentions have been given to this phenomenon in the literature. Another is the reason why the ratio of M_2 to GDP in China has been larger than that of other countries. We argued that the large ratio of M_2 to GDP is the result of the financial system of banking dominating and large amounts of non-performing loans in the balance sheet of financial intermediaries in China.

Abstrat:After reviewing related theories and literatures on Chinas outward investment, this paper discussed the position of China in the IDP developing phase, got the conclusion that China has been at the position between phase Ⅱ and phase Ⅲ, and expanded the IDP model through adding more related variables. With panel data, this paper estimated model using PCSE method, and made a forecast on the scale of outward investment in the near 5 years.

Abstrat:This paper investigates the long run equilibrium relationship in Chinas coal demand using cointegrating technique. The paper also estimates the long run income elasticity, price elasticity, economic structure elasticity and transportation cost elasticity of coal demand; forecasts the long run coal demand and analyses its impacts and carries out policy simulations on the coal demand under different growth rates for various variables and offers policy suggestions. Chinas high economic growth rate is the main factor of rapid increase in coal demand. The Granger causality test indicates that GDP is the causation of coal demand. The policy implication from the simulation shows that a small adjustment of industrial structure would greatly impact coal demand and coal demand is very sensitive to transportation cost.

Abstrat:We examine the relationships among learning orientation, organizational innovation, core competence and organizational performance in this paper. The sample of this study covers 202 companies in south China. We proved that learning orientation has positive indirect impact on core competence by organizational innovation while the direct effect of learning orientation on core competence is not statistically significant. Moreover, a process of developing core competence is required in the chain of organizational innovation-organizational performance, while organizational innovation has positive indirect impact on organizational performance. And the model we proved applies to high-tech industries while not to non-high-tech industries.

Abstrat:Using a data set based on 8 digital tariff codes identified in China antidumping cases from 1997 to 2004, the paper examines the trade patterns of both countries named in the petition and those countries not subject to the investigation, and presents evidences on the trade remedy effect of AD actions. Empirical test shows that AD measures in China have significant trade destruction effects on the named countries-both in import volume and import value terms. Not only final affirmative decisions have such an impact, the initiation of an antidumping investigation also does, which is called a harassment effect. However there is substantial trade diversion from named to non-named countries, which offset some of the protective effects of AD actions. In general, AD measures still effectively protect import competing domestic industries, because it induces substantial import price increases both by named and non-named countries.

Abstrat:The concept of private benefits of control in present literature is defined as the expropriation of the small shareholders by the large shareholders. This inappropriate definition distorts the nature of the large shareholders expropriation and leaves us several unsolvable theoretical and practical problems. This paper first of all makes amendments to the theory of private benefits of control and large shareholders expropriation, points out and proves that the private benefits of control actually are the compensation for the cost of control, and are the risk premium of control. The benefits are realized as the value increments by controlling the company and influencing the corporate governance of the company and finally improving the performance of the whole company. This has nothing to do with large shareholders expropriation. And the paper further puts forward a new concept, i.e. excessive benefits of control, defines its connotation and extension, analyzes the interest structure of large shareholders. The paper points out the essence of large shareholders expropriation is to snatch the excessive benefits of control. The paper also compares the concepts of private benefits of control and the excessive benefits of control and analyzes the differences between the two. Based on these the paper sets up a new analytical framework and puts forward a new theoretical explanation to large shareholders expropriation of small shareholders.

Abstrat:What does the households portfolio composition in China look like and what kinds of factor affect their portfolio choice The paper summarized and analyzed the systematic differences in market participation and portfolio composition across individuals with varying characters in China using Probit and Tobit models. Firstly, we found that the investment in illiquidity assets, especially real estate assets had significant effects on the stock market participation and portfolio composition, where the substitution effect dominates. Secondly, the Chinese households seldom hedge the risk of their future cash flow by taking part in the stock market, that is, the life-cycle effect is trivial. Thirdly, an increase in the wealth would increase the probability of households stock market participation and the proportion of their wealth invested in risky assets.These results provide a new policy perspective for the development of capital market and property market, and give a clue on how to reduce the loss of households welfare due to the inefficient portfolio.

Abstrat:In firm financings, entrepreneur cares about both pecuniary and non-pecuniary returns from the project while investor is only concerned about monetary returns. Consider the constraint that the bilateral financial contract is incomplete and entrepreneur is wealth-constrained, an initial incentive contract in general doesnt solve their potential interest conflicting. As a result, the allocation of control—who gets to make the critical decisions—is an important dimension of the financial contract. Aghion-Bolton1992 concentrate on ex post efficiency, they show, contingent control is an equilibrium control allocation in some circumstances. However, Hart2001 gives a good question: their model ignores an important variable: effort. Through introducing entrepreneurs ex ant effort, this paper explains why control shifts to investor in bad state rather than good state. Furthermore, we find out that the extent of financial constraint determines equilibrium control allocation of project.

Abstrat:This paper studies the reputation effect of Chinese investment banks on ex-post IPO discount, growth of market share and change in quality of issuing firms. While many previous studies used only market share to measure reputation of investment banks, we use the ratio of underwritten firms with the sharp decline in net income after IPO as a proxy of service quality. The empirical results show that the two measurements work interactively and effectively. The investment banks with large market share and high service quality will not only decrease price discount in IPO but also get more and better clients in the near future.

Abstrat:There has growing debate on the impacts of urbanization on cultivated land in China. The overall goal of this study is to provide empirical-based evidence on the determinants of cultivated land changes and the impacts of urbanization on cultivated land based on land-use remote sensing data from 14 provinces of eastern China provided by Chinese Academy of Sciences and a unique set of socio-economic data collected by the. The result of this study shows that economic growth is major determinant of cultivated land changes, the impacts of urbanization on cultivated land depend on the modes of urbanization, after controlling the effects of other factors, township and city expansions use much less cultivated land than rural village development, which imply that urbanization may even slowdown the declining trend of cultivated land in China.

Abstrat:Using recent survey data of Chinese rural households, we have attempted to estimate the extent of credit constraints of rural household as well as its welfare loss. Results reveal that 70.92% of rural households are rationed out of credit markets; that the credit constraints have statistically significant impact on the welfare loss of rural households; that the expenditure of education and fee-for-service, the land scale and the balance of financial capital have statistically significant impact on money demand, and that the education, land scale, “relation”, geographic place have statistically significant impact on the supply of money.