Abstrat:The key to achieve the targets of Greenhouse GasGHG emissions reduction and efficient allocation of global emissions reduction resources is to clearly define and enforce the emission rights of each country,and to establish international emission trading schemeIETS.This paper develops a theoretical framework on how to define each countrys historic and future emission rights,and presents a proposal to succeed Kyoto Protocol.In the proposal,the "common but differentiated responsibilities" of each country are clearly defined,and all countries are covered.

Abstrat:Environmental protection and economic development along with the existence of environmental threshold declare publicly the need of environmental regulation.It aims to maximize social welfare.But from the positive perspective how about the performance of environmental regulation is in China Based on the experience of Shandong,this article processes positive test by establishing econometric models and statistic estimate.Firstly,we tested the performance of environmental regulation of Shandong province by measuring the fluctuant track of environmental pollution along with the change of economy growth,the difference of EKC in Shandong province and the whole country;next,because the secondary industry,especially the pollution-intensive industries in it occupied large proportion,and according to experiences,environmental regulation has biggish influence to pollution-intensive industries,so this article chooses the location quotient,impetus value and the contribution rate of economy growth to empirically analyze the developing status of pollution-intensive industries;finally,this article educes the conclusions that the environmental regulation of Shandong province is stricter than the whole country,that systemic policy of environmental regulation can change the figure of EKC curve,and that the gross pollution emission must concert with the adjustment on the policy of distribution of the industry structure.

Abstrat:This paper investigates the change in aggregate labor income share in China since 1995.With provincial GDP by income approach released by NBS,we measure aggregate labor income share in value added at factor cost.The measured labor income share declined by 10.73 percentage points during 1995—2004,of which 5.25 percentage points occured between 2003 and 2004.We estimate the effect of the changes in the accounting method for GDP by income approach in 2004,and find that these changes cause a drop of 6.29 percentage points in the labor share in 2004,more than enough to explain the change in the labor share statistics between 2003 and 2004.For the 1995—2003 period,the structural transformation from agricultural sector to non—agricultural sector and the decreases in sectoral labor income shares respectively account for 3.36 and 2.12 percentage points of decline in aggregate labor income share.Furthermore,around 1.65 percentage points of the decline in sectoral labor income share is accounted for by the industrial sector,of which the restructuring of SOEs,the increase in monopoly power,and other forces including technology change and improvement respectively explain 60%,30% and 10%.

Abstrat:This paper studies how market segmentation between neighbouring provinces affects provincial-level economic growth.We find that market segmentation has inverse-U-shape effect on current and future economic growth.For more than 96% of the observations,market segmentation increases growth.We also find that for observations with higher economic opening,market segmentation has stronger pro-growth effect.This means that the provincial governments have given up domestic scale effects when enjoying scale economy from international trade.To avoid the "Prisoners Dilemma" in the inter-provincial fragmented growth,only coordination from the central government and the development of private economy can integrate domestic market,so that China as a whole may benefit from domestic scale economy.

Abstrat:Recent changes in China financial system,especially the ongoing interest rate liberalization,gradual movement toward more flexible exchange rate regime,and rapid development of capital markets have substantially changed the environment in which monetary policy operates.This paper examines empirically relationship between broad money,consumer prices,real output,interest rates,exchange rate,and stock prices in light of recent changes.This has been done following the General-to-Specific methodology as implemented in the PcGets.We confirm that a stable broad money demand function can still be set up by taking proper account of asset substitution.The income elasticity is smaller than unity in our estimated error correction model.Current inflation has significant negative impact on the real money demand.Money demand is not very sensitive to interest rates,reflecting the fact that some interest rates havent been fully liberalized.Changes of the exchange rate do not significantly affect money demand,but expectations of RMB appreciation since 2005 appears to induce more money demand. Stock prices are statistically insignificant in our short-and long-run models although capital markets have experienced a rapid development.And real assets have been and still are a very important component of the households portfolio in China.

Abstrat:In this paper a big country model of real exchange rate is created according to the characteristics of emerging market economy with high economic growth.Based on the theoretical model,we design a Vector Autoregression Model and conduct empirical analysis to understand the relationship of real exchange rate, economic growth and interest rate.The empirical study shows that currently Renminbi vs.USD exchange rate is no longer undervalued as before 2004 and it is somewhat overvalued.Under current global and domestic macroeconomic situation,the overvaluation of the real exchange rate could be corrected mainly through the adjustment of price level and nominal exchange rate is not necessarily to be changed drastically.

Abstrat:The paper studies Chinese fiscal policy and aggregate economic Behavior,government sector is added to traditional Real Business Cycle model,exogenous shocks include technology,government transfer,surprising government purchase,and tax policies.The paper draws the following conclusions: 1 Government transfer doesnt improve aggregate social utility.2 Government purchase leads to a lower level of employment,investment,consumption and capital accumulation.3Capital tax imposes a negative dynamic impact on consumption.4 After HP filter,government transfer,capital tax,government consumption and consumption tax are consistent with business cycle,which is accordant with Chinese macroeconomics stylized factors.

Abstrat:Corporate tax is an important factor of corporate value.Reducing corporate tax burden has always been an important motivation of earnings management. The implementation of the new enterprise income tax law which was introduced in 2008 resulted in great changes of the enterprises tax burden.Since changes in the tax rate affected the value of the company,did stock market react to the expectation Did companies manage earnings because of changes in tax rates Did stock market react to earnings management of tax avoidance motivation We have done a positive research on these problems.The results of empirical tests suggest: The market can identify the effect of changes in the tax rate on the value of the company.As predicted,companies with reduced tax rate managed earnings obviously in response to tax reform;but companies with increased tax rate didnt,this may be due to the transition period for the companies with preferential tax policies.The results of empirical tests also suggest that the market gave a positive response to companies which succeeded in reducing corporate tax burden.The results of this paper not only enrich the literature of earnings management,but also make policy implications to the income tax reform.

Abstrat:Many Economists doubt the integrity about Chinas Macroeconomic statistics.In the macro-level,GDP and return on investment has being grow up,but,the listed firms performance had become worse and worse.This paper studies the puzzle.My opinion is that the decreasing of listed firms performance is the results of IPO effectBy IPO effect,we mean the decline in a public companys operating performance following its listing at the point of initial Public offering.In China,accounting-based regulation of IPO results in IPO firms manipulated earnings.But,after IPO,the earnings will revert.In final,listed firms performance decreased for ten years.If controlling this effect,we cant find the negative relation between business cycle and listed firms performance.

Abstrat:This article studies sensitivity of top management compensation-performance in China more completely and timely using 2001-2007 data,and examines the stickiness of top management compensation for the first time.We found that our top management compensation has been correlated with performance during the development of remuneration reform and the compensation been sticky.And,we found that the stickiness of top management compensation was less in private and central government controlled companies compared to local government controlled companies,and the independence of board would weaken the stickiness of top management compensation.

Abstrat:We find different industries in modern China were on different paths of technological progress.Some industries could utilize the advanced technique from western countries and improve their technologies in a sudden,while others made technological progress step by step,which is called by us the Dual Paths of Technological Progress.We analyze this phenomenon in a simple two-sector model.The paper argues that the principle of Comparative advantage determined the Dual Paths of Technological Progress in modern China.Those industries with comparative advantage took the path of gradual technological progress,while others without comparative advantage could jump to the technological frontier.Therefore, development strategy of backwardness countries should follow their comparative advantage.

Abstrat:Markets acceptance is indispensable for financial services innovation to realize its benefits,while marketing has been proved to be a critical incentive.Hitherto,the literature on financial services innovation from a marketing perspective has remained sparse and studied in many independent research traditions.In view of this,an integrated review is made on why a new financial services would be accepted by the market,how to ensure financial services innovation to satisfy market need as well as the measurement of the performance of financial services innovation by sorting out related literatures,research challenges are also highlighted.