Abstract：Using a unique data of detailed use of funds of China‘s listed companies, this paper studies the mechanism of how macroeconomic uncertainty influences the corporate investment. The research shows that the macroeconomic uncertainty affects corporate investment behavior through the channels of external demand,liquidity demand and long-term demand for funds. However, the result is influenced by expectations, as well as by different economic cycles, industries, financial constraints and controlling Shareholder’s characteristics. Specifically, the high macroeconomic uncertainty will weaken the positive role of the three channels promoting the company‘s investment, and the channel for the external demand and liquidity needs are the most significant. It is the most obvious effects of the three channels in the period of rapid economic growth, and for the state-owned,manufacturing and low cash dividends companies. The lesson from the study is that it is necessary to pay attention to the different channels of economic shocks for coordination of macroeconomic policies; in implementing monetary policies, we need to take into consideration of the demand for funds of micro enterprises.
Key Words：Macroeconomic Uncertainty; Demand for Financing; Corporate Investment; Monetary Policy

Abstract：This paper introduces interest rate control depicted by “distorting tax” into a dynamic general equilibrium model with idiosyncratic productivity shocks and financial constraints, in order to study effects of interest rate control on the imbalance of aggregate demand structure and effects of interest rate liberalization on the macro economy. The result implies that interest rate control accounts for the imbalance of aggregate demand structure by enlarging investment scale and squeezing out consumption. Moreover financial constraints reduce efficiency of capital reallocation, and therefore exacerbate the effects of interest rate control. Interest rate liberalization could increase households-disposable income, and therefore incline consumptionGDP ratio by 4.7 base-points, which benefits rebalancing of aggregate demand structure. But the liberalization leads to a sharp rise of interest rate by 25.4%, and therefore investment scale slumps due to an upturn of capital cost while capital misallocation remains severe because of financial friction, and total output drops by 7.2% eventually. Nowadays, deep-side economic problems still make the Chinese society difficult to withstand output collapse. We suggest implementing interest rate liberalization gradually, rather than radically.
Key Words：Interest Rate Control; Interest Rate Liberalization; Financial Constraints; Economic Growth; Imbalance of Aggregate Demand Structure

Abstract：This paper analyzes the relationship between venture capitals(VCs) ownership and their investment behaviors and performances. We find that, no evidence shows that government-sponsored VCs (hereafter GSVCs) prefer entering the firms earlier, and provide significant value-added on firms- innovation. Meanwhile, compared to private sponsored VCs, GSVCs have longer holding period, higher cost and lower return, but after the reformation of non-tradable shares, they enjoy shorter holding period, lower cost and higher return. GSVCs also enjoy more benefits when they enter invested company in late period. These findings show GSVCs- behaviors in line with the expectations of the private interests hypothesis.
Key Words：Government-Sponsored Venture Capital; Investment Behavior; Holding Period; Investment Return

Abstract：Existing finance theories suggest that the financial constraints risk is closely related to market incompleteness and undiversifiable. The more serious the financial constraints, the higher the idiosyncratic risk, the more technological innovation output there will be, with stock investors gaining more abnormal returns. What is more, the financial constraints risk can give an explanation to the size effect. However, our study on Chinese listed firms has found that although the financial constraints risk has a significantly positive correlation with the abnormal stock returns, it has a significantly positive correlation with neither idiosyncratic risk nor technological innovation output. Another finding is, in our evidences, the financial constraints risk cannot explain the size effect. In this paper, our exploratory empirical study shows that the financial constraints risk in Chinese firms is due in large part to government intervention, rather than market friction and liquidity constraints, which cancels out the incentive effect of financial constraints risk on technological innovation.
Key Words：Financial Constraints；Undiversifiable Risk；Excess Return；Degree of Products Competition；Size Effect

Abstract：From the perspectives of institution motivation of philanthropy and market transition theory and with China marketization index and evidences of donation by Chinese listed companies, this paper explores the impacts of institutional environment transition on corporate philanthropic behaviors in China emerging market and tests the impact of institutional environment transition on corporate philanthropic behaviors of Chinese corporations with different ownership property. Empirical analyses indicate that: (1) institutional environment reform can weaken the motivation of corporate philanthropic donation of China corporations for “initiative coordination” or “passive choice”; (2) State-owned enterprises (SOEs) with natural political connections and legitimacy, monopoly or dominant market position and less pressure from local governments get the “institutional bonus” from marketization reform of institutional environment; (3) Private enterprises (PEs) with poor position in market competition and without enough political legitimacy have to “initiatively coordinate” philanthropic donations or “passively choose” political philanthropic behaviors with institutional motivations and local government pressure in order to obtain stability of institutional environment or government protection.
Key Words: Corporate Philanthropy; Institutional Environment Transition; Marketization Reform; Corporate Donation; Ownership Property

Abstract：Choosing the A-share listed companies in China during 2006 and 2011 as a study sample，we selected the local government transition (the replacement of municipal party secretary )as a new angle of view and empirically studied its influence on corporate charitable donations. Meanwhile we analyzed this influence in detail from the dimensions of companies-characters of property rights, the last job locations of the new officials and the market levels of the cities. We have found that the scale and inclination of corporate charitable donations would increase when political uncertainty caused by the replacements of the officials occurred. By group testing, we have found this positive effect would be more obvious if the company was non-state, or the new official was from a different city, or the city’s market level was higher. After a further examination, we found the private enterprises would get more benefit in financing, government subsidies and investment opportunities. Therefore, we thought the corporate charitable donations as “Political Contributions” paid by companies to establish the political relationship. We not only enriched the research on the politically motivation of corporate charitable donations, but also offered a new way to fully understand how Chinese companies deal with the risk in an uncertain political environment caused by the local government transition.
Key Words: Local Government Transition; Charitable Donations; Political Contributions

Abstract：The problem of income distribution is discussed from the viewpoint of modern social choice theory, and the traditional AKS measure of income inequality is reinterpreted under the framework of social welfare functional. It shows that for any social welfare function satisfying formal welfarism, concavity, continuity, anonymity, monotonicity, and normative homogeneity, if its representative utility function is concave and strictly increasing, then there must be a corresponding AKS index. Furthermore, based on Nash and Rawlsian social welfare functions, NashAtkinson index and Rawls-AKS index are proposed respectively; the later is independent from positive monotone transformation of the representative utility function, whose concavity is then relaxed. Finally, calculations of regional, urban, and rural income inequality in China are also implemented.
Key words: Social Welfare Functional; Income Distribution; Minimal Justice; Rawlsianism; AKS Index

Abstract：Reducing rural poverty population is an important part of “Agriculture, Countryside and Farmer” issues. Firstly, this paper builds a theoretical analysis framework on economic growth, income distribution and proverty ruduction, and then develops a new Lorenz curve model to construct a distribution density function on rural household income of our country, and makes further improvement and modification of Poverty-Growth-Inequality arithmetic. Furthermore, we use rural household data from the China Health and Nutrition Survey(CHNS) to make an empirical analysis on the rural poverty reduction effect of income growth and distribution structure distortion in east and Mid-west provinces during 1991—2009. The empirical results show that income growth has declined poverty population, however, distribution inequality has cut down poverty ruduction and also caused income share shrinking of low income groups constantly. By comparing, distribution inequality degree is much more obvious in Mid-west provinces than that of east coastal provinces, and 2000 later than before. Besides, Blinder-Oaxaca type equation decomposition results show that non-agricultural economic activity, education level, location and cultivated land area are respectively important influential factors of farmers- income in individual level. However, at present major obstacles to restrain income growth of rural poverty family are the low non-agricultural economic activity participation rate and poor education level.
Key Words：Rural Poverty Reduction Effect; Income Growth; Distribution Structure Distortion; Lorenz Curve

Abstract：This paper studies the impact of technological progress from different sources to energy intensity. We set a translog cost function containing neutral and biased technological progress. Regression is conducted with panel data of Chinese 36 industrial sectors from 1999 to 2010. Based on the regression result, we show the factor biased of technological progress from different sources, and calculate their impact to energy intensity through neutral and biased (factor substitution) technological progress. The paper finds the following main results. Firstly, R&D, import, FDI horizontal spillover and backward spillover is energy-saving, export and FDI forward spillover is energy-using. Secondly, 1% increase of R&D and FDI horizontal spillover can decrease energy intensity by 0.1935% and 0.1661%, while 1% increase of FDI forward spillover will increase energy intensity by 0.2589%. Thirdly, biased technological progress and its factor substitution effect is the main channel of technological progress to impact energy intensity.
Key Words：Biased Technological Progress; Neutral Technological Progress; Factor Substitution; Energy Intensity

Abstract：When considering industry focus, energy efficiency policy cannot only see the industry itself, it also must, from the angle of system and structure, examine the effect of local industry improvement on overall energy consumption efficiency. Simulation based on CGE model analyze the effect of improvement of energy efficiency of the high energy consumption industries or low energy consumption industry on China‘s overall energy consumption, and compares the differences of between them. The results show that, the energy efficiency can reduce costs and improve energy efficiency and facilitate industrial output growth, so while its energy consumption amount decreased, but with rebound of energy consumption output growth led by the output growth,which is more apparent on high energy consumption industry; Economic overall energy consumption and energy intensity fell more sharply, beyond the overall contribution of energy consumption change of industries which experience increase of energy efficiency; Leads to the further decline of a total energy consumption, the reason of rebound effect is that energy consumption decrease inhibits energy industry output, reduce the energy consumption of the energy industry itself and the energy input of energy conversion, low energy consumption industry with secondary energy structure, in particular, relies on the rebound effect; In comparison, the performance of overall energy saving of low energy consumption industries due to energy efficiency is better than that of energyintensive industries.
Key Words：Rebound Effects; Structure Effect; CGE Model

Abstract：The well-functioning of credence goods markets hinges on competition and high quality regulation. In particular, scandals by individual firms will produce two opposite effects on their competitors: with weak regulations, it will have contagion effects on their competitors and negatively affect their stock prices, and sometimes even lead to market collapse; with strong regulations, competitive effects will dominate and the competitors will benefit from this and their stock prices will go up, sustaining well-functioning markets. We develop a model and an empirical test to disentangle the two effects and use event study on China‘s food industry to identify the two effects. We find that contagion effects dominate in China in certain major credence goods markets. This may suggest that poor regulatory institutions and people‘s lack of trust in them are important source of the recent crises in China’s credence goods markets.
Key Words：Credence Goods; Event Study; Contagion Effects; Competitive Effects

Abstract：The existing quota system of College Entrance Examination creates the candidate-university match where some candidates with good scores accepted to some poor university while some candidates with poor scores accepted to some good university. Competition system oriented reforms can achieve stability of the college admission results, but will hurt massively vested interests under the current system, triggering the wave of protests. Therefore desirable college admission system should be a compromise between quota system and competition system. Population proportion quota, funded proportion quota, subprime quota, and Offsite College Entrance Examination quota are four typical compromise systems. The numerical simulations based on the data from Beijing and Shandong show that subprime quota system is the most desirable among all six systems mentioned above, in terms of both deviation degree from the stable matching (deviation rate) and intensity of protests caused by damaged vested interests (damage rate). In addition, the current strong appeal to Offsite College Entrance Examination is not the most desirable option because of both its deviation rate and its damage rate larger than competition system.
Key Words：Match; Stability; Quota; Competition; Offsite College Entrance Examination

Abstract：This paper studies information gathering, derivative and innovation by through the intrinsic relationship between the network and information, revealing the characteristics of the network information pool,putting forward the concept of time duplicate, building duplicate economic model to demonstrate the efficiency increasing, the synergies effect and endogenously scale economy in the network. This paper found that material flow has been converted into information flow in network, the information is no longer the virtual existence but the material innovation; The time and space and the information to be consolidated in the network concept, every behavior subjects are information producers, media and consumers of the information; By through ‘time duplicate, we transform network elements of information and space into time.This paper proposes the original foundation and analysis method for the information economy and network economy and other related research.
Key Words：Network; Information Pool; Time Duplicate; Effect of Network Synergies; Duplicate Economic Model