CONTENTS
On China Foreign Exchange Reform in the Unbalanced International Monetary System
······························Xia Bin and Chen Daofu (4)
On the Changes in the GDP Estimation in the Economic Census Year
····································Xu Xianchun (16)
An Observation and Empirical Study of R&D Behavior of Chinese Manufacturing Firms:
Based on a Survey of the Manufacturing Firms in Jiangsu Province
···················· An Tongliang, Shi Hao and Ludovico Alcorta (21)
International Trade, R&D Spillover and Productivity Development：
Based on the Analysis of Chinese Industry's Panel data
····························Li Xiaoping and Zhu Zhongdi (31)
Does FDI Facilitate Or Dampen Indigenous R&D?
·················· Wang Hongling, David Daokui Li,and Feng Junxin (44)
Corporate Governance and Entrepreneurship
························Li Xinchun, Su Qi, and Dong Wenzhuo (57)
The Relationship between Disclosure Quality and Cost of Equity Capital of
Listed Companies in China
·····························Zeng Ying and Lu Zhengfei (69)
A New Method Used in the Investigation of Individuals' Tax Evasion in China
····································Deng Guohua (80)
A Survey of FlowofFunds Analysis
·····························Bei Duoguang and Luo Feng (92)
Incomplete Contracting Theory: A Survey
····························Yang Ruilong and Nie Huihua (104)
Approaches to Literature Survey
····································· Zhu Ling (116)
Book Review
···································· Zhang Ping (120)
On China Foreign Exchange Reform in the Unbalanced International Monetary System
Xia Bin and Chen Daofu
(Development Research Center of State Council)
Abstract: The over expectation of RMB appreciation is basically due to monetary reasons. But actually the appreciation pressure on the real economy level is not so significant. RMB will remain relatively stable while moving in both ways and sustaining small appreciation The floating range will be enlarged when it's right time to do that Meanwhile, the influence of exchange rate on the fundamental infrastructure of international trade has been weakened and we can never rely on exchange rate to adjust the trade unbalance automatically. China and the United States should strengthen the cooperation to jointly adjust economic structure for both countries. For China, we need to further highlight the domesticdemandoriented strategy, and together with the effort of other Asian countries in economy and currency, gradually ease over dependence on the US economy.
Key Words:
RMB Exchange； World Trade Pattern； International Monetary System
JEL Classification:F310，F420，N200
On the Changes in the GDP Estimation in the Economic Census Year
Xu Xianchun
(Department of National Accounts,National Bureau of Statistics,PRC)
Abstract:
Contrasted with the regular annual statistics,there have been siganificant changes in the GDP estimation in the year of economic census,including the adjustments in data sources,estimation methods,accounting scope,treatment of some specific issues,industry classification,expenditure items, etc.Of which,changes in data sources are the most important reason for the revision of the
level,the structure,and the growth of GDP.
Key Words:
GDP Estimation; Economic Census; Revision of Data
JEL Classification:E100,C800,C420
An Observation and Empirical Study of R&D Behavior of Chinese Manufacturing Firms：Based on a Survey of the Manufacturing Firms in Jiangsu Province
An Tongliang and Shi Hao
(Department of Economics,Nanjing University)
Ludovico Alcorta
(Maastricht School of Management，Netherlands)
Abstract: Based on the samples of the manufacturing firms in Jiangsu Province, this article observed and analyzed in an empirical and statistical way the influence from industry, firm size and ownership on R&D behavior. By this, we discovered the real mode and the underlying mechanisms of R&D behavior on the firm level. All these discoveries provided a unique empirical prospect for understanding the “unobservable” key factors of R&D determinants based on the Chinese experience. We found out a clearly inclinedVshaped trend of R&D intensity among firms of different sizes and, therefore, amended several conclusions of Bound、Pavitt and other scholars.
Key Words:
Manufacturing Firm R&D； R&D Intensity Technical Innovation； Technological Capabilities of Firms
JEL Classification:L190，L600，O320
International Trade, R&D Spillover and Productivity Development：Based on the Analysis of Chinese Industry's Panel data
Li Xiaoping
(Nanjing University)
Zhu Zhongdi
(Shanghai University of Finance and Economics)
Abstract: Based on the decomposing industry's TFP into technology progress and technology efficiency and using six methods to account for foreign country's R&D, the paper analyses Chinese industry's international R&D spillover by adopting the method of international R&D spillover regressions. Although the six methods' results are not the same, comparing the result, we can find that foreign R&D has improved the industry's technology progress, technology efficiency and TFP development through international trade. And when technology knowledge is private goods to technology receiver, the international R&D spillover effect is the largest. At the same time, we find that home R&D blocks the industry's technology progress, technology efficiency and TFP development at the most time. So, it is necessary to pay more attention to trade with the countries owning the high proportion of R&D to GDP and improve home R&D's using efficiency.
Key Words:
International Trade； R&D Spillover； Productivity
JEL Classification:F140，O330，O470
Does FDI Facilitate or Dampen Indigenous R&D?
Wang Hongling
(Institute of Economics, CASS)
David Daokui Li and Feng Junxin
(School of Economics and Management, Tsinghua University)
Abstract:
Effective indigenous R&D is now widely recognized as a necessary for a developing economy like China to sustain its rapid growth and eventually catch up with the developed nations. Meanwhile, many have concerns that a rapid inflow of FDI, which in the short run is an engine of economic growth, diminishes the incentives and capacity of indigenous R&D and therefore impedes long term economic development. The paper is an empirical investigation of this hypothesis by compiling a panel data set of 37 industries covering the years of 1998—2003. Our empirical tests reject the above hypothesis. To the contrary, we found that those industries attracting more FDI over the sample years had more input into and achievements of R&D. Our did alternative tests show that it is unlikely the results are driven by common factors driving FDI and indigenous R&D.
Key Words:
FDI; Native Firms; Selfinnovation
JEL Classification:F210, O330, L600
Corporate Governance and Entrepreneurship
Li Xinchun,Su Qi and Dong Wenzhuo
(School of Business, Sun Yatsen University Chinese German Research Center for Corporate Governance, Sun Yatsen University)
Abstract: In the mainstream corporate governance theories, the control right is the central issue, but not the entrepreneurship, which creates rents for the firm. Based on the logic links between corporate governance and entrepreneurship, we define two factors from the corporate governance which are oriented for the entrepreneurship: the hygiene factor and the incentive factor. They affect together the entrepreneurship of a firm and then the performance of firm governance. We use the data of listed family firms and state owned enterprises in China to test our hypotheses. The statistic result confirms that the incentive factor has significant effect on the entrepreneurship of family firms, but the hygiene factor has significant effect on the entrepreneurship of state owned enterprises.
Key Words:
Entrepreneurship；Corporate Governance, Hygiene Mechanism, Incentive Mechanism
JEL Classification:M100，M130
The Relationship between Disclosure Quality and Cost of Equity Capital of Listed Companies in China
Zeng Ying1 and Lu Zhengfei2
(1. Guanghua School of Management,Peking University；Shenzhen Stock Exchange；2.Guanghua School of Management,Peking University)
Abstract: This paper studies the influence of disclosure quality on the cost of equity capital using Chinese listed companies in Shenzhen stock market as research sample.We choose residual income model to measure the cost of equity capital,and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies.Our analysis shows that for the sample of listed companies which can conduct seasoned equity offerings in stock market,there is a negative relationship between disclosure quality and marginal cost of equity capital controlling β,company scale,B/M,leverage and asset turnover.Which means that disclosure quality will influence the cost of equity capital in Chinese stock market.Besides,our analysis shows that earnings smoothness and total disclosure quality are the main influence factors on the cost of equity capital.Finally,we propose some policy implications.
Key Words:
Disclosure Quality; Marginal Cost of Equity Capital; Total Disclosure Quality; Earnings Disclosure Quality; Earnings Smoothness
JEL Classification:G320，G340，G390
A New Method Used in the Investigation of Individuals’tax Evasion in China
Deng Guohua
（Jiangxi University of Finance and Economics）
Abstract:
In this paper, with the help of “ComputerAssisted Telephone Interviewing System, CATI”, we made a comparison between using the randomized response (RR) and the direct questioning (DQ) techniques by conducting a mail questionnaire survey. Then, we directly estimate the prevalence and type of income tax evasion in China mainly by using RR technique. We also found the relationships exist between tax evasion and several affecting factors, and then reached the conclusion that different affecting factors can result in different ratios of tax evasion under the same types of tax evasion.
Key Words:
Tax Evasion； Investigation； RR Technique； DQ Technique
JEL Classification:C120，C130，K340
A Survey of FlowofFunds Analysis
Bei Duoguang and Luo feng
(Renmin University of China)
Abstract:
This paper provides a selective survey of the main issues surrounding the flow of funds: its meaning and origin, conceptual framework, and more particularly the key methods involved in financial analysis. On one hand, flow of funds accounts are essential raw material for any comprehensive analysis of capital market behavior, because they help to identify both the role of finance in the generation of income, savings and expenditure, and the influence of economic activity on financial markets. On the other hand, several methods like sector balances and liquidity analysis, the fixed technical coefficients approach and financial econometric models on flow of funds have been developed from their applications in the financial field. In the survey, the characteristics and the latest developments of every approach are introduced, in order to provide a start point of more applications in China.
Key Words:
Flow of Funds; Approach to Flow of Funds Analysis
JEL Classification:E100，E200
Incomplete Contracting Theory: A Survey
Yang Ruilong and Nie Huihua
(School of Economics, Renmin University of China)
Abstract: The standard contract theory or principalagent theory assumes that contracts are complete; however, realistic contracts are incomplete. The contractual completeness leads to the failure of ex ante optimal contracts and inefficient specific investment due to the risk of hold up. The economists develop the incomplete contracting theory to analyze how to furthest avoid the inefficiency due to contractual completeness. Focusing specific investment efficiency with incomplete contracts, basing a basic model, this paper totally introduces the origin, development, application, and prospect of incomplete contracting theory from the viewpoint of judicial intervention, damage measures, governance structure, propertyrights, and implementation.
Key Words:
Incomplete Contracting Theory; Hold Up; Property Rights; Implementation
JEL Classification:C790, D230, K120, L140
Approaches to Literature Survey
Zhu Ling
(Institute of Economics,CASS)
Abstract: Literature survey is an important step towards economic research. It enables researchers to start research programs from a vantage point after masterpieces are well surveyed. This paper attempts to provide students in economics with some skills in literature survey and review.
Key Words:
Literature Survey； Research Approaches
JEL Classification:A230
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