Table of Content

16 September 2002, Volume 22 Issue 9

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CURRENT MACROECONOMIC SITUATIONS AND POLICIES

WU Shu-qing

2002, (9):  5-11. 

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Not as that of declining quarterly in the second half year of 2001,the economic growth rate in the second half year of 2002 may stably in crease. But we should realize that the economic growth is lacking of intrinsic motivation because the problems of exasperate deflation and deficient effected demand are still not solved. For the active fiscal policies, while persisting the current mix of fiscal and monetary policies, we should now choose the time and the extent of fading out for fear that they are lasting for too long.

SYSTEMATIC IMPEDIMENTS TO FINANCING BY PRIVATE FIRMS

ZHU Guang-hua, CHEN Guo-fu

2002, (9):  21-26. 

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The existed financing system is not compatible with the private economy by the way of budget constraints, financing channel and credit relationships. The financing difficulties faced by private firms cannot be solved by limited adjusting the existed financing system. The right financing system can only be endogenously developed, so the state should improve the opening of financial areas and encourage entering by private financial organizations. During the lengthy transition of credit relationships, the state should also protect property rights.

STOCK PRICES OF LISTED COMPANIES AND CONTRACT DESIGNING OF MANAGER SALARIES

ZHANG Jian-sen, JIANG Lu-zhou

2002, (9):  47-52. 

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Since stock price can reflect the market value more correctly in the long run,it is often used to be the long-run performance measure,which makes the managerial incentive stocks or options to be restricted in the practice. In fact,the managerial options are the nonlinear compensation contracts with the stock price and can bring more strong incentive efficiency. Incentive options fit the situations of managers with higher level of ability and projects with worse quality.