Table of Content

16 October 2005, Volume 25 Issue 10

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COORDINATET DEVELOPMENT OF NATIONAL ECONOMY AND CULTIVATION OF SENIOR MANAGEMENT TALENTS AND TECHNICIANS

SONGT Tao

2005, (10):  5-11. 

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In order to achieve coordinated development of national economy,it is of great necessity to train and bring up numbers of senior management talents who have both ability and political integrity that they can deal with matters in socialist market economy.And bringing into full play the role of senior technicians and skilled workers will help to build up enterprises’ competition power as well as to accelerate the new type industrialization marked by application of high-techs and the development of modern manufacturing.

ON THE EFFECT AND REASON OF CHINA’S RAPID EXPORT GROWTH

FANG Fu-qian

2005, (10):  12-17. 

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One of the major reasons attributed to the rapid growth of China’s export in recent years has been the lower than average wage rate of its labor forces.This rapidity underlines a higher opportunity cost or policy orientation cost.The way how the Chinese economy associates with globalization is therefore unique: While the exports are a combination of the capital and technology introduced from developed countries and that of cheep labor(as well as cheep land) itself offers,China has been the backbencher at the globalized production chains.Behind the rapid growth in export,however,are the shocking outflow of returns on natural resources and labor,the widening gap of domestic income distribution,and the sluggish growth of income and consumption for workers and peasants.Subsequently,the fact fermented a conflict of interests among all walks of life in China and with developed countries.

ASSET PRICES WITH GAUSSIAN SHOCKS AND HABIT FORMATION

CHEN Yan-bin, XIAO Zheng-yan

2005, (10):  21-26. 

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In the model proposed by Lucas,the consumption growth is i.i.d.and the investor’s utility function is separable.The Lucas model cannot explain the famous equity premium puzzle and the riskfree interest rate puzzle.This paper modifies the Lucas model: the consumption growth is a first-order Gaussian autoregression and the utility function displays habit formation.The implications of the new model are that it has the explicit solution,and it can explain the two puzzles.

STUDY ON EVALUATION IN CHINA’S STOCK MARKET--Coexistence of Specific Investment Chance and Overall Structural Rectification

ZHOU You

2005, (10):  27-32. 

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Under the current price level,possible return from index constituent stocks is no longer lower than that of a mature market.If risk premiums asked by domestic investors are the same with that of overseas investors in a mature market,then index constituent stocks are just now displaying their value for investment.However,if they compare with investors in an emerging market such as Hong Kong,they may look at the constituents as"overvalued".In a view to"consideration"of the A shares,you may also conclude that the constituent stocks now deserve investing.

FROM PPI TO PRICING MECHANISM OF CHINA

HU Nai-wu, LIU Rui

2005, (10):  37-43. 

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The major factors which affect China’s Producer’s Product Index are the mining industry and the industry related to agricultural products.Since factors represent by this two industries can account for almost 90% of the price movement,policy makers are supposed to pay attention to not only the changes in PPI itself but also price movements in mining and agricultural products industries.Besides,they should do their best to prevent price rising in the two sectors at the same time.

CONTRIBUTIONS TO AGRICULTURE MADE BY CHINA AGRICULTURAL PRODUCTS EXPORT--Demonstration Analysis Based on Data From 1981-2003

CHEN Long-jiang, HUANG Zu-hui, ZHOU Wen-gui

2005, (10):  48-54. 

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Since China’s reform and opening its agricultural economy and foreign trade of agricultural products have experienced a rapid growth.An empirical study based on Balasssa’s export augmented aggregate production function shows that,in China,although the average contribution rate of foreign trade of agricultural products to the growth of agricultural economy was only 8.19% from 1982-2003,that rate has been increasing since China’s entry into WTO,it was 70% in 2003.Policies are suggested based on the above conclusions.

INFLUENCE OF LAND EXPROPRIATION SYSTEM TO CHINA’S LAND MARKET EQUILIBRIUM

WANG Jia-ting, ZHANG Huan-zhao

2005, (10):  55-60. 

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According to study on micro model of land market and the land supply market under Pareto second-best condition,farmers’ economic losses might be offset by market practice.Government investment in infrastructures can be taken account into sales price of the land expropriated while that investment from the real estate developers can also be included into their project cost or sales price.In order to pursue maximum profits,we can settle the matter through market practice.But it is no reason for urban government to snatch farmers’ proceedings from land.

STRATEGIC EVA FACTOR’S IMPACT ON CAPITAL STRUCTURE--Demonstration Study on Small and Medium-sized Listed Companies in Central and Western China

MAO Dao-wei, LIU Jun

2005, (10):  61-67. 

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This paper focuses on the 1998-2003 panel data for the western small and medium-sized enterprises and analyses the relationship between EVA and capital structure.The result shows that capital structure has close relationship with main business position,investment trends and ways,finance lever selections,etc.EVA has significant lag impact on capital structure,but the impact direction main lies in strategic EVA factor with the standard of 99% significant and 3 years of time constant.Main business and finance lever hold long impact on strategic EVA factor,main business EVA and finance EVA have step by step significant positive impact on capital structure with the years on,which leads to relationship between whole EVA and capital structure turned from negative to positive when the time lags 3 years.