Table of Content

16 January 2007, Volume 27 Issue 1

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CHINESE MACROECONOMIC SITUATIONS AND POLICIES:2006—2007

Institute of Economics, Renmin University of China

2007, (1):  5-10. 

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During 2006,Chinese macro-economy runs with high growth rate and low inflation,which is expected by Chinese macroeconomic control.In 2007,this paper put forward,Chinese macroeconomic management should take the neutral demand management orientation and "mildly bump" style of solid fiscal and monetary policy.

OPENING,COST OF TRADE,AND CONGLOMERATION OF CHINESE MANUFACTURING

CHEN Xiu-shan, ZHANG Ruo

2007, (1):  11-17. 

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Cost of trade is important to special conglomeration of manufacturing.As for China,manufacturing conglomerates to coastal area because of the low cost of foreign trade.Meanwhile,the segmentation of regional market weakens "domestic market effect" and makes the conglomeration low level.So, the effective way to coordinate regional development is to increase the opening of inland,narrow the cost differences among different regions,and improve the integration of domestic market.

DEBT STRUCTURE,GOVERNMENT INTERVENTION,AND MARKET CONDITION

LI Yue, SONG Shun-ling, GAO Lei

2007, (1):  23-28. 

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Based on panel date of listed companies during 2002—2005,analyzing the factors affecting the debt financing structures shows:external conditions,as well as internal ones,affect the debt structures of listed companies.In detail,more local government intervention,lower marketization,worse the regulation by laws,higher the percentage of bank debt to total debt;otherwise,higher the percentage of credit debt.

INCOME DIFFERENCE AND PUBLIC FINANCIAL POLICY:FORMATION AND EVOLUTION OF HUMAN CAPITAL INVESTMENT DIFFERENCE

JIN Wei-dong, GAO Bo

2007, (1):  40-45. 

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The demand of human capital investment is affected by individuals' time preferences,production abilities,expected rate of returns,and so on.On the other hand,income differences and public financial policies could affect the supply.All these lead to differences of human capital investments of different individuals,and differences of human capital and income differences.Chinese current public financial policies have becoming the main source of rapid growth of income difference.

MULTI-LEVEL DEMAND MANAGEMENT FRAMEWORK OF FOREIGN EXCHANGE RESERVES:EXPERIENCES OF NORWAY AND SINGAPORE AND THEIR MEANING FOR CHINA

BA Shu-song, LIU Xian-feng

2007, (1):  46-53. 

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Modern motive theory of individual money demand can be introduced to the theory of government demand motive of foreign exchange reserves.The motives include exchange,precaution,and profit.As for developing countries with simpler industrial structures,the motives include development as well.Norway and Singapore practise the multi-level demand management of foreign exchange reserves by portfolio management of global allocation and specialized corporation management.China can learn from them and think about these things:defining the demand motives and portfolio management,establishing specialized management bodies and strict system of management.

POSITIVE ANALYSIS OF EQUITY DISPARTING REFORM

DING Shou-hai

2007, (1):  54-59. 

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Theoretical and positive analysis shows that equity disporting reform makes the value of listed companies go up by more than 16%,and the extent is positively related to profit potential and the percentage of controlling stockholders.The reform could improve the governance performance of corporations with single big holder,and correct the pricing function of capital market.