Table of Content

16 May 2008, Volume 28 Issue 5

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ESTIMATING THE OPENING LEVEL OF CAPITAL ACCOUNT IN CHINA

LEI Da, ZHAO Yong

2008, (5):  5-13. 

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Accurate judgment of opening level of capital account in China is fundamental premise of correlatively theoretical research and decision-making analysis.When estimating the opening level of China's capital account from both name and reality,we find that:(1) Current nominal capital supervision level in China is medium,but practical opening level of capital account is much higher than that of nominal one;(2) Considering bigger arbitraging space at present,the effectiveness of capital supervision is hard to maintain in the long term even though there is more rigorous supervision;(3) Although reinforcing capital supervision is difficult to control practical arbitraging capital flow,gradual loose of capital supervision measure tends to result in rapid enhance of practical capital fluidity,which has led to the "dilemma" of current capital supervision policy in China.

SEVERAL THEORETICAL ISSUES IN SUPERVISION INSTITUTION OF MONOPOLY INDUSTRY

WANG Jun-hao

2008, (5):  14-20. 

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Unlike ordinary administration organ in government,the supervision institutions of monopoly industry have higher supervising efficiency.The relative independence of these institutions is the fundamental premise for maintaining their authority and keeping the equality of supervision and law enforcement.Effective supervision institution should be established with modern supervision conception as its fundamental principle.Basic rights of supervision institution are the law base for fulfilling the supervising function,which mainly embodies in quasi-legislative power,administrative power and quasi-judicial power.Only when the profit of supervision institution is higher than its cost,the institution is effective.So the contrast between profit and cost is important index for estimating the effectiveness of supervision institution.

ANALYSIS OF THE MICRO-FACTORS OF URBAN RESIDENTS INCOME DISPARITIES

ZHANG Xiao-jing

2008, (5):  21-27. 

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The conclusion is that the extent to which factors of gender,age,education,employment nature and status of industry and occupation affect the urban resident income disparities is different.Education has replaced age and become the most important factor affecting the urban resident income disparities.As the extent of marketization accelerating,these changes reflect factors that adapt to the market competition gradually become important variables affecting residents income disparities.

CALENDAR EFFECT OF FUND BEHAVIOR AND FUND ACHIEVEMENT

FU Ai-guo

2008, (5):  39-45. 

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When researching the extraordinary profit of open-ended fund with mixed data,we find there is calendar effect in extraordinary profit of funds,that is,the extraordinary profit at the end of the quarter and the year is notably higher than ordinary level,but the reversion will appear in next dealing day.Looking from the viewpoint of behavioral finance,the calendar effect may be the result of active behavior of funds,whose background is achievement exaggeration strategy due to the need of funds game.

PARTICULARITY OF PEASANT HOUSEHOLD BEHAVIORS AND SCALE OF OPTIMUM SOCIAL SECURITY IN CHINA

LI Bin, YU Ze

2008, (5):  61-67. 

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The goal for the scale of social security is restricting the influence of risk impetus on welfare level of individual in economy.Under current economic environment in China,due to the practical particularity of the peasant household decision behaviors such as operation and consumption,the conclusion of standard optimum scale of social security is not suitable any more.In order to guarantee the maximum of peasant household long-term welfare,the peasant economy region in rural areas needs bigger scale social security institution than industrialization economy region in urban areas.The logic is that the characteristic of peasant household self-operation results in the increase of their risk detestation.In addition,beforehand capital for production and operation makes the resumption from negative impetus more difficult and loan restriction more serious,however,deposition motive of human recourses capital leads to higher price for resumption from negative impetus.All of these will significantly raise welfare level of individual in economy when increasing scale of social security.

THE EX-ANTE FINANCIAL AND OWNERSHIP EFFECT ON LISTED CHINESE MANUFACTURING FIRMS' DIVERSIFICATION DECISIONS

CHEN Ding-si

2008, (5):  68-73. 

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This paper shows that ex-ante financial and ownership factors affect Chinese manufacturing firms' diversification decisions.Firms with low operation capability or low free cash flow are more likely to choose diversification,such marginal probability effect is about 5%~6%;firms with high largest shareholder holding ratio are less likely to choose diversification,such marginal effect is about 4%~7%.

DEVELOPMENT OF FOREIGN ENTERPRISE RESTRUCTURING FUND AND ITS REVELATION FOR CHINA

ZHAO Chang-wen, FU Jian-feng, ZOU Yi

2008, (5):  74-80. 

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When developing enterprise restructuring fund in China,the government should offer powerful supports and actively join in the supervision of restructuring fund.At the same time,government should pay attention to the education of specific managing personnel and effectively coordinating the relation between enterprises and enterprise restructuring fund during the restructuring and reforming process.Furthermore,government should encourage multidimensional investment and explore capital source of enterprise restructuring fund.