Table of Content

16 June 2009, Volume 29 Issue 6

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THE INTERACTION BETWEEN SOVEREIGN WEALTH FUNDS AND GLOBAL ECONOMIC IMBALANCE

SONG Yu-hua, LI Feng

2009, (6):  5-10. 

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There are complex interaction between Sovereign wealth funds and global economic imbalances.The depravation of global economic imbalance provides substantive foreign exchange reserves for SWFs' development,so the emergence of SWFs is the production of global economic imbalance.Stabilization-oriented SWFs regurgitate a mass of foreign exchange reserves to US financial market by buying US treasure bonds,so they play an important role in extending the durative of global economic imbalance.Contrarily,strategy-oriented SWFs invest foreign exchange reserves to the risky capital markets in Japan,Europe and emerging markets,which will contribute to the adjustment of global economic imbalance through several ways.

ESTIMATION AND EXTENDED ANALYSIS ON THE FOREIGN INVESTMENT STOCK OF CHINA

GAO Min-xue, LIU Xiao-jing

2009, (6):  11-16. 

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According to the comparison of different data source,this paper validates the reliability of foreign investment stock of China published by International Investment Position of China.Based on the analysis of extended effect of foreign capital on domestic capital,this paper concludes that domestic equity capital is little driven by foreign capital,but domestic debts capital is obviously leveraged by foreign business equity capital.

AN INVESTIGATION ON THE EFFECTS OF CHINESE ANTI-RECESSION FISCAL POLICIES IN 1998

ZHENG Xin-ye, ZHANG Li

2009, (6):  17-23. 

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This paper investigates the effects of anti-recession fiscal policy in 1998.Our major conclusions are: First,given the relative small size of public sector and the specific budget structure,the fiscal automatic stabilizer played minor roles in macroeconomic stabilization.Second,the fiscal policy was not expansionary enough to promote economy recovery.We think that our research has important sense on policy designing today and fiscal system construction in the future.

IMPACT OF CHINA URBAN RESIDENTS UNEXPECTED INCOME ON CONSUMPTION—AN EMPIRICAL ANALYSIS

HAN Song, YANG Chun-lei

2009, (6):  24-29. 

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The increase of real income,expected governable income and unexpected governable income can affect real consumption.The empirical result suggests that the influence of expected governable income increase to the real consumption is much larger.So we propose that improving salary increase mechanism,stabling expected income can increase consumption now in our country.

INTEREST RATE DETERMINATION IN CHINA RURAL CREDIT MARKET:AN ECONOMIC EXPLANATION

CHEN Yu-lu, MA Yong, YANG Dong

2009, (6):  46-51. 

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In China rural credit market,the interactions between short supply and market monopoly cause the segmentation of rural credit market and the multi-equilibrium rates: relationship loan has maintained nominal zero rate while the interest rates in formal and informal credit market are determined separately.The wide interest rate spread between formal and informal credit market has caused the following two results:(1) crowding out effect;(2)rent-seeking arbitrage.The radical solution to the problems above is to increase the credit supply and alleviate the serious tension between vigorous demand and inadequate supply.

EMPIRICAL ANALYSIS OF MARKET STRUCTURE AND PERFORMANCE IN CHINA BANKING INDUSTRY

SONG Wei, LI Zhi, WANG Dong-li

2009, (6):  52-58. 

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Empirical analysis between Market Structure and Performance in China Banking Industry shows that the more larger the size,the more contraction the market,the less effective performance.There is no dramatic statistical significant between state-owned portion,GDP and China banking performance.Banking performance enhancing relays on further optimization of some factors,such as market size,market concentration,leverage and so forth.

RESEARCH ON THE EFFICIENCY OF LIFE INSURANCE INDUSTRY IN CHINA

ZHI Yan

2009, (6):  59-64. 

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Under the heavy pressure of the opening market and the global financial crisis,the life insurance industry is facing the big challenge on how to enhance industry efficiency and maintain competitive.This paper's result shows that increasing in financial leverage ratio and the market share could promote the efficiency of life insurance business.As ownership types have different advantageous effects on different inputs and the years since establishment have no significant effects on efficiency,China's life insurance companies do not have disadvantages in an open and competitive market environment.

INDUSTRY LIFE-CYCLE AND CAPITAL STRUCTURE DYNAMIC ADJUSTMENT

ZUO Zhi-fang

2009, (6):  69-74. 

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Industry life-cycle has inherent correlation with capital structure,and the listed company's industry capital structure can adjust more flexible.In the listed company's debt structure,the short-term asset-liability ratio can follow the changes in the life cycle of industry,while the long-term asset-liability ratio is relatively stable.What's more,the industry's capital structure has a significant impact on the industry life cycle's adjustment,while the listed company's influence is not very clear.

PERFORMANCE STUDY ON LONG-TERM M & A OF LISTED COMPANIES——EVIDENCE FROM THE CTAR METHOD

XU Yan-fang

2009, (6):  75-80. 

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Compared to the BHAR method,the calendar time abnormal return(CTAR) method has advantage to examine the shareholders wealth in long run.Using this new method,we find that acquirers suffer underperformance in many cases.Moreover,we find that related party transaction can significantly destroy the shareholders wealth of acquirers;we also find that mergers undertook by firms with good performance and small scale are poorer compared to their partners.