Table of Content

16 April 2010, Volume 30 Issue 4

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A WELFARE ANALYSIS OF CARBON EMISSION

HU Nai-wu, ZHOU Shuai

2010, (4):  5-11. 

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This paper from the point of view of division of labor and specialized production,sets a welfare effect model for comparing different carbon emission mechanisms and provides theoretical supports for developing countries joining the international climate negotiation.

CAN LOW-CARBON TECHNOLOGY LEAD A NEW ROUND OF ECONOMIC GROWTH?——The Comparative Study of the Effects of Low-carbon Technology and Information Technology on Economic Growth

LIU Dan-he, PENG Bo, HUANG Hai-si

2010, (4):  12-18. 

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Technology progress is one of the most important factors in economic growth.This paper aims to analyze the effects of low-carbon technology on economic growth from three aspects: investment,the amount of effective labor input and productivity,with a comparison to information technology.We conclude that low-carbon technology would lead a new round of economic growth,with a premise of holding the present speed of development in terms of technology.

THE CREDIT MISALLOCATION OF RCC UNDER THE INTERVENTION OF THE LOCAL GOVERNMENTS

CHEN Yu-lu, MA Yong

2010, (4):  19-24. 

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As the rural credit cooperative(RCC) is again under the direct governance of local governments,the financial supply of the RCC deviates far from the traditional rural finance.If local governments try to intervene with the credit allocation of the RCC,the involved risk cannot be simply ignored.This paper from the perspective of political economy conducts an economic analysis of the credit allocation mechanism of the RCC and indicates that with the intervention of the local governments,the RCC may misallocate its credit supply and the local protectionism may further aggravate the degree of misallocation.This paper suggests that the external financial supervision should be adopted to alleviate the local protectionism so that the credit misallocation of the RCC can be ameliorated.

THE ECONOMIST'S INFLATION EXPECTATION:THEORY AND PRACTICE

LI Yong-ning, ZHAO Jun, HUANG Min-hao

2010, (4):  25-32. 

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This paper aims to study the characteristics,the determining factors,and the formation of the economist's inflation expectations,and the relationship between inflation expectation and inflation.Based on the above discussion,this paper further proposes that the central bank's confidence strategy should be established to prevent the inflation expectation.

SOLVING "THE FINANCING DIFFICULTIES" OF CHINESE SMALL ENTERPRISES——The Investigation Report of the Financing Difficulties of Small and Medium-sized Enterprises

All China Federation of Industry and Commerce Research Group

2010, (4):  33-40. 

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In this paper,the research group aims to solve "the financing difficulties" of Chinese small enterprises,which severely restricts the enterprises' development.After many in-depth surveys and data comparison,the research group emphatically analyzes the relationship between financial resources allocation and market structure in China,and finally gets a conclusion: the "financing difficulties of small enterprises" is the key point of this issue.The policymakers should change their perspectives towards solving the financing problems of small enterprises,improving related policy systems,adjusting the relevant policies and clearing reform targets.

THE FINANCING BEHAVIOR AND FINANCING NEEDS OF THE PRIVATE SMES AND THE POLICY RECOMMENDATIONS FOR THEM

YAN Jun

2010, (4):  41-45. 

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This research finds that many private small-and medium-sized enterprises(SMEs) have no financing needs in a specific period of time.Thus,a systematic and comprehensive analysis should be conducted to investigate the financing difficulties of SMEs.The tendency of sports-style loans should be avoided.It is worthwhile to improve the financing environment and promote the construction of public financing platforms.

MODERATE-EASY MONETARY POLICY——Based on the Assessment of the Impact of Monetary Policy on Money Supply,GDP and Price Level

XU Dan-dan, MENG Xiao

2010, (4):  46-52. 

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Based on the time-series data from the first quarter of 2006 to the third quarter of 2009,this paper empirically analyzes the impact of monetary policy on money supply,economic growth and commodity prices in China.The authors note that China's economy has begun to rise in the second quarter of 2009 and is expected to be out of deflation in the first quarter of 2010.However,according to the historical experience of monetary policy practice of China during the Asian financial crisis and the international experiences of monetary policy practice of the United States in the two oil crises and the current financial crisis,this paper proposes a policy suggestion about the withdrawal mechanism of China's moderate-easy monetary policy.

THE MODEL RECONSTRUCTION OF LOCAL GOVERNMENT FINANCING PATTERNS——Taking Urban Construction for Example

WANG Yuan-jing, GAO Zhen-hua, HE Yin-zi

2010, (4):  53-60. 

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Through analyzing the defects of local government financing models,this paper from a macro perspective aims to explore establishing a stable and sustainable local government financing system.The current financing model adopted by the local governments in urban construction is unsustainable;and it needs remodeling.The empirical analysis results show that: the financing model should be reconstructed in financing objectives,financial instruments,financing entity,and regulatory mechanisms to achieve a sustainable development of local economy.

ENVIRONMENTAL PUBLIC GOVERNANCE,REGIONAL FOREST PROTECTION AND LOCAL RESIDENT WELFARE——Empirical Evidence Based on General Linear Mixed-effects Models

SHI Ming-ming, LIU Xiang-dong, ZHANG Xiao-jun

2010, (4):  61-67. 

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Based on empirical research on China's available data and General Linear Mixed-effects Models,this paper finds that regional forest resource has a significant effect on local resident welfare;and the local government should bring public governance policy into its objectives.This paper also indicates that local and global public governances are compatible and consistent.A mechanism should be constructed to appraise the governance performance of forest resource protection and promote the transformation of government's administrative function in contemporary China.

PRIVATE EQUITY,INCOMPLETE CONTRACTS AND ALLOCATION OF CONTROL RIGHTS——A Case Study Based on Mengniu Dairy

XU Yan-fang

2010, (4):  68-73. 

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This paper analyzes the factors that influence the allocation and transition of firm's control rights when private equity financing is introduced into Chinese private enterprises.By using the method of case study,we find that the analysis results challenge the traditional theory,which stresses that financial capital is the most important factor of deciding the allocation of control rights in firm's financing process.We also note that the entrepreneur's human capital is an important factor which affects the allocation of firm's control rights.As for the transition of firm's control rights,we find that with reduction of information asymmetry,private equity fund in the later financing stage masters less control rights.

AN ANALYSIS OF LABOR SHORTAGE IN CHINESE PRIVATE ENTERPRISES UNDER THE ERA OF POST-CRISIS

WANG Cheng-bin, MAO Xiao-yan

2010, (4):  74-79. 

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This paper aims to analyze a new round of labor shortage including its present situation,reasons and countermeasures.Based on the survey and data analysis of 345 private enterprises and 11 labor markets in Zhejiang province,the research shows that: 29.7% private enterprises are faced with labor shortage;the staff gap ratio reaches 28.5%;and labor shortage in small enterprises becomes particularly serious.In essence,labor shortage is the shortage of junior and middle level technicians,and its basic reason is the decrease of the relative earnings in labor mobility.China is facing the lewis turning point in the labor supply.To solve the problem of labor shortage,the private enterprises should raise the salary level and improve the working environment.Local governments should create good employment and service environments.