Table of Content

16 May 2010, Volume 30 Issue 5

Previous Issue    Next Issue

THE MEASUREMENT OF CHINA'S FISCAL DECENTRALIZATION AND ITS REGIONAL DISPARITY——BASED ON THE PANEL DATA OF THE YEAR 1979—2008

SUN Bang-zhu, LIU Han-fei

2010, (5):  5-13. 

Asbtract ( )   PDF (2801KB) ( )  

References | Related Articles | Metrics

This paper aims to investigate the extent of China's fiscal decentralization after 1978.We target a specific design,use the annual panel data of China's provincial areas and four regions(the east,the northeast,the central and the west) from 1979 to 2008 and quantify the degree of fiscal decentralization.Finally,we get the average degrees of fiscal decentralization of China's provincial units as well as its regional disparity,so that we can have a deep understanding of China's fiscal decentralization.

THE ANALYSIS OF THE DIRECTION OF CHINA'S DO SOES PROFIT FROM THEIR MONOPOLY POWERS

ZHANG Chen

2010, (5):  14-19. 

Asbtract ( )   PDF (1418KB) ( )  

References | Related Articles | Metrics

In recent years,the operating performance of China's state-owned enterprises(SOEs) has been markedly improved.Some scholars believe that the improvement in SOEs' performance derives from their monopoly powers rather than from the increased business efficiency.In this paper,through analyzing the criterion of monopoly and discussing the market structures of the industries in which most SOEs distribute,we find that this argument is misleading and unwarranted.Therefore,its conclusions are not supported and applicable.

SOURCES OF CHINA'S ECONOMIC GROWTH:1978—2007

CHEN Yan-bin, YAO Yi-min

2010, (5):  20-28. 

Asbtract ( )   PDF (2062KB) ( )  

References | Related Articles | Metrics

Our main result is that China's economic growth is too dependent on investment,and China needs to change to intensive economy in the long run.The export-oriented growth model will likely become unsustainable in the future.The human capital,technological progress and institutional reform should be the main driving force of healthy and sustainable economic growth.

ANALYSIS ON PATH OF INSTITUTION OPERATION

ZHAO De-qi

2010, (5):  29-36. 

Asbtract ( )   PDF (1036KB) ( )  

References | Related Articles | Metrics

People found the trade cost under the assumption of bounded nationality and asymmetric information of economy,and institutions came into being.We think that the institutions are a series of rules which are brought out by contract and used to define the property among people.These rules can be used to realize the resource optimal allocation.We find the path of property contract and country by analyzing the features of these three institution reasonable cores,and then we have the institution operating path.The theory of institution operation can be used to establish new institutions and improve the old ones.

ECONOMIES OF SCALE DO NOT NEED A SHIELD OF ADMINISTRATIVE BARRIERS TO ENTRY

MENG Chang

2010, (5):  37-43. 

Asbtract ( )   PDF (1352KB) ( )  

References | Related Articles | Metrics

Many Chinese monopolistic industries are in the double shield of structural barriers to entry and administrative barriers to entry(ABE).The reason for setting up ABE is considered to preserve the economies of scale.This study proposes that the ABE setting is unnecessary,for the scale of incumbent firms is a barrier to entry for potential firms.To lower endogenous inefficiency,the deregulation of entry is required,which does not necessarily lead to competitive inefficiency.

ENERGY INTENSITY CHANGES AND ITS INFLUENCING FACTORS DURING THE INDUSTRIALIZATION IN CHINA

WU Qiao-sheng

2010, (5):  44-50. 

Asbtract ( )   PDF (1825KB) ( )  

References | Related Articles | Metrics

This paper investigates the energy use of industry sectors in China.We estimate the energy intensity index changes by using Fisher ideal index decomposition model.The analysis leads to the following conclusions.First,the energy efficiency in China has been substantially increased with the reform and open policy;the contribution of energy efficiency share is absolutely dominant;and the cumulative effect of changes of industry structure is basically negligible.Second,the dropping trend of energy intensity slows down,and the influence of technological progress in industrial sectors on improving energy efficiency reduces year after year.Finally,we find that from 1981 to 2007,with an increase of 1% of TFP(total factor productivity) in China,energy consumption intensity correspondingly decreases about 0.33%.As the key and long-term factors influencing energy use,the total factor productivity and its continuous growth has led to the decrease of energy intensity in the rapid development of China's economy.

CCAPM BASED ON UTILITY COST HETEROGENEITY FOR HETEROGENEOUS RISK OF ASSET

HU Zhao-ping

2010, (5):  51-58. 

Asbtract ( )   PDF (2319KB) ( )  

References | Related Articles | Metrics

Asset pricing is considered as the core of modern finance;it involves puzzles such as the equity premium puzzle and the risk-free rate puzzle,which have attracted an extensive research interest.This paper reconsiders the utility cost,brings in the concept of utility cost heterogeneity for heterogeneous risk of asset,and distinguishes the utility cost into the utility cost of consumption decrease and the utility cost of risk.On this basis,this paper proposes the new forms of CCAPM model,and gives explanations of the equity premium puzzle and the risk-free rate puzzle.

CONNOTATION OF INDUSTRIALIZATION OF INDEPENDENT INNOVATION ACHIEVEMENTS AND ITS PRACTICE IN FOREIGN COUNTRIES

ZHANG Yu-zhe, JIANG Yun-fei

2010, (5):  59-64. 

Asbtract ( )   PDF (1140KB) ( )  

References | Related Articles | Metrics

Through an analysis of independent innovation and the industrialization of its achievements,this paper studies the connotation of industrialization of independent innovation achievements and its practice in foreign countries.Research results show that the developed countries are more likely to support the industrialization of independent innovation achievements by adopting relevant laws,formulating specific plans,establishing the principal position of enterprises in the industrialization of independent innovation achievements,encouraging universities and research institutes to develop the technology transfer of independent innovation industrialization,enhancing research collaboration and supporting the development of small and medium-sized enterprises.

A STUDY ON THE MULTIPLE-EQUILIBRIUM PROBLEM IN THE IMPLEMENTATION OF HOLMSTROM TEAM INCENTIVE SCHEMES

YI Ding-hong, PENG Peng

2010, (5):  65-72. 

Asbtract ( )   PDF (2408KB) ( )  

References | Related Articles | Metrics

When Bengt Holmstrom designed incentive schemes for team,he did not pay attention to the multiple-equilibrium problem.In this paper,we analyze the implications of the multiple-equilibrium problem,which may occur in the implementation of Holmstrom team incentive schemes.We prove that the level of member cooperation is a determinant factor that may influence the occurrence of multiple-equilibrium problem.The Holmstrom mechanisms are more suitable for a broad sense of "team" —group,precisely because the intrinsic properties of a narrow sense of "team"—strong complementarities and strong dependence of members fundamentally restrict the perfect implementation of Holmstrom mechanisms.

REBALANCING OF WORLD ECONOMY AND THE CHALLENGES IN POST-CRISIS TIME

SONG Yu-hua, YE Qi-na

2010, (5):  73-80. 

Asbtract ( )   PDF (995KB) ( )  

References | Related Articles | Metrics

Based on several fundamental judgments about global imbalances,this paper analyzes four essential issues involved in rebalancing-the scenario for relatively balanced development of world economy,the global demand structure,a reasonable development of real and virtual economy and the international system reform.This paper points out that it is important to correct domestic imbalances of different countries for rebalancing,and then discusses the economic mode transition of the U.S.,EU,Japan,oil-exporting countries and China,and their challenges respectively.