Table of Content

16 August 2010, Volume 30 Issue 8

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AN ANALYSIS ON THE INFLUENTIAL FACTORS IN THE CHANGES OF CHINESE HOUSING PRICE

XU Guang-jian, WEI Yi-fang, DAI Li-yuan, ZHAO Yu

2010, (8):  5-14. 

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In the recent decade,the Chinese real estate industry develops very fast and the price of housing market presents a characteristics of constant rise.In this paper,we use the clustering analysis method to classify 35 large and medium-sized cities into three groups based on the overall changes of the housing price and then make analysis and comparison from the view of national wide as well as the city groups.We conclude based on the regression analysis that besides the major macro influencing factors such as the land price,residents' income and the credit amounts of financial institutions,the investment of urban infrastructure and public service such as education and medical care,to some extent,influences the change of housing price.

ON THE DYNAMIC MECHANISM OF LOW CARBON INDUSTRY CLUSTER

WU Xiao-bo, ZHAO Guang-hua

2010, (8):  15-19. 

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The development of low carbon industry cluster plays an important role for China to realize its low-carbon economic development targets.This paper analyzes the motive mechanism of China's low carbon industry cluster,encourages the adoption of the sustainable development concept,and discusses the incentive function of government policies and institutional innovation.It further demonstrates that the economic benefits are the direct power of developing low carbon industry cluster,and technology innovation is the key factor of its development.The promotion of low-carbon living from domestic and abroad and the market selection and supervision also contribute to the fast growth of low carbon industry cluster.

THE EMPIRICAL ANALYSIS ON INCOME GAPS AMONG INDUSTRIES IN CHINA

ZHANG Yu-wen

2010, (8):  20-24. 

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This papers aims to investigate the income gaps among different industries in China from 1996 to 2008 by using the Extended Gini Coefficient.It shows that the increasingly large gaps exist among different industries.The Extended Gini Coefficients of state-owned units stay the same with the level of the country's total industries.The Extended Gini Coefficient of the urban and collective-owned units remains comparatively constant.The Extended Gini Coefficient of units in other types of ownership rises fast with high initial value.It further indicates that the market economy process after the economic reform,the monopolistic power of the state-owned industries and the privatization process may contribute to the increasingly large income gaps among different industries.

RESEARCH ON THE NON-BALANCED DEVELOPMENT OF PSYCHOLOGICAL OWNERSHIP AND ITS IMPACT ON ORGANIZATIONAL BEHAVIOR

YAO Kai, CUI Xiao-ming

2010, (8):  25-31. 

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In this paper,psychological ownership is proposed based on the work itself of psychological ownership and a research on these two concepts is taken respectively for studying their impact on organizational behavior and the impact of their unbalanced development on organizational behavior.Through theoretical analysis and empirical testing,the result shows that both psychological ownership of organization and the work itself can explain organizational commitment,job satisfaction,OCB and ERB.But psychological ownership of work itself may explain more.Psychological ownership presents some differences on the organization and the working level and shows the development of non-equilibrium phenomena.Such non-balanced development of psychological ownership lowers organizational commitment and job satisfaction,and has a negative impact on OCB and ERB.Furthermore,this paper explains the generation mechanism of the "dark side" of psychological ownership and then proposes solutions to possible problems.

NEW RESEARCHING TRENDS IN THE INVESTMENT MOTIVATION OF MULTINATIONAL ENTERPRISES IN SERVICE INDUSTRY

DU Li-hong

2010, (8):  32-37. 

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There exist some different industrial characteristics between service industry and manufacturing industry in enterprise operation,capital profile and etc.This paper carries out a research on the investment theories of service industry.Based on our explorations of the recent and latest papers in investment theories of service industry,we conclude that service enterprises prefer to considering factors on potential market,efficiency promotion,competitive advantages,and developing gap when making foreign investments.

A STUDY ON THE LINKAGE BETWEEN REAL ESTATE SPATIAL MARKET AND CAPITAL MARKET IN CHINA

KUANG Wei-da, ZHAO Yu-hua

2010, (8):  38-44. 

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In terms of real estate return,the paper develops a model of the linkage between real estate spatial and capital markets.The theoretical model indicates that the present stock price is positively correlated to the present real estate price and is negatively correlated to the real estate price in next period.By analyzing the rich data of 61 real estate listed companies at Shanghai and Shenzhen stock markets from 1996 through 2007,we employ system GMM estimator to test the linkage of real estate markets.The results show a strong linkage between real estate spatial and capital markets.But the linkage is asymmetric.The impact of real estate price on stock price is greater than that of stock price on real estate price.Second,the rental price has no significant influence on real estate price and stock price.Finally,the movement of real estate price is serial correlated;while the movement of stock price is random walk.

HOLISTIC CROSS-LISTING OF CENTRAL ENTERPRISES IN BOTH A AND H SHARE MARKETS AND ITS INFLUENCES ON THE CAPITAL MARKET OF CHINA

DENG Xu, CHEN Yan

2010, (8):  45-51. 

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As the negative impacts of spin-off listing and separate offshore listing on the national capital market become more and more apparent,a holistic listing of central enterprises in both A and H share markets is a realistic choice giving consideration to the interests of both enterprises and the state.Using the empirical analysis approach,this paper studies the three paths of holistic listing: first H share then A share,A and H share at the same time,and first A and then H,as well as the influences of holistic listing on the Chinese capital market.It comes to a conclusion that all the above three paths of the holistic listing may more or less impose positive influences on the development of the Chinese capital market.At the same time,the holistic cross-listing in both A and H share markets may in many aspects have positive influences on the Chinese capital markets including Hong Kong.

AN EMPIRICAL ANALYSIS OF THE INFLUENCE OF MANAGERIAL ENTRENCHMENT ON CORPORATE PERFORMANCE——EVIDENCES FROM CHINESE LISTED COMPANIES

HUANG Guo-liang, DONG Fei, FAN Ke

2010, (8):  52-58. 

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In the circumstances of information asymmetry and incomplete contracts,the interest conflicts between self-benefit managers and shareholders lead to the managerial entrenchment behaviors,in which the managers strengthen their position and maximize their own effectiveness.This paper,based on the panel data of a sample of 6-year listed A-share companies(from 2003 to 2008),estimates the degree of managerial entrenchment and studies the relationship of managerial entrenchment and corporate performance by analyzing the eight factors selected from the manager's individual characteristics,the manager's incentive and the monitoring characteristics of manager.The research result indicates that the degree of managerial entrenchment may have a negative impact on corporate performance.The manager's age,education level,compensation and the independence of the board of directors may have a positive correlation with corporate performance;while the management tenure and the managerial ownership may have a negative impact on corporate performance.It also concludes that there is a U-shape relationship between the ownership concentration degree and corporate performance.

A RESEARCH PROGRESS OF CORPORATE ABSORPTIVE CAPACITY

XU Wan-li, QIAN Xi-hong

2010, (8):  59-65. 

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Absorptive capacity has become an internationally emerging academic area since Cohen and Levinthal's pioneering research on absorptive capacity in 1990.In this paper,we review the literature related to absorptive capacity over the past two decades and summarize the connotation,dimension structure and function mechanism of absorptive capacity.We further propose a rational and convincing mechanism model based on an observation of four popular mechanism models on absorptive capacity.Finally,future research directions are suggested.

THE CONSTRUCTION OF PERFORMANCE EVALUATION SYSTEM OF RURAL FINANCIAL INSTITUTIONS IN THE VIEW OF STAKEHOLDERS

PAN Shu-juan, LI Si-duo

2010, (8):  66-73. 

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Since rural banking institutions mainly serve the needs of agriculture,rural areas and farmers and play an important role on the integration of urban and rural areas,their performances may have direct influence on the solutions to the issues of agriculture,rural areas and farmers.The paper uses stakeholders theory and analytic hierarchy process to set up a framework of performance evaluation system,combines analytic hierarchy process with fuzzy theory to obtain the weight of every index in the hierarchy by conducting expert surveys and sets up the integral performance evaluation system for rural banking institutions.Finally the paper puts the system into practice evaluating the performances of five rural banking institutions.

ECONOMIC ANALYSIS ON AGRICULTURAL DISASTERS:CYCLICAL FLUCTUATION AND COMPREHENSIVE SOLUTIONS TO THE PROBLEMS

XU Fei-qiong

2010, (8):  74-79. 

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The paper points out that agriculture as the base of national economy is easily influenced by natural disasters.The close relationship between agricultural disasters and Chinese food production in the recent thirty years shows that natural disaster is a key issue of Chinese food safety and the agricultural disasters have a feature of cyclical fluctuation with some regional differences.Therefore,it is suggested that we should enact agricultural disaster relief and protect farmers' profits for solving "three agricultural problems" in China.The comprehensive solutions to agricultural disasters are as follows: adjusting the regional distribution of agriculture and livestock farming;developing projects and techniques for disaster relief;balancing the food price between harvest years and lean years;and establishing agricultural insurance.