Table of Content

16 September 2011, Volume 31 Issue 9

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EMPIRICAL ANALYSIS OF THE STABILIZING EFFECT OF INDUSTRIAL STRUCTURE UPGRADING ON THE ECONOMIC FLUCTUATIONS IN CHINA

FANG Fu-qian, ZHAN Xin-yu

2011, (9):  5-16. 

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The empirical analysis by time-varying parameter model indicates that since reform and opening-up in China,the industrial structure upgrading has a more and more significant stabilizing effect on the amplitude of economic fluctuations.The further analysis by TGARCH model reveals that the three major industries make unsymmetrical effects to the amplitude of macroeconomic fluctuation: the primary industry has hardly effect on the amplitude of macroeconomic fluctuation;the secondary industry has leverage effect on the amplitude of macroeconomic fluctuation,heavy industry of which makes the maximum contribution;the tertiary industry has the stabilizing effect on the macroeconomic fluctuation,while the stabilizing effect from transportation,logistics,postal industry and accommodation-catering services is most significant but the stabilizing effect from wholesale,retail,financial industry and real estate is less significant.In order to maintain the stabilizing growth of China's macro economy,we should continue to promote upgrading the industrial structure,realize the coordinated development of three major industries and emphasize the developing of the tertiary industry especially.

WATER SECURITY UNDER CHINA'S SUSTAINABLE AND STEADY ECONOMIC GROWTH

ZHANG Pei-li

2011, (9):  17-26. 

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The paper studied water supply and demand under China's sustainable and steady economic growth.According to the efficiency of water consumption and the forecasting of China's economic growth,total demand of water would increase rapidly.Water consumption of life,agriculture,industry and environment would show different growth characteristics due to respective trends.In terms of regional structure on the water,more regions would be short of water.So it must change the existing pattern of water consumption to support China's economy to grow continuously and steadily.All the measures mainly including:(1) effectively increasing investment in water resource;(2) full implementation of the most stringent water resource management system;(3) vigorously promoting the construction of water-saving society;and(4) accelerate the optimization of water resource.

A LITERATURE REVIEW ON VERTICAL SPECIALIZATION'S MEASUREMENT AND ECONOMIC EFFECT

ZHAO Ming-liang, ZANG Xu-heng

2011, (9):  27-39. 

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This paper provided a literature review on vertical specialization's measurement and economic effect.In this literature,some corresponding indicators were built to measure the degree of vertical specialization focus on different research aspects,and some regressions were carried out to analyze the influence of vertical specialization on wage,employment,technology spillover,productivity,etc.This paper also summarized the theoretical study on the measurements of vertical specialization and their economic effects and provided some suggestions in future research.

THE ROLE OF THE RENMINBI IN THE REFORM OF THE GLOBAL MONETARY SYSTEM

Terence T. L. CHONG, Ceara HUI

2011, (9):  40-47. 

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Both the recent debt ceiling crisis of the U.S.and the downgrade of its credit rating served to refocus on the stability of the current bipolar international monetary system.Given China's increasing influence in the world economy,we argue in this paper that the internationalization of the Renminbi would strengthen the international monetary system by transforming the current regime into a tripolar one.Using a panel regression model,we first investigate empirically the determinants of the status of a reserve currency and simulate the share of the Renminbi in the international reserve holdings.By assuming free convertibility of the Renminbi,our results indicate that its potential as a reserve currency would be comparable to that of the euro by 2020.We further show that the international reserve holdings composed of the dollar,the euro and the Renminbi would be more stable than that under the bipolar international monetary system.

MOTIVATION AND CHARACTERS ANALYSIS OF CONTROLLING SHAREHOLDERS IN PRIVATE PLACEMENT

YANG Jing, XU Nian-hang, WANG Kun

2011, (9):  48-55. 

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There were many theoretical literatures to explain SEO methods after split-shareholder reforms among listed companies,but most of them were built on the basis of mainstream theory in developed countries,which failed to consider the background of Chinese capital market.This paper assumed that controlling shareholders were reasonable and systemically analyzed their motivations to choose private placement as following: listing of assets,appreciation of equity value,maintaining controlling power,equity mortgage,subscribing shares with low price or selling assets with high price.This paper also generalized the original characters of controlling shareholder as controlling power and asset ownership.This paper attempted to establish the theoretical model based on the background of Chinese capital market.

RESEARCH ON THE PROBLEM OF "MORE TECHNOLOGY IMPORT,LESS ABSORPTION"——Based on Panel Data of High Technology Industry in China

QIAN Hui-xiong

2011, (9):  56-65. 

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Importing advanced technology,and absorbing it efficiently was an effective mechanism for the developing countries to elevate technology capacity,accelerate technology catch-up,and realize independent innovation.However,absorbing the imported technology was a costly learning process for the enterprises,so it could not happen automatically.The degree of absorbing the imported technology was determined by several factors.The theory research showed that the ratio of expenditure on absorbing and importing technology was negative related to the world technical progress rate,and positive related to human capital stock and the degree of market competition,which was supported by the experience data of high technology industry in China from 1999 to 2007.In order to solve the problem of "more technology import,less absorption",we should increase education investment,accumulate human capital rapidly,deepen the market reform,and promote competition among the enterprises.

HIGH INVOLVEMENT WORK PRACTICES AND ORGANIZATIONAL PERFORMANCE:MEDIATION OF SOCIAL CAPITAL

CHENG De-jun, LONG Jing, ZHAO Shu-ming

2011, (9):  66-76. 

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Based on research of the cognition,affection and structure dimension model of social capital,the paper proposed a model of high involvement work practices on organizational performance.The empirical research found that high involvement work practices had a positive effect on innovation performance due to the trust mechanism.However,when the degree of cognitive trust was high enough,the organization performance was negative related to the cognitive trust because of free ride and over-investment.The relationship between affection trust and innovation performance was always positive.The previous research found that high involvement work practices had positive effect on the density of personal relationship and negative effect on the structural hole and organizational innovation in China.This paper showed that the density of interpersonal relationship had a negative effect on organizational performance.As a result,high involvement work practices would be a paradox for Chinese companies,which might strengthen the trust mechanism but also weaken the system of the structural hole and organizational innovation.

REFLECTION ON THE MODEL OF HIGH INTEREST RATE FOR MICROLOANS FROM THE INDIA CRISIS

HE Guang-hui, YANG Xian-yue

2011, (9):  77-86. 

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The current turmoil in India microcredit is awakening a reflection on the model of high interest rate for microloan.The interest rate of microloans has been rising and remaining at a high level for recent years.Usurious interest rates,which based on neither operating costs nor risks,have been crowding out operation loan demands.Insolvency of borrowers owing to usurious interest rates has led to social crisis.The microcredit crisis shows that investors of MFIs have earned sustaining huge profits from microloans with high interest rates while borrowers have trapped in unsustainable harsh conditions.Although China started microcredit years ago,it is also suffering from similar interest rates problem.High interest rates for microloans do not help to alleviate poverty which needs affordable credit,mutual cooperatives for credit,for low-income groups.

STUDIES OF REDISTRIBUTION EFFECTS ON URBAN INCOME DISPARITY——Based on the Urban Household Survey of Anhui Province from 2007 to 2010

CHEN Jian-dong, XIA Zhu-bing

2011, (9):  87-93. 

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Based on the urban household survey of Anhui province,this paper analyzed redistribution effects on urban income disparity.The results indicated that personal income tax and minimum living standard scheme had minimal effects on income inequality.To some extent,social security expenditure improved the urban income Gini ratios;however,ancillary expenses on housing,pension and medical insurance issued by units had increased urban residents income disparity.Although pension and retirement payments had significant effects to narrow urban income disparity,there was also big inequality among pension and retirement payments.

STUDY ON PLANTING EFFICIENCY OF CHINESE FARMERS WITH AGRICULTURAL INTERNATIONALIZATION

JIA Chi

2011, (9):  94-101. 

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By using the representative annual data from 1994 to 2006 with soybean,japonica rice and corn as the three types of farm crops,this paper applied DEA method to analyze the planting efficiency of farm crops during the period of Chinese agricultural internationalization and their relationship.Empirical results showed that technical efficiency of three crops presented upward trends after China joined the WTO,and it was an important stage in the internationalization of agriculture for our country during this time.This paper also found that the degree of openness would significantly improve the planting efficiency,especially for corn,which had an export advantage.

A STUDY ON THE INCENTIVES OF PRIVATE PLACEMENT IN PRIVATE LISTED COMPANIES FROM THE VIEW OF SOCIAL CAPITAL

XU Yan-fang, WANG Yan

2011, (9):  102-109. 

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This paper discussed the incentives of private placement in private listed companies from the view of social capital.Based on a case study of M company,we found that private placement in China is not only a mean of acquiring financial capital,but also a way to get social capital.This finding provided a new perspective of the incentives of private placement in private listed companies.