Table of Content

16 October 2011, Volume 31 Issue 10

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WILL PRIVATIZATION BE MORE EFFICIENT

Joseph E. Stiglitz

2011, (10):  5-10. 

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This paper posed questions over privatization developed especially after Ronald Reagan and Margaret Thatcher assumed office in US and UK.The fact that,on average,private firms seem more profitable than public firms does not necessarily mean that private firms are more efficient.Even if it could be shown that private ownership is more efficient than public ownership,it does not follow that privatization is desirable.

ON DUAL CONTRACT

HE Xiao-xing

2011, (10):  11-21. 

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This paper posed a new definition of externality: the influence on the contractor by other people who did not involve in conclusion of the contract.The internal contract was the contract mentioned above,and the external contract was realized by the internal contractor and the aforesaid "other people" who were not under control of the internal contract,but have influence on the internal contractor.The internal contract and external contract formed a dual contract,which was universal.The dual contract could be explained by public choice,cooperative gambling,bargaining and general equilibrium.

LAND FUNCTIONS AND CHOICE OF LAND PROPERTY RIGHTS SYSTEM——On the Effectiveness of Privatization of China's Land Ownership

YANG Cheng-lin, HE Zi-li

2011, (10):  22-30. 

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This article clearly opposed land privatization policy,and proved that land privatization not only could bring the production gain and improve economic performance on the basis of redefining the functions of land,but also could generate significant adverse effects on China.Based on China's social condition and the current level of productivity,the privatization of land would increase the possibility of "Malthusian crisis" outbreak in China up to the uncontrollable level.In addition,current institutional arrangement of land property rights system is a significant feature of economic development model in China.It is also an important buffer of alleviating the pressure of unemployment under economic crisis.

FLUCTUATION ON PURCHASES AND SALES OF STATE-OWNED FOOD ENTERPRISES——Based on Wavelet Analysis and Granger Causality Test

WU Wen-qing, LIU Chao

2011, (10):  31-38. 

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The study on buying and selling fluctuation of the state-owned grain enterprises is useful to safeguard country's food security.This paper unified the wavelet analysis and the Granger causes test,and applied wavelet analysis to analyze the buying and selling fluctuation of the state-owned grain enterprises.The Grainger causal relation of the fluctuation was also studied.Furthermore this paper argued the Granger reason in consideration of the wavelet analysis results and put forward proposals.The results showed that the fluctuations went through 12 months as cycles.The purchases periodic phenomenon originated from the season periodicity of food production,and the sales periodic phenomenon was restrained by grain distribution system and storage condition.The sales peak was earlier than the purchase peak in general.Granger causality test showed that there was one-way Granger causality relation between sales and purchases.

THE EVOLUTION AND NEWLY DEVELOPMENT OF WESTERN POLITICAL BUSINESS CYCLE THEORIES

LIU Lei, Wang Yan

2011, (10):  39-47. 

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Based on the definition and elements of western political business cycles theory,the paper analyzed the evolutionary process of the theory in terms of different assumptions and different conclusions of political motivation.Meanwhile,this theory took the newly progress in explaining the reason for fiscal deficits which was also analyzed in the paper.Finally,the western political business cycles theory was summarized and evaluated.

THE NEW TREND OF WAGE RESEARCH

DING Shou-hai, LIU Xin

2011, (10):  48-56. 

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The article summarized newly abroad research on wage issue from four dimensions: the effect of wage rise on industrial competitiveness,the evolution trend of the wage structure and performance consequences,the determinants of wages,and measures against wage pressure.This paper also provided some suggestions about wage policies in China.

FINANCIAL SECURITY CHAIN OF ENTERPRISES:RISK REDUCTION,RISK CONTAGION AND RISK SHARING——A Case Study on Financial Security Chain of Enterprises in Zhejiang

ZHANG Le-cai

2011, (10):  57-65. 

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This paper analyzed the mechanism of financial security chain of enterprises,and the research outcomes were as follows:(1) risk sharing mechanisms were showed in the forms of "line,ring and net" between the connection of financial security chains;(2) the risk reduction mechanism was presented by a stronger financing capacity of the firms in security chain;(3) risk contagion of financial security chain was expressed as that the transmitted channels of crisis were through balance sheet,informational transmission and investment.Furthermore this paper provided a theoretical study on financial security chain of enterprises,and found that risk sharing was beneficial in a favorable economic environment and risk contagion would lead all companies in trouble in a difficult environment.

EMPIRICAL RESEARCH ON COMPETITIVE ADVANTAGES OF CHINA'S SERVICE OUTSOURCING-BASE CITIES——An Analysis Based on the Principal Component Method

ZHAO Jing, WANG Gen-bei, WANG Hui-min

2011, (10):  66-74. 

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By using FEM and GLS,this paper estimated the effects of the competitiveness of 14 service-outsourcing-base cities on the foreign firm's decision-making of the off-shore outsourcing during 2006-2008 in China.Its empirical results first confirmed five theoretical hypotheses to correspond to the sign direction of coefficients of their explanatory variables.Secondly,this paper implied that the business environment and international experience of manufacture outsourcing played an important role in influencing the firm's offshore-outsourcing making-decision.Thirdly,this research indicated that the efficiency advantage of the base-city's infrastructure could offset their cost disadvantage.It also implied that the existing and potential supplies of the human capital could not fully match its demands in China.

MARKETIZATION,INSTITUTIONAL INVESTORS AND COMPENSATION INCENTIVE

YI Zhi-hong, LI Yan-li, GAO Wei

2011, (10):  75-83. 

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This paper tested the relationships among marketization,institutional investors and executive compensation by studying Chinese A-share listed companies of 2003-2010.The research found that a significant positive relationship between pressure-resistant institutional investors' shareholdings and executive officers' pay-for-performance sensitivity.Further studies reported that marketization was an important factor which would affect institutional investors' governance effect.Pressure-resistant institutional investors could improve executive officers' pay-for-performance sensitivity only in the area of faster marketization.So it could be said that pressure-resistant institutional investors could play an active role in corporate governance,but marketization would restrict the governance role of pressure-resistant institutional investors.To solve the problem of corporate governance in China not only need to develop institutional investors,but also to improve institutional environment.

NEW STRATEGY OF BREAKTHROUGH FROM 50 MILLION PHENOMENON——Re-exploration against International Financial Crisis

ZHOU Yang-min

2011, (10):  84-95. 

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From this investigation,the cause of 50 Million Phenomenon had been explored,which was a bottleneck of company's growth.At the same time,the current problem of medium small enterprise(MSE) had also been studied.It was an important finding that the interior ability of management was more significant than outside conditions,although government policy need to update with the development of new crisis,which should combine the idea of inclusive growth with inclusive social governance.This paper also provided a series of suggestions.

REFORMS OF RESOLVING LOCAL FINANCIAL RISK IN JAPAN AND ITS IMPLICATIONS TO CHINA

YANG Hua, XIAO Peng

2011, (10):  96-102. 

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Since the middle of 1990s,local government debt in Japan has been continuously increasing,even happened financial bankruptcy in some places because of Implicit Debt Expansion.According to the problems in local financial management since 2000,Japanese government has issued a series of reform measures to try to rebuild local finance.This report summarized and analyzed the reform measures of Japanese government strengthening local financial management over the past 10 years,and reviewed the dilemma of local financial management in China to give some policy suggestions.

ENVIRONMENTAL EFFICIENCY AND ITS DETERMINANTS ACROSS CHINESE REGIONS

ZENG Xian-gang

2011, (10):  103-110. 

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Based on the method of the data envelopment analysis(DEA),this paper estimated the environmental efficiency for 30 provinces/cities in China by using the panel data from 2000 to 2008,and investigated its determinants by using a Tobit model.The estimation results showed that the environmental efficiency of 30 provinces/cities in China changed from 0.7 to 1 and average efficiency was declining at the beginning,but the inflection point was emerged at 2004 or 2005.Environmental efficiency varied differentially across provinces/cities,which was better in the developed provinces/cities in the eastern of China.The difference of environmental efficiency between in the western and in the eastern of China was becoming smaller and smaller from 2005,but the environmental efficiency in the middle of China did not follow this trend.If the input factors including labors,energy and water resources could be used effectively,environmental efficiency would be improved.Economic conditions,population density and dependence on the foreign trade had significantly positive influence on environmental efficiency,while the investment of industry pollution in GDP proportion wasn't closely related with it.Comparatively,GDP per capita and the value of import and export had a bigger positive influence on environmental efficiency.