Table of Content

16 November 2011, Volume 31 Issue 11

Previous Issue    Next Issue

PROPERTY RIGHTS FOUNDATION AND LONG-TERM GROWTH IN RURAL ECONOMY——Based on the Experience of Chengdu Reform

LIU Can

2011, (11):  5-14. 

Asbtract ( )   PDF (437KB) ( )  

References | Related Articles | Metrics

Under current system of rural land property rights in China,farmers did not have real land property rights.From the experience of Chengdu,in the process of reforming,the farmer group expressed strong pursuit to privatization of their land rights to contractual management and house site.The land system reform of Chengdu was adapted in considering long-term growth in rural economy.The reform of rural land property rights system was the important content to structure the socialist market economy system.Under the Chinese characteristic socialism theoretical innovation,without changing the system of collective land ownership,the direction of the reform should endow the private property rights of land to farmers,and build up the property rights foundation for the long-term growth in rural economy.

DISCUSSION ON THE CHOICE OF GUARDING THE PRIVATE LENDING RISK

HU Nai-wu, WAN Xiao-fang

2011, (11):  15-19. 

Asbtract ( )   PDF (238KB) ( )  

References | Related Articles | Metrics

The risk of private lending already aroused the entire society's high worry.It was a reasonable guess that part of private lending came from bank loans.By fundamental research and field investigation,this paper concluded that the fund of bank loans flowed into private lending market,mostly through the channel of personal loans or small loans companies whose shareholders were the borrowers of bank loan.The root of the problem was lacking of the reckoning management of personal loans.This paper proposed that the supervisory department should strengthen regulatory requirements on personal loans and commercial banks should improve their reckoning management.

TRANSFORMATIONAL SYSTEM, MECHANISM OF RENT AND THE VIRTUES OF FIRMS

XING Zu-li, ZHOU Wen

2011, (11):  20-29. 

Asbtract ( )   PDF (462KB) ( )  

References | Related Articles | Metrics

This paper introduced the conception of "hidden property rights" and the mechanism of rent to construct a microeconomic basis for China's growth in transition economy.The authors discovered that the hidden property rights commonly existed underneath the system of political concentration and lawlessness,and involved themselves with firms in order to realize their values and change the virtues of firms.Afterwards the paper exposed the inner logical relations between political concentration and economic performances by studying individual firms,and presented a uniform theoretical frame to understand three "abnormal" characteristics in China's growth.

DYNAMIC ANALYSIS ON INPUT-OUTPUT OF KNOWLEDGE PRODUCTION IN CHINA

YAN Cheng-liang

2011, (11):  30-38. 

Asbtract ( )   PDF (736KB) ( )  

References | Related Articles | Metrics

Endogenous growth theory stressed that knowledge production was an important factor for technology change and long-run growth.R&D investment could produce new knowledge,which in turn induced new technology change and economic growth.Based on the endogenous growth theory,this paper presented an extended knowledge production function and analyzed the dynamic effect of various factors on knowledge production through the impulse response function and variance decomposition within a VAR framework.The conclusion was that knowledge stock,R&D expenditure and R&D staffs had positive effects on knowledge production,whereas the foreign direct investment and import had insignificant effects on knowledge production.Furthermore,this paper provided some political suggestions as follows: government should adopt policies to encourage private R&D investment and government R&D expenditure,as well as optimize the import structure and the foreign direct investment structure,so as to improve the efficiency of knowledge production.

THE EFFECTIVENESS OF TAX POLICY IN SMOOTHING CHINA ECONOMIC FLUCTUATION——One Analysis on Capital and Labor Income Taxes

CAI Hong-bo, WANG Jun-hai

2011, (11):  39-46. 

Asbtract ( )   PDF (831KB) ( )  

References | Related Articles | Metrics

This paper introduced capital and labor income tax charge of government into new Keynesian model,in order to discuss the effects of supply management like tax policy on smoothing macroeconomic fluctuation.By model calibration and impulse response analysis,the model showed that government could reduce capital and labor income tax to encourage factor input,expand output and smooth economic fluctuations when facing adverse supply shocks.Therefore,government should pay more attention to the advantages of supply management on structural and long-term control,as well as maximize the effect of the macro-control on the adjustment on demand structure,social justice and economic development mode.

AN ANALYSIS ON THE TRANSITION OF CAPITAL RETURN IN CHINA——Based on the Perspective of Capital Deepening and Technical Progress

HUANG Xian-hai, YANG Jun, XIAO Ming-yue

2011, (11):  47-54. 

Asbtract ( )   PDF (462KB) ( )  

References | Related Articles | Metrics

This paper derived the formula for calculating the return on capital,analyzed the transition of capital return based on capital deepening and technical progress,and found that the size of the multiplier,capital deepening and technical progress were the main factors to affect the rate of return.Using data from 1980 to 2009 in China,this paper calculated China's capital return,estimated the elasticity of marginal product of capital,and decomposed changes in capital return.Empirical study showed that China's capital return did not decrease with the growth of investment.Although the return on capital was lowered by capital deepening,and multiplier amplified this effect,technical progress increased the marginal product of capital,which kept China's capital return on a stable level.

THE ADOPTION OF NEW ACCOUNTING STANDARDS ON EARNINGS MANAGEMENT——Evidence from Public Listed Companies in China

LIU Yong-tao, ZHAI Jin-bu, WANG Yu-tao

2011, (11):  55-67. 

Asbtract ( )   PDF (640KB) ( )  

References | Related Articles | Metrics

This paper investigated the earnings management of non-financial listed companies during the period of transition to new accounting standards in China.We found that firms attempted to use earnings manipulation for earnings smoothing and positive earnings in the post-adoption period.Furthermore there was a significant rise of the cross-sectional absolute discretionary accruals after the adoption of new accounting standards.This implied that new accounting standards actually encourage listed companies' earnings management.The research also provided some reference to devise further standards.

THE SUPPLY AND DEMAND OF PUBLIC CREDIT INSTITUTIONS AND OVERSEAS EXPERIENCE

GENG De-ke, ZHANG Xu-kun

2011, (11):  68-77. 

Asbtract ( )   PDF (508KB) ( )  

References | Related Articles | Metrics

Credit institutions are important financial infrastructure.Based on certain economic phenomena and theory,this study indicated that the government intervention was the supply factor to establish public credit institutions in post-industrialization period,whereas bank-oriented financial system was the demand factor.Financial crisis was the trigger point to build public credit institutions.Whether public credit institutions could coexist with private credit institutions was determined by the difference of their market localization and functional localization.The system dominated by public credit institutions was economically rational and necessary in Chinese market.

THE REGIONAL LOGISTICS INTEGRATION AND THE INDUSTRIAL AGGLOMERATION LINKAGE DEVELOPMENT

WANG Yan-ling

2011, (11):  78-87. 

Asbtract ( )   PDF (616KB) ( )  

References | Related Articles | Metrics

This paper summarized the industrial agglomeration and logistics development status in China and pointed out their problems.By theoretical and empirical analysis,this paper found the mechanisms of the regional logistics integration and the industrial agglomeration linkage.Furthermore this paper constructed a linkage development model for the regional logistics and other local industries,and proposed some suggestions to improve the efficiency of regional logistics development.

EMPLOYMENT QUALITY INDEX OF CHINA'S PROVINCES

LAI De-sheng, SU Li-feng, MENG Da-hu, LI Chang-an

2011, (11):  88-99. 

Asbtract ( )   PDF (578KB) ( )  

References | Related Articles | Metrics

Based on statistics data,this paper constructed an index system for employment quality evaluation with 6 aspects,20 secondary indexes and 50 indicators.By principal component analysis,it estimated employment quality of 30 provinces in China.The results showed that in 2007 and 2008,the overall national employment quality was not high enough.The employment quality indexes were lower besides the several developed provinces.Employment quality was differential among different regions and the development of employment quality was uncoordinated.Along with economic development,the gap of regional employment quality was narrowing gradually.To accelerate the transition of economic development mode and the mid-west regional economic development,the basic approach was to improve the employment environment and narrow the gap of employment quality.Meanwhile,the inevitable choice of promoting employment and growth was to strengthen the human capital investment,protect the workers' rights and take effect the tripartite negotiation mechanism.

CHINA RETURNED LABORS TO THE RURAL:A THEORETICAL AND EMPIRICAL ANALYSIS ON RETURN OF HUMAN CAPITAL APPROACH

WU Zhen-jun, ZHENG Li-wen, CUI Chuan-yi, KONG Xiang-zhi

2011, (11):  100-108. 

Asbtract ( )   PDF (564KB) ( )  

References | Related Articles | Metrics

By referring to Lewis dualistic economic development model and Todaro model,this paper built a rural labors return model in the human capital approach.The theoretical analysis showed that in the less developed area,the rates of return on human capital of the returned rural labors should be higher than theirs in the developed cities.Furthermore,a modified Mincer model was implemented using a cross section data of 2353 returned migrants gathered in rural China in 2007 to compare their rates of return on human capital in the developed cities and rural area.The results approved most of the theoretical analysis conclusion.