Table of Content

16 May 2012, Volume 32 Issue 5

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CHINA´S  ECONOMIC TRENDS AND MACROECONOMIC POLICY

ZHANG Lian-Cheng, LANG Li-Hua

2012, 31(5):  5-11. 

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Based on historical and logic analysis, this paper argued that Chinas future macroeconomic trends were determined by Chinas and global economic governance mode and policy, which presented a positive trend in coming years Therefore the goals of Chinas economic policy were to maintain moderate growth, to promote structural adjustment and to control inflation in 2012 and the coming period.

A COMPARATIVE STUDY OF THE WELFARE COST OF INFLATION
AND ECONOMIC GROWTH SLOWDOWN IN CHINA

XIAO Zheng-Yan, YAO Yi-Min

2012, 31(5):  12-20. 

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According to practical experience and academic research, it was generally believed that the most important objective of macrocontrol was not antiinflation but to maintain growth This paper concluded that this viewpoint was no longer applicable to the current situation of China The familys property had greatly increased, and inflation would cause serious welfare loss by the effect of property redistribution According to calculation, the average welfare cost of inflation rate of 5% and the slowdown in economic growth by 1% were 175% and 586% The average ratio between the two was 3294%, while the ratio excluded property redistribution effect was only around 16% These results indicated that both maintaining economic growth and antiinflation played important roles in improving social welfare, which should be the important objectives of macro-control.

LONG-WAVE THEORY, INNOVATION AND ANALYSIS OF
CHINESE BUSINESS CYCLE

ZHOU You, DI Jian-Hui

2012, 31(5):  21-26. 

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In Schumpeters opinion, innovation was the only cause of the economy prosperity Based on Schumpeters innovation model and reviewing the longwave theory, this paper analyzed the historical data of technological innovation and economy growth in UK and found the inside logic of technology innovation and economic growth By analyzing the data from 1988 to 2010 in China, this paper concluded that China was in a period of innovation boom and potential growth rate recession, which indicated an upswing in Chinas economy in next 5 to 10 years due to the positive effect of innovation boom Besides large R&D input, deepening of economic system reform was also the key to increase the potential growth rate.

TYPICAL CHARACTERISTICS OF THE LARGE COUNTRY´ S
ECONOMIC DEVELOPMENT

OU Yang-Yao , SHENG Yan-Chao, YI Xian-Zhong

2012, 31(5):  27-35. 

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The large country economy had a typical input and output process, which effectively allocated the domestic and foreign resources through the domestic and abroad markets This paper analyzed the demand characteristics, the dynamic characteristics, the pattern characteristics, the structure characteristics and the institutional characteristics of the large country economic development, based on the scale and stability of the market, the heterogeneity and adaptability of the factor endowment, the completeness of the national economy and the unbalanced economic development, the economic diversity and the multiple division, the experimental and progressive of system innovation.

RELATIVE INCOME AND INDIVIDUAL UTILITY——Evidence from China

WANG Xiang-Hong

2012, 31(5):  36-46. 

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This paper examined the degree to which individuals are concerned with relative income and relative consumption, and tested whether such concerns were affected by the inequality level in the society Based on a survey conducted among Chinese residents, this paper measured the degree of relative concern for income and consumption goods This paper concluded that individuals always cared about both relative position and absolute position, but the degree of relative concern was different for positional goods (such as car and housing) and nonpositional goods (such as insurance and vacation) The range of most individuals relative concern was not very wide Education and occupation affected the relative income and absolute income The degree of relative concern was mostly not affected by income inequality level in the society except for housing The findings had important implications for the micro and macro studies on consumptions.

RESEARCH ON MANAGEMENT OF CHINA´ S PROBLEM

GUO Xiao

2012, 31(5):  47-57. 

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The theory of management was developed on the basis of western theories  However, with the further localization development of Chinese management practice, the management research was difficult to meet the practice demand The management studies had shown a number of typical characteristics, such as western theoryoriented research paradigm, the universal type of research paradigm and logic paradigm between theory and practice Along with the pursuit of contribution and academic achievements, it was urgent to build research paradigm on “China´ s Problem” The core of this paradigm included to establish researchoriented on “China´ s Problem”, solve the optimization on “China´ s Problem” and organize the cooperation of the management between eastern and western.

MAY REAL ESTATE TAX BE CHINA´ S RELIABLE LOCAL
REVENUE SOURCE

BAI Yan-Feng

2012, 31(5):  57-64. 

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Under the background of booming real estate market, the paper studied the role of real estate tax as to control of the price and eliminate the local fiscal risk This paper concluded that the reform of real estate tax was quite difficult The real estate tax might not be the reliable local revenue as to the social, economic and population factors.

RESEARCH ON THE RISKS OF THE LOCAL GOVERNMENT
FINANCING PLATFORM BASED ON ENTROPYWEIGHT AND
MATTERELEMENT MODEL

LIN Li

2012, 31(5):  65-71. 

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The establishment of local government financing platform played an important role on breaking through the shortage of funds, and promoting local economic prosperity and development However, the risks of financing platform were increasing prominent To solve the problem, this paper applied matterelement extension theory and the entropy weight method, analyzed the risks of financing platform of the local governments The results showed that local government financing platform debt risk was controllable on the whole, with the development of economy Finally, this paper provided the suggestions to local governments, commercial banks and local government financing platforms to control the risk of platforms.

FINANCIAL TRANSFORMATION, TECHNOLOGICAL INNOVATION
AND TRANSITION OF ECONOMIC GROWTH PATTERN OF CHINA

NIE Zheng-Yan

2012, 31(5):  72-79. 

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This paper established an overlapping generations model to analyze the impacts of financial development on technological innovation and transition of economic growth pattern The results showed that in the early stage of economic development, as a country was far away from the world technological frontier, the optimal choice to promote technological progress was investment expansion and technology transfer When a developing country was getting closer to the world technology frontier, the main mode to promote technology progress would turn to innovation During the transition, the developing countrys financial development had a threshold effect because of the financial system in the previous stage upon which developing Countries depended to invest and the impulse of local government to maximize the growth within catching-up development strategies, the transition of growth pattern might be delayed .

RE-EXAMINATION ON THE GROWTH MODE AND STRUCTURAL
CHANGE OF CHINA´ S MANUFACTURING——Based on Semi-parametric Smooth Coefficient Model

ZHANG Rui-1, SUN Kai-2, Subal·C·Kumbhakar-3

2012, 31(5):  80-90. 

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Based on a novel semiparametric smooth coefficient model (SPSCM), this paper estimated the factor elasticity, total factor productivity and the marginal effect of influencing factors in Chinas manufacturing from 1999 to 2008 This paper concluded that the average annual growth rate of TFP of Chinas manufacturing was 141% in the study period The structure of Chinas manufacturing experienced a great transition in 2002-2003Due to the expansion of laborintensive sector, the output elasticity of physical capital decreased rapidly and the elasticity of labor increased substantiallyThe impact of R&D varied substantially across different sectors and over time before 2004R&D had significantly positive effect in almost all of sectors after 2004。

THE EFFECT OF CO-CREATION VALUE ON SERVICE SUPPLY CHAIN

SONG Yuan-Fang, SONG Hua

2012, 31(5):  91-102. 

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This paper explored the cocreation value on coproduction performance in the service supply chain, based on the theory of service supply chain, producers relationship and organization institution The empirical results showed the cocreation value would not only prompt the cooperated performance, but also improve the producers relationship, which indirectly upgraded the performance。

POLITICAL RISKS OF OVERSEAS INVESTMENT FOR CHINESE
ENTERPRISES AND ITS QUANTITATIVE ASSESSMENT MODEL

YAO Kai, ZHANG Ping

2012, 31(5):  103-111. 

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In post-financial crisis era, the overseas investments of Chinese enterprises had stepped into a great stage with broad development prospects However, the enormous political risks were threatening the overseas investments Due to its tremendous impacts, potential huge damage and losses and wide aspects affects, political risks were affecting China´s economic development and even national security Regrettably, Chinese multinational enterprises were lack of knowledge and experience of political risks, and had little prevention tools and management strategies and measures Therefore, it was utmost important and urgent for multinational enterprises to analyze the political risks in the targeted host country Domestic scholar had a plenty of research on political risks, but mostly on qualitative analysis This paper summarized the types of the political risks which could be encountered by Chinese enterprises, introduced a theoretical model which could help Chinese enterprises to assess and quantify the host country´s political risks Furthermore, this paper applied a trend analytical method to fully reflect the modern characteristics of the political risks, and effectively and accurately predict political risks of host country。