Table of Content

20 December 2012, Volume 32 Issue 11

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CONSIDERATIONS ON CHINA'S STRUCTURAL TAX CUT

ZHU Qing

2012, 31(11):  5-10. 

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This paper regarded the socalled structural tax cut as a reduction of the tax burden for certain tax payers or tax items within the same macrotax ratio or even with the increase of the ratio, especially it meant a reduction of the taxes which low and middle income people would pay or bear. In order to achieve this goal, the Chinese government should reduce the tax rates of VAT and BT on the basic necessities of life, reduce the enterprise income tax rate, and increase the exemption and allowance of individual income tax for the workers who had additional economic burdens. As compensatory measures, the government could raise the tax rates of excise tax for some luxury goods and individual income tax for the people with the extremely high salaries and wages.

BACKGROUND CHARACTERISTICS OF SENIOR MANAGERS
AND THE DYNAMIC CAPITAL STRUCTURE CHOICE——International Comparison and Empirical Test

Zhou-Ye-An, CHENG Xu, GUO Jie

2012, 31(11):  11-22. 

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According to the international data, the company leverage varied between countries. At the same time, domestic company capital structure also had industry differences and time difference, which was the capital structure dynamic choice. In this study, this paper empirically analyzed the relationship between background characteristics of senior managers and the capital structure adjustment by estimating a dynamic partial adjustment model and using the GMM method. Empirical results showed that the speed of adjustment in China was lower than other countries. Furthermore, background characteristics of senior managers, such as gender, age, tenure, education, political identity, and concurrent post, had an effect on the speed of adjustment.

INVESTMENT FUND OF RAILWAY INDUSTRY: MAJORITY OWNERSHIP,
RIGHT TO RETURN AND INSTITUTIONAL COMPENSATION

ZHOU Xin-Jun

2012, 31(11):  23-31. 

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The paper studied the majority ownership,income right and institutional compensation of the investment fund of railway It discussed the selection model of the financing and investment in railway construction and the future ability of the financing The conclusion showed that it was urgent to establish an investment fund of railway industry because the current financing and investment ability was very difficult to meet the demand of the greatly rapid construction of railwayThe investment fund of the railway industry had some particularities because the railway industry had a social public welfare,single property and lagging reform of the administration system Therefore,it was the first thing to optimize the majority ownership to develop the investment fund of railway industryFurthermore,it required to break the bottleneck by the way of the corresponding institutional compensationAt last the object would be realized to drive a large amount of social capital to invest in railway construction by a small amount of railway capital.

DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELING:
 LITERATURE STUDY AND FUTURE PROSPECTS

FANG Fu-Qian-1, WANG Qing-2

2012, 31(11):  32-48. 

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Dynamic stochastic general equilibrium modeling（DSGE）has been the major marker of  macroeconomics development for more than 10 years. It provides a unified analytical framework for the study of economic growth and economic fluctuations. Development of DSGE may be divided into two phases: real business cycle（RBC）models and the new Keynesian DSGE. DSGE models are dynamic, also stochastic, taking into account random shocks, and simplified, with fewer data and information, and thus subject to policymakers, the central banks in particular. Disadvantages of DSGE modeling are some weakness in its theoretical foundation, imperfect matching between theoretical model and actual data, as well as estimation methods to be improved, etc. However, DSGE embodies some consensus and trends in modern macroeconomics, with the Bayesian method further integrating DSGE, and with improvement in capability and computing power of computer. DSGE modeling shall be further developed and improved.    

A REVIEW ON COLLECTIVE TURNOVER

YE Ren-Sun-1, NI Chang-Hong-1, XIA Jun-2

2012, 31(11):  49-57. 

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Many firms were confronted with problems of collective turnover. Because losses caused by this kind of turnover were more severe than those of collective turnover, collective turnover had become a new hot spot of management practice nevertheless few researchers had not investigated it much. Considering the urgency of collective turnover research, this paper pointed out probable research problems put collective turnover research further by giving a comprehensive review of collective turnover literature on definitions, motivation, process models and effects.

REVIEW ON THE NEW VENTURE EMERGENCY

LONG Dan, YAO Xiao-Fang

2012, 31(11):  58-67. 

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The key of making theoretical contribution for entrepreneurship research depended on concerning about the entrepreneurial activities in the early stage of new ventures life cycle and exploring new ventures emergency. Therefore, the research on new venture emergency had become one of the most potential topics in entrepreneurial field. Through reviewing on new venture emergency, this paper described the concept of new venture emergency, and it introduced the origin of the new venture emergency research. Furthermore, from the perspective of entrepreneur, entrepreneurial opportunity and entrepreneurial behavior, this paper analyzed the development of new venture emergency research. Finally, based on reviewing the current research, this paper constructed a theoretical model about new venture emergency in order to give some implication for future research.

ANALYSIS ON THE EFFICIENCY OF CHINA'S
CORPORATE INCOME TAX COLLECTION

LI Jian-Jun, XIE Fen, SU Ming-Cui

2012, 31(11):  68-77. 

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Based on the efficiency measure of Chinas corporate income tax collection, this paper analyzed the effect of corporate income tax and its institution reform on tax collection efficiency. This paper found that Chinas tax collection efficiency of corporate income tax was wavy upward trend, and it still had a large room for improvement. Under the current circumstances, increasing the corporate income tax collection proportion would reduce collection efficiency of corporate income tax. As the higher corporate income tax accounted for the proportion of tax revenue, the collection of corporate income tax was higher. The tax reform in 2002, 2006 and 2009 had no significant effect on the tax collection efficiency, the unification of domestic and foreign enterprise income tax in 2008 significantly enhanced the collection efficiency of corporate income tax.

ANALYSIS ON THE EQUITY INCENTIVE OF LISTED COMPANY

GONG Yu-Song

2012, 31(11):  78-83. 

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he equity incentive regarded as an efficient mechanism to lower agent cost and improve corporate governance. However the Enron case had exposed the shortcomings of this mechanism. In recent years, the system of equity incentive grew up rapidly in Chinas listed company, which led to some seemingly inspired results in raising the stock price and benefiting the investors. In fact, the system of equity incentive had been distorted as the tool of rent seeking. This paper showed the equity incentive was not suitable for the market with low capital efficient and poor corporate governance.

THE STRATEGY APPROACHES ON CAFTA “SOUTHSOUTH
COMPETITION” REGIONAL PRODUCTION NETWORK

LIANG Yun-Wen

2012, 31(11):  84-95. 

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It was important to search for the mechanism of value creation for CAFTA regional production network under the constraint of “southsouth competition”. This paper built the framework system of value driving factors for CAFTA regional production network. The synergistic value between network firms and customers, the copetition relationship among ChinaASEAN nations, the combination of location resource inside the space of CAFTA, and the political governance of CAFTA national governments, were four valuable factors to drive and determine the value creation of CAFTA regional production network. This paper analyzed the structure of each value factors, and pointed out the strategic approaches to effectively create value for CAFTA regional production network.

LEGAL MECHANISM, THE INSTITUTIONAL INVESTORS
AND CORPORATE GOVERNANCE——Based on the Analysis of Chongqing Beer's Hepatitis B Vaccine Events

MENG Xiang-Xia, XU Ling

2012, 31(11):  96-103. 

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Focusing on Chongqing Beer's hepatitis B vaccine project, based on the analytical framework of corporate governance theory of the internal mechanism and the external mechanism, this paper found that the imperfection of the legal regulation mechanism in China formed a hype atmosphere, which impeded the institutional investors' willingness to participate in the corporate governance and restricted the functions of the external mechanism seriously. Targeting the problems, the paper proposed some legal and political solutions, such as improving the legal system of information disclosure, encouraging the participation of various institutional investors, limiting the relative holding and fostering a political coordinating organ for institutional investors.

RESEARCH ON THE VOLUNTARY MIGRATION OF RURAL
POPULATION BASED ON ORDERED LOGIT MODEL——An Empirical Analysis of the Three Gorges Ecobarrier District

ZHU Qian-Yu-1, SI Qing-Yang-2, ZHOU Zhen-1

2012, 31(11):  104-112. 

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Research on the voluntary migration of population and its factors was conducive to policymaking and policy development of the population transfer, and the achievement of the goal of migration. Based on the field survey of migration of the Three Gorges Ecobarrier District, this paper used ordered logit model to carry out the analysis of migration on the following five factors: the basic situation of the family, family capital, family social security level, their level of understanding of past immigration policy and other social factors. The study showed that: age, the number of family member to participate in the health insurance, the degree of understanding of immigration policy of the Three Gorges, the Three Gorges migrants, existing living environment, and satisfaction of environment had significant impacts on the rural population transfer.