Table of Content

20 December 2012, Volume 32 Issue 12

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THE TRANSITION OF OECD COUNTRIES'GROWTH MODE:
CHARACTERISTICS AND POLICY

YANG Chun-Xue

2012, 31(12):  5-14. 

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From the transition experience of OECD countries, the governments'incentive policies and effective R&D system improved the industrial structure.The costs of controlling pollution in these countries were not as high as we imagined.The costs of controlling pollution accounted for 4%~5% in their industry investment in Germany, Japan and the United State.

THE STRUCTURE OF TRADE BALANCE AND CHINA'S
NEW GROWTH MODE

WANG Xiao-Song-1,XIE Shen-Xiang-2

2012, 31(12):  15-28. 

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China's trade surplus had been accumulated by the development of manufacture, featured by highly energy-consumed and low value added.China's
 manufactured products had been relying mainly on the United States and European market, which brought about serious trade frictions to Chinese products.China's structure of trade balance should be adjusted to compatible with new growth mode in the future.The foundation was to upgrade the technology level of manufacture, which required localization of hightech intermediate products.In meantime, Chinese firms should open up international markets more broadly.In order to enhance key service sectors such as finance and insurance, China should accumulate better human capital and financing Moreover, China should coordinate the domestic demand and foreign trade to accomplish the balanced growth.

RE-MEASUREMENT OF CHINESE CAPITAL STOCK

GU Ming-Ming-1,ZHANG Yong-2

2012, 31(12):  29-41. 

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Based on reestimation and analysis of the depreciation, basic capital stock and other related data, this paper found that the rapid increase of Chinese capital stock was the reason of China miracle.However, the decline of the efficiency of the capital was still a vital problem.This paper also found that the depreciation rate of Chinese capital stock was not linear, but increasing with the time in accordance with the emerging market.

FACTOR ANALYSIS OF HOUSEHOLD LABOR SUPPLY:
A LITERATURE REVIEW

DING Shou-Hai-1,JIANG Jia-Liang-2

2012, 31(12):  42-51. 

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With the spread of the shortage of peasant-workers, it was important to analyze the law of labor supply in microeconomics, especially from the households.
viewpoint.This paper summarized the latest research achievements on the households'labor supply decision model, the effect of households'characteristics and environment characteristics, the mutual effect of different members, and the role of public policies.It would be useful to draw up relevant policies to guide households.labor decision and release the problem of the shortage of peasant-workers.

THE EXPERIMENTAL STUDY ON PUBLIC GOODS PROVISION
AND ITS POSSIBLE PROGRESS IN THE FUTURE

CHEN Xiang-Yun-1,LIAN Hong-Quan-2

2012, 31(12):  52-60. 

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Basing on the traditional economics, the tragedy of commons was the inescapable result in the rational choices of public goods. The incentive mechanism
for public goods provision should be compatible with the individuals true preference for public goods, and the government should play as a protagonist
in the provision of public goods However, experimental economics provided huge of evidences for the heterogeneity of individuals'social preferences, and also found that voluntary contribution for public goods could be achieved in a high level under suitable mechanism such as punishment, communication and reputation, which indicated that group members or voluntary organization could play important role in the provision of public goods. These studiesestablished a more scientific basis for the reconstruction and innovation of public governance.

RESEARCH ON THE TOTAL FACTOR PRODUCTIVITY GROWTH
AND ITS DECOMPOSITION OF CHINA'S COMMERCIAL BANKING——Empirical Analysis Based on 24 Banks'Panel DataL

LIU Meng-Fei-1,ZHANG Xiao-Lan-2,ZHANG Chao-3

2012, 31(12):  61-76. 

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By collecting the unbalanced panel data of 24 commercial banks in China from 2003 to 2010 and constructing a stochastic frontier production model, this paper carried out a systematic study on the drivers of total factor productivity growth and its dynamic evolution process of Chinese banking through the TFP decomposition model.The study found that the total factor productivity of China's banking sector achieved significant growth in all years. In contrast, large commercial banks didn't show a significant advant ageat the early stage.After that the TFP growth rate began to rise and gradually caught up and exceed the small and medium banks. Based on the calculation results of the decomposition, this paper found that technical efficiency and factor allocation efficiency change had a strong stimulating effect on the TFP growth, while the impact of technological progress was not obvious and the negative effect of scale efficiency change was the most significant.

REGIONAL CREDIT GROWTH ENVIRONMENT EVALUATION AND ECONOMIC
CAPITAL OPTIMUM ALLOCATION MODEL OF COMMERCIAL BANKS

HU Zhao-Ping

2012, 31(12):  77-84. 

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Commercial banks should consider the growth space of RAROC and EVA in the process of economic capital allocation.This paper introduced the credit growth environment to evaluate the growth space of EVA, and selected some macro indicators to measure it.By applied factor analysis methods and entropy weight methods, this paper analyzed the data of six provinces in central China, and built an optimum allocation model of economic capital on RAROC and credit growth environment.

RESEARCH ON THE EARNINGS MANAGEMENT OF CONTROL
RIGHT TRANSFER AND SHAREHOLDER'S TRAIT

HAN Yong-1,GAN Sheng-Dao-1,LIU Bo-2

2012, 31(12):  85-98. 

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This paper discussed the earnings management problem of control right transfer in the perspective of shareholder's trait.This paper divided listed companies into the stateowned and the privateowned enterprises according to control right.Research results showed that when the largest shareholder transferred from stateowned enterprises into private-owned enterprises, the largest shareholderhad the motivation of earnings management.In other words, there existed possibility of loss of state assets during the privatization of state owned assets.When the transfer of the largest shareholder occurred between privateowned enterprises, there was significant difference of earnings management before and after.As private-owned enterprises were “rational economic man”, there also existed the problem of earnings management of achievements.When the largest shareholder transferred between state-owned enterprises, either paid or free transfers, there was no motivation for earnings management.

RESEARCH ON ALIGNMENT EFFECT OF MANAGERIAL OWNERSHIP
——Empirical Study on Earnings Persistence Based on A-share Listed Companies

SONG Jian-Bo,TIAN Yue

2012, 31(12):  99-109. 

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Alignment effect and entrenchment effect were two hypotheses of corporation's earnings persistence.This paper selected A-share listed companies after the equity division reform in 2007—2010, from the perspective of earnings persistence, and studied the convergence of interest effect of management ownership.This paper found that managerial ownership could significantly improve the listed companies'earnings persistence.Board of directors, supervisors and senior managers'shareholding played different roles on earnings persistence.The board of directors and senior management shareholding had more significant positive effects than the board of supervisors.This paper had not only enriched the study of managerial ownership on earnings persistence, but also obtained the supportive evidence of alignment effect.The insider control was no longer the restriction factor of managerial ownership system after the equity division reform.According to this paper, listed companies and regulators should take up a positive attitude towards managerial ownership, make specific equity incentive plans, and constantly improve the capital market and the corporate governance structure.