Table of Content

16 July 2013, Volume 33 Issue 7

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THE RESEARCH ABOUT THE EFFECT OF 3F ON THE INFLATION OF CHINA

XU Dan-Dan,LIU Zheng

2013, 33(7):  5-16. 

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Based on the three external factors (3F), global inflation rate, the international energy price and the international food price, this paper uses the Extended Phillips Curve to study the longterm relationship between the external shock and the inflation rate of China, and analyzes effect generated by these external shock factors by using VAR model Our results show that: in the short run, the global inflation is the main driving force for the rise of the domestic price level With the time passing, the impact of the international energy prices and international food prices gradually increases But in the long run, the adaptive expectations of the inflation and the output gap are the most important determinants of the price rise Therefore, in order to withstand the external shocks to the inflation of China, the government should manage the inflation expectation, construct the relative price buffer mechanism, and diversify the import channels of the agricultural product At the same time, the government should also control economic growth rate to prevent the inflation generated by the excessive investment

INSIDER TRADING REGULATION: INTERNATIONAL EVIDENCE AND IMPLICATION OF CHINA

HE Qing,FANG Rui

2013, 33(7):  17-24. 

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Insider trading undermines the fairness and integrity of the securities markets, which leads to dysfunction of securities markets However, regulating insider trading is difficult due to the unobservability of insider trading In this paper, we review the theories and regulations of insider trading From the perspectives of insiders, inside information, detection of insider trading, prevention of insider trading and insider trading legislation and remedy, we compare Chinas insider trading laws and regulations with those of US, Japan and European Union, and conclude several defects of insider trading regulations in China We provide several policy suggestions for the future reform

FINANCIAL PRESSURE, CURRENCY OVERISSUE AND THE SYSTEM OF THE MING NOTES

CHEN Kun,LI Zhi-Bin

2013, 33(7):  25-38. 

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This paper followed the analysis framework of“financial pressuresgovernment conduct”to dissect the institutional roots of the collapse of the Ming Notes The collapse of the Ming Notes was rooted in system design flaws as the center of finance This system was designed to meet government expenditure requirements and to avoid financial crisis Other words, the financial pressures of the Ming led to system design flaws as the center of finance, currency overissuing Finally, the collapse of Ming Notes system resulted in the Ming Notes to be out of circulation Financial pressure was the norm in ancient and modern government Financial pressure did not necessarily lead to the government to take predatory monetary policy In the UK, the financial pressure of the King led to the Great Charter and the outbreak of the “glorious revolution” to limit the royal power In the Ming dynasty, this problem was thoughtprovoking why not go onto the road of institutional change under financial pressure 

A TEXTUAL RESEARCH ON THE “MINSKY MOMENT”

LI Li-Li

2013, 33(7):  39-45. 

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“Minsky moment”has been widely used as a catchphrase among financial media, current affairs and academic publications since the outburst of the recent global financial crisis This textual research finds that though this term, invented by the descendants, has two different implications They both belittle and even distort the original idea of Minsky The label reduces and misinterprets Minskys “financial instability hypothesis” into mere “moment”, “time”, “financing taxonomy” or “irrational madness” As a result, each period of financial crisis can be dubbed the “Minsky moment” regardless of its specific features, while the dynamic mechanism described by the hypothesis is ignored The most important and inspiring contribution made by Minsky is the “Minsky dynamics”, which has still been neglected and even suppressed up to now

INSTITUTIONAL CHANGE OF DUAL FISCAL POLICY: A PERSPECTIVE OF PATH DEPENDENCE

QIN Hai-Lin-1,XI Wen- 2

2013, 33(7):  46-57. 

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The dual fiscal institution stemming from dual economic structure always executes a fiscal and tax policy which benefits urban sectors development but hampers rural sectors development It not only creates the longterm poverty of rural people, but also increases the urbanrural gap The results based upon analyzing institution change indicate that the institutional arrangement of dual fiscal policy has an inherent mechanism of selfreinforcement resulting in an obvious path dependence in its transformation，which results in the poverty of rural people in the long run and widens urbanrural gap Some policies should be taken to marginally reform dual fiscal institution and eliminate the economic environment which determined dual fiscal institution through marketization The dual fiscal institution change could be encouraged in the long run and an equal fiscal institution could be established for the balance of urbanrural economy

FINANCIAL DEVELOPMENT AND TOTAL FACTOR PRODUCTIVITY: LEVEL EFFECT AND GROWTH EFFECT

CHEN Qi-Qing-1,GUI Bin-Wei-2

2013, 33(7):  58-69. 

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Financial development could improve productivity through efficient channel and technology channel, and generates level effect (weak effect) and growth effect (strong effect) The standard to determine whether it has a positive impact for financial development to productivity is level effect Using data from Chinas provincial entities from 1978 through 2010, we find that financial development has a positive level effect and a negative growth effect to productivity, which implies that financial development has a decreasing positive impact to productivity Financial development plays a greater role to improve the allocation of resources than to promote innovation and technological progress

MANAGEMENT INCENTIVE, CAPITAL STRUCTURE AND VALUE CREATION OF LISTED COMPANY

RUAN Su-Mei-1,YANG Shan-Lin-2,ZHANG Chen-2

2013, 33(7):  70-80. 

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Based on the linear quantile regression model with interaction term, this paper investigates two stylized facts in company management The first one is to investigate the heterogeneous way of the impact on company value creation by three test The other is to describe how the conditional density of company value creation is affected by those factors through conditional density forecast The results show that: the implementation of incentive measures could improve the company value creation ability drastically, but different incentive methods have similar influence on the company value creation abilityBoth salary incentive and equity incentive can lead to the polarize phenomenon in company value creation, which plays an important role in improving company value creation

INCOME DISTRIBUTION IMPACTS OF CARBON TAX ON CHINESE URBAN RESIDENTS AND THE DESIGN OF CARBON SUBSIDY SCHEME

FAN Yong,ZHANG Hong-Wei

2013, 33(7):  81-91. 

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In this paper, the income distribution effect of the carbon tax is decomposed into direct effect and indirect effect. To measure the regressive effect, we use the methods of income and expenditure and the principle of inputoutput tables. We design two carbon tax subsidy strategies to weaken the regressive effect of carbon tax. It turns out that the levying of a carbon tax is undoubtedly regressive. The direct effect and indirect effect have different roles in the contribution of regression. The direct effect contributes to the most regression. While, the subsidy policy which is designed according to different income levels is more feasible and significant.

RESHAPE OF CHINA ECONOMIC DEVELOPMENT MODE BASED ON INDUSTRIAL STRUCTURE

LIN Guang-Bin

2013, 33(7):  92-102. 

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Based on the second national general economic survey data and statistical communique of national economic and social development, this paper analyzed the tremendous changes of industrial structure and ownership structures, the developing driven by investment demand, the serious disequilibrium between supply and demand, the Inadequate improving R&D Capability, the greater dependent on foreign demand, the mixture events between industry capital and financial capital. This paper studies the strategy priority for part economic development, the dualtrack system, the kind of exportoriented and profitoriented developing can bring about the industry structural unbalance of economic, which had been guided by the government. This situation can describe as helping the big company, the power man, the advantage location, foreign capital, the exportoriented firms. Therefore, the political options on development should be adjusted appropriately. Four centprinciples are proposed for the strategic adjusting of industry structure. The developing policy should speed up the process of industrialization; help the small firms and the creative activity, promoting the level of education and science; abolish the twist encouragement policy; accelerate adjustments in industries with excess capacity; improve the financial efficiency and reduce the costs of enterprise finance.

DISTRIBUTORLED SUPPLY CHAIN MODEL AND IMPLEMENTATION
——Based on Comparison and Transformation of Similar Distribution Channels

XIE Li-Juan

2013, 33(7):  103-112. 

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As manufacturers channel power being balanced or even transcended by the downstream distributors, traditional manufacturerled supply chain management model is limited, with the increasing strength of distributorled supply chain. According to relationship between supply chain and similar circulation channel, channel relationships based on distribution management can develop to supply chain integration relationships to improve efficiency. The specific application patterns include: wholesalerled supply chain based on extending of Wtypechannels, retailerled supply chain based on transformation of Rtypechannels, 4PL(Fourth Party Logistics)led supply chain based on decomposition of Mtype channels.