Table of Content

20 August 2013, Volume 33 Issue 8

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POPULATION STRUCTURE, HUMAN CAPITAL STRUCTURE AND ECONOMIC GROWTH

FANG Fu-Qian,ZHU Ling-Min

2013, 33(8):  5-16. 

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The population structure and human capital structure changes with the development of economy, which also affects economic growth pattern This paper contributes to the literature by developing a micro-two-section model to depict the population structure and human capital structure in detail We focus on the effects of the retired family and unretired family, physical capital and knowledge capital, general knowledge capital and specific knowledge capital on the economic growth We find that in the earlier stage an economic entity must depend on the physical capital and specific knowledge capital to realize the quantity growth and catching-up In the following stage, economic growth must depend on the general knowledge capital supplemented by physical capital and specific knowledge capital

PROMOTING NEARBY AND LOCAL URBANIZATION
BY INTERACTION BETWEEN URBAN AND RURAL AREAS

LIU Wen-Yong-1,YANG Guang-2

2013, 33(8):  17-23. 

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Behind the phenomenon of “Fake urbanization” and “Semi-urbanization” in China, there are some conflicts between urban and rural areas The high-quality urbanization in China is crucial to the nearby and local urbanization development Allowing farmers keep lands is key to the rural industrial development Moreover, rural industrial development relies on the interaction of market and industry between urban and rural areas A series of reforms are needed in China: establishing rural large enterprises with integrations of research, production and sale; resolving some problems of rural labor migration, land transfer, low level financing and technology and management; constructing the basis of interest exchange in the interaction of market and industry between urban and rural areas, optimizing the ways of cooperation of industry between urban and rural areas, promoting the industrial cooperation and specialization between urban and rural areas

STUDY ON “DUAL TRACK” MONOPOLY AND THE COMPENSATION DIFFERENCES BETWEEN URBAN AND RURAL LAND EXPROPRIATION AND DEMOLITION

LI Tao,XU Cheng-An

2013, 33(8):  24-33. 

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Under the background of the “dual track” management between rural collective land and stateowned land, buyer monopoly is an important characteristic in expropriation and demolition market of urban and rural land, resulting in large differences in expropriation and demolition compensation The results of expropriation and demolition compensation of urban and rural land in aspects of time and space suggest that compensation per land area of rural land is far less than that of urban land, while compensation per capita of rural land is higher than the later Moreover, estimated results from Theil Index reveal the difference of land expropriation compensation under different weight This difference mainly be due to the system arrangement of “dual-track” monopoly management on land expropriation and demolition, land finance and land market

DOUBLING INCOME FOR RESIDENTS: SYSTEMATIC CONSTRAINTS AND INSTITUTIONAL RESPONSE

MA Wan-Li,LI Qi-Yun

2013, 33(8):  34-46. 

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Fiscal decentralization is the institutional power to promote economic growth However, it results in systematic constraints of income doubling for residents and worsens national income distribution, which caused the systematic conflict between the economic development and peoples livelihood improving and made household enjoy less benefits from the economic growth Its essential to view Chinese fiscal decentralization as a complete system, and design the system program by clarifying the power mechanism and limitation and transform the current fiscal decentralization with the innovative thinking, which are the fundamental measures to keep the income distribution properly and to double the household income

STUDY ON IPO PRICING EFFICIENCY IN CHINA
——An Analysis Based on the Comparison of IPO Underpricing Rate and EFF Value

CHEN Xun-Bo-1,HE Yan-Lin-2

2013, 33(8):  47-59. 

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IPO pricing efficiency is a research focus in the IPO market This paper comparatively analyzes industry characteristics and institutional characteristics of the IPO pricing efficiency in China by using the IPO underpricing rate, the EFF value indicators and the sample of new shares issued and listed for the first time in the Shanghai and Shenzhen Ashare market The main conclusions include that the industry difference is not significant of the mean EFF value and is significant of the mean IPO underpricing rate, Chinas IPO pricing efficiency is not increasing over time, EFF and IR value dont show any characteristics of trend On this basis, this paper argues that the main reason of Chinas high IPO pricing efficiency is not the low issue price on primary market, but investors irrational investments on secondary market and the semimarketoriented reforms The fundamental way to improve the pricing efficiency of IPO lies to marketoriented reforms

STUDY ON THE CARDIOTONIC EFFECT OF EXPORT BEHAVIOR ON FIRM SURVIVAL
——Empirical Analysis from China Enterprise Panel Data in the year of 1999—2008

LU Yu-Duo,YU Jiao,LIU Hai-Yang

2013, 33(8):  60-71. 

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Using Kaplan-Meier productlimit estimation method and COX proportional hazard model, this paper empirically testes the failure rates of Chinas newly established 633589 enterprises in the year of 1999-2008 From different latitudes, we make an comparative analysis whether export extends enterprises survival time, and find that : (1) export can effectively reduce the failure risk of enterprises, and significantly improve the survival probability; (2) industries, regions and ownership types of enterprises play an important role on the influence of export on enterprise survival; (3) the influence factors of enterprise life are extensive, furthermore Chinese enterprises survival condition is affected by the enterprise scale, profitability, financing ability, the industry and the area in western traditional industrial organization theory, also by the ownership and the established time which are decided by Chinese special national condition

DOES MANAGER POWER AFFECT THE VARIABILITY OF CORPORATE PERFORMANCE

YANG Ji-Dong-1,LIU Cheng-2

2013, 33(8):  72-83. 

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This paper investigates the relationship between manager power and performance variability of listed coporation in China The result indicates that CEO total power has positive influence on variability of corporate performance, but statistically insignificant different from zero; position power is negatively associated with the variability of annual accounting return, but ownership power and reputation power has positive impact on variability of corporate performance, and entrenchment power has no significant effect We also find that financial constraint can mitigate the influence of CEO power The implication of this paper can deepen our understanding about how to improve corporate governance in China

DO CASH COMPENSATION ENCOURAGE MANAGERS TAKING RISK

ZHANG Rui-Jun-1,LI Xiao-Rong-2,XU Nian-Xing-1

2013, 33(8):  84-100. 

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The study on risk-taking is a hot issue in finance recently, especially after the global financial crisis Our empirical results show that, first, the increase of managerial incentives can improve corporate risk taking Second, the nature of ultimate controlling shareholder and sales growth do influence this relation In SOEs and firm with low sales growth, the positive relation between managerial incentives and risk taking is weaker Third, the increase of risk taking can improve firm performance Finally, we find risktaking plays a mediation role in the relation between managerial incentives and firm performance Our results are robust after using 2SLS and 3SLS to deal with the endogeneity problem Therefore, we extend the research on the relation between managerial incentives and firm performance from the new perspective of risk taking, and our results have important implications for the design of managers compensation contract of listing firms in China, especially for the SOEs

THE SHOCKS AND EFFECTS OF EXTERNAL PRESSURE ON RMB APPRECIATION
——An Investigation of American Pressure

XIAO Wen,PAN Jia-Dong

2013, 33(8):  101-112. 

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The paper studies the effect of the external pressure on the RMB appreciation, based on Game model, VAR model and event study Firstly, this paper builds a game model of the domestic and foreign interest group to analyze the effect of external pressure on the appreciation of RMB exchange rate, and conclude that external pressure has an effect on the appreciation of RMB; Secondly, this paper estimates the changes of exchange rate of RMB before and after the US pressure on China, which reaches the conclusion that United States pressure has no great effects on the appreciation of RMB, however the legislative events have more pronounced effect than the chief events; Lastly, this paper builds a VAR model to investigate longterm and shortterm influence The empirical results show that external can not promote the appreciation of RMB in the longrun equilibrium while in the shortterm equilibrium, external pressure will force the appreciation of RMB exchange rate significantly