Table of Content

16 September 2013, Volume 33 Issue 9

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THE EFFECT DIFFERENTIAL HYPOTHESIS OF
THE LAND CONCENTRATION ——The Effect Comparison of Land Concentration between the
Agricultural Economy and the Industrial Market Economy

HUANG Shao-An-1, XIE Dong-Shui-2

2013, 33(9):  5-21. 

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Land concentration is one of the most important issues in the land relations of Chinese history. The traditional view is that the extent of land concentration in Chinese history is very high. Land annexation and concentration were based on the class exploitation and robbery. This paper reexamines the land concentration problem. Based on a comparative analysis of land concentration effect between the agricultural economy periods and the industrial and market economy background，this paper presents a hypothesis that different periods have different economic and political effects. This paper provides a theoretical support for promote the transformation of Chinas peasant economy and achieve the land concentration as well as largescale operation.

THE POLITICAL ECONOMICS OF
RENMINBI EXCHANGE RATE REGIME

WANG Jin-Bin

2013, 33(9):  22-30. 

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The choice of exchange rate regime is a question which a politics and the economy blend mutually. Firstly，the Renminbi exchange rate regime must serve in the benefits of Chinas exportoriented economy growth pattern. Secondly，the internal and external imbalances do not need to be adjusted reversely through the exchange rate so as to keep the comparative advantages of Chinese economy. Finally，The choice of Renminbi exchange rate regime must be helpful to the Renminbi internationalization.

WHAT CAUSES THE CONSUMPTION INEQUALITY IN URBAN CHINA

LI Tao, ME Hai-Liang

2013, 33(9):  31-40. 

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The paper introduces consumption inequality as an important indicator reflecting economic inequality，and systematically studies the determinants of consumption inequality of Chinas urban households. Based on the survey data about Chinas interprovincial urban household and the recentered influence function regression method，the paper obtains the following important findings：family income inequality and net assets inequality are the important reasons for consumption inequality of Chinas urban households. Furthermore，there are other factors contributing significantly to consumption inequality of Chinas urban households，such as household heads gender，marital status，physical conditions，religious beliefs as well as family structure and so on.

THE RESEARCH ON TECHNICAL ANALYSIS AND EXCESS RETURNS

ZHANG Xue-Yong, GAI Ming-Yu

2013, 33(9):  41-50. 

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Whether technical analysis can bring investors excess returns is one of the financial problems widely concerned by theorists. Early studies mainly adopted traditional ttest method，leading to the conclusion that technical analysis was invalid；while along with the widespread computer application，many scholars，such as Brock used the bootstrap method based on the measurement error of ttest，drew opposite conclusions. Subsequently，some researchers paid attention to the nonlinear correlation of stock yields，by using the feed forward artificial neural network model，got the idea that technical analysis was effective. However，the reduced extra yields by elimination of data snooping and application of genetic programming model made the effective conclusion be questioned largely. So far，there is no consistent conclusion in terms of this problem that if technical analysis is valid，leaving a large researching space.

RESEARCH ON THE OPTIMAL SCALE OF
 URBAN LAND FINANCE IN CHINA ——Evidence from 35 Large and Medium Cities

QIAN Hui-Xiong-1, ZHANG Li-Na-2

2013, 33(9):  51-63. 

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Taking urban agglomeration as a measure，this paper creates an optimal scale of land finance model，and investigates the experiences of Chinese 35 largemedium cities. The research shows that：there exists an optimal tax rate which can make the city agglomeration reach maximum value，this optimal tax rate has a positive relation with industrial product expenditure share，the increasing rate of the real estate marginal cost，the trade cost，expenditure efficiency of land finance，and a negative relation with the consuming elasticity of industrial product.

ADVERSE THIRD FISCAL AND UNFAIR INCOME DISTRIBUTION

CHENG Kan-1, LUO Jing-2

2013, 33(9):  64-70. 

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The Third Fiscal refers to the financial resources distribution activities due to government controls on the profits of stateowned economy. Despite of international financial crisis，the profits of stateowned enterprises have been increasing in recent years. In this article，we construct a market model where stateowned enterprises oligopoly in the upstream industry and private enterprises face perfect competition in the downstream industry. Our model demonstrates that stateowned enterprises grab the innovation benefits of the downstream private sectors through their power of monopoly，which constitute of most their high profits. However，the Third Fiscal income is almost entirely enjoyed by the people within the system，so the income gap continues to expand. The process of industrialization and the low wages brought by extra labor supply make the labor compensation share of GDP continues to decline in China. Under the current regime，the Third Fiscal itself becomes one of the reasons for the deterioration of the unfair distribution of the income. It is an adverse mechanism of financial resource allocation. As a result，we should try to adjust it through fiscal expenditure.

ENTERPRISE SCALE AND THE ASYMMETRIC
EFFECTS OF MONETARY POLICY

XIAO Zheng-Yan, GUO Yu-Mei, PAN Lu

2013, 33(9):  74-86. 

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Based on the financial accelerator theory，this paper introduces the heterogeneity of enterprises into a DSGE model，to investigate the asymmetric effects of monetary policy on enterprises of different scales in China. The main conclusions of this paper are：the smallsized enterprises respond more strongly than largesized enterprises when the nominal interest rate is adjusted. The output of smallsized enterprises decreases nearly three times as largesized enterprises do，because of the large gap in the financing capacity of heterogeneous enterprises. In addition，monetary policy shocks are amplified by credit market，and there is a significant effect of financial accelerator in the economy of China. Consequently，the monetary policy tools should be chosen cautiously according to the asymmetric effects on enterprises of different scales.

THE EFFECTS OF ECONOMIC OPENNESS AND FINANCIAL
CRISIS ON CHINAS CAPITAL ALLOCATION EFFICIENCY

ZHANG Zhong-Yuan

2013, 33(9):  87-99. 

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Using 163 Chinese manufacturing industries data during 19992010 across 30 provinces，the paper examines the effects of economic openness and financial crisis on Chinas capital allocation efficiency. Using Wurglers （2000） methodology，the paper investigates the different effects of economic openness on Chinas capital allocation efficiency since the financial crisis. The empirical results suggest the foreign openness decreases its negative effects on the regional capital allocation efficiency significantly since the crisis though it damages the improvement of the regional capital allocation efficiency on average，while the export openness deteriorates its effects on the regional capital allocation efficiency since the crisis though it boosts the regional capital allocation efficiency on average. The paper also gives some polices suggestions according to the findings.

RESEARCH ON CHINAS PROVINCIAL AGRICULTURAL PRODUCTION
EFFICIENCY AND ITS INFLUENCING FACTORS UNDER THE
 CONSTRAINTS OF CARBON DIOXIDE EMISSION

QIAN Li-1, XIAO Ren-Qiao-2, CHEN Zhong-Wei-1

2013, 33(9):  100-112. 

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Based on system theory，this paper puts carbon emission into the study framework of agricultural production efficiency. Firstly，we measured Chinas 30 provincial agricultural production efficiency using three DEA models，and then explored the efficiency differences of each province and three major areas. Four kinds of models of utilizing resource were put forward，and Tobit model was utilized to examine the affecting factors of Chinas agricultural production efficiency. The result revealed that Chinas agricultural production efficiency has been improved in the past，but remained very low，because the pure technology efficiency was low. There were relatively significant differences in the agricultural production efficiency of all provinces and three major areas. The efficiency of eastern is highest，and the west and middle areas’ efficiencies were lower than the average efficiency of whole country. The model of utilizing resource is low economic and low environment in 60% of all provinces，these are mainly from the Midwest of China. It is found that enhancing the ability of resisting the disaster，rural power consumption and R&D expenditure，have remarkable facilitation for improving the agricultural production efficiency. But the level of basic education，industry structure and rural financial supports effects were not significant.