Table of Content

16 January 2014, Volume 34 Issue 1

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THE STUDY ON INCOME REDISTRIBUTION OF NATIONAL
POOLING TO PENSION INSURANCE OF MIGRANT RURAL WORKERS

MU Huai-Zhong, SONG Li-Min-

2014, 34(1):  5-15. 

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Income redistribution of national pooling to pension insurance of migrant rural workers centralizes on two functions: one is to narrow income gap; another is to facilitate pension transition around different areas This paper starts from income redistribution to research on the rationality and path choices of the national pooling of the migrant rural workers pension insurance, establishes income redistribution coefficient core model and submodel, puts forward nationwide pension insurance “two types” and “five schemes” , emphasizes on quantitative analysis about pension insurance level and income redistribution coefficient, finally through survival equity test and labor equity test determines substitution rate 10 percent central pooling is the starting program for the national pooling of the pension insurance at this stage

A QUANTITATIVE ANALYSIS FOR THE RELATIONSHIP BETWEEN
ECONOMIC GROWTH AND EMPLOYMENT GROWTH IN RECENT CHINA

SUN Wen-Kai

2014, 34(1):  16-26. 

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This paper investigates the reason of the unstable relationship between employment and economic growth Two questions are analyzed: whether there is a bias in the official employment data; and whether some specific factors play a moderating role in the relationship We clarify that the official data of employment is basically reliable; economic growth stimulates employment growth, and stateowned sector has moderating effect on the relationship between employment and economic growth and the effect are symmetric in different stages of an economic cycle

RESEARCH ON THE IMPACT OF INSTITUTION CHANGE ON CHINA'S
 VOLATILITY DURING THE TRANSITION PERIOD
——From the Perspective of Marketization

YAN Cheng-Liang-1, SHEN Chao-2

2014, 34(1):  27-37. 

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The impact of institution change on volatility is the focus of institutional economics and macroeconomics According to recent research, institution is the fundamental cause for longrun growth, as well as the determinate for shortrun volatility Current research explores the impact of political institution on volatility, whereas neglects the impact of economic institution on volatility With the data of 30 provinces from 1997 to 2009, this paper explores the impact of institution change on volatility through the panel data model It is found that the institution has a negative impact on volatility, with the institution quality improves by 1%, the volatility reduces by 0184% The policy implication of this paper is that, institution enhancing could lower volatility, as well as improve social welfare

CLOSED-ECONOMY CONSTRAINTS AND CHANGE
 OF EXCESS SENSITIVITY OF URBAN AND RURAL CONSUMPTION

CHEN Tai-Ming, DU Liang-Sheng

2014, 34(1):  38-51. 

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Closed-economy constraints hypothesis provides a new angle for interpreting excess sensitivity of consumption Based on Chinese provincial urban and rural panel data for the period of 1985—economy constraints hypothesis The results show that regionlevel consumption exhibits excess sensitivity to lagged regionlevel income, but regionidiosyncratic consumption exhibits substantially less sensitivity to lagged regionidiosyncratic income The change of excess sensitivity of consumption is attributed to less openness of international market than domestic market Chinese opening is still at its initial stage Further opening is important to decrease excess sensitivity of provincelevel consumption The possible approaches include enhancing financial openness and trade openness, expanding breadth and depth of trade openness, transforming development pattern of trade, implementing the strategy of polybasic market and diversified product, and reducing foreign trade logistics cost of inland area in China

RESEARCH ONTHE VALUE OF STATISTICAL LIFE OF
 RURAL MIGRANTS:BASED ON THE LMPROVED HEDONIC MODEL
——The evidence from Shanghai

PENG Xiao-Hui, WANG Chang-Wei, SHI Qing-Hua

2014, 34(1):  52-61. 

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：Based on the review of theoretical and empirical of VSL，using the survey data of rural migrants between 2009 and 2012 in Shanghai，According to the Hedonic model，the paper estimates the value of statistical life of rural migrants Regression results show that the fatal risk of industry has a significant effect on wage rates，Improved model is better than classical model used to evaluate statistical value of life the improved Hedonic model estimates the value of statistical is RMB 937 million，which is much higher than based on the classical model estimation results The reason is that the consumption is an important variable which left out in the classical model Regression with age group finds that the value of statistical life does not decline with age，the relation of them is inverted“U”，peaks in ones 4650，consumption improves the value of statistical life of older workerThe underlying policy implications for Chinas death compensation, production safety, environmental, and health policy of cost and benefit assessment has important reference value

GLOBAL VALUE CHAIN OR NATIONAL VALUE CHAIN
——Research on the Chain Choosing Mechanism of Chinese OEMs

XU Ning-1, PI Jian-Cai-1, LIU Zhi-Biao-2

2014, 34(1):  62-74. 

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Chinese OEMs receive very little profit which are captured by MNC in the global value chain (GVC), and they cant get their own brands and key technologies, so it is difficult for them to upgrade in the chain Choosing the national value chain (NVC) is an important way for OEMs to break through the blockage on technology and brand by MNC and achieve their chain upgrading This paper builds a model of OEM operating under GVC and NVC, analyzes the equilibrium profit of OEM and its influencing factors under GVC and NVC We conclude that the scale of local demand and the effect of digging, the effect on operating cost by OEM experience and fixed investment, and the international and domestic industrial environment are crucial factors which have an impact on the decision of choosing GVC or NVC We also undertake a case study to prove our theoretical analysis

THE HETEROGENEITY OF
VALUECREATING ABILITY OF LISTED COMPANIES
——Based on Binary Choice Quantile Regression Model

RUAN Su-Mei-1, DING Zhong-Ming-1Liu-Yin-Guo-1, YANG Shan-Lin-2

2014, 34(1):  75-86. 

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We apply the binary choice model to explain the binomial heterogeneous response in EVA The influence of ownership pattern, equity restriction and company size on EVA is discussed by mean regression and quantile regression analysis, respectively The empirical study focuses on Chinas listing corporations from 2009 to 2011 We find that all those three factors possess significant heterogeneity impact on EVA, where there are larger values at both upper and lower quantile As a result, we should pay more attention on those who has higher level or lower level EVA, and may take the “grasping the head and tail, diving intermediate” policy Second, the probability of positive EVA takes a “fold line and step type”,which implies that the probability does not change until cumulative value of each factor to a certain extent The policy implications are that accumulation of various factors should be prepared for improving the performance of EVA

MECHANISMS OF INTERACTION BETWEEN  
URBANIZATION AND AGRICULTURE TECHNOLOGY CHANGES
——Theoretical and Empirical Research Based on China's Data

LIU Wei-Qi-1, HAN Yuan-Yuan-2

2014, 34(1):  87-99. 

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Changes of agricultural technology includes both technological innovation and technology transfer Urbanization can not only directly have an effect on agricultural production and proliferation of new technologies, but also can promote nonagricultural technology transfer to agricultural technology through both direct and indirect ways Agricultural technology will be counterproductive in the urbanization level, in other words, it not only affects agricultural technology by affecting nonagricultural technology indirectly, but also has a direct impact on urbanization This paper analyzes the changes in urbanization and agricultural technology interaction mechanisms and does empirical research based on Chinese data We find that the impact of Chinas urbanization process on agricultural technology is not fully, we need to make full use of the power of urbanization to improve the level of agricultural technology, finally put forward proposals to promote positive interaction between urbanization and changes in agricultural technology policy

THE DETERMINANTS OF CAPITAL CONTROLS：
A THEORETICAL AND EMPIRICAL ANALYSIS

SONG Yu-Hua, ZENG Shao-Long

2014, 34(1):  100-112. 

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Capital controls and capital account liberalization had generated great concern of governments and the economics since the global financial and economic crisis This paper had developed a theoretical analysis of capital controls and capital account liberalization from the perspective of welfare by adopting optimal control technique It found that: (1) it was optimal to carry out capital account liberalization whenever the total wealth was above the total expenditure in finite time, and to carry out capital control forever when it is not meet (2) If the public expenditure was aimed to maximize social welfare, it was easier for moderately rich country to achieve the capital account liberalization (3) Capital controls should be applied in a countercyclical way to smooth booms and busts Finally, this paper made an empirical analysis of the determinants of capital controls by using data from 66 developing countries during 1980—2011 to verify the conclusion above