Table of Content

16 March 2014, Volume 34 Issue 3

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CURRENCY OVERISSUING OF CHINA: CRITERIA, CAUSES AND TREATMENT

FAN Cong-Lai, WANG Yong

2014, 34(3):  5-13. 

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By the end of October 2013, the broad money balances of China reached 107 trillion yuan, M2/GDP has been rising all the time in China, the ratio of monetization is nearly 200% now. The ratio of M2/GDP is also widely used to support the point of China now do exist currency overissuing. But simply corresponding M2 to GDP, demonstrating currency overissuing is lacking of rigorous theoretical and logical structure, besides, the explanatory power of economic variables is also inadequate. Analysis on the ISLM model showed the crux of high ratio of M2/GDP is not the amount of money too much, but the monetary impact on economic output in low efficiency. The focus needs to shift from currency overissuingto create the institutional environment for monetary policy.The settlement way is not blocking but dredging

THE INFLUENCING FACTORS OF
INTERNATIONAL TRADE INVOICING IN RENMINBI
——In the Perspective of General Equilibrium Analysis between Large Nations

SHI Long-Xiang

2014, 34(3):  14-24. 

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his paper theoretically analyzes the effect of monetary shock on currency invoicing in the circumstance of nominal and of real wage stickiness by a threesector (two tradable sectors and one nontradable sector) model of general equilibrium analysis. The crucial factors of determining currency invoicing are substitution elasticity of tradable products, market share ratio of domestic selling to export, as well as the moving gap of transaction cost of trade nationscurrencies due to fluctuation of exchange rate. In order to promote international trade invoicing in Renminbi, China should take the import products which have large elasticity of substitution and high relative market ratio in intraindustry trade with United States, European Union and Japan as main objects to be invoiced in yuan. In addition, China should also advance convertibility and circulation of Renminbi, keep stable value of Renminbi as far as possible in order to reduce its transaction cost compared to international trade invoicing currencies.

ENDOGENOUS DRIVING FORCES FOR
SECTOR CHANGE IN CHINA:DEMAND OR SUPPLY

YU Ze, ZHANG Xiao-Meng, LIU Feng-Liang

2014, 34(3):  25-35. 

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The endogenous driving forces for sector change include demand factors and supply factors. This paper builds an integrated model with these factors. Through calibration and simulation, we find that income growth and capital deepening are relatively important factors for sector change in China, and the difference in technology growth in different sectors has little influence. It is very important factor to promote sector structure that keeping reasonable growth rate of investment, in order to pull economic growth, increase income and deepen capital. Further, we should increase the ratio of technology growth in the first and second industry.

RESEARCH ON WHOLESALE DEPENDENCE
IN CIRCULATION INDUSTRY GROWTH
——Empirical Analysis Based on Industrial Classification Samples

WANG Xiao-Dong

2014, 34(3):  36-47. 

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Since China's reform and opening up, China's circulation industry has achieved rapid development and is now the basis and origin of the national industry. In theory, wholesale distribution plays an important role in the development and benign growth of modern circulation industry. Based on samples classification of industrial products, this paper analyzed the role of wholesale industry in current overall growth and retail sales growth and proved the wholesale dependency in the process of circulation growth. In the circulation growth of the new period, agglomeration advantages of wholesale should be paid much attention to in industries that have high wholesale dependence.

THE ANALYSIS ON DYNAMIC EFFECT
OF SERVICE AGGLOMERATION ON PRODUCTIVITY
——Evidence from 261 Cities in China

WANG Jing-Jing, HUANG Fan-Hua, YU Cheng

2014, 34(3):  48-58. 

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Based on twostep system GMM method, this paper empirically analyzed the dynamic impact of service agglomeration on service labor productivity by using the urban panel data of 261 cities in China from 20002011. The results indicated as follows. Firstly, service agglomeration significantly promoted labor productivity growth in service sector, while the lagging one would have negative correlation between productivity. This result suggested service agglomerations congestion effects and agglomeration effect would achieve different equilibrium situation at different times. Secondly, crossmultiplication item between service agglomeration and lagged GDP per capita was not conducive to improve service productivity，the positive impact on service industry would be influenced by economic development levels. Thirdly, manufacturing agglomeration, physical capital and human capital were conducive to enhance service labor productivity. In addition, this paper studied the dynamic productivity effects of urban service agglomeration in the eastern, central and western region and suggested the corresponding policies and measures.

STUDY ON THE HIERARCHY EVOLUTION
MECHANISM OF ORGANIZATION ROUTINES

CHEN Yan-Liang-1, GAO Chuang-2

2014, 34(3):  59-69. 

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Structural embedding of organizational routines is the source of organizational routines entity level properties. On the basis of exploring the hierarchy and interactive mechanism, this paperconstructs a framework of the hierarchy evolution of organization routines to clarify the hierarchical structure of organization routines,and analyses the evolution path of organization entity hierarchy to set up a connection bridge of routines from micro to macro research.

OPPORTUNITY RECOGNITION AND FIRM PERFORMANCE
——The Mediating Role of Business Model Innovation and the Moderating Role of Environment

GUO Hai-1, SHEN Rui-2

2014, 34(3):  70-83. 

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This paper examined the mediating effect of business model innovation and the moderating role of environment on the link between opportunity recognition and firm performance. Results showed that opportunity recognition was positively linked to firm performance, and business model innovation mediated this relationship. Furthermore, environmental munificence and demand uncertainty weakened the impact of opportunity recognition on business model innovation, but competitive intensity strengthened this impact.

THE US AND WORLD CRISIS IN HISTORICAL PERSPECTIVE

［Fr］Robert Boyer

2014, 34(3):  84-94. 

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The new classical macroeconomics and mathematical finance have both failed to anticipate the present crisis or explain why the present crisis is so severe. This is because they only considered pure market economies devoid of institutions and without concern for historical and structural transformations in contemporary economies. This opens the door to a political economy analysis of the transformation sin sociopolitical alliances since the demise of the Fordist growth regime. The shift toward marketbased financial systems, financial liberalization, and globalization, gave unprecedented power to international financiers and has led to the current economic and financial crisis. Controlling finance requires resolute action by public authorities and the pressure of citizen social movements. Financial reregulation is closely related to the relative bargaining power of nationstates and international finance.

A LITERATURE REVIEW ON THE INTRINSIC MECHANISM OF
 INSIDERS SELLING BEHAVIOR IN THE LISTING CORPORATION

XU Zhao

2014, 34(3):  95-111. 

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This paper believes that the insiders selling behavior in listing corporations has its intrinsicmechanism. The insiders selling behavior is somewhat out of increasing their liquidity, some reallocation of assets, and some obtaining excess returns using the information advantage. No matter for what purpose or what kind of motivation, starting from the rational economic mans point of view, insiders are trying to maximize their own utility and interests. The research literatures of insider trading have been too numerous to enumerate, which are covering wide scope and perspective of the numerous different, so this paper is committed to summarize the existed literatures to find intrinsic logic of the existing research. This paper studies the intrinsic mechanism from four aspects of insiders liquidity constraints, market effect of insiders trading, motivation of insiders selling behavior and legal effect of the insiders selling behavior.Furthermore, this paper extended to the Chinas special environment of capital market to make a full map of the insiders behavior, hoping to provide some theoretical contributions for future research.