Table of Content

16 December 2014, Volume 34 Issue 12

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THE QUALITY OF ECONOMIC GROWTH ON THE DEVELOPMENT：
CONCEPT，MEASUREMENT AND EMPIRICAL ANALYSIS
——From a Micro Perspective of Development Economics

YE Chu-Sheng,LI Hui

2014, 34(12):  17-34. 

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As the economic growth in China is beginning to step into the “New Normal”，some special attention should be paid to the quality of economic growthThis paper defines the quality of economic growth as qualitative change contained in the progress of economic growth，and proposes an analytical model of the quality of economic growthThis paper calculates the index of the quality of economic growth of the nation and applies a structural equation model with comparative analysis among the east，middle and westThis paper finds as follows：It presents an inverse Ushape relationship between economic growth and capability，which will be deviated from the original purpose of development to pursue GDP excessivelyEducation contributes most to the promotion of capabilityExcess gap of income is harmful to the promotion of capabilityThere exists a significant structural feature in the distribution of peoples capabilityThe index of the quality of economic growth is highest in the west，and lowest in the middle

THE EVOLUTION OF HETEROGENEOUS EXPECTATIONS
AND FORMATION OF CHINA HOUSING PRICE BUBBLES

CAO Qing-Feng

2014, 34(12):  35-43. 

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This paper divides the expectations of housing market investors into two categories of robust expectations and risky expectations，and measures the impacts of heterogeneous expectations on the formation of housing price bubbles when the investors can alter their expectations according to the market dynamics based on the evolutionary finance methodsFurthermore，we identify the types of different cities housing price bubbles and find risky expectations play dominant roles in the formation of housing price bubbles while the impacts of robust expectations are also significant and the main housing price bubbles type of east region cities is strong risky expectations and strong robust expectations while middle and west region cities is weaken robust expectations

RESEARCH ON IMPLEMENTATION MECHANISMS AND DYNAMIC
CHARACTERISTICS OF FISCAL POLICY WITH NONLINEAR EFFECTS

CHU De-Yin,LI Shan-Da

2014, 34(12):  44-55. 

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Based on endogenous classification method in fiscal adjustment period，this paper used smooth transition regression models to study implementation mechanisms and dynamic characteristics of fiscal policy in 1980—2012It came to the following conclusions：Firstly，the nonlinear effect of fiscal policy changed through consumption channel and influenced the consumer expectationsSecondly，the combinations of noKeynesian effect of fiscal policy under different conditions and the fiscal policy tools were certain differencesWhen the primary budget surplus/GDP was less than the critical value of -0045 0，fiscal revenue had nonKeynesian effects on consumer demandOn the contrary，when the primary budget surplus/GDP was greater than the critical value of -0045 0，fiscal expenditure on consumer demand had nonKeynesian effects to some extentIn addition，the governments initial sizes of the debt and the magnitude of the fiscal adjustments were not important factors to the nonlinear effects of fiscal policy in our countryThis paper provided the theoretical basis and decision reference for the government，and improved operational efficiency and operational effectiveness of fiscal policy in China

ANALYSIS OF MACRO LEVEL RISK OF CHINAS FOREIGN
DIRECT INVESTMENT BASED ON FUZZY CONSISTENT MATRIX

YAO Yao,CHENG Hui-Fang

2014, 34(12):  56-62. 

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International political and economic environment implicate increasing uncertainty in the postfinancial crisis eraThe macro level risk of foreign investment of our country is increasingAssessment of host countrys macro level risk is become an important part of OFDI decision making processThis paper analyses political and policy risk，macroeconomic risk，market risk，sector risk，operation and management risk of Chinas foreign direct investmentFuzzy consistent matrix method is applied，with OFDI restrictiveness indices，percentage change of constant price GDP，interest rate and number of firms went bankrupt as indicators，to analyze macro level risk in fifteen OECD countries，which are important host country of Chinas outward direct investmentThe results give an overall risk assessment of the countries，and a new method of OFDI risk assessment based on a fuzzy analysis is built

ON THE GROWTH LIMITS TO CHINAS COAL DEMAND AND ITS CONTROL

FANG Xing-Ming-1,YANG Jin-Ying-2,ZHENG Huan-3

2014, 34(12):  63-73. 

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This paper used panel data to establish a Kuznets model between coal demand and economic growth with two factors of industrialization and urbanizationThe regression results showed that the industrialization and urbanization of China resulted in the fast growth of coal demand and the role of industrialization was greater than that of urbanizationThe process of industrialization was the main reason for the growth of coal consumptionMoreover，per capita GDP growth brought an initial phase of coal consumption growth followed by a subsequent phase of coal consumption declineIt fitted a characteristic of Kuznets between coal demand and economics growth，which would be an inverted Ushaped curve in ChinaThe model also showed the turning point of coal demand would appear in 2040However，both coal demand and production had their growth limitsThe government should adopt some effective measures to control the growth of coal demand，promote the turning point to come ahead of time

THE INFLUENCE OF JOB SEGREGATION ON GENDER
DIFFERENCES IN EXECUTIVES COMPENSATION

YANG Wei-Guo-1,CHEN Yu-Jie-2

2014, 34(12):  74-92. 

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By using the data of Shenzhen stock exchange and Shanghai stock exchange from 2005 to 2010，this paper explores the differences between male and female promotion as well as its influence on the gender differences in executives compensationWe use Brown decomposition methods to analyze the gender difference of compensation between and within the different job levelThe results show that women have been underrepresented in corporate management，and the ability threshold value of female executive is significantly higher than that of the male executive，that is，the standards for female executive to get a promotion are higher than male executiveSecond，there are significant gender differences between executives compensation5593% of total gender differences are due to differences within the same job level，the other 4407% is differences between different job levelsMeanwhile there are more than seventy percent gender difference cannot explained by education，work experience and other observable factors

DOES FIRMS IDIOSYNCRATIC RISK AFFECT CEO FORCED TURNOVER
——Evidence from Chinese Listed Firms

HE Qing,LI Dong-Xu

2014, 34(12):  93-106. 

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This paper examines the shortterm opportunistic behavior during the CEO forced turnover from the perspective of the firms idiosyncratic riskWe find that facing the threat of forced turnover，the CEO tends to improve the firms performance by taking extra risk so that the CEO position can be securedThis phenomenon is particularly significant in local stateowned firmsThe results suggest that the economic growth of Chinese listed firms is accompanied with risk accumulationIn addition，this paper discovers that CEO entrenchment would strengthen the idiosyncraticCEO forced turnover sensitivityFinally，we put forward some according policy suggestions to the results