Working Papers
WP1363Title:Economics of China’s Shadow Banking: Driving Growth FactorsAuthor:LI  Wenzhe   View Count:6
       Abstract:In recent years, the spectacular expansion of China’s shadow banking attracts broad attention from both academia and policy makers. Beyond traditional on-balance sheet bank loans and bond investment, how did shadow banking develop to a scale as high as RMB 5 trillion yuan? This paper systematically reviews development of shadow banking since 2002, and comes to conclude that shadow banking essentia
WP1362Title:The Joint Problems of Cooperatives, Kantian Social Contracts, and Howarth Principle of Surplus DistributionAuthor:Xu  Jianming  and  Li  Wenpu   View Count:6
       Abstract:Agricultural operation mode has been a classic issue in political economy. Generally considered, the principles of cooperatives which International Cooperative Alliance outlined are universal. However, there is hardly any formal economic model to proof the rationality of the cooperative principles so far. The conventional wisdom in academic theory takes the cooperatives as enterprises. Cooperative
WP1360Title:Research on the Micro-Effect of Interest Rate LiberalizationAuthor:Zheng  Manni,  Li  Wengjing  and  Liu  Jianhua   View Count:14
       Abstract:Chinese mechanism of loan prime rate concentrated quotation and release was officially launched in 2013. Through this exogenous event, this paper used the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2016, as well as the "Difference-in-Differences Estimator", to test whether and how the interest rate liberalization affect firms’ investment decisions and investment efficiency
WP1356Title:Do State-owned Enterprises Hamper the Improvement of Resource Allocation?Author:Li  Yan  and  Yang  Rudai   View Count:35
       Abstract:Based on the background of SOEs reform and restructuring of the supply side, we explore the effect of local protection of SOEs on the efficiency of resource allocation by using Chinese firm-level data from 1998 to 2007 and 2013. We find that resource allocation plays a waning role in boosting TFP and local protection of State-owned enterprises has significant negative relation on the efficiency of
WP1351Title:Confucianism and EntrepreneurshipAuthor:Zhang  Chuanchuan,  Shen  Guangjun,  and  Chen  Binkai   View Count:36
       Abstract:The relationship between culture and economy is the main focus of cultural economics. Using data from a series of nationally presentative surveys of migrants, this paper employs the epidemiological approach to study how Confucianism impacts entrepreneurship in modern China. The findings are as follows. First of all, migrants are more likely to be self-employed if they come from provinces influence
WP1350Title:Why the Company didn’t have the Sustained R&D Tax Reduction and Exemption?Author:Wang  Chong  and  Jiang  Xiaoyun   View Count:36
       Abstract:Starting from the virtuous circle of tax incentive and enterprise R&D, this paper studies the sustainability of the R&D tax reduction and exemption, including the qualification of high and new technology enterprises. The generalized Heckman Selection Model is used to identify the enterprise selection under R&D tax reduction admittance, and the endogenous treatment effect model is set up to study w
WP1348Title:Heterogeneity of Monetary Transmission Mechanism and the Matthew Effect of Liquidity Allocation in Real EconomyAuthor:Yang  Jisheng  and  Xiang  Jingjie   View Count:45
       Abstract:A financial system is supportive or not for real economy depends on whether it can flood key areas and weak links with liquidity, which means allocative efficiency is more important than total supply. Based on quantile regression model with interactive effects, this paper measures heterogeneity of the impact of monetary policy on corporate liquidity, so as to study the allocation of liquidity amon
WP1346Title:Relative Performance Evaluation and Mergers and Acquisitions: Theory and Empirical EvidenceAuthor:Li  Guangzhong,  Li  Jie,  Zhu  Jiaqing  and  Li  Xinchuna   View Count:41
       Abstract:We develop an oligopolistic model to investigate the impact of relative performance evaluation (RPE) on firms’ mergers and acquisitions (M&As). We find that ceteris paribus, strengthening RPE lowers the probability of corporate M&As, but an increase in market competitiveness will attenuate this effect. Moreover, the Difference-in-Difference estimation results show that the executive compensation r
WP1345Title:Can Investor listen to the voice and get excess return?Author:Liu  Liya,  Chen  Ruihua  ,  Min  Min  and  Zhu  Xiaoneng   View Count:60
       Abstract:Psychology literature believed that human voice, facial expressions and the body language play important roles in the information delivery process. If so, can investors in the stock market capture this kinds of information from the voice channel? We collected the investors communication conference call held by China A-share listed companies during 2013-2016, and first recognized the sentiment in t