Working Papers
WP1208Title:Reverse Merger, Shell Value and Resource Allocation EfficiencyAuthor:Qu  Yuanyu,Shen  Tao  and  Wu  Weixing   View Count:4
       Abstract:China Securities Regulatory Commission imposes strict restrictions on IPO, giving rise to the shell value of the listed firms in China. With a comprehensive hand-collected reverse mergers (RMs) sample in China, we are able to identify the shell value of listed firms and find that it has a size of 3.3 billion RMB. We then explore the determinants of shell value and the probability of being a shell.
WP1207Title:Does Environmental regulation cause pollution to transfer nearby?——Evidence from Chinese citiesAuthor:Shen  Kunrong,  Jin  Gang  and  Fang  Xian   View Count:3
       Abstract:Pollution transferring nearby not only destroys the scale effect of pollution control, but also fails to fundamentally avoid the problem of concentrated emissions, will lead to greatly reduced effectiveness of environmental governance. Based on the spatial lag of X model (SLX), this paper firstly matches the data from urban yearbook, the public environmental research center and the industrial ente
WP1206Title:Research on the Relation Between Population Structure, Exchange Rate and Economic Growth RateAuthor:Chang  ZhongZe  and  Mao  Pei   View Count:4
       Abstract:In the context of the new normal, China's economic growth rate down, the population structure is distorted, domestic supply and demand imbalance, the external environment is more complex and other issues are very prominent. This paper tries to explain the relationship between exchange rate fluctuation and economic growth, from the angle of population structure, with the method of "two division of
WP1205Title:Time-lag of foreign exchange payment, Openness, and exchange rate pass-through: Analysis based on DSGE modelAuthor:Guichuan  Deng  and  Danyang  Xie   View Count:22
       Abstract:Considering the time-lag of foreign exchange payment under the specification of local currency pricing(LCP), the paper constructs a two-countries DSGE model to analyze the impact of time-lag of foreign exchange payment and openness on pass-through of exchange rate. Theoretical analysis and simulation results show that: (1) after introducing time-lag of foreign exchange payment, exchange rate can a
WP1204Title:Housing Market Fluctuation and the Effectiveness of Macroeconomic ManagementAuthor:Huang  Zhigang  and  Xu  Wei   View Count:15
       Abstract:This paper sets up a dynamic stochastic general equilibrium model with multi-sector to study the relation between housing markets and business cycles, and to analyze efficiency of combinations of policies under investment shocks. Simulations demonstrate that, when the leverage rate of housing markets increases, housing markets become more volatile, causing unstable macro-economy. Housing markets i
WP1203Title:Why the Rich Are More Rational Investors, But the Poor Are More Rational Consumers?Author:Chen  Zhuo  and  Huang  Shaoan   View Count:29
       Abstract:This paper models and analyses the relationship between a decision maker’s degree of rationality and his wealth level. By introducing some behavioral economic concepts, such as limited self-control and ostrich effect, and describing formally the interaction among neuro-systems, this paper developed a model, predicting to empirical facts: First, the degree of rationality varies with wealth level. S
WP1202Title:Executive Stock Incentive and Major Shareholder Tunneling——Study on the stability of collusion between shareholder and manAuthor:Liu  Jingjian,  Ji  Danning  and  Fu  Jie   View Count:31
       Abstract:By introducing collusion compensation into the agency model, this paper explores the effects of executive equity incentive to the stability of collusion relationship and tunneling from major shareholder. Through numerical simulation and normative analysis, we elucidate the mechanism of executive equity incentive on tunneling from three aspects, namely income effect, risk effect and position transf
1201Title:The Effects of IPO on Technology Innovation Performance and its Structural TransformationAuthor:Hu  Zhiqiang,  Zhao  Meijuan  and  Jiang  Yang   View Count:33
       Abstract:Based on the data of the listed and Non-Listed Firms in GEM, our empirical study got some implications about the effects of IPO on technology innovation performance and its structural transformation: technology innovation performance has been improved in a time window of three years, which means completing IPO on GEM board has a positive impact on firms’ technology development. Moreover, technolog
WP1200Title:Researches on Effectiveness of Structural Monetary Policy in China——Based on Differentiated Deposit Reserve PolicyAuthor:Wang  Liyong  and  Ren  Jin   View Count:31
       Abstract:The article studies the effectiveness of structural monetary policy taking differentiated deposit reserve policy as example with RD and DID models. The results show that in the RD and DID models with economic growth and the proportion of the first industry output value as explained variable, the coefficient of policy dummy variable and DID estimator are significantly positive, which means that dif