Abstract:Private economy,whose development has played an important role in Chinas gradual reform and economic growth,is in a difficult financial position in recent years.As an endogenous element in the reform,private economy is doomed to get no financial backing from the state congtrolled financial system without harming its capital structure.This essay argues that the way out of the position for private economy is not to change the state owned banks credit behavior or to set up many medium and small sized exogenous financial institutions by government or to facilitate its access to stock market.The key is to create a climate fit for the development of an endogenous financial system.Only under such a system the internal financing mechanism of private economy will not be harmed.

Abstract:The forecastability of merger and acquisition of companies,like that of bankruptcy,profitability and stock price,is a hot issue debated among financial economists and investors for long time.Whether the merger and acquisition can be predicted,means whether excess profits can be gained according to public information.This paper studied the merger and acquisition of Chinese A share listed companies during 1998—1999 by means of Logit conditional probability model.The estimating model can strongly demonstrate the merger and acquisition,yet satisfied prediction is not able to be achieved.The empirical results support the semistrong efficient market hypothesis.

Abstract:The effectiveness of stock market is achieved when investors make or change their investment under the steering of information.Accounting information is an information which has major characteristics and is not easy to understand for investors.This paper makes an analysis about investors demands for listed companies accounting information based on investigation and comparison between the investigation results and current disclosure of listed companies accounting information.We conclude that main indexes,segmental information,human resource information and financial forecasting information should be improved or strengthened,and suggest that price altering information should not be disclosed by listed companies.

Abstract:Water management and institutional arrangements are important measures for dealing with water shortage problems.The purposes of this paper are to have a better understanding of property right innovation in the groundwater irrigation system and to generate policy implications for irrigation system reform in China.An econometric model on property right innovation is developed and estimated using a unique set of data from randomly selected 30 villages in 3 counties in Hebei Province.The results show that the collectively owned groundwater irrigation system has been gradually replaced by a more market oriented private or quasi private irrigation system since 1980.Major determinants of the property right innovation in groundwater irrigation system are the increasing water shortage problems,stresses from local population growth with declining land endowment,village or community economic power,human capital of the community,market development,and finance and credit policies for the water works.Based on the findings of this study a number of policy recommendations are made for the future reform of agricultural irrigation system in China.