Abstract: Law and reputations are two principal mechanisms of market orders. Reputations are self-enforcing and more cost-effective as compared with law. In many occasions, law is helpless and only reputations can play a role. Furthermore, both the legal judgement and the legal enforceability rely on the reputational concerns of the parties involved. When people do not care for their reputations, law cannot be effective.In the commercial circle, the firm is assumed as a reputation bearer. The lack of reputational concerns of Chinese enterprises root in the insecurity of property rights and the governmental interventions. Reputations of law enforcers are also crucial for the legal system. For law enforcers to have incentives to build up their reputations, it is necessary to introduce competition into the judicial system.

Abstract: This paper shows that a commodity contract in agribusiness may well be valid for a long time. This long-term validity ensures that leading firms make the allocation of farmers land and labor factor. As a result, commodity contracts in reality have the same effect as factor contracts. The sustained validity of commodity contract is achieved through special investments and the binding power of the market force. Due to the special characteristics of agriculture, factor contract alone can have little effect in the agricultural process at the present stage. Our conclusion indicates that the views of Ronald Coase and Steve Cheung, both who argue that the difference between market and firm lies in the difference between commodity contracts and factor contracts, do not hold true. This conclusion not only provides a framework for the selection of contracts in agribusiness, but also explores the way forward for agriculture development in China.

Abstract: Along with the development and growth from Chinas non-state sector, the frequent brain drain from Chinas state-owned enterprises has caused so many problems that not only severely decrcase the efficiency of these enterprises but also make their prospects gloomy. However, confronted with the intense rivalry from the labor market, most state-owned enterprises have more or loss adaptively reformed or readjusted their rigid recruitment policy, obsolete personnel administration and ineffective rcward systems. With the framework of principal-agent theory, this paper examines the relationship between the two types of contracts: performance-related pay contract and brain drain-proof contract, which are widely used to attract and constrain talented employce by state-owned enterprises. Then, based on this analysis, it gives a model to show how brain drain-proof contracts cause deadweight loss and consequently reducc the value of state-owned enterprises. Finally, aimed at the weakness of the existing intitutions arranged for labor contract negotiation process of state-owned enterprises, this paper proposes a regulatory reform scheme.

Abstract: By an empirical analysis of Chinese economy, this paper illustrates that there is a long-term equilibrium relationship between the price index of consumption and money indexes in Chinese economy. In the short-term, there are two steps for expanding money to affect the inflation:one is affected by base money; one is affected by money. Based on these positive results, we suggest that expanding monetary polices could be implemented in Chinese economy, if institutional innovation of capital market can be kept on.

Abstract: Based on the convergence theory implicated in economic growth literature, this paper carries out an empirical analysis of interprovincial growth variance across provinces in China since 1949, especially since 1978.Our results show that not only the club convergence has been obviously exhibited, that is, the output per capita congregates within the east, middle and west districts respectively; but also the conditional convergence has been identified, that is, given the same level of human capital, market openness and other factors the economic provinces have demonstrated a certain growth convergence. The outcome of the paper also shows that the variance of the industrialization among provinces affects the growth convergence significantly.

Abstract: Through the comprehensive discussion about application of event study to securities markets, we conducted the simulated sampling selection by Chinese to securities market data to compare 3 models empirically which have been wildly used. The results present that the mean-a djusted model is superior to market model under Chinese market structure.

Abstract: This paper presents an empirical research on market timing ability of investment funds. It uses the Zhongxin indexes as benchmark. To make the results more reliable,It uses 3 models based on the specification of CAPM and 3 modification models based on the specification of Fama-French 3-factor model. In addition, to make the results more acceptable, I use the non-parametric tests,on the basis of information of annual reports and quarterly portfolio reports of those funds. The results show that the funds are lack of market timing ability,but have some selective abilities which are not significant.

Abstract:This paper uses high frequency data from Shenzhen Stock Market to conduct an empirical study of bid-ask spreads patterns and the associated determinants that affect bid-ask spreads by theory of stock market microstructure. To search for the characteristics of Chinas stock market microstructure, the models are formulated to test the factors that affect the bid-ask spreads patterns. The empirical study finds that there exists a “L" bid-ask spreads pattern in Shenzhen Stock Market, and the spread is relatively small. In addition, the factors that affect the bid-ask spreads include variance, price, and some trading time periods such as 1-hour after morning trading, 10-minute after afternoon trading and 20-minute before the market closes. These findings reflect some characteristics of Chinas stock market microstructure, they are not only helpful for us to understand the trading information and bid-ask spread patterns, but also very important for supervising market and re-adjusting trading policies.

Abstract: At the present time, world economy faces the threat of economic depression, it is very important that the explanation of the cause of economic fluctuation should be done correctly. Among modern western economics RBC model is a kind of frontier in explaining the cause of economic fluctuation, and it is a tendency in macroeconomics field. But something is wrong with it. On the basis of correcting RBC model, this paper provides imitation model to explain newly economic fluctuatin, and provides especial explanation of chinese government role in treating economic fluctuation by regarding it as model-man.

Abstract: By reviewing Ronald Coases substitutional logic of firm and market, this paper develops a framework, in which firm and market originate respectively from two kinds of different labor divisions. The nature of firm and market must be linked to the natures of general labor division and specific labor division: firm is a nexus of contracts which are reached by different factors owners to share the residual of cooperation, while market is a system of institutional arrangements in which goods owners will trade on comparative advantage. The relationship between firm and market is compliement instead of substitutional. The conclusion explains the expansion of firm both in scale and in quantity. It also explains the expansion of market scale.