Abstract: The current difficulties in public finance at county and township level in China reflect the accumulated contradicitions in the governmental grass roots level financing which stem from the insufficient support of institutional transition in the social structural transition,and connects government system,fiscal system under the provincial level and productive elements market formation lag in rural area closely.Based on the analysis for three major fiscal system factors aggravating the grass roots level finacial difficulties,authors have the following proposals:1To reduce the governmental and fiscal system levels from five to three in China;2To promote fiscal system reform under the provincial level according the principle of corresponding regime power with responsibility,financial power,tax base,budget,property right and borrowing decision making at each level,and enhance the downwards intergovernmental transfer payments,so as to improve the tax repartition system;3To promote the institutional innovation of productive elements mobility in the rural and county & township government jurisdiction areas.

Abstract: In this paper,we present the fiscal theory of price determinacy,under the non Ricardian policies,we show that the initial price is determined by equating the real value of nominal government debt to the present value of government surpluses.

Abstract: Having entered into the new century and developed with the globalization of economy,more and more countries around the world carried out the programs of tax cut.It seems that a newround worldwide tax cut is under way.Since 1998,the Chinas tax revenue has been increasing annually,and it has played an important role on the improvement of the government macroeconomic control and the national economic situation.However,the long term abnormal increase of tax revenue has aggravated the burden of enterprises and residents,depressed the domestic investment and consumption,and also hurt the international competition capability of enterprises.Under the current domestic and international situation,China,for the purpose of benefiting sustainable development of the national economy,should perfect its tax systems and implement the policy of moderate tax reduction.

Abstract: The socioeconomic conditions undergirding Marxian Theory of Value have been changed dramatically as a consequence of the so called “Management Revolution” and “Capital Revolution”.The separation among capital investors,entrepreneurs and business managers indicates that,in todays economy,the origin of value is no longer just manual labor,but the combined labor consisting of entrepreneurial,managerial,professional as well as the unskilled labor.As a result,the surplus value is no longer exclusively claimed by capital investors,but to be shared by capital investors,entrepreneurs,and managers as well as other relevant human capital owners.The rules governing the sharing of the surplus value among these groups depends on various factors,such as capital scarcity,and technical intensity as well as measurability of different categories of labor.In brief,the fundamental reason for some categories of labor to claim a share of surplus value is their growing human capital intensity.Similarly,the ultimate reason for capital investors to obtain a share of surplus value is the continuous existence of capital scarcity.In the final section,this article explored briefly the policy implications of the proposed theory for the ongoing socialist economic reform.

Abstract: This paper studies the theory of socialist social labor and labor theory of value and it points out that Marxian theory concerning the creation of value and its methods must be completely and accurately understood,that intraditional political economics the serics of concepts which are in incomplete agreement with Marxian original ideas and alienation from economic life of reality must be clarified,that Marxian theory of labor value must be developed and that the fields of value creation and productive labor must be expanded.

Abstract: It is very important to develop more and more complete infrastructure system in the process of industrialization to meet the development need of manufacturing industry.But there is also a difficult choice for the government how to stress the public investment between the two sectors in the short period and long run.This paper will analyse the co\|relatinos between infrastructure and the manufacturing industry growth from international experience especially Chinas case in the past two decades.We found that there are very close links between the two sectors,but the roles of different kinds of infrastructure,infrastructure in different regions and different period of industrialization are different to the development of manufacturing industry,We suggest that Chinese government should invest the public funds in the infrastructure fields more wisely in order to promote the coordinate\|development between the two sectors.

Abstract: In researching the relation between the efficiency of technological innovation and the size of an enterprise and the structure of market,the traditional theory concentrates on the power and efficiency by which the organization structure of an enterprise controls its internal resources.However,the results from a lot of experimental study cannot explain that.Through comparative analysis of the insufficient efficiency of technological innovation in the existing organization structure of an enterprise under different system,this paper points out many obstacles in the mechanism with which the technological innovation of internal resources of an enterprise carries out the commercialized development of state of the art high\|tech achievements.This kind of obstacle has proven the limitation of the traditional theory.In recent decades,the new contract modes appearing in a lot of venture investment enterprises have been integrating their resoures from outside,their organization have been widely proven effective in overcoming the technological innovation obstacle.Through analyzing the technological innovation principle of venture investment mechanism,cases for experimental research are provided for renewing the traditional theory.

Abstract: Information underload and overload which distorts investors decisions are twins in the securities market,and some insider\|controlled companies which deliberately released misleading information exacerbate the investors welfare condition.This empirical study is intended to bridge the modern statistical techniques and financial data process,and provide new screening approach of data process under the condition of asymmetry information.We have proved that the approach effectively decreases investors dependence on the information released by the invested listed companies,and the chance of being misled by the “topics and concepts”.We have chosen the domesitcally listed companies in telecommunication industry as a demonstration,which illustrated how the model works.

Abstract: This paper analyzes the article “A Study of Herd Behavior of Financial Markets Based on Decentralization Degree” written by Song Jun and Wu Chongfent,and points out there is some problem in their method of analysis and logic of demonstration.Then we buildup a more senstitive herd behavior test model based on the CAPM,and do some empirical research on the stock market in China.We find out:there does exist herd behavior in the circumstance of frequent intervention of policy and serious information asymmetry,and consequently the systematic risk accounts for a significant proportion of the total risk.

Abstract: abstractCorporatism,namely tripartite partnership,exists worldwide,especially in the industrialized countries in the west,no matter you realize it or not,although they differ in the degree of levelsnational,regional,industrial or enterprise,and so on.It is a feature of a modern state or of a welfare state,and a historical phenomenon and a phase of the soical development,which can not be leaped over and has made the survival of capitalism since WW2..The recently issued Trade Union Act makes legal firstly in Chinas history the collective negotiation at enterprises level,which will not only soften the social conflicts at the present but also significantly become in the future the first pillar of the tripartite welfare regime in China and means the turn point for the transition of the welfare regime in order to match with its market oriented economic institution.In this process we should pursue the value of our own and set out the rational expectation in order to avoid the current problems happened in the west.

Abstract: Differing from the main stream theory which treat investors motive and expectance as a calculus process to maximize their utility,the authors treat investors motive and expectance as investors participating in investment decision and develop a framework based on this point of view. In this framework,participation index is used to describe investors attitude and sense,inferred from investors motive and expectance during investment decision\|making. Different investor groups resulting from different participation indexes interact on investment decision\|making and this interaction determine the genesis and evolution of investment order which actually affect the make of investment decision.Uncertainty resides just in the subjectiveness and undesigned of investment order evolution.