Abstract:Can modern growth theories explain the facts of Chinas economic growth If so, what kind of growth theory is more suitable for Chinas economic growth Empirically, we use the general method for testing endogenous growth theory proposed by Jones 1995, and found that neoclassical economic growth models and R&D-based endogenous growth models are strongly rejected by time series evidences, while AK-based endogenous growth models are reasonably consistent with the stylized facts of Chinas economic growth. We also found that technical progress measured by total factor productivity is not the engine of Chinas economic growth. Theoretically, we incorporate “learning by doing” into Solow model, and argued the engine of Chinas economic growth and the reason of fitness of AK-based endogenous growth models to Chinas economic growth.

Abstract:While the income distribution mechanism is being transformed gradually to the “distribution according to factors” in China, it is still not very clear quantitatively or statistically where the asset factor of production non-labor factors, such as capital assets and land, are allocated in terms of ownership and usages, and what roles they are playing in the income distribution. This paper is one of the first attempts to give some estimation in order to answer these questions. It also tries to identify the problems in the asset factor statistics and makes recommendations for improvement.

Abstract:Purchasing a listed corporation is a new phenomenon in Chinese stock market in recent years. According to the index of ANOA and CROA, this paper divides all 67 sample corporations in Shenzhen and Shanghai stock market in 1998 into 6 different types, each one has its own reason for M & A. Calculated on the data 2 years before M & A and 3 years after M & A, the paper also points out the effect, gain and loss in a M & A process. Then the paper analyzes different buyers position state owned or privately owned, and different methods of transfer accounts paid or without paid, and different results reached respectively in M & A. The conclusions are: Companies with bad performance are more willing to sell share than those with good performance. Most of the M &A are strategic, and the main motive force to M & A is to be on the list. The main businesses of the corporations are strengthened after M &A. Compared with other forms, marketed and strategic M & A, and compensated M & A can have better effects.

Abstract:M&A led to the change of stock price of acquiring company and target company, so it changed shareholders wealth of acquiring firm and target firm. This paper uses event study framework to test 349 events of M&A of listed companies in China during 1999—2000. The authors find that M&A can significantly bring the wealth to shareholders of acquiring firms, but can not significantly bring the wealth to shareholders of target firms. Different types of M&A will have different wealth effects. And if the ratio of national shares or institutional shares is the biggest, the shareholders of acquiring firms can increase the wealth significantly. But the wealth of shareholders of target firms is not affected by equity type structure significantly.

Abstract:This paper makes a basic judgment of the comprehensive influence of WTO accession on Chinas industry on the basis of analyzing what the trade liberalization brings about by the law versions of Chinas accession to the WTO. It is not so obvious that Chinas industry is affected by WTO accession during the transition period of the accession because many effects of Chinas market opening to the world have not come into play. However, after the transition period, the comprehensive influence of the trade liberalization on Chinas industry will become more and more strong as every aspects of the impact of Chinas systematic openness to the world has been producing and affecting each other. The most important influence of WTO accession on Chinas industry development will come into being from 2005 to 2010 if there is not any other thing happen.

Abstract:The purpose of this paper is to explain the relation between policy-based loans and postal savings. The main findings are as follows: Firstly, the main reason why the central bank has acquired postal savings as its deposit is to ensure the source of funds for policy bank since 1994. Secondly, this paper presents some data about policy-based loans and discusses the flow of funds within the policy-based finance system. Policy-based loans have depended heavily on central bank credits and the main sources of funds are mobilized through postal savings. Thirdly, we also analyze the structure of interest rate of policy-based finance, which can shows policy loans and postal savings receives enormous interest rate subsidies from central bank. Therefore, we point out some problems of policy-based finance and postal savings, and put forward some corresponding policy proposal of system reform.

Abstract:The research on the transaction behaviors of securities investor is one of the important academic approaches of the efficiency of securities market. On the basis of the transaction data of 7894 individual investors from a securities transaction department, demonstrations were separately made on the “policy-dependent bias”, “over-confident bias” and “the hazard of over-trading to investors wealth”. The outcomes show that these biases really lie in the transaction behaviors of individual investors. Some suggestions are put forward to eliminate these biases.

Abstract:This paper holds that the core of the securities companys brokerage business is the pricing of commission, while the clients dealing behavior is the important foundation of the pricing. Based on relative behavioral finance research, this article conforms proper commission pricing model and bring forward innovative suggestions on the mode of brokerage business management, which is concluded from massive client trading data and character analysis.

Abstract:In Chinas current medical system, it is a common practice for some players such as doctors and administrative departments of hospitals to deviate from their normal behavioral mode for example, they collude with the pharmaceutical representatives. Aiming at opening out the rationale of such aberrant behaviors and based on the N-player Game Theory and the Principal-Agent Theory, the research shows that it is the absolute control of the government in the game that deduces the efficiency of hospitals defined as the formal organizations of N-player coalition and aggravates the risk of principal-agent in hospitals. Inefficiency of hospitals induces and causes aberrant behavior and should account for the invasion of the medical-drug collusions defined as the informal organization into the medical system. Furthermore, we prove that some of the reforms in practice are unable to eradicate the collusions.

Abstract:Based on the authors experience in rural economic development studies, this paper discusses a number of key issues in the application of empirical approaches. By offering lessons in defining subject matter, literature research, first-hand information collection, data processing, and report writing, the paper suggests special ideas with regard to the implication of operational methods to the entire research process.