Abstract:Since 1990s, particularly in the second half of 1990s, Chinas economy has achieved a great structural adjustment: the large amount of input in infrastructure construction has established the foundation of urbanization, and the pull of consumption and export has gradually upgraded the industrialization. Chinas economy has thus been driven by todays double engine of industrialization and urbanization rather than the single engine of industrialization in the past. The structural adjustment from Low cost industrialization to high cost urbanization and the corresponding change of fund flow and capital formation, brought about the high growth in recent years while challenged the sustainable growth in the future. The reform of government, financial system and fiscal system, and the improvement of resource allocation, will meet the challenge and ensure Chinas growth sustained.

Abstract:In reference to the viewpoint that the economic growth in China only relies on the factor of input, this paper first introduces relative theories on economic growth and then provides four facts that there exists increasing efficiency in China economic growth. Based on the review of how to calculate the total factor productivity TFP, this paper points out that the emerging economy differs from the developed economy in TFP calculation. This paper also explains how to calculate TFP for the emerging economy.

Abstract:This paper attempts to find out what caused the dissatisfaction under the “positive” monetary policy in the latest 5 years, and suggests that there appears a phenomenon of monetary “leakage” when “positive” monetary policy is implemented to boost the growth of substantial economy.Changes on public psychological anticipation, enlargement of difference in income distribution and inequilibrium between regional economic development are the straightforward or the most important reasons of“leaking”effect. They are interwoven to promote the monetary “leaking” during the transmission of “positive” monetary policy and caused serious“leaking”effect hindering the successful attainment of the target of the “positive” monetary policy. To improve the efficiency of Chinas monetary policy, the urgent task is to hold in the“leaking”effect. In the end, the paper gives some countermeasures concerning how to hold in the “leaking”effect.

Abstract:This paper investigates the relationship between debt financing, corporate governance and market valuation of the listed companies with theory analysis and positive test. We find the proportion of debt financing to total asset is not large. As a whole, debt financing plays an important role on corporate governance, and there is a significant relationship between debt financing and market valuation of the firm. But this relationship is not significant in those minority firms with too high debt to asset ratio. There is a positive reaction of the stock price with firms bond issuing.

Abstract:This thesis undertakes its reach on the basis of the 128 family controlled listed companies trading publicly in the Shanghai and Shenzhen security markets in 2002 and comes to the finding that the agency problem brought about by the family controlling characteristic in the capital market of China is emerging. There exists in the family controlled listed companies the first layer of agency relationship between the control rights of the ownership level and the departure of cash flow rights on the one hand, and on the other hand there also exists the second layer of agency relationship in the management level between family controlled listed company owners and family/non family employees. The research reveals that the first one has a negative effect on the firm value of the family controlled companies, while the second one has a two sided effect.

Abstract:This study examines the impact of product market competition and ownership structure on productivity growth in Chinas manufacturing listed companies. Using a panel data of almost firms over the years 1998—2001, We find that firms experience higher productivity growth when operating in markets with intense competition. Similarly, productivity growth is higher for firms with dispersed or high concentrated ownership. Our results also indicate that the positive effect of competition is enhanced by the presence of dispersed or high concentrated ownership. This results suggest the existence of complementarities between competitive pressure and ownership structure.

Abstract:Through the study on the relationship between position status, compensation structure of managers and corporation performance in Chinese public companies, the paper finds: there is an evidently slight relativity between stock keeping ratio and management performance, and incentive intensity of compensation level is more relevant to the relative value coming from the “longitudinal” and “transverse” comparison, there is not an evident relativity between corporation performance and annual pay, stock keeping ratio of managers taking two jobs, but an evidently slight relativity of managers carrying out annual pay system. The study shows: scale of capital, character of vocation, area coverage, structure of equity capital all have significant influences on managers annual pay, stock keeping ratio and management performance, the way to boost up the compensation incentive of managers in public companies is to build up the system of diversified compensation structure.

Abstract:Following Coases idea, we define the firm as a coherent organization for transaction of human capital usufruct. In firm authority relation substitutes price mechanism, and it reduces transaction costs because of “organizational coherence”. In our opinion, firm is a kind of coherent contract, while market is not. Organizational coherence links key employers to firm tightly. Firm has a lower critical transaction efficiency than market, owing to organizational coherence. The boundary of firm is limited by transaction cost and organizational coherence.

Abstract:One of the important trends shown in the 5 th 2000 census results is that the central provinces have experienced a remarkable output of the labor force in 1990s, and a steadily decrease with the total employment is observed in most central provinces. In contrast, coast provinces expand fast with the total employment and received huge volume of immigrants. This paper suggests that the rapid economic growth in the coast provinces benefits from the economic globalization process. As manufacture and other labor intensive industries are mainly established in coast regions, the newly produced employment opportunity replaced the de facto employment in central provinces, resulting unemployment and labor outflow in these regions. This paper argues that employment replacement, instead of income level, is one of the major reasons responsible for massive labor force transfer between central and coast regions.

Abstract:This paper analyse the theoretical signification and practical application of Taylor rule. Using the cointegration theory in econometrics, this paper then estimates the specific form of Taylor Rule in China. The results of cointegration test prove that Taylor rule can describe the tendency of China interbank offer rate appropriately and serve as an important foundation or indicator when central bank establishes its monetary policy. In view of policy lag problem, this paper further modifies Taylor rule by introducing forward looking Taylor Rule.