Abstract:In 2003, there came a great many hot debates on whether the economic growth in PRC was overheated. This paper points out that a series of great and profound changes had taken place in the conditions for PRCs economic growth, however,there were different opinions on the effects of these changes on economic cyclic fluctuations,which led to these debates. For the above, this paper analyzes the main four features of the background of this new economic cycle in PRC, so that we could understand better the economic situations, and enforce and improve the macro regulations.

Abstract:Generally,infrastructure is of congestion and pure public infrastructure is an extreme example.The investment in infrastructure can be both of exogenous and endogenous.To take the general congestion into account,the paper sets up an exogenous growth model as well as an endogenous model.This paper reached the following conclusion:when the exogenous infrastructure is of pure public,it can generate long run and sustainable growth rate.And when the infrastructure is of congestion it can also increase the long run growth rate.If the endogenous infrasturcture is of pure public,it can lead to constant endogenous growth and if the infrastructure is of congestion,it can also increase the long run growth rate which varies according to the degree of congestion.

Abstract:This paper describes the scope of Chinas service industry and the revision of the classification of services for production measurement, and discusses the problems in its measurement. The paper also proposes some measures which National Bureau of Statistics NBS of China will adopt in its accounting practice.In Chinas GDP measurement, the service industry refers to all industries apart from agriculture, forestry, animal husbandry, and fishing, mining and quarrying, manufacturing, production and supply of electricity, water and gas, and construction.China started GDP estimation in 1985. Subsequently the NBS adjusted the corresponding classification of services for production measurement in accordance with the Industrial Classification and Its Codes in National Economy in 1994. The paper describes such adjustment as well.Since China adopted MPS for a long period of time in the past and the history of measurement for service industry is comparatively short, there are many weaknesses in services estimation. The paper discusses the problems which exist in the measurement of services at current prices or constant prices, such as the gaps of the data sources, the problems in the measurement of real estate, the treatment of computer software, and the price indices of service industry, etc.NBS will adopt some measures to improve the service industry measurement, including establishing periodic economic census system and regular sample survey system, improving measurement of real estate and so on. This paper presents some of the major considerations.

Abstract:With a large power surplus of 10% in 1999, the Peoples Republic of China PRC is estimated to have a power shortage of 7% in 2004. The “power first" growth strategy of keeping some surplus capacity to meet unexpected power demand is necessary in supporting fast and stable economic growth. The power planning should be based on the long run relationship between gross national products GDP and power demand. This could avoid large surplus or shortage and therefore, minimize their impacts. It is therefore, suggested that i an effective “early warning system" for power shortage be established, and ii a national system planning based on the long-run relationship between power demand and GDP growth and taking into account the “power first" growth strategy be carried out urgently.

Abstract:The paper reviews the historical management system evolution of state forest farms. Under a multi-task principle-agent model, it analyzes the impacts of profit sharing and logging quota in state forest farms on the incentives of enterprise managers, especially the impacts of information asymmetry on timber logging and timber growth in state forest farms. Using data from 28 provinces and 5 distinct census periods, we examine what factors have lead to declines in forest growth, or equivalently, have increased the likelihood of unsustainable harvesting on Chinas state owned forests since the 1970 reforms, which gave increased autonomy to local forest managers. The key premise we assume, and then find to hold, in our empirical model is that the larger the information asymmetry between the state and forest enterprises, the greater is the reduction in forest volume growth and thus the less sustainable forests are managed. The area of state forests proves to be a very important predictor in unsustainable harvesting, and our results support the large, but untested, body of literature citing anecdotal evidence regarding manager behavior in large state forest holdings.

Abstract:The new classical capital market theory, of which the CAPM is the most representative one, starts from a number of assumptions such as perfect information and perfect rationality and arrived at some propositions about the subjective equilibrium and market equilibrium. But we have to keep in mind that there is a wide distance between the real market and the ideal market described by the new classical capital market theory and realize that the event study popularly used in empirically verifying the market efficiency hypothesis or informational efficiency hypothesis has a lot of methodological problems. It is far more important to take information asymmetry and investors irrational behavior into account and focus our attention on how to improve the real markets allocational efficiency toward ideal market.

Abstract:Value contrarian investment strategies, or buying stocks that have low market prices relative to a measure of their fundamentals such as earnings and book value, has long been a widespread investment style. In this paper we carry out an empirical research on the profitability of value contrarian investment strategies in the Chinese stock market We find that returns on value stocks portfolios are significantly higher than the returns on glamour stock portfolios when portfolios are formed using variables such as B/M and E/P. We then examine whether various risk factors can explain the return differences between value and glamour portfolios. While traditional CAPM beta has almost no explanatory power, the Fama-French factors are highly significant in explaining the superior returns of value portfolios but empirical support for higher co-moments co-skewness and co-kurtosis is mixed.

Abstract:Good news” and “bad news” have asymmetry effects on stock markets, which is important in asset pricing, portfolio and risk control. While the fact that different effects could occur in different stages are always neglected. The information effect on Chinas stock markets is different from that on foreign stock markets. We divide Chinas stock markets into “bull” and “bear” markets and detect the information effect in different stages using exponential ARCH EGARCH models. We then discuss the reason of the special impact from the point of investors expectation, structure, and the market microstructure. Finally, we point out several problems for further research.

Abstract:Based on the theoretical hypothesis of the classification of foreign investors and the decisive factors on the classification,this paper analyses the influences of foreign investors can make on a stock market,further the influences on the stock price of Chinas stock market,and the possible causes of market risks,both intrinsic and extrinsic.It also explores the means to avoid such risks under the guidance of QFII at a time of transition.

Abstract:The relationship between the all-round competitiveness of a local economy and scale of firms has long been a controversial question. Two approaches have been formed in peoples effort to answer this question. One is to predict that the increase of economic competitiveness goes with the scale enlargement of the firm,based on the returns to scale and the advantages of individual firms. An other is to predict that the increase of economic competitiveness does not go with the scale enlargement of the firm,based on the scale economy of a number of firms and advantages of the market. The former is one where marginal analysis is used while the latter is one where inframarginal analysis is used. As the two methods of analysis are not compatible with each other,the two theories formed seem to be not compatible with each other,too. This article uses the former method to come to the latter conclusion.

Abstract:Quality of accounting rules significantly base on the participation of stakeholders. According to the survey data of the stakeholders responds to the following six factors: cognition level of the accounting rules economic subsequences, magnitude of the attention to accounting rule setting, inclination for participating the setting process, the historical experience on participation, the agreement degree of holding hearings and the tendency to attendance, both significant relativity and apparent difference exist among the six factors which markedly influence the participation of stakeholders. And there exists significant difference among different stakeholders participation. In the end, this paper deems that the absence of realizing the economic subsequence, the inclination to be a free-rider in participation to the rule setting and the insufficiency of proper participation channel are the primary reasons for the low degree of stakeholders participation to accounting rule setting, and assuring the role and sufficiency of stakeholders participation is the basic precondition of setting accounting rules with high quality.

Abstract:This paper develops life-cycle models for four main social security systems namely the State Security System,Welfare State System,Compulsory Savings System and Social Insurance System. The life-cycles are similarly each other composed of birth,rising,peak,decline and death stages. China is undergoing the rising stage of the social insurance model and is expected to enter its peak in thirty years or so by a whole series of proposed efforts in economic reforms and policies.

Abstract:Social existence determines social consciousness is the basic research method of this paper. By using this method, the author analyzes one aspect of institution-moral in economics and evaluates the progress and retrogress of moral by the standard of efficiency of social colony cooperation. The paper defines the relationship between the moral self-discipline ability of individual and the moral conduct of individual as same as the moral conduct of individual and the moral fashion of social colony by analyzing the moral function. It analyzes the basic mechanism of moral evolution, and then illuminates the main thought of expediting the adaptable evolution of moral in social development.

Abstract:This paper synoptically introduced the evolvement and lately development in Industrial Organization field. Through Concluding the views and propositions bring forward by the different School researches,we can clearly see the internal relation and differentia existed in this subject. Again, the up to date progress in Industrial Organization field have also been reviewed. The purpose of this study is to provide us a scientific sight to look on the western frontier theory, so that we can borrow it to construct our own socialism market economy.