Abstrat:In this study, we used the Covariance-based Principal Component Analysis PCA to measure and analyze the progress of human development in Chinese provinces since 1990. The association of the main principal component obtained from our study and the China human development index reported by the United Nations Development Programme was estimated by the Spearmans rank correlation coefficient. This study suggested that PCA can be used as an effective alternative to traditional HDI technique. In addition, by examining the dynamic weight structure derived from PCA, we can track the changing roles of different aspects, like longevity, knowledge and decent standard of living, in the overall human development progress. Also found is that in China, seriously unbalanced developments have been found among the three aspects of human development, and the overall regional disparities of China have being increasingly attributed to regional economic disparities. The key to eliminate the unbalanced developments is to emphasize more on the role of government in public service delivery, and facilitate government transition towards service orientation.

Abstrat:The female labor force participation rateFLFPR has been declining during economic transition. The trend is more prominent for those women who are aged or have received less education. And at the same time, the gender income gap has been expanding. The husbands income cant fully explain the change in FLFPR. While the earning gains have been greatest for high-income men, the declines in FLFPR have been greatest for wives of low-income men. For women overall the increase in husbands income can account for 12.87% of the decline in FLFPR since 1995, while for women in low-income families, the same factor can only account for 7.74%. Our conclusion is that the decline of FLFPR is not the result of increase in family income, but the result of the severe labor market status.

Abstrat:There are huge amount of non-performing loans in Chinese banking sector, but many investors are eager to enter this area. The commercial banks in the whole face a serious lack of capital, but the regulator wouldnt allow the new investors into the sector. The paradoxes are caused from unsuitable banking regulations and taxation. The conclusion is that the banking regulation based on the capital adequacy can eliminate the phenomena and improve the efficiency of banking sector.

Abstrat:Informal finance exists extensively and has been playing an important role in SME financing in developing countries. This paper tries to rationalize the extensiveness of informal finance. To do so, a model including formal and informal lenders, high- and low-risk borrowers with or without sufficient collateral is set up. The informal financial lenders have advantage over formal financial institutions in collecting “soft” information about SME borrowers to overcome the information asymmetry. The paper shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way, and once informal finance is allowed to co-exist with formal finance, the allocation efficiency of credit resources can be improved, a socially optimal outcome is shown here.

Abstrat:The Formation of fund style is the result of investors participation and selection behavior. From this aspect, we must combine the supply of fund style and the demand of investors risk management to rate fund. From the perspective of investors participation and selection behavior, this article considers the difference of investors demand of risk management, that is, investors different target return according to investors different measure criterion and different risk perception. This article studies fund style, investors demand of risk management and the relationship between them through analyzing fund style, the index of downside risk and constructing the index of risk averseness that connects analysis of fund style and the downside risk index, thus, this article forms a new frame to rate funds.

Abstrat:China joined the WTO in 2001 and has to fully open up its insurance market to foreign competitors by 2006. However, the domestic insurance market is overwhelmingly dominated by a few large state-owned or state-controlled firms. As the market is still underdeveloped and the demand for insurance is rising exponentially, there exists huge potential, opportunities as well as challenges for non-state, foreign and joint-venture insurance companies. Efficiency is a key concern of policy makers to encourage further development of the insurance industry. This paper focuses on this important issue. It uses a panel data set of 22 firms over the period 1999—2002 to evaluate their efficiency scores applying a DEA approach. It then employs an econometric model to identify the key determinants of efficiency. The empirical results suggest the direction of how to improve firm efficiency. It is found that firm size, ownership structure, mode of business and human capital are important factors affecting firm performance. The results shed important light on policy design and implementations on future development of the insurance industry with WTO obligations.

Abstrat:Opinion shopping has attracted extensive research in accounting. Through solving a dynamic game, this paper analyzes the characteristics of and regulatory strategies to the opinion-shopping behaviors with variable income APVI or fixed income APFI. The results show that the portion of the opinion-shopping income to the auditor lies on the discount rates of the auditor and the manager. But the portion of APFI is higher than that of APVI. The investors optimal regulatory strategy cant eliminate the behaviors of opinion shopping. Different investors have different optimal regulatory strategies to APVI, but have the same strategies to APFI. The same investor has different strategies to APVI and APFI. Under APVI, the investors utility must decrease. But under APFI, the investors utility may not decrease.

Abstrat:Based on Chinas listed companies, this paper empirically investigates the complicated effect of state ownership on firm performance in a quantile regression framework. We find that state shareholders play a positive role by monitoring insiders more while politically intervening less in those listed companies with poor performance, while insignificant effect by state ownership is observed in those strong companies. Managers soft budget constraint expectation hurts performance of all listed companies,which is affected by operational risk and based on the presence of state ownership. Compared with those firms with relatively good performance, listed companies with the worst performance present significantly larger magnitude of both the positive effect by state shareholders monitoring insiders and the negative effect due to the soft budget constraint expectation. Although the net effect of state ownership through above two channels is always negative in all listed companies, this negative impact is the strongest in those companies with the weakest performance. A direct policy implication is that government share adjustment should be started from listed companies with the weakest performance.

Abstrat:In this paper, two types of strategy the seller can use to disturb bidding process by an agent are introduced into auction games. Their impacts on the auctions are discussed under two information settings: undiscriminating case and discriminating case. It is showed that the result of revenue-equivalence-theorem does not hold on under the conditions. This model can be used to explain a strategic behavior of seller in reality.

Abstrat:According to three dimensions of institutionalization, I divide international institutional arrangements into four fundamental forms: informal agreements, self-enforcing formal agreements, general formal international organizations and supranational organizations. How the states make the choice among these various international institutional arrangements I attempt to develop the model for institutional choice in the international relations from the perspective of Transaction Cost Economics in this paper. Interstate transaction costs include interstate governance costs and interstate contracting costs. Generally speaking, interstate governance costs will decline and interstate contracting costs will rise with the increase in the degree of institutionalization. States will trade off between interstate governance costs and contracting costs when they make the institutional choice. As rational actors, states will choose the institutional arrangement that minimizes the interstate transaction costs if transaction benefits are given. According to the model for institutional choice, I put forward the six hypotheses relevant to sensitivity for issue-area, homogeneity of states, transparency, asset specificity, uncertainty and transaction frequency.

Abstrat:This article look back the research history on the cyclical economic fluctuation in China on Economic Research for 20 years and more, and this history could been divided into three stages, which are explanatory stage, strategy stage and active stage. From then on, it not only open up a new research field on the cyclical economic fluctuation in China and push forward the development of Marxist theory on modern cyclical economic research, but also fostering a great number of the academic researcher and a strong team as well.