Abstrat:China has paid high accumulated macro-cost for the high growth of both investment and economy since the last two decades.Growth must be the main theme of China for a relatively long time.However,whats the scenario for the development pattern of high economic growth with high investment growth This paper analyses the macro-cost frontier of high investment growth and the critical value of growth with high cost.Then the paper points out that in the open economy,capital flow,external demand and supply shock will constrain the high-cost investment pattern.Therefore the government should balance the macro-revenue and macro-cost of high growth with extensive mode,restrict the low-efficiency investment and try to optimize the welfare of whole society.

Abstrat:Income inequality in China increased rapidly in the past 20 years,which is challenging growth sustainability,social justness and stability.By testing the hypothesis of existence of Kuznets curve,it is found in this study that income inequality has a trend of further increases in coming future,but no clear sign is found for its decrease in longer future.Meanwhile,econometric analysis indicates a number of variables that have either positive or negative effects on inequality,including variables relating to economic growth,income redistribution and social security systems,provision of public goods and infrastructure,and institutional arrangements.This indicates possibilities of controlling increasing inequality via rational policy adjustments.Policy implications are discussed.

Abstrat:This paper discusses the dynamic growth path of M_2/GDP,appropriate money supply in China.We find that the dynamic growth path of M_2/GDP in China has the characteristic of the logistic curve,will first rise accelerate,then rising speed will decrease,finally tend to a upper limit.This paper estimated the upper limit and the inflection point of Chinese M_2/GDP growth path.We also discover that it is not inevitable that the rising of M_2/GDP means inflation pressure increasing.Only ifM_2/GDP deviates dynamic growth path,money stability has been influenced.According to the above,we estimated appropriate M_2 supply quantity in 2005.We think that the central bank ought to continue to implement steady monetary policy,reasonably determines money supply quantity,and carry out financial reform and so on,to guarantee economy and money stability.

Abstrat:In this paper,we develop a view of the government shareholder as an entity that can both damage and benefit the companies in which it holds shares.We examine the ownership and control of 826 corporations listed on Chinas stock market,and find that government shareholding therein is notably large.Its effect on corporate value is negative,but non-monotonic.Up to a certain threshold,corporate value decreases as government shareholding stakes increase,but beyond this threshold,as government shareholding stakes continue to increase,corporate value also begins to do so.We argue that this concave relationship comes from the grabbing hand and the helping hand of the government shareholder and the influences of two hands vary upon the size of government shareholding.

Abstrat:The goal of this paper is to study the relationships among the land reallocation,tenure security and long-term investment incentives in Chinas agricultural production.In this paper,the long-term investments are first classified into two categories: not-land-attached and land-attached.The empirical results show that the reduction of land due to small-scale reallocation of land do affect the first category of long-term investment which is decreased significantly, while the increase of land do not increase the first category accordingly.On the other hand,the changes of land,i.e.,the security of land tenure,have no strong relationships with use of manures.The robust finding is that the low efficiency and development in agricultural production do not attribute to the comparatively frequent reallocation of land and poor land tenure determined by the Household Responsibility System.

Abstrat:This paper generalizes the Mei,Wu and Zhou2005 model to investigate the trading-based stock market manipulation in China where short sale is not allowed.The main results are:1 The irrationality of investors and the limits of arbitrage make the trading-based manipulation possible and profitable;2 when the initial endowments of speculators are positive,the market manipulator can make a profit even if the short-sale of stocks is prohibited;3 short-sale mechanism can help to eliminate trading-based market manipulation;4 in the pump period of a manipulation cycle,trading is more active and there are positive correlations among trading volume,return and return volatility;and5 the model is supported by Chinas stock market data.

Abstrat:Based on the human capital theory,this paper investigates the health demand in urban China applying Grossman model.Using 2000 wave of China Health and Nutrition Survey,we find that:1 Contract to the significant inequality of income,the distribution of health are relatively even;2 The education level of female has a significant positive impact on the health,but the education level of male does not;3 The males age has a bigger impact on the health than the females age;4 The effect of income or wage on the health is insignificant.Overall,our results indicate that the Grossman model predicts better for female population than for male population.

Abstrat:In this paper,Based on the Chan and Kogan、Bask and Cuoco models,we present a pure exchange equilibrium model of asset pricing.We consider two classes of investors with habits formations: one class have "external habit";the other class hasnt habit.We use the model to examine the effect of preference heterogeneity on investors optimal consumption sharing rule and assets prices.We find habit formation will change investors optimal consumption rule,wealth dynamic and consumption dynamic,but instantaneous Sharpe ratio of stock returns is as same as homogeneous case.

Abstrat:Based on the data obtained from the survey of 277 enterprises in China,this paper provides a scale including four factors which named strategy competence,management competence,governmental Guanxi competence and social Guanxi competence to measure the entrepreneurial competence,and analyzes the source of entrepreneurial competence and its efficiency on enterprises growth.The findings of this paper show that,firstly,entrepreneurial competence is determined by the economic structure and the entrepreneursbackground,especially the latter one;Secondly,Guanxi competence has little effects on enterprises growth when considering entrepreneurial strategy competence and management competence;Thirdly,entrepreneurs major function is to cultivate organizational competence in which can contribute to performance indirectly,but not to improve the firms performance.

Abstrat:This paper is a critical,discussional and academic book review which contrasts the talking-book with writing-book,points out the strain of the format and content,and demonstrates this book more a book about institutional philosophy than a book about institutional economics.This article criticizes the viewpoint of the book that theory can only explain theory,rather practice.Reviewing the development of modern institutional economics,this paper explicates advances and deficiencies on a few issues:such as the process rationality and situated rationality,equilibrium analysis and order description,hayeks law and rule notion,etc.In general,this book review aims to correcting possible misunderstanding about institutional analysis of economic.