Abstrat:The over expectation of RMB appreciation is basically due to monetary reasons. But actually the appreciation pressure on the real economy level is not so significant. RMB will remain relatively stable while moving in both ways and sustaining small appreciation. The floating range will be enlarged when its right time to do that Meanwhile, the influence of exchange rate on the fundamental infrastructure of international trade has been weakened and we can never rely on exchange rate to adjust the trade unbalance automatically. China and the United States should strengthen the cooperation to jointly adjust economic structure for both countries. For China, we need to further highlight the domestic-demand-oriented strategy, and together with the effort of other Asian countries in economy and currency, gradually ease over dependence on the US economy.

Abstrat:Contrasted with the regular annual statistics,there have been siganificant changes in the GDP estimation in the year of economic census,including the adjustments in data sources,estimation methods,accounting scope,treatment of some specific issues,industry classification,expenditure items, etc.Of which,changes in data sources are the most important reason for the revision of the level,the structure,and the growth of GDP.

Abstrat:Based on the samples of the manufacturing firms in Jiangsu Province, this article observed and analyzed in an empirical and statistical way the influence from industry, firm size and ownership on R&D behavior. By this, we discovered the real mode and the underlying mechanisms of R&D behavior on the firm level. All these discoveries provided a unique empirical prospect for understanding the “unobservable” key factors of R&D determinants based on the Chinese experience. We found out a clearly inclined-V-shaped trend of R&D intensity among firms of different sizes and, therefore, amended several conclusions of Bound、Pavitt and other scholars.

Abstrat:Based on the decomposing industrys TFP into technology progress and technology efficiency and using six methods to account for foreign countrys R&D, the paper analyses Chinese industrys international R&D spillover by adopting the method of international R&D spillover regressions. Although the six methods results are not the same, comparing the result, we can find that foreign R&D has improved the industrys technology progress, technology efficiency and TFP development through international trade. And when technology knowledge is private goods to technology receiver, the international R&D spillover effect is the largest. At the same time, we find that home R&D blocks the industrys technology progress, technology efficiency and TFP development at the most time. So, it is necessary to pay more attention to trade with the countries owning the high proportion of R&D to GDP and improve home R&Ds using efficiency.

Abstrat:Effective indigenous R&D is now widely recognized as a necessary for a developing economy like China to sustain its rapid growth and eventually catch up with the developed nations. Meanwhile, many have concerns that a rapid inflow of FDI, which in the short run is an engine of economic growth, diminishes the incentives and capacity of indigenous R&D and therefore impedes long term economic development. The paper is an empirical investigation of this hypothesis by compiling a panel data set of 37 industries covering the years of 1998—2003. Our empirical tests reject the above hypothesis. To the contrary, we found that those industries attracting more FDI over the sample years had more input into and achievements of R&D. Our did alternative tests show that it is unlikely the results are driven by common factors driving FDI and indigenous R&D.

Abstrat:In the mainstream corporate governance theories, the control right is the central issue, but not the entrepreneurship, which creates rents for the firm. Based on the logic links between corporate governance and entrepreneurship, we define two factors from the corporate governance which are oriented for the entrepreneurship: the hygiene factor and the incentive factor. They affect together the entrepreneurship of a firm and then the performance of firm governance. We use the data of listed family firms and state owned enterprises in China to test our hypotheses. The statistic result confirms that the incentive factor has significant effect on the entrepreneurship of family firms, but the hygiene factor has significant effect on the entrepreneurship of state owned enterprises.

Abstrat:This paper studies the influence of disclosure quality on the cost of equity capital using Chinese listed companies in Shenzhen stock market as research sample.We choose residual income model to measure the cost of equity capital,and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies.Our analysis shows that for the sample of listed companies which can conduct seasoned equity offerings in stock market,there is a negative relationship between disclosure quality and marginal cost of equity capital controlling β,company scale,B/M,leverage and asset turnover.Which means that disclosure quality will influence the cost of equity capital in Chinese stock market.Besides,our analysis shows that earnings smoothness and total disclosure quality are the main influence factors on the cost of equity capital.Finally,we propose some policy implications.

Abstrat:In this paper, with the help of “Computer-Assisted Telephone Interviewing System, CATI”, we made a comparison between using the randomized response RR and the direct questioning DQ techniques by conducting a mail questionnaire survey. Then, we directly estimate the prevalence and type of income tax evasion in China mainly by using RR technique. We also found the relationships exist between tax evasion and several affecting factors, and then reached the conclusion that different affecting factors can result in different ratios of tax evasion under the same types of tax evasion.

Abstrat:This paper provides a selective survey of the main issues surrounding the flow of funds: its meaning and origin, conceptual framework, and more particularly the key methods involved in financial analysis. On one hand, flow of funds accounts are essential raw material for any comprehensive analysis of capital market behavior, because they help to identify both the role of finance in the generation of income, savings and expenditure, and the influence of economic activity on financial markets. On the other hand, several methods like sector balances and liquidity analysis, the fixed technical coefficients approach and financial econometric models on flow of funds have been developed from their applications in the financial field. In the survey, the characteristics and the latest developments of every approach are introduced, in order to provide a start point of more applications in China.

Abstrat:The standard contract theory or principal-agent theory assumes that contracts are complete; however, realistic contracts are incomplete. The contractual completeness leads to the failure of ex ante optimal contracts and inefficient specific investment due to the risk of hold up. The economists develop the incomplete contracting theory to analyze how to furthest avoid the inefficiency due to contractual completeness. Focusing specific investment efficiency with incomplete contracts, basing a basic model, this paper totally introduces the origin, development, application, and prospect of incomplete contracting theory from the viewpoint of judicial intervention, damage measures, governance structure, property-rights, and implementation.

Abstrat:Literature survey is an important step towards economic research. It enables researchers to start research programs from a vantage point after masterpieces are well surveyed. This paper attempts to provide students in economics with some skills in literature survey and review.