Abstrat:Based on the review of Chinas financial system and combined with the discussion of how to coordinate between credit expansion and inflation in the open economy,this paper,by employing the credit expansion model on the basis of learning by doing,reveals the special institutional arrangement regarding monetary and financial policy during Chinas high-speed economic growth.This paper holds that this kind of institutional arrangement can effectively explain Chinas high-rate economic growth and low-rate inflation in its transition.The paper also points out the cost and risk of this kind of institutional arrangement and puts forwards some proposals on how to transform from mobilizational finance to marketizational finance.

Abstrat:On the base of estimation that the scale of Chinese foreign exchange reserve will reach and ever exceed $2000 billion in 2010,This paper investigates the effect of excessive foreign exchange reserve on B.S.of central bank,money supply and bond market,and demonstrates the possible situation of domestic economic structure unbalance exacerbating,and analyzes the gains and losses of social welfare,and clues on circulation and mechanism of investment and export impelling each other in Chinese economy.

Abstrat:Inflation is always the important indicator to measure whether economy is stable and healthy.This paper provides a substantive survey of the research on the welfare cost of inflation,and uses the methods of consumers surplus and neo-classical general equilibrium models respectively to estimate the welfare cost of inflation in China.The results show that high inflation will cause huge welfare cost in China,so keeping low inflation is beneficial to the entire economic welfare of China.

Abstrat:This paper investigates the asymmetry and persistence of Chinese business cycle by utilizing MSMV3-AR2and Bayesian Gibbs-sampling nonparametric approach and by employing GDP data from 1979Q1 to 2004Q4 in China.The three regimes mean,variance and matrix of transition probability are estimated and are significant.The results support the hypothesis of three regimes in Chinese economy:low-growth,normal-growth and rapid growth.Moreover,the results show the asymmetry of Chinese business cycles in three regimes through different mean,variance and transition probability.The results also show the different persistence of Chinese business cycle in three regimes through transition probability.Finally,normal-growth regime is the most robust among three regimes and rapid-growth regime has the longest duration among three regimes.

Abstrat:Deflationary expansion has puzzled economists both in and outside China.We study this business cycles phenomenon within a model of discrete time dynamics.We find that deflationary expansion could be possible if driven by an overshooting in investment and if the state of the economy maintains high rate of growth.This expression is consistent with the recent time series variation of some key macroeconomic variables.The high steady state of growth could be explained by the current institutional environment of China.

Abstrat:The reality of more than 20 years rapid development of China Commodities MarketCCMcontradicts to the theory of "the demise of specific markets",which is based on the history of the industrialized process of developed countries.We use an expanding model of division of labor of New Classical Economics and the base-multiplier model of Spatial Economics,to analyze development of CCM in the context of the increasing return to scale.This paper indicates that CCM provides an effective path to form an inter-regional collaborating network of division-"Yiwu Business Circle",it is developing rather than demising.Moreover,this paper discusses the internal mechanisms from which all participators benefit from "Yiwu Business Circle".In contrast to the former research on Yiwu,this paper regards Yiwu as the core role of inter-regional collaborating network instead of studying Yiwu itself.

Abstrat:In the field of knowledge economic theory,the subject of knowledge transaction is the most important subject that cannot be overlooked.Different pricing models can be built up conditionedly on the types of knowledge transaction market.Pricing models show clearly the influence on the optimal pricing and the welfare of society from uncertainty of value,dynamic change of value,asymmetric information,on-off transaction,diversity of transaction mode.The theory of knowledge transaction forms the base for knowledge economic theory.

Abstrat:This paper divides the transaction cost into explicit transaction cost and implicit transaction cost,and argues that the motivation of M&A is to save explicit transaction cost and implicit transaction cost.According to this argument,we set up a forecasting model of acquiring companies based on the M&A data of Chinese listed companies in 2003,using factor analysis and logistic model.We find out that the higher the asset specificity is,the more explicit transaction cost is and the more the probability of M&A is;the more the uncertainty of markets of intermediate goods is,the more explicit transaction cost is and the more the probability of M&A is;the higher growth capability is,the higher the unbalance between growth capability and profitability is,the more implicit transaction cost is and the more the probability of M&A is.

Abstrat:We examine the impacts of independent directors on the tunneling of large shareholders in Chinas stock market.Specifically,we study whether independent directors can reduce the fund embezzlement of large shareholders from the listed companies.Similar to previous literature,we do not find the significant relation between the percentage of independent directors and the fund embezzlement of large shareholders in OLS regressions.Further analyses demonstrate,however,the percentage of independent directors is an endogenous variable.After controlling the endogeneity issue,the percentage of independent directors is negatively related to the fund embezzlement of large shareholders,implying that the previous research which do not find the negative relation between independent directors and tunneling may be subject to model misspecification.Our conclusions are robust to various proxies for the fund embezzlement of large shareholders.

Abstrat:Pay dividend and fund embezzlement,which are mutually complement,are two major ways for the controlling shareholders to gain controlling benefits.Using a sample of 285 SOEs that went public over period 1997—2000,we found that reorganization mode is the key factor that affects controlling shareholders ways of gaining profit.The controlling shareholders of the company that went through incomplete reorganization have a stronger incentive to monopolize company funds and thus lead to a lower dividend payment,while things are different in companies that went through complete reorganization.Empirical studies also found that the proportion of controlling shareholders shareholding produces different influence over dividend payment in companies with different reorganization modes.

Abstrat:This paper analyzes the effect of income risks on household durables consumption in China.Some radical reforms implemented in late 1990s have induced millions of layoffs and sharply increased peoples income uncertainty in China.With the CHNS micro-database andS,smodel,it is found that the reform-induced income risk has significantly depressed household durables consumption,and the rural households are more vulnerable to income risks compared with their urban counterparts.This paper confirms the theoretical predictions ofS,smodel and provides some policy implications for future reforms.

Abstrat:In China hukouthe household registration systemimposes barriers on permanent migration from rural to urban areas.Using large sample surveys for 2002,we find that permanent migrants number about 100 million persons and constitute approximately 20 percent of all urban residents.Receiving a long education,being a cadre or becoming an officer in the Peoples Liberation Army are important career paths towards urbanisation and permanent migrants are much better-off than their counterparts left behind in rural China.The probability of becoming a permanent migrant is positively related to parental education,belonging to the ethnic majority and the parents membership in the Communist Party.At the destination,most permanent migrants are economically well-integrated.They have a higher probability to be working than their urban-born counterparts and those who receive a hukou before age 25 typically earn at least as much as their urban-born counterparts.The exceptions for this are those permanent migrants who receive a hukou after age 25 and people who received their hukou through informal routes.

Abstrat:This paper develops the general vector-matrix forms of Gini coefficient for discrete income data,based on which we discuss generally the group-decomposition and the type-decomposition of Gini coefficient.The conclusions are as follows:by vector-matrix forms,we could suggest the definition of the complete decomposition of Gini coefficient,more directly gain an insight into varieties of ways of group-decomposition and type-decomposition,and demonstrate straightly the related mathematical structures;by matrix algorithm,we could obviously find that it is impossible to make generalized complete group-decomposition or type-decomposition and each term in the decomposition formula has definite economic intuitions;as well,difficulties of operation will not be reduced significantly by any decomposition way,except that some special assumptions are adopted.