Abstrat:This article empirically measures the effect of structural change of industries on Chinas economic growth compared to the impact of technical advance on Chinas economic growth, using decomposed expressions of labor productivity and total factor productivity. The study illustrates that the impact of structural effect on the economic growth is decreasing during the thirty years since Chinas economic reform in 1978, gradually exceeded by the impact of technical advance, which means that technical advance will play a more important role than market mechanism in the future. However, our study also indicates the decreasing of the impact of structural change on economic isnt equivalent to the disappearance of gains from market reform. Some of the institutional and developmental factors retard the improvement of allocative efficiency. In this perspective, China still has a great deal to improve the efficiency of market mechanism.

Abstrat:The consumer price indexCPI and the producer price indexPPI are interrelated concepts, and they have certain differencing elements. The two indexes have various different causality or non-causality relationships in principle. The paper conducts a Granger-causality examination on Chinese data of CPI and PPI for the period from January 2001 to August 2008, and finds a result that PPI responded to the change in CPI with a time lag of 1-3 months. The result may suggest that the demand-side factors have played a more important role than supply-side factors in CPI inflation in contemporary Chinese economy.

Abstrat:On the basis of the theoretic analysis, this paper redefined insider ownership by classifying it into "insider ownership in broad sense" and "insider ownership in narrow sense",and examined their different principal-agent problems. With the data of the Chinese listed private firms, we found the curve relationship shaped like the letter "U" between Tobins Q and "insider ownership in broad sense",also confirmed the curve relationship shaped like the symbol reverse "U" between Tobins Q and "insider ownership in narrow sense" .The conclusion indicated that the monitoring effects and the expropriation effects exert influence on the Chinese listed private firms, the large shareholders of the enterprise are easy to play booty and collude with top managers to expropriate the small shareholders benefits; the entrenchment effects and the convergence-of-interest effects also exert influence on the Chinese listed private firms, but in China, "insider ownership in narrow sense" is so low that the existing data is hard to give a perfect investigation.

Abstrat:The definition and measurement of the control right always puzzle the research in corporate governance. The theoretical categories of control type defined by the largest shareholder, including complete ownership, majority control, control through pyramiding, minority control and management control, ignored the difference of the residual shares ownership, i.e. ownership structure. Considering ownership structure, probabilistic voting model offsets this flaw. But since it just started, there are some theoretic bases to be completed. This paper modified the model according to the attendance of the shareholders in three resolution mechanisms. The analyses of the model reveal some factors other than ownership, involving its structure, resolution mechanism, shareholders attendance and voting probability.

Abstrat:This paper studies economic incentives of corporate donations by China A-share firms immediately following the 5.12 Wenchuan Earthquake. It uses whether a firm sells product directly to consumers to identify the firms incentive to use donation for its commercial advertisement purpose. The paper finds that firms selling products directly to consumers have 50% higher total donation amounts and 1.8 times higher cash donation amounts than other firms. Also, more profitable firms have higher donation amount, which indicates that firms make donation decisions based upon their financial conditions. Other firm characteristics such as size and controlling shareholder types also have effects on corporate donations. In general, our results indicate that firms choose donation amounts and donation methods according to their economic incentives. Therefore, a market-based approach to regulating corporate donations is recommended.

Abstrat:The general transfer payment is an important part of the transfer payment system in China, it is an important system arrangement by the central finance for adjusting the financial disparity among different regions and promoting the equalization of basic public service. However, the central and provincial finance did not regulate the specific uses of the general transfer payments when they allocated funds to lower lever governments based on equalization and standard financial budget difference. Thus, county-level government posses right to control the funds. Under the pressure of multiple goals, especially economic growth, the funds may be misappropriated, which make higher lever governments not to implement public service equalization effectively. The purposes of this paper are to analyze the internal relations between policy goal of the general transfer payment and efficiency evaluation in the system; to discuss the applicability about the binary relative effective model based on DEA to the performance evaluation of the general transfer payment; to construct the general transfer payment performance evaluation system of province-to-county from funds distribution and efficiency promotion of basic public service; to do simulative study on performance of the general transfer payment based on counties of Yunnan province; to propose that establishment of performance evaluation is an important content of improving the general transfer payment system of province-to-county.

Abstrat:The policy effect of innovation-incentive is examined with a static cournot competition model in this paper. Results show that under certain labor structure and labor-market environment subsidizing innovation and rebating export can incent innovation. The effective innovation incentive policy can also inspirit native company profit, consumer surplus, social surplus. Actually, national education and human capital really decide native science and technology level in long views. Finally, we use econometric model to prove our mathematical model, argue that in todays China rebating export can incent innovation, but subsidizing innovation fail to do that, its policy effect is uncertain.

Abstrat:In recent years, we have seen great increase in energy prices. The impacts of energy price increases on Western countries economy drew great attention, and Western scholars did a large number of related research. However, very few researches on the subject were done in China. Different studies have shown that energy prices have contraction effects on economy. Since 1993, China became a net oil imported country. Recent oil price increase is the first time for China to face the oil price shock. Coal prices have also kept rising in recent years. What kinds and how great of the impact will coal and oil price increases have on Chinas economy are highly related with the Chinas economic characteristics, and both are import questions need great research effort to support macro-policy decision making. This paper studies these questions, particularly comparisons of coal and oil price impacts using computable general equilibrium CGE method, and therefore fills the research gap. The results show that the impacts of energy price increase have contraction effects, and the levels of contraction are different significantly across industries. This will not only affects the economic growth but also impel the industrial structure change. For most industries in China, the contraction effects of coal are 2 to 3 times that of oil for the same price increase, and conclusion holds even for the less energy-intensive service industries. The impact differences of coal and oil are in line with the observed energy consumption structure of China, which coal takes 70% and oil takes 20% of the primary energy consumption. This paper put forward some suggestions on how to deal with the energy price increases.

Abstrat:In the well-known economic history, we find there would be a hump-shaped fact of economic growth rate. Growth is slow when per capita GDP is low or high, while quick when per capita GDP is at the middle level. The history of economic growth shows at the same time that the eras of the quick growth are almost these of violent changes in economic structure. This paper tries to construct a three-sector growth model in the neoclassical growth framework to explain the hump-shaped fact and the structural changes behind it. The numerical simulation shows that the results of the model may combine Kaldor facts with Kuznets facts and explain the "hump-shaped" economic facts reasonably.

Abstrat:This paper uses the 2004 China manufacturing census data and studies from what types of agglomeration economies firms of different sizes can benefit in cities of different sizes. The empirical results demonstrate that, after controlling for human capital externalities and city size effect, small firms benefit strongly from Marshallian externalities localization economies in medium and large cities, and Jacobs externalities urbanization economies in extra-large and super-large cities; medium firms benefit strongly from Marshallian externalities in large, extra-large, and super-large cities, but benefit from Jacobs externalities only at super-large cities; large firms do not benefit from Jacobs externalities even in extra-large and super-large cities.

Abstrat:In a city group, there is a significant positive correlation between urbanization rate and economic growth, and the Yangtze River Delta city group is playing an increasingly important role as the new engine on economic growth, the empirical results in the paper support this hypothesis. Yangtze River Delta city group drives economic growth mainly achieved through two mechanisms: First, when elements are footloose among regions, some advantage elements prefer to gathering in large cities, while the disadvantage elements prefer to gathering in small cities, which not only improve the urban agglomeration in the accumulation of external economic factors and increase the urban agglomeration in the efficiency of research and innovation, but also promote economic growth; Second, when elements are also footloose among regions, governments prefer to selecting the "Tiebout Choice" mechanism efficiently and they enforce investment and the urban infrastructure construction within or among cities, and they try to absorb the outer businesses and industries, which not only reduce transport costs of the enterprise, but also foster the circular cumulative causality and the input-output linkages, thus it promotes the economic growth in the city group.

Abstrat:At present most of the empirical researches on the locational choice of FDI in China are usually based on bilateral framework. There are few articles focusing on spatial effects and city-level data. Based on the "third-country effects",using spatial panel technique and a data set on 154 cities during the period of 1985—2005 in China, this paper estimates both a spatial lag and spatial error model to examine the spatial effects for FDI in China. We find that spatial linkages dominate in China. A citys FDI inflow increases with the FDI inflow of neighboring cities and its market potential is affected by a shock to FDI in neighboring cities. Among the sub-samples including within different regions eastern, center, and western regions, between regions between the eastern and the center, the center and the western, the western and the center, as well as between Yangtze River Delta & Pearl River Delta and the eastern, the center separately, we find that the dominated forms FDI behavior in the eastern, center, and western regions are vertical specialization with agglomeration, vertical specialization with limited agglomeration, and pure horizontal respectively.