Technological diffusion,migration and entrepreneurship in China

In the past decades, China has been experiencing a huge mass of internal migration with rapid economic development. Using the 2005 Census data, our paper empirically explores how migration experiences affect entrepreneurship heterogeneously. The “falling” migration experiences, from a relatively developed place to a developing place, could enhance the human capital accumulation of migrant workers and assist them to become entrepreneurs. Moreover, we find that migrant entrepreneurs are more likely to engage in the industry with a comparative advantage in their original residential places. That is, technology diffuses with migration.     

我国消费信贷中个人信用制度建设的思考

消费信贷作为刺激消费、扩大内需、推动生产、拉动经济的重要举措,促进了我国消费市场的发展,也推动了个人信用制度建设的发展,但消费信贷中的违约风险也随之加大。本文根据我国消费信贷中个人信用制度的发展现状,围绕消费信贷来分析信用制度缺失对消费信贷带来的风险,从而提出了建立和完善行之有效的个人信用制度的政策建议。     

Transportation infrastructure and entrepreneurship: Evidence from high-speed railway in China

Using high-speed railway (HSR) construction in China as a quasi-experiment, this paper contributes to the understanding of how transportation infrastructure affects entrepreneurship. On the basis of a difference-in-difference approach, we find that access to an HSR connection leads to an increase in entrepreneurship by approximately 3.5 percentage points (35% of the mean). Mechanism exploration suggests that market potential is the main channel that HSR encourages entrepreneurial activities, which is realized by accelerated information sharing and face-to-face interactions. And the effect is bigger for high-educated families, wealthy families and in large cities.     

Intergenerational mobility and institutional change in 20th century China

We examine the persistence of socioeconomic status across generations, measured by educational attainment, among urban Chinese born between 1930 and 1985. The persistence of status follows a pronounced, robust U-shaped pattern, falling among cohorts educated following the Communist revolution of 1949, and rising among cohorts educated following the reforms of the late 1970s. The pattern is not driven by the Cultural Revolution or by changing associations between education and income. The U-shape also appears in complementary datasets covering rural China. We discuss the policies behind a non-monotonic relationship between educational expansion and social mobility across the institutional regimes we study.     

我国社会信用缺损及治理

信用缺损是目前我国社会经济、社会生活中的一个突出问题,它严重制约着我国经济的健康发展,已成为我国经济工作亟待研究和解决的问题。 一、从金融角度分析我国信用缺损表现及原因 1.不良贷款比重较大,超过国际警戒线,且沉淀严重,处置难度大 我国全部金融资产中,银行业资产占85％以上。四大国有商业银     

Gender,entrepreneurship and socioeconomic reparation in South Africa

Entrepreneurship development has become recognized as a functional means of tackling South Africa’s socioeconomic challenges of slow growth rate, rapidly increasing unemployment, and racially inequitable distribution of income. However, current policies and programs ignore the potential input of the female gender. Yet, females are proven to be capable of using their peculiar gender dispositions effectively as small and micro entrepreneurs. The article examines the socioeconomic outcomes of South Africa’s systemic crisis, gender-specific influences on entrepreneurial supply and alternative women-in-entrepreneurship programs that could be implemented with sensitivity to that country’s sociocultural diversity.     

Housing wealth changes and entrepreneurship: Evidence from urban China

This paper studies the impact of household-level housing wealth changes on entrepreneurship in urban China. Exploiting the 2011–2015 China Household Finance Survey, we control for lagged proxies for wealth, city-by-year fixed effects, and other household attributes and directly estimate the magnitude of homeowner's response to housing capital gains net of home maintenance and upgrading expenditures. We also instrument for housing wealth changes with structural breaks in city housing price trend. We find that a 10,000 RMB increase in housing wealth increases the propensity of a household becoming a business owner by about 0.7 percentage points in IV estimation. In addition, we provide new evidence for underlying channels that housing capital gains alleviate household credit constraints, reduce risk aversion and increase awareness of financial information.     

Credit Access,the Costs of Credit and Credit Market Discrimination

Since the early 1990s, credit expanded relative to income, especially after 2001. It is hypothesized that traditionally uneven credit access and gaps in the costs of credit by demographic characteristics shrank during this period. Relying on data from the Federal Reserve’s Survey of Consumer Finance, this study looks at financial constraints, the costs of credit and a number of contributions to the costs of credit, including sources and types of loans. The results indicate that taste-based discrimination and structural discrimination may have persisted and possibly increased over time. Gaps in credit access and costs of credit have widened by race, remained high by income, but shrank by ethnicity. Part of the overall differences in credit access was a varying reliance on professional information when making decisions on debt.

Research on institutional innovation of Capital Market in China

The capital market is regarded as one of the important components in the system of market economy. And its position in the development of national economy is increasingly important. In recent years, with the expansion of reform and opening-up of China, not merely has the scale of the capital market has been enlarged obviously, but also there are qualitative leaps on its inbeing. However, there are still some questions, for example, the market structure is still unreasonable, surveiUance and management of market is not perfected. It must carry on the institutional innovation of capital market to develop and perfect the capital market further.     

信贷市场不完善、投资低效率和信贷陷阱

本文采用信贷市场不完善的多部门一般均衡模型分析市场机制下的投资低效问题,并研究政府对于信贷市场干预的作用.部门间不平衡的信贷条件是导致自由市场无法保证资金有效配置的重要因素.这种市场失败不仅会降低投资效率和经济增长率,还可能带来"信贷陷阱".本文给出了政府干预信贷市场提高效率的必要条件.如果政府干预能够降低这种部门间的信贷条件不平衡,投资效率就能得到提高,经济增长率也将上升.反之,政府干预加剧部门间信贷条件的不平衡,将会带来政府失败,投资效率和经济增长降低,甚至会引起经济陷于信贷陷阱.     

我国"双顺差"产生的制度因素及化解途径

本文从"双顺差"的事实认定和成因分析中得出:从抽象掉制度背景的均衡分析来看,"双顺差"是资源配置低效率的表现,而从中国特定的制度非均衡约束来看,"双顺差"是中国经济具有国际竞争优势的体现。伴随着国内制度的均衡化过程,中国经济的国际竞争力也将从价格竞争力转换到创新竞争力。化解"双顺差"既需要出口退税、加工贸易政策调整等短期政策工具,也需要金融体制改革、政府竞争秩序重塑等长期政策工具。     

中国与东亚经济合作

在东亚区域经济合作中，作为最具经济实力的三个地区强国中、日、韩的合作动向将引起全球的注意力。本文就其合作现状，制度性安排及其前景进行一些探讨。     

中国目前信用经济的悖论求解

现代市场经济是信用高度发达的市场经济，即信用经济。在中国目前的经济转型过程中，我们不仅面临看市场配置失效和政府配置失效问题，而又还面临看日益严峻的信用失效现象，即出现信用经济的悖论。信用经济失效的治理刻不容缓。     

Student leadership experience and job accessibility: An experiment from China

Understanding the relationships between different signals that indicate the characteristics of workers and firms is essential to improving job matching efficiency. Using a field experiment, we investigate student leadership experience premiums and explore the relationships between signals reflecting personal qualities and signals reflecting vacancy-related qualities. We find that, first, there is no universal causal effect of student leadership experience on job accessibility in China. Second, student leadership experience complements other personal qualities for individuals majoring in science and engineering. Third, student leadership experience is a complementary factor for small firms. Fourth, higher-level student leaders enjoy a larger premium in job accessibility. Finally, student leaders are not preferred by high-paying positions but favored by positions with large payment variances.     

Manufacturing productivity in China and India: The role of institutional changes

In this paper we undertake a comparative study of productivity in the manufacturing sector for China and India using data from survey of manufacturing industries for the two countries. We find that productivity of manufacturing industries in China relative to that in India improved substantially over the 1998–2003 period. Specifically, the average total factor productivity (TFP) growth for the manufacturing sector over this period was about 11% higher in China than in India. We document two substantial changes in government policies in China that were not witnessed in India. First, the late 1990s saw an enormous wave of ownership restructuring due to the formal endorsement of private property rights by the Chinese central government. Second, in 1997 a large scale labour retrenchment program was launched to address the long standing problem of labour redundancy in the public sector. Using data from the Chinese survey of manufacturing industries, we quantify the impact of these large scale institutional changes on TFP of Chinese manufacturing industries. We find that these policy changes can explain about 30% of the growth in TFP of manufacturing industries. Hence we conclude that these institutional changes in China can account for a significant part of the gains in productivity of manufacturing industries in China relative to that in India over the 1998–2003 period.     

The rise of red private entrepreneurs in China: Policy shift,institutional settings and political connection

This article examines the relationship between the Chinese Communist Party (CCP) membership and private entrepreneurship in China since 2002, the year when the party revised its constitution and officially removed ideological discrimination against private entrepreneurs in member recruitment. Drawing on the data from the six waves of a nationwide survey on privately owned enterprises in China from 1997 to 2008, we find that, while very few private entrepreneurs were recruited into the CCP during the decade we examine, the constitutional change had encouraged many party members to enter the private sector. We also show that party members who became entrepreneurs after the 2002 policy shift tended to be more senior than those who had started their business before the constitutional change. Furthermore, our difference-in-difference estimation demonstrates that the phenomenon of party members turning entrepreneurs was more prominent in regions where the level of marketization was lower, legal protection was less available, and local governments were prone to more corruption, since political rents were generally larger in environments with weaker market-supporting institutions. This study suggests that party members in general and especially the elite among them were quick to sense the opportunity and knew how to translate their political influence into economic power.     

Political connections,corporate innovation and entrepreneurship: Evidence from the China Employer-Employee Survey (CEES)

In this paper, we attempt to reconcile the mixed effects of political connections on corporate innovation. Using the China Employer-Employee Survey (CEES), we find political connections contribute to innovative activities for those firms with innovative entrepreneurs but impedes innovative activities for those without innovative entrepreneurs. After solving the endogeneity problems and correcting the sample selection bias, the baseline results do not change much. Moreover, we find political connections can help firms obtain economic benefits such as tax preference and government subsidies which, however, are utilized by firms to increase fixed asset investment. But such positive effect of political connections on fixed asset investment greatly reduces when the firm's entrepreneur has a strong spirit of innovation. These results provide a reasonable explanation for the change in the direction of the effect of political connections on corporate innovation. This paper succeeds in reconciling the mixed effects of political connections on corporate innovation by taking the entrepreneur's innovative spirit into account.     

Research on Enterprise Credit Ratings Issue in China

With gradually deep construction in social credit system, the function of enterprise credit rating becomes increasingly emergence in prompting credit risk, maintain finance stable and impel society credit system construction. But due to the enterprise credit consciousness is not strong, the function of government impels to be insufficient and the enthusiasm of commercial bank in using exterior rating outcome is not high, and some local enterprise credit rating service is still bare to survive. Therefore, only exerting the government impetus function, enhancing the credit rating organization public credit power, guiding the society to increase credit product demand and establishing an integrated supervisory system combined government supervision with industry autonomy, can further impel the credit rating industry steady development in China.     

信用计量技术及其在我国的应用分析

信用计量(CreditMetrics)是目前国际金融界最为流行的信用风险内部管理模型之一,已被BIS纳入银行业信用风险的监管框架。本文在引进CreditMetrics技术的基础上,详细分析了该技术的缺陷,并提出改进方向。最后,文章尝试性的探讨了该技术在我国的应用,并提出一些建议。