On cracking the investment nuts of Chinese small and medium private enterprises

Along with the big businesses, small and medium private enterprises contribute much and play a more and more important role in the developing market economy. However, the development of small and medium private enterprises meets with many difficulties, such as investment. This thesis deals with the investment of small and medium private enterprises from three perspectives, points out the difficulties about investment of those enterprises, and then gives some constructive suggestions in this field.     

Size, performance and financial conditions for Spanish real estate firms 2004-2007

Spanish real estate has experienced more than a decade of continuous buoyancy, from 1995 to mid 2006. High rates of return, especially in the housing sector, during this period, have prompted the entry of many firms in the market and the growth in activity of incumbents, with the subsequent excess capacity. This situation, combined with the reduction in demand associated with fiancial constraints, has brought about a deep crisis within the real estate industry. In the future scenario of reconfiguration and consolidation of the sector, many firms will be likely to disappear. One key question is that which type of real estate firm will survive. Casual evidence suggests that size may be a relevant factor through its connection with efficiency. This paper explores the roles of size, performance and financial leverage using a sample of Spanish developers and builders over the period 2004-2007. Basic results from a panel estimation suggest the existence of a positive correlation between size, proxied both by income and assets, and Return on Equity （ROE）. In turn, the estimates also suggest that larger firms display higher margins （computed as profits over sales） and are more leveraged in relative terms. Our interpretation is that many finns may lack the critical mass necessary to dilute fixed costs and achieve larger levels of efficiency. This feature endangers not only the possibility of profits in harder times, but also their survival. These empirical findings suggest, in addition, that a process of concentration among Spanish firms in the industry could entail gains in terms of efficiency.     

Large Family Card as an Instrument of Supporting Families With Many Children

The aim of the article is to assess the efficacy of the large family card and its relevance to the real needs of families with many children, using the example of Poland. The large family card is a general term standing for locally implemented programmes that are aimed at families with many children. The idea behind the programme is to create a positive image of a large family. The very name of the programme serves the purpose of combating negative stereotypes and presenting large families as active and resourceful. The paper presents the results of empirical research conducted with cardholders and implementers of programs in selected Polish cities （questionnaire survey and focus group interviews with participants and interviews with program coordinators from 15 programs）. Empirical research was conducted in the period from December 2013 to April 2014, and was funded by the National Science Centre. The study included all programs started by the end of2011. The conclusions enable a number of anomalies and weaknesses of the programs to be seen and indicate directions for further development of this promising initiative. The program is perceived very positively by large families, although it has little influence on family situation. Apart from its positive impact on the diversification of sports and recreation activities, it does not basically play any role in supporting the condition of the family. Neither healthcare nor the educational aspect is attractive enough to interest the family. The basic reason for the low quality of programs is primarily the lack of proper communication and knowledge about the real problems affecting large families.     

The Implications in the Wonderful Wizard of OZ

The Wonderful Wizard of OZ contains very rich implications,such as friendship and cooperation,wisdom,heart,courage,kindness,study,and confidence. They demonstrate their friendship in the ditch,the deadly poppy field,in their fighting with the Wicked Witch of the West. The Scarecrow uses his wisdom and saves his friends many times,though he thinks that he does not have any brains.     

A Message from the Editor in Chief

Nankai Economic Studies has witnessed the historical changes in botk the naradigm of economic theory and the way of thinking of economic problems in China over the past quarter of century．We are proud that NKES has made its own contribution in this progress with many colleagues from home and abroad joining us in this course.We are so grateful to all     

Some Important Issues Concerning China''''s Macroeconomic Management after WTO Entry

Editor's Note: Lawrence J. Lau, director emeritus of the Asia/Pacific Research Center, Stanford University, USA, has for many years conducted in-depth research on Southeast Asian and Chinese economies. He has put forward many valuable policy proposals, which won him respect from the international economics circle. He was the first to point out in his articles of the early 1990s various defects in the economic development taking place in Southeast Asia, and their possible impact on the Asian economy. Some of his hypotheses were later proved true in the Southeast Asian financial crisis. The following is an interview by Dr. Wang Yu with professor Lau, which covers China's macroeconomic policies after its entry into the World Trade Organization, its exchange rate policy, capital control, financial regulation and supervision, and reform of commercial banks.     

Study on post evaluation index system of centralized heating system of national debt

At present, post evaluation about the national debt project has not run normally and canonically, though a few projects have post evaluation. It leads to many problems. To do post evaluation, it＇s important to establish the index system of evaluation. This paper takes Centralized Heating System as an example to explain the process of establishment, and gives the methods of how to deal with the indexes so as to make the evaluation run successfully.     

Call for Papers

The bimonthly China & World Economy has been published since 1993 by the Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS) in China. It provides readers with an objective, impartial, analytical and up-to-date account and analysis of the economic issues facing China in its economic reform. Among its contributors are many leading and distinguished Chinese economists and scholars from both academics and government. The journal offers important materials and information for all those concerned with China's business and economic environment.     

Hierarchical Structured Analysis in Modern MF System

The traditional MF is facing great pressure of reform with the coming of new era and the adjustment of the relationship between production and circulation. After many years＇ practice, people gradually realize that traditional MF is bound to transfer to modem MF and the old production system to integrated system. Multiple disciplines, fields and technologies have to be integrated to construct an efficient and feasible MF system because the system has the characters of multiple-nods, wide-spreading and large scopes. The building of harmony and integral models at different abstract levels is the key for system analysis and execution. The process structured analysis technology is the course of breaking down from abstract to specific, from macro functions to sub ones, from whole to detail. In other words, with the approach of top-down design method, it transforms all kinds of modem MF requirements to consumer-oriented module structure based on MF process so as to establish demands-oriented modem MF operation and controlling system.     

On the Relation among Language Culture and Colors

Language, color and culture have close links with each other. Although it seems that they do not relate with each other at all at first glance. In general, culture consists of everything in the world, so human beings and language they created are parts of culture, more precisely, are two important ones. There are many different kinds of colors. Color is closely related to people＇ s life. In human language, the color words are frequently used, and endowed with plentiful emotion and cultural connotation. In both Chinese and English, the words of different colors are abundant. We should pay attention to not only their own basic meaning but also the deeper symbolic meaning. Due to the respective cultural background and tradition, people＇ s feeling and expression to the color are not the same, so the symbolic meaning of color can produce great difference between Chinese and western culture. This paper is to make a contrastive study of some major difference in color words.     

The NDC Model:A Way to Resolve Moral Hazard in Chinas Social Security System

I. IntroductionIn the early 1990s, China extensively examined experiences of other countries and conducteda widespread discussion on the choice of models for establishing a social security system,weighing the pros and cons of many proposals. After that, a basic consensus was reachedamong people from all walks of life: China must adopt the partially funded pension modelthat combines social pooling funds with individual accounts an arrangement that adaptsto Chinas specific situation. That prin…     

The Chinese Banking Sector： Challenges and Prospects in the Coming Years

The banking sector plays the critical function of financial intermediary in a nations economy.In the past few years, as a result of the rapid growth of the Chinese economy andaccommodating monetary policy, Chinas banking sector has experienced remarkableexpansion.1 However, many issues still remained in Chinas banking sector, such as assetquality, capital adequacy, management and risk control. These issues, if not appropriatelydealt with, may hinder the sustainable development of, and even im…     

ESDS： An E-business SOA service replica distribution scheme

How to effectively distribute service replicas to its nodes is of much importance in an E-business SOA （service-oriented architecture） system. In many cases, the SOA service replicas are randomly placed, and any SOA service replicas have no relation with any nodes in which they are. So these service replicas are very difficultly accessed, and the flexibility of the system is poor. This paper presents such a novel service replicas distribution scheme. Instead of traditional method, this scheme is mainly based on the group structure that makes every node relate to the characteristics of the service replicas. The proposed scheme is very flexible to change the structures of the service applications. So the scheme can be employed by many scenarios where service replicas are needed.     

Study on the Method of Regional Purchasing Power Parity in China

China is a country with great territory and the price level has remarkable disparity among various regions, which affects the accuracy of many economic indexes. Using the calculating way of the purchasing power parity of the United Nations International Comparison Project （ICP）, this paper chooses 127 samples of commodities and services as comparison programs for 31 provinces and calculates purchasing power parity of every province in 2002 by taking Shanghai as a norm. The aim of this article is to study the method of regional purchasing power parity of our country.     

China’s Approach to Its Exchange Rate Mechanism: Adaptability of BBC Rules

I. IntroductionWith the rapid development of China’s economy, the revaluation of Chinese currency hasbecome a focal point. Many economists take it for granted that China should do something inresponse to international pressure from some of the industrialized countries in the early 2000s.Therefore different approaches and suggestions have been put forward, such as Bergsten(2004), Williamson (2004), Goldstein (2005), Lardy (2005), and many other scholars. Their analyseshave to do with the e…     

COGNITION ON WORK OF INVESTMENT PROMOTION

FIRST CHAPTER As I was working as an investment promotion director for many years in an investment promotion board and an administrative committee of APEC Science and Technology Industrial Zone,Mong with my colleagues,we have developed over 150 joint ventures and WOFEs(wholly Owned Foreign Enterprises).As a result,I am well awflYe of the key issues that foreign Investors need,wish,like and also what they dislike as well,along with the reasons,rationale and the principle guiding them.I'd like to present my cognitions on work of investment promotion through summarizing my working experience and study recognition for these years,and hopefully to create a guide for how to make well-done on investment promotion job on which every regional govemment puts more attention and emphasis for it could assist and accelerate its local economy.     

Is There a ＂Middle-income Trap＂？ Theories, Experiences and Relevance to China

Through review of relevant studies and analysis,this article indicates that the "middle-income trap " is in line with the framework of the mainstream economic growth theories, and,therefore,it is a useful concept through which we can analyze economic growth phenomena in specific economic growth phases.The empirical experiences of many countries also indicate that at specific middle-income stages,economies with high rates of growth tend to encounter economic slowdown or even stagnation.The article shows that China is facing the challenge of determining how to move smoothly beyond the middle-income stage of economic development,while taking into account the shifting population structure,changing resource endowment and growth patterns.The article,drawing on international experiences, puts forward several policy suggestions relating to improvement in total factor productivity, expansion of human capital accumulation and deepening of system and government function reforms.     

Evolution of Financial Institutions in Post-1978 China： Interaction between the State and Market

I. IntroductionEconomy and finance have both seen rapid development in post-1978 China. After almost three decades of economic planning and isolation, political leaders decided then to let the economy move in a new direction by announcing a policy of “reform and opening-up”. Then and now, many people did and do believe that the new policy makes the economy increasingly and decisively based on the market. At the dawn of the 21st century, theChinese economy, by many indicators, stands out as…     

China＇s Industrialization and Reduction of Greenhouse Emissions

Over the past two decades, the size of the Chinese economy has more than quadrupled and the energy consumption more than doubled. The drive for further industrialization over the next two decades will continue the trend on a much larger scale. The net increase in emissions from 1990 to 2001 amounted to 823 million tons of COy accounting for 27 percent of the world‘s total. Energy supply and security constitute key constraints to industrialization and,therefore, the mitigation of emissions can in fact contribute to the achievement of development goals. Many actions can be taken to balance industrialization and reduction of emissions.As a large and rapidly growing market, China shares many opportunities with European partners for business cooperation and joint efforts for the reduction of emissions through clean development mechanisms and other bilateral initiatives.     

Whether entering WTO influences U.S. bidders＇ wealth？——Some evidence from U.S. bidders＇ taking over BRIC＇s target firms

With the ever-increasing economic integration of nations, cultural homogenization and relaxation of foreign ownership regulations by many countries, international acquisition has become an important tool for finns＇ globalization. Being important emerging markets, BRIC countries （Brazil, Russia, China ＆ India） are providing international acquirers, many unique opportunities and challenges. Joining in the WTO opens access to the world markets, promotes competition in the domestic market, provides opportunities to settle trade issues and increases trust of the trade partners and investors to the emerging countries. The author tests the wealth effects （i.e how the market react） of U.S. bidding firms on their announcements for taking over BRIC firms. In Brazil and China, significantly positive market reactions are found after their entering WTO, which reflects the sound economic development with the further opening up. Things are different in India, which are most likely caused by the economic depression during 1990s. As the only BRIC country having not joined in WTO, taking over Russian fires lead to vague market reactions in U.S..