The Announcement Effects of China＇s Listed Companies＇ Divestitures

By utilizing the mean adjusted return model of the event study, this paper examines the announcement-period abnormal returns of a sample of 44 divestitures of China＇s listing companies completed during 1998-2002. The findings are that sample firms have positive cumulative average abnormal returns in the event windows of [-1, ＋1] and [0, ＋7], and that, as for any individual firm, almost half of the sample firms get positive cumulative abnormal returns in a narrow event window. Those results show that the corporate divestitures of China are able to increase shareholders＇ wealth in a short period around the announcement date.     

Government Controlling and Firm Performance： An Empirical Study on China＇s Listed Companies

The current study compares the firm performance in China＇s listed companies by distinguishing the governance controlling of three types of state-shareholder. The results indicate that the performances in firms with direct government controlling are significantly weaker than other firms. In contrast, the performances in firms without direct government controlling are not significantly different. The results suggest that the introduction of market-oriented state-share holders is a desirable process during the transition economy in China.     

QFII in China Security Market： Status Quo and Investment Strategy

This paper firstly introduces the definition and features of QFII, and then mainly analyzes the QFII＇s portfolio performance and investment yield, as welt as stock market. And at last, it refers to the impacts of QFII＇s companies and supervision systems in China security market. the investment ideas and strategies of QFII in China investment styles and strategies on investors, listed     

Performance and the Barriers of China＇s Energy Efficiency

中国政府将加快发展能源产业、坚持节约能源和保护环境作为一项基本国策。随着我国经济的不断发展,能源消费总量虽然在逐年增加,但能源利用效率却在不断提高。在中央政府政策的推动下,能源强度虽然呈下降趋势,但近年来下降的速度明显趋于平缓,低于改革开放初期。在分析总结我国能源利用效率变化的趋势和特点的基础上,通过对能源强度系数进行分解,发现能源强度变化的技术效应和结构效应都有减弱的趋势,尤其是结构效应。在此基础上从经济发展和社会因素两方面,进一步探讨了阻碍我国能源利用效率进一步提升的原因。     

Reforms on China＇s Fiscal System and Its Impact on Local Government Behavior

The fiscal system is an important part of national economic management and deals with the division of financial responsibility and power, regulates and defines the fiscal activities among different levels of governments. The changes in economic system and economic structure decide the changes of fiscal function and fiscal structure, which results in the changes in intergovernmental distribution form and local government behavior. This paper takes a look at the stages of China＇s fiscal reform process and the impacts on local government behavior, and tries to find measures for perfecting the fiscal system reform to optimize local government behavior and guarantee a healthy national economy.     

Analysis of China＇s Convention Industry： Problems and Countermeasures

As a new tourist product that can generate large expenditure to economy, convention industry is highly regarded by the government and enterprises of different countries. In China, convention industry develops steadily and has brought great economic benefits for national economy. However, compared with those countries in which convention industry is much developed and mature, the convention industry in China still faces great challenges when competing in world market. Based on the analysis of the current situation of development of convention industry in China, the paper focuses on the main problems of convention industry in China and then put forwards some countermeasures of how to develop convention industry in a sound and scientific way.     

Existing Contradictions and Recommendations to China＇s Insurance Industry Characterized by Low-growth and Low-interest

This article seeks to analyze the contradictions and recommendations to China＇s insurance industry in the context of low-growth and low interest market. Under the pressure caused by the contradictions between the sustainable growth in the insurance premium income and the low ROI, it is very important to solve these contradictions for maintaining a sustainable and steady growth in insurance industry, at the same time, it is also favorable to play a role as a social stabilizer as well as an economic booster for insurance industry. This paper can be divided into four parts： Part I analyzes the five basic characteristics of Chinese low-growth and low-interest insurance industry; part II elaborates the principal contradictions faced by Chinese low-growth and low-interest insurance industry; part III analyzes the development environment of Chinese insurance industry; part IV proposes the recommendations to solve these contradictions.     

Stock Market： Comparisons of the Achievements of China＇s State-owned Enterprises and Private-owned Enterprises

With China taking its reform and opening policy, the private economy has been developed rapidly now, especially going public. It is discovered that there are two ways of entering China＇s stock market： one is direct listing; the other is indirect listing. Private enterprise studied in this paper excludes state-owned economy. Since 1996 in China, a number of private listing corporations have been going increased year by year, and indirect listing has become the main form of private enterprises＇ access to stock market. In the paper, the author made a substantial evidence analysis on the 53 private corporations, which have entered China＇s stock market by the end of 1998. By means of the SHAZAM regression test analysis, the author draws a surprising conclusion： as far as private listing companies are concerned, state-ownership enterprise＇s efficiency is more satisfied than private ones. This indicates that improving the management of private enterprise has already been on the agenda.     

Does China＇ s ODI Cause the Industrial Hollowing- out： Cases of Zhejiang and Guangdong

利用1996-2010年间相关数据,在经典C-D生产函数模型中纳入了ODI因素,实证检验了ODI对我国制造业的影响效应。结果显示ODI存量的扩大会对我国制造业产值有一定的负面影响,存在一定的“离制造业”效应。采用相关指标进一步对浙江和广东两个制造业大省的空心化程度进行验证,证实并未出现制造业空心化。     

Analysis of China＇s Logistics Market and the Cooperation in Northeast Asia

In recent years, China＇s logistics market has developed very fast, characterized in demand and supply aspects. Such increase in logistics and other industries of China＇s economy, give more opportunity to the cooperation of logistics system in Northeast Asia. This paper will give more detailed analysis on the logistics market in China with the data coming from the recent survey of the research center of logistics in Nankai University and National Development and Reform Commission.     

Empirical Study on the Impact on China＇ s Intellectual Property Creation caused by Capital Investment and Open Economy

知识产权创造是知识产权战略的核心,是自主创新的关键,是推动经济转型升级的重要着力点。基于2000～2009年的省际数据,运用面板数据单位根检验、格兰杰检验、协整检验、混合效应模型对全国及东、中、西部的资本投入、进口贸易和外商直接投资对知识产权创造的影响进行了实证分析,结果表明资本投入、开放经济对知识产权创造具有显著的正效应,但存在地区差异。     

Gender Composition and Gender-based Employees＇ Turnover： An Empirical Study among Women and Men in China＇s Organization

With the disappearance of rigid employment contract and the-intenseness of competition of human resources, turnover has become a great obstacle to firm＇s well-runned development. From the point of firm＇s gender composition, the influence of gender composition on gender-based turnover in each level including leading post remains unclear. The paper explores this issue by using statistical methods on the basis of 332 individual sampling data in 65 different enterprises. The results show that proportion of male to female in high and first-line level has significantly positive influence on employee turnover for both male and female. But the proportion of male to female in middle level has significantly negative influence on employee turnover for both male and female. The whole proportion of male to female in organization has positive influence on turnover. The leader＇s gender has negative effect on turnover of male employee. Most of the above correlations are consistent with foreign researches. Referred to our results, enterprise could control turnover and improve the organization efficiency by adjusting the proportion of male to female in different levels when we make decisions on human resources management in order to attract female employees.     

Building of Knowledge Pipelines and How the Local Government to Do： the Case of China＇ s Music Instrument Industry

从知识流动来看,现阶段国内制造业存在两个问题：第一,行为主体如制造商与配套商、专业院校之间的知识流动通道尚未真正建立;第二,虽然已有知识流动,但由于各行为主体的知识深度都不高,导致知识互动转化不足。知识流动不是自发的,地理邻近或表面上相关的行为主体之间不必然产生知识流动。在国内,地方政府是建立知识流动通道的关键,政府应主动和其他行为主体互动,并成为其他行为主体之间知识流动的桥梁或“二传手”。文章进行了乐器制造的案例分析。     

The Mechanism of the Middle Income Trap and the Potential Factors Influencing China＇s Economic Growth

Data from WDI show that developing countries are easily caught in the ＂middle income trap.＂ To interpret the mechanism of the ＂middle income trap,＂ this paper focuses on： （1） Based on the empirical framework of economic growth, we perform an empirical research on the determinants of economic growth at different income levels and discover that fixed capital investment, FDI and human capital accumulation are the main factors influencing less developed economies while for the upper middle income level and high-income level countries, the engines of economic growth change to institutions and R＆D. （2） We discuss the possible reasons why developing countries can have rapid economic growth before reaching the middleineome level, but cannot transform growth mechanisms in the middle income level. （3） We classify the factors that have influenced China＇s economic growth since the reform and analyze the potential ones for China＇s future development.     

Shanghai Venture Capital and Innovation：Incentive, --Empirical Resuhs of China＇ s Province

构建了中国省域的创新投入产出经验模型,采用面板数据方法,实证分析了2006—2008年我国27个省市的风险投资、研发、经济发展水平、工资水平、教育水平和开放度对区域创新产出的影响。实证结果表明,无论是仅仅考虑研发和风险投资的简单模型,还是在控制了研发、经济发展水平、工资水平、开放度、教育水平变量后的扩展模型,风险投资对创新均具有明显的促进作用。     

The China＇s Mode Reform Process of Market Economy System and the Level of Marketization

During the new epoch of reform, the discussion and practice launched by the government and the Communist Party of China （CPC） has experienced 4 stages. Since 1992, China has entrenched formally establishing the Socialist Market Economy System, which is a so-called China＇s Mode development way led by the Deng Xiaoping＇s theory. This paper tries to set up an index system to evaluate the development level of China＇s market economy from 1992 to 2001.     

Dynamic Adjustment of Asset - liability Ratio of Manufacturing Listed Companies in China ：An Aanlysis based on Partial Adjustment Model and Dynamic Panel Data

从动态角度研究了我国制造业上市公司的资产负债率调整行为,对我国285家制造业上市公司在2001-2008年样本区间内的动态面板数据模型进行了系统GMM估计。结果表明,我国制造业上市公司的资产流动性、非负债类税盾、成长性和净利润率与资产负债率显著负相关,而公司规模和资产结构与资产负债率显著正相关,宏观经济状况的变化也对我国制造业上市公司的资产负债率有显著影响;相比静态模型,动态模型具有更强的解释能力,我国制造业上市公司资产负债率向其目标最优值是调整动态的。     

Coal price fluctuations and the impact on financial risk Evidence from China＇s coal listed companies

With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.