Taizhou Model： Institutional Innovation and the Development of Private Economy

Based on the case of Taizhou City in Zhejiang Province, the present paper investigates the mechanism of the interaction between the local government and private enterprise in the process of regional economic development. We identify the ＂Taizhou Model＂ as a model of institutional innovation and the development of private economy, which is private sectorinduced and local government-promoted. Indeed, the impact of such mechanisms has had a significant influence on the reforms and development of China＇s economic system.     

The Study of Fuzzy Comprehensive Evaluation Model for Information System of Enterprise

For an enterprise, the applying of information system will improve the efficiency of manufacture and management, and bring the qualitative changes in management. So it is very important whether the information system is good or not. In this paper, based on the index system of the information system of enterprise, an evaluation model is constructed combining the Analytic Hierarchy Process （AHP） theory and the fuzzy-mathematical model.     

Impact of Advance Notice Periods on the Performance Persistence of Hedge Funds

This paper examines the impact of the advance notice period on hedge fund performance persistence in investors＇ portfolios. As investors in hedge funds face several trading restrictions related to the funds＇ common investment terms and conditions, it is hypothesized that the advance notice period generates illiquidity for investors and impairs their ability to benefit from performance persistence in hedge funds. Using a sample of 4,788 hedge funds over a period from 1994 to 2008 and contingency table based standard methodology for returns and Sharpe ratios, the results suggest that accounting for individual funds＇ advance notice periods has a negative impact on the performance persistence of hedge funds. The proportion of significantly persistent funds declines when incorporating the advance notice period, especially for short time horizons. Furthermore, a considerable part of hedge fund performance persistence is related to asset class-specific terms and conditions, reducing the amount of short-term performance persistence in practice.     

Choice of Portfolios and Fee under Principal -Agent Framework with Uncertain Exit - Time

In the real world, an investor is usually not sure about when he or she will exit investment. She can only make estimation prior. With the growth of the scale of open - end funds which can be subscribed and redeemed at any time. Investors began to pay more attention on problems such as whether the fee is reasonable, the payment can encourage the agent or not. Others would consider if the portfolio that the agent chooses is the best one. This paper considers the principal - agent problem with uncertain exit - time under two cases： the action of the agent is observable and unobservable. We derive close - form expressions of the optimal portfolio and the best fee. Finally an empirical analysis is given based on the data of some open - end funds in China.     

Government Policies and Private Enterprise Development in China： 2003-2006

The relationship between government policy and economic development has been a long- standing topic of academic research andpolicy debate. The government of a transitional economy plays an important role in the process of economic development. Over the past three decades, the Chinese economy has been growing very rapidly, in particular because of the rapid development of the private sector. However, the performance of private enterprises is still affected by government policies. In the present paper, we examine the changes in large Chinese private enterprises performance during 2003-2006 and test the determinants of such changes. We conclude that the Chinese Government＇s discriminating policies against private enterprises are the main cause of the private sector＇s downturn.     

Funds Law Passed

China's lawmakers voted 146-to-1 for the securities investment fund law on October 28,2002.The law,which will takeeffect on June 1,2004,lowers the threshold for the establishment of the funds.It has no rules governing private fundswhile allowing open-end funds to decide for themselves on short-term financing.     

Exporting National Champions： China＇s Outward Foreign Direct Investment Finance in Comparative Perspective

We examine the extent to which Chinese development banks have financed the globalization of China＇s ＂national champion ＂firms： specifically, through outward foreign direct investment （OFDI）. We create a database of Chinese fnance for OFDI and compare our results to the existing literature and available data on Japan, Korea and other Asian nations. We estimate the total value of China＇s OFDI finance from 2002 to 2012 at US$14Obn. As a percentage of total OFDI, China＇s lending is roughly three times higher than Japan ＇s, the previous global leader in OFDl finance. We identify two major reasons for China＇s high （31 percent） ratio of OFDl lending to total OFDI. First, China has a greater incentive to give OFDI loans than Japan or Korea ever did because its borrowers are statelowned so it can more easily channel funds to targeted areas. Second, China has a greater capacity to give OFDI loans because it has significantly higher savings and foreign exchange reserves than Japan and Korea.     

Statistic Study on the Influence of the Private Enterprises Property Right on the Operation Performance

The statistic analysis based on the listing private enterprises shows that the biggest shareholder is the dominant one among all the share holders in the property structure in these enterprises. Because the ownership and management is convergent, which blocks the enlargement of the enterprises＇ scale and operation performance badly.     

The Analysis of Cost Utilities in Chinese Petrochemical Enterprises

The extensive applications of the flexible manufacturing （management） system and management information system are ultimate characteristics of economic process now and future. Those not only promote the trend of high gradation of cost system and the differences of cost utilities determined by their inconsistencies, but also eliminate the validity of the traditional cost control based on the thrift and monev-erubbing consciousness.     

Rural Informal Taxation in China： Historical Evolution and an Analytic Framework

The present paper examines the historical evolution of China's rural taxation system from the pre-reform period to the late 1990s. We propose that because of information asymmetry between the upper-level and the lower-level governments, local governments had to be granted some informal tax autonomy to fulfill the upper-level policy mandates. This easily led to excessive local informal taxation on farmers. As market liberalization of the grain sector progressed, the low-cost tax instruments implemented through the traditional approach of implicit taxation gradually eroded. Local governments in agricultural regions had to resort to informal fees collected directly from individual rural households while the more industrialized regions shifted to non-agricultural taxes that are less costly in terms of tax collection. Hence, political tension between farmers and local governments in agriculture- based regions emerged and rural tax reform became necessary.     

The economic uncertainty and private investment nexus in Iran： Application of the EGARCH model and the ARDL approach

This paper examines the impact of economic uncertainty on private investment in lran. In addition, the authors also examine the impact of other economic factors on the level of private investment. The Autoregressive Distributed Lag （ARDL） approach is applied to investigate the relationship of these variables. The data span is from 1975 to 2007. The results indicate that economic uncertainty has a significant negative effect on private investment. Public investment and the availability of financing have a significant positive effect on private investment, while the impact of output gap and the exchange rate is negative. Hence, government should aim at creating a stable macro-economic environment in order to makes private investment attractive.     

The Trade Performance of Bangladesh in Clothing

We examine the impact of the trade liberalization on me textiles ana clothing industry in different regions based on an applied general equilibrium model using the Trade Analysis System （TAS）, the COMTRADE database of the United Nations Statistics Division （UNSD）. We also examine the competitive positions of Bangladesh and selected developing countries, which are competitors of Bangladesh in textiles and clothing. We found that the USA market is more competitive and volatile, compared with the European market and the major exporting countries are China, Mexico, Philippines, Hong Kong, Sri Lanka, Pakistan, Thailand, Malaysia, India, Indonesia, Taiwan, Korea Republic as well as Bangladesh. These are the main competitor countries for Bangladesh.     

Analysis of Enterprise Resources Diffused Effect in the Parent-Subsidiary Corporation＇s Network System

At first the nature of enterprise resources relationships and Parent-Subsidiary Corporation is discussed and defined. Then the characteristics of Parent-Subsidiary Corporation based on enterprise resources relationships are analyzed in detail. Finally through analyzing the mechanism of resources diffusing, such conclusions Can be got as the following： the improvement of resource matching and diffusing between parent and subsidiary, the enhancement of information integrity On resources diffuseness and the development of resources diffused system benefit for increasing the diffused value of resources between parent and subsidiary,, and improving the value creativity of parent-subsidiary management.     

Effects of Demographic Characteristics of Logistics Firms on Their Performance and Job Satisfaction of Their Employees

This study investigates the effects of demographic factors of the logistics firms＇ employees （gender, age, education level, experience level, and department） on their job satisfaction and the effects of demographic factors of the logistics firms （company type, capital nature, and company experience level） on their performance of logistics activities about information technologies, interior relationship, and transportation based on the scale developed by the same authors and the sample of 39 logistics firms selected randomly in the city of Mersin and Adana in Turkey. According to findings, none of the demographic factors of the employees does aft~ct their job satisfaction. In terms of the demographic factors of the logistics firms, their experience level in the field is found to be significant in their logistics activities about information technology. In general, as the firm＇s experience increases, they perform better on information technology.     

Cooperation Satisfaction and Performance： Empirical Evidence from Chinese Banks and Their Foreign Strategic Investors

In this paper, we investigate whether the mutual satisfaction of Chinese banks and foreign strategic investors （FSI） in terms of their cooperation with each other affects the performance of Chinese banks＇. Since 2004, China ＇s banking authority has conducted an annual survey on Chinese banks and their FSI, assessing levels of mutual satisfaction in terms of their cooperation. We use these survey results to examine the effects of satisfaction levels on the profitability of Chinese banks. Our results reveal that satisfaction affects profitability; that is, satisfied foreign investors and Chinese banks yield better performance. Satisfaction determinants for each party are also examined. Although the profitability of Chinese banks does not show a significant effect on the satisfaction of either party, bank loan to deposit ratios, regions of FSI home countries, and the type of Chinese banks＇ are important factors that might affect satisfaction.     

An ABC Method for the Reconfigurable ERP System

To overcome shortcomings of traditional activity-based costing （ABC） method and better support the cost management of the reconfigurable ERP system, an ABC method based on generalized work centers was proposed. Based on the dynamically extendible modular structure of the bill of generalized work centers, the method could provide more accurate and integrated cost information and strongly support the cost management of the reconfigurable ERP system.     

Corporate Governance of Enterprise Groups in China

Clear property right is the core of modem enterprise system, but it can＇t become all-powerful medicine to an enterprise because many enterprises with clear property rights in some countries can＇t avoid bankruptcy in market competition yet. Good corporate governance as a system arrangement will be good to the organization management operation. The research to the corporate governance of enterprise groups will be advantageous to corporate groups＇ standard operation. But the existing research is almost pointed to single enterprise not enterprise groups. The structural complexity of enterprise groups will increase the difficulty in corporate governance. The paper is based on and oversteps the traditional corporate governance theories to research the corporate governance of enterprise groups. We try to summarize the domestic and foreign correlation materials in order to provide the argument basis for the research to the corporate governance of enterprise groups.     

An Examination of Component Returns and Volatility for Country-Specific Equity Funds in Emerging Markets＇ Evidence From Asian Financial Crisis

This research aims to examine the daily return generating processes for country-specific funds in five east-Asian countries for the period 1995-2000. The effects of component returns and their volatility on the dollar denominated returns and volatility of U.S., international investors and the effects of exchange rate regimes on risk and return are also evaluated. The GARCH-M model is adopted, without the restrictive assumptions of linearity, independence, and constant conditional variance. The time frame, 1995-2000 captures a 30 months period prior to these East Asian countries aborting exchange rate stabilization/intermediate exchange rate regimes in response to the currency crisis. The decomposition of returns to holders of country-specific equity funds into the component returns due to changes in the exchange rate and the returns valued in the fund＇s foreign currency during a period of crisis provides additional information. This research provides evidence of the importance of examining component returns. With regards to the effects on volatility, both the conditional variances associated with the exchange rate returns and the returns denominated in the foreign currencies show some importance, especially the conditional variances associated with the returns denominated in the foreign currencies. With regards to the effects of return component, the exchange rate returns have a greater effect on the fund returns than foreign currency dominated returns.     

China＇s Sovereign Wealth Fund： Weakness and Challenges

The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation （ CIC） in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of ClC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.