The Monetary Reform of Hong Kong and Its Enlightenment for Mainland China

The monetary system of Hong Kong has experienced several reforms, now it can effectively control the money supply and restrain inflation. The reform of monetary system is very meaningful for mainland China, as mainland China also wants to restrain inflation. The focus of this article is to analyze the process of monetary system＇s reform of Hong Kong, and the development of money supply system. The conclusion is that central bank of mainland China should learn from Hong Kong＇s experience and carry out more reasonable monetary reform.     

Combating Corruption in China: The Role of the State and Other Agencies in Comparative Perspective

This paper is the first to compare China’s current anticorruption approach with those of both post-communist and other Sinic states/regions.Its principal purpose is to compare anti-corruption in China with the situation in countries that constitute appropriate comparators—either systemically(post-communist transition states)or culturally(predominantly Sinic states/regions)—and suggest ways in which China could usefully learn from these comparators.A comparative public policy evaluative approach forms the core of the analysis.The study uses publicly available survey data,both perceptual and experiential,for drawing inferences about the corruption levels in China and the other states analyzed.A neo-Weberian approach to system legitimacy and delegitimation is employed in analyzing the potential dangers of a radical anti-corruption approach,while Giddensian structuration theory is used to emphasize the interplay between structure and agency in anti-corruption.The findings and value of this research are primarily practical,in that it highlights potential lessons China could learn from Singapore and the Hong Kong SAR while also identifying the principal obstacles to the adoption of such measures.In particular,the establishment of a single and independent anti-corruption agency would almost certainly have a positive impact on the reduction of corruption levels.But this is politically difficult,since such a body could be perceived as constituting a threat to the Communist Party.Moreover,all comparisons betweenstates are limited,since some features are unique to a given country.     

Cooling China： The Weather Dependence of Air Conditioner Adoption

One of the major adaptation mechanisms to climate change is increased demand for cooling via the air conditioning of indoor environments. China＇s demand for air conditioners has displayed explosive growth since 1995. This paper provides estimates of the income and short run weather sensitivity of air conditioner adoption across urban areas for 29 Chinese provincial entities. We show that the adoption decision displays significant income and weather sensitivity in the short run, with adoption being higher the year following a hot summer.     

Managing wetlands: an ecological economic analysis of the Hong Kong Wetland Park

This paper addresses the question of whether the Hang Kong government made a rational economic decision when it decided to set aside land to develop a Wetland Park, or whether it should have used the land for alternative commercial developments. Different analytical methods are used to estimate the economic value of the environmental benefits of the Wetland Park： the Value Transfer Method is used to estimate the economic value oJ the ecological services provided by the Park. the Direct Market Price analysis for the economic value of the goods purchased in the Wetland Park, the Hedonic Housing Price Analysis for the value of the Park to those residing in its proximity, the Travel Cost and Contingent Valuation Method for the value of the Park to the visitors, and the Contingent Valuation for the Passive （Nonuse） Values of the Park. These benefits are compared to the opportunity cost of the land and the cost of running the Wetland Park. The article concludes that if a rate of 5% or less is used to discount fiture costs and benefits, we would find that the government＇s decision to set aside land for a Wetland Park was economically sound while using a discount rate of 6% or more shows that it was not.     

Analysis on regional disparity of economic development in China based on DEA

The economy of China has been developing fast after the beginning of the new century, but the 31 provinces or municipalities （excluding Hong Kong, Taiwan and Macao） develop disparately. So, finding an appropriate way to analyze and compare the economic situations of various regions is of great significance for the balanced development of the east coastal area and the hinterland. With the DEA method, on the basis of regionalism, this paper analyzes various regions of China, and gets the conclusion that the effective proportion of DEA of the coastal developed areas is relatively higher, and the extremely tittle foreign investment makes the relative efficiency of DEA of frontier areas pretty high. In addition, through the analysis parameters of the regions where DEA is relatively ineffective, this paper points out that the surplus labor force is the most influential factor, and the spare foreign investment is the main reason for the lack of efficiency of relatively developed regions.     

Analysis on inbound tourists＇ satisfaction in China： an empirical study based on the investigation of 5 cities

In China, the tourism industry is regarded as one means of fostering local economic development. This paper tries to examine inbound tourism development in China in the last decade and analyze inbound tourism＇s satisfaction of their travel experience with tourist attractions, facilities, services and price by an empirical study based on the investigation of Lanzhou, Wuhan, Guangzhou, Shanghai and Beijing. This paper discusses the demographic characteristics of visitors from Hong Kong, Macao and Taiwan, US. Korea and Japan by surveying a .sample of 528 visitors in five different cities. The survey showed that four provinces/autonomous region in western China ranked the top 10 popular destinations. Chinese natural landscape, culture and food were highly regarded by the tourists. At the same time, tourists expressed less satisfaction with tourist language convenience, tourist facility and nightlife in China. It was also found that only 7.4% of the tourists thought travel in China was far more than what they had paid, that 6.5% regarded they got what they paid for, and that 34.9% thought the travel cost was reasonable. Most tourists were satisfied with their travel experience in China： many of them would like to return to China and would like to recommend China. For the sustainable development of tourism, Chinese tourism authorities should strengthen the construction, propaganda and management of scenic spots, improve tourist facility and tourist education. especially language convenience, and strengthen the supervision of tickets, souvenir and hotel price.     

Accounting standards, disclosure requirements and foreign company listings on stock exchanges

Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.     

A comparative analysis of Japanese firm productivity： Solow residual and Malmquist productivity index

For some time, two major kinds of Total Factor Productivity （TFP） have existed independently of each other： the Solow residual and the Malmquist Productivity Index （MPI）. The Solow residual was introduced in macro economic growth models, and the MPI has been used in micro economics and management studies. As both indices were developed independently, few studies utilize both together and compare the results. This paper uses the same data to compare the two productivity indices by setting to determine the economic implications of combining the two indices. We discovered that we could decompose TFP with each aspect of the Soiow residual and MPI. We could then interpret their relationship in the business cycle. Our results indicated that the frontier shift in MPI of Japanese firms often occurred when the Solow residual increased, meaning that improving oroductivitv with the Solow residual could be generated by a firm that could shift new production frontiers.     

Development pattern of the industry form in mountains area： a case study of the Three Gorges Reservoir area

The mountainous areas （mountain, plateau and hilly area ） cover than 85% of total land territory of China.Nature and humanity in very mountainous ares has its own geographic characteristics.In the process of industrialization and urbanization in China, realizing the sustainable development of the mouniainous areas, optimizing man-land system, and adopting and continuously developing corresponding economic modes of the mountainous areas with multi-functions of economy, ecalogy, culture and society to chararacterize production content, mode of production. mode of operation is not only helpful to econonty, society and ecological value and is of great aesthetic value,but also solve the technological problems of the subject of starting undertaking to finally transform the regional resource advantage of the mountainous area into the advantage of capital and technology for economic development and to get rid of the contradiction between underdeveloped economy and abundant resources. This paper takes the Three Gorges Reservoir（TGR） area for example to show that it＇s of great practical and theoretical significance ,regional distribution,variety structure and quality structure.     

Opportunities of manufacture under global economic crisis： The case of Estonia

Because of the smallness of Estonia, its main source of economic growth is export, i.e. successful sales in the world market. It is necessary to shift from branches, activities and value chains where it is difficult to increase value added, to more profitable and promising ones. The present economic situation provides for this an exceptionally good chance. All kinds of development, international relocation of production and reallocation of economic power in the world are gathering speed. It is necessary to rapidly find an opportunity in the ＂declining＂ market, a profitable niche. Manufacturing entrepreneurs and executive managers have for several years already been complaining of shortage of workforce that hinders them carrying out new business plans, increasing production and exports. Increased supply of workforce dismissed from construction is an opportunity for the forced development of the manufacturing export sector and sharp increase in exports.     

The role of new ICTs in the sustainable development of industrial cluster： a case study of Yangxunqiao textile cluster

The wide application of new information and communication technologies （ICTs） has been argued to be critical in local economic development, while the application of new ICTs will affect the development of industrial cluster, especially those small and medium-sized enterprises （SMEs）. This paper examines Yangxunqiao textile cluster located in Zhejiang Province as a case study to focus on the role of ICTs in the sustainable development. We argue ICTs application in firms boost flexible and customized production approach, improve e-commerce market channel and raise supply chain management. We also pay special attention to the spatial implication of ICTs adoption in industrial cluster, and suggest that application of ICTs tend to lead to further clustering of SMEs in the location with mature production chain. Our analysis shows that new ICTs are a facilitator in the sustainable development of the industrial cluster.     

The Expanding Analysis of Enterprise＇s Human Capital Investment Value

Value is the scale that appraises whether the comparison between a certain thing and its realization which we need to consume is rational. The paper appraises the investment value and incomes of human capital by applying value engineering method. It elaborates the investment structure and contents of human capital first, and then analyzes and summarizes various functions of enterprise＇s human capital. It educes the production function and the optimum equilibrium solution of human capital on this basis. Finally, it appraises the investment value of human capital by applying VE method. Thus we will apply a new method in the human capital field.     

Impact of Selected Insolvency Indicators on the Recoveries of Creditors＇ Claims Against Closed Banks in the Philippine Context

Banks play a pivotal role in an emerging economy. They mirror the country＇s political and economic status. The more savings deposited in banks would mean the availability of cash provided to users of funds. On the other hand, their closure affects the creditors. The goals of the study include the minimization of losses imposed on creditors and the expeditious recoveries of their claims against the closed banks＇ assets. The study proved on the four significant impacts of selected insolvency indicators on the recoveries of creditors＇ claims against the assets of closed banks under the Philippine context from 1961 to 2011. The study uses various methods such as Pearson product-moment correlation coefficient to establish the strength of association of the independent variable to the dependent variable and time series technique （moving average and trend forecasting） in order to observe the pattern of data over a known period of time. Using the regression analysis, the researchers were able to establish a regression model. The ANOVA test, f-test, and R2-test were used to prove the model＇s goodness-of-fit, the significance of the predictors, and verification of the assumption of regression hold. Empirical evidence reveals that capital to estimated realizable value of assets ratio （ERVA） and debt to assets ratio （with respect to ERVA） were significant predictors of recovery. Further, the presence of high leverage on banks indicates that their liabilities exceed the value of their realizable assets. Thus, these banks fail to meet their maturing obligations, hence, imposing losses on the uninsured depositors and other creditors.     

Policy variables affecting marginal level of low carbon employment：an empirical study based on provincial data of China

Low Carbon Employment is an inevitable choice for the purpose of ＂energy-saving and emission reduction＂ and ＂promoting employment＂. By Multi-variable Linear Backward Regression method, this study presents an empirical analysis of the emplovment impact of policy variables indexes that involves economic pull, industry upgrading, population development, technical inputs and so on. The paper demonstrates that wide range offactors will affect low carbon employment, that industry upgrading will affect how carbon employment remarkably, that to increase years of people education will notably improve low carbon employment level of secondary vocational-technical labor, and that to raise technical inputs will significantly enhance college students＇ low carbon employment.     

Concepts perception of strategy and strategic management： University case study

Aiming to reveal the university students＇ understanding in management as for the strategy and strategic management phenomena, this study accomplishes a phenomenographic research to assess the future managers＇ market perception. It was chosen university students in Management of a Portuguese University. We conclude that the strategy definitions obtained are an assembly of the diverse existing concepts. Concerning to strategic management it was perceived an approach with one of the main existing concepts. The findings raise interesting issues with respect to the difficulties felt by new managers in translating their theoretical definitions in real examples in the organizations.     

Identity in a World of Scarcity： The Book of Eli

This paper examines the construction of identity in Hugue＇s brothers movie, The Book of Eli setting in an America post-apocalyptic world destroyed by nuclear war and environmental disasters. Economic relations in this world without time or history and without production of goods and commodities, are based on ancient practices such as barter. The goods are exchanged for goods according to the need and the currency lost its meaning before the supreme usefulness. Essential items to human life like water now have a very high value due to its complete scarcity. Eli （played by Denzel Washington） toured the United States for 30 years westward circling the wasteland leading the only existing copy of the King James version of the Bible. Then he reaches the town, which is under the control of Carnegie, the villain, whose ambition is to have the holy Bible in order to exercise power. In this world full of shortages, power belongs to the old that has the memory of the past. Texts of Giddens, Beck, Lash, Benveniste, and Marx compose the theoretical apparatus that allow understanding how to reconstruct the identity in a world in crisis, and no shortage of complete story without memory card with the movement of goods excluding currency.     

The Influence of Computerization on the Internal Audit

Under the modern economic condition, wide application of computer information system exerts an enormous influence on accounting, auditing, etc. What this paper mainly probes into is the influence of application of computer information system on internal audit. Since the wide use of computer information system has a certain influence on the clues and methods of internal audit as well as internal auditor, and it has an advantage that traditional auditing can＇t compare with, so it makes the form of internal audit changing from traditional manual audit to computer-aided audit become a kind of inevitable trend. But there are still problems to be solved about the computerization of internal audit, the author discussed some urgent problems and proposed the relevant countermeasures.     

The Impact of Automation in Service Industries＂ An Empirical Study

Academic research into service industries has explored the characteristics of interpersonal interactions between employees and customers, but there are few studies addressing the issues of consumer interaction with technology and its influence on the objectives and results of the operations subsystem. This study examines the elements of the service encounter, and the changes automation originates in them and their relationships. The paper also examines changes in the elements and results of the operations subsystem, as a result of automation. We propose that the customer＇s relationship with employees and/or technology and automated systems for the service impact the objectives and results of the operations subsystem, all of which could have an effect on the company＇s competitive position. The empirical study is focused on four industries, namely, toll motorways, car parks, carwash and video/DVD rental companies, in an attempt to identify objectives that lead companies to implement automated processes affecting the customer＇s relationship with the company. The hypotheses generated are contrasted with a structural equation modelling. The results confirm that the customer＇s relationship with employees and automated systems for the service impacts the objectives and results of the operations subsystem. Also, the results show how automation can enable firms simultaneously to achieve acceptable levels of flexibility and productivity, two dimensions that have traditionally been considered opposites.     

Topology of economic systems

An economic topology can have many uses to the academician, student and practitioner. Refining a topology of economic systems helps to bring together seemingly disparate characteristics and to point out potential long run trends. The progression of economic systems over time and also brief explanations of each system are given. We argue that most modem economic systems have some remnants of earlier forms, that is, most economies today are some mixture of what might be considered pure systems. Measurable characteristics to identify a particular system are developed that allows progress to or from a particular classification to be charted for individual countries.     

Effect of Distributional Assumption on GARCH Model into Shenzhen Stock Market： a Forecasting Evaluation

This paper examines the forecasting performance of different kinds of GARCH model （GRACH, EGARCH, TARCH and APARCH） under the Normal, Student-t and Generalized error distributional assumption. We compare the effect of different distributional assumption on the GARCH models. The data we analyze are the daily stocks indexes for Shenzhen Stock Exchange （SSE） in China from April 3^rd, 1991 to April 14^th, 2005. We find that improvements of the overall estimation are achieved when asymmetric GARCH models are used with student-t distribution and generalized error distribution. Moreover, it is found that TARCH and GARCH models give better forecasting performance than EGARCH and APARCH models. In forecasting performance, the model under normal distribution gives more accurate forecasting performance than non-normal densities and generalized error distributions clearly outperform the student-t densities in case of SSE.