How much can we trust China’s investment statistics?

Abstract

Building upon recent research into the underestimation of China’s official final consumption expenditure, this paper investigates the quality of China’s investment data. We strictly follow the official method to estimate the annual gross fixed capital formation (GFCF) expenditure from 2004 to 2012, and the resulting figures are significantly different from the official statistics. This implies that the ‘total investment in fixed assets’ data, which are the primary source for the estimation of GFCF, grossly exaggerate actual investments, and that the official GFCF figures are not, strictly speaking, independently estimated, as they are purported to be. We deduce that the official gross capital formation figure is more or less a residual item obtained by subtracting final consumption and net exports from the official GDP figure that is calculated based on the production-cum-income approach. As a result, the underestimation of China’s consumption expenditure automatically translates into overestimation of investment expenditure. We conclude that China’s official consumption and investment statistics cannot be trusted as the basis for policy discussions and academic research.     

Towards a hybrid model? A systematic review of human resource management research on Chinese state-owned enterprises (1993–2017)

Abstract

Over the past two decades, there has been a proliferation of research on human resource management (HRM) in Chinese state-owned enterprises (SOEs) as a result of the wide-reaching state-sector reform of the late 1980s. This article aims to provide a systematic review of literature on this topic and capture the nature of HRM in Chinese SOEs, both in research and practice. The article draws on 178 studies from 43 English academic journals over a period of 25?years (1993–2017). In analysing this literature and by taking stock of theoretical frameworks, research methods, themes and analysis of academic articles in this area, we have gained a number of insights. The study has found that the research methods used have shifted from qualitative and interpretive methodology toward quantitative and sophisticated modelling. A further insight is that there has been a relatively heavy reliance on institutional theory in the earlier studies reviewed, and since then a switch towards organizational behaviour perspectives. The level of analysis has moved from macro to micro level and thematic foci have become more diverse and complex. We highlight a number of avenues, theoretical and empirical, for future studies in this field.     

The effects of MiFID II on sell-side analysts,buy-side analysts,and firms

Review of Accounting Studies - This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to...     

基于物联网技术的智能断路器研究与设计

随着物联网技术的蓬勃发展,传统的断路器只具有保护、告警、控制等功能,不能满足在用户侧的电能表失准分析、台区侧的线损分析、线路侧的故障精准定位等电力新业务的应用需求.基于物联网技术的智能断路器是一款应用于电力领域的低压电器设备,该设备具有物联网通信、电能表失准分析、台区线损分析等功能,有力支撑电网的稳定运行.     

How do Expatriate Managers Draw the Boundaries of Moral Free Space in the Case of Guanxi?

Journal of Business Ethics - This paper explores expatriates’ ethical evaluations of and responses to guanxi in China through the lens of integrative social contracts theory. We conducted...     

Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong*

Using Hong Kong firm data, we construct an index of corporate governance during 2002–2005, which scores the corporate governance practices of listed companies from the public shareholders' perspective based on the Organization for Economic Corporation and Development Principles of Corporate Governance. The findings show that family firms and firms with concentrated ownership structures are associated with bad corporate governance. The evidence also shows that these firms improve their corporate governance practices slower than their peers. Overall, the quality of corporate governance is very significant in explaining future company stock returns and risk. Good corporate governance is associated with both higher stock returns and with lower risk. Improvements in corporate governance are associated with significantly higher stock returns and lower company risk.     

Neighborhood Effects and Regional Poverty Traps in Rural China

The present paper investigates how neighborhood effects are connected to chronic poverty. We examine a large sample of groups of households and find that neighborhood effects are significant in a majority of groups, especially in the poorest groups. People living in poor communities tend to suffer from poverty over time. It is of theoretical and empirical importance to explore how neighborhood effects are interrelated with chronic poverty and the channels through which this occurs. Unlike other econometric analyses, we establish a multilevel econometric model to show that： （i） it is difficult for an individual living in a neighborhood with a high proportion of agricultural labor, low education levels, and poor transport and telecommunication infrastructure to escape from poverty traps; （ii） neighborhood effects dominate in poor communities; and （iii） although poverty is affected by group-level factors, individual factors still play a dominant role in regards to escaping poverty when income surpasses a threshold level Therefore, policy priority should be given to providing social protection and public services, especially in poor rural areas.     

高校形势与政策课教师队伍建设路径研究

高校要建设一支思想过硬、素质优良、结构合理、充满活力的形势与政策课教师队伍,就要高度重视并大力加强专兼职教师队伍建设,不断完善业务培训与进修制度,注重加强教学和科研活动,努力提高他们的教学能力和研究水平。     

应用皮肤光毒性实验仪进行化妆品皮肤光毒性试验的研究

[目的]探讨应用皮肤光毒性实验仪进行化妆品皮肤光毒性试验的试验条件和阳性对照物8-MOP的合适试验浓度。[方法]观测皮肤光毒性实验仪的UVA光强度与开机时间的关系,并根据测得的光强度平均值计算得出光毒性试验所需的照射时间;用不同浓度的8-MOP进行试验,排除8-MOP的原发性刺激作用,选择适宜的应用浓度进行皮肤光毒性试验;对两个防晒粉底按所选仪器条件进行试验。[结果]照射开始后2-100m in,UVA光强度稳定在4.3-4.4 mW/cm^2,平均值为4.4 mW/cm^2,故试验时的照射时间为38m in;用皮肤光毒性实验仪进行光毒性试验,0.05%8-MOP能引起豚鼠皮肤明显光毒性反应并且不引起原发性刺激反应;相同试验条件下未见两种防晒粉底引起豚鼠皮肤显著光毒性反应。[结论]用皮肤光毒性实验仪进行化妆品皮肤光毒性试验可行、有效。     

Resource abundance and economic growth in China

This paper revisits the resource curse phenomenon in China and differs from the previous studies in four respects: (i) City-level data is used; (ii) A spatial variable is constructed to estimate the diffusion effect of natural resources among cities in the same province; (iii) The impact of resource abundance on economic development is investigated not only at the city level but also at the prefectural level in China; (iv) We use a functional coefficient regression model to deal with city-specific heterogeneity and, at the same time, analyze the transmission mechanism of the resource curse phenomenon. Our empirical results show that there is no significant evidence to support the existence of a resource curse phenomenon in China. On the other hand, we find that the degree of natural resource abundance in a city has a positive diffusion effect on the economic growth of neighboring cities within the same province at the city level, but not at prefectural levels. We attribute this to the urban bias policy.