Is China’s Manufacturing Industry Efficient? Evidence from an Energy-Rebound Effect Perspective

Majority of the increase in global energy consumption is from China; hence, studying energy issues, especially in China’s manufacturing industry (CMI), is worthwhile and of much interest in the academic field. Based on the translog cost function, we develop a research framework to study the rebound effect of CMI. Considering the effect of asymmetric energy price, we augment the energy-cost function with asymmetric influence constraint of energy price. Again, we add time series data of CMI’s capital, labor, energy, and mid-input to the model to calculate the direct rebound effect of CMI. We find that the rebound effect of CMI is 44.2%, and CMI still has large energy-conservation potentials. Based on the results of this study, some policy recommendations are provided.     

A State‐Price Volatility Index for China's Stock Market

This study derives a volatility index for China's stock market with similar properties to the Chicago Board Options Exchange Volatility Index (the ‘VIX’). A long‐term benchmark of historic volatility expectations is here presented for China from 1996 to 2011, called the ‘China‐ State‐Price Volatility (SPV)’. Construction of this index involves the use of SPV methodology, using implied volatility calculated from options on the Hang Seng China Enterprise Index (HSCEI). Historic open–high–low–close volatility on the Shanghai Composite Index (SHCI) is also used to extend the benchmark prior to the availability of HSCEI options data. The China‐SPV successfully forecasts realised volatility for the Shanghai Stock Exchange. It also serves as a ‘fear gauge’ in that it monitors daily movements of the SHCI in the same way that the VIX monitors the S&P 500 index (Whaley, 2009). The China‐SPV evidences an increasing relation with the US market in terms of the dynamic correlation of levels and changes with the VIX since 2004.     

Social Capital and Access to Bank Financing: The Case of Chinese Entrepreneurs

This paper presents the results of a study of the effects of social capital on access to bank financing. Based on a Chinese nationwide survey, our analysis suggests that entrepreneurs who contribute to charities are more likely to be successful in loan applications. In addition, we find that political party membership is an important determinant of state-owned bank financing, whereas time spent on social activities increases the probability of obtaining loans from commercial banks. Therefore, our data provide some evidence for substitutability between various types of social capital. To obtain a loan from a specific type of bank, an entrepreneur should access the relevant social network.     

Subordinates' perception of managers' transformational leadership style and satisfaction: a comparison of electronic manufacturing companies in Mainland China and Taiwan

Rapid economic growth has made leadership studies a significant subject in Asia. The present research compared subordinates' different perceptions of managers' transformational leadership style in Mainland China and Taiwan. Quantitative methodology was used in collecting 250 random samples from Shanghai and Taipei. Subordinates in Taiwan perceived that more managers had a transformational leadership style and also employees had higher satisfaction with managers' leadership style than those in Mainland China. The results of the present research would provide suggestions and directions for industrial managers seeking to display appropriate management behavior for an effective business environment.     

Testing equality of variances in the analysis of repeated measurements

The problem of comparing the precisions of two instruments using repeated measurements can be cast as an extension of the Pitman-Morgan problem of testing equality of variances of a bivariate normal distribution. Hawkins (1981) decomposes the hypothesis of equal variances in this model into two subhypotheses for which simple tests exist. For the overall hypothesis he proposes to combine the tests of the subhypotheses using Fisher's method and empirically compares the component tests and their combination with the likelihood ratio test. In this paper an attempt is made to resolve some discrepancies and puzzling conclusions in Hawkins's study and to propose simple modifications.
The new tests are compared to the tests discussed by Hawkins and to each other both in terms of the finite sample power (estimated by Monte Carlo simulation) and theoretically in terms of asymptotic relative efficiencies.     

滇南荒田铅锌矿床地质特征及找矿标志

荒田铅矿矿床位于华南褶皱系、扬子准地台和唐古拉-昌都-兰坪-思茅褶皱系三大Ⅰ级构造单元衔接过渡部位,属红河断裂北侧的回新-虾洞-荒田-大冷山铅锌银多金属成矿带南东部。矿区主要出露下二叠统茅口组(P1m)、玄武岩组(P1β)、上三叠统火把冲组(T3h),为一套海相碳酸盐岩-基性火山喷发-沉积岩组合。铅锌矿体赋存于玄武质、灰质角砾岩中并受角砾岩性和厚度控制,富厚部位常在褶皱(背斜)的两翼和向斜的槽部。玄武质、灰质角砾岩层和次级褶皱的两翼、槽部是重要的找矿标志。矿床成因属"火山沉积-岩浆期后热液+后期构造改造富集"。     

交际语言教学在中国的可行性

交际语言教学是一种第二外语教学方法。它强调交流既是学习语言的方法,又是学习语言的目的。但是,在目前中国的具体国情下,这种语言教学法很难在我国普遍运用。     

中国服务业发展悖论——基于“两波”发展模式的研究

本文借鉴最新文献对服务业发展规律的测度方法,用中国1952—2010年的地区面板数据对我国服务业比重变化的长期规律和阶段性特征进行了测度,结果认为:宏观国家层面上,我国服务业比重的变化确实有悖于世界经济整体服务化的趋势;但在地区层面上,我国服务业比重与人均GDP的关系基本符合"服务业比重随经济发展不断上升"的普遍规律,所谓经济服务化的"中国悖论"在地区层面上并不存在;对服务业发展的阶段性特征和地区差异进行分析发现,我国大部分地区仍然处于以传统服务业为主的第一波发展阶段,只有少数地区进入了以现代服务业发展为主导的第二波。文章最后对我国服务业发展规律的成因进行了一般分析和实证检验。     

The management of acid-related disorders: the burden of disease and the need for effective treatment

Summary

A large and increasing number of people suffer from acid-related disorders such as dyspepsia, gastro-oesophageal reflux disease (GORD), and peptic ulcer disease. In 1994 alone, about 2 million patients consulted their family doctor for an acid-related disorder. Treatment of these patients represents a high cost to the NHS in terms of medications, consultations, referrals and treatment of complications. UK government statistics also indicate that there is a huge economic burden associated with acid-related disorders in terms of lost productivity.

Effective management of acid-related disorders is required to ensure that the available resources are used efficiently and to the benefit of the NHS, society and the patient.

Proton pump inhibitors are the most effective and predictable therapy available for acid-related disorders and many clinical studies have demonstrated their superior efficacy over H2-receptor antagonists in the management of these conditions. These therapeutic advantages translate into economic gains. Several economic studies have shown that it is more cost-effective to treat GORD and peptic ulcer disease with the proton pump inhibitor omeprazole than with H2-receptor antagonists.