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Economic Survey
 
2011 Vol.28 Issue.5
Published 2011-09-06
Finacial Economic
1 The Statistic Measurement of Chinese Product Variety and Test of Its Endogenous Growth
XIAO Hong-ye , ZHANG Li
While the expending product variety model of endogenous growth theory are now common, empirical application lags far behind. The fundamental reason is that the core of the model variables, the statistical measurement of product varieties has not been satisfactorily resolved. The authors proposed the product variety measurement method based on Chinese product variety index in Chinese technological innovation statistical formation, applied the two methods of product variety measurement to measure Chinese product variety, and made an empirical study of Chinese economic growth according to the result of the mearurement. The initial conclusion is as follows: (1) the limitation of trade variety index based on trade data lies in data availability. If the data problem is solved, the method can be used widely in the researches into preference and earnings; (2) the Chinese product variety index based on significant technological innovation statistical formation is feasible. The the key question is how to define product meaning; (3) the results of the empirical researches into Chinese endogenous growth show that there is a positive relationship between Chinese product variety and productivity according to the estimate of the two measurement methods, which support the hypothesis of endogenous growth.
2011 Vol. 28 (5): 1-8 [Abstract] ( 4399 ) [HTML 1KB] [ PDF 1011KB] ( 2145 )
Finalcial Economic
9 Different Policies about Greenhouse Gases Emission Reduction Depending on Industries——Welfare Analysis Based on Cournot Model
ZHANG Guang-xian, Ma Yu

The authors introduced the negative externality of greenhouse gases (GHG) emission into Cournot model, analyzed manufacturers' maximization of profits and obtained the optimal emission of greenhouse gases based on social welfare function. The optimal emission is relatively more than Pigou’s analysis result, which means that the Pigou’s policy is not optimal, and the socially optimal amount of GHG emission does not require fully compensating for its negative externality. Further analysis shows that the optimal level of emission depends on the market structure. The higher the level of monopoly is, the lower the level of emission reduction should be.
2011 Vol. 28 (5): 9-13 [Abstract] ( 4663 ) [HTML KB] [ PDF 686KB] ( 1430 )
14 Technical Progress, Structural Readjustment, and Employment Growth:——An Empirical Research Based on Spatial Panel Model
ZHANG Hao-ran, YI Bao-zhong
The authors estimated the total factor productivity of 268 Chinese cities based on DEA approach and tested the relationship between technical progress, structural readjustment and employment growth. The results indicate that the increase in total factor productivity does not affect urban employment obviously and the quick adjustment of industrial structure has obvious positive effect on urban employment. At the same time, the industries of manufacture and construction are positively related to urban employment while the industries of power, gas and water supply, personal service and production service are negatively related to urban employment. In addition, the research also indicates that human resource and technological input are important factors that promote the employment growth in Chinese cities.
2011 Vol. 28 (5): 14-18 [Abstract] ( 4852 ) [HTML 1KB] [ PDF 627KB] ( 2341 )
19 Empirical Research on the Driven Relationship Between R&D Input and Economic Growth of Our Country——Based on LMDI Decomposition Method
WANG Qin-mei, YIN Pei-wei, YAO Yu
The authors introduced for the first time the Log-Mean Divisia Index Method (LMDI) to the the study of the driven relationship between R&D input and economic growth, constructed a decomposition model of total GDP variation, divided the total GDP variation effect into R&D activity effect, structure effect and efficiency effect and made an empirical research into the relationship between GDP and R&D input in 31 provinces and cities from 1999 to 2009. The results show that R&D activity effect makes the primary contribution to the total effect of GDP variation; the positive effect of R&D structure effect on GDP variation is stable but not obvious; the R&D efficiency effect is obviously negatively related to GDP growth. On the basis of this, the authors made some suggestions about optimizing the GDP input and realizing the substantial economic growth of our country.
2011 Vol. 28 (5): 19-21 [Abstract] ( 5624 ) [HTML KB] [ PDF 657KB] ( 1520 )
22 A Research into the Influence of Relative Labor Cost on Gradient Transfer of Industry——Based on the Regional Differences in Labor Productivity
XU Zheng-song, WAN Qing
Labor cost is an important factor to promote industry transfer. When labor costs in different regions are compared, nominal wage should not be the only factor to be compared, but it should be combined with labor productivity. The industry in the east of our country failed to move to the central and the western regions cosmically after more than 30 years' development. One of the reasons for the slow gradient transfer of industry is that the east still has the comparative advantage of labor after a long-term rapid development. In order to promote the harmonious development of the east, the middle and the west, it is necessary to enhance transfer payment, increase the input in human capital and attract private capital to the central and the west to improve labor productivity in the central and western regions and then promote the transer of industry.
2011 Vol. 28 (5): 22-27 [Abstract] ( 4986 ) [HTML KB] [ PDF 920KB] ( 1616 )
28 Research into the Efficiency of the Contribution of Capital Market to Technology Innovation ——Taking the Western Region as an Example
ZHAI Hua-yun, ZHENG Jun
By using Malmquist index, the authors measured the total factor productivity about capital market supporting technological innovation, the change index of technical efficiency and the index of technical progress rate in 12 provinces and cities in the western region of our country, compared and analyzed the efficiency level of capital market promoting technological innovation in each province and city in the western region. By establishing regression equation with the panel data about the patent and capital market financing in 12 provinces and cities and testing them, the authors found that provincial capital market efficiency in promoting local innovation is not balanced and the total factor productivities of capital market financing to technological innovation are higher in areas with better capital market development,greater innovation potential and higher demand.
2011 Vol. 28 (5): 28-32 [Abstract] ( 4753 ) [HTML KB] [ PDF 614KB] ( 1738 )
33 A Research into the Influence of Market Structure of Intermediate Link on the Decisions of Global Value Chain Governors
WEN Hu, ZHANG Sheng-cong
In the background of globalization, value chain governors are needed for managing the action of value creation in different spaces and different companies. Firstly, the authors introduced the research question——which factors determine value chain governors. Secondly, on the basis of retrospecting the related theories, the authors put forward the hypothesis that the markt structure of the intermediate link is the influencing factors of value chain governors. Then, based on logic analysis and mathematic model, the authors discuss the way of the market structure influencing governors from three aspects: power distribution, profit distribution and transaction cost apportion. At last, the authors drew the conclusion. The bigger the bias between market structures of intermediate link of value chain, the more the market structure tends to be monopolized in a link of the value chain, the greater the power in this link of the value chain, the stronger the power to gain value, the smaller transaction cost apportion, the more likely it is for the link to become the governors of value chain.
2011 Vol. 28 (5): 33-39 [Abstract] ( 4773 ) [HTML KB] [ PDF 1031KB] ( 1608 )
40 Analysis of Industrial Structural Change and Structural Effect——Taking Ningxia Autonomous Region for Example
XU Jian-wei, GE Yue-jing, LIN Bi-yang
In the process of industrialization，structural change due to reallocation of resources factor is an important factor of aggregate growth. So it is of great significance to define the type of industry according to factor intensity and research industrial structure effect. Based on the data of the industries of Ningxia Autonomous Region from1997 to 2008，by decomposing the growth in industrial labour productivity, capital productivity and total factor productivity，the authors found that the growth of productivity is largely dominated by the growth effect within the industry. Though structural shift effect plays some part in productivity growth，it is not so apparent，even taking on a gradually downward trend. It is noticable that different decomposition effects make different contributions to productivity growth of various types of industries and the contributions of different types of industries to aggregate productivity growth are also obviously different. Labour intensive industries and capital intensive industries play the major role in the growth of the total industrial labour productivity and capital productivity，but the growth in total factor productivity is mainly from labour intensive industries and capital-and-technology intensive industries.
2011 Vol. 28 (5): 40-45 [Abstract] ( 4194 ) [HTML KB] [ PDF 842KB] ( 1720 )
46 Analysis of the Difference in the Effect of Bank Credit on Three Strata of Industry: A Case Study of Beijing
GUO Xiao-li
Finance is the core of modern economy and bank is still the mainstay of financial system. Bank credit usually has an important effect on the adjustment of industrial structure. Through a co-integration analysis of the effect of bank credit on the three strata of industry of Beijing, it is found that the contribution of bank credit to the second industry is greater than that to the first industry and the contribution of bank credit to the third industry is greater than that to the second industry. In order to go on adjusting and optimizing industrial structure, the author put forward the following suggestions: enhancing the support of bank credit at proper time or maintaining the scale of bank credit; implementing different credit policies according to different industries. The author also presented her ideas for further study: optimizing the structure of credit, raising the efficiency of credit and advocating the concept of “green credit”.
2011 Vol. 28 (5): 46-49 [Abstract] ( 4192 ) [HTML KB] [ PDF 653KB] ( 1413 )
50 Measurement of the Aggregate Service Trade between China and America, Japan and Europe and Chinese Potentials for Structural Export——A Gravity Model Analysis Based on Panel Data with Variable Intercept
XU Tong-sheng, HUANG Jing
Based on panel data model with variable intercept which is used widely, the authors made an empirical analysis of the determinants of Chinese service trade export to 29 economies, the total potential and structural potential. The result shows that the influence of spacial distance on Chinese service trade export is not notable; the dramatic fall in service trade export after the international financial crisis is the continuation of insufficient export; the total potential of export increases; the structural potential is complicated; the anti-financial crisis power of traditional service exports such as transportation and tourism is weaker; the emerging service exports such as insurance have stronger anti-risk ability. Therefore, when the related sectors and enterprises try to exploit export potential and prevent sustainable excess, they should take different development measures for different industries and different destination countries.
2011 Vol. 28 (5): 50-55 [Abstract] ( 4837 ) [HTML KB] [ PDF 903KB] ( 1613 )
56 Foreign Trade, Trade Merchandise Structure and Urban-rural Income Gap of Our Country
WEI Hao, YANG Sui
With the data from 1978 to 2008, the authors made an empirical analysis of the impact of foreign trade and trade merchandise structure on urban-rural income gap in our country. The results indicate that the effect of the aggregate foreign trade, import and export on urban-rural income gap shows an "inverted U shape", which fits the Kuznets Hypothesis. Now the relationship between the aggregate foreign trade, import and export and urban-rural income gap shows a positive correlation before the inflection point; considering the direct and indirect impacts, the effect of optimizing export structure on narrowing the urban-rural income gap is less than the effect of optimizing import structure on widening urban-rural income gap; the total effect of optimizing the import and export structure is shown as widening urban-rural income gap. So China should keep developing foreign trade, expand foreign trade scale, and optimize export structure in order to narrow the urban-rural income gap through foreign trade.
2011 Vol. 28 (5): 56-60 [Abstract] ( 5337 ) [HTML KB] [ PDF 706KB] ( 2048 )
61 A Game Analysis of the Cooperative Mechanism for Regional Service Trade Liberalization ——Taking China and ASEAN Free Trade Area as an Example
LU Yu-duo, LI Dan
Regional free trade agreements in services are proliferating across the globe. The authors made an analysis on regional free trade in services between China and ASEAN. Firstly the authors analyzed the foundational basis of service trade development in the region, advanced that cooperation is the only way to gain the regional liberalization in service trade with the method of cooperative game, then further analyzed the specific approach to the regional cooperation on service trade through negotiation by means of bargaining model, on the basis of which, proper suggestions were put forward in the end to help develop regional service trade liberalization.
2011 Vol. 28 (5): 61-65 [Abstract] ( 4422 ) [HTML KB] [ PDF 754KB] ( 1568 )
66 Foreign Direct Investment and the Formation of Industrial Cluster——An Empirical Analysis Based on China
LI Juan, WANG Fei
Industrial cluster and cluster of the foreign direct investment have been a popular phenomenon in economic activity. The result of clustering methodology shows that FDI cluster and industrial cluster are highly identical in China. The multiple regression empirical analysis based on the data of China confirmed that classical trade theories are able to explain sussessfully the formation mechanism of industrial cluster and regional specialization, and it also tested that FDI in China has significant effect on the formation of industrial clusters and the disproportion of spacial distribution of industries.
2011 Vol. 28 (5): 66-70 [Abstract] ( 4630 ) [HTML KB] [ PDF 882KB] ( 1716 )
71 The Determinants of Entrepreneurship: Evidence from Chinese Province-Level Panel Data
YANG Yong, ZHU Qian
Entrepreneurship is an important driving force for employment, innovation and economic growth. Scholars in the fields of Economics and management have been exploring the determinants of entrepreneurship. Using panel data model on the basis of the province-level data from 2001 to 2005, the authors made an empirical research into the influence of innovative ideas, human capital, financial development and legal administration level on the development of regional entrepreneurship. The result indicates that innovative ideas and human capital are the basis of the poineering work of entrepreneurs, financial development make positive contribution to entrepreneurship and legal development is the basic guarantee for the success of entrepreneurial venture.
2011 Vol. 28 (5): 71-74 [Abstract] ( 4829 ) [HTML KB] [ PDF 566KB] ( 1513 )
75 Succession Game and Its Application in Enterprise
LIANG Song
Succession game is a new concept and it pays close attention to how the incumbent decides to leave some contribution to his successor. There is an equilibrium strategy that the ratio of the left contribution to the total personal contribution is a constant in the succession games of enterprises, but it is different to the condition of maximizing the total output, which provides new explanations to the difference in personal effort, shortsightedness, and lack of altruism. When the participant exists only one term, different participants will leave different amount of output, and the Bayesian equilibrium strategy may exist. In family business succession games, the utility function of participants will change with the genetic relationship and leads the participants to lower the request for the ability of successors. It will cause incompetent successors lacking the motivation for improving productivity.
2011 Vol. 28 (5): 75-80 [Abstract] ( 4006 ) [HTML KB] [ PDF 814KB] ( 1539 )
81 Analysis of the Performance of the Unrelated Merger of China’s Listed Companies——From the Perspective of Core Competence
ZHANG Gen-ming , LIU Juan
The authors took the listed companies in Shanghai and Shenzhen A share markets which untertake unrelated merger in 2005 as the research sample to choose financial index and used factor analysis method to evaluate the performance of enterprises. The authors classified the sample enterprises from the perspective of core competence to study the performance of different companies in unrelated mergers. The study found that the enterprises that have mature core competitiveness will develop well after the unrelated merger.
2011 Vol. 28 (5): 81-84 [Abstract] ( 4709 ) [HTML KB] [ PDF 681KB] ( 1755 )
85 An Empirical Study of the Influencing Factors and Function Mechanism of Regional Brand Equity of Agricultural Products
SHEN Peng-yi
Based on literature review and interviews,the author builds a research model of the influencing factors and action mechanism of regional brand equity of agricultural products.The results show that resource basis, industry advantages, organization management, innovation milieu and marketing stimulus have different impacts on the dimensions of regional brand equity of agricultural products and there are some causal relations among these dimensions.
2011 Vol. 28 (5): 85-89 [Abstract] ( 4821 ) [HTML KB] [ PDF 854KB] ( 1652 )
90 An Analysis of the Necessary and Sufficient Conditions for the Migration of Rural Surplus Labor——Based on the Expected Benefit-cost Theory
HU A-li, WANG Zheng-bing
In combination with the theory of benefit-cost and Todaro Model, on the basis of an analysis of farmers‘expectant benefit and cost for the migration, through studying the collected data, the authors made a comparative analysis of the “local migration” and “long-distance migration” and their income before and after the two different ways of migration.The conclusions are as follows: firstly, the difference between the lowest expected incomes for “local migration” and “long-distance migration” is much more than the cost of “long-distance migration”; secondly, farmers’ lowest expected monthly incomes for “local migration” and “long-distance migration” are respectively 3.42 and 4.80 times their monthly income per capita in the village(excluding the income gained as migrant workers). Those two ratios are just the focus of this paper——the necessary and sufficient conditions for the migration of rural surplus labor, and the two ratios may decrease depending on the economic level of different rural areas.
2011 Vol. 28 (5): 90-94 [Abstract] ( 4212 ) [HTML KB] [ PDF 902KB] ( 1768 )
95 A Research into the Land Acquisition Compensation Mechanism in the Context of Harmonious Development of Urban and Rural Areas
LIN Dan
The author summarizes the basic features of China's existing land acquisition compensation system, analyzes its defects in system, compares three methods of reform, presents the land acquisition compensation mechanism in the context of harmonious development of the urban and rural areas and points out that only by distributing the land-transfer fees properly in both urban and rural areas, defining the ratio of the appriciation benefit of the land that is made a public possession and protecting the rights of farmers can the harmonious development of urban and rural areas be achieved and the whole social welfare be maximized.
2011 Vol. 28 (5): 95-100 [Abstract] ( 4592 ) [HTML KB] [ PDF 977KB] ( 1542 )
101 The Choice and Game of Enterprise E-commerce Market:A Factor Endowment Analysis
XIE Kang, XIAO Jing-hua, WANG Hong-chang
From the perspective of factor endowment, the authors construct a static model for individual decision and a dynamic model for group decision to explore the reasons for enterprises with e-commerce choosing the mode for survival and development. The results show that whether an enterprise adopts e-commerce and when to do it depends on the enterprise's technology endowment, operation endowment, strategy endowment, and the comparison of the exterior pressure of market and endowment cost, which form the four basic modes of e-commerce and five roles in the market. The government should take corresponding supporting measures according to the factor endowment of different firms and promote the development of e-commerce according to different hierarchies and classes of the firms.
2011 Vol. 28 (5): 101-107 [Abstract] ( 5237 ) [HTML KB] [ PDF 1161KB] ( 2136 )
108 A Fuzzy Comprehensive the of the Credit Level of Enterprises with Supply Chain Financing
BAI Shao-bu
As a new bank financial product, the supply chain financing (SCF) is an effective approach to realizing the capital marketization of small and medium-sized enterprises. According to the operating features of the SCF business operation and the key factors of each observation point that affect the financing enterprises' credit level, the author establishes an index system for the evaluation of the credit level of the enterprises with SCF, constructs the membership functions and vectors of the coincidence intervals of the evaluation indexes. To explore the enterprise's credit level, the author puts forward the fuzzy evaluation methods of the threshold values and the membership vectors and the typical fuzzy comprehensive evaluation method. The author also provides the assessment procedures, thus securing the approaches to and the strategies of credit level and risk management for enterprises with SCF.
2011 Vol. 28 (5): 108-112 [Abstract] ( 4616 ) [HTML KB] [ PDF 816KB] ( 1504 )
113 The Simulation of a Brand Trust Crisis Model with Dynamic Mutual Diffusion Effects
WANG Xin-yu, YU Ming-yang
In this paper a differential dynamical system model is constructed to describe the growth trends of the consumer populations who have taken different trust strategies in the evolution of the brand crisis. Then a phase trajectory analysis is adopted to analyze the stability of the system equilibrium point. The simulation results show that the negative media publicity and negative word of mouth among consumers of the brand accelerates the outbreak of the crisis significantly. Communication by the enterprise during the crisis and positive word of mouth among consumers can alleviate consumer fear and slow down the progression of the crisis to some extent.
2011 Vol. 28 (5): 113-117 [Abstract] ( 4366 ) [HTML KB] [ PDF 719KB] ( 2143 )
118 The Cause Analysis and Countermeasures of Fraud Issues in On-line Group-buying——Based on the Perspective of Consumers' Herd Behavior
QIN Yong-heng, WAN Di-fang
Aiming at the fraud issues in the emerging on-line group-buying, by using mathematical derivation and simulation, the authors analyze the causes of fraud from the perspective of consumers’ herd behavior. It is shown that only providing the number of participants will make the information incomplete and may induce the consumers’ myopic trust and conformity, which leaves loophole for cheaters to exploit. Further, the total number of those who viewed the group-buying page is suggested that it is provided as a reference, which can prevent the consumers from being affected seriously by the others’ participation. In addition, the authors also present some other suggestions such as declaring the supported measures of consumer protection, adding the consumers’ comments and relieving the time pressure to consumers, all of which will provide reference for the benign development of China’s on-line group-buying market.
2011 Vol. 28 (5): 118-122 [Abstract] ( 4447 ) [HTML KB] [ PDF 739KB] ( 1637 )
123 Debt Contract Conflicts :Overinvestment or Underinvestment——Evidence from the Listed Companies of Chinese Manufacturing Industry
LEI Xin-tu
Overinvestment and underinvestment are the two common types of financial conflicts between enterprise creditors and stockholders. The author took the listed companies in Chinese manufacturing industry from 2004 to 2006 as samples and made an empirical research. The research shows that the financial conflicts between enterprise creditors and stockholders have the general traits and their specific characteristics. The general traits lie in that the types of creditor's right conflict are related to the risk level of enterprise' investment projects. The specific characteristics are shown in that the types of conflicts are related to the nature of enterprise ownership. Compared with state-controlled listed companies, private listed companies have the creditor's right conflict of underinvestment; the creditor's right conflict of overinvestment exists in the long-term debt of state-controlled listed companies compared with private listed companies.
2011 Vol. 28 (5): 123-128 [Abstract] ( 3975 ) [HTML KB] [ PDF 870KB] ( 1626 )
129 An Empirical Research into the Factors Influencing Social Capital
DUN Zhao-hui
Social capital is becoming a hotspot in many fields such as sociology, economics, management and politics. The theoretical and empirical researches find that social capital can act on economic growth, social stability and enterprise development. But the researches into how social capital came into being and which factors can enhance enterprises' social capital are deficient.The author tries to find the interior and exterior factors that influence the social capital of enterprises through an empirical analysis of listed companies and help enterprises increase their social capital pertinently.
2011 Vol. 28 (5): 129-134 [Abstract] ( 5387 ) [HTML KB] [ PDF 901KB] ( 1631 )
135 Controlled Government Level, CEO Political Connections and Agency Cost:Evidence from State-owned Power Generation Listed Firms
HU Yong-ping
Taking the stated-owned power generation listed firms as samples, using Heckman two-stage regression method, the author made an empirical study of the effect of CEO political connection on agency cost. The results show that CEO political connection can increase agency cost significantly. The CEO political connections can increase the implicit agency cost significantly whereas the CEO political connections in local state-owned companies can enhance the explicit and implicit agency costs and the rate of increase is obviously higher than that for central enterprises, which shows that the widespread CEO political connections in state-owned enterprises aggravate the agency problem.
2011 Vol. 28 (5): 135-138 [Abstract] ( 5006 ) [HTML KB] [ PDF 707KB] ( 1512 )
139 A Mathematical Analysis of the Influence of Subordinated Debt on the Stakeholders of Commercial Banks——Based on the Perspective of Market Discipline
ZHAI Guang-yu, ZHANG Yong-chao, WANG Jin-jie
Subordinated debt and deposits have the effect of market discipline on commercial banks and the market discipline of deposit is not changed by the issue of subordinated debt. However, the issue of subordinated debt compensates for the risks of deposits to some extent. The shareholders of commercial banks do not play the role of the market discipline and are not affected by the issue of subordinated debt. So the market discipline function of subordinated debt should be exerted and the timing of the issue of subordinated debt should be paid attention to.
2011 Vol. 28 (5): 139-144 [Abstract] ( 4540 ) [HTML KB] [ PDF 709KB] ( 1489 )
145 A Comparative Study of the Liquidity Management of Listed Companies in China and US——Findings Based on the Industrial Characteristics of Cash Holding
Liu Bo-yan, Han Li-yan
According to the industry classification of Chinese and American listed companies, the authors identified the industrial characteristics of firms' cash holding policy. The results show that unlike the situation in the US, the differences in the cash holding policies of Chinese listed companies are weak, but there is a tendency of gradual improvement. With reference to the historical track of industry distinction in firms' cash holding policy of American firms, it can be foreseen that Chinese firms' liquidity management tends to be rationalized with the improvement of governance environment.
2011 Vol. 28 (5): 145-150 [Abstract] ( 4748 ) [HTML KB] [ PDF 908KB] ( 1675 )
151 An Analysis of the Elasticity of Chinese Monetary Demand Factors in Economic Fluctuations
LI Yan-yan, CHANG Jing-yu
Forecasting monetary demand function accurately is the key to implementing monetary policies effectively. The authors chose the complete cycle of economic decline, depression, recovery and prosperity from 1997 to 2007, conduct cointegration analysis and error correction of the different elasticities of monetary demand factors of our country (disposable income, one-year deposit rate, stock earnings ratio, expected inflation rate) in the four phases of the cycle. It is found that i〖BP)〗In the long term there is a stable cointegration relationship between each demand factor and the broad monetary demand in the fluctuation. In the short term, different factors play a different role of adjustment in the dynamic monetary demand in different stages. The adjustment function of expectational factor in the recovery phase is obvious and interest rate plays a noticable role of adjustment in the phase of prosperity, which provides some reference for the construction of the monetary demand function in the new economic cycle since 2008.
2011 Vol. 28 (5): 151-155 [Abstract] ( 5116 ) [HTML KB] [ PDF 708KB] ( 1677 )
156 Does Formal Rural Finance Inhibit Economic Growth?——Taking Shaanxi as an Example
WANG Lei-ling, LUO Jian-chao
Based on Shaanxi time series data of 1978-2009， using Johansen co-integration test，vector error correction model and variance decomposition method respectively，the authors tested the long-term and short-term relationship between formal rural finance and economic development in Shaanxi province. The results show that formal rural finance promotes the development of rural economy in the short-time. According to the contribution rate，it is formal financial development, capital marginal productivity, efficiency of rural financial system and rural savings respectively. However the long-term relationships between the variables show that formal rural financial development level and efficiency inhibit rural economic growth.
2011 Vol. 28 (5): 156-160 [Abstract] ( 4061 ) [HTML KB] [ PDF 825KB] ( 1573 )
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