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Economic Survey

	2011 Vol.28 Issue.6 Published 2011-11-06

Original Articles

	1	A Research into the Multi-Task Principal-agent Model Based on the Cobb-Douglas Function
		WANG Xiang bing, YAN Guang le, YANG Wei zhong
		The authors introduced cobb-douglas function into the research of parametric multi-task principal-agent model, and made a case study of the model. The research shows that the principal should increase incentive strength for the tasks with higher importance and lower uncertainty, making their incentive strength higher than that for the tasks with lower importance and higher uncertainty; when the agent avoids risk strongly and the entrusted task has more uncertainty, the principal should reduce incentive strength to weaken risk sharing; when the individual ability of the agent is strong, the principal should increase the sharing coefficient of the agent to encourage the agent further.
		2011 Vol. 28 (6): 1-5 [Abstract] ( 4604 ) [HTML 1KB] [ PDF 617KB] ( 2378 )

	6	A Research into the Sharing of Ecological Compensation Cost on the basis of Vickrey Auction Mechanism——Taking Gannan Pasturing Area as an Example
		WANG Juan juan
		The obscurity of property right and the externality of benefit make the ecologically beneficial areas tend to “thumb a lift” to enjoy the ecological benefit, which made the ecological system unable to provide sustainable service value. The author had a foothold in Gannan pasturing area, introduced Vickrey auction mechanism into the sharing of ecological compensation cost, constructed ecological benefit distribution and cost sharing function on the basis of game analysis, and held that telling the truth became the dominant strategy in the ecologically beneficial areas in the condition of information incompleteness.
		2011 Vol. 28 (6): 6-10 [Abstract] ( 4314 ) [HTML 1KB] [ PDF 754KB] ( 1845 )

	11	A Research into Enterprises’ Own Morality Improvement from the Perspective of Safe Development
		ZHANG Hua you , ZHU Jin rui
		Business morality is the core element of enterprises’safe development and competitiveness improvement. Business morality building, political system, economic system, regional culture and other extrinsic factors are indispensible, but as the subject of safe development liability, enterprises integrating the minds of staff members consciously in a planned way by various media with the moral concept that enterprises believe in and must practice is the general approach to the improvement of enterprise morality level and also the intrinsic and basic motive for the improvement of enterprise morality. The acting points for business ethics improvement consist of blending the ethics concept into enterprise system and decision-making, permeating enterprise morality concept into the management activities of enterprises and exploring the mechanism for staff members approving enterprise morality personality.
		2011 Vol. 28 (6): 11-15 [Abstract] ( 4506 ) [HTML 1KB] [ PDF 899KB] ( 2367 )

	16	An Empirical Research into the Relationship between Human Capital and Household Consumption from the Perspective of Household Finance——Survey from CFPS
		ZHOU Hong
		As the nonproductive investment in household financial activities, the quality of human capital formed by human capital investment is closely connected with household consumption behavior. The research shows that the households with higher human capital level often have higher marginal consumption tendency and stronger wealth effect, especially in terms of expenditures in clothing and entertainment. Improvement of human capital can change consumption behavior mainly by changing objective environment and subjective consumption concept and thus promote consumption.
		2011 Vol. 28 (6): 16-20 [Abstract] ( 4810 ) [HTML 1KB] [ PDF 685KB] ( 2068 )

	21	FDI， Absorptive Capacity and Economic Growth——Based on the Perspective of International Technology Diffusion
		LIU Qing hai
		From the perspective of international technology diffusion,taking the three channels of international technology diffusion,import, export and FDI into consideration, the author analyzed the effect of FDI on the economic growth of our country. The research finds that when the absorptive capacity is not considered, the effect of FDI on the economic growth of our country is positive; when the absorptive capacity of population is considered, the effect of FDI on the economic growth of our country is negative. When FDI increases 10%, the rate of economic growth will decrease 0.012%. Finally, the author put forward improving domestic absorptive capacity and other suggestions.
		2011 Vol. 28 (6): 21-24 [Abstract] ( 6598 ) [HTML 1KB] [ PDF 564KB] ( 2193 )

	32	A Research into the Factors Influencing the Urban rural Income Gap in Guangxi Province——An Empirical Analysis Based on the Panel Data from 14 Cities of Guangxi
		HUANG Su xin , WANG Chun lei
		Narrowing the urban rural income gap is the inherent requirement of the “inclusive growth” of economy and social development. The authors used panel data of 14 cities to make an empirical study of the factors influencing the urban rural income gap in Guangxi province. The results show that urbanization progress, city biased policies, factor accumulation and industrial structure all have significant effect on urban rural income gap.
		2011 Vol. 28 (6): 32-36 [Abstract] ( 5416 ) [HTML 1KB] [ PDF 835KB] ( 2013 )

	42	Financial Agglomeration and Its Spatial Evolution within City Groups: Taking the Yangtze River Delta as an Example
		LI Wei jun , SUN Yan Li
		The phenomenon of financial agglomeration within city groups is obvious and it presents non-uniformity and noncorrelation in spatial distribution. The information service oriented rather than production oriented cities tend to have higher levels of financial agglomeration. When city groups develop to a certain stage, the production center and information center will be separated, which will lead to industrial polarization. Finally the information service oriented cities will grow to be regional or higher level financial centers.
		2011 Vol. 28 (6): 42-46 [Abstract] ( 4504 ) [HTML 1KB] [ PDF 807KB] ( 1994 )

	47	Economic Geography, New Economic Geography, Industrial Policy and Cultural Industry Agglomeration: an Analysis Based on Provincial Spatial Panel Model
		HUANG Yong xing, XU Peng
		Based on the analysis framework of new economic geography, adopting spatial panel model, using the provincial data of 1999 to 2008, the authors made an empirical analysis of the factors influencing the agglomeration of Chinese cultural industry and its spillover effect. The findings indicate that coastal location and cultural resourse endowment promote the agglomeration of cultural industry; human capital, transportation and communications, cultural consumption are beneficial to the agglomeration of cultural industry; government financial support has positive effect on the agglomeration of cultural industry; positive spillover effect exists in the agglomeration of cultural industry.
		2011 Vol. 28 (6): 47-51 [Abstract] ( 4861 ) [HTML 1KB] [ PDF 753KB] ( 2110 )

	52	A Research into the Applicability of the “International Standard Pattern” of Industrial Structure:An Empirical Analysis of Chinese Experiences in 1952~2008——A Concurrent Explanation of “Industrial Structure Deviation”
		LV Ming yuan, LI Yan chao
		The authors think that the so called “international standard pattern”of industrial structure is not completely applicable to China. The international comparison of the cointegration test of Chinese industrial structure evolvement with the value of the response elasticity in 1952~2008 reveals that Chinese industrial structure evolution conforms to the general law of international standard pattern in the total development trend but has obvious particularity. The particularity of the factors affecting our country’s industrial structure evolution has caused “industrial structure deviation”in the evolvement of our country’s industrial structure evolution. When applying the “international standard pattern”of industrial structure in our country, the changes in time and conditions should be considered.
		2011 Vol. 28 (6): 52-56 [Abstract] ( 4420 ) [HTML 1KB] [ PDF 782KB] ( 1851 )

	57	A Research into the Relationship between Industrial Structure Change and Agricultural Economic Growth Based on the Model of Vector Auto Regression:——A Case Study of Anhui Province
		HU Chun yang, BAO Bu yun, LIU Chao chen
		The changes in industrial structure have promoted the industrialization process and economic growth of our country. However with the adjustment of the proportion and share of three industries, the effect of industrial structural changes on economic growth will decline gradually and give way to the capital and technological progress，and the industrial imbalance between traditional sectors and modern sectors caused by it has become a problem demanding prompt solution.
		2011 Vol. 28 (6): 57-61 [Abstract] ( 5918 ) [HTML 1KB] [ PDF 718KB] ( 2144 )

	62	An Empirical Analysis of the Relationship between International Trade, FDI and Income Gap in China
		FAN Ai jun, BIAN Xue zi
		What factors have caused the high gini coefficient and big income gap in our country since the reform and opening up? The authors try to do some research into the correlation between them from the perspectives of international trade and FDI. The empirical test with VEC model shows that the strengthening of the competitiveness in international trade has widened the gap in wealth distribution of our country. The large scale inflow of FDI has inhibited the growth of income gap significantly. At the same time, FDI promotes the growth of export but acts as a negative factor to import. The low wage cost hidden in gini coefficient is also an important reason for the fast growing of international trade.
		2011 Vol. 28 (6): 62-66 [Abstract] ( 5874 ) [HTML 1KB] [ PDF 862KB] ( 2421 )

	72	The Effect of Distance on Chinese Outward Foreign Direct Investment
		LIU Hui huang, XIAO Hui min
		Using the model of “two countries; two corporations”, the authors demonstrated the impact of distance on the ODI decision making of transnational companies. After a cluster analysis of the sample countries with the panel data of China VS fifty one other countries and regions from 2000 to 2009, the authors inspected the sensitivity of different types of ODI to distance and found that compared with resource seeking ODI, the hindering effect of distance on market seeking ODI is greater, which is mainly caused by the motive and characteristics of the ODI of our country.
		2011 Vol. 28 (6): 72-76 [Abstract] ( 4527 ) [HTML 1KB] [ PDF 798KB] ( 2146 )

	77	A Research into the Policy Cause of Transnational M&As in China——Based on the Perspective of the Comparison of the Performance of Foreign M&As and Private M&As
		QIU Wei nian ，OUYANG Jing bo ，LIN Jia rong
		Foreign M&As are generally favored in our country, but with the increasing openness of China’s M&As market, examining foreign M&As and private M&As properly has become an imminent and hot issue. The authors took the foreign and private M&As of listed companies of our country as research samples, and compared and tested the long term and short term market performance of target companies in the two mergers and acquisitions. The study indicates the short term performance of foreign M&As tends to be significantly better than that of private M&As while the long term performance of foreign M&As is significantly lower than that of private M&As. It not only helps us to evaluate the performance of them, but also helps to reveal the trend of our future M&A policy.
		2011 Vol. 28 (6): 77-81 [Abstract] ( 4947 ) [HTML 1KB] [ PDF 766KB] ( 2034 )

	82	Managerial Power and Executive Compensation Stickiness
		GAO Wen liang , LUO Hong , CHENG Pei xian
		“Optimal contract theory” and “managerial power theory” are the two main theoretical bases in the research field of the incentives of managers. Just like the managerial compensation in foreign capital market, the executive compensation in the listed companies of our country has the characteristic of stickiness, which does not match with the view of “optimal contract theory”. Compensation stickiness refers to that the sensitivity of executive compensation to performance has the asymmetry feature. When performance increases, the rate of salary increase is significantly higher than the rate of salary decrease when performance reduces. The authors found that the salary of executives in enterprises where managers have more power is significantly higher than that in enterprises where managers have less power and has higher compensation stickiness.
		2011 Vol. 28 (6): 82-86 [Abstract] ( 4847 ) [HTML 1KB] [ PDF 760KB] ( 1995 )

	87	Regional Micro environment, Stock Ownership Concentration and Cash Dividend Policy
		ZHONG Xi yu, CUI Hui zhen
		The authors chose the A share listed companies in Shanghai and Shenzhen Stock Markets from 2004 to 2007 as research samples, made use of marketization index to measure regional micro environment and on the basis of these analysed its effects on cash dividend. Furthermore, the authors divided the research samples into high ownership concentration samples and low ownership concentration samples and examined the different effects of regional micro environment on cash dividend in different ownership concentration cases.
		2011 Vol. 28 (6): 87-91 [Abstract] ( 4049 ) [HTML 1KB] [ PDF 798KB] ( 1994 )

	92	An Empirical Study of the High Growth Mechanism of Innovative SMEs Based on Bionics—— Evidence from the Listed SMEs in China
		LIANG Yi lin，ZHANG Yu ming
		Applying the principles of bionics, the authors explored the growth paradigm of innovative SMEs, constructed the high growth mechanism model of innovative SMEs and advanced that the model is made up of the three dimensions of growth capability, survival condition, and growth potential. The result of the empirical test based on 108 listed companies shows that there are significant differences between the growth mechanisms of high growth enterprises and mid and low growth enterprises; the factor level of high growth enterprise is obviously higher than that of mid and low growth enterprises. Survival condition and growth potential have dual effect on the growth of this group of enterprises; technological innovation has direct significant influence on the high growth group; technological innovation and product competitiveness have less obvious effect on the growth of mid and low growth enterprises.
		2011 Vol. 28 (6): 92-96 [Abstract] ( 4367 ) [HTML 1KB] [ PDF 800KB] ( 1967 )

Finacial Economic

	25	Analysis of the Ideas of the Winners of Nobel Economics Prize on Regional Economics
		LI Xiao jian, SHI Hui na
		The ideas of the winners of Nobel economics prize on regional economics involve regional differences and trade, regional economic development, regional competition and cooperation and so on. There is some relevance among these ideas. The academic ideas of the winners of Nobel Prize reflect that economic researches began to care about regional (special) issues, regional economic researches turned to both macro and micro studies and the research method became more elaborate. These ideas can shed light on Chinese inter-regional trade and regional economic differences. Inspired by the ideas of the winners of Nobel economics prize on regional economics, the related researches of China should pay more attention to spacial elements and the things and phenomena with Chinese characteristics, making regional economic research normative and meticulous. At the same time, emphasis should be laid on the researches into institutional innovation and the establishment of regional economics with Chinese characteristics.
		2011 Vol. 28 (6): 25-31 [Abstract] ( 4691 ) [HTML 1KB] [ PDF 1144KB] ( 2410 )

	37	The Dynamic Evolution of Regional Discrepancy in the Total Factor Productivity of Provinces
		ZHANG Jian sheng
		Based on an evaluation of the total factor productivity in each province of China with Solow surplus value method, the author made an analysis of the dynamic evolution of the regional differences in the total factor productivity with the nonparameter Kernel density function and Markov chain. The results show that the difference in the total factor productivity of different provinces of our country is great, and it presents a gradient distribution situation of gradual decrease from the east to the west; the absolute disparity between different regions displayed a shrinking trend in the 1980s, and it has been ascending since 1990s; meanwhile, the distribution of the Kernel density function displayed a “twin peaks ”convergence trend, which further showed a severe polarization of total factor productivity; from the steady distribution of Markov chain, the total factor productivity of each region will continue to show great discrepancy and it is hard to realize balanced development in a short term.
		2011 Vol. 28 (6): 37-41 [Abstract] ( 5130 ) [HTML 1KB] [ PDF 989KB] ( 2654 )

	67	System, Policies and the Quality of FDI——An Econometric Test Based on data of China from 1985 to 2007
		FU Yuan hai, SHI Yan xin
		The impact of different policy regimes on the quality of FDI in China is analyzed empirically with time series data by principal component regression analysis. The results show that marketization degree, the attitude to FDI and the import control of overseas funded enterprises are positively related to the quality of FDI. Opening up and environmental control are negatively related to the quality of FDI. The reasons for the negative correlation between opening and the quality of FDI might be related to the measure of opening up degree, its development characteristics and the uneven distribution of FDI.
		2011 Vol. 28 (6): 67-71 [Abstract] ( 4359 ) [HTML 1KB] [ PDF 738KB] ( 2010 )

	97	Analysis of the Impacts of Transformational Leadership on SOEs' Reform and Development——A Case Study Based on Luzhou Lao Jiao Co.
		LI Lin, CHEN Wei zheng
		The authors use case study and transformational leadership theory to analyze and summarize the reform and innovation characteristics of SOEs' leaders and their impacts on the reform by choosing a large SOE as the research object. The exploratory research results show that enterprise dilemma, market competition, national policies and government support jointly promote transformational leadership in SOEs. Based on the specific characteristics of production and operation of each enterprise, transformational leaders take the five reform and innovation measures of ownership, personnel, marketing, production and corporate culture to lead the enterprise to go through the difficulties and keep the sustainable development.
		2011 Vol. 28 (6): 97-101 [Abstract] ( 4889 ) [HTML 1KB] [ PDF 945KB] ( 2105 )

	102	Analysis of the Decision making of the Horizontal Integration and Sharing of Technological Professionals in Enterprises with Utility Heritage
		GAO Zhao gang
		With the development of enterprises, the enterprises 'own business departments can not meet their needs, the business of the sharing people infiltrates continuously and the horizontal integration and sharing of the technonogical professionals of enterprises becomes more and more common. The author introduces the view of utility heritage，and through reasonable assumptions and with the research methods of game theory the author makes a quantitative deduction and analysis of the decision making on the horizontal integration and sharing of businesses of enterprises with utility heritage and drew the proposition and corresponding inference for enterprises to chooses outsourcing objects and standard. The author holds that the strength of shared enterprises should be evaluated with the comprehensive cost of the similar services they provide and when the technological professionals are shared, the ones with strong business capability should be chosen for the horizontal integration.
		2011 Vol. 28 (6): 102-106 [Abstract] ( 4523 ) [HTML 1KB] [ PDF 561KB] ( 1996 )

	107	Industrial Development, Human Capital and Nonfarm Employment of Rural Laborers
		LI De xi , XI Gui ping
		Based on the the classification of the nonfarm employment of rural laborers into local nonfarm employment and nonlocal employment, using the data of Henan rural residents and rural migrant workers in 2009, the authors empirically analyzed the impact of industry development and human capital on non agricultural employment of rural laborers. The following are the major discoveries: grain planting is complementary to non agricultural employment; the development of nonagricultural industries has passive but weak impact on local non agricultural employment; human capital has significant influence on the non agricultural employment of rural laborers. According to the research results, the authors put forward the suggestions of increasing grain subsidy, developing non agricultural economy as well as strengthening rural basic education and vocational skill training.
		2011 Vol. 28 (6): 107-111 [Abstract] ( 4886 ) [HTML 1KB] [ PDF 711KB] ( 2225 )

	112	Farmer Cooperative: Does Market Power Harm Economic Efficiency?
		ZHANG Bang ke
		The author made a dynamic investigation of the operation process of economy and found that the welfare loss caused by the market power of farmer cooperative in providing agricultural products etc is only a partial phenomenon. The wealth transferred to farmers is mostly converted to the human capital of farmers, and because the rate of investment return of human capital is higher than that of physical capital, the added return of investment might compensate for the welfare loss caused by market power under certain conditions. The market power of farmer cooperative will not harm economic efficiency but might even increase it.
		2011 Vol. 28 (6): 112-115 [Abstract] ( 5968 ) [HTML 1KB] [ PDF 622KB] ( 1938 )

	116	Integrated Solutions, Customer Satisfaction and Market Performance
		XUE Hai bo, GAO Wei he
		The authors find that compared with the companies simply providing products or services, those companies that provide integrated solutions to customers are significantly superior in both sales volumes and market share to other companies. In order to reveal the potential reasons behind this phenomenon, the authors construct an initial conceptual model to reflect the mechanism of integrated solution, and test this model with specific empirical research data. The results show that integrated solutions have significantly positive effect on increasing product quality and decreasing production costs, which helps enhance customers satisfaction and loyalty, and thus guarantees the solution suppliers high sales volumes and market share.
		2011 Vol. 28 (6): 116-120 [Abstract] ( 4340 ) [HTML 1KB] [ PDF 860KB] ( 2055 )

	121	An Economic Analysis of the Internal Mechanism of Multi Brand Strategy
		LV Cheng chao, SUN Yue yao
		By applying the theory of brand economics and introducing category similarity coefficient, the authors build the model of single brand strategy mechanism and prove that manufacturers implementing single brand strategy will improve their own market demand and profits when they increase the number of categories. However, manufacturers can not increase the number of categories unlimitedly because of choice cost and increasing the number of categories unlimitedly will be constrainted by choice cost. On this basis, the authors propose the solution to the restrictions of market demand growth of single brand manufacturers through multi brand strategy, and demonstrate that implementing multi brand strategy is feasible under the condition of opposite categories. With the indicators of the degree of category similarity and brand strategy, the authors construct a two dimensional model of multi brand strategy implementation and propose the conditions for manufacturers implementing single brand and multi brand strategy and the corresponding countermeasures and suggestions.
		2011 Vol. 28 (6): 121-125 [Abstract] ( 3931 ) [HTML 1KB] [ PDF 677KB] ( 2405 )

	126	A Study of the Test of Price Estimation Based on Double Reference Price Ranges
		WANG Li juan, LI Bao ku, ZUO Shu Fang
		Thraditional price estimation model considers the estimation of the status of conventional target price, but in the non standard market, there are goods of various qualities and consumers often face extremely low prices. In accordance with the traditional price estimation model, consumers will not accept the extremely low prices, but the reality is not so. Why do consumers accept the questionable transactions? In the face of the extremely low prices, how do consumers judge the attractiveness of prices? The authors expand the traditional price estimation model and verify the new price estimation model through tests in order to explain the above problems.
		2011 Vol. 28 (6): 126-130 [Abstract] ( 3841 ) [HTML 1KB] [ PDF 736KB] ( 1947 )

	131	The Effect of Fiscal Decentralization on the Efficiency of Local Governments in China
		GAO Jian gang
		There are different views in related literature as to whether fiscal decentralization can improve local government efficiency or not. Therefore the author made an empirical study of it by using the provincial panel data of our country. First the author used the method of DEA to measured the efficiency of thirty one provincial local governments and then measured the degree of fiscal decentralization by using fiscal revenue autonomy.After that the author made a Tobit regression analysis of fiscal decentralization and local government efficiency. The results show that the relationship between fiscal decentralization and local government efficiency is not a simple linear one, but a U type. On the other hand, the population density and GDP per capita of each province and city have significant positive effect on local government efficiency. However，the effect of time trend variable on local government efficiency is negative.
		2011 Vol. 28 (6): 131-135 [Abstract] ( 4891 ) [HTML 1KB] [ PDF 729KB] ( 2046 )

	136	A Research into the Efficiency of Fiscal Expenditure of Local Public Hygiene in China——An Empirical Analysis Based on DEA Malmquist Exponent
		WANG Bao shun, LIU Jing huan
		The authors took the input and output data of the provincial public hygiene from 2005 to 2008 as samples, checked the technique efficiency value, pure technique efficiency value and scale efficiency value of the local finance health expenditure of our country with the method of DEA，and measured the dynamic change in the efficiency of the fiscal expenditure of local public hygiene in China by measuring and calculating the Malmquist exponent. The research results show that there is 24% input waste in the fiscal expenditure of local public hygiene in China, among which scale efficiency affected the entire technique efficiency. From the dynamic perspective, the total factor productivity of the fiscal expenditure of local public hygiene declined year by year within the sample period, the reason for which is the influence of the change in production technique.
		2011 Vol. 28 (6): 136-140 [Abstract] ( 4854 ) [HTML 1KB] [ PDF 778KB] ( 2348 )

	141	DEA Comparative Analysis of the Efficiency of the Commercial Banks of Taiwan and Mainland
		LI Wen hua, WANG Zi feng
		The authors selected 39 banks in Chinese mainland and Taiwan in the years between 2006 and 2009 as DMU, adopted the DEA method to make an empirical test of the difference in the efficiency of the banks in Chinese mainland and Taiwan and the optimum efficiency. The results show that the total efficiency of the banks in Chinese mainland is higher than that in Taiwan; the scale efficiency of Taiwan banks is higher than that of the banks of Chinese mainland; the change in the average total factor productivity of Taiwan banks is higher than that in Chinese mainland; the total factor productivity of both Chinese mainland and Taiwan shows a growing tendency.
		2011 Vol. 28 (6): 141-145 [Abstract] ( 4522 ) [HTML 1KB] [ PDF 727KB] ( 2128 )

	146	An Empirical Research into the Dynamic Relationship between Hot Money Inflow and the Stock Market of Our Country
		HE Jing, LI Cun pu , QIU Chang rong
		In the background of the U.S. continually maintaining the loose monetary policy, people focus on whether hot money inflow will affect the development of Chinese financial market. Through researching the monthly data from Jan. 2002 to Aug. 2010, the authors found the relationship between hot money and stock market capitalization is fit to be imitated with nonlinear model.When the market capitalization in the previous two periods dropped quickly(decreasing rate higher than 10.8%) or rose quickly(rising rate higher than 37.5%), the nonlinear influence of hot money inflow on market capitalization will show.At this time the 1% change in the market capitalization in the previous two periods and hot money inflow in the previous period separately will cause the change of -1.9588% and 0.2328% in the current period market capitalization.
		2011 Vol. 28 (6): 146-150 [Abstract] ( 4295 ) [HTML 1KB] [ PDF 972KB] ( 1989 )

	151	Systematic Liquidity, Individual Liquidity and Asset Pricing——An Empirical Research Based on the Listed Companies of Shanghai Security Market
		YIN Hai yuan, LI Zhong min
		Liquidity is one of the important factors deciding returns on assets. Through an empirical test with data, the authors verified whether market liquidity can explain fluid premium completely, constructed a four factor model including the three factors of Fama French and the factor of market liquidity. The authors also made a time series and panel data analysis with the data of the listed companies in Shanghai Stock Market. The empirical results support the correlation between the prospective earnings of stocks and liquidity. In the time series test, in the asset portfolio from low liquidity to high liquidity, the intercept items of both models gradually reduce; further GRS test indicates that the intercept of neither models shows to be zero, which explained the market liquidity factors cannot cover the stock liquidity factor completely. Future researches should seek better unified asset pricing model to hold the influence of all liquidity characteristics on the earnings of assets.
		2011 Vol. 28 (6): 151-155 [Abstract] ( 4515 ) [HTML 1KB] [ PDF 672KB] ( 2123 )

	156	Institutional Investor and Volatility of Stock Market: Theory and Empirical Analysis
		LI Yong, WANG Man cang
		In the light of the wide divergence in the results of the researches into institutional investor and volatility of stock price in the existing literature,the authors hold that both herd behavior model and Fama MacBeth cross section regression method made the estimate of volatility of stock price biased because neither of them considered the correlation between the two. The authors combined herd behavior and Fama MacBeth cross section regression method to analyze the factors influencing the volatility of stock price. The empirical findings show that herd behavior is related to the ratio of institutional shares, scale and other variables. At the same time, after considering the variables of herd behavior and turnover rate, the coefficient of the influence of the ratio of institutional shares on the volatility of stock price becomes smaller obviously and different institutional investors have different influence the volatility of stock price, which proves the authors'corresponding proposition.
		2011 Vol. 28 (6): 156-160 [Abstract] ( 4201 ) [HTML 1KB] [ PDF 774KB] ( 2039 )

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