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Economic Survey

	2012 Vol.1 Issue.1 Published 2012-01-10

Original Articles

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		2012 Vol. 1 (1): 1-2 [Abstract] ( 2987 ) [HTML 1KB] [ PDF 339KB] ( 1970 )

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		2012 Vol. 1 (1): 2-3 [Abstract] ( 2767 ) [HTML 1KB] [ PDF 354KB] ( 1893 )

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		2012 Vol. 1 (1): 3-4 [Abstract] ( 2884 ) [HTML 1KB] [ PDF 376KB] ( 1842 )

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		2012 Vol. 1 (1): 4-5 [Abstract] ( 3025 ) [HTML 1KB] [ PDF 387KB] ( 1830 )

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		2012 Vol. 1 (1): 5-6 [Abstract] ( 3176 ) [HTML 1KB] [ PDF 380KB] ( 1873 )

	7	A Comparative Study on the Revenue of Sellers in the Auction Mechanism of Different Buy now Price Combination
		TIAN Jian, GAO Jie
		With the development of electronic commerce, buy-now price auction, as one of the online auction patterns, has become popular. Online buy-now price auction breaks time and space constraints；therefore it has been widely used in combinatorial auctions. On the basis of the two different auction rules adopted by auction websites presently, fixed buy-now price and permanent buy-now price, the authors analyzed and compared the expected revenue of sellers in the two different rules in the model of independent private valuation.
		2012 Vol. 1 (1): 7-11 [Abstract] ( 3063 ) [HTML 1KB] [ PDF 615KB] ( 1921 )

	18	Size of Government Expenditure, Economic Fluctuation and Economic Growth——An Empirical Analysis Based on the Provincial Panel Data
		SHEN Bing zhen, HUANG Li jiang
		Based on Barro’s theory on government size and economic growth，the authors introduced economic fluctuation to reflect the intervention of government expenditure size in economic activities，and tested the impacts of both government expenditure size and economic fluctuation on economic growth with the panel data of 28 Chinese provinces，municipalities and autonomous regions from 1979 to 2008. The findings of empirical research show that Chinese local government expenditure size and economic fluctuation both have negative effects on regional economic growth. Compared with the government expenditure size, the negative impact of economic fluctuation on regional economic growth is greater. So while pursuing rapid economic growth, the government should focus on the stability of economic growth.
		2012 Vol. 1 (1): 18-21 [Abstract] ( 5111 ) [HTML 1KB] [ PDF 587KB] ( 2092 )

	22	Re inspection of Institution, Entrepreneurship and Impetus of Chinese Economic Growth
		CHEN Chang Jiang, GAO Bo
		Based on the provincial panel date, the authors explored the direct and indirect effects of institution and entrepreneurship on the regional economic growth of our country. The results show， first, institutional reform and entrepreneurship not only have impact on the long-term economic growth of our country through promoting technological progress but also influence the current economic growth by affecting capital, labor, allocation efficiency of human capital; then， during 2000-2008, the influence of institutional improvement in the eastern area is mainly shown in the promotion of technological progress whereas it is shown in the enhancement of the growth factor allocation efficiency. Furthermore, the decisive impact of institution on entrepreneurship is also verified in the paper.
		2012 Vol. 1 (1): 22-26 [Abstract] ( 4324 ) [HTML 1KB] [ PDF 650KB] ( 1998 )

	27	The Effect of Foreign Enterprises R&D Investment on the Regional Innovation System of China——An Empirical Test Based on Provincial Panel Data from 1999 to 2008
		LIU Xiao ning,
		Based on the panel data of 29 provinces, municipalities and autonomous regions of China from 1999 to 2008, the author made an empirical test of the impact of foreign enterprises' R&D investment on regional innovation system. The results demonstrate that foreign enterprises' R&D investment has significant positive effect on the knowledge acquisition capacity, technological innovation, innovation environment and innovation performance in the regional innovation system of our country, but its effect on knowledge creation capability is not obvious. The positive effect of foreign enterprises' R&D investment on technological innovation environment and knowledge acquisition capacity is stronger that of internal enterprises' R&D investment and its positive effect on enterprise technological innovation ability and innovation performance is weaker than that of internal enterprises' R&D investment.
		2012 Vol. 1 (1): 27-31 [Abstract] ( 3679 ) [HTML 1KB] [ PDF 737KB] ( 2354 )

	32	Analysis of the Economic Spatial Correlation at County Level in Central Plain Economic Zone
		YANG He, LIU Jin ping
		The spatial aggregation effect of the county level economy in the Central Plain Economic Zone is obvious. As a whole, it is in a center periphery sphere structure state. The economic growth of county-level units can only spill over to the four adjoining counties or units, the spillover effect of city level economic growth is not obvious and the spillover effect of counties is only restricted to prefecture level cities.
		2012 Vol. 1 (1): 32-36 [Abstract] ( 4153 ) [HTML 1KB] [ PDF 1603KB] ( 2242 )

	37	Regional Financial Development, Financial Expenditure and Economic Welfare——An Empirical Study Based on Provincial level Dynamic Panel Data
		MA Xue bin, HU Jian guang
		Using dynamic panel data model，the authors conducted GMM based on the panel data from 21 provinces and cities and examined the relationship between regional financial development, local government financial expenditure and the economic welfare. The results obtained are as follows: the effect of regional financial development on economic welfare is relatively weak, financial expenditure promotes the improvement of economic welfare effectively within the region, but local governments are faced with the contradiction of “welfare magnets”. In the study of different regions, the authors found that the influences of financial development and government spending on local economic welfare are quite different.
		2012 Vol. 1 (1): 37-41 [Abstract] ( 4320 ) [HTML 1KB] [ PDF 691KB] ( 1821 )

	42	Measurement of the Agglomeration Degree of Chinese Cultural Industry and Analysis of Its Distribution Characteristics——Analysis Based on the Provincial Level Panel Data
		LEI Hong zhen, SHAO Peng, PAN Long mei
		The authors measured the agglomeration degree of Chinese cultural industry from 2005 to 2009 by means of industry concentration index and Herfindahl index and analyzed the cultural industry agglomeration characteristics from the regional and industrial perspectives. The conclusion indicates that the profit making cultural industry’s agglomeration degree is higher, but in recent years the index continued to decline. Commonweal cultural industry’s agglomeration degree is lower but presents a growing trend, among which the increase in art performance group is the greatest. From the perspective of regional distribution, cultural industry mainly gathers in the developed eastern coastal provinces and cities. The regional distribution is sharply unbalanced.
		2012 Vol. 1 (1): 42-46 [Abstract] ( 3891 ) [HTML 1KB] [ PDF 733KB] ( 2282 )

	47	Analysis of the Three Factors Influencing the Energy Consumption Effect——A Case Study of Shaanxi Province
		LI Zhong min, WANG Shu bin, YAO Yu
		Based on the method of Logarithmic Mean Divisia Index (LMDI), the authors took the energy consumption of Shaanxi province as a case and studied its growing energy consumption from 1999 to 2009. The findings show that intensity effect is the leading factor refraining the growth in the gross energy consumption of Shaanxi province while the effect of structure is not obvious; as for the industry situation, the overall influencing factors mainly come from industrial departments; according to the definition of this paper about the economic industries, other industries in third industry are in the second place in the analysis of the affecting factors, but it works less strongly than industrial departments.
		2012 Vol. 1 (1): 47-51 [Abstract] ( 3620 ) [HTML 1KB] [ PDF 792KB] ( 1958 )

	52	An Empirical Analysis of the Impacts of FDI on the Pollution Emission in Chinese Manufacturing Industry
		WANG Wen zhi, LU Jian ming
		FDI flow mainly into the relatively clean sectors in the manufacturing industry. From the direct effect, the inflow of FDI didnt cause the increase in the pollution emission in the manufacturing industry but reduced the pollution emission in the manufacturing industry. According to the input and output analysis, the indirect impacts of FDI on the pollution emission of manufacturing industry are different among different industries. The indirect effects of FDI only cause the increase in the emission of sulfur dioxide, but the effect on industrial waste water discharge and industrial soot emission is not obvious. The energy consumption and technology input in manufacturing industry are also the important reasons for the increase in pollution emission.
		2012 Vol. 1 (1): 52-56 [Abstract] ( 4291 ) [HTML 1KB] [ PDF 732KB] ( 1955 )

	57	Export Trade, Education Investment and Economic Growth:Theoretical Model and Empirical Evidence
		CHEN Hao, ZHAO Chun ming
		Using the acquired skill model for reference, the authors studied the way of education investment affecting economic growth indirectly through affecting foreign trade development, and reviewed emphatically the combined influence of the two on economic growth. By using the panel data of 31 provinces and cities from 2004～2009, the authors made an empirical analysis. The findings show that investment in education has a negative marginal effect on economic growth, and the combined effect of education investment and export trade on economic growth is obviously positive. It can be seen that the direct influence of education investment on economic growth is far less than its indirect influence on economic growth by promoting the development of foreign trade.
		2012 Vol. 1 (1): 57-61 [Abstract] ( 4285 ) [HTML 1KB] [ PDF 752KB] ( 2115 )

	62	An Analysis of the Factors Influencing the Export of China’s High tech Firms ——A Review from the Perspective of Heterogeneous Firm Trade Theory
		LIU Hai yang, LUO Yang
		The rapid increase in the export of high tech products in recent years is very impressive. Using the data of 20,000 firms in China’s high tech industry in 2008, applying LS and Probit models, the authors made an empirical study. The findings show that the export of China’s high tech firms did not have advantage in productivity. The productivity of export firms is lower than that of non export firms. Using four methods of measuring productivity, the authors got the same result, which shows the conclusion is reliable. The research also found that the nature of firms and the ratio of capital to labor are the major factors influencing export. The authors explored the underlying reasons for the situation and found the large number of processing firms in the high tech industry is the main reason for this phenomenon.
		2012 Vol. 1 (1): 62-66 [Abstract] ( 3891 ) [HTML 1KB] [ PDF 799KB] ( 1949 )

	67	The Effectiveness of Government Role in Service Outsourcing Model Cities: An Empirical Study
		JIANG Yan hui, , LI Jing
		By collecting and analyzing the relevant data of 19 service outsourcing model cities, the authors studied the effectiveness of government support in these service outsourcing model cities. The results show that the government support of service outsourcing is effective, particularly in Shanghai, Shenzhen, Suzhou, Wuxi and Nanjing. The effectiveness in fourteen other cities is relatively weak. The authors analyzed the weak effect with “projection” transform method and the result revealed the reasons for the poor government role and the feasible adjusting direction.
		2012 Vol. 1 (1): 67-71 [Abstract] ( 4368 ) [HTML 1KB] [ PDF 786KB] ( 1813 )

	72	International Service Outsourcing, Employment and Wage Gaps: An Empirical Analysis Based on the Industrial Data of Chinese Industry
		WANG Zhong hua, LIANG Jun wei
		Using the input and output table and the panel data of industry, the authors made an empirical test of the effect of international service outsourcing on employment and wage gaps. The result shows that international service outsourcing in industry promoted employment and widened the gap between highly skilled laborers and less skilled laborers. When industrial factor concentration differences are considered, international service outsourcing has positive expanding effect on the employment and wage gaps in capital intensive and labor intensive industries, but its expanding effect is greater in capital intensive industry.
		2012 Vol. 1 (1): 72-76 [Abstract] ( 4327 ) [HTML 1KB] [ PDF 672KB] ( 1890 )

	77	The Agreement of Systematic ideas in Circular Economy Value Chain and Management Accounting Methods
		LIU Ta, ZHOU Hang
		Circular economic system, which represents the novel economic operation and development models, possesses self organization ability to dispose the nonlinear effects from internal and external disequilibrium; the interdependent value chain constitutes a closed loop feedback chain of recycling resources. Modern management accounting, which serves value chain management， develops with the extension and evolution of value chain, based on the requirements of circular economy, with its unique accounting method, provides information on the operation and the internal/external environments of circular economy value chain, exerts the forecasting, decision making, planning, controlling and assessing functions of the system and realized the agreement with the systematic ideas in the reconstruction and optimization control of circular economy value chain.
		2012 Vol. 1 (1): 77-81 [Abstract] ( 3855 ) [HTML 1KB] [ PDF 776KB] ( 1961 )

	82	*A Research into the Effects of Corporate Social Responsibility Disclosure Quality on Investor Trading Behavior\|\| ——An Empirical Study Based on Chinese Stock Market**
		ZHAI Hua yun
		Using the 384 listed companies which issued social responsibility reports during the annual report disclosure period in 2010 as samples, from the view of investor trading behavior, the author tested the effects of corporate social responsibility disclosure quality on bid ask spread, turnover and volatility of stock returns and found that the higher the quality of corporate social responsibility disclosure is, the lower the bid ask spread is, and investors are more concerned with the integrity and contents of social responsibility disclosure. Corporate social responsibility disclosure quality, including integrity quality, content quality and technical quality, is positively related to the turnover rate of stocks.
		2012 Vol. 1 (1): 82-86 [Abstract] ( 4263 ) [HTML 1KB] [ PDF 675KB] ( 1884 )

	87	“Prisoner's Dilemma” of Enterprise Knowledge Alliance Revenue Sharing and Its Countermeasures
		CHEN Dong ling
		There are many reasons for the low success rate of enterprises knowledge alliance, one of which is the dilemma of revenue sharing, but few scholars have discussed this issue in depth. Using game theory, considering synthetically the related factors which affect the revenue sharing of enterprise knowledge alliance, the author analyzed the “prisoner's dilemma” of revenue sharing, put forward solutions, including finding the revenue sharing coefficient and discount factor which can achieve the Pareto optimal of alliance revenue sharing and carefully choosing alliance partners, etc.
		2012 Vol. 1 (1): 87-92 [Abstract] ( 4100 ) [HTML 1KB] [ PDF 760KB] ( 1979 )

	93	Loyal Customers Resisting Competitive Marketing Persuasion: the Moderating Effects of Involvement of Message and Product Knowledge
		LU Wei ping
		Customers with obvious brand loyalty will resist other competitive marketing persuasion information. They mainly use the methods such as the mode of Biased Assimilation, the mode of Minimizing Impact and the mode of Attribute Weighting. The author chooses the leather shoe industry and brands as the target of experiment and explores the moderators of these three modes. The empirical research finds that the involvement of message is a moderator of the mode of Biased Assimilation; the product knowledge is a moderator of the mode of Attribute Weighting; but is not a moderator of the mode of Minimizing Impact. Based on these findings, we talk about their marketing practice values.
		2012 Vol. 1 (1): 93-97 [Abstract] ( 3494 ) [HTML 1KB] [ PDF 761KB] ( 1939 )

	98	Analysis of the Factors Influencing Corporate Performance Variance after the Privatization Share Issue of Chinese State owned Enterprises
		YANG Mei zhi
		The author studied the performance distribution and variance characteristics before and after the privatization share issue of the state owned enterprises of our country and analyzed its influencing factors of performance variance from the macro and micro angles. The research shows that economy growth rate, capital market maturity, institutional shareholders, centralized management, equity refinancing, and independent auditing selection can significantly promote the improvement of performance after the privatization share issue, while market competition, the control of largest shareholders, central control, check and balance of shareholders and related party transaction have strong negative impacts on the performance after privatization share issue and industry control, investor protection, regional marketization and external guarantee do not have significant impact on firm performance. So both macro aspect and micro aspect can influence the post privatization performance. Neither aspect can be ignored to explain the change in the performance after privatization share issue.
		2012 Vol. 1 (1): 98-102 [Abstract] ( 4482 ) [HTML 1KB] [ PDF 1000KB] ( 2483 )

	103	Weakness of Grain Yielding Industry and Its Influence on National Economy
		ZHANG Shu hai, GUO Meng yao
		Most of the current literature focus on qualitative analysis of the reasons for the weakness of grain yielding industry and consider weakness as the unchangeable attribute of grain yielding industry. The author used relative labor productivity coefficient as the indicator of the weakness of grain yielding, calculated and analyzed the trend of the change in the weakness of grain yielding industry in China since 1978 and its influence on economic growth and economic structure transformation. The findings show that the long term trend of the weakness of grain yielding industry in China is mainly determined by national structural transformation strategy and its local fluctuation is affected by the adjustment of national grain policy; the degree of the weakness of grain yielding industry is moderately negatively related to the pull effect of grain yielding on economy; the weakness of grain yielding industry is highly negatively related to the proportion of the primary industry, has no significant linear correlation with the proportion of the second industry, and is highly positively related to the proportion of the tertiary industry. The weakness of grain yielding industry has significant influence on the economic growth and economic structure adjustment in China.
		2012 Vol. 1 (1): 103-107 [Abstract] ( 4951 ) [HTML 1KB] [ PDF 783KB] ( 2112 )

	108	The Impact of Rural Financial Density on the Rural Economic Growth——An Empirical Analysis Based on the Panel Data from 1883 counties (cities) of Our Country
		TIAN Jie, , TAO Jian Ping,
		Using the panel data from the 1883 counties (cities) during 2006-2009, the authors made an empirical analysis of the effect of rural financial density on the rural economic growth. The results show that from the perspective of the whole nation, rural financial density, which is indicated by the number of financial branches per capita, played a significant role in promoting the rural economic growth; the relationship between rural financial density and rural economic growth was at the left side of the reversed U shape curve; the rural financial density promotes the rural economic growth by increasing the amount of loan and improving the efficiency of credit allocation. The cross regional empirical analysis found that rural financial density significantly boost rural economic growth in the western and eastern regions whereas it is not obvious in the central region.
		2012 Vol. 1 (1): 108-111 [Abstract] ( 4740 ) [HTML 1KB] [ PDF 616KB] ( 2006 )

	112	The Influence of Education Level on Young Migrant Laborers’ Balance of Payments
		HU Hong wei, TONG Yu lin, CAO Yang
		Good economic condition is the most important key factor for young migrant laborers' effective urbanization. However, the current situation of the balance of payments of young migrant laborers is not hopeful, which is disadvantageous for their social integration and urbanization. Based on the research data, the authors used OLS model to make a regression analysis of the research data and found that education level has positive influence on the balance of payment of young migrant laborers. The higher the education level is, the more the monthly balance is and the more advantageous it is to their social integration. Therefore the education level of young migrant laborers should be improved through perfecting education policy and allocating education resources rationally.
		2012 Vol. 1 (1): 112-116 [Abstract] ( 3726 ) [HTML 1KB] [ PDF 719KB] ( 1802 )

	117	Analysis of the Factors Affecting Farmers Participating in New Rural Cooperative Medical Scheme and Their Satisfaction Degree
		LI Li, HU Wei, FENG Xiao ying
		The authors empirically analyzed the factors affecting farmers participating in new rural cooperative medical scheme and farmers’ satisfaction degree. The empirical results show that income per capita, family size and gender have no significant correlation with the farmers’ participating wish, but education level, family structure, health condition of family members, level of farmers’ payment and nominal reimbursement level of the new rural cooperative medical scheme are significantly related to farmers’ participating wish. Farmers’ positive appraisal is concentrated and stable, but problems still exist, such as medical and health service institutions can't meet the needs of farmers in the aspects of technology, price, attitude, etc.
		2012 Vol. 1 (1): 117-121 [Abstract] ( 3404 ) [HTML 1KB] [ PDF 910KB] ( 1838 )

	122	An Analysis of Zhengzhou Urban Residents' Cognition of Low Carbon Commodities and Factors Affecting Consumption Desires——An Empirical Study Based on Resident Survey Data
		YANG Bo
		The realization of low carbon economy depends on the development of low carbon consumption. Residents in Zhengzhou with different personal features have different cognition of low carbon commodities. Most residents in Zhengzhou know low carbon commodities to some extent but lack trust in them; residents' income level, degree of trust in low carbon commodities, cognition of low carbon commodities and low carbon consumption subsidies are the key factors influencing the consumption desire of low carbon commodities of the urban residents of our country. Seen from the characteristic of the economic development and consumption level in Zhengzhou City, this conclusion reflects the average condition of Chinese urban residents' cognition of low carbon commodities and consumption desire.
		2012 Vol. 1 (1): 122-126 [Abstract] ( 4052 ) [HTML 1KB] [ PDF 844KB] ( 1829 )

	127	Advertising Expenditure and Consumption Increase: An Empirical Study Based on the Time Series Data from 1981 to 2009
		XIE Jia feng, SHEN Wen xing, NIU Li min
		Theoretical analysis shows the interdependence of advertising expenditure and consumption increase. Advertising can stimulate consumption through inducing the potential demand of consumers and consumption growth will also urge enterprises to increase advertising spending. The authors explored the relationship between advertising expenditures and consumption increase through a multivariate VAR model based on the time series data from 1981 to 2009. The results of co-integration test show that there is a long term equilibrium among advertising expenditure and consumption expenditure of urban and rural residents, and advertising expenditure is the Granger cause of the growth in urban and rural consumption. Impulse response and variance decomposition show that the stimulatory effects of advertising on consumption decline constantly and present a long term equilibrium trend. From the macro integral perspective, corporate long-term advertising placement should maintain rational and advertising expenditure should maintain stable and reasonable.
		2012 Vol. 1 (1): 127-131 [Abstract] ( 4082 ) [HTML 1KB] [ PDF 900KB] ( 2108 )

	132	Types of Transfer Payment, Structure of Funds Allocation and Performance of Fiscal Equalization
		ZHANG Heng long, GE Hua
		The authors made an empirical analysis of the performance of the fiscal equalization of three types of transfer payment: tax return, financial transfer payment and special transfer payment and pointed out that the performances of the fiscal equalization in different types of transfer payment are different because of different original intention of policies and operating mechanisms. Furthermore, regional allocation structure is also an important factor that affects the fiscal equalization of transfer payment. Therefore, to construct reasonable transfer payment system, the type and structure of the current transfer payment need to be adjusted and the regional allocation structure of all kinds of subsidy funds needs to be perfected.
		2012 Vol. 1 (1): 132-136 [Abstract] ( 4004 ) [HTML 1KB] [ PDF 803KB] ( 2698 )

	137	A Research into Managerial Self concern and Myopia Behavior——From the Perspective of Security Investment of Listed Companies
		WU Zhan chi, LI Su yin
		In recent years, there are more and more listed companies investing in securities and their investment myopia has become increasingly serious. In the light of the short-term securities investment of listed companies of our country, the authors analyzed the myopia behavior of listed companies whose managers consider their own benefits. The authors made an empirical research using the listed companies of our country from 2007 to 2009 as samples. The descriptive statistical analysis and empirical study found that a large number of managers of these companies have investment myopia behavior. Managers’ age and managing capacity have significant impact on such myopic behavior and the relationship between them is significantly negative. However, the salaries of managers and the shareholding ratio of managers are not clearly related to investment myopia.
		2012 Vol. 1 (1): 137-141 [Abstract] ( 3448 ) [HTML 1KB] [ PDF 761KB] ( 2081 )

	142	Reform of Non tradable Shares and Structure of Stock Market Volatility ——An Empirical Study Based on EEMD
		FU Chuan rui
		The author adopted the ensemble empirical mode decomposition (EEMD) to investigate the characteristics of the volatility structures of Shanghai composite index and Shenzhen component index and their variance before, during and after the reform of non tradable shares. The empirical results show that compared with before the reform, significant changes have taken place in the volatility structure of China’s stock market after the reform. That is, the short term volatility component becomes the most important factor explaining the total volatility of security market. Meanwhile the average period of medium term volatility component is prolonged greatly. The impact of large scale and concentrated ban lifting and sales of huge amount of restricted shares on the stock market strengthened the short term speculation behavior and triggered a dramatic increase in short term volatility. Besides, RMB appreciation, sub prime crisis and other great events led to permanent medium term fluctuation.
		2012 Vol. 1 (1): 142-147 [Abstract] ( 4598 ) [HTML 1KB] [ PDF 986KB] ( 1869 )

	148	A Research into the Guarantee Level of Commercial Endowment Insurance
		XU Hui, ZHOU Yuan
		It is generally believed that commercial endowment insurance has a higher level of guarantee and the advantages that other endowment insurance systems lack. Analyzed with the framework of time value of money and theory of transaction costs, from the perspective of endowment insurance buyer, the ratio of input to output of the current commercial endowment insurance is low, the relative level guarantee is low, less than half of the insurance premium paid by the investors and the investment yield calculated by the interest rate of commercial bank deposits is used for the guarantee of the insured. This can be attributed to the commission paid to the insurance sellers by insurance companies.
		2012 Vol. 1 (1): 148-152 [Abstract] ( 5024 ) [HTML 1KB] [ PDF 701KB] ( 1972 )

	153	Financial Market Development, Reflow of Human Capital and Technical Progress——An Empirical Analysis Based on Chinese National Data
		ZHU Min, GAO Yue
		As the main part of international intellectual return, overseas returnees are an important force for their home countries’ technological progress and the development of a country’s financial market is an important factor influencing the technology spillovers of returnees. The empirical research with the national data of 1985-2008 indicates that the positive effect of Chinese financial market on the technology spillovers of returnees has begun to show, but because of the low level of China’s financial market development and the imperfect financial market system, China can not provide effective financial support for enhancing the degree of returnees’ technology spillovers.
		2012 Vol. 1 (1): 153-156 [Abstract] ( 3575 ) [HTML 1KB] [ PDF 620KB] ( 1958 )

	157	An Empirical Analysis of the Market Structure and Performance of Security Firms in China
		WANG Cong, SONG Hui Ying
		On the basis of a measurement of the cost efficiency of twenty security firms of our country with SFA method，the authors used the panel data of 2006-2009 to test the traditional SCP hypothesis，relative market power hypothesis and efficiency structure hypothesis. The study found that the security market of our country supports traditional SCP hypothesis：market concentration is significantly positively related to security firms' performance, the relationship between market share，efficiency and security firms' performance is not significant, and efficiency and market share are irrelevant.
		2012 Vol. 1 (1): 157-160 [Abstract] ( 3858 ) [HTML 1KB] [ PDF 649KB] ( 1952 )

Finacial Economic

	12	Is Transaction Cost an Important Factor Influencing Vertical Integration Selection?——An Empirical Test Based on Chinese Coal and Electricity Listed Companies
		XU Bin
		Taking the vertical integration of fifty-two Chinese cola and electricity listed companies as examples, using panel data model, the author analyzed the factors that coal and electricity enterprises consider when choosing vertical integration patterns. The results show that transaction costs have great impact on the adoption of vertical integration by coal and electricity enterprises, production costs and strategies have less impact, which proved that transaction cost and organization cost have influence on the selection of vertical integration. Vertical integration is an effective but not the only choice to coordinate China's coal and electricity.
		2012 Vol. 1 (1): 12-17 [Abstract] ( 4457 ) [HTML 1KB] [ PDF 797KB] ( 1901 )

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