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Economic Survey

	2012 Vol.1 Issue.5 Published 2012-09-25

Original Article

	1	Environmental Regulation and Economic Growth: Based on China Provincial Panel Simultaneous Equation Analysis
		XIE Juan, LI Yu-shuang, HAN Feng
		This paper builds simultaneous equations model between economic growth and environmental regulation to test the relationship between the two from 1996 to 2010. The results show that there is a single way causal relationship between economic growth and environmental regulation according to the overall level of data. A two-way causality is found in China's economically developed regions. While no causal relationship between the two is found in less developed regions. Although different regions show different relationships between the economic growth and environmental regulation, the interaction in term of human capital and economic growth in the economically developed regions and less developed regions have a significant positive effect on environmental regulation.
		2012 Vol. 1 (5): 1-5 [Abstract] ( 4625 ) [HTML 1KB] [ PDF 647KB] ( 2256 )

	6	Social Capital, Foreign Investment Behavior and Spatial Differences of the Regional Economic Growth
		PENG Wen-hui
		With the economic and social transformation in China’s reform and opening-up, the process of the FDI’ geographical location choice is looking for and using the resources embedded in the social network .By using spatial econometric methods, the paper studies on the spatial differences of FDI behavior under the influence of the social capital and the differences to the effect of the economic growth. The research results show: because of the spatial spillover effect of FDI behavior, the real using FDI effect on the economic growth of the adjacent provinces, and the social capital structure has a significant effect on the regional economic growth, and the more FDI integration into the local, the more advantageous to promote the regional economic growth.
		2012 Vol. 1 (5): 6-10 [Abstract] ( 4032 ) [HTML 1KB] [ PDF 661KB] ( 2697 )

	11	Fiscal Decentralization and Regional Market Integration——Re-investigation by Quantile Panel Estimation Model
		LIU Xiao-yong
		This paper re-investigates the effects of fiscal decentralization on regional market segmentation by quantile panel estimation model. Fiscal decentralization has positive effects on market segmentation and those provinces at higher quantile have larger incentive to adopt market segmentation policy. Meanwhile GDP per capital has negative effects on market segmentation and those provinces at higer quantile have larger incentive to give up market segmentation policy.
		2012 Vol. 1 (5): 11-16 [Abstract] ( 4036 ) [HTML 1KB] [ PDF 885KB] ( 2085 )

	17	Market Potential and Regional Wage Inequality——an Empirical Analysis Based on China District Panel Data
		CHEN Bo
		Based on a new economic geography (NEG) framework， the paper examines the link between wages and market potential using panel data on 176 prefectural level cities in China. The estimation results confirm that wages are positively correlated with market potential. Elasticity coefficient of wages with respect to market potential is about 75-77%. Human capital, FDI and natural conditions are also correlation with regional wages. Importance of proximity to markets for wages has also increased over time, but the effect of such shock is geographically limited.
		2012 Vol. 1 (5): 17-21 [Abstract] ( 3644 ) [HTML 1KB] [ PDF 686KB] ( 2285 )

	22	Fiscal Expenditure and Service Development in the Background of Industries Transfer——An Empirical Research Based on Panel Data from 28 Provinces
		CHEN Li-tai, YU CHUN-LING WANG Peng
		Based on the data from 1990 to 2010 of 28 provinces in China, this paper tests the fiscal expenditure effect on services sector by Dynamic Panel Data Model. The results show that fiscal expenditure has positive effect on services development. From provincial level, financial expenditure accelerates services development with hysteresis qualities and deep dilation. Fiscal decentralization has significant positive effect. From regional level, local services development differs with various financial expenditure. Related areas of industries relocation should change expenditure policy to adjust the industrial structure and accelerate regional economic development according to the situation.
		2012 Vol. 1 (5): 22-26 [Abstract] ( 4068 ) [HTML 1KB] [ PDF 836KB] ( 2039 )

	27	An Analysis of the Factors Influencing the Contract Selection of Farmer Professional Cooperative——Based on the Empirical Study of 98 Cooperatives in Ganzhou, Jiangxi Province
		LIU Jie, QI Chun-jie CHEN Xin-hua
		With whole sample data of 98 cooperatives in Ganzhou, Jiangxi Province the paper analyzes the factors influencing the cooperative’s internal contract selection by binary logistic model. The result shows that the organizational structure factor of cooperatives has a significant effects on the behavior of contracts selection; in terms of environment which the cooperatives lives in, the factors such as the external system, local resources and market characteristics have different influencing degree on contracts selection; in terms of transaction costs, both the negotiation cost and the monitoring costs are significant in affecting the contracts selection, but the effect of the information cost is not revealed.
		2012 Vol. 1 (5): 27-32 [Abstract] ( 4290 ) [HTML 1KB] [ PDF 972KB] ( 2020 )

	33	An Empirical Study on Assimilation Process of Urban Migrant Workers：from the Perspectives of Human Capital and Social Capital
		TONG Xue-min JIN Hong-tao, SHI Qing-hua
		From the perspectives of human capital and social capital, the paper builds a logit model on the basis of smaple researche of migrant workers in Shanghai. It is found that the human capital parameters represented by educational background and technical training shows a positive effect. The homphilous inter-actions among familiar migrant workers block the Assimilation process, while heterophilous inter-actions between migrant workers and urban residents tend to contribute to the process.
		2012 Vol. 1 (5): 33-37 [Abstract] ( 4515 ) [HTML 1KB] [ PDF 843KB] ( 2180 )

	38	A Research on the Factors of Agricultural Technology Innovation on the Perspective of Agriculture Cluster
		WANG Yan-rong
		This paper explores the effect of network structure, knowledge spillovers, and absorptive capacity on technical innovation of the agglomeration from the perspective of agricultural cluster. A factor analysis and structural test are conducted on a questionair survey results of 300 households in Pear Dangshan County Anhui Province to verify the effect of these three factors of the agricultural on technological innovation. Studies show that a dense network structure will enhance the knowledge spillovers and promote the absorptive capacity of agriculture cluster members; absorptive capacity is conducive to the enhancement of knowledge diffusion. Knowledge spillovers and absorptive capacity is directly related to agricultural technology innovation.
		2012 Vol. 1 (5): 38-42 [Abstract] ( 3997 ) [HTML 1KB] [ PDF 804KB] ( 2356 )

	43	A Quantification Research of Non-tariff Barriers on China’s Agricultural Product Import
		WU Guo-song
		With the world trade liberalization, non-tariff barriers are widely used to protect domestic industries, and its quantification research is a hot academic topic. This paper estimates the import demand elasticity of China’s HS6 sub-general agricultural products by panel data and quantifies their non-tariff barriers with the help of the latest research. It is found that the current agricultural trade policy has some room for adjustment in the future for optimal effect.
		2012 Vol. 1 (5): 43-47 [Abstract] ( 3504 ) [HTML 1KB] [ PDF 657KB] ( 1993 )

	48	An Analysis of Structure of Dumping-Risky Imports for China
		SUN Tao
		By adopting monthly data of China’s dumping-risky imports from 2007 through 2010, the paper first analysyze the nations of origin and categories for risky imports, as well as the features of the price, quantity and the ratios of risky imports to each import item. And next, the original data set are preprocessed by taking logarithm and standardized at first, and then score for each indicator is calculated and finally integrates into a composite score to find an overall measure of the risk of dumping. The conclusion reveals that the risk mainly covers a few HS categories from a few export countries, which may contribute for the key of China’s antidumping policy making.
		2012 Vol. 1 (5): 48-52 [Abstract] ( 3627 ) [HTML 1KB] [ PDF 783KB] ( 1836 )

	53	China’s Opening-up and its Income Distribution Disparity——a Study from the Perspective of Balance of Payments
		SHAO Jian-chun
		This paper analyzes how China’s opening-up influences its income distribution disparity from the perspective of balance of payments by exazmining its function channels through current accounts, capital and financial accounts as well as RMB exchange rates with VAR model and Granger test, Co-integration test and impulse function analysis to further ascertain their relationships. It is found that China’s opening-up Granger causes its income distribution disparity and there is a co-integration relationship between them. Export is positive to the improvement of its income inequality while import is negative. Inward FDI helps reduce income inequality but outward FDI has an adverse effect on its domestic income equality, the net effect of FDI is positive the improvement of China’s income equality; RMB exchange rate appriciatation pushes high China’s income distribution disparity.
		2012 Vol. 1 (5): 53-57 [Abstract] ( 3924 ) [HTML 1KB] [ PDF 825KB] ( 2062 )

	58	Regional Exchange Rate Coordination Mechanism in East Asia——Based on the Comparison with the Nominal Effective Exchange Rate Stability under Different Exchange Rate Regimes
		WANG Qian WANG Yu
		Based on the Scenarios Simulation on different exchange rate regime, such as US dollar pegging, G3 is pegging, AMU pegging, G3+1 pegging. The paper compares the difference between the stability of each currencies’ nominal effective exchange rate under different exchange rate regimes and evaluates the exchange rate coordination mechanism in East Asian .At present ,each country pegs its currency to a basket consisting of regional currencies and extra-regional currencies . As RMB regionalization makes a progress, the East Asia currencies (excluding China, Japan) take RMB as one of the anchor currencies , and the weight of RMB increase gradually; With the maturity of both internal and external condition, the common currency pegging in sub-regional is an option with regional expansion. It is believed that RMB will play an important role at the different stages in exchange rate coordination.
		2012 Vol. 1 (5): 58-62 [Abstract] ( 3577 ) [HTML 1KB] [ PDF 719KB] ( 1980 )

	63	An Analysis of Affecting Factors on Export & Energy Consumption in Perspective of Global Value Chain
		GONG Ai-ling,LIU Ting-rui
		The paper calculates the amount of CO2 emission embodied in China's export from 1997 to 2007 by means of inputoutput analysis and decomposes the factors that affect the carbon emission i.e. scale effect，structure effect and technology effect. The scale effect is overwhelming, because china’s export volume is huge but the exporting industries are engaged in global manufacturing division. The structure effect is not noticeable，which is due to the fact that China’s adjustment of export composition is horizontal change of industries，jumping from one manufacturing division of an industry to another one，instead of vertical extending along the value chain，so the features of low adding of value and high consumption in energy remain. The technology effect is neither very obvious nor stable，since China’s improvement of technology is embodied in capital and the approach has both positive and negative effects on energy consumption. Based on above analyses，the paper puts forward the corresponding strategies.
		2012 Vol. 1 (5): 63-67 [Abstract] ( 3990 ) [HTML 1KB] [ PDF 949KB] ( 2064 )

	68	Logistics Standard and Competitive Power of Logistics Industry Based on Mediating Effect ——Mechanism and Empirical Analysis
		ZHANG Bao-you, YANG Yu-xiang NIU liang ZHU Wei-ping
		The paper, from the micro, meso and macro perspective, analyzes the mechanisms among the logistics standards, technological innovation, profitability, market competition and government regulation and competitive power of logistics industry chain between by building the model with panel data. It is shown that the mediating effect of market competition, technological innovation and profitability is more obvious , while the mediating effects of government regulation is less obvious, indicating that the related government departments function less in the standardization process of the logistics
		2012 Vol. 1 (5): 68-72 [Abstract] ( 3658 ) [HTML 1KB] [ PDF 796KB] ( 2143 )

	73	Competitive Strategy, Technical Efficiency and Firm Performance：Empirical Evidence from China’s Manufacturing Listed Companies
		REN Juan, CHEN Qi
		Based on the panel data of 283 China’s manufacturing listed companies from 1999 to 2006, Factor Analysis is used to identify the firm two kinds of competitive strategies of low-cost and differentiation. The relationship among competitive strategy, technical efficiency and firm performance is examined. The results indicate that low-cost strategy has a significantly positive effect on technical efficiency and firm performance respectively. Differentiation strategy is positive with firm performance but significantly negative with technical efficiency. Technical efficiency has a significantly positive effect on firm performance; so it is verified that low-cost strategy improves the firm performance through the intermediation of technical efficiency while uncertain for differentiation strategy. The conclusion of this paper can provide some references for firm’s strategic position, technical efficiency and performance improvement.
		2012 Vol. 1 (5): 73-76 [Abstract] ( 4220 ) [HTML 1KB] [ PDF 676KB] ( 1991 )

	77	A Study on the Relationship between Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises
		GU Qun ZHAI Shu-Ping, YUAN Ze-Ming
		This paper works out the financial constraints index of hi tech enterprises by logistic model and measures their R&D investment efficiency. On this basis, the author theoretically analyzes and empirically tests the correlations between the financial constraints of hi tech companies and their R&D investment efficiency. The result shows that on the one hand, the R&D investment efficiencies of high financial constraints and low financial constraints are significantly different, which is average at 0.5121 and 0.3870 respectively. On the other hand, the regression test shows that the increase of financial constraints will positively increase the R&D investment efficiency, which means the existence of financial constraints, to some extent, will reduce the negative effects of principal-agent problems.
		2012 Vol. 1 (5): 77-81 [Abstract] ( 4204 ) [HTML 1KB] [ PDF 760KB] ( 2390 )

	82	An Analysis of Economic Impact of the Enlargement of Value-add Tax in the Pespective of Industrial Correlation
		HAN Cun, MAO Jian-fen
		The paper researches the direct and indirect economic impact of value-added taxation reform in Shanghai by building production value-added tax model and comsumption value-added tax model with the help of input and output data of 42 departments in 2007 nationalwide. It is found that tax reform is positive for industial structure and product (service) structure optimization by gradually reducing forms’ burden on a whole
		2012 Vol. 1 (5): 82-86 [Abstract] ( 3909 ) [HTML 1KB] [ PDF 817KB] ( 1959 )

	87	An Empirical Research on the Relationship of Corporate Social Responsibility Action and Corporate Social Responsibility Effect Based on Stakeholders
		XIE Ya-ping XU Mei-li
		Based on the stakeholder theory, the paper buids a relationship model among social responsibility of the enterprise behavior and the social responsibility of the enterprise internal and external effect by correlation analysis and regression analysis of the sample of China top 100 listed companies. The results show that the social responsibility of the enterprise effect follows the outside-inside path to influence the economic consequences of enterprise value so as to have enterprise fulfilled social responsibility.
		2012 Vol. 1 (5): 87-91 [Abstract] ( 3902 ) [HTML 1KB] [ PDF 626KB] ( 2562 )

	92	An Empirical Analysis on the Endogenous Relationship between Control Structure and Firm Performance
		HOU Jian-ping YAO Guan-qi XU Ping-an
		An empirical analysis is made to investigate the relationship between control structure and firm performance. A severe endogenous in the relationship between the two variabl is found. In the case of the endogeneity, the coefficient of the two variables is much higher. Control decentralization is positive to upgrade firm performance. Meanwhile, the performance improvement in turn works for control balance. Tobin’s Q is a more accurate measure of performance index than profitability.
		2012 Vol. 1 (5): 92-96 [Abstract] ( 3968 ) [HTML 1KB] [ PDF 775KB] ( 2123 )

	97	The Effect of Economic Globalization on Labor Share in China：Based on the Analysis of Provincial Panel Data
		FAN Hui, FEI Li-qun
		Based on the data from 1993 to 2009, 2002 to 2009, 1993 to 2001, using trade and foreign direct investment as reference index of economic globalization, the paper studies the effect of economic globalization on labor share in China with panel data model respectively. The effect is mainly found from 2002 to 2009. An offset effect is found from 1993 to 2001 and 2002-2009. A further research, based on panel data from 2002~2009 in the east, central and western region rweveals that the effect of economic globalization on labor share transferes gradually from the east to the central and the west, and the effect appears reversed trend, namely rising first then falling. Therefore, it is proposed to reduce the dependence on foreign trade; optimize the trade structure; improve the international competitiveness of local enterprises; increase the policy guidance in the middle and the west, in order to improve the labor share.
		2012 Vol. 1 (5): 97-101 [Abstract] ( 3927 ) [HTML 1KB] [ PDF 724KB] ( 2149 )

	102	Cohesive Subgroup Analysis of Ncessity Entrepreneurship Networks: Based on the Case of a Farming Market's Entrepreneurship Networks
		SUN Qian, TANG Yong
		The paper researches entrepreneurship communication mechanism by a case of farming market of retailer necessity entrepreneurship and a comparison of business network, consulting network and material supporting network among the whole network using social network analysis method with related cohesive subgroups analysis. The results show that all networks have slim density and weak structure. As for different subgroups, the entrepreneurial actors show strong homogeneity. For business and consulting networks, the formation of subgroups are based on recognition of business; while for the material supporting network, the subgroup has the characteristics of strong ties such as family membership and friendship.
		2012 Vol. 1 (5): 102-106 [Abstract] ( 3827 ) [HTML 1KB] [ PDF 1004KB] ( 1999 )

	107	Internal Control Quality, Firm Risk and Cost of Equity Capital——Theoretical Analysis and Empirical Test
		YAN Zhi-gang
		This paper analyzes the mechanism of the effect of internal control quality on firm risk and cost of equity capital. Firstly the improvement of internal control quality directly reduces operation and management risk, which leads to the decrease of cost of equity capital. Secondly the improvement of accounting information quality determined by internal control quality reduces investors' estimation risk and restrains the agent conflict between management and investors, which also leads to the decrease of cost of equity capital. The empirical result shows that the firms with internal control deficiency have higher systematic risk and cost of equity capital, compared with the firms without internal control deficiency.
		2012 Vol. 1 (5): 107-111 [Abstract] ( 3818 ) [HTML 1KB] [ PDF 628KB] ( 1986 )

	112	Executive Compensation, Ownership Structure, Board Characteristics and Efficiency of Commercial Banks——Based on the Empirical Panel Data Analysis of 16 Listing Commercial Banks
		TAN Yan-zhi, XU Ming
		The paper builds Probit Model of operational efficiency and executive compensation, board characteristics and ownership structure respectively by envelopment analysis of data of 16 listing joint stock commercial banks from 2005 to 2010. Results show that the pay raise of commercial bank executives contributes to improve the efficiency of commercial banks. Shareholder structure concentration is negative to commercial bank efficiency. The size of the board lowers the decision making ability of commercial bank.
		2012 Vol. 1 (5): 112-116 [Abstract] ( 3783 ) [HTML 1KB] [ PDF 750KB] ( 2204 )

	117	Institutional Ownership, Accounting Conservatism and Cost of Equity——Empirical Evidence From China's Capital Market
		ZHANG Sheng-li
		The paper researches the economic consequence of accounting conservatism by analyzing the relationship among institutional ownership characteristic, accounting conservatism and cost of equity of listed companies in China. It is found that accounting conservatism is significantly negative related to cost of equity, and accounting conservatism contribute to lower the company's cost of equity, and this negative correlation is more significant in the high proportion of institutional ownership of companies.
		2012 Vol. 1 (5): 117-121 [Abstract] ( 4129 ) [HTML 1KB] [ PDF 666KB] ( 2537 )

	122	On the Pareto Optimal Criterion for Short-term Macro Economy
		HE Jin-she
		Based on Pareto Optimality, this paper put forwards some optimal theoretical criterions about economic growth rate, unemployment rate and inflation rate for short-term macro economy. The optimal theoretical criterion of both unemployment rate and inflation rate are 3.93%, that of economic growth rate is 3.4%，both of which have guidance significance to all economic practices.
		2012 Vol. 1 (5): 122-126 [Abstract] ( 3879 ) [HTML 1KB] [ PDF 818KB] ( 2021 )

	127	The Influence of Anticipated Inflation, Unanticipated Inflation on Saving Behavior of Household in China
		YAN Yan-yang,SONG Mei-zhe
		With ARDL method, this paper researches the influence of anticipated inflation, unanticipated inflation on the saving behavior of the household in China by analyzing the generalized savings data of household from 1978 to 2009. Results show that anticipated inflation has significant impact on savings behavior and the degree of influence on financial savings is much stronger than on physical savings. Anticipated inflation has positive effect on other savings items except deposit, while unanticipated inflation has no significant influence on savings.
		2012 Vol. 1 (5): 127-131 [Abstract] ( 5332 ) [HTML 1KB] [ PDF 718KB] ( 2118 )

	132	Institutional Transition, Economic Growth and Business Cycle: Theory and Empirical Analysis
		CHEN Jie, AN Yuan
		The paper builds a mathematical model and probes the mechanism of institutional transition, economic growth and business cycle in depth with verification by empirical analysis. The findings indicate: firstly，In the course of the institutional transition, long term economic growth is pulled mainly by private investment rather than government investment; secondly，if the investment impulse of state-owned enterprises becomes smaller, the difference between the volatility of state-owned enterprises and private enterprises in economic activity is smaller, the impact on the business cycle is also smaller; thirdly，if the state-owned economic sectors account for the smaller proportion of the national economy, the impact of business cycle is smaller.
		2012 Vol. 1 (5): 132-136 [Abstract] ( 3877 ) [HTML 1KB] [ PDF 686KB] ( 1999 )

	137	The Three Meta Structure between Government, Market and the Kuznets Curve
		XIA Long, FENG Tao
		Based on the concept of the Kuznets Curve, this paper analyzes the three-meta structure among central government, local government and market, and the interchange influence. The empirical studies show that China's overall income inequality will pass the turning point of the Kuznets Curve in next ten years. Furthermore, the central government is making effort to shorten the income gap, while local government's impact to income gap is uncertain, and marketization widens the income gap.
		2012 Vol. 1 (5): 137-141 [Abstract] ( 3783 ) [HTML 1KB] [ PDF 751KB] ( 2204 )

	142	Rethinking of Causative Factors of Medical Expense Rising and Expense Regulation——Based on Empirical Data Analysis of 1998-2010
		LIU Xi-guo, LIU YiWAGN Jian
		The paper researches the panel data from 1998 to2010 by multiple regression analysis in reference with the latest international reseaech findings. It is found that urbanization leads to healthcare costs rising ,while regulation reduces health care costs. China's per capita income levels increasing and the aging population increasing has little influence on health care costs, health insurance inhibits the rise of medical costs. Therefore, regulation is the most basic way to control the rising of medical expenses. The promotion of medical insurance works the same direction.
		2012 Vol. 1 (5): 142-146 [Abstract] ( 3987 ) [HTML 1KB] [ PDF 746KB] ( 1851 )

	147	Can Public Expenditure Become the Safety Net of Low-income Groups：The Positive Research Based on Henan
		WANG Zhi-tao，WANG Yan-jie
		Based on the behavioral response characteristics，the authors analyze the behavioral responses of the low-income groups and then try to know the relationship of public expenditure and poverty reduction from a deeper lay through modeling。The paper carries on the positive analysis using the statistical data of the urban and rural areas in Henan。The results show that the behavioral responses of the urban low-income vary directly as health and social security expenditure and inversely proportional to education expenditure not obviousness with infrastructure expenditure。The rural behavioral responses vary directly as infrastructure expenditure and not obviousness with others expenditure projects.
		2012 Vol. 1 (5): 147-151 [Abstract] ( 3336 ) [HTML 1KB] [ PDF 714KB] ( 2231 )

	152	The Impact of Closing Call Auction on Market Efficiency: Evidence from Shenzhen Stock Exchange
		ZHANG Xiao-fei
		The paper studies the impact of closing call auction on market efficiency based on the event that Shenzhen Stock Exchange adopting closing call auction on 1st July, 2006. The results show that trading volume and volatility and relative bid ask spread are significantly declined after the Shenzhen Stock Exchange adopting the closing call auction. The explanatory power of the market model has been significantly increased on post event period. The results of price synchronicity confirms the closing call auction enhances the market efficiency significantly.
		2012 Vol. 1 (5): 152-156 [Abstract] ( 3632 ) [HTML 1KB] [ PDF 736KB] ( 2071 )

	157	Fund Manager’s Network Position and Investment Performance
		YANG Yong
		The performance of fund managers is one of key issue. The individual's preference and decision is influenced by his embedded social network. This paper investigates the impact of manager's social network attributes on his investment performance by setting up a social network with alumni and colleagues who works as fund managers of China Security Investment Fund in 2003-2010. The results indicate that by occupying a central network position, the performance of the fund manager can be upgraded. Mangers with abundant structural holes gain more profits than managers with fewer structural holes.
		2012 Vol. 1 (5): 157-160 [Abstract] ( 3606 ) [HTML 1KB] [ PDF 610KB] ( 1929 )

	161	The Studies on Spillover Risk Measure between Stock Market and Bond Market——Evidence from Shanghai Security Market in China
		HAN Xin-tao, CHEN Xu, HUANG Dang-bo
		Based on the VAR-DCC-MGARCH models, this paper estimates the VAR of two markets by analyzing the related volatility and spillover effect between Shanghai Stock Index and Shanghai Bond Index with validation test of probability of failures. The results show that: the dynamic conditional correlation coefficient between stock market and bond market shows highly time-varying characteristics. Stock market has significant volatility spillover effect on bond market. Given some probability of expected losses, it is also found that the ratio of risk to return for VaR of stock index return is higher than of bond index return, the risk return of stock index is higher than the risk return of bond index. Considering the VaR which excluded influence from the other market's volatility, two markets bears geater risks.
		2012 Vol. 1 (5): 161-165 [Abstract] ( 4043 ) [HTML 1KB] [ PDF 947KB] ( 1974 )

	166	An Emperical Study of Loan Concentration of Listed Banks Based on Risk and Return
		WANG Fu-huaJIANG Shan-shan
		This paper measures the loan concentration of listed banks by HHI with regression model. It is found that the degree of industry concentration of listed banks declines and area concentration rises slightly. The results indicate that area concentration is related to ROE，and the higher area concentration, the profitability of listed banks has been improved. While the industry concentration has no marked effect on the profitability of listed banks. Area concentration and industry concentration has no marked effect on the risk of listed banks.
		2012 Vol. 1 (5): 166-170 [Abstract] ( 3585 ) [HTML 1KB] [ PDF 894KB] ( 1987 )

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