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Economic Survey
 
2013 Vol.1 Issue.1
Published 2013-01-22
Original Articles
1 Market Power,Economic Opening and Industrial Agglomeration in China
QIN Yi-dong
In the framework of the new economic geography，this paper constructs an econometric model of causes of industrial agglomeration by empirical studying of the relationship between market power，economic opening and China’s industrial agglomeration with China’s provincial panel data from 2001 to 2010．It is shown that market power and economic opening both positively affect industrial agglomeration significantly．
2013 Vol. 1 (1): 1-5 [Abstract] ( 3234 ) [HTML 1KB] [ PDF 778KB] ( 2250 )
11 Empirical Analysis of the Relationship between Regional Financial Development and Economic Growth——Based on Time Series Data of Gansu Province from 1978 to 2010
GUO Zhi-yi, ZHAO Xiao-ke, LIU Na-risu
With the data of Gansu province from 1978 to 2010 and vector autoregressive model, the paper empirically analyses the relationship between financial development and in Gansu province by cointegration tests, Granger causuality tests and impulse responses function.Research shows that expanding financial development scale significantly promotes economic growth, but financial agent efficiency declines with economic growth. Proposal made to promote economic growth of Gansu province.
2013 Vol. 1 (1): 11-15 [Abstract] ( 4311 ) [HTML 1KB] [ PDF 759KB] ( 2061 )
16 Farmer Capital Investment and Accumulation in an Closed Capital Market Condition   ——a Simulation Analysis Based on System Dynamics
WANG Chang-wei, GU Hai-ying
Under the assumption of closed capital market and farmers’ seeking capital accumulation maximization, simulations made on insurance expenses, education expenses and the impact of capital and labor in the process of capital accumulation with a model of capital accumulation of farmers by system dynamics. It is concluded that in long run, insurance expenses have little impact on capital accumulation, but the impact of education spending is more and more obvious, besides, for the farmers of labors-imcome, the capital accumulation is more sensitive to the shock of labor to capital.The application of SD is tested in capital accumulation of farmers.
2013 Vol. 1 (1): 16-21 [Abstract] ( 3231 ) [HTML 1KB] [ PDF 1111KB] ( 2196 )
22 The Efficiency Analysis on the New Direct Agricultural SubsidyBased on the Factor Allocation Model of Farmers
JIANG Xi-lin, CHEN Chi-bo
A household behavior model is constructed to explain the mechanism and effect of China’s new agricultural subsidies. The Analysis shows that agricultural production are closely related to the production elements allocation of farmers, and production elements allocation depend on the comparative advantage of agriculture. As a matter of policy in effect, price subsidies has the stable output effect, and output effect of investment subsidies is closely related to agricultural factor prices and farmers non-farm business profit margins. In addition, both investment subsidies and income subsidies have positive income effect. The direct payment pattern of China’s current agricultural subsidies makes the policy focus fall into income category, so it hardly promotes agricultural production. Rational goal of China’s agricultural subsidies should be production-oriented rather than income-oriented and subsidy structure and way should change accordingly.
2013 Vol. 1 (1): 22-26 [Abstract] ( 3387 ) [HTML 1KB] [ PDF 749KB] ( 2016 )
27 Is Recardo’s Rent Theory Going bankrupt?   ——Research of Supply of Rural Public Goods
HENG Lin
This paper summarizes Ricardo’s land rent theory, and reviews the land policy which needs to be comprehensive and systematic trial validation during the reform and opening time. With Ricardo’s land rent theory, some comprehensive explanation and view of the land policy made for the profound reflection and change.
2013 Vol. 1 (1): 27-32 [Abstract] ( 3106 ) [HTML 1KB] [ PDF 1046KB] ( 1848 )
33 Technical Barriers to Trade Influence on China’s Agricultural Exports   ——Based on an Empirical Study of Free Trade Areas
XU Wei, JIA Jin-rong
The paper studiesThe influence of technical barriers to China’s agricultural exports trade by analyzing China to ASEAN, EU and North America’s agricultural exports panel data from 2002 to 2009 with gravity model. It is found that technical barriers to trade from three free trade areas have significant negative effects on China’s agricultural export with the elastic coefficients respectively -0.146, -0.110 and -0.087.
2013 Vol. 1 (1): 33-37 [Abstract] ( 3588 ) [HTML 1KB] [ PDF 748KB] ( 2405 )
38 The Mechanism of MNCs’ Vertical FDI Decisions in China: the Impact of Financial Development and Contractual Environment
YANG Zhen-zeng
By introducing financial development and quality of contractual environment into Antr鄐 (2003) model, the paper explains why MNCs enter China through vertical FDI rather than out-sourcing. It shows that given fragmentized production and host country's cost advantage, under-developed financial sector will cause the supplier in host country to bear higher financing costs, and worse contractual environment will also raise the probability of the supplier to hand over low-quality intermediary products to MNCs.
2013 Vol. 1 (1): 38-44 [Abstract] ( 3635 ) [HTML 1KB] [ PDF 919KB] ( 2630 )
45 A Research on the Environmental Effect of CAFTA   ——Based on the Trade Effect of Pollution Intensive Products
TIAN Ye
This paper empirically studies the trade effect of CAFTA by analyzing the penal data of pollution intensive products in 17 countries from 1996 to 2010 with an expanded Gravity model in low carbon economy.The empirical results show that CAFTA has not only the significant expanding effect of trade among member countries, but also pushThe trade of pollution intensive products between member countries and non-member countries.
2013 Vol. 1 (1): 45-50 [Abstract] ( 3429 ) [HTML 1KB] [ PDF 879KB] ( 1987 )
51 Trade Terms Influence on Productivity：    From the Evidence of Manufacture Industrial Sector in China
HUANG Shun-wu, HU Min
It is totally improving for the Terms of Trade on manufacture industrial sector from 1998 to 2009 in China; the total factor productivity (TFP) is increasing, but mainly owing to technology progression；there is a co-integration relationship between Terms of Trade and TFP; Terms of Trade is Granger-cause of TFP; Terms of Trade can finitely improve TFP.
2013 Vol. 1 (1): 51-55 [Abstract] ( 3170 ) [HTML 1KB] [ PDF 729KB] ( 2064 )
56 The Effect of “Policy Rents” in Development of Animation Industry Clusters and its Influences on Knowledge Innovation Performances of Clusters
LEI Hong-zhen, ZHANG Jing-bo
Based on the connotation and characteristics of the animation industry, this paper constructs theoretical model including policy investment and knowledge innovation of cluster by researching the relationship between policy investment and knowledge innovation of industrial cluster under a cluster framework and exploring how government investment policies influence on knowledge innovation of animation industry cluster and cluster performance. It is found that government investment will decrease level of industrial cluster knowledge innovation, while the investment policy will hinder knowledge innovation of cluster gradually by “imitation mode”.
2013 Vol. 1 (1): 56-61 [Abstract] ( 3073 ) [HTML 1KB] [ PDF 988KB] ( 2034 )
62 The Mobility Study of China’s Industrial Sector:    A New Perspective on Industrial Organization
LI Ting
The paper studies new industrial organization method for China’s industrial competition degree from dynamic angle by exploring market share’s mobility of China’s industrial sector. Further research finds there has significant positive correlation between industrial concentration and mobility, so concentration cannot predict mobility. Concentration index and mobility index are complement each other and not alternative when measuring the degree of competition in the industry.
2013 Vol. 1 (1): 62-66 [Abstract] ( 3059 ) [HTML 1KB] [ PDF 737KB] ( 2341 )
67 Incomplete Contract, Specific Investment and Vertical Integration
XU Bin
This paper discusses specific investment level of market trade, long-term contract and vertical integration under the condition of incomplete contract. It is found that vertical integration can attain optimal specific investment level, and specific investment level of downstream firm under long-term contract is higher than under market trade. In order to make up shortage of specific investment under market trade, an advisable way not only is vertical integration, but also long-term contract under special case, but its investment incentive is lower than under vertical integration.
2013 Vol. 1 (1): 67-71 [Abstract] ( 3118 ) [HTML 1KB] [ PDF 723KB] ( 1930 )
72 Economic Analysis on Voluntary Environmental Agreements   ——Based on a Theory of Enterprise Unilateral Joint Supply
SONG Yan
More commonly used control methods in the field of environmental policy are the command-control tools and market tools; however, there are more and more voluntary environmental agreements. Based on the model of unilateral joint supply by the private enterprises, the paper makes an economic analysis of the phenomena, which provides theoretical support for the impossibility of voluntary cooperation and the formation of voluntary environmental agreements, and further simulates the optimal size.
2013 Vol. 1 (1): 72-76 [Abstract] ( 3007 ) [HTML 1KB] [ PDF 730KB] ( 1804 )
77 Resource Curse, Economy Transform and Government Function Change
GUAN Yue
The world economy development reveals that nations and regions with rich resources suffers from the resource curse instead of benefiting fromThem. It is challenging for the resource oriented nations to provent from problems resulting from the rich resources. With the thory of resource curse,This paper researches and analyzes successful case and experience of eonomy transformation of resource economy. The change of government function is further discussed in the process of such a transformation.
2013 Vol. 1 (1): 77-81 [Abstract] ( 3107 ) [HTML 1KB] [ PDF 828KB] ( 1908 )
82 On Governance Mechanism of Service-Oriented Channel    Relationships of Large Retailers
FAN Zhi-guo, ZHANG Xing
This paper explores four kinds of channel relationship governance mechanisms respectively transaction-oriented, relationship-oriented, contract-oriented and service-oriented by two variables of relationship quality and service capabilities, at the perspective of large retailers. It is found that service-oriented channel relationship is the ultimate goal of its channel relationship governance. Further discussion is made on building of the Service-oriented channel relationship governance mechanism from three aspects of service-oriented business strategy, service supply chain and staff training.
2013 Vol. 1 (1): 82-87 [Abstract] ( 3578 ) [HTML 1KB] [ PDF 942KB] ( 2008 )
88 Innovation Study on B2C Business Model Based on Customer Value Added
WANG Sheng-jin
This paper proposes an innovative design for B2C business model, especially on products(mainly including products stocking, selling and service), logistics and the safety of web-shopping according to the identification of key elements and process of from the perspective of B2C customer value added. Firstly, questionnaire related to the theory of customer value added is designed and distributed to the B2C customers from 13 different cities in China by stratified random sampling statistic method. The data is processed by factors analysis of SPSS 17.0, and three key elements related to B2C customer value added is extracted, which are product, logistics and the safety of web-shopping. Secondly, innovative ideas and framework of B2C business model centralizing to the B2C customer sustainable value is then designed according the three key elements mentioned above. And lastly, detailed and specific thoughts are proposed respectively based on the general idea and framework of B2C business model innovation which are product innovation (centralized by stocking, selling and service), process innovation (centralized by orders processing and logistics) and the innovation of web-shopping safety which may be strengthen by new technology such as ICT and so on.
2013 Vol. 1 (1): 88-93 [Abstract] ( 2995 ) [HTML 1KB] [ PDF 1053KB] ( 2018 )
94 Position Compensation, Comparison Effect and Executive Pay Gap
GE Wei, GAO Ming-hua
The paper researches the positions compensation and comparison effect as two main factors as well as internal and external constraints on the pay gap by using cross-section data of Executives pay gap of China’s listed companies in 2010. It is found that the formation of the executive pay gap is caused on the one hand from the expansion with the position compensation, on the other hand from the region and the industry comparisons.
2013 Vol. 1 (1): 94-98 [Abstract] ( 3401 ) [HTML 1KB] [ PDF 681KB] ( 2071 )
99 Manager Power and its Influence on Board Independence   ——Evidence from China’s Listed Companies
LI Hong-yu, LU Zhi-qiang, YAO Hai-xin
Based on China’s System background and organizational behavior, this paper empirically tests the influence of manager power with board independence with data of China’s A-share listed companies during 2006-2008 in respect of manager age, manager tenure and manager shareholding ratio to measure manager power. It is found that manager power is an important factor to influence board independence, and its impact on corporate internal governance mechanism can not be neglected.
2013 Vol. 1 (1): 99-103 [Abstract] ( 2943 ) [HTML 1KB] [ PDF 697KB] ( 2057 )
104 An Empirical Research on the Relationship between TMT’s Pay Gap    and Firm Performance
SHI Yong-shuan， YANG Hong-fen
This paper examines the effect of TMT’s pay gap on firm performance by analzing data of China’s listed firms during 2005-2010. The empirical results show that there is an inverse U shape relationship between TMT’s inside/outside pay gap and firm performance. Specifically, both TMT’s inside and outside pay gap has a positive effect on firm performance before TMT’s inside/outside pay gap reach a cut point. After this cut point, both TMT's inside and outside pay gap has a negative effect on firm performance.
2013 Vol. 1 (1): 104-108 [Abstract] ( 3578 ) [HTML 1KB] [ PDF 696KB] ( 2121 )
109 Managerial Overconfidence, Government Intervention and Trade Credit
CAO Xiang, KUANG Xiao-ping，LIU Jun
This paper studies the influences of government intervention and managerial overconfidence on trade credit with the data of China’s listed companies from 2007-2009. It is found that there is a negative correlation between government intervention and trade credit, and there is a positive correlation between managerial overconfidence and trade credit. Further study shows that when the overconfident managers exist in state-owned enterprises, they will provide less trade credit than they exist in private enterprises.
2013 Vol. 1 (1): 109-114 [Abstract] ( 3270 ) [HTML 1KB] [ PDF 876KB] ( 2043 )
115 Retest on Porter Hypothesis Based on Environmental Policy Regulation Performance——A Key Industrial Survey in Jiangxi Province
WAN Jian-xiang
Porter hypothesis argues that the burden of environment regulation on industry can be made up by technology innovation, thus enhancing the industrial performance. To retest Porter hypothesis, this paper empirically tests on industrial competitiveness, innovation capacity and environment protection capability of environmental policy regulation with 2001-2008 panel data of Jiangxi. It is found that pollution tax policy, being the representative of market environmental policy, satisfies Porter hypothesis, while environment construction policy, being the representative of administrative policy, does not satisfy it. Furthermore, by measurement and comparison of performance elastic of environmental policies. It is proved that market environmental policy is easier to meet "Porter hypothesis" than administrative one.
2013 Vol. 1 (1): 115-119 [Abstract] ( 3193 ) [HTML 1KB] [ PDF 732KB] ( 2055 )
120 Approach Research on Increasing Proportion of Labor Remuneration in Initial Distribution——Based Cobb Douglas Production Function
ZHANG Wei, FAN De-cheng, WANG Shao-hua
From the perspective of the relationship between factor inputs and its distribution, this paper discusses the channels of increasing the proportion of labor remuneration in initial distribution. With the model constructed through Cobb-Douglas production function, it analyzes empirically the internal determinants of elements distribution, and the effect of changes in various factors on the proportion of labor remuneration in primary distribution. The results propose four possibilities to increase the proportion of labor remuneration: First, raising loan rates to increase the capital cost; second, reducing proportion of capital-intensive industries to decrease the output elasticity of capital; third, raising bank reserve ratio to reduce the supply of capital; fourth, improving the quality and skills of workforce to increase the output elasticity of labor.
2013 Vol. 1 (1): 120-124 [Abstract] ( 3368 ) [HTML 1KB] [ PDF 684KB] ( 1874 )
125 An Empirical Test and Formation Mechanism of Asymmetric Effects of China’s Monetary Policy in the Open Conditions
WU Wei-jun
Based on the Keynes subjective expected asymmetric theory，this paper empirically tests the existence of china’s monetary policy asymmetric effects in open conditions by co integration test、granger causality test and OLS regression method with formation mechanism of china’s monetary policy asymmetric effects in open conditions. It is found that china’s monetary positive and negative supply shocks have significant asymmetric effect on output, but this effect would slow down on the open conditions.
2013 Vol. 1 (1): 125-130 [Abstract] ( 3093 ) [HTML 1KB] [ PDF 797KB] ( 2344 )
131 Influencing Factors of Assets Risk of Local Government Investment Company in China
WANG Jin-chang
Based on the actual operation of the company and a large number of literature，this paper analyses governance structure，the degree of marketization of investment decision-making，management level，and financing channels of local government investment company, together with relationship between these factors and assets risk in China by building structural equation model of Influencing Factors of assets risk of local government investment company. It is found that the degree of marketization of investment decision-making can indirectly influence the assets risk of local government Investment Company in China, via its assets structure. The proportion of public welfare projects of whole assets has positive correlation with the company’s assets risk. To raise the level of management or increase the financing channels can reduce the company’s assets risk.
2013 Vol. 1 (1): 131-137 [Abstract] ( 3497 ) [HTML 1KB] [ PDF 1209KB] ( 2571 )
138 Multiple arbitrages, Monetary Policy Impact and China International Short Term Capital Flows ——Based on VECM Analisis
YANG Zhen-yu, FANG Wei-hao
On the basis of theoretical analysis, this paper studies the main influence factors about the international short-term capital flows, including broad measure of money supply, price index,the RMB exchange rate ,asset prices by testing the influences with vector error correction model (VECM). The results show that the main reason of the China’s international short-term capital flows is monetary policy shock, asset prices and the RMB appreciation. The money supply and international short-term capital flows have two-way mechanism, but asset prices and the RMB appreciation to international short-term capital flows have single action mechanism.
2013 Vol. 1 (1): 138-143 [Abstract] ( 3688 ) [HTML 1KB] [ PDF 818KB] ( 2037 )
144 An Empirical Study on Financial Factors and Grain Price Volatility
GUO Xiu-juan, DUAN Rui-jun, WANG Lai-xi
This paper makes a quantitative analysis on the relation between financial factors and grain price volatility with VEC model and EARCH model. It is found that there are different pathways in the short-term and long-term among the exchange rate, money supply M2 and foreign exchange reserves.According to risk analysis, the most significant element is exchange rate among the exchange rate, money supply M2 and foreign exchange reserves. At the same time, the information impact curve shows that financial factors have asymmetric effect to increase the volatility of grain price.
2013 Vol. 1 (1): 144-148 [Abstract] ( 8111 ) [HTML 1KB] [ PDF 768KB] ( 2043 )
149 Government Intervention, Law, Finance and Overinvestment by Listed Companies
ZHAO Qing
This paper analyzes the effect of local goernment intervention, legal enforcement, and financial development on of the state-owned listed companies. The results show that the legal enfocement and financial developemnt are negatively related to overinvestment. Further studies shows that, compared with the rule of law and financial development, government intervention is more fundamental factors to overinvestment effect of the state-owned listed companies.
2013 Vol. 1 (1): 149-153 [Abstract] ( 4392 ) [HTML 1KB] [ PDF 765KB] ( 2357 )
154 The Premium Effect of Asset Prices to Residence Bank Deposits in China
YANG Ling-ling, SUN Hai-xia
The paper tests the premium Effect from the asset price to residence bank deposits with the Vector Error Correction Model in China’ stock and real estate markets. It is proposed the measures be strengthened in such fields as products innovation, governmental regulation and market system reform in domestic financial sector, so as to magnify the positive performance of the asset premium effect.
2013 Vol. 1 (1): 154-160 [Abstract] ( 3315 ) [HTML 1KB] [ PDF 1208KB] ( 2106 )
6 The Spatial Distribution of Innovation and Entrepreneurship Capability and Economic Growth Effect——Empirical Analysis Based on GMMSONG
SONG Lai-sheng, SU Nan, FU Hong

This paper makes GMM analysis with 2000~2010 year' provincial panel data. It is found that innovation and entrepreneurship capabilities push regional economic growth. However, innovation has weak positive influence on total productivity national wise and entrepreneurship has less notable positive effect. Innovation and entrepreneurship capabilities have a 10% positive effect on high-tech region with less remarkable effect on other regions. Innovation pushes regional productivity while entrepreneurship capabilities have less remarkable effect.
2013 Vol. 1 (1): 6-10 [Abstract] ( 3981 ) [HTML 1KB] [ PDF 713KB] ( 1968 )
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