Based on the real estate data of 35 large and medium-sized cities in China, this article studies the co-movement and spillover effect of urban housing prices through dynamic correlation coefficient and Global VAR model. The dynamic correlation coefficient shows that the co-movement is strengthened when housing price increases and with each year passing by. According to the generalized impulse response results of GVAR model, significant spillover effect exists in urban residential property prices with that of eastern cities’ being the strongest and fastest. Though regional heterogeneity is present, interest rate has little impact on overall housing prices, with central cities showing the strongest response.

This paper first constructs a SFA model of three-element input by incorporating the element of land in the SFA model of Cobb-Douglas function. Then, adopting the method of Maximum Likelihood Estimate (MLE) , the paper analyzes the tendency of urban productivity development and its influencing factors based on the data of 34 northeast cities at prefecture level and above between 2000 and 2013. The results show that the average urban productivity in three northeast provinces is gradually improved, going up from 29.8% in 2000 to 54.9% in 2013, while the overall productivity remains low. From high to low, the rankings in productivity of the three northeast provinces are Liaoning, Heilongjiang and Jilin, with a significant difference of 26.7% between Liaoning and Heilongjiang and another significant 11.0% between Heilongjiang and Jilin. Factors that impede the improvement of urban productivity include government intervention in economy, upgrading of industries and administrative hierarchy while the construction of infrastructure in cities significantly promotes urban productivity.

Integrating innovation, coordination, greenness, openness and sharing as a complex system of regional development, this paper employs the method of fuzzy comprehensive evaluation, system coordination and cluster analysis to evaluate the status of regional development in Henan province. Main conclusions of this study include: 1)The overall level of regional development in Henan province is low, with Zhengzhou being the spacial center of a core-periphery structure. Huge regional differences in innovation and openness curbs the sustainable and coordinated regional development. There is strong correlation between five subsystems of development and regional economic characteristics. 2)Henan Province as a whole shows a weak coordinated development, with most of the cities having a low level of coordination in their regional development. The correlation between coordination and regional economic indicators is weak while the supportive effect of economic development on regional coordination does not come into play.3)Five major systematic strategies of coordinated development are proposed with pertinence to different regional characteristics.

By adopting SITC three digit trade data of 110 major countries, this paper calculates the export sophistication of 26 sub-sectors in manufacturing in China between 2002 and 2014. Then it measures the transformation of China’s trade structure and tests the influence of the dynamic changes in manufacturing factor structure on the trade structure. The findings are: firstly, the continuous upgrading of the factor structure has a significant role in promoting the transformation of trade structure, but the effect is different among different manufacturing sub-sectors. Secondly, the proportion of high-end factors in the export trade is relatively low, but the structure of factors has been gradually rationalized after the financial crisis. Thirdly, due to the impact of some factors such as industrial or export policies, the primary factors have crowding out effect on advanced ones, impeding the transformation of trade structure. Therefore, differentiated allocation of factors should be adopted in different industries to accord with the characteristics of the factor structure and to promote the factor structure upgrading.

Traditional statistics of China-EU’s bilateral trade based on total trade volume exaggerate China’s trade gains and lead to enormous pressure of trade protectionism from EU against China. Based on gross trade decomposition framework, this paper remeasures the real bilateral trade volume, trade composition and factor endowment structure of China-EU’s bilateral trade between 2001 and 2011. The results show that: traditional statistics significantly overestimate the bilateral trade balance between China and EU. During the investigation period, China’s export, import and balance of value added trade decreased respectively by an average of 23.41%, 16.29% and 48.81% compared to gross trade. The added value in China’s export to EU is dominated by final goods which are produced by capital and low-skilled labor through assembling activities. With a low profitability, this added value belongs to the downstream of global value chain, but has the potential to rise. In contrast, the added value in EU’s exports to China is mainly intermediate goods which are produced by capital and medium-skilled labor, belonging to the relative upstream of global value chain with a higher profitability.

The Pollution Haven Hypothesis and the Linder hypothesis are traditionally independent, but both involve location selection of multinational firms. For multinationals producing high-quality products, the location selection of their foreign direct investment needs to balance the pollution haven effect and Linder effect. Adopting the data of foreign enterprises in Chinese industrial enterprises database and constructing a new environmental regulation index and quality demand structure index, this paper tests the Pollution Haven Hypothesis and Linder hypothesis. Based on conditional logit and nested logit, the empirical results show that both hypotheses are true for foreign firms that produce high-quality products. The intensity of environmental regulation has a significant negative impact on foreign firms in high-polluting industries, while income per capita and product quality demand structure have a significant positive role in attracting high-quality foreign companies.

Using the data from Chinese industrial enterprise database during 1998-2008, this paper adopts non-parameter Kaplan-Meier method and discrete duration model to empirically investigate the export duration in Chinese firms and its influencing factors. The result shows the median duration of Chinese exporters is only 4 years and export hazard rate has a significant negative duration dependence with the first year export hazard rate being as high as 25% which drops significantly after 4 years of business. Heterogeneity of firms, such as productivity, scale, market share, financial condition, export intensity and so on, have significant impact on firm’s export hazard rate. The ownership structure also brings about huge differences in survival rate, with that of domestic-owned firms being much lower than that of foreign-owned firms.

Through matching Chinese General Social Survey to the provincial foreign trade data, this paper measures the degree of openness of high-tech industry based on the absolute value and proportion of mechanical and electrical products exports and high-tech exports. The theoretical analysis shows that openness of high-tech industry will promote female wage growth by means of uplifting the screening threshold in exporting enterprises and raising the opportunity cost of giving up professional work for women. Empirical studies verify the conclusion of theoretical analysis and further point out that the beneficial effect of openness of high-tech industry is most significant for women in lower wage bracket, thus serving to promote the social equality in female wage. However, when compared with the growth promoting effects of high-tech industry openness on male wages, the effects on each quantile of male wage show no significant difference from those on female wage. Therefore, the openness of high-tech industry is still not powerful enough to narrow the wage gap between genders although it is a must for enhancing export quality.

Through a questionnaire study of 544 employees from different organizations, this paper explores the influencing mechanism of performance appraisal politics on organizational citizenship behavior in Chinese culture adopting the statistical method of correlation analysis, structural equation and so on. The result shows that appraisee’s perception of appraisal politics has negative correlation with organizational citizenship behavior, and the perception of organizational support acts as full mediation in this negative relationship. In addition, Chaxu climate has a moderating role in the relationship between appraisee’s perception of appraisal politics and that of organizational support. Specifically, the more significant Chaxu climate in the organization is, the stronger the negative relationship is between appraisee’s perception of appraisal politics and that of organizational support, which results in less employee’s organizational citizenship behavior. Additionally, Chaxu climate doesn’t show much moderating effect between appraisee’s perception of appraisal politics and organizational citizenship behavior. The conclusion reveals the unique influencing mechanism of Chaxu climate on appraisee’s perception of appraisal politics, and provides important references for related research and practice.

Based on Agent Risk Aversion Hypothesis in Principal Agent Theory, this paper discusses the influence of the compensation gap in top executive team on the degree of risk-taking in firms, and the moderating effect on the relationship between them that is brought about by CEO power. Results show that the compensation gap can enhance firms’ risk-taking but this positive correlation only exists in non-state-owned enterprises. This shows that the internal compensation difference in top management teams of non-state-owned enterprises can stimulate promotion, resulting in easing the tension in agent risk aversion. In addition, the managerial power from CEO will curb this stimulating effect between those two variables. The conclusions not only enrich the study on internal compensation dispersion in firms, but also have practical significance in improving the current low level of risk-taking among enterprises.

Through a study of M&A data of listed companies between 2011 and 2013, this paper discusses the influence of corporate capital structure on its performance after M&A from the perspective of internal control. It is found that leverage gap is negatively related to M&A performance and internal control has significant positive influence on this relationship. This positive influence from internal control is less significant in SOEs than in private enterprises, which is attributed to the fact that M&A in SOEs is not entirely the result of effective allocation of resources because of political interference. Meanwhile, the negative influence from leverage gap is more significant in SOEs than in private enterprises, which is attributed to the fact that capital operation efficiency in SOEs is lower than in private enterprises because of the soft constraint of government budget, more agent problems and overconfidence in management. The conclusion shows that from the perspective of microeconomic M&A, it is of practical significance to improve the level of internal control and the scientific allocation of capital structure.

As a primary means of social security system, pension can smooth income and balance welfare level as well as prompt changes in residents’ consumption decisions. In addition, the aging of population also has an impact on pension system, which further affects residents’ consumption. The study of the effects of population structure and pension on the consumption of residents is of great significance to the expansion of domestic demand and the reform of pension system. Upon constructing an OLG model, this paper first carries out a theoretical analysis of the effects of population structure and the development of pension on residents’ consumption, and then conducts an empirical study using the provincial data between 2002 and 2015. Results show that the increase in pension has significantly positive effects on the consumption of urban residents and this relationship is further affected by the changes in population structure.

In response to the government proposal to “appropriately and timely reduce the social insurance rate”, this paper studies the space for reduction of the payment rate in basic old-age insurance for employees by means of constructing an entity fixed effect model. Adopting the provincial panel data, from 2007 to 2014, this paper reveals that under the conditions of maintaining the current substitution rate, the system support ratio and the fund income and expenditure ratio, only Guangdong and Zhejiang show the reduction space for a lower payment rate allowing the possibility of “a lower rate with actuarial balance, no less income or remuneration”. In contrast to nominal rate, there is space for reduction in every region. While reducing the rate, it must be ensured to improve wholistic management, to combine rate reduction with payment, to implement both expending the coverage of the old-age insurance and postponing the retirement age, and to coordinate a lower payment rate with higher replacement rate.

Using difference-in-difference model and monthly data of margin trading and shoring in Shanghai and Shenzhen A stock markets between August, 2008 and October, 2016, this paper analyses the impact of four large-scale expansions of stocks in margin trading and shorting on stock liquidity.It is found that enabling margin trading and shoring and the expansion of stocks in that field can significantly improve liquidity of underlying stocks, and the improvement in Shanghai stock market is more significant than that in Shenzhen market. Among the four expansions,there is difference in liquidity improvement of underlying stocks brought about by margin trading and shoring.The reason behind this is that policy effects are restricted by underlying stock quantity and the scales of margin trading and shoring.

One of the effects of debt constraints governance is the impact on the compensation incentive of executives in listed companies. As a form of management power rent-seeking, excess perks will affect the governance function of debt constraints. Through an empirical analysis on the sample data of China’s listed firms in Shanghai and Shenzhen A stock markets from 2010 to 2015, this paper finds that with the increase of debt constraints, shareholders will reduce the debt agency cost by reducing performance sensitivity of senior executives, thus showing more concern for creditors’ interests. By quantifying excess perks, this paper then finds that they can weaken the negative effects of debt constraints on performance sensitivity of senior executives and this weakening effect is more significant in non-state-owned firms. It is found that excess perks weaken the governance effects of debt constraints on executive salaries due to the fact that senior executives are empowered to customize their pay. The purpose of this paper is to provide new considerations to creditors in pricing credit risk.