The structure and pattern of international capital flows have changed significantly after the global financial crisis.On the one hand,unconventional monetary policies,especially quantitative easing,conducted by advanced economies have led to ultra-low interest rates,which have stimulated the international capital flows to emerging market economies( EMEs) to search for yields. On the other hand,through issuing corporate bonds in the international financial markets,firms from EMEs have transmitted both the monetary policy and financial conditions to domestic market. As a result,the difficulty of financial regulation and vulnerability of the economy have increased substantially,and the independence of monetary policy has been undermined. Based on the latest literature,this article points out that in the short run certain degrees of capital control measures could mitigate the sudden capital inflows and outflows,and strengthen the overall stability of the economy.
Since the US dollar serves as world currency,the Federal Reserve's monetary policy exerts significant spillover effects,and its QE exit and monetary policy normalization will affect emerging economies through international capital flow,exchange rate and import export channels. In this paper,we attentively assess the impact of US QE exit on Chinese current account. Based on Bayesian VAR model with sign restriction,this paper shows that Federal Reserve's QE exit will persistently decrease Chinese current account surplus,which indicates that China faces the same precursors of crisis as those faced by other emerging economies. Therefore,Chinese government needs to transform the development pattern in order to enhance the internal demand,implement the innovation strategy to enhance the competitiveness of the domestic product and domestic enterprise in the international market. Meanwhile,the government needs to relax capital project control in a gradual way,build up stablepoolmechanism of RMB exchange rate,strictly control foreign debt level and actively participate in regional and global financial safety net.
In this paper,we study the influence of Hong Kong offshore market on RMB exchange at home and its economic consequences,based on the spot rate of RMB and Hong Kong offshore exchange rate between Aug. 1st,2014 to April. 17 th,2015 and VAR model system. We found that in the sample period,the offshore rate of RMB depreciated,while onshore RMB spot rate appreciated. The onshore spot rate showed more stability compared with offshore exchange rate. Offshore market exchange rate exerts an effect on onshore exchange rate. The conclusion can offer implications for evaluating the effect that offshore market has on RMB exchange rate,preventing onshore economic shocks which are brought by the internationalization of RMB,and strengthening the supervision of the offshore market.
To fully grasp the development quality of Chinese circulation industry,this article conducted an in-depth study of the problem of circulation efficiency in China from the perspective of regional differences. Based on the optimization of the existing Circulation Efficiency Measurement Indicator System,we calculated the Circulation Efficiency in 31 provinces in China( 2003—2013) by using comprehensive weighting method objectively and subjectively. And we measured dynamically the regional differences of Circulation Efficiency in China by using several indexes for measuring regional differences. The empirical results show that circulation efficiency in 31 provinces increased year by year from 2003 to 2013,but with different absolute increment.The eastern region witnesses the largest increment,the central region witnesses the second largest increase,while the western region witnesses the least increment. Relative differences of circulation efficiency were shrinking slowly,but absolute differences of circulation efficiency increased year by year,which needs be focused on. The difference degree of circulation efficiency in the eastern,central and western regions were not the same. The eastern region always has the largest intra-regional difference degree,the west region has the second largest,while the central region has the least difference degree. The degree of intra-regional difference in the east,central and west regions is much more than that of inter-regional differences.
Based on the theory of channel fairness and guanxi in China,an empirical study is made on the impact of guanxi between the agricultural product buyers and the farmers upon the farmers' perceived fairness,and their opportunistic behaviors.Findings show that guanxi inhibits opportunistic behavior of farmers through the farmers' perceived fairness,and different dimensions( human relationship,emotion and trust) of guanxi have different mediation paths. Specifically speaking,distributive fairness and procedural fairness completely mediate the effect between human relationship and opportunistic behavior of farmers,distributive fairness partly mediates the effect between emotion and opportunistic behavior of farmers,but these two kinds of fairness have no mediation role between trust and opportunistic behavior.
Research carried out by the author has found that unlike ordinary brands,China time-honored brands own a special lifecycle which includes four stages: growing up,maturity,aging and dormancy,and every time-honored brand is located in one of these four stages. Different marketing strategies should be applied to the time-honored brands in different stages. More specifically,maintenance strategy should be applied to those time-honored brands that remain growing up; mature time-honored brands are supposed to adopt the keeping-fit strategy; activation strategy should be adopted for those aging time-honored brands;as for the dormant time-honored brands,wakening strategy should be employed. No matter which kind of strategy is adopted by a time-honored brand,the core purpose is to increase its competitiveness,that is,to choose and achieve one marketing positioning point.
Brand attribution and communicator attribution can make different effects on consumers' purchase intention.High-quality negative reviews from online shopping consumers can make potential consumers produce high level of brand attribution,which reduces potential consumers' purchase intention. While merchants' efficient replies to high-quality negative reviews from online consumers can replace consumers' negative reviews and become the leading information,which can reduce consumers' brand attribution level and further increase consumers' purchase intention. When negative comments from online consumers and merchant's replies exist simultaneously,the reply information can get more attention from customers according to consistency dimension and distinctiveness dimension,which can become the leading messages in potential consumers' information processing.Meanwhile,the level of consumers' brand attribution can be influenced by ego-involvement.
Prioritizing improvements of quality attributes are very important for courier enterprises to make customer more satisfactory and enhance the core competence. Based on SERVQUAL model,this paper proposes a courier service quality six-dimensional model including reliability,assurance,convenience,safety,tangibles and recovery. It applies a revised importanceperformance analysis approach which integrates the concept of gap analysis and competitive zone of tolerance to evaluate the service quality of Chinese leading STO Express by benchmarking against competitors. The analysis reveals the order of priority for improvements for STO Expressu0027 s service quality dimensions is safety,convenience,assurance and recovery,while reliability and tangibles need little priority improvement. Furthermore,10 out of the 25 service quality attributes are assigned a lower priority for improvements,while the other 15 attributes,such as employees not abuse customersu0027 personal information need to be improved with a higher priority.
Unlike prior researches that only study analystsu0027 impact on market performance or firm governance,this paper measures analyst coverage effects based on several aspects of MA performance,and minimizes analyst coverage endogenous problem using two-stage least square method. It has been found in the paper that analystsu0027 impact becomes weaker from economic performance to market performance,which implies that analysts care more about firmsu0027 fundamental aspects and their growth,rather than short market performance. Furthermore,this paper verifies analystsu0027 role in terms of external constraints,which can be reflected by the fact that the economic performancesof acquiring firms with analyst coverage is significantly higher than thoseof the company without analyst coverage. Whatu0027s more,the covered firms also show higher growth rate,which shows that analysts play roles in discovering value.
This paper uses Geweke decomposition test to study the relationship between fund speculation behavior and copper price on international future market from June 13,2006 to June 18,2013. The result shows that copper price on international future market has a one-way long-term causal relationship with fund speculation,but there is a two-way short-term causal relationship between the two. From the feedback,the causal relationship is mainly the short-term causal relation. This suggests that fund speculation is not the essential cause of the long-term volatility in copper price,but it makes the copper price fluctuate heavily in the short term.
Both theoretical and empirical analyses show that the process of economic development in the three industries converges to aservice-oriented structure. The overall development of service industry exhibits a transitional characteristic from a parallel development of manufacturing industry and service industry in the first stage to a decline in the proportion of manufacturing industry and a continued rise in the proportion of service industry in the second stage. The inner dynamics of the development in service sector derives from two main factors: technological progress and income-demand elasticity. The technology revolution causes the differences in the growth rate of labor productivity among major sectors within the industries,which induces labor transfer and reallocation among various sectors. Meanwhile,the increase in per capita income leads to service demand at more levels. The difference in system and policy of various countries results in the difference of allocation cost in labor department,which causes the heterogeneity of industrial structure under the same technological progress. The development of service industry needs a market environment which encourages competition,a free entry and exit system of both labor market and product market,and a more open trade in services and investment.
By using the data of Chinese listed companies during the years from 2001 to 2012,with the business investment in fixed assets and intangible assets as the main object,this paper establishes relevant mathematical model,uses multiple regression method,and empirically analyzes the impact of administrative approval system reform on corporate investment scale and efficiency. This study finds that with other factors controlled,the administrative approval system reform can significantly increase the investment scale of enterprises,and its role in increasing business investment scale is of non-linear relationship with a greater impact on non-state-owned holding companies. However,the regression analysis shows that the administrative approval system reform fails to improve the investment efficiency of enterprises,which reduces the investment efficiency of enterprises.
To enhance the level of foreign trade is an effective way and strategic direction as to Beijingu0027s adjustment of economic structure and transformation of economic developing mode. Based on the related data from 1986 to 2012,this paper established a VAR Model to discover the causal relationship between the changes in export demands and domestic demands in Beijing.Following the above study,another empirical model was established to quantify their impacts. The results showed that: the change of export demands affected the domestic demands growth,especially on residential consumption demands. Each 1% increase in export volume led to a 0. 029 8% increase in residential consumption expenditures; exchange rate and the open-door policy had positive effects on enhancing domestic demands. This paper also aimed to explore the effective way of enhancing domestic demandsand adjusting the structure of export demands. Eventually,this paper proposed some practical advice to accelerate the transformation of Beijing economic developing mode as well as to achieve the strategic economic restructuring.
Based on Input-Output Tables of 1997,2002 and 2007,this paper uses the input-output approach to analyze the industry relevancy of circulation industry and manufacturing industry in China. The results show that manufacturing industry is the main consumer sector of circulation industry,with some difference in the structure of intermediate demand among different types of manufacturing industry. Circulation industry has a low level of intermediate input into manufacturing industry,with some difference in the structure of intermediate input among different types of manufacturing industry. The promoting effect of circulation industry upon manufacturing industry is stronger than the pulling effect of manufacturing industry upon circulation industry.There is an interactive relationship between circulation industry and manufacturing industry in China,with the industry correlation effect still at a low level.
Based on the data of China's listed firms in A-stock market during the years from 2009 to 2014,this paper analyzes the impact of operating liabilities and financing liabilities on the effect of firm expansion. The research shows that firms based mainly on operating liabilities have a smaller scale of expansion but better profitability than those based mainly on financing liabilities. In general,both cumulative expansion scale and internal expansion scale are negatively correlated with profitability. The firms based mainly on operating liabilities have better profitability than those based mainly on financing liabilities in terms of cumulative expansion scale and internal expansion scale. This paper provides an empirical support for prudent and effective firm expansion by rational use of operating liabilities.
From the perspective of property right reform of state-owned enterprises( SOEs),this paper explores the interaction effects among executive compensation,corporate dividends and enterprise performance of SOEs,in which a simultaneous equation model is established by selecting the data of SOEs in the years from 2006 to 2013. Further,executive compensation is divided into dominant compensation and implicit compensation. The results show that the dominant compensation,to a certain extent,has the effect of the incentives to enhance corporate value,which also has a positive effect on corporate dividends. At the same time,the implicit compensation also have a positive effect on corporate dividends. Finally,by coordinating the conflict of interest between managers and shareholders,it puts forward the scientific policy recommendation and implementation scheme to design SOEs' incentive mechanism and constraint mechanism.
This paper selects Chinese A-share listed companies' MA data in the years from 2007 to 2014 as samples,measures the extent of information asymmetry with idiosyncratic volatility of company stock prices,and studies the influence of information asymmetry over MA performance. The research finds that the mean value of MA performance of acquirers is significantly positive; compared with MA with cash payment,the MA with stock payment is bigger in performance and scale; there exists a negative correlation between information asymmetry and MA performance; information asymmetry has a significant different influence on the performance of MA with cash payment and with stock payment; the extent of information asymmetry has a negative impact on MA with stock payment,and less significant negative impact on MA with cash payment. The empirical conclusion does not support the Market Timing Theoryand the investors do not judge whether MA is goodor badby mode of payment. At the same time,it reveals the unique characteristics of China's securities market,listed companies making acquisitions and investors,all of which are different from those in Western advanced economies,and proves that there exists severe information asymmetry on China's securities market.
Based on China's 31 provincial-level administrative regions as samples,this paper selects 5 public services with10 indicators under 4 categories,using factor analysis and principal component analysis( PCA),to calculate the difference coefficient in the cost of basic public services and dynamically measure the transfer payment amount required by each region. Through the calculation,it reflects that the eastern region is mainly dominated by the economic level in the demand for public services,the western region is mainly dominated by inter-district services,and the central regionis mainly dominated by population,scientific education and health. There arerelatively high regional differences infinancial resources and costs. The empirical study shows that 5 developed provincesare far more than the equalization of basic public services required,1 developed province is less than the equalization required,most of the western provinces and specific central provinces are under equal demand for a long time.The suggestions are put forward: tomake the legislation to determine the scope of basic public services and its proportion in government spending,to make a comprehensive measure on the abilities of local fiscal revenues and degree of efforts,to establishthe geographic information system of fiscal and taxation to dynamically reflect the change in differences,and to adjust the directionand strength of transfer paymentstimely to narrow the gap in interregional basic public services.
The synergetic development of modern circulation industry and advanced manufacturing industry contributes to transformation and upgrading of China's industrial structure,transformation of economic development mode,and the improvement of international competitiveness of industry. This article elaborates on the connotation and characteristics of modern circulation industry and advanced manufacturing industry,analyzes the history of synergetic development of modern circulation industry and advanced manufacturing industry,and explores the operating mechanism of such synergetic development in four aspects: dynamic mechanism,transmission mechanism,guarantee mechanism and evaluation mechanism. It probes into the environmental construction of such synergetic development.
