Table of Content

15 June 2012, Volume 0 Issue 06

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Three Interpretations on the Formation of Segmented Labor Markets：Review and Extension

MENG Jie

2012, 0(06):  1524. 

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From the middle of 1980s, Neoclassical Economics has taken the dominant role in the study of SLM theory by widening the meaning of ILM. However, the equilibrium perspective offsets the basic paradox that capitalist production relationship has produced Segmented Labor Markets. The researches of the Western Marxist Economics represented by the Radical Political Economics have offered further explanations to the formation and continuance of SLM from production relations by analyzing the capitalist labor process and the social structures of accumulation. While the view of the Cambridge School that social-economic factors are playing a role in the formation of the labor markets is helpful in explaining how the supply and demand structures of labor markets are segmented naturally, which introduces more social-economic factors into the discussion. In the context of globalized production, the review, interaction and extension of above theories can provide better references of methodology for the interpretations of China’s SLM.

On De-Industrialization and Its Adaptability in China: from the Perspective of Structural Imbalance

WANG Zhan-xiang

2012, 0(06):  1525. 

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Deindustrialization is an unbalanced phenomenon of economic structure in the process of industrialization, being reflected at such aspects as factor allocation, industrial structure, regional economies, and value chain. This kind of imbalance has brought about some grave consequences to the development of the national economy. The important theoretical resources for the study of the issue of deindustrialization are the following: the theory of industrial structure, the theory of industrial transfer, the development theory of structuralism, the polarization theory, etc.. From the perspective of structural unbalance, there exists not only some form of entire deindustrialization, but also obvious regional deindustrialization in China. In the present international context with louder and louder crying for reindustrialization in the developed countries, a thorough study of deindustrialization has important realistic significance in China, whether for the prevention of future crisis, or for the optimization of economic structure and the transformation of economic development mode.

A Tentative Analysis of the Concept and System of Water Rights: from the Perspective of the Division of Resource Water and Product Water

LIU Jia

2012, 0(06):  1526. 

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Water right is the simple form of the system of water property rights, which is the foundation to establish the market system of water rights. At present, China is faced with water shortages and water pollution crisis, which urgently requires establishing an effective system of water rights and a market system of water rights, so as to protect and efficiently allocate water resources. To this end, legal experts and economists have made some interpretation on water right from both the perspectives of real rights and property rights. However, the existing researches on water rights are too abstract; it is difficult to clarify the boundary between profit and loss of the economic entities in their water consuming behaviors. This paper believes that on the basis of the competitiveness and exclusiveness of water quality changes and water consuming methods, to specifically divide the water resources into resource water and product water can define and grasp the concept of water rights more reasonably. In addition, it is helpful to construct the water rights system and the water rights market. Thus, it can further help to define the behavior boundary of economic entities from the micro perspective and clarify the functional boundary between Government and the market from the macro perspective, so as to provide a theoretical basis for the realization of the rational allocation and sustainable development of water resources，and the related legislation as well.

A Probe into the Theory and Administration of Local Autonomous Bonds Issuing by Local Governments in China

DENG Zi-ji

2012, 0(06):  1527. 

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To issue autonomous bonds by local governments has its theoretical foundation; along with the social and economic development, China has gradually qualified itself to issue autonomous bonds. The central government has decided to pilot local bond issuing, which is of great significance in both resolving local debt crisis and improving China’s fiscal system. There have been, however, some potential drawbacks in the process, for instance, the monitoring system needs to be perfected and the size of implicit debt is enormous. Consequently, in order to construct a sound local debt administrative system in China, it is indispensable to identify the reasonable scale of the local bonds, to scientifically budget their usages, and to optimize the corresponding mechanism for information disclosure and monitoring.

Fiscal Decentralization from the Angle of Multi-Provision of Public Goods: A New Analytical Framework

MA Wan-li

2012, 0(06):  1528. 

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The scientific defining of the fiscal decentralization is decided by the reciprocal effect of the relative variables in the two dimensions: the horizontal (i.e. the functional division of public goods by government, market and non-profit organizations) and the vertical (i.e. the allocation of responsibility and power in the framework of the centre-local relationship). Because the fiscal decentralization of Chinese style would lead to the structural deviation of public goods supplied by government, the social and public demands cannot be met. While the fiscal decentralization is the key institutional arrangement of the supply of public goods, to optimize the fiscal decentralization can improve the level of the social welfare. Therefore, the reform of the fiscal decentralization is of great importance. Thus, we believe that the logic of the fiscal decentralization should be that the horizontal dimension is the first and the vertical is the second, and both the extension and the connotation of the fiscal decentralization should be expanded and deepened. Based on this, we put forward a general idea and policy option for the reform of the fiscal decentralization of Chinese style.

The Impacts of Domestic and International Inflation on China’s Macro-Economy: An Empirical Study Based on SVAR Model

LIU Chun

2012, 0(06):  1529. 

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By employing an SVAR model which incorporates such variables as China’s principal macro-economy, financial market, international inflation and US monetary policy into a complete system, this paper conducts an analysis of the impacts of domestic and international inflation on China’s macro-economy. The results show that both international and domestic inflations have important effect on China’s real economy and the financial markets, which will also spur the monetary authority to adopt tight monetary policies. In addition, China’s real economy and financial market have some time-lag in responding to such inflations; the impact of the international factors on China’s economy is becoming greater as time passes by. Therefore, when formulating policies, we should strengthen our responses towards the international inflations; the international inflations should be taken as the basis of policy formulation, if necessary.

An Empirical Analysis of the Endogenesis of China’s Money Supply

WANG Jing

2012, 0(06):  1530. 

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Whether money supply is endogenous and what is the extent of the endogenesis are closely related to the effectiveness of the monetary policy of the central bank, whose intermediate target is associated with money supply. Based on the data from the second quarter of 2001 to the second quarter of 2011, this empirical analysis finds that China’s money supple tends to have a stronger and stronger endogenesis, which is mainly reflected in the following aspects: (1) the money multiplier fluctuates greatly in the short-term, extremely unstable; (2) there exists an unstable relationship between the money supply and the monetary base, i.e. the money multiplier has no predictability even in a long term; (3) the changes of base money are greatly affected by the changes of the foreign exchange reserve and the changes of the central bank’s policy on the bonds of the deposit banks; (4) there exists an opposite changing tendency between the base money and?money multiplier. Therefore, we should reform the existing mandatory foreign exchange settlement and sales system, improve the budget restricting mechanism for the state enterprises and banks, raise the conditions for re-loan, strengthen the supervision of the operational behavior of the commercial banks, and actively boost the reform of interest rate marketlization.

On Employees’ Innovative Working Behavior from the Perspective of Social Exchange: the Mediator Role of Psychological Ownership

CHEN Hao

2012, 0(06):  1531. 

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Employees’ innovative working behavior is the starting point of corporate innovations. By analyzing 196 valid questionnaires, it is found that the employees’ innovative working behavior is significantly positively correlated with perceived organizational support, leader-member exchange, organization-based psychological ownership and job-based psychological ownership. The job-based psychological ownership mediates the relationship between the perceived organizational support, leader-member exchange and employees’ innovative working behavior. The employees’ positive/negative emotion has no significant mediating role in the relation between the organization-based psychological ownership, the job-based psychological ownership and the innovative working behavior.

Price-to-Rent Ratio, Housing Price-to-Income Ratio and Real Estate Market Regulation: An Empirical Analysis Based on the Comparison between Regional Market Differences

WU Fu-xiang

2012, 0(06):  1532. 

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It is of vital importance to conduct a comprehensive evaluation of the comparative effects of China’s regional real estate markets by making use of the two indexes: the price-to-rent ratio and the housing price-to-income ratio. The results of this study indicate that China’s high housing price would force all the housing rental markets to increase rents. The deviated rent from the housing price makes the housing rental market difficult to support the real estate market effectively. At the same time, the price-to-income ratio varies in different cities, and there exists a paradox about the price-to-income ratio among the groups with different income levels, which becomes increasingly obvious. Therefore, the government should control the speed of the rising price to cut off the channel of high housing price spreading to the second-hand housing rental markets in densely populated areas, perfect the three level housing mold (which is protected and supported by government and provided by market) and the income distribution mechanism, foster reasonable housing consumption concept among the citizens, and cultivate a healthy housing rental market.

An Empirical Study of the Administrative Monopoly of China’s Oil Industry and Its Efficiency

LI Zhi-guo

2012, 0(06):  1533. 

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From the perspective of administrative monopoly, this paper examines the institutional and policy changes of China’s petroleum industry and finds out the root of such problems being the lower production efficiency of the oil industry and frequent shortage of refined oil, etc.. By using the data envelopment analysis method to measure the industrial and regional efficiency of the oil industry from the quantitative point of view, it confirms that the scale inefficiency of the oil industry has led to the loss of overall efficiency of the oil industry. The administrative monopoly has limited the development scale of China’s small and medium-sized oil companies to some extent, leading to some invalid scales. The key to improve the efficiency of China’s oil industry lies in such measures as canceling the government function of the two big oil groups, introducing the competitive system, and giving full play to the market.

A Study of Accounting Recognition of Carbon Economic Business

LIU Mei-hua

2012, 0(06):  1534. 

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The carbon economic business of enterprises includes the accounting of carbon footprint, energy conservation and emission reduction, carbon sequestration and carbon emission rights trading. The recognition of carbon accounting should abide by the classification principles of cross business, the dilution principles of motivation of carbon emission reduction and the recognition principles of conciseness, independence and concentration in addition to the general principles of accounting recognition. The recognition of carbon accounting will bring about new carbon assets, carbon liabilities, carbon profits and carbon costs.

Audit Institution Setup and Audit Quality: An Analysis from the Perspective of Decentralized and Balanced Power Theory

HE Xiu-xing

2012, 0(06):  1535. 

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The power performed by government auditing institutions can be classified into such powers as power of project application, evidence acquisition, results reporting and settlement and punishment. However, restricted by the present conditions of the internal institution setup of the auditing bodies, the performance of the current multiple auditing powers mainly focuses on the operational departments. Owing to the inefficiency of the decentralized and balanced power system, opportunist behavior is likely to take place. Therefore, the way to set up the internal institutions in the auditing bodies has become one of the key factors affecting the quality of government audit. Hence, it has great practical significance to guarantee the audit quality by establishing a relatively separated and restricted mechanism of auditing power, increasing the audit transparency and supervision over auditing power, and reducing audit conspiracy and screening behavior through institutional reform and innovation.

On Deng Ziji’s Concept of Socialist Tax Governance

XI Tian

2012, 0(06):  1536. 

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Professor Deng Zaiji is one of the founders of China’s socialist tax theory, and his tax governance idea is served as a guiding ideology on the practice of the socialist market economy. A review of Professor Deng Ziji’s socialist taxation perspective, including such seven aspects as the basic theory of socialist tax, the socialist idea of tax governance, the theoretical basis of profit and tax diversion, the dual tax mode of turnover tax and income tax (double subject), the relatively independent tax mode of the special zone, foreign-related taxation and the new round of tax reform, has important practical significance in the innovation and development of tax theory and practice.