Table of Content

21 January 2021, Volume 0 Issue 02

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On the Pedigree of Western Property Right Theories and Its Implications for the Reform of China’s Rural Property Right System

QIN Xiao-hong

2014, 0(02):  570. 

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The western property right system has experienced a complex evolution process, always unfolding around the fundamental rights of property and people. The relationship between property right and right to exist, between property right and right of freedom, and between property right and right of personality constitutes the main line between property right and the basic rights of people, and sketches out a pedigree of theoretical results at different development stages. The western property right system is regarded as a part of the modern system, its evolution process and theoretical results provide a certain degree of enlightenment and reference for the reform of China’s rural property right system. The starting point of China’s rural property right system is seperating the contracted management right from the collective ownership of the land, making it become a right in rem. The key of the reform of property right system centering around circulation of the contracted management right has shifted from the principle of legality of right in rem, focusing on the separation of the contracted management right from operation, and on the economic function of achieving legal right in rem through the operating mode of rights.

An Empirical Analysis of the Performance of the New State Stipend Police and Its Influencing Factors

FU Jian-ru, CHEN Mian-shui, ZHANG Wei

2014, 0(02):  571. 

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Since the autumn of 2007, the new state stipend policy has formally put into effect. This paper employs the multiple LOGIT model to study the factors affecting college students to receive state stipend. The factors affecting the probability of students’ access to the grants can be divided into two categories: the social economic status and the other characteristics. The social economic status includes the two factors of students’ basic conditions and their economic performance at school; while the other characteristics consist of their academic performance and the performance in the school activities. The results show that good academic performance and better ability in school activities can significantly improve the probability of attainting the government grants. As far as the applicants are concerned, the applicants not from the rural areas have easier access to the grants than those from the rural areas, which is obviously a departure from the target of setting up the state stipend. This study thinks that the government has not clearly defined the policy goal of the state stipend. When the government allocates the resources of the state stipend to universities and colleges, it is more inclined to the higher level universities. The empirical results also indicate that there is still room for governments and higher education institutions to further improve the publicity and communication of the application information and the application procedures, as well as the tracking analysis and guidance of the use of the state stipends.

Evaluation and Voice of the Genre of Academic Papers: An Interventional Perspective

ZHANG Da-qun

2014, 0(02):  572. 

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As a special genre, academic papers have rich resources of evaluation and voice system, which should be given more attention by researchers. The application of the newly developed and improved interventional system of the evaluation system involved in the evaluation and voice of the genre of academic papers can effectively interpret the implicit evaluation traits of academic papers and the diverse interaction of the voice inside the discourse. In the introduction part of an academic paper, the integrated use of dialogue extension and dialogue compact type intervention resources can successfully establish its research space. The distribution of “core-satellite” shaped dialogue compression resources can help to establish and consolidate the author’s argument in the academic paper.

On the Construction of China’s Deposit Insurance Legal System from the Perspective of Equitable Mechanism and Comparative Studies

SUN Yan-jun, LI Jia-jun

2014, 0(02):  573. 

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The deposit insurance legal system can act as an important part of the modern financial safety net. Since the birth of this system, it has been developing rapidly all over the world. Now it is internationally recognized to regard the deposit insurance legal system, the function of the central bank’s lender of last resort and the financial prudential supervision system as the three pillars maintaining financial stability, together establishing a “safety net” for banking system. The deposit insurance legal system has great value in maintaining the security and stability of the financial sector, protecting the interests of depositors, and promoting fair competition in the banking sector. The establishment of China’s deposit insurance legal system is not only an inevitable choice for the development of China’s market economy, but also an important system for the market-oriented structure reform of China’s banking industry.

A Comparative Study of the Three Debt Consolidation Cases in Modern China

MA Chang-wei, YAO Hui-yuan

2014, 0(02):  574. 

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During the period of 1912-1936, the domestic debt policy of the Republic of China appeared to be “path dependence”, and continuous defaults in the internal debts were found, therefore, three debt consolidations were carried out in 1921, 1932 and 1936. The schemes of the three debt consolidation cases are not just the same, on the whole, they have both rational and non rational sides. The rational side is revealed by such measures as stabilizing credit, taking back the rights and relieving the financial burden; the irrational side was looting the bondholders’ benefit, strengthening the control of commercial banks, and reinforcing the extracting ability to social resources. After these debt consolidations, the banking industry began gradually to keep away from government bonds and turn to support the development of the industry and commerce. The government’s credit was also loosing, finally the original “path dependence” was broken by external factors. These debt consolidation cases can provide lessons and reference to the solution of China’s current debt problems.

Bottleneck Analysis and Coverage Improvement of China’s Long-Term Care Insurance

ZHOU Yan

2014, 0(02):  575. 

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With rapid population ageing, family structure miniaturization and increasing care cost, the elderly long-term care risk appears gradually, so it is an urgent need to build up long-term care insurance system to spread this risk. However, due to different conditions and environment, the long-term care insurance which runs maturely in the developed countries meets a lot of bottlenecks in China; not only the insurance companies which offer this kind of insurance can be counted on one’s fingers, but also the products they launched are seldom inquired. Therefore, starting from the inner motivation of the development of long-term care insurance in China, this article explores the risks and difficulties in lauching the long-term care insurance, and puts forward several ideas about the coverage redesign. It aims to break through the shackles hindering the development and also to provide some reference to both sides of supply and demand.

Current Situation and Future Development of Agriculture Index Insurance

LV Kai-yu, ZHANG Chong-shang, XING Li

2014, 0(02):  576. 

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Due to the transparent information and simple process, the index insurance is an important direction for future development of agricultural insurance. Many countries and international organizations have invested large quantity of human and financial resources to conduct researches, experiments and promotions in this field. Currently, agricultural development index insurance is still faced with such challenges as large basis risks, difficult index selection, lower market awareness, and so on. In view of such issues as simple types of index of China’s agricultural index insurance, over-reliance on subsidies, narrow sales channels, etc., this paper suggests that the future focus should centre around expanding the scope of index research and development, exploring the sales mechanism of index products, and innovating the profit model for index products.

Research on the Relationship between the Horizontal Division of Processing and Manufacturing Sector and the Technological Innovation Factor Input Intensity: An Empirical Analysis Based on the Dynamic Industrial Panel Data from Input-Output Surveys in Chin

WANG Bi-hao1, HUANG Hao-jie2

2014, 0(02):  577. 

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Industrial horizontal division can improve the accurate and careful post setting and optimize the factors combination between the processing and manufacturing sector and the professional scientific research institutions. Based on the Acemoglu vertical integration and technology model, this paper makes use of the dynamic industrial panel data from seven input-output surveys conducted in China to make an empirical analysis. The results indicate that the forward horizontal division of the processing and manufactoring sector can increase the quantity of material and technological factors by relying on purchasing the technological innovation factors from professional scientific research institutions, while their independent innovation capability will be weakened. The backward horizontal division will lead to increased investment on independent research and development and depend on themselves to carry out technological innovation, so as to realize the industry-university-research cooperation.

On Organization Form and Auditing Fee of Accounting Firms

ZHOU Zhong-sheng

2014, 0(02):  578. 

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As an important component of internal governance, the organization form of accounting firms has great influence on its survival and development. Taking four domestic accounting firms that took the lead in completion of restructuring with the qualification of H share auditing as the samples, this paper conducts an empirical study of the effect of the restructuring of accounting firms on auditing fee. The study finds that the auditing fee has been significantly increased since the restructuring of accounting firms. Further study reveals that in the key account auditing market, the restructuring of accounting firms has little influence on auditing fee; while in the minor client market, after the restructuring the auditing fee has been increased significantly. The results show that the restructuring of accounting firms contributes to standardizing the auditing fee in the independent auditing market and reducing the malignant price competition, which is of positive significance for the sustainable healthy development of the accounting firms and the profession of CPA.

Target Interest Rate Selection of Social Welfare-Based Monetary Policy: An Empirical Analysis with Dynamic Stochastic General Equilibrium Model

YUE Juan-li1, XU Xiao-wei2

2014, 0(02):  579. 

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Considering the decision-making behavior of microcosmic bodies and the social welfare effects of monetary policy and taking China’s quarterly data from 1998 to 2012 as the samples, this paper adopts the dynamic stochastic general equilibrium model (DSGE), which can systematicly cover production, consumption, labor and social welfare effects, to conduct an empirical study of the target rate selection of the central bank’s monetary policy after the completion of interest rate liberalization in China. The results show that when the central bank employs the three target rates of Shibor007, R007and IBO007 respectively to exercise its control, the effect path of monetary policy on the real economy is basically the same. In terms of economic sensitivity, R007 is superior to the other two. In terms of welfare losses, when using R007 as a target rate of monetary policy, the monetary policy can make the minimal volatility of output, consumption and labor, and the minimal loss of welfare. On the whole, R007 is a better choice of target rate for the central bank’s monetary policy. China should improve the inter-bank pledge-style repo rate system, and cultivate R007 as the target rate of monetary policy step by step.

Probe into the Welfare Effects of Income Flows: Based on an Empirical Analysis of CHNS Rural Samples

HUANG Xiao

2014, 0(02):  580. 

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The welfare effects of income flows are related to the question of whether this kind of flow is “good” or “bad”. Based on CHNS follow-up survey data, this paper measures and decomposes the income mobility in recent years and its effects on social welfare. The results indicate that: (1) the income mobility in 2000-2009 is lower than that in 1991-2000, but the social welfare effects of the former is higher than the latter, because the former has a higher income flow quality; (2) the permanent income trend has the greatest degree of contribution to the income mobility and social welfare levels, indicating that the residents’ ability to increase their income should be enhanced so as to prevent class solidification. Therefore, in the context of larger income distribution gap, the improvement of the ability of the lower-income groups to increase their income can help to promote the income flow, form more reasonable income structure, and let income flows play a role in social welfare effects.

Scientific and Technological Progress Must Be Introduced into Quantitative Researches of Marxist Political Economics

HE Zuo-xiu

2014, 0(02):  581. 

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How to introduce scientific and technological progress into the quantitative researches of Marxist political economy? The basic idea is that, in addition to the further in-depth quantitative researches on how work creates value and how to allocate the value, new areas must be exploited in such issues as the production, distribution, exchange, allocation and consumption of value. In Volume 1-3 of Das Kapital, Marx introduced such concepts as constant capital C, variable capital V, surplus value M■, then a formula of “production of the value of each commodity M■ is derived, W■=M■+C+M”. Now it is recommended to use the surplus use value M■, constant capital C, variable capital V, and the use value of goods M■ in the trial formula W■=M■+C+V, while W■=N·W■. In the formula, N is the generalized scientific and technological efficiency factor N, including the natural, social and humanity sciences. Thus a total labor productivity T can be defined, including scientific and technological progress. Then it can be seen that (T-1) is the total factor productivity (TFP), which is usually discussed in the textbooks of economics.