Table of Content

21 January 2021, Volume 0 Issue 02

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The Performance and Value at Risk of Retirement Funds in Taiwan and Hong Kong

Ke Ma

2012, 0(02):  632. 

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We investigate the value at risk (VaR) and performance of Taiwan labor pension funds (both of the old and new systems) and the Hong Kong Mandatory Provident Fund (MPF) in the period of July 2007 to October 2010. In this paper, we use Sharpe Index and Information Ratio to measure the performance of pension fund returns; the results of both indicate that the performance of Hong Kong MPF is the best among the three. We then use the single-factor variance-covariance method, historical simulations and Monte Carlo simulations to estimate VaR; in addition, we measured the risks of global financial crisis by using historical stress tests. The results show that the VaR of Taiwan’s labor pension fund established under the old system is the biggest, and that with stress tests the VaR of Taiwan’s labor pension fund under the new system is the biggest.

A Study of the Issue of Guarantee Discrimination in The Intellectual Property Financing

YAO Wang-xin

2012, 0(02):  665. 

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Mortgage and pledge are two forms of property right guarantee, there are two contradictory ideas about the acceptance of pledge as the intellectual property rights guarantee in the academic circle. Both the theoretical analysis and financing practices indicate that the adoption of pledge contributes to the guarantee discrimination of intellectual property rights. The value of intellectual property is the foundation on which intellectual property can achieve the guarantee function. With the analytical framework of legal economics, the problem of guarantee discrimination in intellectual property financing can be explained from the two perspectives of law and economics, thus the four countermeasure systems can then be constructed to solve the issue of guarantee discrimination of intellectual property rights with the guarantee value of intellectual property rights as the core.

A Study of the Calculation of Interest Rate under Article 78 of The United Nations Convention on Contracts of International Sales of Goods

SUN Hui

2012, 0(02):  667. 

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Article 78 of The United Nations Convention on Contracts of International Sales of Goods (viz. CISG) only provides a general principle for interest payment in the situation that the creditor delays for payment, but without specific method for the calculation of interest rate, which leads to tremendous divergence in the practice when the different arbitration organs in different countries applies Article 78 of CISG. Obviously, this vague stipulation would reduce the unified value of the Convention and is the greatest flaw of the CISG. Such a missing of the method to determine the interest rate is a kind of loophole beyond the Convention and should be settled within the framework of the Convention by firstly quoting the general principles of the CISG. If the specific amount of interest rate still cannot be determined, then the relative stipulations in international private laws can be applied, generally, the interest rate of commercial loans at the country of the business location of the debtor should be taken as the standard for the delayed interest.

Land Ownership Conflicts and Order Reconstruction: A Case study of “Lake Group”in Qing Dynasty

ZHANG Fu-yun

2012, 0(02):  668. 

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During the regimes of Tongzhi and Xianfeng in Qing Dynasty, the dispute of the ownership of lake field between the indigenous inhabitants at Tongpei in northern Jiangsu and the immigrants from southwest Shandong could be traced to the root of a conflict between the exclusive concept of private land ownership and the legal principle of state property rights. In the context of such unavoidable contradiction, Zeng Kuo-fan, who was appointed by the Emperor to mediate the case, decided to rebuild the order of authority and to make the arbitration of demarcation according to the national standard of being law-abiding: “Regardless of native or immigrant, judging only by good or bad”. In practice, Zeng took the protection of property rights and right to exist of each side as a precondition, strengthened the supremacy of the national legal status and conformed to the local private customs and common habit as far as possible, successfully resolved the contradiction between national interests and civil interests by confirming the legal property rights and redistribution rights, and finally achieved a win-win situation.

A Probe into the Issuance of Local Government Bonds during the period of Nanjing Interim Government

LIU Xiao-quan

2012, 0(02):  669. 

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The period of Nanjing Provisional Government is a period that local bond issuance is more active than ever in Chinese history. The issuance of local government bonds during that period is an important fiscal policy measures taken in order to consolidate the revolutionary regime of the new bourgeoisie; it provides a certain material security to defend the gains of the revolution. However, as far as the whole country is concerned, the role of the local government bonds in mitigating the financial crisis faced by the revolutionary government is limited. The results of the majority of local debt issuance are far from the expected objectives. One of the reasons is the policy factor that the central government stopped the issuance of local bonds, the other is the economic factor that the capitalist economy was under??developed, while the fundamental reason lies in the fact that the government bond credit had not been established yet. The issuance of local government bonds during the period of Nanjing Provisional Government can provide some inspiration and reference for the present debt issues faced by China’s local governments.

Modern State Auditing Conference Thought: from the Perspective of Democracy and Rule of Law

ZHU Ling-tong

2012, 0(02):  670. 

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The modern state auditing conference thought includes: such items as changes of the auditing laws and regulations and the internal management systems of auditing institutions, the rewards and punishments as well as the scheduling of the major auditors, the decisions of important auditing business, etc. are listed in the agenda; the auditing conference procedures provide the number of participants, the rule of majority, the escape clauses, and so on; the decisions of the meetings can be reconsidered and the results of the meetings should be open. Auditing meetings can reflect the idea of ??combining both internal supervising of auditing organs and external oversight, which can contribute to the achievement of democracy in auditing entities. The auditing conference procedure reflects the democratic ideas of the auditing procedures. Auditing conferences have a double impact on the cost of democracy and rule of law.

A Study of Price Transmission in Vertical-Related Markets of Perishable Produce: Fruits and Vegetables as a Case

ZHANG Xiao-min

2012, 0(02):  671. 

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Asymmetrical price transmission of agricultural products happens occasionally; one of the important reasons is its perishability. Taking the four products (apples, bananas, potatoes and tomatoes) with different perishable degrees as examples, this paper analyzes the relationship between the degree of perishability and the price transmission in vertical-related markets with the econometric model of timeseries. The results suggest that the asymmetry of price transmission is apparent among perishable products, not among storable products.

On the Management Concert and Historical Inspirations of Paper Money in Song Dynasty

FANG Bao-zhang

2012, 0(02):  672. 

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The industry and commerce in Song Dynasty were well developed, so the issuance of paper money was also greatly developed. However, the Song Dynasty was faced with huge financial expenditure, and often could not make the ends meet. The Song government had to solve the financial crisis by issuing paper money excessively, which caused such serious social problems as paper money devaluation, inflation and rising prices. At the same time, the normal development of paper money was greatly hindered; how to manage paper money became an important problem in Song Dynasty. Such management ideas were proposed at that time: reserve must be prepared before issuing paper money; metal and paper money being used at the same time so as to win the trust of the people; control the amount of paper money in circulation so as to stabilize the prices; anti-counterfeiting of paper money, etc.. These management ideas can still give some reference to the contemporary society.

An Empirical Analysis of Market and Marketing Risks of Agribusinesses’ Technological Innovation

YAO Qiong

2012, 0(02):  673. 

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On the basis of agribusinesses’ data in Guangdong province, this paper empirically analyzes effects of market risks and marketing risks on the technological innovation at its four stages. The results show that market and marketing risks are playing an important role in the whole process of technological innovation, especially at the market stage. Among the market risks, the biggest threat comes from the capacity of the potential market and the acceptance of new products by farmer consumer. Among the marketing risks, the biggest threat comes from the quality and function of new products and the marketing abilities of enterprises. Therefore, China’s agribusinesses should pay special attention to both of them in their practice. Each department should work together and focus on key points to prevent risks.

An Analysis of Policy Rent Effect of Banking Insurance: Clump-Together, Technology Upgrade and Business Performance

XUE Mei

2012, 0(02):  674. 

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During the process of financial marketization, banking insurance which is presented by the cooperation of life insurance companies and banks can be seen as a channel strategy of the life insurance companies. The main purpose of entering the banks is that the life insurance companies try to gain the scale effect from the “policy rent”. Thus the resulted clump-together of life insurance companies does not have the effects of industrial organization in the general sense: the strategy of differentiation, cost advantage strategy and decentralization strategy. Under the conditions of the cumulative growth of banking insurance business scale of life insurance companies and banks’ accelerating market-oriented reform process which lead to the dissipation of “policy rent”, the key for the sustainable development of banking insurance with life insurance companies“clump together”is to increase the non-policy input in banks by life insurance companies.

A Study of the Correlation between Commodity Price Fluctuation and Business Risks: Theory and Evidence

CAO Yu-shan

2012, 0(02):  675. 

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Based on the data about spot price of deformed steel bar and EBIT of sample companies from Shanghai and Shenzhen Stock Exchanges in 2002-2009, this paper empirically analyzes the correlation between commodity price fluctuation and business risks with the method of Granger Causality Testing (including Co-integration Testing). The result indicates that the fluctuation of spot price of deformed steel bar is a major Granger Causality of business risks. Therefore, it can be assured that to manage the risks of commodity price fluctuation can reach the target of managing the business risks; it is proved to be effective for the enterprises to employ derivatives such as commodity futures to manage risks; and the assessment index is EBIT SD ratio minimization rather than EBIT maximization.

The Impact of Enterprise’s Environmental Uncertainty on Entrepreneur’s Strategic Executive Competencies of Private SMEs

HUANG Liang

2012, 0(02):  676. 

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According to the relevant researches on competency psychology and the relationship between environment and strategy, enterprise’s environmental uncertainty and TMT’s support are important factors influencing the improvement of entrepreneur’s strategic executive competencies. This empirical study of 259 private SMEs shows that enterprise’s environmental complexity has significantly positive impact on entrepreneur’s strategic executive competencies, and TMT’s support has a positive adjusting function on the relationship between enterprise’s environmental hostility and entrepreneur’s strategic executive competencies. Therefore, to commit more time and energy in promoting the efficiency of their strategic implementing activities in high complex environment and to win TMT’s support actively when implementing strategy in high hostile environment are important ways for the entrepreneurs to improve their strategic executive competencies.

A Study of the Financial Supporting System for the Development of the Cultural Industry

LU Min-feng

2012, 0(02):  677. 

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As the core levers of the development of the national economy, the maturity of the cultural and financial industries is closely related to the core competitiveness of the country. The evolution and development of China’s cultural industry has its specific historical trajectories, characteristics, causes, and special problems. In particular, after the financial crisis, the modern cultural industry is advancing against the unfavorable trend; however, China’s modern cultural industry is still at the exploratory stage; lacking of financial support has become the main bottleneck restricting the development of the cultural enterprise. Therefore, in order to boost China’s cultural industries to become one of the pillar industries in the national economy, an important task is to analyze the characteristics of cultural industries scientifically from the multi-dimensional perspective and to establish an innovative financial service system for the modern cultural industry.

Scientific and Technological Innovation Is the Key to the Realization of Basic Modernization: A Case of South Jiangsu Province

ZHANG Yun-xia

2012, 0(02):  678. 

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The relation between the scientific and technological innovation and the modernization indicates that the scientific and technological innovation is the endogenous driving power of the modernization. The theory and practice of modernization defines the connotation of the leading position of basic modernization in South Jiangsu. The total situation of the basic modernization in South Jiangsu is good, but the development of the different targets is not well balanced. The root of the problems in the process of the modernization in South Jiangsu is the insufficiency of the endogenous driving power for the scientific and technological innovation. We must optimize the talent structure to guide and boost the transformation and upgrading of the industrial structure and to develop the low-carbon economy. We must rely on the scientific and technological innovation to get rid of the dependence on the cheap labor force and to achieve the balanced development. We must supply policy support for the scientific and technological innovation to be the endogenous driving power.

An Empirical Study of the Relationship between China’s Capital Market and Industrial Structure Upgrade：Based on Co-Integration and Gray Correlation Analysis

YAN Wu

2012, 0(02):  679. 

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By using the amount of the fund raised and the industrial added value in China’s capital markets from 1994 to 2009 as the samples, this paper tests the relationship between the capital market and the industrial structure upgrade with the methods of co-integration test and gray correlation analysis. The results indicate that there exists a (1, 1) order co-integration relationship between China’s capital market fund raising rate and the rate of industrial structure upgrade, which means that there is a long-term stable equilibrant relationship between those two rates. The result of the gray correlation analysis shows that the relevance between the amount of China’s stock market financing and the industrial structure upgrade has the highest degree, followed by the bond market, and the long-term bank loan market is the lowest. This indicates that the direct financing represented by equity financing plays an important role in the process of industrial structure upgrade.

Reflection on Accelerating the Transformation of Economic Development Mode from the Scientific Development Perspective

ZHU Huang-he

2012, 0(02):  680. 

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The scientific development outlook and the transformation of economic development mode are united in the category of economic and social development, which also provide support and guarantee for the transformation of economic development mode. In the context of ever-changing international and domestic economic environments, the scientific development concept has further deepened the understanding of speeding up the transformation of economic development mode and put forward some new measures to accelerate the transformation of economic development mode.