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China & World Economy 2010年第6期18卷 90-108页

作者： Chin-Hwa Lu Chung-Hua Shen Meng-Wen Wu Zhi-Wen Wu associate professor Department of Finance China University of Technology Taipei China

In this paper, we investigate whether the mutual satisfaction of Chinese banks and foreign strategic investors （FSI） in terms of their cooperation with each other affects the performance of Chinese banks＇. Since 2004, China ＇s banking authority has conducted an annual survey on Chinese banks and their FSI, assessing levels of mutual satisfaction in terms of their cooperation. We use these survey results to examine the effects of satisfaction levels on the profitability of Chinese banks. Our results reveal that satisfaction affects profitability; that is, satisfied foreign investors and Chinese banks yield better performance. Satisfaction determinants for each party are also examined. Although the profitability of Chinese banks does not show a significant effect on the satisfaction of either party, bank loan to deposit ratios, regions of FSI home countries, and the type of Chinese banks＇ are important factors that might affect satisfaction.

关键词： bank performance Chinese banks foreign strategic investor satisfaction

China＇s Internet finance： A Critical Review

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China & World Economy 2017年第4期25卷 78-92页

作者： Jianguo Xu associate professor National School of Development and Institute of Digital Finance Peking University China

China＇s Internet finance industry developed explosively from 2012 to 2015. Undersupply of finaneial services, progress of information technology and accommodative regulations for Internet finance jointly explain the explosive development. Regulation tightened after the small-scale P2P lending crisis in 2015. The present paper discusses the role of information technology and mega data analysis in financial services, with particular attention paid to some popular misconceptions. The paper predicts that large financial institutions and information technology companies will play a dominant role in the future development of lnternet finance.

关键词： financial regulation financial repression information technology mega data analysis

A Comparative Analysis of IPO Performance for Firms in China's Mainland and Hong Kong SAR

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World Economy & China 2001年第4期9卷 52-58页

作者： Louis T.W.Cheng associate professor of finance

Perspective on Local Governance Reform in China

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China & World Economy 2006年第2期14卷 16-31页

作者： Mingxing Liu Binwen Song Ra Tao associate professor School of Government Peking University Beijing China. assistant professor Zhejiang University of Finance ＆ EconomicsChina. associate professor Center for Chinese Agricultural PolicyBeijing China

This paper is an attempt to present an analysis of China＇s decentralization and local governance practices, the dilemmas rooted in the current institution. We argue that the misbehavior of local government officials is endogenous to China＇s central-local structure and that competition among localities has become distorted and constrained by various policy burdens and development mandates imposed from above. The information asymmetry for the enforcement cost of mandates that exists between central and local governments not only leads to difficulties and distortions in local performance evaluations, but also creates opportunities for local bureaucracy expansion and rent-seeking. Enhancingfiscal transfers, or strengthening political restraint, although necessary, would be far from enough to solve the local governance problems. The ultimate solution entails an in-depth deregulation reform on factor mobility and a furthest eradication of policy mandates for the local government.

关键词： political competition decentralization local governance policy mandate

New Compensation Standard for Land Expropriation in China

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China & World Economy 2007年第5期15卷 107-120页

作者： Xiuqing Zou Arie J. Oskam associate professor Jiangxi University of Finance and Economics Nanchang China professor of Agricultural Economics and Rural Policy Wageningen University the Netherlands

This paper explores a new compensation standard for use in agricultural land conversion in China during the land-expropriation process, based on the market value definition. Assuming identical bargainingpower between the buyer and the seller, efficient and equitable compensation is obtained through a market transaction and bargaining negotiation mechanism, under the assumpation of a perfect market. From the state-of-the-art viewpoint of land appraising, a practical approximation of the theoretical optimal compensation will provide an effective solution for China, under the current collective-owned land property rights structure.

关键词： China compensation standard land expropriation

Excess Liquidity and Inflation Dynamics in China:1997-2007

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China & World Economy 2008年第4期16卷 1-15页

作者： Chengsi Zhang Hong Pang associate professor China Financial Policy Research Center School of Finance Renmin University of China Beijing China associate professor China Financial Policy Research Center School of Finance Renmin University of China Beijing China.

The surge in international capital inflows and the remarkable excess liquidity in China between 1997and 2007are examined in the present paper. It is shown that China＇s improved position in terms of foreign exchange purchases, ignited by huge foreign capital inflows, has effectively induced excess liquidity in China. More importantly, by developing an econometric madel for inflation and excess liquidity, the present study demonstrates that excess liquidity has imposed significant pressure on inflation in China over the past 10 years. This finding suggests that excess liquidity in China has not only contributed to the rise in stock prices and the real estate market boom, but also affected the consumer goods market. The potential transmission mechanism of liquidity-driven inflation and policy implications of the findings of this study are discussed.

关键词： capital inflow excess liquidity inflation monetary policy

Nonlinear Effects of Fiscal Policy on Private Consumption:Evidence from China

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China & World Economy 2011年第2期19卷 60-76页

作者： Liyong Wang Wei Gao associate professor School of Economics Central University of Finance and Economics Beijing China. Email: liyong_wang@*** associate professor School of Economics Central University of Finance and Economics Beijing China. Email: yf0201@***.

In the present paper, we use the Markov-switching model to test the nonlinear effects of government expenditure and taxes on private consumption in China. The results show that fiscal policy in China has a significantly nonlinear effect. In years 1978-1980 and 1984- 1997, the effect of government consumption on private consumption is non-Keynesian. During the same periods, the effect of taxes is also non-Keynesian, but the effect is not significant. The effect of government investment is linear but asymmetric. After retesting the reasons for the existence of nonlinear effects, we find that in China initial fiscal conditions and the magnitude of fiscal consolidations are not related to the nonlinear effects of fiscal policy. The government should pay close attention to the characteristics of commodity and labor markets to identify the conditions and regimes associated with nonlinear effects.

关键词： fiscal policy non-Keynesian effect nonlinear effect private consumption

Productivity Gains from Offshore Outsourcing： Evidence from the Chinese Manufacturing Industry

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China & World Economy 2015年第5期23卷 104-122页

作者： Junli Zhao Vigdis Boasson associate professor Glorious Sun School of Business and Management Donghua University Shanghai China. associate professor Department of Finance and Law Central Michigan University Michigan USA.

Using the Cobb-Douglas production function and vertical specialization share, the present paper measures the productivity spillover effects of offshore outsourcing in the Chinese manufacturing industry. We examine different production factors and the degree of openness by dividing the Chinese manufacturing industry into five major categories： capital-intensive business, technological-intensive business, labor-intensive business, open business and non-open business. The results show that offshore outsourcing is positively associated with productivity in the Chinese manufacturing industry as a whole, but less so in labor-intensive industries and more in capital-intensive industries. Moreover, the positive impact of outsourcing on productivity is slightly higher in open industries than in non-open industries. These results shed light on the differential spillover effects of offshore outsourcing on productivity. Our findings suggest that outsourcing structure is important to China＇s long- run competitive advantage. China ＇ s policy-makers should encourage further offshore capital- intensive and technology-intensive activities and focus more on outward-oriented offshore businesses.

关键词： Chinese manufacturing outsourcing productivity spillovers vertical disintegration

Intergovernmental Vertical Fiscal Relations Reform and Grassroots-Level Government’s finance Guarantee:Based on Quasi-Natural Experimental Analysis

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China finance and Economic Review 2019年第2期8卷 3-24页

作者： Jing Ning Xujie Zhao Institute of finance and Economics Central University of Finance and EconomicsChina associate professor School of International Trade and EconomicsUniversity of International Business and EconomicsChina

Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole *** to adjust the intergovernmental vertical fiscal relations in order to improve grassroots-level government’s finance situation is important for accelerating the establishment of a modern fiscal *** recent years,Province-Directly-Governing-County(PGC)fiscal reform has been an important attempt to straighten out vertical fiscal relations between governments,and thus has made it possible for studying the effects of vertical fiscal relations reform on grassroots-level government’s finance based on quasi-natural experimental ***,this article empirically analyzes the PGC fiscal reform based on nationwide county-level data applying Propensity Score Matching with Difference-in-Difference Method(PSM-DID),in order to investigate the effect of the reform on county governments’disposable revenue and identify the influence *** results indicate that PGC fiscal reform has a significant effect on promoting fiscal disposable revenue of county ***,we find that the reform increased upper-government transfer payment more than county-level own revenue,which manifests the reform increase county governments’fiscal disposable revenue by means of restraining prefecture-level cities’from grabbing county-level transfer.

关键词： intergovernmental vertical fiscal relations reform grassroots-level government finance guarantee

Inflation Uncertainty and Monetary Policy in China

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China & World Economy 2010年第3期18卷 40-55页

作者： Chengsi Zhang associate professor China Financial Policy Research Center School of Finance Renmin University of China Beijing China

This paper uses a stochastic volatility model structural break tests with unknown point, and a counterfactual simulation method to discuss the significant decline in inflation uncertainty in China over 1978-2009. We attempt to quantify the contributions of better monetary policy and smaller structural shocks （including demand, supply and policy impacts） on the reduced inflation uncertainty. Empirical results in the present paper suggest that improved monetary policy accounts for only a small fraction of the reduction in inflation uncertainty from the pre-1997 period to the post-1997 period in China. The bulk of the significant moderation in inflation uncertainty arises from smaller shocks. This finding indicates that the quiescence of inflation in China over the past decade could well be followed by a return to a more turbulent inflation era. Therefore, the use of preemptive monetary policy to anchor inflationary expectations and keep moderate inflation uncertainty is warranted.

关键词： inflation inflation uncertainty monetary policy stochastic volatility