In recent years, with China’s rapid economic development, internatio…

On 08/01/2015, in Economics papers, by rain

In recent years, with China’s rapid Economic development, international financial market globalization and integration process, the RMB exchange rate issue has become the focus of international concern. Especially on July 21,2005, China’s government announced a big reform in foreign exchange mechanism, which is a managed floating exchange rate system implemented based on marketed supply and demand with reference to a basket of currencies, the RMB exchange rate is no longer pegged to the dollar, but is more flexible. This reform also sparked domestic and foreign scholars interest on issues of the RMB exchange rate.In order to study about how much the RMB exchange rate influence on import and export trade of China, this paper try to use unit root member test, Granger causality tests according to export and import volume of U.S. and China from the third quarter of 2005 to the fourth quarter of 2010, then we can get the conclusion:RMB appreciation gives press on both import and export of China, but the effect is less than the role of GDP; there exist one-way Granger causality that RMB exchange rate impact on the import and export.After that, this paper also did some research on the relationship between the RMB exchange rate changes and the import and export trade structure. The conclusion is that RMB appreciation has an important impact on China’s trade structure and China’s trade structure to some extent due to the improvement of the exchange rate adjustment.Finally, this article is summed up and made some policy recommendations.


The Impact on Corporate Value of Fulfilling Social Responsibility of Listed Companies

On 21/12/2014, in Economics papers, by rain

Shenzhen Stock Exchange listed companies Social responsibility guidelines releasedon September25,2006and Shanghai Stock Exchange listed companies environmentinformation disclosure guidelines released on May14,2008encouraged listed companies toactively fulfill their Social responsibility, disclosure Social responsibility reports voluntarily.At the same time, the overall level of fulfilling corporate social responsibility is still low,self-consciousness is not strong. In listed companies’ opinion, fulfilling social responsibilitywill increase cost, reduce profit, and conflict with the goal of maximizing corporate value. So,fulfilling social responsibility is seen as a burden and companies try to avoid it. In this context,whether fulfilling social responsibility will reduce corporate value is a problem worthy ofstudying, the study has important theoretical and practical significance.First, the paper describes the background and significance, research status both domesticand foreign, content and method, and designs the framework. Second, the paper describes thepresent situation and problems in fulfilling social responsibility of listed companies. Third,the paper puts forward hypotheses combined with stakeholder theory, reputation theory,transaction cost theory. Fourth, the paper collects the data of A-share (823), analyzes theimpact on corporate value of fulfilling social responsibility. Fifth, the paper analyzes the resultand proposes the revelation of the study. My finding suggests that: fulfilling socialresponsibility will have significant and positive impact on corporate value.The study has the following meanings:(1)Correct the misunderstanding that fulfillingcorporate social responsibility will reduce corporate value;(2)Support the decision-making ofthe securities regulatory authorities that requires listed companies to fulfill socialresponsibility;(3)Enrich the domestic literature about the impact on corporate value offulfilling social responsibility.


With the development of financial markets, the impact of asset price…

On 08/12/2014, in Economics papers, by rain

With the development of financial markets, the impact of asset price fluctuations on the economy is increasing. In the history, the breakdown of asset bubbles not only affected the capital markets, but also led to recession of the economy, even spread to the other countries of the world. Therefore, we must take measures to prevent asset bubbles. In this case, whether asset prices should be included in the regulation of monetary policy is a controversial topic.According to the traditional theory, the monetary policy objectives are price stability, full employment, economy growth and the balance of international payments. If the central bank takes asset prices as a targets to be monitored, the importance of traditional objectives will been weaken. Moreover, there is no law for the central bank to determine the trend of asset price. The central bank may been criticized because of the wrong actions. However, we can not ignore the matter, because it is instable to our economy. This paper presents an empirical study to research the attitude of our central bank to asset price, and what tools the central bank can use to adjust the asset price fluctuations.First, the article will describe some theoretical problems of the asset price and monetary policy. These mainly include Capital Asset Pricing Model, the transmission mechanism of asset prices to consumption and Investment, the monetary policy theory and the interest rate transmission mechanism. We will research the relationship between the monetary policy and asset price, and also introduce the Taylor Rule.Next, this paper will analyze the case of the Japanese asset bubble, and what roles monetary policy played in the process. Using recent data, we will test the attitude to asset prices of the central bank of Japan and China, and the relationship of some variables of our real estate market prices and monetary policy.Finally, there are some realistic conclusions. For example, the central bank does not pay attention to the stock price, and its targets are still other indicators such as inflation and economy growth. In recent years, the abnormal development of China’s real estate market has reflected in our monetary policy model. According to these conclusions, we can understand the behavior of the central bank, and use monetary policy to control asset prices easily in the future.At the end of the article, we will give some policy recommendations to the current problems, especially some prevention strategies to asset bubbles.


Adopting past housing price information,interest rate, housing deman…

On 01/12/2014, in Economics papers, by rain

Adopting past housing price information,interest rate, housing demand, housing supply etc,as independent variables and using the VAR model, This paper analyzes the characteristics of Shanghai’s housing price from January 2000 to April 2010. Through the econometric analysis in the User Capital Cost model and Portfolio Selection Model, we find that,past housing price information could partially explain current housing price change,especially in the short term; both real deposit interest rate and real mortage interest rate has negative influence in the long run;while real mortage interest rate and the real house renting price has limited influence on the fluctuation of Shanghai housing price. Finally,we get some conclusions on the further implementation of China real estate macro control policy.


Case Study of Changes in Interest Rates on Household Savings in China

On 20/11/2014, in Economics papers, by rain

Household savings is one of critical source of Investment funds in the process of a country’s Economic cycle. Savings either is for Investment directly, which can also affect the consumption results in the aggregate demand, and thereby contribute to stimulating Economic growth. Interest rate policy is an important part of monetary policy, and is also one principal implementation way of monetary policy. Changes in interest rates will directly affect the benefit of depositors, which lead to increase or reduce savings depositors, and then change the ratio of savings and consumption. Since the nineties of20th century, there has been a tremendous reform via Chinese government in the political, economic, Social fields that significantly increased the market extent, and gradually improved the external environment of interest rates to play a regulatory role. At this point, using empirical study way to search the relationship between changes in interest rate and household savings has a further realistic meaning for the conduction mechanism of Chinese interests and macro-control measures and so on.This paper is based on the previous studies and the reviews on the theory of the relationship between interest rate and saving, uses the method of qualitative analysis and quantitative empirical test, to analyze the six main factors that influence Chinese household savings, which are disposable income, nominal interest rates, inflation, stock market, Social security and the real estate market, then analyze and research other problems, such as the relationship between six main factors and household savings. This paper pays much attention on the changes interest influence on household savings. The conclusions are as follows:The nominal interstate has positive relationship with the increase of household saving. During1993to2009, nominal interest rates raise1percentage point that the growth rate of household savings deposits increased by2.41percentage points. And there is a positive relationship among the growth rate of per capita disposable income, per capita growth rate of per capita Social security expenditure and growth rate of household savings deposits and a negative relationship among inflation rate, changes rate of Shanghai and Shenzhen stock market capitalization and growth rate of household savings deposits. Commercial real estate development Enterprise sales growth rate have little effect on growth rate of household savings deposits.In the interpretation of empirical results, we find that significantly increase degree of the market and the rapid development of securities markets and other factors prompted the current interest rates of change in China’s household savings in the transmission mechanism of gradual smooth. In the further analysis, it shows that economic growth, liquidity inhibition, precautionary savings and the widening gap between rich and poor caused by the gift of savings is the main reason for rapid growth of the savings deposits of resident. Finally, according to the Chinese particular economic environment, the author provides suggestions for five areas: deepening interest rate reform, adjusting income distribution structure, regulating the securities market, improving the social security and consumer credit mechanisms. The suggestions are good for promoting the role of interest rates as a conductive channels to household savings much smoothly and ensuring a more effective interest rate on China’s economy to play a regulatory role.


Research of House Price Based on Jump Diffusion Model

On 19/11/2014, in Economics papers, by rain

Real estate is the important pillar industry in China, but overheated or depressed real estate industry will influence the stability and growth of economy, which will not be conducive to the healthy development of the national economy. In face of the continuous inflation and the burst of the bubbles in this industry, scholars from home and abroad are pursuing the facts that influence the price. However, most of those studies just stay on the basis of qualitative analysis, few of which are even based on the presumption of an ideal and stable market. In order to adapt to the intermittence, mutation of the macroeconomic environment and market, and explain the home price changes with jump. This paper will establish a house price jump diffusion model through empirical study.This paper begins with the fluctuation of the house price and induces the fundamentals of it. Then, there will be a conclusion of the risks which cause the fluctuation. The unsystematic risks in house price in China which is the reason for the jump will be the base of my study.When using the jump diffusion model, first comprehensive consideration about the house price and analysis about whether the presumption of the model is true will be considered. Whether it is rational that house price is compliant with jump diffusion model will be proved. The jump in double exponential jump diffusion model is compliant with double exponential distribution which has non-symmetrical features, so we can use double exponential jump diffusion model. Then, there will be a discussion about the statistical characteristics of this model, and an induction of the Bayesian method which estimates the double exponential jump diffusion model. Likelihood of the discredited Process will be used as the approximate Posterior likelihood, and the validity and applicability will be analysised.The empirical study horizontally compares the intensity of the jump in the house price index of different kinds of houses in different countries or provinces from the macro level. The data from USA, UK, HK, and China main land is used to compare the jump of the different houses. Then, Hangzhou will be studied as a micro subject to achieve a vertical research. The second-hand housing transaction data of some typical communities in Hangzhou during a period of time will be studied to estimate the parameters, and the concrete causes of the jump will be found out to judge whether policies are effective. The result shows that the jump diffusion model is a rational measurement for the intensity of jump in house price caused by unsystematic risks. The model is rational and applicable.


The Empirical Study about the Introduction of Hushen300 Stock Index Future Impact on the Pricing Efficiency and Operating Efficiency of the A-share Spot Market

On 09/11/2014, in Economics papers, by rain

Since the birth of the world’s first stock index futures varieties in the early 1980s, then through nearly 20 years development, the stock index future which as a new kind of financial derivatives has been experienced rapid growth and development, it can be said that almost all the developed countries and the most of developing countries already had their own stock index futures, in particularly enter into the twenty-first century, financial futures in Asia especially the stock index futures gained more rapid development. After nearly four years simulation trading of the Hu-Shen300(HS300) stock index future in China, no matter in terms of the institutional mechanism design and the scale of market, or legal conditions and so on, as everything has been ready, and finally the first of our country’s stock index future–HS300 stock index future has been launched officially in the April 16,2010.As our China’s stock market always has been confronted serious low efficiency problem in compare with the mature markets of western country, such as researching in this paper about the spot market pricing efficiency, operating efficiency, etc., which will severely restrict the sustained and healthy development of our China’s capital market or even the whole national economy. In this article, we choose nearly one year and a half data for the underlying index futures of our China’s A-shares stock market–HS300 stock index future and HS300 stock index which on behalf of our country’s A-shares stock market for this research, through this study on the introduction of HS300 stock index futures impact on the pricing efficiency and operating efficiency of the A-share spot market, not only can let the majority of investors get profound sense of inspiration and Education, but also can give relevant decision maker some reference for regulating the market, therefore, this thesis research has some certain theoretical and practical significance.In this paper, a combination of theory and empirical methods has been adopted. From theory study, the introductory part of the first chapter summarized the research status that concern the theory of market efficiency and the stock index future impact on the spot market pricing efficiency and operating efficiency from home and abroad, which laid a conceptual framework for the model design of this article; In the second chapter, starting from the concept of stock index future, and then reviewed the development history of global stock index future, in addition elaborated the Basic theory of stock index future; In chapter three mainly analyzed the introduction of stock index futures impact on the efficiency of the spot markets, Firstly describe the efficiency interaction relationship between the stock index future market and the spot market, then set forth the pricing efficiency and operating efficiency relationship between the stock index future market and the spot market. which provide the necessary theoretical basis and model building framework for the next empirical research. From empirical research, this article select the latest sample data as much as possible, and keep track of market movement, in strict accordance with standard empirical procedures, start this paper’s statistical analysis and empirical testing from three aspects which applied some statistical software such as Eviews, Excel and so on: The first is about empirical research on the pass-through effect from the introduction of the HS300 stock index futures to the A-share stock market, take correlation analysis between HS300 stock index futures and HS300 stock index firstly, then successively followed by the stationary test and cointegration test, finally through the Granger causality test method to know whether the initial launched HS300 stock index futures begin to play price discovery function ; The second is about empirical research on the A-share stock market volatility which caused by the introduction of HS300 stock index futures, mainly through build ARMA-GARCH model, and then respectively introduce margin financing and securities, stock index futures as two dummy variables, to diagnose the volatility effect; the third is about empirical research on the change of the A-share market liquidity which lead by the introduction of HS300 stock index futures, in the beginning in this part compared the liquidity changes in a long period of before and after introduction of A-share stock market from the perspective of the trading volume, then select the HS300 index trading volume growth rate in 100 and 300 trading day respectively also in a period of before and after the introduction of the HS300 stock index futures for T-test to demonstrate the liquidity impact; After that, here also take use of relative spread index for descriptive statistics from the price aspect to continue explore the liquidity change; Finally, in this part comprehensively take considering the volume and price, through the introduction of a illiquidity ratio which reflect both the trading volume and price for further demonstration.Through the above theoretical analysis and empirical analysis, the author got the following conclusion: Firstly, China’s HS300 stock index futures started to take price discovery function, it means that the introduction of HS300 stock index futures promoted the pricing efficiency of A-share stock market; Secondly, the introduction of HS300 stock index futures reduced the volatility of the A-share stock market, which could stabilize the spot market; Thirdly, the introduction of HS300 stock index futures increased the liquidity of the A-share market in some degree, it means that launched HS300 stock index future enhanced the operating efficiency of our country’s A-share spot market from the last two part empirical result. On the whole, the introduction of HS300 stock index futures improved the A-share stock market pricing efficiency and operating efficiency, in addition, the last chapter also pointed out the insufficient and prospect of this whole research, furthermore some policy proposal also have been put forward in the end.


A Research on the Influence of Enterprise Internal Factors on Business Process Reengineering

On 09/11/2014, in Economics papers, by rain

Economy globalization and the development of information technology have change business environments dramatically, which force Enterprise Management carrying out great innovations. Business Process Reengineering(BPR) is a new Management theory, which can meet the innovation requirements and it’s also been applied in many countries, however, the success rates of the application of BPR are not as high as expected, most enterprises even didn’t achieve their goals. So how to improve the success rate of BPR has become a subject confronts Enterprise and academic. Based on domestic and overseas researches, the Enterprise internal factors and the evaluation system of BPR are studied in this paper.In this paper, the object is to study the important internal factors in enterprise and the evaluation system of BPR. The enterprise internal factors is needed to combine the special characteristics of Chinese companies, based on domestic and overseas practice, key factors of BPR are summarized:enterprise strategy, business process, information technology, organization structure, staff Management and enterprise culture. In the study of evaluation system, by reviewing the research literature of evaluation methods of BPR, Balenced Score Card was chosen to evaluate enterprise achievement. It has four indicators, they are business income, custom satisfaction, operation cost and staff enthusiasm.Through the first-hand data, researching the relationship between enterprise internal factors and evaluation system of BPR, the conclusion is that enterprise internal factors and evaluation of BPR are positively correlated, and recessive factors are more important than dominant factors.Finally, give some suggestions to the companies that want to implement BPR.


Empirical Study on the Impact of Working Memory on Interpreting and Its Coping Strategies

On 05/11/2014, in Economics papers, by rain

Most researchers claim that a better working memory helps an interpreter deliver a translation with high completeness and quality. There are, however, few empirical statistics to prove or disprove this claim. Even though empirical analysis and researches have been launched, the impact of disparities in working memory among interpreters at the same level on interpreting has rarely been studied. To fill this research gap, the thesis studies the impact of working memory among interpreters at the same level on interpreting.Through clustering large collection of literature, the thesis gains insight into the trend of related studies and expounds on the theoretical bases of the study, the background, current situation, challenges and future development of working memory and interpretation. On this basis, the thesis further analyzes the impact of working memory on interpreting, especially on consecutive interpreting, through scientific and systematic experiments and analysis. Finally, the thesis proposes strategies to weaken such impact.In the end, the thesis gets following conclusions:first, working memory does influence the quality of interpreting. Good working memory helps improve the quality of interpreting while bad working memory impairs the quality of interpreting; second, working memory is not the decisive factor of the quality of interpreting, and its impact can be weakened by other means.


Farmers’ Health: The Medical Supply Mode Changes and Government Management

On 08/10/2014, in Economics papers, by rain

The medicine is the most Basic Medical Health product. The countryside Medical supplies generally divide into the tradition grass medicine supplies and the modern China and the West medicine supplies two stages. The article takes the countryside Basic medicine supplies main constitution and the medicine Social characteristic as the basis, divides a village Basic Medical service Health supplies history into the herbal medicine time, the Chinese native medicine time and the western medicine time three development phases and carries on the research; Three stages approximately correspond the historical span respectively was before 1949 natural economy time mainly is the late Qing Dynasty and Republic of China time , since from1949 to 1978 the planned economy time, from 1978 to the present mainly has been 1990 market economy time.Although each time all not only has kind of medicine supplies, but the research discovery, three medicines times division has the certain rationality. This had already reflected three times farmer households medicine supplies main constitution and medicine shape Social vicissitude, had reflected three kind of medicines distinguish representative’s time characteristic. In here, the herbal medicine represents the tradition, is in the farmer household date commonly used medicine most has the traditional features the constituent; The western medicine represents the modern age, is most has the socialized characteristic the product; But the Chinese native medicine is the connection, the fusion tradition and the modern bridge. In the overall three kind of medicines socialized degrees increase progressively in turn. The socialized degree has reflected national or the market involvement degree from some kind of significance.The research also indicated that, the farmer household favors the choice socialization degree higher medical service health. In today farmer household’s medicine expense constitution has also presented the tendency to above three kind of medicines consumption quantity and the expense frequency which increases progressively in turn, western medicine already became the mainstream which the farmer household medical service health expended, some 64% expresses by the surveyor who favors the western medicine. This indicated the farmer household has this to the traditional medicine and the modern medicine expense tendency to disappear the other long relation. But in the peculiar circumstance the peasant household also can appear the reversion choice, transfers favors the socialization of consumption degree low medical service health.Herbs times, the shortage of medical and health products, health products farmers depend on the choice of exchange with the nature. The state and local governments have not yet entered the field of public health goods supply, the Government did not fulfills the functions of the Management of health farmers, farmers of the health status of letting nature take its course.Chinese medicine era, in the face of the shortage of medical and health goods remains the situation, the state and local governments from the start of improving public health conditions, medical supplies through the mobilization of the main civil enthusiasm, and gradually establish a basic rural health supply system. State and Government on rural health strengthen the functions, farmers of the basic medical and health goods began choice by the State and local governments of disposable medical Management.Western medicine era, the basic farmers the choice of medical and health products was completely integrated into the dual role of the state and the market under the inherent “Social model”; market choice, the choice of state or government, the main medical supply may have made the choice of farmers medicine consumption in the decision-making process at any time there is a health and rights violations faced by the risk. Government to protect farmers basic medical and health goods supply become the responsibility of the Government.This study also shows that rural communities is a medical services to most farmers, and the nearest farmers, but also the most vulnerable resource services medical services agencies. The level of medical services link farmers and other rural medical service system in the main factors, and play a vital significance and status as a node to solve the medical and health care needs of the supply side as well as the inherent contradictions between complicated contradictions, and the digestion of these risk factors will definitely affect the health and rights of farmers, the overall situation.This article originally hoped political science from the health of power or the perspective of the rights and interests of countries on how to get basic medical supplies in rural areas, and focus on analysis of political factors, but obviously this is not my current means, is not fully discussed, it is this paper’s where inadequate. However, I still think that Benefit analysis of this paper is the innovation. The main contribution of this paper is to describe a village through the development of the supply of medical practice, and explained the different supply farmers under the conditions of healthy choices; found that the supply constraints in the market economy conditions, mainly for the government, the market and medical supplies between the main choice of uncoordinated, health protection for farmers will play a decisive impact.