Abstract:From the investigation on some types of large and medium\|sized state\|owned enterprises, the author found the efficient restructure of enterprise is, in fact, the results of de\|integration of property right and resources allocation, but not the results of integration. Based on the description of two cases of the firm restructure, this paper provides the theoretical basis for de\|integrated restructure, and discusses its invitable trend of improving firms efficiency and reducing the reform costs. This paper also starts to search the impacts of two factors—scale and institute, on enterprises efficiency in the transition. Therefore, it has not only valuable theory meanings for economics but also positive policy effects on promoting reforms in China.

Abstract:In recent years, illegal & abnormal incomes have boomed seriously in China so that people have closely fixed their eyes on them. The main contents of this paper are to quantitatively measure impact of illegal & abnormal incomes on income inequality of residents in China and to analyze what causes illegal & abnormal incomes to emerge and spread. According to the results measured the illegal & abnormal incomes are the fundamental factors to give rise to abnormally enlarged income inequality of inhabitants. The theory model shows clearly that, its “the institutional defects” during the economic system reform that produced a lot of rents for people to seek. The empirical and theoretical analyses suggest some policies including systematically carrying forward sysgem reforms with the purpose to decrease “institutional defects”,to improve the income distribution mechanism, to increase the “cost burden” for people seeking after illegal & abnormal incomes and so on.

Abstract:Internet economy based on the information revolution has affected both the financial industry and theory fundamentally. Internet finance will be mainstream in this century. Electronic money will take more important place in social and economic activities. The changes of financial industry organization and menetary form give a series of development and evolution of monetary theory, supply and demand, monetary policy, and financial market. It is necessary to adjust the financial governance timely on order to catch the new risk.

Abstract:This paper examines the price and volume reactions to stock and cash dividend announcements in Chinas emerging equity market. The empirical results indicate that contrary to practice in mature markets, stock dividend has stronger impact than cash dividend. Furthermore, initiation, as an extremely visible change in dividend policy, causes no significant increase of stock price and trading volume compared with subsequent non\|initiation announcement, regardless of cash, stock share, or mixed dividend. These findings are robust as spillover of ex\|date effect and measurement bias are taken into consideration. Our basic explanation is that Chinese listed firms are seldom bound to sustained dividend policy and adjust the payout ratio randomly because of earning instability. Initiation, therefore, conveys little information about future performances of firms.