Abstract:This article points out that modern technologies are changing working mechanism of banks, the structure of banking industry of main developed countries is growing into centralization, and each bank is fighting for scale-economy and scope-economy. With this background, its accordant to the trend of international banking industry for the banking industry of China to keep a certain rate of centralization. The main problem of the banking industry of China is not the problem of industry centralization, but the structure of property rights of national banks. It may lead to the surge of Chinese economy if we break through the reform from the structure of industries. The reform could not begin with the adjustment of industry structures, with the reason that the assets and the market shares of banking industry of China concentrate on ill national commercial banks. we should make good use of the limited interim after we entered WTO, push the reform of property rights of national commercial banks stoutly before the market shares of national banks shrink obviously, and try to avoid the erupt of latent financial risks.

Abstract:This paper analyses empirically the change of ownership concentration of Chinas listed companies. As to research methods, this article uses panel data and multiple statistical analysis methods, thus, it fills the defect of the previous ownership concentration degree research that used only cross-section data and classical linear regression analysis. The result of this articles analysis indicate: the performance of listed companies, the scale of companies, the main body of stockholding and industrial distribution are the major factors that affect the change of the listed companies ownership concentration degree. This article also points out the thoughts and policy suggestions on adjusting the ownership concentration degree effectively according to the results of analysis.

Abstract:In order to build up the theoretical foundation of reducing state shareholding fraction,we ask the following two questions:What is the role of state ownership of mixed ownership firms in transition economiesShould state ownership be quickly reduced or kept at certain level in these frimsUtilizing a unique data set of mixed ownership firms listed in China stock exchanges until 1998,and controlling for both the endogeneity of ownership structure and the downward self-selection bias of government during initial public offering IPO process,i.e.,government as the sole type of owner before IPO has to keep larger stakes at the beginning of after-IPO period in poor-performing firms,simultaneous equations analysis shows:1State owners have significantly improved firm performance after IPO.2 Downward self-selection bias of government during IPO process does exist.3The worse firm performance after IPO,the smaller state ownership fraction,which confirms our endogenous state ownership assumption.The policy implication is that government should reduce its shareholding fraction according to after-IPO firm performance instead of reducing it in all firms.

Abstract:In recent years, study on capital structure concerns the firms that adopt conservative financial policies. This paper construct a two-period model that examines the relationship between the current amount of debt and the expectation of the future competition in the product market which require firms to increase the investment. This model shows that, the severer the expectation of the future competition, the smaller the current amount of debt. This is called financial conservatism. This paper analyses the case of Yanjing Beer Corporation to confirm this model.

Abstract:Specific investor groups always hold specific stocks to reflect their opinion of investment. Divergence of investors opinion can result in the clearing price of market diverting from the average estimate of potential investors, higher volatility thus follows. Constraints on the right of investment choice will aggregate the divergence of investors opinion. Expanding the investment choice right of investors to reduce the divergence of investors opinion is the efficient way to lower the risk of stock market in China.

Abstract:This paper discusses how to quantify investors preference in order to select the optimal project of asset allocation for them. It also creates a stochastic dynamic model about fluctuant risk preference in asset allocation, which extends the model of R. C. Merton1970. In my model, utility function and restrict equation are revised, because I analyze the portfolio problem of investors who have some fluctuant risk preference and want to maximize the expected utility of his terminal asset without considering consumption. At last, I discusses the method of mutual fund selection under investors preference and empirical case.

Abstract:This paper demonstrates by analyzing the income of servicemen that the supply of public goods can help increase the overall economic output in proportion to which is the increase of public servants income; the income of public servants is equal to their opportunity cost in private sectors of the economy, and is a balanced income determined indirectly by the market. The basic orientation of national public servants pay system reform is to establish a mechanism which will enable the public servants income level and growth to keep up with macroeconomic indexes,such as economic growth rate, and to keep balance with the distribution of individual income in the market.

Abstract:First, This paper points out two theories that dont support current bilateral issuing-bonds treaty. Then, it establishes a super-multilateral issuing-bonds treaty model designed for China. Finally, it expounds several policy suggestions that are beneficial to carry out foregoing treaty.

Abstract:By Krugmans core-periphery model,this paper analyses in detail the process of American Manufacturing transmission from North-east and the coastal areas of Mid-Pacific to the Midwest.We find that the development of Manufacturing in American Midwest closely related to its increase of population especially the population in urban,bettered inner transportation efficiency,maintaining temporarily the transportation cost with the East areas.Now,comparing to Chinas serious situation of regional disparity,We believe that the transformation of industrial structure in West is one of the solutions,which comes after the achievements of urbanization and the improvement of transportation efficiency.

Abstract:The agglomeration of small-medium sized enterprises in geographically delimited area,known as specialized industrial districts SID s,is the most relevant form of economic development and industrial organization developed in Zhejiang in the last decades.This paper discusses the mechanism of SID s.It is assumed that there are competitions within factors,industry-specific factors and common factors,between every two industries.It concluds that the agglomeration of industry-specific factors in geographically delimited area can explain the origin and evolution of SID s.

Abstract:This paper systematically surveys the lately development of income distribution theory.With regard to the effect of income distribution on economic growth,we emphasize the politico-economic mechanism,and introduce sociopolitical instability,education-fertility decision,and market size channel.With respect to the dynamics of income distribution,we introduce endogenous income inequality theory through human capital,wage mechanism and interest mechanism,review the theoretical evolvement on the relation between income distribution dynamics and technological changes,financial development.We also introduce the theory of welfare comparisons among inequalities.