EMH of Stock Market by the Method of R/S

First,we comment on the theory of stock market validity of China. Basing on the analysis of the actuality of stock market validity of China, the market validity by R/S method empirically is studied also, and the conclusion is given that china's stock market is in vice-effective.     

An Empirical Analysis on the Correlation between China''s Stock Market and Economic Growth

The correlation between China stock market and economic growth is always regarded by economic and financial studies. For the time limit of the developing of stock market and the difficulty of data's collection, it is still in studying that the correlation between stock market and economic growth, especially the causation versus regression. By the method of Demirguc - Kunt and Levine,this paper empirically tests the correlation between China's stock market and economic growth on the seasons serial data from 1995 to 2000. The conclusion is that the relationship economic growth between stock market is unilateral.     

A Comparative Study of Chaos Phenomenon of China''s Stock Index to the Oversea Stock Index

The distribution of the five-day's return on China composite stock index is studied. The empirical distribution of five day's return on SHCSPI(ShangHai composite stock price index) and SZCSPI(ShengZhen composite stock price index) has "fat tail" and no finite variance with sharp peak at mean ,which can not be normally distributed because the largest negative return possible. In addition, the return series are belong to long-turn memory fractional time series. China stock markets are not efficient markets because the chaos phenomenon is strongly shown in the stock market.     

农林牧渔指数的波动特征分析

参照上证指数的波动特征对中国股市农林牧渔指数的波动特征进行分析,研究导致股市异常波动的影响因素和股价异常波动的特点。结果表明：农林牧渔指数市场具有异常波动的特点,但是相对上证指数来说,农林牧渔指数发生暴涨暴跌的可能性会比较小一点,市场对波动冲击的反应也比较灵敏,它的“长久记忆性特征”也没有那么显著,投资者对利好消息的反应更加强烈。农林牧渔指数呈现相对中国整体股市波动比较适度的情况,在此基础上,针对农林牧渔指数进一步良好的发展提出相关政策建议。     

Selection Theory and Method of Stock Investment Strategy

The author analyzes and concludes the factors that affect the stock market, and gives out the theory basis of the model and its feasibility; Then, based on the related knowledge of statistics and unit exchange, the selection theory and its corresponding model of stock investment strategy are gotten to describe the risk situation of stock market. At last, the author concludes the selection method of stock investment strategy and does the empirical study to prove that the strategy is both right and efficient.     

Research on Market Targeting Model of Selecting Manager and Cooperation Mechanism in Commercial Bank Based on Stock Option

Selecting manager by market and improving team cooperation efficiency are two basal tasks to construct an effective human resource management system of commercial bank in China,but there are the limitations the traditional methods in explaining the players' cooperation.The paper constructs a market targeting model of selecting manager of commercial bank and a game model of team cooperation based on stock option,and then the talent identification mode and team cooperation mechanism in commercial bank are established.It is concluded that talented managers is selected but talent-less is refused owing to stock option incentive mechanism,and employee and managers holding stock plan is an incentive force to whole team if residual remains of shareholder is less than half team residual remains.     

Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China

Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level.     

Non-Rational Trade Behavior, Stock Price Undulation and Stock Market in China

Differing from the standpoint of classical finance theory, investors is non-rational in security market in China. They have obvious non-rational characteristics, such as overconfidence, herd behavior, disposition effect and policy dependence. Because non-rational investors have intensification effect and risk-dispersed effect, under some market condition, they may lead to stock spillover or discount when their forecast error on stock expected return is less than certain bound, but when their forecast error goes beyond the certain bound, they will impulse undulation of stock price.     

Analysis of Manipulation on Stock Market by Institutional Investors with Economics

In order to guard against the manipulation on the stock market made by institutional investors, protect personal investors' benefits, and improve the efficiency of stock market, this article attempts to analyze the institutional manipulation that often happens in our country's stock market, its conditions, mechanism, restriction factors, and its impact on the efficiency of securities market. The analysis is conducted by employing the methods used in the information economics and the signaling game model. Furthermore, basing on the analysis results, the article proposes some constructive suggestions.     

Analysis of Demand and Its Elasticity and Forecasting About Chinese Automobile Market

By the monthly economic date about Chinese automobile and other relevant date,an analysis is first conducted that whether the automobile stock of China can significantly adjust the demand of automobile market or not.Second,a regression model and a time-series model which are used to forecast the demand of automobile of China are founded.Third,the income elasticity and price elasticity about the monthly demand of automobile of China are also analyzed.Conclusions are that automobile stock of China can't significantly adjust the automobile demand,that lag-two income of consumer and automobile price significantly affect the monthly demand of automobile,and that the price elasticity of automobile demand is big than lag-two income elasticity.At last,some proposal is put forward.     

基于危害分析与关键控制点(HACCP)原理构建区域农产品质量安全监控体系——以稻谷为例

中国农产品产地环境开放,生产行为不受控。因此,必需建立一套符合中国国情的区域农产品质量安全监管模式。以稻谷为例,运用危害分析及关键控制点(HACCP)原理分析了在其生产过程中潜在的危害因子。确定了产地环境、田间管理、产地准出及市场准入等环节是维系稻谷质量安全的关键控制点,提出构建由乡镇农产品质量安全监管站、县农产品质量安全监测站、地/市农产品质量安全监测中心和省农产品质量安全监测/评估/预警中心组成的四级监控体系及相应的纠偏程序与验证程序。通过对风险因子持续的监查、监测、评估、预警等,实现对区域农产品质量安全风险危害的有效管控。     

Optimum Decision Model About Stock Equity Withdrawal of Debt-to-equity Swaps

The withdrawal of stock equity of debt-to-equity swap benefitto resume connatural financial resource allocationfunction of market mechanism, basedon the viewpoint of market operation. An optimum decision modelabout stock equity withdrawal is set up, and asset management corporationcan sign an agreement based on enterprise's value with enterprise's managerof the debt-to-equity swap in advance, and make optimum choice in stock equity sell or enterprise list, thus stock equity withdrawal probably is realizedefficiently.Moreover, the paper puts forward the realizing factors of the efficient withdrawal of stock equity of debt-to-equity swapand correspondingcountermeasures.     

Influent Factor Analysis of Chinese Open-end Fund Investor Redemption Behavior

The performance of open-end fund in China still could won over the composite when stock market was in bear market in 2003 and 2004.The yield investor got was higher than bank deposit rate of corresponding period.But funds were met investor's large redemption.The authors use the year panal data of 2003 and 2004 to study investor redemption behavior.The result are:(1) Fund net value and dividend are significant positive correlation with redemption rate.(2) Fund accumulative total net value is significant negative correlation with redemption rate.(3) The bond fund is significant positive correlation with total market redemption behavior,but stock fund is not.(4) Investor is unaware of investment cost,which represents the redemption rate and purchase rate didn't hold back redemption at all.     

基于GIS的云南省生态环境空间分异探究

为建设美丽中国云南篇章,与全国同步实现小康社会。通过以云南省为研究空间载体,拟克服突破生态环境偏重单要素的传统评价方法,筛选构建区域生态环境综合评价方法,运用GIS空间分析手段,探讨云南省生态环境及空间分异特征,并针对性的提出云南省生态文明建设的空间思路对策。结果表明：云南省环境容量中等、生态环境较脆弱、生态环境重要性较高、自然灾害频发;生态环境空间分异明显,可分为综合平衡区、效率主导区、环境主导区3个功能区。     

Pricing Methodology of the New Issue of Public Offerings in Shanghai Stock Market

Based on the efficiency market theory, considering the relationship between A share prices in Shanghai stock market and factors such as earnings per share, net asset value per share, industry price/earning ratios, this paper builds the multiple regression model between the opening A share prices at the time point of March 1st,2001 and their corresponding financial indexes. Then, according to the fact that the net asset value per share after the new issue will change in the same rate with the issuing prices, this paper calculates the relationship between them and gives out the new issue pricing model which considers 5 factors, including such factors as the A share composite indexes in shanghai stock market. This model is very meaningful and compensates the deficiency of the traditional pricing methodology which considers only the P/E ratios.     

Evaluation of Power Quality Based on the Method of Matter-element

The synthetic quantified evaluation for power quality is one of the gist to weigh excellent or inferior of the power quality, and this is propitious to realize the electricity-purchase principle of discussing the price according to quality and high quality high price, thereby serve as to build the equitable electric power market. This paper proposes to use the method of matter-element for power quality evaluation, and then build the model based on the method of matter-element. Considering the non-compatible feature between the single recognition and evaluation results as well as the complexity of the evaluation for power quality, a model is approached for the evaluation of the power quality by using the matter-element and extension set. Case results show that use the proposed model is objective and reasonable, with a special advantage when used in power quality evaluation.     

An Empirical Analysis on the Connection between China''s Stock Market and Economic Growth

The connection between China's Stock Market and Economic Growth is always regarded by economic and finances studies. For the time limit of the developing of stock market and the difficulty of data's collection, it is still in studying that the connection between stock market and economic growth, especially the causation versus regression. By the method of Demirguc - Kunt and Levine,this paper empirically tests the connection between China's stock market and economic growth on the season serial data from 1995 to 2000.The test indicates that there are insignificant between them.     

Local Embeddedness,Market Focus,and Productivity: Evidence of Taiwanese Manufacturing MNE Subsidiaries in China

There has been considerable literature discussing the characteristics and importance of location‐specific factors in the context of Foreign Direct Investment (FDI), but very little literature linking location‐specific factors to productivity. This study explores, for each location‐specific factor, the relationship between the degree of local embeddedness and the labor productivity. We contribute to the body of literature on location‐specific factors by arguing that market focuses play a pivotal role in determining the impact of local embeddedness on productivity. Based on their strategic choices, we categorize Taiwanese manufacturing multinational enterprise (MNE) subsidiaries in China into two groups: the local‐market‐focus group and the export‐market‐focus group. The paper fits the Ordinary Least Squares (OLS) regression models to the export‐market‐focus group and the local‐market‐focus group separately. For these two groups, each local‐embeddedness variable exerts different effect on labor productivity. Results also suggest that local‐market‐focus FDI is more affected by the host country's local business environment than is export‐market‐focus FDI. Although this study cannot represent all foreign companies in China, its dynamism offers a rich context in which to explore a deeper understanding of foreign companies' business activities in China.     

中国特色淡水鱼产业竞争优势研究

为分析中国特色淡水鱼产业竞争力,以迈克尔·波特钻石模型为基础,对中国31个省份和地区的特色淡水鱼产业竞争力进行分析。通过构建特色淡水鱼产业竞争力评价指标体系,对罗非鱼、鳗鱼、鮰鱼和鲟鱼4个主要出口品种的竞争优势情况进行对比,分析中国特色淡水鱼产业的现实竞争力和国际竞争力。研究表明：（1）国内特色淡水鱼产业在生产竞争力要素方面,资源禀赋优势明显;在市场需求要素方面,特色淡水鱼消费量日益增长;在关联产业和市场结构和竞争方面,特色淡水鱼加工品的技术含量和经济附加值有待提高,特色淡水鱼专用饲料产业化应用较小,规模企业数量有待增长;在机遇和政府政策方面,逐渐建立起绿色健康生态养殖制度体系。（2）特色淡水鱼产品资源禀赋系数始终维持在1.0以上,具有明显的资源禀赋优势;中国特色淡水鱼产品整体国际市场占有率为73.22%;贸易竞争力指数接近1;罗非鱼和鳗鱼的显示性比较优势系数大于6,说明中国特色淡水鱼产品国内外市场竞争优势明显。     

Competitive Performance of Construction Companies Based on Analytic Hierarch Process

Competition among construction companies becomes drastic while market economy is gradually established in China.It is a problem of concern that how to rationally evaluate the competitive ability of construction companies in order to plan the competitive strategy for companies.The multi index system and comprehensive index are proposed in this paper and Analytic Hierarch Process(AHP) is applied to calculate the weights of multi index.The evaluation model of competitive performance of construction companies is presented based on AHP.An example for the evaluation model is given.The results demonstrate that the model can be used to efficiently evaluate the competitive performance of construction companies.The competitive strategy can be suggested through analyzing some factors influencing the competitive performance of construction companies.