【关键词】 IPO抑价 社会资本 法律对中小投资者的保护
【关键词】交易成本 租佃合约 定额地租 徽州 合约条件
【关键词】：公共选择 公共选择理论 法官规则 个人化公共选择 民主化公共选择
1. Title: Social Capital, Law Protection of Minority Investors and IPO Underpricing
Author(s): Shaojun Xu Xuejun Jin
Abstract:This paper drew two variables as law’s enforcement and social capital into the analysis of the relationship between law protection of minority investors and IPO underpricing. And the results showed that there was a negative relationship between law and IPO underpricing, while after controlling other variables, there was no significant influence, while law’s enforcement and social capital had showed robust results as their negative influence on IPO underpricing. So this paper suggests that we should not only realize the importance of law, but also its enforcement and other informal governance mechanisms such as social capital, which may be more important in China.
Key words: IPO Underpricing Social Capital Law Protection of Minority Investors
JEL Classifications:G320 K220 Z100
2.Title: Senior Employeesc Salary, Enterprise performance, and Equilibrium of Manager's Market
Author(s):Wenge Liu Fangzhao Zhou
Abstract:Manager's reward has not only the effect stimulating a manager to work hard , fairly but also promote manager marketplace balance. That is , the manager with high capability should be payed highly. On the base, we design a simple model. But our conclusion is got under being condition simplifying considerably, is that state-owned enterprise can cost less reward being able to gain the director of high ability right. In other words, we can not say that the capability of the manager in state-owned enterprises is higher than the capability in private enterprises. We analysize the others payoff effect on the managers after researching the performance of enterprise. If the messages that the enterprises asset the ability of managers are right, then the rewards of the managers should be a function of the degree of performence sensitivity and the others benefit of enterprise.
Keywords:manager's reward；manager's ability；enterprise performance
JEL Classifications: M10 M12 M52
3.Title: The Entrepreneurial process in Perspective of Comparative Institutional Dynamics
Abstract：Entrepreneurial process has been the focus for new venture research. Different schools research entrepreneurial process in different perspectives. However many findings have backgrounds of mature market economy. In this paper, on the basis of comparative institutional methods and hypothesis of institutional dynamics, we analysis the impact of different institutional arrangement on entrepreneurs. We also try to describe the strategic role of entrepreneurs on the basis of their reacticity to outsider influences. Finally, the paper set up normative framework about institutional dynamics and venture creations to draw the outline of entrepreneurial theory in transition economy.
Key Words：Comparative institution； institutional dynamics；entrepreneurial process；strategic role
4．Title:An Integration of Contract Theory and Capabilities Theory：A Quest for the Nature of the Firm
Abstract: This article examines the relevant problems of the nature of the firm based on the integration of contract theory and capability theory. And the research believes that the nature of the firm lies in the unity of productivity and contractility, and the firm, as the intermediate organization between market and society, through the social function supported by contractility ---internal organization and reallocation of economic fruits, from one side, builds the non-economic relation with society, from another, through the economic function supported by productivity―the production and exchange of commodities, builds economic relation with market, so it is not only an economic organization, but a social organization. Thus, to decide social activities should embody the synthesized requirements of economic reasonability and social reasonability, the firm’s eventual pursuit without damaging normal functions of market and society should be the maximization of economic and social value while the key to this aim is to acquire and maintain continuous competitive advantage.
Key words: The Nature of the Firm；Contract Theory； Competitive Advantage
JEL Classifications: H110 B520 D820
5. Title:A study on Reform of Chinese Rural Credit Union System from Non-Unilateral-Exit Implicit Contract
Abstract：This paper provides a new explanation from a perspective of new politics of finance in order to solve the puzzle occurring at Chinese rural credit union system (RCU). We suppose that an implicit contract could be laid all the time between developmental authoritative government and frail farmer, which can be described farmer’s help from government for farmer’s political support. Central government cannot exitunilaterally this self-enforcing contract. Moreover, only enforcing this contract perfectly can central government better fulfill the historical task which makes china richer. The character of this contract incurs many problems such as authoritative government’s opportunism、shirking and internalizing external intervention. Therefore, this paper suggests that in order to transfer bad equilibrium to good ones, central government must be in company with farmers in boosting up information communication and interests harmonization among every game player to restrict behaviors of local governments and RCU’s insiders.
Keywords：Rural Credit Union System、Implicit Contract、Interest Coalition、Authoritarianism
JEL Classifications：D230 G210
6. Title: Economic Analyses of Linguistic Dynamics
Abstract:we studied the development and death of languages from the perspective of individuals’ language learning decisions. Incorporated the network effects and emotion attachments of language learning into the social interaction model, we derived two evolution equilibriums: speculative and fundamental equilibrium. We also concluded the conditions to form a language monopoly and bilingualism society. In the end, we implicated our conclusion to the national language policies.
Keywords:network effects, emotion attachments, social interaction
JEL Classifications:C620 D830 Z130
7．Title: Law and Economics of Liquidated Damage
Abstract：Theliquidated damage is one of breach remedies. It not only induces parties of contract to invest efficiently but also to provide the optimal incentive of precaution and reliance. The liquidated damage avoids the adverse selection. In sum, theliquidated damage helps parties of contract to achieve the maximization of surplus. The punitive damages of breach reflect the evaluation of contract and share of risk. The contract law should respect parties and enforce their agreement. So I protest to admit punitive damages for breach but regulate it according difference of circumstances.
Key words：Liquidated Damages； Punitive Damages； Law and Economics
8.Title: The Law and Economics of Marriage
Abstract:The law and economic analysis to the marriage is necessary but also feasible. From the point of view of law and economics, marriage is not only a contract, but is a Relations Contract. The economic reasons of Marriage and divorce depend on the parties to the comparison to costs and benefits. Factors affecting the effectiveness of marriage are mainly the fulfillment of marriage registration, the lack of contracting capacity and qualification of marriage parties, unauthentic means, bigamy and marriage with close relatives,and the marriage diseases which has been prohabited medically and has not been cured after marriage.
Key words:Marriage ,Divorce,Costs and Benefits
JEL Classifications:D130 K120
9. Title: Choice of Legal Institutions to Resolve Externality Problem
Abstract:In Pigou’s opinion, the administrative intervene is the only one way to resolve externality problem. But in Coase’s opinion, in a real world with transaction costs, there are four methods to resolve externality problem, which are transaction, economic organization, administrative intervene and legal allocation, every one of which has different strong points and weak points. To use transaction, economic organization and legal allocation to resolve externality, the function of the commercial law should not be neglected. However the nowadays Chinese jurisprudence research has paid attention to only administrative intervene and corresponding law branch, Economic Law, but has paid little attention on the function Commercial Law. This kind of academic tendency would be harmful to our legal reform. We should attach enough importance to the positive function of Commercial Law on resolving the failure of free market.
Key Words:Externality, Transaction Costs, Commercial Law and Economic Law
JEL Classification:B150 K100 K200
10. Title:Transaction Costs, Contract Flexibility and Huizhou’s Fixed-Rent during Ming and Qing Dynasties
Author(s):Yanyan Gao Decai Yang
Abstract:This paper analyzes agricultural tenancy contracts from the perspective of transaction costs theory, based on which the overwhelming position of fixed rent in Huizhou during Ming and Qing dynasties is explained. Fruitful evidences show that there are plenty Williamsonian transaction costs. Different tenancy contract arrangements can reduce transaction costs, while no contract shows absolute advantage on reducing transaction costs. Contract arrangements and conditions are distinguished to give two kinds of contract adjustments to reduce transaction costs: change contract arrangements given contract conditions, or change contract conditions given contract arrangements. Thus, the explanation of Huizhou’s fixed rent contract, according to our analysis, is the flexibility of contract conditions which keep the efficiency of fixed rent.
Key Words:Transaction costs, tenancy contracts, fixed rent, Huizhou, contract conditions
JEL Classifications: N550 R520
11.Title: Research on the IRBApproach inBaselⅡ
Abstract: Basel Committee on Banking Supervision releasedInternational Convergence of Capital Measurement and Capital Standards: A Revised Framework(Basel Ⅱ) in 2004, of which a significant innovation is the use of assessments of risk provided by banks’ internal systems to measure credit risk and as inputs to capital calculations. The paper reviews the background of Basel Ⅱ, analyzes the mechanics of the IRB approach, including categorization of exposures, differences between foundation and advanced approaches, etc., and minimum requirements for IRB approach, including rating system design, rating system operations, corporate governance and oversight, risk quantification, etc. Then, it shows method of capital calculations based on IRB approach and risk-sensitiveness of it.
Key Words: Basel Ⅱ, Internal ratings-based approach (IRB Approach), Capital requirements
JEL Classifications: G210，G280，G320
12. Title: Public Choice: Understanding，Modification and Rethinking
AbstractPublic choices, means the actions and processes of providing and distributing public goods and public services, of course, what kind of public goods and public services should be provided and how to set up relevant rules, also included. Accordingly, the theory of public choice, just pay more attention on how we can achieve the best public choice.Thus, Public choices are not be correlated to democracy, in fact, lawmaking, judicature, and administration, all should be contained. Through interplaying of private public choices and democratic public choices, the system of Public choices can be self- consummated, implement what the theory of public choice insisting and stressing.
Keyword：Public choices,the theory of public choice, judiciary rules, private public choices ,democratic public choices
JEL Classifications: B290 H000
13. Title: An Institutional Economics Perspective on Economic Growth
Author(s):A. Allan Schmid
Abstract：The debate over whether institutions or some factor such as human capital or health is more important for economic growth is misplaced. Regressing income on institutional variables will not provide an understanding of how institutions affect the presence and particular combination of the factors of production and who captures the benefits thereof. Institutions cannot be effectively measured by some general index of property rights, security, free trade, or regulatory burden. The empirical specification of institutional variables could be improved by categorizing the sources of human interdependence since the formal and informal institutions that affect performance are unique to each source. These categories include goods with high exclusion costs, increasing returns, and non-rival cost functions. Growth and poverty reduction may require selective confiscation of property rights. The alleged tradeoff between efficiency and distribution is poorly conceived.
Key words: institutional economics, economic growth, performance