Abstract:With the further advance of China's market-oriented reform, the traditional economic development model is unsustainable. Adjusting the industrial structure, eliminating backward production capacity, vigorously developing hi-tech industry gradually become a consensus. Based on the panel data of 30 provinces (cities and districts) in 2000-2014, this paper firstly studies the interactive mechanism between FDI and high tech industry agglomeration. And then through the relevant theoretical analysis, it concludes that the FDI, and new economic geography factor and high tech industry agglomeration among the internal mechanism. On this basis, by constructing the location entropy index of the hi-tech industry cluster, this paper constructs the panel simultaneous equation empirical model(SEM)between the three with dividing the eastern, central and western three areas respectively empirical test. Research results show, as a whole, the FDI and high tech industry agglomeration promote each other, new economic geography factors also favor the high tech industry cluster. But there are some differences in the eastern middle and western regions.

Abstract:Innovation diffusion is an important driving force to technology upgrade and maintaining the competitive advantage for industrial clusters. Based on complex network theory and innovation diffusion, this paper establishes an industrial cluster evolution network model, uses neighbor infection weight method, and puts forward an modified SIR epidemic model which has three infected stage. It simulates the innovation diffusion process in industry cluster network by computer simulation. Simulation results shows that the strength of the nodes has an important influence on innovation diffusion, the adjustable parameter K has a positive correlation with the innovation diffusion, and there is a threshold value for the innovation diffusion of industrial clusters. Finally, some policy implications are put forward. The article has a certain academic reference value for the related research.

Abstract:Floating exchange rate system and the global economic integration exacerbate RMB exchange rate fluctuations, so that the international trade exchange rate risk is highlighted. Some of the Chinese multinational corporations are using foreign currency derivatives to hedge exchange rate exposure. However, the domestic theoretical study on whether the foreign currency derivatives can reduce the exchange rate exposure or not is relatively few, some foreign currency derivative risk events attract industry-wide attention for the effects of its use. This paper, based on a sample of 221 non-financial listed multinational corporations in China between 2007 and 2015, uses the Jorion two factors model, studies the company stock return rate sensitivity to the exchange rate fluctuations, as its exchange rate exposure. This paper analyzes the relationship between the use of foreign currency derivatives and the exchange rate exposure of the multinational corporations through the unbalanced panel data model. The results showe that 11.7% of multinational corporations face significant exchange rate exposure every year in China, foreign currency derivatives can effectively reduce the exchange rate risk of China's multinational corporations.

Abstract:The development of China's construction industry faces many challenges and obstacles at present. 12 factors which affect the promotion process of construction industrialization are identified and definited through literature reading and analysis. And adopting the method of expert interview, constructing the hierarchy figure of influence factors by ISM and analyzing the relationship between the factors and the influence of path level on the development of construction industry, the study finds that the lack of professional talent is the most unfavorable factors, and relevant standards imperfect, lack of investment in research and lack of innovation are the top of the influence factors. On this basis, MICMAC is used to analyze the factors' driving force and dependence. And it is concluded that professional talents is the biggest driving force factors in the industrial market. Taking Xiamen as an example, the research results have a certain scientific and universal character, which can inspire and guide the further development of China's construction industrialization.

Abstract:This paper studies first-price auction with asymmetric risk preferences firstly in a model with independent private values. Based on the independent identically distributed (IID) hypothesis, we analyze two kinds of situations, the strong and weak risk aversion, and find that:1) A first-price auction with asymmetric risk preferences has a monotonic equilibrium and the strong bidder bids more aggressively than the weak bidder. 2) With symmetric risk preferences, the first-price auction has a symmetric equilibrium and bidders bid more aggressively when their risk aversion are strong. 3) In the first-price auction with symmetric and asymmetric risk preferences, we sort the strong bidders' and the weak bidders' bidding strategies. 4) A first-price auction with asymmetric risk preferences may preclude allocative efficiency while the auction with symmetric risk preferences allocates efficiently.

Abstract:As for the relationship between equity incentive and corporate performance, this paper studies from the perspective of methodology. It is proposed that the correct understanding and use of the method of dealing with endogeneity is the premise of the accurate evaluation of equity incentive effect. In view of the fact that the traditional PSM cannot achieve the matching of unobservable factors and the sample-selection bias still exists partially, this paper uses the improved PSM+DID to find that, first, equity incentives improve ROE and ROA, with a margin of increase of 22.22% and 19.51% respectively; second, from a dynamic point of view, with the passage of the year, the performance of the company gradually slowed down, and equity incentive showed a diminishing marginal effect. By comparing the results of PSM+DID and traditional PSM evaluation, this paper proves that PSM does overestimate equity incentive effect, and PSM+DID's evaluation results are more accurate and robust. In addition, this paper also confirms that the macroeconomic situation does not affect the effect of equity incentive.

Abstract:This study uses non-radial DEA methodology under natural and managerial disposability based on the corporate strategy to measure the degree of RTS (returns to scale) and DTS (damages to scale) of 16 listed banks in China during the period of 2006-2012.The measurement results show that PingAn bank, HuaXia bank and GuangDa bank can improve their operational performance through increasing inputs scale, ZhongXin bank, Pufa bank and state-owned banks can improve their operational performance through downsizing their inputs or improving their management level, and the improvement of management level is optimal strategy of other joint-stock listed banks which can be adopted to improve their operational performance. NanJing bank, BeiJing bank, NingBo bank and PingAn bank can increase their inputs while maintain relative higher risk performance, other listed banks can improve their risk performance by means of decreasing their inputs or improving their management level. On the whole, there exist excessive inputs which not only retard the improvement of operational performance but also suppress the amelioration of risk performance of state-owned listed banks in China.

Abstract:The influence of law subject is showing a steady upward trend along with the progress of the rule of law in China in the last twenty years. In terms of geographical distribution, Beijing, Shanghai and Wuhan are legal research center cities. In terms of subject distribution, civil and commercial law, constitutional and administrative law and procedural law are all popular subjects. In terms of restricted factors, the prosperity of legal research is related with economic development level and legal research output capacity. In terms of the development direction of legal research, "judicial reform", "implementation of the constitution", "legislation assessment" and "intellectual property protection" will be new theory growth points in the future. In terms of academic echelon, "1960 group" and "1970 group" will gradually become main forces of legal research in the future. In terms of the overall distribution pattern, the geographic advantages based on political dividends will gradually weaken.

Abstract:ESI, based on SCI and SSCI, plays an important role in world-class universities and subjects evaluation and attracts broad attentions from domestic universities. Under this background, we discussed the six problems in world-class universities and subjects evaluation using ESI, such as the differences between the method of output allocation in ESI and that used in general in China; the different retrieval results for the same evaluation objects. On the basis of these problems, corresponding solutions were put forward, such as accurately grasping the connotation of indicators, result shows, baselines and thresholds, and retrieval methods; further valuing the discovery of high-level papers and scientific elites.

Abstract:In last ten years, academic circle and judicial circle are both interested in public interest litigation. Specially, a large number of researches present western system of administrative public interest litigation. However, China's procuratorates are judicial authorities, and their function is legal supervision. In China's legal context, the identity of public interest agent of procuratorates is incompatible with the spirit of the constitution. It will initiate indiscriminate lawsuits and then mutation of lawsuits, and give rise to a set of negative influences. However, all of these problems are not procuratorates' intention. That procuratorates cannot obtain the power of censoring abstract administrative act illustrates the weakness of legal supervision. So, we ought to improve the system of legal supervision and its framework in the background of judicial reform.

Abstract:The administrative litigation guidance cases have the function of unifying judicial scale and defining legal norms. At present, the Supreme People's Court's selection of administrative litigation guidance is poor in referee points refining and "sick" in serious condition, and also it despises the right relief thought seriously and simply repeats regulations or judicial interpretation, so that its function is far from case guidance. To this end, strengthening the research of guiding cases from the depth and breadth to improve the refining level, establishing guidance case publicity system to prevent the "sick" ones to be selected, insisting on the right relief orientation to correct power supervision target preference, and outstanding the guiding function of referee points to avoid regulations and judicial interpretation repeating are all improvement paths for reflecting the function of guiding cases.

Abstract:The principal aspect of relationship between the rule of law and the reform is not conflict. Both the rule of law and the reform are playing vital roles in completing the building of comprehensive well-off society; and in a long-term view, the rule of law should be the goal of reform and the reform will excite dynamics of the rule of law. It's an actual matter that how to reconcile the conflicting demands of laws' stability and change. In a new period of comprehensively deepening the reform, what could be useful for taking balance between the rule of law and the reform is the scientific practice of rules of authorization in local experiments.

Abstract:China facing the risk of escalating social conflict, policy decision-making becomes the main source of conflicts. Policy from formulation to implementation is a process of interests distribution and coordination which is very complex and difficult. Once interests have imbalances and disharmony, risks arise. It is important to identify risks in the process of policy decision-making. The identification model of social stability risk was constructed and in terms of the model cases were used to explain action logic of risks raised by interest groups. Based on the analysis, policy decision-maker can focus on interest groups' values, decision attribute, decision resources, and implementation system to identify risks, which helps improve the quality of decision-making.

Abstract:The compensation of the work-related disability's one-time subsidy is only part of the wage loss of the disability. The average replacement rate of the lost wages by one-time injury subsidy and one-time employment subsidy is less than 50% for migrant workers with grade 5-6 disabilities. One-time medical subsidy and one-time employment subsidy should be considered as one-time disability benefits, and the level of which should depend on the disability level and the wages before disability. Medical costs of the injury recurrence or the aggravated disability should be burdened by the work-related injury insurance fund while the one-time medical subsidy and the one-time employment subsidy are paid off. The claim by conspiracy is the deserved benefit for the disabled workers.

Abstract:Basing on the theory of sheltered instruction, this paper aimed to construct curriculum design of English literature in consideration of the teaching objectives of literature and reading courses and validate its effectiveness. The experiment was conducted via t-test, ANOVA, semi-structured interview techniques, post-test and interview. The results showed that the design significantly improved students' reading comprehension and students at the low level benefited most; most respondents expressed positive attitude towards it.

Abstract:WU Fangji's education thought inherited the quintessence of Confucianism, while the latter invited inquiry and negation in the early twentieth century. In order to making poetry education and ethical education suit to the development of modem society, WU Fangji elucidated and developed theory of original goodness of human Nature and ritual ideas in Confucianism with a fresh perspective. In the context of tracing the source of WU Fangji's Confucianism thought, this paper analysed the relationship between theory of original goodness of human nature and the function of literature, and analysed the manifold manifestation of ethical education from the perspective of moral philosophy in order to present the historical value and modern value of WU Fangji's Confucianism educational thought.