A wide range of financial distress has emerged in Chinese higher education sector, and this paper aims to explain it. We pointed out that soft budget constraint is the root cause of the financial distress; our main tasks are to identify the institutional causality of soft budget constraint and...

In term of time and space, economic changes are non-ergodic, reform speed and equilibrium is determined by the characteristics of time and space. The great achievements of China's gradual reforms are by no means accidental, time-space dependence and non-ergodic economic changes is consistent...

In the process of non-ergodic economic changes, path dependence and state dependence will become two main constraints of reform; this dependence determined the embeddeded structure of reform and its evolution. This article refined a theoretical framework for analysis reform on the...

How different political market structures influence the behaviors of participants and the distribution of benefits was studied n the framework of game theory. Theoretical model showed that in the monopolized political market, the participation surplus of participants would serve as the rents of...

From the perspective of labor division and specialization, we explained the human capital attributes of language, and pointed out the human capital was depended on the acquisition of specialized organizational language which is the standard code system in the process of organizational...

This paper builds an inter-temporal model to study the value and network effects in the process of currency substitution. According to our model, we can define the inaction area and malignant area by taking real interest rate difference and network effect variable as two axes. We also find that...

Background The clinical value and cost-effectiveness of invasive treatments for patients with coronary artery disease is unclear. Invasive treatments such as coronary artery bypass grafting and percutaneous coronary intervention are frequently used as a starting treatment, yet they are much more...

Purpose–The purpose of this paper is to investigate the main determinants of consideration in China's non-tradable shares reform. The primary objective is to dig into the institutional factors that affect consideration in China's non-tradable shares reform. Design/methodology/approach - The...

This note demonstrates how performance measure congruity and noise determine an agency’s total surplus within an linear agency framework with multiple tasks. It provides a decomposition of agency costs, leading back to a congruity index previously proposed in the literature. In addition,...