The Chinese economy has rapidly developed since the beginning of reforms and open-door policy in the late 1970’s. But when it comes to a question: How today’s development in China is originated, we have to see it as a historical process. As Douglas North argues, today’s institutions are strongly dependent on the historical path. Technological development of today, either, cannot be separated from the past performance. Thus we need to ask how China’s development benefits from and /or is constrained by its historical legacies. In the following papers two issues are taken up: development of corporate system in China and industrial agglomeration in a district of Wenzhou, Zhejiang province. These are of course just experimental studies on China’s economic development from historical aspects. More studies on its historical legacies are expected to be followed, such as those on how financial institutions have been transformed in China since the prewar period, how market organizations have developed in the long run, so on and so forth.

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This paper addresses historical character of Chinese companies from a viewpoint of the duality of legal person. Company has been specified as a legal person by company laws in China. A legal person has dual character of goods as well as person. Company as property or a capital organization is not a person but goods in itself, but it has the same judicial right and duty as a natural person. In analyzing the character of Chinese companies in terms of the duality, the following three standards are applied in this paper. First is control right of a company which is defined as a judicial or de facto right of control of corporate management by its shareholders. Second is distribution right of corporate profits or added value. Third is organizational character of a company (that is, degree of autonomy of managers from shareholders, marketability of company’s property and company itself). We study the nature of family business company, private company and state-owned company in China for the period of 20th century and conclude that although there has been the duality of person and goods in Chinese companies, element of goods was or has been stronger than that of persons. In this context, companies in China were and have been a tool for owners or owner=managers to raise and make money rather than a personal entity.

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The development of industrial agglomerations at Wenzhou has attracted many studies in the past. This paper deals with an aspect of Wenzhou’s industry which must be evident to every observer who visits Wenzhou but has rarely been discussed or analyzed in the literature: its diversity. Why does Wenzhou have so diverse industrial agglomerations? How have these agglomerations emerged? To examine the diversity of industries at Wenzhou, this paper begins by drawing a comprehensive map of Wenzhou’s industrial agglomerations. The map reveals that there were 153 industrial agglomerations beyond a certain size in Wenzhou in 2001. Industries range from leather shoes to electric parts, package printing, apparel, valves, pumps, cigarette lighters, automobile components, and so on. In the latter half of the paper, the development process of some industrial agglomerations is described. The first case is leather and shoes. Wenzhou has various industrial agglomerations related to leather and shoes, such as pig leather, cowhide, leather shoes, leather apparel, plastic shoes, and rubber shoes. The cowhide industry dates back to the late Qing dynasty, and the present pig leather and cowhide industry agglomerations can be traced back to the prewar leather industry. Leather shoes industry also dates back to the prewar period. The leather shoe agglomeration was once extinct during the planned economy era, because of the nationalization and merger of private enterprises. However, it dramatically revived after the reform, because the employees of state owned leather shoes factories, who had been private business owners before nationalization, quit their jobs and established their own businesses. One of such shoemakers tried to use plastic to make shoes, and his success induced his neighbors to mimic him, triggering the emergence of a plastic shoe industry agglomeration. The combination of a small number of innovators, who, like the person who first tried to use plastic to make shoes in Wenzhou, initiates a new industry, and a large number of followers around the innovator gives rise to the increasing diversity of industrial agglomerations in Wenzhou.

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This paper analyses the relationship between stock recommendations on the internet and the stock price movements by using a dataset downloaded from a leading financial research company website (Stockstar.com) in China. The study employs event study analysis methodology. According to my research results: (1) Before the recommendations, abnormal returns of the recommended stocks increased. Their market opening returns were positive on the following day. However, from the next day, the abnormal returns began to turn negative. (2) Before the recommendations, the volatility of the abnormal returns is greater than that after the recommendations, and the volatility of abnormal intra-day returns is greater than that of the abnormal opening returns.(3) The trading volume increased continuously until the day after the recommendations’ day but it began to decrease thereafter. These results suggest that semi-strong form efficiency was not achieved in the case of Chinese market and the contrarian strategy produces a better performance than that of either momentum strategy or of the index trading.

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