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Like Trace Statistic and Max-Eigen Statistic of co integration test to check the long run relationship for both stock price and Volume give the result at 4 lags for both the statistics respectively, which conclude the existence of no long run relationship.
In order to investigate the causal directions associated with the change of Closing Price and Volume, the Granger causality test is applied. The Granger Causality test is used here.
Table 4: Granger Causality Test
Null Hypothesis: F-Statistic Prob.
Volume does not Granger Cause Closing Price 1.3064 0.2711 Closing Price does not Granger Cause Volume 3.6588 0.0074 Sources: Calculated from the data taken from BSE website for the selected period.
The findings lend a support of unidirectional relationship from Closing price to volume. The casual direction for higher lag values has been investigated but, there is no causal relationship from Volume to Closing Price for higher lag values that is why the test results are not reported for higher lag values. Akaike Information Criteria (AIC) has been used to detect the number of lags, which is resulted to 4 lags for the minimum AIC value of 36.465, because the time series (April 2000 to March 2015) follows a repeating pattern 4 years period.
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are neither permanent nor "true". In the investment universe there exist no immutable constant values. In the writings it is avoided even the term “intrinsic” values. Investment values must undergo frequent adjustments reflecting changes in actual and projected earnings. But even such moving, living values cannot help in forecasting the timing of the reversals of the trends of stock prices.
The final warning is that this study is not a "system" too "beat the market" but an analysis, designed to be helpful w hen used in conjunction with other studies.
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THE DIFFICULTIES, TRENDS AND COUNTERMEASURES: THE REFORM OF CIVIL SERVANT PERFORMANCE MANAGEMENT IN CHINA
Wang bin
Southwest University, No.2 Tiansheng Road, BeiBei District, Chongqing,400715,P.R.China E-mail:[email protected]
Zhang dong
International College of National Institute of Development Administration, Bangkok, Thailand
ABSTRACT
As a developing country, China is confronted with a significant historic moment that the economy model has changed from traditional planned to market. Meanwhile, the reformation of human resource performance management (HRPM) model of government has to go through a long process undoubtedly. There is an obviously difference at the model of Human Resource Management (HRM) of government between China and the Western countries. China’s model, under influence of the social factors of different historical periods of China, associates with the political institution, economic institution and culture tradition.
The model has great significance to enhance the HRPM of Chinese government. Therefore, it is the logical starting point to investigate the reformation of HRPM model of service oriented government (SOG) and the objective requirement to research on the model systematically, by further analyzing the matter and its reason of current model to propose the new trends of the reformation of HRPM model of service oriented government scientifically that based on the systemic disposal data of traditional HRPM model of Chinese government.
Keywords: service oriented government, civil servant performance management, reformation
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THE DIFFICULTIES, TRENDS AND COUNTERMEASURES: THE REFORM OF CIVIL SERVANT PERFORMANCE MANAGEMENT IN CHINA
1. INTRODUCTION
Since the beginning of the 21st century, the Chinese government has achieved three changes by the administrative reform: first, the market economic management system has been establishment; the second is the government has turned to the service-oriented, focusing on social management and service quality; the last is management levels of government, management ability, quality and ability of civil servants have been greatly improved.
Nowadays, with further development of China's administrative reform, the Chinese government's human resources departments and managers have recognized that the effective management of government employees is a core task of government reform, and from 2013, a number of civil service reform policies and practices are worked up.
The performance management of civil service of Chinese government had been through three stages. The fist stage is the Practice starting stage from 1980s to 1990s, which is featured with extensive department assessment. At that time, organizational performance had not become the administrative concept of government departments and the purpose of evaluation to departments was about whether the task had been finished or not. There were no fixed evaluation model and evaluation index, and evaluation practice had great randomness.
The second stage is the Explore practice from early to the late 1990's. At that time some government performance evaluation models had established and used. But it was provided only as the link of the performance evaluation in management mechanism. Many government agencies and institutions began to use the social service commitment system, performance monitoring, including the target responsibility system. The third stage is Practice perfect from the end of 1990’s to nowadays. In this stage, performance assessment as an effective tool for management had been accepted by most government departments. Experience and practice of government performance management from the western countries’ had been introduced to Chinese government, and some of the local governments and departments began to use those theories into the management system of departments and to explore construction of performance evaluation system.
The recent 30 years have witnessed dramatic improvement in the performance management of civil service in Chinese government. However, due to the differences about political system and government operation environment between China and western countries, the local governments and local authorities of China have suffered great pressure from the upper level governments. The authority of the local government is delegated from the higher authority, whose administrative orders should be followed by local governments. At the same time, the local government should meet the requirements about public service from social public. Therefore, the civil service performance management in the Chinese government faces various difficulties and troubles. So the purposes of this research are to solve the following problems. The first is how to solve the value oriented problems of Chinese government civil service performance management. In practice, some local governments and departments consider the civil service performance management more as a "rating",
"assessment appraised" evaluation tools, and think the performance management could not find any problems to improve the efficacy in management, which has negative influence on the psychology to civil service, and easily leads to the distortion of the object's motive and
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behavior. Therefore, this paper hopes to, through research, provide some suggestions how Chinese government can improve the function of civil servant performance management, further improve strategy execution, promote the effective tool of internal management level, improve service quality and guide citizens to participate in. The second is how to change the situation that focuses on results and ignores the process in civil servant performance management. Since the target responsibility management was the first system used in the civil servant performance management in Chinese government, more concerns are focused on the results but not the process. But in fact, it is very difficult to value public services by quantitative index, and the environmental factors also have some impact to the result of evaluation, in addition, Chinese government has the lack of standardized management in the evaluation, so in the absence of process control, the authenticity of the results tends to have more problems. The third is how to improve the effectiveness of technology in the civil service performance management. The performance evaluation technology is one of the important factors which determine the performance evaluation effect, and also the difficult question in performance appraisal. There were so many subjective qualitative factors in the civil service performance management some years ago in Chinese government. With the popular of quantitative methods, more and more local governments and departments enjoyed using them, however, another extreme emerges, that is, excessive emphasis on quantitative and drop in the” digital trap". In practice, the quantitative method and qualitative method should be combined, instead of separating from each other.
2. LITERATURE REVIEW