This study investigates the impact of ultimate government ownership or control on the cost of debt of Chinese listed corporations. We first examine the relative level of cost of debt of corporations under government control compared to corporations under individual or family control. We then explore circumstances under which government control is likely to reduce a corporation’s cost of financing. Our results suggest that the benefits of government control are conditional on firm-specific financial circumstances and internal- and external-corporate governance environment. We find that, on average, government controlled corporations have lower cost of debt but the effect is not homogeneous. Government controlled corporations have lower cost of debt when they are highly financially constrained and have higher risk of being expropriated by controlling shareholders and in provinces where the local government is less effective, but not otherwise.

This study examines relation between financial development and the cost of equity capital and finds the following main results: (1) stock market development in general reduces cost of equity, consistent with its role in liquidity provision, information asymmetry reduction, and risk diversification helping to reduce systemic risk; (2) banking development only weakly decreases the cost of equity, consistent with the pervasive state-ownership in large banks constraining their efficiency. Further analysis reveals that the relation between stock market development and cost of equity is more pronounced in large firms and in firms with lower growth potentials, suggesting that stock market development fails to support small and/or growth firms. Moreover, the relation is more pronounced in region with low accounting quality, weak law enforcement, or lower market integration, and in period prior to split share structure reform. The evidence suggests that stock market developments and other institutional arrangements substitute each other in reducing cost of equity. This study contributes to literatures on financial development and cost of equity, and also holds immediate policy implications.

This study examines the effects of acquirer characteristics, information asymmetry on method of payment of Chinese acquirers based on a sample of 1370 mergers and acquisitions that occur between 1998 -2008. Using both Buy and Hold Abnormal Returns (BHAR) and Calendar Time Abnormal Returns (CTAR) approaches, we find that Chinese acquirers experience pre-acquisition abnormal returns ranging from 14.29%-121% over the period 12-36 months prior to the acquisition relative to 3 different portfolio benchmarks. In the pre-bid period, acquisitions financed by shares outperform acquisitions financed by cash. However, in the post-acquisition period, we document no significant difference between cash- and equity-financed acquisitions. We document a number of factors that determine the method of payment by Chinese acquirers: acquirer market value, Tobin’s Q, state ownership and leverage have significant effects on the method of payment.

本文基于Jensen&Murphy(1990)论文的计量思想，采用2009年到2012年的上市公司样本数据观察高管薪酬与公司绩效之间的相关性，发现尽管上市公司高管薪酬与公司绩效之间是正相关的而且在统计上也是显著的，但是这种相关性显然是比较小的。本文认为目前中国上市公司高管的薪酬结构并不合理，尽管高管薪酬的决定因素与公司绩效相关，好的公司绩效对应较高的高管薪酬，但薪酬中来自于绩效的激励性部分太小因而很难起到激励的作用，而决定上市公司高管薪酬的主要因素是公司规模和所处行业。

提 要：简要分析了传统商品货币五大职能在法币金融体系中的演化、突出强调了法币征税与分配新职能、简介了几种代表性货币锚理论、提出基于平均劳动生产率货币锚理论的超主权货币新金融体系建设设想、分析了法币悖论原因及其法币多样化管理策略、同时强调了用好法币的几个基本条件。

In the developing Chinese capital market which dominated by individual investors and potentially suffer from more behavioral biases, we simultaneously examine the trading and monitoring role of mutual funds (as the largest institutional investor in China) in corporate acquisition activities where there are potentials for a wide disparity of interest between institutional investors and controlling shareholders. We find the level of holding by all mutual funds is not a superiors indicator of deal quality, there are some evidence that the collective holdings by the largest fund management companies positively relate to the deal quality and they potentially play the monitoring role in M&A event. Our paper contributes to the existing literature that “transient investors” can also gain from monitoring in the market where institutional investors has less dominant position.

本文以2008年全球金融危机为研究背景，以中国上市公司为研究样本，从公司层面研究企业微观特征对于金融危机冲击的影响，并进一步从股票回报率和财务业绩两方面考察货币政策和财政政策是否起到了预期的效果。我们发现：就金融危机冲击而言，行业特征、公司偿债能力，尤其是短期偿债能力，对于公司的表现有显著的影响，而且危机前扩张速度快、估值水平高的公司在金融危机冲击中表现更加脆弱。与已有的针对其它国家研究结论的不同，我们并没有发现公司治理对公司在危机中的表现有显著影响的证据。就政策效果而言，货币政策并没有起到纾缓公司流动性困难和财务困境的作用；四万亿财政政策仅在短期内对其重点支持行业的公司起到了刺激作用，但就长期而言也没有起到预期的效果。

We study the impact of directors with foreign experience on firms in emerging markets. To establish causality, we use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented emigrants. These policies led to an exogenous increase in the supply of Chinese individuals with foreign experience in the local labor market and ultimately increased the likelihood that firms in these provinces had directors with foreign experience in comparison to firms with a similarly high demand for these skills elsewhere. We document that hiring directors with foreign experience results in higher firm valuation, productivity, and profitability. Furthermore, corporate governance improves and firms are more likely to make international acquisitions, to export, and to raise funds internationally. These results indicate that the transfer of knowledge to emerging markets occurs not only through foreign investment, but also through labor flows and, in particular, return migration.

This paper investigates the link between firm headquarters location and firm stock return co-movements in a sample of Chinese firms spanning the years 1999 to 2007. The empirical results show a strong co-movement pattern of firms located in the same province. Moreover, both firm-level and provincial-level factors are found to influence this co-movement, including firm size and ownership structure at firm level and GDP per capita and financial depth at provincial level. A subsample of firms listed in the Shenzhen Stock Exchange shows that better firm-level information quality reduces local co-movements.

基于我国32家商业银行2003-2011年的年度非平衡面板数据，本文实证检验了银行信贷行为对宏观经济周期变化的反应，并考察了股权结构变化对其所产生的影响。结果显示，我国银行业的信贷总量增速和中长期贷款占比表现出逆周期特征，短期贷款比例与之相反；第一大股东持股比例和国有股占比的提高均会强化银行信贷总量增速的逆周期性，外资持股比例的增加则会弱化该特征；在经济下行周期中，国有持股比例较高的银行会加强中长期贷款投放力度，外资股占比较高的银行则会削减短期贷款投放规模。