本文选择2005—2009年的A股制造业上市公司为样本，实证检验了国有和民营制造业上市公司债务融资水平对盈余质量的影响，揭示出我国上市公司中负债作为治理机制所带来的经济后果。结果发现：（1）对于国有企业，盈余质量与总负债水平呈倒“U”形关系，与流动负债水平负相关；当长期负债水平较高时，长期负债水平提高有利于盈余质量提高。（2）对于民营企业，盈余质量与总负债、流动负债水平均负相关，与长期负债水平呈倒“U”形关系。较高的长期负债能提高国有企业的盈余质量，但会增加民营企业的逆向选择风险。因此，长期负债水平在债权人的风险判断过程中具有重要参考价值。

论文以2007～2009年中国A股制造业上市公司为样本，实证检验了市场化程度、代理成本影响企业税收负担的机理。结果发现：（1）民营企业的税收负担和股东管理层代理成本显著正相关，和市场化程度显著负相关，且市场化程度对税收负担与实物消费代理成本之间关系具有正向调节作用；（2）在国有企业中，税收负担与股东管理层代理成本显著正相关，但与市场化程度不存在显著相关关系；进一步发现，市场化程度提高有利于降低闲暇消费代理成本对税收负担的正向影响关系。论文的研究结论表明市场化程度、企业产权性质以及股东管理层代理成本等因素会影响减税政策实施效果。

As the information asymmetry and credit rationing are existing, SME are difficult to gain bank credit. Trade credit, as one of substitution, gives another access to SME finance. Based on three years panel data (from 2007 to 2009) of 196 small and medium listed companies, this paper establishes the empirical models and examines the effects between inter-corporate relationship and trade credit. It finds that: the effects between inter-corporate relationship and trade credit seems like "U"; participate in the business associations, especially provincial associations, has positive impact to gain trade credit; good reputation also has positive impact to gain trade credit, but vulnerable to the macroeconomic. The conclusions of this paper are as follows: one corporate should keep proper relations with other corporates; pay attention to participating in the business associations, especially the provincial associations; even the macroeconomic's impact are very important, the corporate should also pay more attention to the repletion assets' maintenance.

由于信息不对称和信贷配给的存在，使得中小企业很难能够从银行获得贷款。作为银行信贷的一种替代，商业信用为中小企业获取融资提供了另一条途径。本文借鉴了社会经济学的相关理论重构了中小企业采用商业信用融资动机的理论基础，对中小企业之间的关系对中小企业获取商业信用融资的影响做了实证检验。研究发现：一、因市场交易活动引致的中小企业间的直接关系与企业商业信用之间呈“U”型关系；二、因企业参与商协会、尤其是省级的商协会而产生的间接关系对其获取商业信用融资也有着一定的积极影响；三、由于行业性质的差别，前两个发现在不同的行业内并不具有普适性。

　　　计价货币（Invoice Currency）是国际货币(International Currency)在私人部门作为价值基础的重要职能，其在国际贸易中的结算比率也是判断某种货币国际化程度的重要指标之一。本文根据既有的计价货币选择理论，在对96家江苏省出口企业进行问卷调查的基础上，通过构建Probit个体二分变量计量模型，在价格政策制定这一微观层面上对企业以人民币计价出口的决定要因进行了详细的实证研究。实证分析表明：企业类型为跨国公司关联企业或出口加工型企业、企业出口产品为半成品的，与企业以人民币计价出口呈显著或较为显著的正相关关系；而企业出口地为美国或欧元区国家以及其他发达国家的，则与之呈较为显著的负相关关系。这一结果表明：从促进人民币国际化的角度来看，有必要进一步开放人民币的资本项目的管制，方便跨国公司一类企业进行一定的人民币理财活动，促使其使用人民币计价结算。此外，在货币之间的国际化及国际货币化是否存在有排他性竞争关系明确之前，有必要对其他国家货币的国际化或国际货币化保持警惕。 Invoice Currency is one of the important functions of international currency as a value basis in the private sector。The ratio of one currency as a settlement currency in international trade is also an important index of its degree of internationalization. According to the existing theories of the invoicing currency choice，and on the basis of a questionnaire survey of 96 export enterprises in Jiangsu Province, this paper builds a bivariate probit model with sample selection. From the perspective of price policy making, this article carries out a detailed empirical study on the determinants of the enterprises in RMB-denominated export. The empirical analysis shows that some enterprises have significant positive correlation with RMB-denominated export while others have negative correlation. The formers are enterprises with types of multinational affiliates or export processing enterprises, and with exporting products of the semi-finished products; while the latters are enterprises exporting to the United States, the euro-zone countries or other developed countries. This result suggests that when considering promoting the internationalization of the RMB, the capital control in China should be further released. Therefore, if multinational enterprises could carry out RMB financing, they would promote the use of RMB in trade invoicing and as a settlement currency. In addition, it's not clear whether an exclusive competition exists between the currencies that are in their paths of internationalization and becoming an international currencies. So, it's necessary to remain vigilant on other countries' currency internationalization or the internationalization of the currency.

随着跨境贸易人民币结算试点工作扩大至全国范围，学术界对“人民币国际化”问题的讨论也日趋热烈。但值得注意的是，众多的意见和观点并未对货币的“国际化”与“国际货币化”这两个不同的概念加以区别。本文通过对国际货币所应具有的六项职能的分析，指出了货币的“国际化”与“国际货币化”这两者的差异，并且通过对日本政府的所谓“日元国际化”相关一系列文件以及日元朝向国际货币发展历程的回顾和分析，指出目前日元国际货币化的挫折，很大程度上是日本政府长期模糊“货币国际化”与“国际货币化”这两者概念、消极应对日元发展成为国际货币的结果。最后，本文根据中日两国当前金融及货币、资本市场政策的比较，指出人民币今后将长期处于提高其国际影响力——即“国际化”的阶段，并据此提出了人民币“国际化”和“国际货币化”这两个不同进程的目标设想。 with the development of the strategy of “Going Global” with Renminbi, the relative research in academe is becoming more and more. However, in many views and papers, the concepts of “currency internationalization” and “becoming an international currency” are not distinguished from each other. This paper indicates the difference between them by an analysis on 6 functions of the “international currency”. Then, by the reviews of Japanese government’s documents about so-called “internationalization of Japanese Yen” and the Japanese Yen’s process of becoming an international currency, this article argues that the present frustration that Japanese Yen becomes an international currency is the consequence of the former Japanese government’s long-term resistances by casting a mist on it’s definitions of “currency internationalization” and “becoming an international currency”. Finally, based on a comparison of China’s financial, monetary and capital market’s policies with Japan’s , this paper indicates that Renminbi will be in a long-term stage of “currency internationalization”, namely, in the stage of increasing international influence, and concisely brings forward a line of internationalization and becoming an international currency for Renminbi.

货币政策的变化将显著改变企业外部环境，从而对企业的经营活动特别是投资行为产生重大影响。本文采用我国上市公司2001-2007年的相关数据，实证验证了紧缩货币政策下不同企业所受到的冲击。笔者发现紧缩货币政策对公司过度投资存在异质性的影响：紧缩货币政策显著抑制了小规模、担保能力弱的公司的过度投资；却未发现国有化比率低的公司过度投资受到抑制的证据。该研究深化了关于企业过度投资的理论，进一步扩展了对货币政策传导机制的认识。

以民间借贷为缩影的民间金融以其难以忽视的发展势头，成为我国现行市场经济中融资的主要渠道。在其发展的同时，同样暴露了众多中国金融市场的弊端，包括法律制度不完善，信用观念缺失以及民间金融市场缺少高端技术的风险预测等。面对这一堆问题，笔者认为所谓的向银行引入资金弥补或扩大公共基础项目的建设只是饮鸩止渴，应真正明确对于金融市场的方向和各个角色，这需要道德、法律和体系的三重规范。在非国有制经济融资需求快速发展的今天，民间金融的存在有其特殊和重要的意义，制度改革和金融创新才是正确的方向。

客户身份识别是保险业金融机构反洗钱工作的最前端,决定着反洗钱监控系统操作中可疑交易监测的成效及操作人员可疑交易分析的质量。由于珠三角地区经济的开放性及毗邻港澳的地沿性特点突出，导致保险业金融机构在客户身份识别机制上存在一些特有的问题，增加了反洗钱执行机构的履职难度,也影响了反洗钱工作的有效性。本文通过对珠三角地区保险业金融机构客户身份识别机制存在的具体问题进行分析,进而提出完善机制的建议。

我国基金业绩的“此好彼坏”和“同涨同跌”现象引人关注。本文基于我国61家股票型基金2004年6月～2008年3月的16个季度数据，采用不同的计量模型分别检验了造成我国基金业绩“此好彼坏”和“同涨同跌”的原因，发现：(1)基金业绩在时间序列上变动主要由战略性资产配置决定，战术性资产配置和基金经理更换对其的解释力很低，所以基金业绩表现为“此好彼坏”；(2)基金业绩在横截面上的差异主要由基金经理特征不同带来，战略性和战术性资产配置的贡献程度不高，这带来了基金业绩的“同涨同跌”。