本文从风险与收益相匹配的视角，给出了基金经理进行资产配置的原则和理论模型，并据此设计出了判断基金资产配置能力高低的标准。然后对我国54只封闭式基金的资产配置能力进行了实证检验，发现中国的封闭式基金大部分具有较高的资产配置能力；研究同时得到中国的证券投资基金主要通过投资组合中证券的调整实现资产配置的原则，而较少依靠对组合中资产的调整来满足资产配置的原则要求。

本文分析了在所有权和控制权分离的情况下i=信息披露质量对于代理成本得影响，在初步的多元回归分析中，我们控制了影响代理成本的公司治理变量和公司特征后，发现高质量的信息披露可以显著的降低成本。在进一步的实证分析中，我们考虑了回归分析中可能存在的自选择问题，采用Heckman两阶段回归，发现高质量的信息披露对于降低代理成本的效果更佳显著。可见，提高资本市场信息披露质量，对于缓解代理成本问题有着非常重要的意义。我们的研究为信息披露质量与代理成本只讲的关系提供了直接的经验证据。

现代企业所有权与经营权分离的治理特征使得经理人的选择对有效实现股东利益最大化的经营目标至关重要,通过选择合适的管理者并在必要的时候对其进行变更是股东保障自身利益，规制经理人行为的重要手段。多元化企业的经理人选择行为较单一化企业更加复杂，本文考察了多元化对经理人变更的影响，并从我国股票市场的特点出发，考察政府控制对上市企业管理行为的影响。实证结果表明，多元化和政府控制因素均对经理人变更及变更后的绩效有显著影响。

The People’s Republic of China has taken substantial steps to reform its financial system, especially the banking sector, since 1995. The speed of banking reform has accelerated after China joined the World Trade Organization (WTO) in December 2001. This study examines the impact of recent banking reforms and of WTO accession on the cost efficiency of the Chinese banking sector. We use a non-parametric approach to investigate the efficiency trend and productivity growth of banks in China between 1998 and 2006. We also compare the efficiency and productivity growth of different banking ownership groups prior to and after joining the WTO. We find that, on average, domestic banks outperform their foreign counterparts over the sample period in terms of overall and allocative efficiency, but they fall behind in terms of overall technical efficiency. The comparison of efficiency indexes pre and post WTO accession reveals that the efficiency of domestic banks has declined post accession, while foreign banks have enjoyed an improvement rise in their cost efficiency post WTO accession in 2001.The findings of this study further suggest that the total factor productivity of Chinese banks has weakened over the period under study. However, a pre and post analysis of WTO accession results shows that total factor productivity has improved for both domestic and foreign banks after China joined the WTO, equally owing to efficiency improvement and technological progress

The People’s Republic of China has taken substantial steps to reform its financial system, especially the banking sector, since 1995. The speed of banking reform has accelerated after China joined the World Trade Organization (WTO) in December 2001. This study examines the impact of recent banking reforms and of WTO accession on the cost efficiency of the Chinese banking sector. We use a non-parametric approach to investigate the efficiency trend and productivity growth of banks in China between 1998 and 2006. We also compare the efficiency and productivity growth of different banking ownership groups prior to and after joining the WTO. We find that, on average, domestic banks outperform their foreign counterparts over the sample period in terms of overall and allocative efficiency, but they fall behind in terms of overall technical efficiency. The comparison of efficiency indexes pre and post WTO accession reveals that the efficiency of domestic banks has declined post accession, while foreign banks have enjoyed an improvement rise in their cost efficiency post WTO accession in 2001.The findings of this study further suggest that the total factor productivity of Chinese banks has weakened over the period under study. However, a pre and post analysis of WTO accession results shows that total factor productivity has improved for both domestic and foreign banks after China joined the WTO, equally owing to efficiency improvement and technological progress

研究表明，近年来中国西部地区已进入强震高发期，西部已经发生的大地震占全国总数的68.1%。率先构建西部政策性地震保险制度、以点带面然后再上升到全国层次，对推动中国地震保险制度的建立与发展、减轻国家财政负担以及贯彻科学发展观、构建和谐西部具有重要的理论和现实意义。提高保险业在国家防震减灾工作中的地位，设立专职管理部门，政府倾力扶持，并提供保险费和经营费用补贴，是从速构建西部政策性地震保险制度的现实选择。

由于高等教育投资是一项极其重要的人力资本投资，并且具有不可逆性、收益的不确定性和具有个人选择的自由， 因而个人有动机选择接受高等教育的时 机和方式。 本文的主要目的是讨论不确定性和不可逆性对个人选择高等教育时机 的影响。利用包含灵活性或期权价值的实物期权方法，得出了与传统人力资本投 资模型截然不同的结论。期权价值使得个人不愿意立即接受高等教育，并要求投 资的高回报。由于未来收入是不确定的，我们将其表示成一个连续的随机过程， 再由动态规划方法得出了收入的临界值。依据该临界值，个人可以做出是立即接 受还是推迟接受高等教育的决定。另外本文通过比较静态分析，得出了高风险、 高教育成本会抑制个人立即投资， 同时政府的相关政策如收入税收和教育补贴也会影响人力资本投资决策

Spatial imbalance of technology, which refers to unevenness or disproportionality in a spatial distribution of technology, is of key importance in the harmonious and balanced development of the world economy. This study is an attempt to develop a comparable map-independent analysis that measures spatial distribution, deviation angle, shift distance, direction and velocity of the gravity center (location-related spatial imbalance analysis) from an international range. Analyzing respectively on the gravity centers of different attribute values of 44 countries or regions and studying on the effects of the gravity centers of GDP, FDI and population on the technology center of gravity, it comes to the following conclusions: (1) the imbalance of spatial distribution is existing and will lasts for a long time; (2) the spatial distributions of GDP, FDI, and population don’t coincide with that of technology in longitude and latitude only except that the latitude distribution of FDI coincide with latitude and longitude distribution of technology; (3) the distributions of gravity centers of technology and population approximately record a south-east extending; (4) the distributions of gravity centers of GDP and FDI take on a loop-line movement with a clockwise rotation; (5) the gravity centers of GDP, FDI, population are positively associated with the gravity center of technology in latitude rather than in longitude. (6)Besides, the average velocity of different gravity centers is approximately 300km per year except that the gravity center of GDP shifts at an average speed of a little more than 9km per year. Combining analyses of the spatial distribution, deviation angle, shift distance, direction and velocity with the calculation of the coordinates’ correlation coefficients of the gravity centers, the hypotheses are partially supported. This study provides insight into the possible relationships between spatial distribution of technology, harmonious economic development and population spatial shift, and generates some interesting avenues for future research.

Motivated by diverse anecdotal evidences from the Chinese markets and focusing on a technologically following firm, this paper analyzes how the managerial compensation structure affects the managerial innovative incentives, the vertical differential output competition, and the evolutions of the industry structure. To this end, multiple effects of quality improvements are identified. The managerial conservatism in taking risky product innovations, which is resulted from the obliteration of the cost-adjusting effect by trivial incentive weight, is aggravated by foregone conservatisms. This leads to the widening of the quality gaps between it and the leading firm, and the deterioration of its market performances. After fulfilling an innovation, however, the firm becomes complacent. Driven by these two tendencies, the percentage of the industries in which the following firms abandon their R&D activities forever is decreasing in their incentive weights and increasing in time. The extensions of the process innovation, the managerial innovative agressiveness, and the interactions between product innovation and process innovation are also examined, as well as the implications of the compensation structure of the leading firm and the spillovers.

This paper examines the relationship between private benefits and the discount of private equity offerings. Measuring private benefits in terms of both control rights and cash flow, we find that private benefits are primarily attributed to control right rather than ownership. By using a measure, the Banzhaf power index, that could better reflects the largest shareholder’s relative influence over the firm. We find that the largest shareholder’s control power decreases, even though her ownership increases after private placement. It indicates that the largest shareholder is willing to give up some control power in private placement. In addition, we find that motivation and the type of investors in private placements significantly influences price discount.