为检验透明度制度变化对我国银行间债券市场流动性变化趋势是否有影响，本文将突变理论引入债券市场研究，并对我国银行间债券市场的综合流动性、国债流动性、政策性金融债券和短期融资券流动性进行突变检验。结果表明，我国银行间债券市场流动性数据的生成过程没有出现结构突变，整体上观察，我国银行间债券市场流动性呈平稳上升趋势。我们又使用非参数检验方法检验了透明度变化对流动性的影响，结果表明，透明度对流动性的影响因债券而各异，对整个银行间债券市场的流动性也因各种债券受到透明度的影响强度不同而不同。

流动性对资产收益有重大影响，流动性好坏与资产能否流动是不同层面的问题，前者属于完全市场，后者属于不完全市场，但经典的金融经济学主要研究完全市场上的资产定价和最优组合策略。本文基于中国的现实制度背景，考察流动性受限对资产定价的影响，构建了动态不完全市场中不流动资产的定价模型及最优组合策略；证明了不流动性资产从根本上影响了最优组合策略，不流动资产折价率受到流动约束的时间长短、不流动资产收益的波动率等诸多参数的显著影响。

本文采用了MSIH-VECM模型分析了1981-2006年间我国官方外汇市场与外汇黑市的区制依赖性的结构特征。实证结果表明，所使用的非线性模型要优于传统的线性VECM模型，并能有效地捕捉到结构上的突变。本文的研究还发现，我国的官方外汇市场和外汇黑市存在长期的稳定关系。最后，通过区制状态的划分，对政府在各区制下应采取何种政策提出建议。

中小企业融资问题已成为目前制约我国经济健康快速发展的重要问题之一，本文建议成立中小企业融资市场以集中解决中小企业融资难问题。本文还重点讨论了中小企业融资市场的监管问题，通过数学模型分析和实证检验，说明了公司控制人存在侵犯普通投资者利益问题。通过对公司控制人行为特征的分析，提出了一些对资本市场监管的建议。

本文采用多元GARCH类中的BEKK模型分析沪深300指数与上证指数、金融指数间的时变相关关系和波动溢出关系。模型显示沪深300指数与上证指数、金融指数间都存在双向波动溢出关系。其中沪深300指数与上证指数保持很高且稳定的时变相关关系，沪深300指数与金融指数间的长期时变相关关系较高，但短期内并不稳定。

This study examines the relations between leverage and investment in China’s listed firms, where corporate debt is principally provided by stateowned banks. We obtain three major findings. First, there is a negative relation between leverage and investment. Second, the negative relation between leverage and investment is weaker in firms with low growth opportunities and poor operating performance than in firms with high growth opportunities and good operating performance. Third, the negative relation between leverage and investment is weaker in firms with a higher level of state shareholding than in firms with a lower level of state shareholding. Overall, our results are consistent with the hypothesis that the state-owned banks in China impose fewer restrictions on the capital expenditures of low growth and poorly performing firms and also firms with greater state ownership. This creates an over-investment bias in these firms.

We developed a theoretical framework which articulates the relationship between global and local experiences of the venture capitalists investing in China and the risk mitigation strategies they employ. We predicted that venture capitalists with little experience are more likely to join syndicates. We also predicted that the relationship between late stage strategic focus and VCs’ global and local experiences is positive. We tested our hypotheses using database covering all first round venture related investments made by foreign VCs in China until Oct 2006. Controlling for a variety of factors our data supported our predications.

Currency logistics is becoming a field of increasing interest and importance both in government and academic circles. In this paper, a basic description of China's nationwide logistics network for the Renminbi is discussed and analyzed. In addition to its basic structure, its key problems such as production costs, inventory levels, and transportation and storage security are discussed.

The extraordinary performance of China and India's economies raises questions about the traditional measures of the size and depth of financial systems. While banks and markets have played a limited role in providing funds for corporate sectors and supporting economic growth in these two countries, non-state, non-listed firms, relying mostly on internal and alternative financing channels, have been growing faster than the state and listed sectors and contributing much of the growth. The alternative financing channels, excluded in the traditional measures of financial systems, operate outside legal institutions and are backed by alternative mechanisms such as reputation, relationships, and trust. We define the capacity of a financial system to be the total funding available for all corporate sectors in an economy. Our findings from China and India demonstrate that alternative finance can significantly expand the financial system capacity and promote growth at the firm level and economy wide.

党的十一届三中全会以来，我国经济体制改革不断深入，社会主义经济建设取得了有目共睹的丰硕成果。“经济决定金融，金融是现代经济的核心”，三十年的改革历程不断印证着伟人的预言，金融改革伴随着中国经济改革共进。入世过渡期的结束，预示着我国金融业正式对外全面开放，金融改革与金融创新踏上了新的征程。如今我国已形成中央银行与监管机构分家，银行、证券、保险、信托分业经营，中资机构和外资机构同台竞争的日趋完善的金融体系。回顾二十九年前，小平同志提出的“要把银行真正办成银行”成为金融改革的先声，从此我国金融改革正式拉开序幕，并先后通过人民银行成为中央银行、专业银行到商业银行，从混业到分业、政策性银行的建立、农村信用社的回归，一直到股份制银行的改革试验、国有银行的股改和金融法治化步伐的跃进；在带给人们初偿改革喜悦的同时，更引发了我们对中国金融业改革与发展的深层次思考。特别是当前动荡不安的国际金融形势和不确定的国内经济走势，更增加了我们对金融市场、尤其是金融创新的危机意识。金融业是高风险行业，众多失败的教训和成功的经验，需要我们在珍视改革取得巨大成就的同时，居安思危，力争少一点亡羊补牢之痛、多一点未雨绸缪之举，防范于未然。