We examine whether family firms differ from nonfamily firms in their corporate social responsibility (CSR) reporting practice. Using a sample of Chinese firms, we find that, compared to nonfamily firms, family firms are more likely to have a system in place that guides the establishment and development of their CSR activities. Family firms are also more likely to adopt the GRI guidelines, and they disclose significantly more information about their CSR practice. The findings are consistent with the notion that family firms are more long-term oriented, and as a result, they are more concerned about firm reputation and use CSR disclosure as a means to establish and maintain a good reputation and to legitimize their behavior. We further find that the positive relation between family firms and CSR disclosure exists mainly in those firms with relative high state ownership, which helps mitigate government expropriation risk. Our research contributes to the limited literature on the relation between family firms and CSR practice. We also contribute to the literature on the impact of government expropriation risk and its interaction with firm ownership structure on firm behavior.

In this paper, we construct a content analysis structure to explore whether corporate governance information in voluntary disclosures can predict management expenses in the next term. Employing the site visit information disclosure of firms listed on the Chinese A-share market from 2012 to 2021, we find that corporate governance information disclosure is motivated by ownership concentration,and that corporate governance information can predict management expenses and comprises incremental information, indicating that the content analysis we construct is valuable and the disclosure of corporate governance information can mitigate the agency problems.There is a difference between state-owned listed firms and nonstate-owned listed firms.

The foreign capital flight amid pandemic outbreaks can result in propagation effects in the equity market. With a daily shareholding dataset, this paper investigates the trading behavior of foreign mutual funds in China when it was the epicenter of COVID-19 outbreaks and the subsequent period with global spreads. Using fixed effects and panel structural VAR models, we confirm propagation effects caused by the capital flight of foreign mutual funds. Substantial heterogeneities across foreign funds affiliated and unaffiliated with commercial banks have been uncovered, though they are both found to withdraw from risky stocks as an indication of a "flight to quality." Without implicit guarantees, unaffiliated foreign mutual funds liquidated immediately and more when the pandemic hit China. The resulting price shocks led to further deleverage by bank-affiliated foreign funds on their pre-pandemic risk exposure stocks. Our results shed new light on the behavioral theory of stock market trading featuring fund and stock exposure channels.

With market-oriented reforms in the economy, the Chinese government has promoted the development of risky financial markets, but evidence on the influence of social trust on risky financial market participation is scarce. Using three-wave longitudinal data from the China Family Panel Survey; and lagged variable, instrument variable, and fixed-effects models to address the endogeneity issues; we investigated social trust’s influence on risky financial market participation. We also estimated the effects of social trust by age, education, sex, and urban/rural resident groups. We found that social trust positively affected the probability of holding risky financial assets and their shares, however its effects were insignificant when addressing unobservable individual heterogeneity. The positive effect of social trust was greater for the youth, the highly educated, women, rural residents and high-income groups than their counterparts.

本文基于中国 1995 年至 2017 年省级面板数据，详细且深入地研究讨论了金融结构、产业结构与经济发展间的关系。研究发现，第一，中国金融结构与产业结构经历了从低级向高级的发展，在这一过程中两者始终保持高度耦合，说明中国在各时点金融结构是适合当时产业发展需要的，且金融结构与产业结构经历了由勉强协调到优质协调的演进变化过程。第二，一个地区金融结构与产业结构相互耦合匹配、彼此协同发展的协调程度越高，越有利于当地经济发展，且中国中西部地区较之东部地区，二者协调演进水平的提升能对当地经济发展带来更大的边际影响。第三，提升全要素生产率是“金融结构—产业结构”协调演进以促进经济发展的重要渠道，其中更有利于促进技术进步水平提高，其次是促进规模效率提升，进而推动经济发展。第四，当金融结构与产业结构协调适应水平较低时，金融结构提升会明显抑制经济绩效和产业升级，而当协调演进水平高于门限值时，金融结构提升则表现出对二者的有利作用。另外，金融结构提升会对金融风险管控造成一定不利影响。

How does labor risk affect corporate’s bond financing? Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit. This effect is more pronounced in times of local labor market deterioration or economic slowdown, for low-skill intensive industries, or in places with career-driven government officials. Our results are not driven by differential financial constraints or information frictions. We further show that the employment bias allocates bond credit towards under-performing large employers and the performance-enhancing benefits from bond issuance diminishes with employment size.

随着金融系统风险的不断增大，宏观审慎政策如何应对资产泡沫是一个亟待解决的重要问题。本文基于一个具有理性资产泡沫的动态一般均衡模型，重点讨论了金融风险增大情况下，资产泡沫的成因及其宏观效应。我们从理论上证明，资产泡沫一方面有利于缓解融资约束带来的流动性短缺，从而一定程度上改善了金融摩擦引致的资源错配；另一方面，资产泡沫本身又会加大整个金融系统风险，从而对宏观经济造成威胁。将刚性兑付引入基准模型后，我们发现对高风险金融资产的刚性兑付会导致流动性充裕的投资者过度投机而引起所谓的“刚性泡沫”，泡沫资产的需求和价格与刚性兑付力度呈正向关系。进一步分析表明，“刚性泡沫”在改善流动性短缺的同时，又会对实体经济造成挤出效应。因此，政府对金融市场的救助行为面临取舍，并且最优救助力度随金融系统风险的增大而降低。尤其是当金融系统风险足够大时，最优救助力度可能为负，即，最优政策干预应该打压资产泡沫的交易。以上分析表明，在高金融风险与资产泡沫并存的情况下，针对资本市场的救助政策需谨慎执行。

This article aims to provide an in-depth and comprehensive analysis of PRC Securities Law 2020 which overhauls China’s securities regulatory framework to construct more efficient and transparent capital markets with enhanced investor protection and market integrity. The law constrains regulators’ administrative powers in deciding the outcome of IPOs as well as streamline the securities offering procedure. This article pays attention to key reform initiatives proposed by PRC Securities Law 2020, such as the registration-based IPO system, the enhanced investor protection and compensation regime, the cross-border supervision, and the harsher punishments for securities frauds. It also discusses the latest enforcement cases relating to high-profile financial frauds like the Luckin Coffee scandal which resulted in Luckin Coffee being delisted from NASDAQ in 2020. The analysis in the article is accompanied by relevant US securities law in the same area to offer a comparative angle, which is of interest to practitioners, academics and policymakers in major financial centres.

设立自由贸易试验区是我国在经济新形势下实施的重要政策。自贸区在发展过程中存在时空异质性：时间异质性体现在各自贸区成立时间不同，发展水平不一；空间异质性表现为自贸区在经济水平、产业结构和要素吸引力等方面存在空间差异，因此各自贸区发展方向和功能定位不同。根据自贸区建设方案，将其功能定位归纳为四类，分别是以资源支持行业、研发投入行业、航运物流业、现代商贸业为重点发展行业的自贸区。为促进自贸区发展，金融支持作用不可忽视。基于自贸区发展的时空异质性，针对其功能定位提出差异化金融支持对策，并进一步强调自贸区金融的联动合作，以期为自贸区发展注入新的动力。

本文通过构建包含异质性的家庭消费跨期替代弹性的 DSGE 模型，解释了负向 TFP冲击如何引起实际 GDP 增速下行与房价、债务上涨并存的现象，且负向 TFP 冲击的持续性决定了房价、债务是否出现“逆周期”及其规模。本文基于以下逻辑：负向 TFP 冲击导致收入下滑，消费跨期替代弹性异质性使得部分家庭有倾向于减少住房支出去平滑消费，相对地另一部分家庭倾向于增加住房投资，一方面，随着消费恢复住房需求快速回升，实际住房价格由低到高，同时利率下行，财富从储蓄者向借贷炒房者转移，形成住房财富两极分化，这种分化同时强化了储蓄家庭的居住需求和借贷炒房家庭的投资需求；另一方面，金融中介通过吸收部分家庭的储蓄并向另一类家庭放贷，通过利差不断积累净值，更高的净值对应更多的住房贷款，二者共同推动房价的持续上升。冲击的早期，两类家庭提供更多劳动获得可支配收入，劳动意愿上升部分抵消了产出下滑，随着住房价格上升及信贷繁荣，家庭减少劳动时间，实际产出随之下降，形成房价与债务的“逆周期”现象。央行通过盯住利差，或在货币政策规则中引入金融中介杠杆因子等途径干预信贷能够消除房价与家庭债务的“逆周期”现象。最后，从信贷错配的角度出发，房价上涨是预算软约束下财政刺激、不确定性上升引起的“副作用”。