According to “whether the product of a company contacts with the consumers directly or not”, we divide all listed companies of Chinese transportation equipment manufacturing industry into two kinds. Then we calculate corporate social responsibility（CSR） score by using content analysis method to evaluate corporate annual report. We find out companies, whose products have a direct contact with consumers, tend to perform more social responsibility. When we use ROA to evaluate corporate financial performance and regress ROA on CSR score and other control variables, we find that the companies mentioned above have relatively remarkable better financial performance. After decomposing ROA by sales revenue, further test proved that CSR influences CFP positively by increasing sales revenue of a company. It ultimately prove that consumers do care about companies to be social responsible.

本文以中国外汇储备有效管理为中心，沿着“存在问题—剖析问题—解决问题”的逻辑顺序循序渐进地展开。首先在从外汇储备的角度出发，指出中国外汇储备管理面临的四个外部冲击，提出加强外汇储备有效管理的必要性;其次，从理论角度提出外汇储备有效管理的三方面优化，为中国外汇储备有效管理提供理论参考和实践借鉴;最后，在上述理论和实践研究的基础上，提出了中国外汇储备有效管理的设想，包括从宏观构建完善的外汇储备有效管理体系，从微观内容角度对外汇储备规模管理、结构管理和风险管理提出具体设想、安排和政策建议。

本文基于安全与效率均衡视角，并以英美日国际板平衡安全与效率目标模式所产生的效应来剖析近十多年来全球主要国际板的兴衰及其基本动因。本文认为，中国拟建立的国际板同样会面对安全与效率目标之间的均衡问题，开办初期应该通过程序上的高效来实现安全与效率目标之间的均衡。

许多学者与实业者认为短视是现代公司所面临的首要问题。目前，许多上市公司存在过分追求短期利益，不重视可持续发展和公司的价值增长的问题，即出现管理短视经营。本文将从管理短视产生的理论解释、管理短视的主要表现形式、管理短视给企业带来的不良影响等方面对西方学者研究企业管理短视行为的理论和实证结果进行述评，旨在为我国上市公司的经营管理提供借鉴。

风险管理已经成为商业银行的核心能力，可以说没有好的风险管理，就没有银行的可持续发展，也就没有好的银行。本文从商业银行风险及风险管理的内涵、特点出发，剖析了我国商业银行风险管理的问题，进而系统地提出了我国商业银行全面风险管理体系构建的思路、原则和框架，以为我国商业银行风险管理能力提升提供指导。

本文从LJM经济理论的观点出发，给出了经济滞涨模型，阐述了经济通胀、滞涨及通缩的相互关系及产生的原因，描述了在完全市场经济条件下，滞涨经济的自然演化过程和后果，并给出了治理经济滞涨，恢复经济均衡的量化办法。

本文从LJM经济理论的观点出发，给出了经济通胀模型，阐述了经济通胀、经济滞涨及经济通缩的相互关系，阐述了经济通胀产生的原因，描述了在完全市场经济条件下，通胀经济的自然演化过程和后果，并给出治理经济通胀的量化办法。

本文采用四种方法来测度中国公司债的非流动性, 考察了公司债层面、市场层面影响中国公司债非 流动性的因素, 最后讨论了公司债非流动性、权益波动率、印花税调整等因素对公司债风险溢价的影响. 研究 发现, Amihud (2002)是衡量中国公司债非流动性较有效的方法. 在截面上只有Amihud (2002)非流动性测度 对公司债风险溢价有正的显著影响. 此外, 公司权益波动率和2008年的两次印花税调整对公司债风险溢价有正 的稳健显著影响. 在控制了信用风险后, 公司年化权益波动率提高10个百分点, 公司债风险溢价大约提高45个 基点; 2008年的两次印花税调整对公司债风险溢价有正的显著影响, 2008年4月24日、2008年9月19日印花税 调整后, 债券投资者比调整之前多要求大约50、60个基点的额外风险补偿.

This is a contribution to a conference volume for the 2010 National University of Singapore Symposium on ―Law and Development in China - The Legal Dimension of China’s Development Model.‖ The paper aims to shed some light on the way forward for the Chinese securities markets. It examines the desirability of financial markets for broader economic development, and presents the national market system implemented by the US and the norms in the EU’s MiFID that promote competition among and integration of securities markets and alternative trading venues. The paper assesses the current state of the Chinese securities markets, where according to law trading is concentrated on traditional exchanges, against the backdrop of the rapidly evolving (disintegrating) US and EU markets. Clearly, China will be able to learn much from the experiences of the US and EU, but the route that China will take for further evolution of its national market for securities can at this point be neither predicted nor projected.

Using the introduction of margin trading in China, this study examines the effects of margin trading on the informativeness of trades and stock market liquidity. Using the methodology of Hasbrouck (1991 and 1993), I find that allowing investors to trade on margin leads to more informed trading. This increase in informed trading is mirrored by an increase in the adverse selection component of the bid-ask spread and a decrease in the relative weight placed on public information in trading decision. The discussed findings are more pronounced for stocks with relatively high levels of margin trading. Overall, the findings in the paper suggest that margin trading may lead to more information-based trading and lower levels of stock market liquidity.