突破传统的现金流思路，从控制权视角分析了我国企业对外发行可转债对管理 者行为及公司治理效率的影响。研究结果表明，可转债内嵌转股期权能够导致企业控制权在 不同现金流信号下的动态转移，这一控制权动态转移机制将对拥有企业实际控制权的内部管 理者产生有效率事前约束，促使其降低控制权私有收益，保护投资者利益。本研究将为优化 我国企业融资结构、提升公司治理效率提供很好的理论借鉴；同时，本研究基于金融衍生工 具的分析也将为促进我国资本市场金融创新提供理论参考。

许多研究发现国有企业持续存在冗余雇员，但是对国有企业冗员的原因存在不同观点。利用《劳动合同法》引起的劳动力成本上升，本文检验了劳动力成本变化对国有企业和民营企业的劳动力雇佣政策的影响，以及对两者劳动力雇佣政策差异的影响。并以此推断国有企业持续存在的冗余雇员的原因。本文发现劳动力成本大幅增加导致国有企业相对于民营企业解雇了更多的员工，劳动力成本上升导致国有企业的劳动力雇佣政策发生了变化。本文的证据支持了国有企业存在劳动力冗员的代理成本理论，而拒绝了政府干预的所有权理论。

控制权协议转让的交易规则主要分为市场规则（又称私下谈判规则）和同等权利规则，市场规则是我国上市公司控制权协议转让的主要交易规则。本文认为，制度环境对交易规则有重要影响，同样的交易规则在不同的制度环境下会产生不同的效率结果。本文着重分析了制度环境中外部治理环境的差异对市场规则成本的影响，通过建立市场规则的成本分析模型，对市场规则在不同外部治理环境下的成本进行了比较，结果表明，在较差的外部环境下，市场规则会导致较高的交易成本，从而降低控制权协议转让的效率。然后，本文在理论分析的基础上，运用上市公司的经验数据对我国市场规则下控制权协议转让的整体效率进行了检验，实证结果验证了理论分析的结论。本文的政策含义是：交易规则与制度环境之间缺乏必要的耦合将导致资源配置效率的降低。

Firm diversifications are prevalent in many emerging economies in contrast to the practices in developed economies. A fundamental difference between these two types of economies is the existence of sound economic institutions including in particular property rights protection. Indeed it has been argued that diversified firms may thrive in situations of poor economic institutions, but much research is needed to substantiate this idea. In this paper, using a survey data set of private enterprises in China, we examine whether cross-region variations in the degree of property rights protection a¤ect the extent of firm diversification. We find that poorer property rights protection causes firms to be more diversi?ed. We then explore several possible mechanisms through which property rights protection may affect firm diversification.

随着我国资本市场的日益成长壮大，直接融资的比例不断提高，吸存与放贷的难度越来越大，大量优质客户也开始转向资本市场直接融资，城商行受到“银行脱媒”的挤压影响越来越严重。在这种情况下，城商行只有着眼未来，不断深化改革，融入区域经济，加强同业合作，努力实现金融创新，才能在激烈的竞争中缩小与对手的差距，形成独具特色的经营优势，走出一条符合自身特点的发展之路。

为了真正地把握、真实地理解马克思货币哲学，也就有必要首先发掘埋藏在文本中的马克思哲学所理解货币的立足地，只有找到了马克思货币哲学的这个前提，我们才有可能达到真实地理解马克思货币哲学的思想原貌。

With a sample of 504 IPO issuers over a period of 2002-2008 in China, this paper studies a previously ignored issue by examining the relationship between pre-IPO earnings management and underwriter reputation for issuers with different level of marketization. We document that underwriter reputation is negatively related to pre-IPO earnings management only if the issuer is highly marketized. Specifically, we find a significantly negative relationship between pre-IPO earnings management and underwriter reputation if the issuer is a non-state-owned enterprise (NSOE) issuer, a small-size issuer, or is listed on the Small and Medium Enterprise (SME) Board. No significant association is found for the state-owned enterprise (SOE) issuers, the large issuers, or Main Board issuers. We argue that the results are driven by the fact that issuers in the NSOE, small-sized, or SME market segment have more incentives to signal their earnings quality to avoid adverse selection by the investors, and/or reputable underwriters are more influential over their clients in mitigating earnings management.

The current study documents an interesting phenomenon that retail investors prefer to invest in stocks listed at the stock exchange that is geographically close to them in China. This pattern is robust when we control for the well-documented local bias within a country. Among companies with similar distances to both stock exchanges, investors still display a much stronger tendency to invest in locally-listed companies. Among stocks with similar distances to both stock exchanges, those listed in Shanghai (Shenzhen) co-move more in returns and volume, with the benchmark at the Shanghai (Shenzhen) stock exchange. Such a preference for local exchange seems not to be motivated by information advantage, because investors do not obtain abnormal returns from their trades on stocks listed nearby. Our findings provide additional evidence that non-information-based familiarity bias induces investment and that such investor biases and exchange-level sentiment influence asset price formation.

China launched her warrant market in August 2005 in the split share structure reform of listed companies. As up to now, equity trading on margin and short-sale of any form are still prohibited in China. This warrant market enables investors to trade on information that otherwise might be prohibitively expensive to trade on. The Chinese warrant market created top trading volume and turnover with only a handful of different warrants traded. This paper first studies the Chinese warrant market. Empirical evidence shows that the market prices of warrants are much higher systematically than the Black-Scholes prices with historical volatility. Moreover, the paper documents ample evidence that the one-dimensional diffusion model does not apply well in the Chinese warrant market. The prices of a warrant and its underlying asset do not support the monotonicity, perfect correlation and option redundancy properties. The paper also studies the cumulated gains of a delta-hedged warrant portfolio. In the Chinese warrant market, the cumulated delta-hedged gains for almost all expired warrants are negative. The negative gains are mainly driven by the volatility risk, and the trading values of the warrants for puts and the market risk for calls. The investors are trading some other risks in addition to the underlying risk.

Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably the most comparable stock markets to China. As the usual vector error correction model (VECM) could overlook the long memory feature of cointegration residual series, which can in turn exert bias on the resulting inferences, we chose to employ a fractionally integrated VECM (FIVECM) in this paper to investigate the long-term cointegration relations binding China’s stock market to the aforementioned stock markets. In addition, by augmenting the FIVECM with multivariate GARCH model, the return transmission and volatility spillover between market return series were revealed simultaneously. Our empirical results show that China’s stock market is fractionally cointegrated with the two markets, and it appears that China’s stock market has stronger ties with its neighboring Hong Kong market than with the world superpower, the US market.