我国自八年前加入世界贸易组织以来，证券期货市场持续繁荣，市场参与主体持续增加，现货市场与期货市场联系日益紧密，资本市场基础制度建设亟待与时俱进。有鉴于此，中国证券监督管理委员会2009年10月13日就《关于修改<证券登记结算管理办法>第十四条和第十九条的决定征求意见稿》公开征求意见，改革我国证券登记结算管理制度的序幕正式拉开。

本文从产品市场竞争的角度检验融资约束如何影响公司价值。在使用两种不同的融资约束划分标准后，本文发现无论在统计意义上还是经济意义上融资约束对公司产品市场竞争产生了重大负面影响。本文也为不同融资约束下资本结构对产品市场竞争行为的差异提供了证据，没有融资约束的公司利用负债增强了其在产品市场竞争中的地位。在宏观经济方面，本文检验了不同融资约束下资本结构与产品市场竞争关系对外部融资环境变化的反应，发现当外部融资环境变化时没有融资约束的公司对外部融资环境敏感性更高。

Feedback is the trading strategy of irrational investors. Positive feedback traders' buying or selling behavior is decided by the stock price of the preceding period. On the presence of positive feedback trading, stock market returns show characteristics which are different from these assumed in the classical financial theory, and thus make the stock market fluctuate extraordinarily. This essay establishes a model with the participation of positive feedback trader and rational trader,. The irrational traders adopt feedback trading strategy. Based on the model, we used Monte Carlo simulation method to produce a time series. We computed the kurtosis, tail-index and the autocorrelation coefficient of the time series and compared with the relevant quantity of Shanghai stock market index time series. It turned out that our model can provide a powerful expression to the fat-tail and autocorrelation characteristics of stock market return.

金融危机使各国政府愈发认识到金融监管的重要性。本文分析了本轮金融危机的成因和对中国经济金融所产生的影响，提出了强化地方金融办的管理和监管职能等若干加强金融监管的建议。

借贷关系是以还本付息为前提的贷出。信贷市场的效率应体现在银行体系是否实现了储蓄的投资转化功能、支持了实体经济的发展。但是,信息不对称和对违约者惩罚不力等原因降低了信贷市场效率。本文研究了处于“横向—纵向”交织网络格局中银行间的贷款竞争,在理论上提供了一个判断和评价信贷市场效率的全新框架和视角。通过对比三种代表性银行体制,我们证明了,与社会最优相比,纯策略寡头和严格寡头信贷市场的均衡都存在较大的非效率性。在具有完善社会风险防范机制的强寡头均衡下,信贷市场效率将趋于社会最优水平。本文的结论是,在我国现有银行体制下,提高信贷市场效率的关键并不在于标准分析方法下某些技术指标的短期改进,而在于将银行置于具体制度环境下分析其效率低下的原因并探索提高这一效率的根本途径。

The ignorance of market friction causes the invalid portfolio investment, and whether the arrangement of capital structure is reasonable will influence the income of funding cost, effective utilization of non-selfowned and funding risk level. Therefore, portfolio model under the assumption of complete market lacks of practically instructiveness. Capital structure factor and transaction cost do influence the portfolio decision in the capital market. On the basis of capital structure factor and transaction cost during the process of investment, this article improve the portfolio model that CVaR control proposed by Rockafeller and Uryasev, built a CVaR portfolio model with capital structure factor and transaction cost. Empirical studies indicates that the changes of capital structure factor and transaction cost lead to the movement of efficient frontier on CVaR portfolio model and the changes of upper and lower limit.

本文分别以我国上市公司总经理的年龄、任职时间、学历、教育背景以及两职兼任情况作为管理者过度自信的替代变量，从流动性风险和资产匹配两方面来具体考察我国上市公司管理者的过度自信行为对公司债务期限结构的影响，研究结果表明：总经理的年龄越低，任职时间越短，学历越低，总经理拥有经管类教育背景以及当总经理同时兼任董事长时，总经理的过度自信行为越强，因此公司债务期限结构与负债比率和资产结构之间的相关性越弱。本文的研究意义不仅在于丰富和拓展了国内外的相关研究，而且对于上市公司的风险管理政策也具有一定的启示作用。

控制权私人收益是指被控股股东所独占，不能被其他人分享的收益，是控制性股东从公司转移资产的行为。文章主要是在对国外有关控制权私人收益相关文献研究的基础上，探索我国上市公司控制权私人收益产生的机理，并运用计量模型，对股权分置改革对我国控制权私人收益的影响进行实证分析。运用计量模型来评价股权分置改革对控制权私人收益的政策效应。研究了改革对不同行业、不同业绩、不同有形资产比、不同资产负债率、不同规模公司的控制权私人收益的影响。

We examine empirically whether internal corporate governance mechanisms play a role in reducing the probability of being sued by lending banks due to bank loan default and the market reaction to the announcement of bank loan litigation. Using bank loan litigation events in Chinese financial markets, our results show that companies with better internal corporate governance mechanisms are associated with a lower probability of being sued. We also find a significant negative market reaction to the announcement of a bank loan filing while insignificant market reaction to the announcement of bank loan litigation verdict. Moreover, we test whether internal corporate governance mechanisms can play a role in mitigating the effect of market reactions. Our findings indicate that there is no evidence of internal corporate governance in mitigating this effect. Our paper suggests that internal corporate governance mechanisms are important in preventing the trigger of external governance mechanisms (litigation) but do not play any role once external governance (litigation) takes over.

关于外资银行进入与东道国银行绩效影响的关系，学术界存在不同的看法。外资银行进入程度的增加对东道国银行绩效的提升是否产生了预期的促进效应，这种效应的发生又与哪些因素密切相关？本文对50个发展中国家1995～2006年654家银行的面板数据进行了实证检验，研究发现：发展中国家外资银行进入程度的增加有利于东道国银行绩效的提升；不同东道国由于经济发展水平、金融发展水平和金融监管水平等特定市场环境存在差异对绩效提升作用的发挥有显著影响。