由于惯性交易策略收益的可分解性，导致了对惯性现象性质认识的分歧。本文利用Alexander（1961）提供的过滤法则这一工具，研究了中国A股市场股价涨跌的持续幅度与时间，发现股价的变动具有较强的持续性，足以为套利交易提供获利空间。这就间接指出，股价序列的自相关性可以对惯性交易策略的收益有正的贡献。并且，进一步研究发现，股价水平、企业规模、企业基本面价值、企业成长性和交易量这5类因素对于股价涨跌的持续性均有着显著的影响。

本文对沪深两市747家上市公司按成长性进行了划分，对其负债比率与公司价值之间的关系进行实证检验。在检验我国上市公司负债与公司价值之间关系的基础上，进一步探究负债的两面性问题。研究结果表明，在我国，无论对于高成长还是低成长的公司，上市公司的负债比率与公司价值之间都呈显著的负相关关系，负债的两面性没有在我国的上市公司中表现出来。对高成长的公司而言，负债没有引起上市公司投资不足的问题，却反而导致公司严重的资产替代问题；而对低成长的公司而言，负债没有引起公司的资产替代问题，但负债的控制效应却没有发挥出应有的作用。

审计师行业专长是影响审计质量以及审计收费等审计市场绩效的一个重要因素,遗憾的是国内审计师行业专长研究几乎还是一片空白。本文对国外审计师行业专长与审计市场关系的研究文献进行了回顾和总结,内容涉及审计师行业专长的衡量、审计师行业专长与审计师行为、审计师行业专长与审计收费、审计师行业专长与审计质量等四个方面。在此基础上,本文进一步考察了国内审计师行业专长发展和研究的现状,并结合两个审计失败的案例指出发展和研究国内审计师行业专长的重要意义。

一般地，按照公司治理机制发挥作用的机理不同，可将其划分为基于公司治理结构的内部治理机制、基于市场的市场治理机制和基于社会环境的社会治理机制。公司绩效是这些治理机制共同作用的结果。本文以公司绩效为导向，运用数据挖掘技术对截止到2003年3月26日已发布2002年度年报的305家沪市上市公司进行实证分析，得到了不同公司治理机制组合与公司绩效的对应关系，从而为优化和设置公司治理机制组合、提高公司绩效提供借鉴。

本文对证券市场上的会计造假问题进行了分析，指出会计打假不仅需要加强监管和法律机制的作用，更需要大力发挥市场机制的作用，即应走群众路线。

This paper answers the following question posed by Richard Roll: Should one work less, or perhaps retire early, if her stock portfolio performs well? We show that in a standard life-cycle model the answer to both questions is yes. We solve explicitly for the endogenous retirement time and labor supply. We nd that human capital acts like a portfolio of European put options on stock. The agent's labor choice can be characterized by four regions (categorized according to the nancial wealth of the agent at a given time): retire, vacation, work, and work-forever. We show that for a constant wage when the agent's stock performs well, she will work less and retire earlier. We also nd that poorer people (those whose stock returns are worse) should 1)-invest less of their wealth in stock, and 2)-borrow heavily when their stock does badly. We nd that the conditional volatility of labor income is hump-shaped as a function of the stock price. An agent will invest fewer dollars in the stock market when she has no future labor income.

This paper points out that all of the Technological Property Exchange (TPE)in China has become a major channel that venture capital is invested in enterprises, and the asymmetric information between the transaction of the technological property is an essential characteristic, so the transaction instruments at present are not suited for objective reality. Then on the basis of theoretical analysis, a conclusion is arrived at that the TPE should innovate its transaction instruments, and new transaction instruments, as investment option and preferred stock, should be adopted and the feasibility is analyzed.

The methods of tax avoidance in common used by the multinational company in China are discussed; the causes of the multinational corporation’s tax avoidance are analyzed. On one hand, some special tax treatment on the foreign investor should be canceled, and the rules of anti-avoidance of tax should be made in China but also the foreign tax management should be strengthened, the basic informational construction should be improved, And the government should improve the system of tax collection. On the other hand, the international exchange and corporation on ant-avoidance of tax should be developed; singing the bilateral and multilateral tax agreement may solve some problems of tax avoidance.

本文的研究表明：保证金制度的设计对期货市场交易风险控制，期货市场交易流动性的改善和期货市场效率的提高等方面具有重要意义。文章对保证金制度的设计、SPAN系统的原理、SPAN系统的特点以及SPAN计算保证金的流程进行了分析。最后，文章阐述了SPAN系统应用过程中应注意的几个问题。

本文首次运用Leland-Toft模型对我国上市公司的信用风险进行了实证研究，结果表明：通过该模型得到的预期违约率能够较好的描述上市公司的信用风险，不同信用级别上市公司的预期违约率有明显的不同，因而该模型在识别我国上市公司的信用风险时显示出一定的有效性。根据新华远东的信用评级体系，我们从Leland-Toft模型计算结果中发现：二A级以上公司，三B级以上公司和三B级以下公司分别在三年，一年内半年内的预期违约率接近为零，我国上市公司长期的预期违约率则普遍偏高。