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。

中国是一个区域经济金融发展极不平衡的大国，金融发展与经济增长的关系在各地区差异明显。本文对我国地区金融发展与经济增长关系进行了格兰杰因果关系检验，并对金融发展与经济增长关系进行了回归分析。结论表明，我国股票市场和金融深化指标在不同地区对经济增长发挥的作用是不一样的。东部地区较快的经济发展为股票市场的发展奠定了较好的物质基础，股票市场的发展反过来对经济增长起着较好的促进作用；而中、西部股票市场的发展对经济增长的作用是非常微弱的。金融深化指标在任何地区对经济增长都起阻碍作用，而在中、西部表现更为明显。

论文摘要：本文借广义资产证券化理论，从分析旅游景区的资产分类和现金流开始，通过将旅游门票收入与景区其他收入相联系的方法，建立一个广义的旅游门票收入模型，使得景区各类资产所带来的现金流通过广义门票收入表现出来，从而使景区资产的现金流表达同质化，借以完成景区资产同质化，进一步使资产估价和现金流稳定相对数量化。并由此推导出以旅游门票收入为现金流表现形式的旅游景区实体资产估价现金流贴现模型和相关参数。

风险溢价代表了投资者因持有风险资产而要求的额外回报，它对投资者进行投资组合选择和公司制定财务政策具有重要作用。那么，我国股票市场给投资者提供的风险回报是多少呢？本文根据Fama和French(1999)提出的估算上市公司综合资本成本的内部收益率法，提出估算风险溢价的新思路，并运用该方法对1991年―2003年间我国A股市场的股权风险溢价水平进行了估算。经测算，在扣除交易费用后，我国股票市场的风险溢价水平约为8.83%，考虑到我国股票市场的系统性风险明显高于美国等发达国家的股票市场，较高的溢价水平是合理的。