中文摘要：本文通过改进传统的委托代理模型，把委托人――保险公司的收益描述为代理人数目、产出、脱落率等变量的函数，然后用之解释当前保险业中发生的一些问题。得出的结论是在委托代理关系下，代理人数目不受约束，只要外来的冲击打破原有的市场均衡结构，保险公司总会发生效率损失，因此不是最优的制度安排。

本文扩展Stein（1992）的模型，从控股股东角度出发考察在有控制权利益的情形下，企业对不同融资工具的选择，包括发行普通债券、可转换债券以及股票三种融资形式。控制权利益的存在使得“好”企业有内在动力发行可转换债券，Stein模型中无成本的分离均衡将不是唯一的。企业发行可转换债券是市场上各类企业的控股股东和外部投资者相互博弈的结果，而控股股东追求控制权利益的行为会给市场带来更多的不确定因素，增加了企业融资的代理成本，加剧了市场波动和投机行为，对此有必要加以控制。

识别利润操纵，不仅能帮助人们更有效地使用会计信息，更能帮助审计师在分析性程序中有效地确认后续审计的重点，在保证审计质量的前提下降低审计成本。本文以上市公司中存在强烈利润操纵动机的亏损公司、扭亏公司和保配公司为样本，分析了三组公司在可能发生利润操纵的当年与上年相比利润表和资产负债表的结构变化及其差异，结果表明这些差异的确显著存在，这有助于审计师快速识别利润操纵行为。

The purposes of this research are to examine bank risk taking behavior and its relationship with bank charter value, particularly whether the responses of risk measures to charter value are different for banks with high and low level of charter value for the five European countries (France, Germany, Italy, Spain and the UK) during the period 1993-2002. By employing Galloway et al’s (1997) empirical model, the findings are partially consistent with their results. The consistency is the acceptance of the ‘moral hazard’ hypothesis that banks with low charter value are more apt to engage in high risk taking strategies. Further analyses found this behavior was constrained in the early 2000s. Moreover, it is interesting that the results also illustrate that risk taking increased with bank charter value over the period, which rejects the ‘bankruptcy cost’ hypothesis that when banks charters are valuable, they are more likely to be risk aversion due to the fear of potential losses of their valuable charters. Overall, the pooled data indicate that there is a non-linear relationship between risk taking behavior and bank charter value.

In a real options and game-theoretic framework, this paper examines the optimal R&D investment timing of an incumbent under uncertainty, which faces the threat of preemption by a potential entrant. We incorporate incomplete information into the model by assuming that the incumbent does not know the entrant’s investment timing but know its distribution. We find that incomplete information reduces the erosion of waiting option value by the competition, and therefore waiting is still valuable even in the presence of preemption and competition. The entrant's hazard rate has the impact on the incumbent's optimal investment timing: the more the hazard rate is, the earlier the incumbent invests.

本文从国际收支的角度对当前人民币面临的升值压力进行了分析，认为在我国目前情况下，外汇储备的管理重在结构而非单纯是总量，并从建立和完善调节国际收支的市场机制和管理体制等方面，提出了缓解人民币升值压力的对策建议。

本文探讨了信用卡中最重要的两个法律关系：一是持卡人和银行之间的借款合同关系，二是银行向特约商户付款的法律机理。

本文实证研究随机占优方法在中国股票市场的应用，揭示了随机占优方法在中国股票市场有很高的效率，但随机占优有效的股票在不同周期的收益率下并不相同，而且有效集的相对大小并没有出现随着收益率周期的增长而减小的现象。此外，随机占优方法还证实了沪市深市，A股B股的强弱关系。

近年来我国央行外汇储备的增加形成了基础货币的内生性增长，央行在货币政策的操作上采取相机抉择，除公开市场业务操作外，还运用存款准备金政策和发行央行票据等操作工具，冻结基础货币或对冲外汇占款，央行在实现货币政策中间目标的同时也面临严峻的挑战。笔者对此进行了深入分析，并提出了以微量递增存款准备金率的操作方法，解决基础货币内生性增长的矛盾的构想。