As a major province in middle China,it's critical time for Henan province implementing the development strategy of Zhongyuan economic distinct.Therefore,promoting the adjustment and upgrading of industrial structure is a major preoccupation.Faced the character industrial structure and the capital market environment of Henan,this paper points out the methods of using capital market financing instruments,the direct financing instruments and the indirect financing instruments,to upgrade industrial structure of Henan.

A dual structural Phillips Curve for China allows the RMB exchange rate policy to change the supply;hence the Equilibrium Curve of Macro-economy takes on Chinese characteris- tics. This offers a new perspective to discuss the equilibrium exchange rate of RMB. With the elimination of dual structure in China,the policy of under-valuating exchange rate shall be im- plemented more prudently for fear of inducing extensive growth.

农村税费改革减轻了农民的负担的同时,也减少了乡镇政府财政收入的来源,进一步突现了县乡财政困难。因此,以减员为主要手段、以职能转变为目的的乡镇机构改革势在必然。

In the Chinese stock market, the price of exchangeable stock is determined by the discounted future uncertain cash flow, while the price of non-circulating stock depends on per book value. In general, because investors holding non-circulating equity maintain the control power, corporate finance and investment decisions reflect their interests. The pricing mechanism of non-circulating stock violates the basic pricing principle of the capital market. Therefore, corporate finance decisions deviate from the NPV (net present value). As a result, excessive equity financing problems would occur in the listed companies.

This paper points out that promoting FDI,which can improve technology progresses and TFP and help to promote economic growth,is one of the monetary authorities' most important targets.But the effect of this policy is reduced because of the restriction of the convex production function of the economy sector which introduces advanced technology.Therefore,the monetary authorities should consider the policy elaborately and re-evaluate the gains and the cost of the policy according to situation of the economy development and the characteristic of production function.

The paper points out that factors,for instance investors' irrationality,illegal behaviors of security corporations,uncertainty of governmental policies,trade regulations,scales of market,attach characteristics of fluctuation and exploding to Chinese stock market.Under condition of local war,the stock market as the mirror of economy situation would inevitably be affected.The war is most complicated political essential factor for stock market and its influence would be durative and indirect or temporary and direct,variant at different periods.This paper provides an in-depth analysis of these situations and raises policy-suggestions of maintaining stability of stock market.

发达国家之间的银行体系存在着显著差别。对于中国的银行业来说,在完成利率自由化改革之后,也存在着银行体系选择的问题。本文通过构建一个多家银行博弈模型,对那些影响银行体系选择的基本因素加以解释。本文的结论是银行业的集中度越高、直接融资市场越不发达、银行监管企业的信息成本越低,就越有可能发展以关系银行业务为特色的主办银行制度。

非强制性标准是否可以替代法律?本文在科斯定理的基础上,以SA8000为例建立模型,证明非强制性标准在相当程度上可以替代法律,且是有效率的。但是,非强制性标准要真正替代法律,还必须满足消费者偏好的要求,解决信息问题带来的逆选择和道德风险问题。

本文对中国上市公司资产负债率的真实状况进行了研究并指出:前人的部分研究存在一定的缺陷,主要表现在两个方面,其一是误用数据导致研究结果与事实背离;其二是不恰当地使用资本结构理论的研究方法来研究中国的特殊问题.本文认为,中国上市公司受到融资政策的限制.公司的资产负债率仅仅是这种限制性政策的反映,而不是公司在融资方式之间权衡的结果.上市公司并不具备股权融资偏好,也不具有最优资本结构,其行为特征表现为过度融资.

本文根据我国过渡性资本外逃的现实,构建一个政府和国内企业之间关于外资超国民待遇和资本投向的博弈模型,从理论上演绎了外资超国民待遇导致过渡性资本外逃的机制;揭示了资本管制程度对于过渡性资本外逃的效应;诠释了我国改革开放初期为何能够实施程度较高的内外资差别待遇,而在国内资本存量越来越大的今天,政府降低外资超国民待遇的客观必然性.文章进一步分析了当政府不了解企业资本外逃真实成本时,不对称信息对最优外资税率的效应.最后文章认为,统一内外资的税率和其他政策待遇是今后改革的必然取向.

中国股市中，股票二级市场价格常常在短期内发生剧烈变化。这种现象产生的原因在于，在信息不对称情况下，机构通过操纵上市公司基本面信息来影响股票交易价格，以获得超额收益。鉴于机构之间信息不对称程度远远低于机构与散户之间信息不对称程度，发展机构投资者可以最终减少市场操纵行为，机构在投资者中所占比例与市场整体被操纵程度的关系可以用倒“U”形曲线表示。