This paper is the first empirical study of the economic consequences of the adoption of the employee director system in China from the perspective of the investment efficiency of enterprises, that is, based on empirical study of China’s capital market in order to test the relationship between employee directors and the investment efficiency of listed companies. The results show that employee directors can improve the investment efficiency of listed companies effectively, and this relationship is more significant for state-owned enterprises and enterprises in product markets with low levels of competition. Further research shows that employee directors can restrain not only overinvestment but can also reduce underinvestment. Employee directors can restrain the overinvestment behaviour of state-owned enterprises effectively and reduce underinvestment by non-state-owned enterprises. In product markets with low levels of competition, employee directors can restrain overinvestment, while in product markets with high levels of competition, employee directors can reduce underinvestment.

资本弱化是跨国公司避税的常用手段,我国的资本弱化税制于2008年建立起来,但目前却鲜有我国资本弱化税制对外资企业影响的研究.本文以中国工业企业数据库2004年～2011年制造业企业为样本,采用双重差分模型检验了我国资本弱化税制对外资企业资本弱化避税行为的影响.研究结果表明:我国的资本弱化税制有效地降低了部分外资企业,尤其是负债权益比高于2的企业的资本弱化程度,一定程度上抑制了外资企业的资本弱化避税行为;在实际税负方面,由于外资企业较强的税收规避动机,其实际税负远远低于法定税率,而资本弱化税制确实有效提高了外资企业的实际税负,但资本弱化程度高的外资企业税负提升程度小于资本弱化程度低的外资企业.同时本文也发现了资本弱化税制作为明线监管对于未达监管要求的外资企业具有学习效应:负债权益比率未超过了法定标准的外资企业则会提升其资本弱化程度.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">2008年我国《劳动合同法》的正式实施,极大提升了我国劳动保护的水平,也给我国劳动保护制度的经济后果研究提供了契机。本文采用双重差分模型,以2001-2014年中国上市公司为样本,实证研究劳动保护制度与公司资本结构的关系,并考虑企业产权性质以及所处地区的法律执行效率对两者关系的影响。本文研究发现:劳动保护水平显著降低了公司负债水平,并且公司所处地区的法律执行效率越高,以及在非国有企业中,该负向关系越显著。</span>

银行往来关系是一种可为银行及其客户带来收益的超越单纯金融交易的密切关系.银行往来关系会给公司带来相应的价值和成本.选取中国民营上市公司作为研究样本,采用现金-现金流模型实证检验银行往来关系与企业融资约束的关系,结果表明银行往来关系能够有效地缓解民营上市公司的融资约束.进一步的研究发现,银行往来关系对企业融资约束缓解作用在金融危机后以及中小民营上市公司表现更为显著.因此,基于当前我国银行往来关系与企业融资现状,相关部门应大力开拓和扶持多种投融资渠道,积极建立银行往来关系,发展合法的非国有金融机构,由此改善我国企业融资环境,促进中小企业发展.

<正>从最初的28家,到目前的355家,创业板日渐繁荣。但从2013半年报来看,创业板上市公司业绩分化明显,成长动力略显不足,资产质量出现下降倾向中国创业板市场已经过几年发展,创业板上市公司的表现到底如何,财务业绩如何,是否得到投资者的肯定,本文以中国创业板上市公司2013年中期报表的数据,对中国创业板上市公司的经营业绩进行简单的剖析。

In terms of market conditions suitable for technological innovation,what is important is not the market structure but the adequacy of process competition,i.e.whether the process of substituting new technology for old technology is smooth.Only in a market with adequate process competition can technological innovation be provided with an enduring driving force.It is argued that administrative monopoly is the most significant of all the factors that restrain process competition.This study looks into the empirical data from China's provincial administrative divisions and finds that the more serious administrative monopoly in one area is the lower the driving force will be behind technological innovation.It follows that minimizing administrative monopoly and enhancing the adequacy of process competition are essential to enterprises'technological innovation in China.

在已有的相关文献中,有关金融发展的刻度指标存在相互冲突,一定程度上影响了研究结论的可比性及政策建议的可信度。为此,本文从规模和效率两方面设计了度量金融发展的指标体系。接着,利用聚类分析和因子分析评价地区金融发展水平并据此考察金融发展对地区经济增长的推动作用,进而给出了结论及政策启示。

<正>PREFACE/前言大多数航空公司均设有常旅客计划(Frequent Flyer Plan,FFP)。对于常旅客计划的会计处理,一般主要采用增量成本法和递延收入法。本文分析总结了现有的研究成果、准则规范和实务处理,提出了在增量成本法和递延收入法中取舍的几点建议。最后,在此基础上,将讨论的范围扩展到了客户忠诚度计划(Loyalty Programs)的会计处理。

<正> 随着全球经济一体化进程加速,跨国投资、跨国经营的现象越来越普遍,随之而来的国际双重征税问题也逐渐显现出来。国际双重征税加重了从事跨国投资和经营的纳税人的税收负担,影响了投资者对外投资的积极性,从而阻碍了国际经济的发展。2008年1月1日,我国新企业所得税法开始实施,税收抵免制度得到了进一步完善,在原有直接抵免的基础上引入了间接抵免的相关规定,从而为消除经济性双重征税确立了法律依据。税收抵免制度中间接抵免的运用,能够有效减轻或免除对跨国纳税人的经济性国际双重征税,促进国际经济交往和发展,因此显得尤为重要。

Statistical data quality is a widespread concern issue.It is significant to evaluate China's statistics scientifically using rigorous diagnostic methods.Robust regression is resistant to the influence of outliers and can be used as a good tool identifying outliers.Under the framework of production function model and using two different labor input data,this paper first applies robust MM estimator as a detection tool of outliers to assess China's GDP data quality since reform.The results show that the problem of masking effect which exists in traditional methods can be effectively solved and China's GDP data since reform is relatively reliable.

<正> 上市公司风险信息是财务信息的重要补充,它能使投资者掌握与报表相关的政治经济环境风险、行业风险和公司特有风险,对正确理解财务报表有着不可或缺的作用,有助于信息使用者更全面地评价公司;而且风险披露制度的存在可以减少管理层和股东之间的信息不平衡,同时对管理层起威慑作用,使其意识到风险行为的成本过大而放弃对股东不利的冒险行为,从而减少上市公司的代理成本。为了解我国上市公司风险信息披露现状,本文重点抽查了几家ST公司的年报,确认其发生财务困境的原因,并追溯检查和造成财务危机的相关风险是否在以前年度的财务报表中反映。经比较发现,ST公司年报中的披露常常缺乏实质性信息,有时甚至会误导投资者。我国上市公司在风险信息披露方面普遍存在披露不全面、信息质量低下等诸多问题。为此,本文拟从制度规定、披露质量以及影响

This paper selects the representative indicators by panel data model to study the relationship between corporate governance of listed companies and their systematic risk in China.The result shows that corporate governance has significant relations with systematic risk.

While controlling joint endogeneity and unobserved company characteristic in panel data model, the papers study empirically the relationship between financial development, financial structure and capital structure of listed firms in China. The results show that the size and activity of the bank and the size of stock market have a significant positive effect on the capital structure of listed firms, but the change of financial structure has a significant negative correlation with the capital structure of listed firms in China. Furthermore, this paper finds no evidence that the relationship between the activity of stock market and the capital structure of listed firms is highly significant in China.

With the improvement of market power, Stock Preferences of China's stock mutual funds has become one of the most popular issues. Basing on the related research literatures, this papers used Count panel data model and the sample of Chinese listed firm from 2003 to 2006 to empirically study the factors affecting the number of mutual fund that holding the share of particular listed firms, which will show us the stock preferences of China's mutual fund.

Most of the empirical studies of the usefulness of accounting information are to test either the information content of the accounting earnings or the relation between accounting information and stock return,which has some limit in China because the robustness of these methods mainly depend on the effectiveness of the stock market.From the angle of the user of accounting information,this paper mainly study whether the accounting information is helpful for the mutual fund to make investment decision or not.To be more particular,this papers uses factor analysis and count panel data model to empirically study whether Chinese mutual fund use accounting information to invest and what kind of the accounting information is to be used with the sample of Chinese listed firm from 2003 to 2006,which give the another angle to the research of usefulness of accounting information in China.

The relevant researches currently focus on the role and function of institutional investors in the corporate governance, but few researches from another angle discuss the preference of good corporate governance in the investment decision of institutional investors. Based on this view, the papers empirically study the relationship between corporate governance and investment decision of mutual funds with the sample of Chinese listed firms. The result shows that corporate governance has significant effects on the investment behavior of mutual funds in China.

There are so many factors effecting the financing decision of the listed firm. Using the result of behavior finance research about herd behavior in stock market, this paper firstly constructs the herd behavior index of the financing decision of the listed firm, and then studies herd behavior of corporation financing in Chinapsilas listed firms empirically with the methods of panel data model and quantile regression.

Focus on the problem of corporation agency cost(?)this papers mainly uses the variables of the bank debt ratio and the long- term bank debt ratio to measure the banking relationship and empirically study the relationship between banking relationship and corporation agency cost with the sample of Chinese listed private-controlled companies.The result shows that Chinese listed private-controlled companies can lower the corporation agency cost with closer banking relationship.

This paper mainly focuses on firm characteristics to study the relationship between corporate governance of listed firms and their systematic risk in China with scientific selection of the representative indicators for corporate governance and systematic risk. The result shows that corporate governance of listed firms significantly effects the level of systematic risk.