China＇s Stock Market： Inefficiencies and Institutional Implications

The dramatic movements of China＇s stock market in the past two and a half years have renewed debate among academics over the efficiency of China＇s stock market. The present paper tests the efficiency of China＇ s stock market. The realization of efficient markets requires the effective operation of a complete set of macro and micro mechanisms. However, such mechanisms are not only incomplete in China＇ s stock market, but are also ineffective because of the prevalence of institutional deficiencies.     

Financing Alternatives for Chinese Small and Medium Enterprises： The Case for a Small and Medium Enterprise Stock Market

Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments in China s “second board” stock market. China s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non‐performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non‐listed domestic state‐owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges. (Edited by Zhinan Zhang)     

亮出清晰的上市信息——上市公司会计信息披露失真现象研究（1）

当前上市公司会计信息披露失真现象主要体现于三个方面:财务报表的数字不准确、不真实;报表附注和财务状况说明书简单,甚至完全被忽略;社会审计监督不力.     

自愿性信息披露问题研究及其新进展

上市公司信息的自愿性披露是证券市场信息披露的重要组成部分 ,一直受到学术界、上市公司和投资者的广泛关注。本文首先阐述了自愿性信息披露概念的内涵 ,分析了自愿性披露与强制性披露之间的关系 ;其次就自愿性信息披露的衡量方法进行了说明 ,总结了影响上市公司自愿性信息披露的主要因素 ;然后阐述了自愿性信息披露对股票市场的影响 ;最后指出了我国在自愿性信息披露研究方面的不足。     

Review of the EU＇s Preliminary Assessment of China＇s Market Economy Status

In June 2004, the European Union (EU) made a decision on its preliminary assessment of China‘s market economy status (MES). After seriously studying the EU‘s preliminary assessment report, the Institute of Economic and Resources Management of Beijing Normal University made a review. We hold that the decision on the assessment fails to be fair and objective and is undermined by incorrect understanding and logical contradictions. However, the decision has still left some leeway for China‘s improvement and China needs to speed up in improving its market economy regime.     

透明度：经济学含义与会计检验

虽然我们不能完全赞同国外一些组织对我国透明度的研究结论，但我们必须对如下问题予以关注：什么是透明度？具体表现形式是什么？评价透明度的逻辑起点是什么？本文从政府的视角论证了透明制度安排的变迁起点，以上市公司会计信息披露透明度的影响因素来折射出四个应遵循的一般性要求。     

Economic Implications of China‘s Accession to the WTO

I. IntroductionChina's accession to the World Trade Organization (WTO) on 11 December 2001 was a monumental event. Never has an accession to the WTO stirred up such intense emotions throughout the world: euphoria, envies, and, above all, fears. Workers on both sides of the Pacific Ocean and beyond have genuine fears of losing their jobs. Governments and entrepreneurs from both developing and developed countries are afraid of     

中报期间的投资原则

概括来说，中报期间的行情很难见到整体性的牛市，但个股的强势行情却会此起彼伏，因此，中报期间的投资思路一定要遵循“轻大盘、重个股”的原则。     

Analysis of the Adjustment of China＇s Fiscal Policy in 2005

The prudent fiscal policy adopted in 2005 is the result of adopting a series of measures to strengthen macro control in recent years. The process of implementation will be gradual.During this period, pushing forward reforms is the main focus of all the measures. Tax reform, social security system reform and rural reform will need the most emphasis.     

Stock Returns, Volatility, and Cointegration among Chinese Stock Markets

I. IntroductionA plethora of research has focused on therelationship between returns and volatility, andcointegration among major, well-established financial markets. It has been found that aninverse relationship exists between an individualfirm’s stock return volatility and itsstockprice. There are two popular explanations: the first one is related to the leverage effect. Itasserts that a decrease in afirm’s stock price increases the firm’s debt ratio (or decreasesthefirm’s equity ratio)…     

China＇s Pension Reform and Capital Market Development

The paper analyzes the interaction between the pension system and capital market development, especially the case of China. A funded pension system is most likely to boost the capital market, but in the absence of a supportive financial infrastructure and effective financial regulation, a funded system will not be successful. China‘s determination to establish a partially funded system is afirst step in the right direction, but without the separation of individual accounts from the social pooling and their replenishment, the working out of the implicit pension debt, and improvements in pension fund management and regulation, the pension system will not be sustainable. The key to capital market development in the process of the pension reform is to enact laws to protect the interests of pensioners, to contract out pension fund management to professional asset managers, and to accelerate the financial opening.     

Market Opening and Transformation of China’s Car Industry

I.IntroductionThere are two different points of view on the protection of infant industries in developing countries.One,represented by neo-classicaleconomists,arguesthatgovernmentprotectionwould contributelittleto thegrowthof indigenousenterprises,and maylead to lowefficiencyand waste in resources.Enterprises need to fully realize tradeand investment liberalization(Grossman and Horn,1988;Krueger and Tuncer,1982).Theotherviewpoint,which comesfrom structuralism(or evolutionary economics),ho…     

Review of the EU’s Preliminary Assessment of China’s Market Economy Status

I. Introduction In late June 2004, the EUmade a decision on its Preliminary Assessment of the People’s Republic of China’s Request for Graduation to Market Economy Statusin Trade DefenseInvestigations. This preliminary result came out after China lodged the request in June2003. The EU assessment report holdsthatbefore it can be granted thestatus, China needsto make substantialprogress in fourfields:government intervention, corporate governance,property and bankruptcy laws, and the f…     

China＇s Penetration of the Korean Market： Stylized Facts and Welfare Effect

China＇s penetration of the world market has been impressive. This paper uses highly disaggregated Korean import data （from 1992 to 2008） to examine China ＇s penetration of the Korean market in the context of the composition of value （the extensive and intensive margins） and the product type （homogeneous and differentiated） in trade. The increase in Chinese imports has been attributed to the rapid increase in the import of new products （the extensive margin） and of existing products （the intensive margin）. However, the growth rate of new products decelerated in the 2000s. The growth in the intensive margin was due to quantity, not price. Chinese imports to Korea did not improve over the period in terms of quality. Although Chinese products became cheaper, they were more differentiated over time. Welfare gains were realized through the expanded introduction of new products from China. However, much of the gains from Korea＇s Chinese product import boom were realized in earlier years （1992 -2000） because even though imported products became more differentiated, the increase in the extensive margin was lower in more recent years （2001- 2008）.