Financial Performance of SMEs Evidence on the Influence of Environmental Uncertainty： A Conceptual Framework

The purpose of this study is to understand the association between environmental uncertainty and financial performance of small and medium enterprises （SMEs）. Current study describes the influence of environmental uncertainty on the financial performance of SMEs in lraq. The objective of this study was to assess the influence of environmental uncertainty on financial performance of SMEs. SMEs play an important economic role in many countries. In Iraq for example, the available data from the Central Organization for Statistics （COS） indicate that private sector in Iraq consists primarily of SMEs where those companies represent 99% of all companies in lraq and this sector contributed over 50% of new jobs created. Despite their significance, facing competitive business environment, SMEs are required to develop innovation strategy in order to sustain competitive advantage. SMEs also are faced with the threat of failure with past statistics indicating that three out five fail within the first few months. This study sought to understand how SMEs manage the challenges they face. These challenges seem to change （evolve） according to different environmental uncertainty conditions. In this study, authors will develop an empirical model that can be applied in other sectors to improve financial performance of SMEs in lraq.     

Impact of the Global Financial Crisis on China： Empirical Evidence and Policy Implications

This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable： a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China ＂s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China ＇s economic structure so as to return the economy to a sustainable path.     

Rise and Fall of the First Financial Futures Market in China： The Case of Chinese Government Bond Futures

This paper studies the rise and fall of the first financial futures market in China. We compare the characteristics in the Chinese Government bond futures market with those in the US T-bond futures market. They differ in market design and structure, market governance, margin requirements, position limits, delivery process, and the way in which the settlement price is calculated. Furthermore, with a unique dataset, we show that prior to maturities of government bond futures, traders began to accumulate significant amounts of long positions for several selected contracts without the intention to offset, forcing short position holders to either purchase deliverable bonds or offset futures at highly inflated prices, causing higher market volatility and price disequilibrium in both spot and futures markets. Arbitrage opportunity arises and the market eventually collapses. The lessons learned from the suspension of the Chinese Government bond futures market offer an invaluable learning experience.     

The impact of Investing in Emerging Markets on Firm Performance：An Exploratory Study of Taiwanese Multinational Enterprises in the Chinese Mainland

Ⅰ.IntroductionDuring the past two decades,many multinationalenterprises(MNEs)have made substantial investmentsin emerging markets.Two factors dominate thereasoning in favor of such an investment strategy:lowlabor costs and the large size of the markets in the hostcountries.While these two economic factors seem quite