An Empirical Study on Relationship between Corporation Performance and Capital Structure

By using data of listed companies in both Shanghai and Shenzhen stock markets in 2001, this paper analyzes the relationship between corporation performance and capital structure. Empirical study finds that there is a strong correlation between corporate performance and financial structure： （1） Corporation performance is positively related to debt ratio; （2） When debt ratio is between 24.52% and 51.13%, corporate performance has a quadratic or cubic correlation passively related to debt ratio.     

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)…     

An asymmetric and DCC analysis of two stock markets returns＇ volatility： An evidence study on the Hong Kong and Japan＇s stock markets

This paper discusses the model construction and the association between the Hong Kong and the Japanese stock markets. The data period is from January 4, 1999 to December 30, 2005. This paper also utilizes student＇s t distribution to analyze the proposed model. The empirical results show that the bivariate asymmetric-GARCH （1, 2） model with a dynamic conditional correlation （DCC） seemed to be appropriate in evaluating the relationship between them. The empirical result also indicates a positive relation between the Hong Kong and the Japanese stock markets returns. The average estimation value of DCC coefficient equals to 0.5196, which implies that these two stock markets＇ return volatility had synchronized influence on each other. In addition, the empirical results also show that the Hong Kong and the Japanese stock markets have an asymmetrical effect. Based on the idea of the good and bad news, the explanatory ability of proposed model is better than the model of the bivariate GARCH with a DCC.     

The Cause of Turnovers of Top Management -An Empirical Research on the Special Treatment Companies in China

The turnover of top management is important for both foreign stock market and corporate management. China has developed its own stock market for more than ten years. During this period, a lot of listed companies＇ top managers were on the move. Based on 97 Chinese ST companies of 2004, this paper invesdgates the main factors, which causes the top management turnovers in the ST companies. The results of regression analysis show that the turnover of top management in Chinese ST companies is highly positively related to the change of large shareholder and are negatively related to the rate of net profit to total assets. We also find that net cash flow that is provided from operations per share, the proportion of state-owned shares and the type of audit views have no influence on the top management turnovers in such ST companies in China.     

Market reaction on convertible bonds offering： An agency cost of free cash flow perspective

By investigating ＂announcement effects＂ of 48 CBS and 439 pure equity offering in Chinese A-share listed companies, this paper finds that, in general, convertible bonds issue announcement may elicit a negative stock price response, firms with convertible bonds issue announcement experience significantly higher mean of abnormal returns than firms with equity issue announcement, and the fallen stock price is positively related to offering size, and negatively related to debt/asset ratio. Further, we find those firms with less undistributed cash flow and more growth opportunity experience significantly higher price response than firms with more undistributed cash flow and less growth opportunity. The empirical evidence consists with the predictions of the agency costs of free cash flow theory.     

China‘s Employment Situationand Forecast for the Next Few Years

Using available statistical data and based on an es-timation of employment elasticity, this paperanalyses the relationship between China's employmentand GDP growth, and attempts to make a preliminaryforecast of the employment situation in the next fewyears to 2010. The paper considers the main problemsfacing China's employment and points out that China     

Managerial Ownership and Intellectual Capital Efficiency： Evidence From Poland

This article contributes to the corporate governance and intellectual capital literature and examines the relationship between managerial ownership and intellectual capital efficiency （ICE）. The results were obtained by investigating a sample of 1,057 firm-year observations and 292 companies listed on the Warsaw stock exchange between 2008 and 2013. Since the data span covers six years, panel data analysis （fixed-effects model） is employed. The empirical analysis indicates that managerial ownership is negatively related to human capital efficiency （HCE）, which is partly consistent with some previous studies. As such, it indicates the entrenchment effect of insider ownership. Moreover, the study concludes that these and previous results on the relationship between managerial ownership and IC efficiency are not robust due to ICE measures, which now are employed in research.     

Research on the Accounting Supervision Model of China＇s Listed Company

Starting from the analysis about the interest distribution of the watchdogs and the accounting companies, this paper is designed to identify the reactive function and the optimized action options between the listed companies and the watchdogs, by setting up the mathematical model of accounting supervision and drawing conclusion. To lower the probability of the collaboration between the certified public accountant （CPA） and the administrative authorities, it is imperative to severely punish the collaboration. The relation between the probability of inspection carried out by the watchdogs and the positivity of the accounting companies＇ violation of laws is positive correlation. Based on these achievements, the paper also puts forward the relevant counter-measures and policy suggestions.     

Credit default swaps and stock prices： Further evidence of mean and volatility transmission using a GARCH-M model

This paper empirically investigates the association between the stock market and the credit default swap （CDS） market in terms of mean and volatility spillovers. The analysis uses daily observations from four stock markets and two European CDS indices, along with the error correction （EC） methodology and the generalized heteroskedasticity in mean （GARCH-M） modelling. The authors find that stock returns across European and US markets are negatively related to European CDS spread changes, that the CDS market seems to lead the stock market （implying that information contents coming from the firm＇s environment impacts first on the CDS market and then on the stock market）, and that CDS spreads volatility has a positive impact on stock market returns, both in mean and in volatility.     

High-tech IT Industry Stock Valuation System： Future Development Potential Method （FDPM）

Concentrating on the differences between the high-tech IT industry and the traditional ones, the paper tries to set up a new stock valuation system, the core of which is the Future Development Potential Method （FDPM）. In this theory, there are five main factors of the FDPM, including： 1, Soft resources; 2. Industry background information; 3. Core competitive power; 4. Profit-making power; 5. Development prospect.     

Managerial Ownership and Firm Value： Evidence from Real Estate Listed Companies of China

Based on the panel data method and the financial data from 2001 to 2003 periods of Chinese real estate listed companies, the paper studies the mutual relationship between managerial ownership and finn value. The results show that there is a significantly positive relationship between managerial ownership and finn value, and there is a significantly negative relationship between managerial ownership and cash holdings of companies, and circulation proportion of shares. However, managerial ownership hasn＇t significantly effect on corporate value, and there isn＇t optimal managerial ownership proportion. These results are very important to managerial incentive problem of real estate listed companies of our country.     

Indian stock market reaction to international cross-listing： Evidence from Depository Receipts

The present study investigates the impact of cross listing of ADRs on the Indian stock market for the period June 2004 to July 2009. Average abnormal returns and cumulative average abnormal returns are calculated for the [-25, ＋25] event window, with the ADR listing date being the event date. The result indicates a significant negative abnormal local market return on the ADR listing day. Six out of nine companies shows increased volatility of local returns after the cross listing. We can conclude that ADR listings have no tangible benefit impact to the local shareholders.     

Analyzing of the effects of league performance of Turkish sport clubs over the financial performances of the corresponding sport companies

In this study, it is searching for the answer of following question： ＂Does the success of sport clubs affect the financial success of the corresponding sport companies？＂ The accuracy of the ＂In Turkey, the league performances of sport clubs have a direct effect on the company＇s financial success＂ hypothesis is tested. TOPSIS method was used in order to prove the hypothesis. In the research, financial reports of sport companies traded in ISE between years 2005 and 2009 are used.     

Thinking on corporate social responsibility triggered by Melamine Incident

More attention is paid on corporate social responsibility after Melamine Incident, and social responsibility has become a key factor that enterprises carry out their sustainable development. The enterprise fulfilling social responsibility is a gradual process, based on the active implementation of legal responsibility and the basic hold of bottom line for social responsibilities, settling the social responsibilities in business development strategy and further fulfilling its moral responsibility for the stakeholders, and strengthening the social responsibility management of the supply chain for enterprise, so as to realize win-win between the enterprise and society.     

Financial Development, Economic Growth and Adaptive Efficiency： A Comparison between China and Pakistan

The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China＇s financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China＇s high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan.     

Does Corporate Social Responsibility Really Make a Difference？ An Explorative Analysis for Chinese Companies

Many studies have been performed to assess the impacts of corporate social responsibility （CSR） on the financial performance of companies. There are, however, very few studies that analyze how CSR policies and instruments affect the realization of social and environmental CSR goals, such as the reduction of workplace accidents or CO2 emissions. Therefore, it remains uncertain to what extent CSR really contributes to sustainable development and whether it can serve as an alternative to government regulation to internalize external effects from market operation. The present study provides an explorative empirical analysis that aims to fill this gap. We employ regression analysis on a sample of 109 Chinese companies. The estimation results show that having a code of conduct stimtdates the implementation of other organizational CSR instruments, but CSR implementation only partly affects the realization of CSR goals. Having codes of conduct without implementing CSR does not have a significant impact on societal welfare.     

Subject Choosing in China＇s Transnational Investment

Three main issues in transnational operation are： investment subject choosing of transnational operation （who is going out）, location choosing of transnational operation （where to go）, and industry choosing of transnational operation （what to do）. As to the subject choosing, there are two arguments, one is state-owned enterprise theory and the other is individually-run enterprise theory. After examining transnational companies from both developed countries and developing counties, we argue that subject choosing of transnational operation depends on competitive advantages of these enter＇prises instead of their ownership.     

Proposition of a framework for interpretation of complex problems and initiatives focused on sustainability： The food, energy and biofuel crisis

The world faces a double crisis： the food crisis and energy crisis. The agribusiness is at the center of this societal dilemma, involving aspects from the volumes of production and productivity up to the way to produce them. Furthermore, there is a discussion about the need for establishing a trade-off between production of food and energy. A central aspect regarding the way of production is on how existing resources to be used and, especially, when its degradation occurs. These discussions indicate the need for interpretation and for proposition of solutions, under a complex perspective, for this double crisis. Accordingly, this paper proposes a framework for the interpretation of complex problems and for initiatives focused on sustainability that was applied to the context of food, energy and biofuel crisis. The theoretical background comprises two theories. The first is the complexity theory, which enabled the proposition of a system to understand the reality, distinguishing and combining the several existing realities without losing the global notion; The second is the sustainability theory, which enabled the systematization of stages for the planning of more sustainable actions to operate in that context; Lastly, it was possible to infer desirable characteristics that other theories could also be included, aiming to propose solutions that are more appropriated for this specific context.     

Is China up to the Test？ A Review of Theories and Priorities for Education Investment for a Modern China

This paper reviews the key theories relating to the role of education in economic development and social change and how education, as a critical component of total factor productivity, contributes to sustained economic growth. It examines how China ＂s education policy reflects the country＇s unique dual economy. Focusing on the post-reform period, the paper contends that while progress has been made, there are risks to China＇s future growth prospects from failing to reap the benefits of sound education policy. It argues that if the Chinese education system is to continue to be a driver of rather than a drain on economic growth, and if China is to successfully manage its transition towards more inclusive, sustainable and equitable growth, reforms will be needed to improve the quality of education at all levels and to create an environment in which China＇s extensive human capital is duly recognized and respected. Crucially, the education system should be transformed to ensure it promotes a comprehensive range of human capabilities, including those that go beyond the part humans play in augmenting production possibilities.     

中国股票所有权的分割、流通及对投资银行业的制约

I. IntroductionSince establishment of the two stock markets in Shanghai and Shenzhen, the markets havegrown substantially to over 1,200 listed companies in 2003. The total stock marketcapitalization reached over 45 percent of Chinas gross domestic product (GDP) as of April2000, a figure comparable to that in developed countries, according to Fung and Leung(2002, p.100). Development of the Chinese stock market is critically important, because itenables Chinese firms to raise external capi…