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In order to research the relationship between managerial ownership and earnings quality in China, the article researches the financial data of Chinese listed firms by using the abnormal accrual model and adjusted Jones model, we find that managerial ownership influences earnings quality by firm's accounting choices. The empirical research shows that the distribution between of managerial ownership...
Based on the data from 1978 to 2009, this paper selects variables such as money supply, real GDP and CPI as well as builds time series to prove that quantity of money has a certain impact on both the actual output and the nominal price level, while the impact of the former is stronger than that of the latter. All of the above analyzes are based on co-integration analysis, Granger Causality Test, VAR...
Suppose the stock returns series has a fat tail distribution characteristics of GED, and select the stock return series of three types of listed companies from 2007 to 2009 as the sample data, empirical analysis credit situation and probability of default of the listed companies in China before and after the financial crisis. Research indicates that the model can be well with the actual economic situation...
In order to study the nonlinear characteristic of China's money demand function, this paper adopted STAR (smooth transition auto regression) model to make the empirical test. The result indicated that China's money demand function had significant nonlinear characteristics and the transition variable was one lag of real national income, rather than the inflation rate, the conversion rate was significant,...
The issue related to whether Chinese financial structure matter for its economic growth has been illustrated in recent year. This paper utilizes the World Bank dataset during the 1992-2007 periods and adopts the neoclassical growth model and nonparametric estimating approach to study China's financial structure and economic growth. The positive sign of the coefficient of financial structure variable...
We examine the relationship between capital structure and earnings management in this study, with reference to the Chinese capital market. We measure the impacts of debts, the proportion of controlling shareholders', executives and external large shareholders. Analyzing Chinese companies listed from 2003 to 2007, we establish a link between capital structure and earnings management practices. The...
The relationship between financial development and economic growth has long been a topic of intense interest and debate in economic literature. Prior related research documented that financial development accelerate the economic growth. This paper empirically examines the impacts of financial development and marketization process on firm's external financial constraints by investigating whether financial...
A lot of empirical studies have been done on corporate dividend policy using firm-data, mostly for the US but seldom for emerging markets. In China, corporate dividend policy is still a new phenomenon. Based on the Signaling Theory (Lintner, 1956), two models are established to examine the relationship between corporate dividend policy and financial performance of Chinese listed companies. Sample...
This paper investigates the causal relationship between financial development and economic growth in the central region of China for the period 1978 to 2007. A time-series approach using the VAR Model is used to provide evidence for the dynamic relationship. The empirical results provide clear support for the hypothesis that there is a stable long- run relationship between financial development and...
Based on the foundation of VAR model. This paper applies impulse response function and variance decomposition to portray the correlations between development of economic and financial income. The result shows that there exists a strong positive response between them in the study period. Economic growth of China has certain positive role in promoting financial income, the existence of long-term stable...
Traditional study has some limitation on GARCH models to describe VAR in a market of great volatility, so the purpose of this paper is to look for an effective GARCH model for measuring VAR value of the market risk of open-ended funds. This paper adopted variance-covariance method and introduced the GARCH series models to calculate the conditional variance for VaR value. The authors used the GARCH...
Some financial variables can always be observed with perturbations and be expected in the imprecise sense as a result of the fluctuation of financial markets from time to time. Therefore, this paper estimated the fuzzy term structure of interest rates of the National Debt Market in China based on fuzzy regression and fuzzy programming techniques. This method will enable to quantify the anticipated...
Basing on the accounting basic equation and expanded equations reformed in 1993, the paper synthesizes the primary viewpoints about accounting equations system reconstruction, including the negation viewpoint on accounting expanded equations, the expansion viewpoint on accounting basic equation, the accounting equations system reconstruction viewpoint under private capital economy and reconstruction...
Development finance plays a vital role in regional construction of infrastructure and the development of hi-tech enterprises in China, so it is of great significance to make objective and quantitative analysis of development finance contribution. This paper designs the models of development finance contribution and makes positivist analysis of it.
Corporate governance is a significant factor that would influence business operation and financial risk, and therefore an empirical study about the early forecasting model and its effect combining the corporate governance indexes is very necessary. The paper select some quantitative variables from ownership structure, corporate governance and the major transaction events to examine the relationship...
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