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In this paper, the author uses the spot-futures parity theory to calculate the real value of wheat futures . Based on the present research concerning the price bubble problem in stock market, both the extraordinary variable variance analysis and the three portions test can be used on this kind of problem in wheat futures market. After improving the to analytical methods, the author carries out an...
Focuses on Chinese state-controlled and private listed companies, this paper concludes that private listed companies have greater competition advantages than the state-controlled listed companies through empirical study of the relationship between capital structure and product market competition. This means that favorable capital structure helps to improve the corporate governance structure and strengthen...
Real estate is a capital intensive industry, and the project financing is the most important to it. In China, the bank loan is the only financing channel, which endangers the national economy. The paper introduced trust loan as a new financing channel to the industry. The paper studied the financing of the Ploy International Plaza project to illustrate how trust loan can be an effective way to finance...
This paper investigates how trust, as an informal institution, affects corporate transaction cost and financial structure. Using trust index of different provinces in China, we find that differences of trust level in different regions of China caused differences of contract forms in different regions. The lower the regional trust level, the higher transaction costs of firms in the region, that is...
Technology transfer has been examined on more macro levels in former studies. However, communication between academia and industry on a micro level still needs to be studied. An effective communication mechanism is of key importance in technology transfer. In this study the author interviews top scientists and company owners from science parks or R&D centers in China to examine the communication...
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...
Western risk management theory suggests that corporate risk management is due to tax convexity, financial distress costs, under investment problem, and managerial risk aversion etc. This paper provides evidence on the determinants of corporate risk management policies through hedging. Data on hedging are obtained from 2007 annual reports for a sample of 1151 China non financial listed firms. Our evidence...
This paper studies the design of Pigovian Taxes as a routeway to balance the interests of ecotourism development & community welfare in China. Aiming at the problem of information asymmetry in application of Pigovian Taxes, the paper indicates the argument that the balance of ecotourism development and community interests can be achieved though government feasible measures. The interests balance...
In China, project finance is still in an exploratory stage. Generally speaking, in practice as well as in literature there is a considerable gap between China and Western developed countries. Therefore, how to push forward and improve project finance in theory as an academic guidance needs urgent explorations. In the light of China's unique features, this paper, with the help of the game theory, has...
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