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Using the data of Fujian Province over the period 1978-2008, this paper employs cointegration and Granger causality testing approach to study the relationship between Technological progress and Local government expending on Science and Technology. The empirical estimates show that Local government expending on Science and Technology and total factor productivity (TFP) has the long-term stability and...
This paper documents a unique form of controlling shareholders' propping and tunneling through earnings management prior to China's equity transactions, and we find the significant evidence that the controlling shareholders of targets attempt to employ income-increasing accruals management prior to the mergers that acquirers are not the controlling shareholders of targets so as to increase their revenue...
Using the data of listed companies which got equity refinancing in China's A-share stock market during the period of 2002-2005, this paper undertakes an exploratory study on excessive equity financing behaviors of listed companies from the perspective of ultimate controller's benefit invasion towards minority shareholders. The results show that, firstly, the deviation of ultimate control rights and...
Chinese informal finance has shown its own characteristics and scale of development. Based on empirical data of Wuhan city which is the metropolis in the central and western region of China, the author attempts to explore the objective laws of the development of informal finance in developing countries such as China. This paper has described the various characteristics of informal finance in Wuhan,...
In order to verify the causality for the regional financial development and the economic growth in Shannxi, the multiple regression model, the co-integration analysis and Granger causality test is used in this paper. Empirical results show that the financial development in Shannxi hindered the economic growth from 1993 to 2008. The cause consists in the low efficiency of resources in financial intermediaries...
China's forestry development is always restricted by various risks consistently, which seriously impact on the profound development of forestry industry in China. Therefore, a long-term and effective forestry risk management is imperative. Along with the innovation of financial tools, how to use them in the risk management system of forestry is significant to raise the level of risk management. The...
The research tries to investigate the relationship between managerial overconfidence and R&D expenditure. Making small and medium-sized listed companies in China as samples, shareholding owned by manager and its variation as a substitute for the overconfidence, using OLS analysis method, we make an empirical analysis on the relationship between managerial overconfidence and R&D expenditure...
Based on the tax burden, book value of fixed assets, depreciation, income and cash flow, this paper analyzes the influence on the taxpayer's balance sheet, income statement, cash flow statement and statement of change in equity of the VAT reform in China. For the given amount of purchased fixed assets, the result shows that the VAT reform will reduce the tax burden, decrease the book value of fixed...
Economists and policymakers have been always concerned with the role financial development plays in economic growth. This paper establishes dynamic panel data model to carry out the empirical investigation, and the results show that financial development has a significant effect on economic growth in China and the effect reveals the regional differences due to the imbalance of economic and financial...
Many financial markets are characterized by strong relationships and networks. We examine the performance consequences of this organizational structure in the context of relationships established when venture capital (VC) syndicate portfolio company investments. We find that social network has played a significant role in china VC industry; The increase of the centrality and stability contribute to...
Ever since a long time ago, the system of divided operation has been always been existing in the financial industry in China. Since the reform and opening-up in China, the financial industry has switched from mixed operation to divided operation and then back to mixed operation. The original idea of divided operation is to construct a financial firewall between commercial banks and securities companies...
The purpose of this paper is to explore the relationship between the property rights system and the financial development as well as the property rights system and economic growth in developing counties such as China. The paper uses statistical and econometric methods to analyze the finance data in Asia and Latin America, and economic data in China combined with property rights institutional changes...
Infrastructure in China is generally financed by government debt and bank loans, which endangers the financial system of the nation. This paper proposed asset-backed securitization as an instrument to solve the problem of financing infrastructure. This paper analyzed the principle of infrastructure securitization and studied the implementation details of the infrastructure securitization through the...
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 essay analyzes and represents the financial maturity of Guangdong from different angles, such as financial summation, financial structure and financial efficiency. The conclusion is the financial maturity of Guangdong is higher than other province, while the superiority is declining. Guangdong has to utilize the superiority, readjust the financial structure and promote the efficiency of financial...
The financial crisis triggered by the u.s. sub-prime mortgage crisis has spread to the whole world, which brought both China and the U.S. varying degrees of harm.Therefore, the two economies have taken positive measures to address the financial crisis, with a view to their rapid economic recovery of stability and prosperity. However,we can easily find the measures taken by the two governments with...
The competition of contemporary automotive market has evolved from competition between enterprises to competition between industry value chain (IVC). Based on the theory of IVC, this paper explains the relationship between extension of value chain and enhancing competition of China's automotive industry. Through analysis of developmental mode of US and Japan's automotive industry, propose the strategic...
From the Pecking Order Hypothesis, the partiality of enterprise should see the internal fund as the main capital source for investing. Second is the debt, new stock financing is the last one. However, the financing practice of China's listed company just is in opposition to the theory, that is to say, the companies in China depend on the external financing even more than that of the other countries,...
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...
The rise in share prices of the iron and steel sector in 2006 and 2007 and drop in 2008 due to the global financial turmoil raised a great deal of concern among shareholders. In this paper, concerns of shareholders are to be identified through questionnaires, and the financial status and developing trend of the listed steel companies is to be elicited by performing model verification (e.g. principal...
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