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In China, private placement fund has a major impact on the operation of stock market. Due to the characteristics of private placement fund and the lack of legislation, there are a number of risk factors in the operating of private placement fund. This article introduces the operating state of private placement fund in China, and analyzes the characteristics of the risk. In the last part, on the basis...
This paper explores the relationship between institutional ownership and corporate governance in China. In order to study the role of institutional investors in corporate governance, the author first studies the relation between institutional ownership and corporate performance. The empirical results show that institutional ownership is not only positively correlated with current corporate performance,...
Based on mean-semivariance theory, a robust optimization model is developed for China's social security fund asset allocation, which the uncertainty of expected return and risk on security fund investment is described by several expected return vectors and covariance matrices. Then, we have done an empirical analysis by using the actual data from China. Empirical results show that: this method is...
Cross-discipline is a new direction of science and technology. The real estate industry is a fundamental and core industry in China. How to obtain the profitability of the project is an urgent question for the investors and the real estate development companies. Yet, now, there is no effective theory to direct the enterprises. The dissipative structures theory and its core -entropy theory were discussed...
BF (Behavioral Finance) is a branch of behavioral economics, mainly studies investor's cognition, sentiment, attitude, and other psychological features, as well as inefficiency of securities market as a result of these psychological factors. Since BF came into the world, BF has shown wide development prospect. The paper synoptically introduced many achievements of BF, at the same time, analyzed the...
The enterprise annuity fund is a supplement of old-age insurance, which is collected according to the relevant national laws, regulations and the enterprise annuity plan, formed with the operation income, and used to pay the enterprise retirement old-age pension. Since "Enterprise Annuity Implementation Means" and "Enterprise Annuity Fund Management Implementation Means" were set...
The ALM assesses the stochastic characteristics of underlying liabilities and their sensitivities to risk factors. The main goal of pension fund investment is to minimize risk at a given rate of return. Therefore, it is practical for us to analyze risk factors of pension funds investment in the framework of ALM. This paper starts with regulatory rules and risk factors of China's pension funds. And...
As a long term strategic investor which had special preference on safety, China's National Social Security Fund (NSSF) invested listed corporations through the form of investment portfolio, which operated by professional investment manager. The author made an empirical study based on 2007 annual reports of 842 A share listed corporations in Shanghai stock exchange. There were 22 investment portfolios...
The main purpose of this paper is to deal with the problems in government investment projects by the implementation of project portfolio management. As is known to us all, there are many problems in the government investment projects, and these problems do affect the economic and social development. In this paper, we sum up seven problems in the government investment projects. With the help of project...
We examine the hypothesis of risk and return in the emerging and transforming market of China. It is a fundamental concept in finance that is important to investors and portfolio managers. Previous studies reach no consensus on the risk-return relationship using data from our markets. We investigate risk variables that explain the cross-section of returns in the emerging markets. Based on the behavioral...
This study uses data envelopment analysis (DEA) to evaluate the operational efficiency of 50 Chinese open-end funds, and makes a comparative analysis of selected fundspsila operational efficiency according to the fund size, investment type and investment style from the perspective of the overall and division. The result showed that bond funds had the maximum and stable average efficiency, hybrid funds...
Village banks which are founded in 2007 are increasingly important in promoting the economy of rural areas in China, but the knowledge about the interest rate of small credit is partial and contested due to the deficiency of empirical material. This paper reviews the researches of interest rate of small credit, and then analyzes the interest rate of small credit of the sample village banks by adopting...
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