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This article is argue the influence of financial structure to economic growth and try to find an appropriate kind of financial structure for the macroeconomic. US and China, which play important parts in world economic and respect two different kinds of financial structures as well as developed and developing country, are chosen to discuss. Empirical analysis method is used through making a model...
With China taking its reform and opening policy, the private economy has been developed rapidly now, especially going public. It is discovered that there are two ways of entering China's stock market: one is direct listing, the other is in-direct listing. Private enterprise studies in this paper exclude state-owner economy. Since 1996 in China, the number of private listing corporations have been...
By using Event-Study Analysis, the paper studied empirically about the market reaction of the M&A of real estate listed companies from 2007 to 2008 in China. The results demonstrated that it has a positive income effect of M&A in the short term, nevertheless, such effect in non-related companies is overwhelming stronger than related ones. In study of the factors affected the M&A through...
As the further study of agency theory, managerial entrenchment provides a new perspective to explain corporate financial decisions. Capital structure of listed companies in China has deviated from the goal of shareholders' wealth maximum. Based on this objective phenomenon, this thesis makes the theory analysis of the impact of managerial entrenchment on capital structure. Then using the financial...
This paper examines whether the level of debt financing affects the equity agency costs between shareholders and management and the one between controlling shareholders and minority shareholders. We use empirical research method to analyze a panel data sample of A share listed companies in Shanghai and Shenzhen Stock Exchange from year 2007 to 2009 and finds that companies with proper financing structure...
Based on the behavioral theory of corporate finance perspective, this article takes the listed companies in 2008 as a sample, researched the equity financing preference on investment behavior. By regression analysis: the listed companies' equity financing preference and the financing size have significant influence on the investment behavior.
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...
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,...
According to the characteristics of Chinese securities market, this paper adjusted the standard Fama-French Three factors asset pricing model, by introduced price/earning rate of accounting index and trading volume rate of technology index. The empirical outcome indicates that the standard F-F model can be used to basically interpret the correspond portfolios' weekly return of Csindex100 sample shares...
The paper stands on companies' board of supervisors, by using listed companies' annual report data of 2006-2008 in the Shenzhen Stock Exchange and constructing panel data model to analyze the factors to supervisors' internal control disclosure, finds financial status is a significant impact on the behavior of supervisors' disclosure, while the role of corporate governance is smaller than we expected...
Foreign business management theory and experience shows that,in the modern property rights structure, equity ownership incentive is an effective tool to resolve differences in the behavioral objectives, and promote the growth of corporate value. Along with the deepening of the split share reform, equity ownership incentive is increasingly being concerned in the academic and business field in China...
This paper, with a firm-level dataset of private listed companies in Shanghai stock markets from 2004-2008 based on ultimate shareholder's views, examines the effects of ultimate shareholder's controlling rights, cash flow rights and the separation between controlling rights and cash flow rights on corporate performance and capital structure. The paper tries to give some suggestions on the improvement...
The investment value of the stock in small and medium enterprise(SME) board in China need to be analyzed based on the actual data. The 38 stocks has existed above 5 years when Chinese Small and medium-sized enterprise board was founded in 2004, and their the market data is proper to be analyzed. The long-term investment values of the 38 stocks which are bought at the initial public offering price...
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...
This paper applies the TYDL procedure to test the comparative advantage of the banking system vs. stock market in China. For the availability of the data, we confine our analysis between 1992Q1 to 2008Q4. Empirical result shows that there exists bi-directional Granger causality between the banking development and the economic growth in China; on the contrary, evidence implies that the stock market...
This paper investigates the impact of winning quality award on short-term and long-term stock prices in the mainland of China. Our results show that the award winners get significantly positive abnormal returns in the stock market at short run. The quality awards have a distinct stock price effect to large firms, and that the China Quality Award (CQA) winners get more abnormal returns than that of...
Some advanced structural models of default risk have introduced jump component to reflect the abnormal jump risk, but most of them take use of the credit spread, credit default swap (CDS) spread or option price in empirical research. However, the finance derivative market and the bond market in China are undergoing very limited development, which makes it impossible to use the credit spread or CDS...
In order to observe whether holistic listing improves the efficiency of listed companies in the long term, this paper empirically tests the performance changes of listed companies that have realized holistic listing in 2004-2007 in China's stock market. We use improved FA-DEA method to evaluate the efficiency changes, and then apply Tobit Model to analyze the influence of holistic listing, size, major...
We analyze the performance between IPO and non IPO private listed companies in A-share market in China. Using WLS regression analysis and factor analysis, we find that IPO private listed companies perform better than non IPO ones on solvency, profitability, cash flow and business development capacity. However, the non IPO listed companies reflect their advantages on the asset management capability...
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