Currently, though our country’s quality of independent audit has been improved greatly, part of the listed companies’accounting/auditing information lost truth, even cheating is still serious,which made negative effect to our capital market to a certain of extent.
Basing on GIS technology, comprehensively using principal component analysis, the author concludes, the regional difference of our capital market is becoming wider, the differences between east and west, south and north, city and countryside are remarkable, and space polarization appears and concentrates in Shanghai, Beijing and Canton.
From 90's in 20 centuries, along with the quick development of economic and the market economy system reforms going forward deeply and deeply, our capital market develop rapidly. Specially, the core of capital market, the stock market, which position and function rises increasingly in the whole financial system. Stock market and listed company increasingly deeply influence the national economy.
With the development of our capital market, value investment and value management go deep into people’s heart, people pay more attention to corporation’s intrinsic value when they make decision.
We will probably lose an important opportunity if we do not launch our country’s index futures trading at the right time, particularly with the gradually opening of our capital market to outside of the world after our entering the WTO.
Therefore, outer investors should not use cash dividend as a tool of forecasting future gains of listed companies in China, especially at transition era of our capital market nowadays.
Since the 1990s, the rapid development of our capital market which take the stock market as the main body, has changed the monetary policy transmit mechanism. The transmission function of stock market for monetary policy in china is also start to reveal.
Many of them do that as an efficient way of accessing our capital market.
We assume the principle or the supervisor can observe the productivity with a positive probability at a certain cost.This paper discusses the relative efficiency under different rules of game and institutional arrangement using three principle-agent models:the multi-principle model with positive information transferring cost,the multi-principle model with zero information transferring cost and the principle-supervisor-agent model.Our models suggest that the rule of game is the key determinant of efficiency given...
We assume the principle or the supervisor can observe the productivity with a positive probability at a certain cost.This paper discusses the relative efficiency under different rules of game and institutional arrangement using three principle-agent models:the multi-principle model with positive information transferring cost,the multi-principle model with zero information transferring cost and the principle-supervisor-agent model.Our models suggest that the rule of game is the key determinant of efficiency given the information processing ability and information processing cost of the players.Due to the free-riding problem,the multi-princople model with positive information transferring cost has the lowest efficiency.Only when the suppervisor can collects information at sufficient lower cost can the P-S-A model outperform the multi-principle model with zero information transferring cost.More generally,the multi-principle model with zero information transferring cost has the highest efficiency.As for the operating institution of state-owned-enterprise,this paper suggests that transforming the SOE into modern corporation and improving the efficiency level of our capital market is the most appropriate choice for us to take.
Because of later development of our capital market research about capital structure of Chinese companies is still at primarily stage,especially the research about the quality of capital structure.With the data of real estate listed companies,the target of this article is to launch research on reality of listed companies to analysis in China.By the evidence analysis,we discover the capital structure of real estate listed companies is unreasonable,the finance lever is higher.
Convertible bond is a kind of financial derivative instrument with fund raising and risk avoiding functions,which is novel and unfamiliar in our country.The paper has put forward a kind of convertible bond form which is similar to the B-share convertible bond in view of the financial instrumentshortage in our capital market,and planed to raise the fund through the international capital market in order to widen enterprises′ financing channel,and utilized martingle method to provide its value...
Convertible bond is a kind of financial derivative instrument with fund raising and risk avoiding functions,which is novel and unfamiliar in our country.The paper has put forward a kind of convertible bond form which is similar to the B-share convertible bond in view of the financial instrumentshortage in our capital market,and planed to raise the fund through the international capital market in order to widen enterprises′ financing channel,and utilized martingle method to provide its value formula.