连锁董事网络、融资约束与民营企业社会责任

基于多理论视角,借助社会网络分析法和多元回归技术,分析并检验了连锁董事网络对企业社会责任的影响效应、作用路径和边界条件。研究表明:①当连锁董事处于网络中心或占据结构洞位置时,有助于促进企业社会责任履行。②当连锁董事处于网络中心或占据结构洞位置时,有利于减轻融资约束;融资约束在连锁董事网络中心度和结构洞影响企业社会责任的过程中,发挥部分中介作用。③政治关联强化了连锁董事网络对企业社会责任的正向影响。进一步研究发现,与地方政治关联相比,中央政治关联对连锁董事网络与社会责任关系的影响更大;代表委员型政治关联强化了连锁董事网络与企业社会责任之间的正相关关系,但官员型政治关联对二者关系的影响并不显著。

Chinese Offshore RMB Currency and Bond Markets:The Role of Hong Kong

This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China＇s RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond （or dim sum bond） market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.

Do Political Connections Promote Innovation in Environmentally Polluting Enterprises?

We use an unbalanced panel data analysis to examine the effect of political connections(PCs)in state-owned enterprises(SOE)and non-SOEs on the innovation of Chinese environmentally polluting enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2016.Our sample consists of 792 firms and 4587 firm-year observations.There are several interesting findings.First,SOEs that are politically linked to the central government promote more innovation in general and more environmental innovation than SOEs without these links.Second,privately-owned enterprises(non-SOEs)with PCs promote less environmental innovation than non-SOEs without PCs.Third,environmental regulation does not affect the environmental innovation of SOEs but it drives non-SOEs with PCs to become more environmentally innovative.Our results enable us to better understand how PCs and regulations affect environmental innovation.

Effects of Social Capital,Top Executive Attributes and R&D on Firm Value in Chinese Small and Medium-sized Enterprises

This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R ＆D on firm value in Chinese small and medium-sized enterprises （SMEs） listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender （male） and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital （measured by politieal connections, managerial business association networks and technology association networks） and R＆D have a positive effect on SME firm value. Third, the effect of politieal connections on firm value for state-owned enterprises （SOEs） is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.

Financing Alternatives for Chinese Small and Medium Enterprises: The Case for a Small and Medium Enterprise Stock Market

在中国为小、中等的企业资助选择在现在的学习被讨论。特别地，我们分析重要变化，在中国 s 的开发第二上证券市场。地区性的财产和公平的广泛的网络交换的中国 s，它被设置便于私人公平转移，和非执行的贷款交易似乎部分为小、中等的企业充满虚空，它不能容易为在股票交易所列出获得赞同。外国投资者能通过这些地区性的财产和公平交换在非列出的国内国有、私人的企业识别投资机会。同时，外国证券市场现在正在吸引年轻中国企业在他们的交换上列出他们的股票。

Market Reaction to Corporate Social Responsibility Announcements:Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.

Can Renminbi Appreciation Reduce the US Trade Deficit?

Using a computational general equilibrium model, we analyze the impacts of Chinese real exchange rate appreciation on the trade balance of China and the USA and on various industries of both countries, We use several scenarios with 2.1, 6 and 12percent real exchange rate appreciations for our simulation analysis. The results indicate that China＇s exchange rate appreciation might not solve the enlarging US current account deficits. Chinese outputs in both primary and manufacture sectors will increase, whereas the outputs of energy and serviees sectorx will be adversely affected. The price of value-added products declines in light of the renminbi appreciation.

Growth Enterprise Board Initial Public Offerings:Characteristics,Volatility and the Initial-day Performance

我们从 2009 年 10 月使用中国起始的公共出现数据到 2010 年 8 月检查最新建立的生长企业董事会(GEB ) 。结果显示 GEB 是成功的并且正在提供一条可行隧道让新小、中型的公司提起外部资本。四个变量，轻快变量，周转比率，赢的彩票比率和 priceearnings 比率，是在回归分析驾驶起始天的回来的重要因素。在 GEB 上的新贸易暂停政策的实现被发现在减轻过多的推测有效。我们的分析结果能被决策者使用在 GEB 的起始的公共礼物的 underpricing 上计量政策变化的效果。

Effect of Money Supply on Real Output and Price in China

Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People＇s Bank of China＇ s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.

China＇s Outward Direct and Portfolio Investments

这份报纸由检验中国 firmsoverseas 获得分析与中国的向外直接、金融的投资有关的开发和趋势，中国美国财政证券的资源，并且最近正式运行了合格国内机构的投资者程序。策略应该被开发达成最佳的决定为直接并且公事包投资。我们主张那个中国应该有一个长术语的看法为直接并且公事包投资，当维持它的持续生长目的时，在亚洲成为领导人的创新中国。当做公事包和直接投资决定时，中国应该在亚洲契约市场和亚洲货币资金的发展重重地投资。

What Drives Cost Efficiency of Banks in China？

这研究使用随机的边疆分析检验影响那从 2005 ～ 2013 在中国花去河岸的效率的因素。结果显示那条政策变量利率例如储备要求比率，由人们中国的银行散布了并且开市场操作，在改进变量可以减少的银行，而是阴影银行的费用效率是有效的费用效率。在各种各样的银行类型之中，城市广告银行看起来是最有效、外国的银行是最不有效的。现在的学习建议决策者们能由在银行并且由在阴影银行活动要求更多的信息改善的不同类型上调整宏政策变量在银行费用效率上有积极影响监视。

China’s Corporate Governance and Reforms

We have reviewed and identified the key problems of China＇s corporate governance. Several suggestions are provided to improve its governance mechanism. A review of corporate governance models among different countries suggests that the state ownership of the Chinese companies should be reduced and shares that are split into tradable and nontradable shares should be abolished. The three-tier board structure and duty of directors should be restructured to improve transparency and disclosure requirements.

Does More Trading Lead to Better Market Linkage?Evidence from the Commodity Futures Markets

In this study,we use eight pairs of commodity futures data to investigate the impact of the recently launched nighttime trading session by Chinese futures exchanges.We conduct a thorough empirical analysis on the cross-market information transmission mechanisms between China and the U.S.We apply various econometric analyses including the co-integration analysis,the forecast error variance decomposition analysis,and the volatility spillover analysis with a bivariate GARCH model.Findings in this study indicate that,after the launching of nighttime-trading hours in China,the price discovery function of the Chinese futures market is noticeably improved,and that the Chinese market began to dominate the U.S.market in the bidirectional volatility spillover process.Thus,the introduction of the nighttime-trading hours appears to be an effective step toward China’s long-term goal of establishing pricing power in key commodities on the global financial market.