Introduction 2013 saw the sixth anniversary of the formulation of Regulations of the People＇s Republic of China on Disclosure of Government Information （hereinafter referred to as the Regulations） and the fifth ann...Introduction 2013 saw the sixth anniversary of the formulation of Regulations of the People＇s Republic of China on Disclosure of Government Information （hereinafter referred to as the Regulations） and the fifth anniversary of their being put into effect. As the Regulations were stipulated and put into force,展开更多
Chapter Ⅲ Nationality of Ships Article 15 A shipowner applying for the nationality of a ship shall, in addition to the Certificate of Registration of Ship’s Ownership, submit the following docu-ments according to th...Chapter Ⅲ Nationality of Ships Article 15 A shipowner applying for the nationality of a ship shall, in addition to the Certificate of Registration of Ship’s Ownership, submit the following docu-ments according to the ship’s navigation zone: 1. For ships engaged in international voyages, the valid technical documents of the ship issued by an authorized organization for survey of ships in accordance with展开更多
Chapter Ⅴ Registration of Bareboat Charter Article 25 In any of the following cases,the shipowner and the charterer shall apply for the registration of barehoat charter: a. A ship of Chinese nationality hareboat char...Chapter Ⅴ Registration of Bareboat Charter Article 25 In any of the following cases,the shipowner and the charterer shall apply for the registration of barehoat charter: a. A ship of Chinese nationality hareboat chartered to a Chinese enterprise; b. A ship of foreign nationality hareboat chartered to a Chinese enterprise; c. A ship of Chinese nationality展开更多
The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market ...The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.展开更多
In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities...In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.展开更多
文摘Introduction 2013 saw the sixth anniversary of the formulation of Regulations of the People＇s Republic of China on Disclosure of Government Information （hereinafter referred to as the Regulations） and the fifth anniversary of their being put into effect. As the Regulations were stipulated and put into force,
文摘Chapter Ⅲ Nationality of Ships Article 15 A shipowner applying for the nationality of a ship shall, in addition to the Certificate of Registration of Ship’s Ownership, submit the following docu-ments according to the ship’s navigation zone: 1. For ships engaged in international voyages, the valid technical documents of the ship issued by an authorized organization for survey of ships in accordance with
文摘Chapter Ⅴ Registration of Bareboat Charter Article 25 In any of the following cases,the shipowner and the charterer shall apply for the registration of barehoat charter: a. A ship of Chinese nationality hareboat chartered to a Chinese enterprise; b. A ship of foreign nationality hareboat chartered to a Chinese enterprise; c. A ship of Chinese nationality
文摘The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.
基金supported by the National Natural Science Fund (grant no. 70602011)the National Social Science Fund (grant no. 08CJY009)+2 种基金the support we have received from the IAPHD Project of Nanjing Universitythe Institution of Accounting and Finance of Shanghai University of Finance and EconomicsResearch Project 985 of the Institution of Economic Transition and Development of Nanjing University
文摘In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.
