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Overseas Venture Corporations Favoring China's Capital Market
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《China's Foreign Trade》 2001年第10期17-17,共1页
关键词 NASDAQ Overseas Venture Corporations Favoring china’s capital market
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Typical Cases on China's Non-public Economy and Capital Market
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《China's Foreign Trade》 2001年第1期8-8,共1页
关键词 Typical Cases on china’s Non-public Economy and capital market
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Does Market Timing Affect Capital Structure?: Evidence for Chinese Firms 被引量:1
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作者 Philip Russel Ken Hung 《Chinese Business Review》 2013年第6期395-400,共6页
This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure dec... This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues. 展开更多
关键词 capital structure market timing PERSISTENCE china capital market
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China's Pension Reform and Capital Market Development
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作者 XinWang 《China & World Economy》 SCIE 2004年第3期3-16,共14页
The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a sup... The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening. 展开更多
关键词 BANK World china’s Pension Reform and capital market Development
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The Commodity and Capital Markets in Rural North China During the First Half of the 20th Century
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《Social Sciences in China》 1999年第3期34-49,190,共17页
关键词 In The Commodity and capital markets in Rural North china During the First Half of the 20th Century
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The quality of financial reporting in China:An examination from an accounting restatement perspective 被引量:7
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作者 Xia Wang Min Wu 《China Journal of Accounting Research》 2011年第4期167-196,共30页
This study uses restatements to reveal the poor quality of past accounting information reported within China's capital market.We show that up to a quarter of listed firms in China's Mainland explicitly admitte... This study uses restatements to reveal the poor quality of past accounting information reported within China's capital market.We show that up to a quarter of listed firms in China's Mainland explicitly admitted the poor quality of their financial information by restating their previous financial reports between 1999 and 2005.Many of these firms managed their earnings mainly via below-the-line items to avoid losses and promote survival,rather than to support refinancing goals.Such poor-quality financial reporting is more likely among firms that have weaker profitability and a shareholder base that is state-controlled,with diffused ownership and a relatively low proportion of shares held by institutional investors.Furthermore,we find the market to be relatively insensitive to such admissions.Investors' reactions capture only the earnings information of the current reported year,rather than also reflecting the concurrently revealed correction of past financial reporting.However,the equity market does not completely ignore the earnings information.Investors' reliance on earnings is merely low relative to the mature US market.These findings demonstrate that accounting credibility in China has low value;providing poor-quality financial information bears little cost because various market mechanisms fail to deter such behavior.Nevertheless,regulators' ongoing efforts to enhance the quality of financial information and disclosure among listed firms are still fruitful.The frequency of restatements decreased over our sample period,which reinforces the current regulatory prospects and strategies for further improving China's capital markets. 展开更多
关键词 Earnings quality Earnings management RESTATEMENTS china capital markets Regulation DISCLOSURE
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