Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the ...Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.展开更多
This paper provides a theoretical model to explain the causality between China's energy transition and capital deepening found by the empirical study.We prove that in the equilibrium,China's energy transition ...This paper provides a theoretical model to explain the causality between China's energy transition and capital deepening found by the empirical study.We prove that in the equilibrium,China's energy transition is endogenously determined by capital deepening due to the homogeneity of electricity and the monopolistic competition features of China's electricity market.Price effect,which is the effect of change in relative factor price,will affect energy transition only if the policy intervenes electricity price in terms of the primary sources from which it is generated.We propose that investment can promote energy transition by stimulating capital deepening which is biased to clean energy development.In this regard,our paper provides a new way of thinking for other developing countries to design an effective energy transition policy.展开更多
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
Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign...Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign finance can promotegrowth through higher investment and technology transfers. It can allowcountries to adjust gradually to new circumstances in the world economy.展开更多
Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect ...Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country's banks in the global market. Starting with illustration of the present cond(tion of risk management in China's banks, the paper analyzes the major problems existing in the risk management system of China's banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China's banking industry.展开更多
Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese ...Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese writing.The city is also the birthplace,the Chinese classic text of I Ching also known as the Book of Changes.展开更多
There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of co...There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-展开更多
The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and car...The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.展开更多
On June 3rd,JD.com announced that Paipai,its second-hand commodity trade platform,was strategically merged with Aihuishou(Love Recycling)which is one of the largest electronics recycling platforms in China.Recently,th...On June 3rd,JD.com announced that Paipai,its second-hand commodity trade platform,was strategically merged with Aihuishou(Love Recycling)which is one of the largest electronics recycling platforms in China.Recently,the Ecommerce Research Centre of 100ec.cn released the2018 Development Report for China Second-hand E-businesses(hereinafter referred to as the Report),which indicated that as of the end of 2017.展开更多
Stimulated by the continuous opening-up strategy and strong domestic demand,China s consumption market has become an important growth pole for the global market.China’s import consumption market has ushered in innova...Stimulated by the continuous opening-up strategy and strong domestic demand,China s consumption market has become an important growth pole for the global market.China’s import consumption market has ushered in innovation driven by technology,and new import models represented by cross-border e-commerce have strengthened ties between China and other countries around the world.展开更多
The article briefly introduces the situation of the global mobile communications market,and based on the development status quo of China's mobile communications market,studies the strategy for China Telecom to ent...The article briefly introduces the situation of the global mobile communications market,and based on the development status quo of China's mobile communications market,studies the strategy for China Telecom to enter the mobile market,mainly focusing on mo- bile technologies selection,differentiable services,regional strate- gies and price policies.展开更多
China’s refrigerator industry developed at a rapid pace in the 1980s when the purchase of household electrical appliances was progressing the country. More than half of the refrigerator enterprises disappeared from t...China’s refrigerator industry developed at a rapid pace in the 1980s when the purchase of household electrical appliances was progressing the country. More than half of the refrigerator enterprises disappeared from the market in ten years of bitter competition. However, seven brands of refrigerators——Changling, Shangling, Rongsheng, Qindao, Meiling, Zhongyi and Shuanglu——have captured 90% of the market with their high quality products, after-sales service, new product development and financial viability. Between 1955 and 1977,展开更多
1. Exuberant supply and demand dominated the first half of 1993, but levelled out in the second half. In 1993, China’s steel production had sustained growth, with an output of 88.68 million tons of steel, 9.56 percen...1. Exuberant supply and demand dominated the first half of 1993, but levelled out in the second half. In 1993, China’s steel production had sustained growth, with an output of 88.68 million tons of steel, 9.56 percent increase over 1992, and 76 million tons of steel products, 13.58 percent up on the展开更多
As an importantcomponent of thechemical industry,the rubberindustry serves varioussectors of the nationaleconomy.Thanks to China’sreform and economicopening,and increasinglyexpanded domestic marketsand exports,the ru...As an importantcomponent of thechemical industry,the rubberindustry serves varioussectors of the nationaleconomy.Thanks to China’sreform and economicopening,and increasinglyexpanded domestic marketsand exports,the rubberindustry has achievedsustained,steady and healthygrowth in production andtechnical research.展开更多
In 1994, Motorola (China) Electronics Co. Ltd. injected a further US$120 million of investment in its Tianjin Factory to enforce and expand its rear procedure for semiconductor production, and establish a devices and ...In 1994, Motorola (China) Electronics Co. Ltd. injected a further US$120 million of investment in its Tianjin Factory to enforce and expand its rear procedure for semiconductor production, and establish a devices and components division and power source Components division. In August of the same year, the company offered another US$ 200 million to purchase land for new factories, to set up a front procedure for the production line for semiconductors, to produce double-way radio equipment. In October,its Shanghai division was established. It has been disclosed that before 2000,展开更多
文摘Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.
文摘This paper provides a theoretical model to explain the causality between China's energy transition and capital deepening found by the empirical study.We prove that in the equilibrium,China's energy transition is endogenously determined by capital deepening due to the homogeneity of electricity and the monopolistic competition features of China's electricity market.Price effect,which is the effect of change in relative factor price,will affect energy transition only if the policy intervenes electricity price in terms of the primary sources from which it is generated.We propose that investment can promote energy transition by stimulating capital deepening which is biased to clean energy development.In this regard,our paper provides a new way of thinking for other developing countries to design an effective energy transition policy.
文摘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.
文摘Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign finance can promotegrowth through higher investment and technology transfers. It can allowcountries to adjust gradually to new circumstances in the world economy.
文摘Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country's banks in the global market. Starting with illustration of the present cond(tion of risk management in China's banks, the paper analyzes the major problems existing in the risk management system of China's banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China's banking industry.
文摘Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese writing.The city is also the birthplace,the Chinese classic text of I Ching also known as the Book of Changes.
文摘There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-
文摘The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.
文摘On June 3rd,JD.com announced that Paipai,its second-hand commodity trade platform,was strategically merged with Aihuishou(Love Recycling)which is one of the largest electronics recycling platforms in China.Recently,the Ecommerce Research Centre of 100ec.cn released the2018 Development Report for China Second-hand E-businesses(hereinafter referred to as the Report),which indicated that as of the end of 2017.
文摘Stimulated by the continuous opening-up strategy and strong domestic demand,China s consumption market has become an important growth pole for the global market.China’s import consumption market has ushered in innovation driven by technology,and new import models represented by cross-border e-commerce have strengthened ties between China and other countries around the world.
文摘The article briefly introduces the situation of the global mobile communications market,and based on the development status quo of China's mobile communications market,studies the strategy for China Telecom to enter the mobile market,mainly focusing on mo- bile technologies selection,differentiable services,regional strate- gies and price policies.
文摘China’s refrigerator industry developed at a rapid pace in the 1980s when the purchase of household electrical appliances was progressing the country. More than half of the refrigerator enterprises disappeared from the market in ten years of bitter competition. However, seven brands of refrigerators——Changling, Shangling, Rongsheng, Qindao, Meiling, Zhongyi and Shuanglu——have captured 90% of the market with their high quality products, after-sales service, new product development and financial viability. Between 1955 and 1977,
文摘1. Exuberant supply and demand dominated the first half of 1993, but levelled out in the second half. In 1993, China’s steel production had sustained growth, with an output of 88.68 million tons of steel, 9.56 percent increase over 1992, and 76 million tons of steel products, 13.58 percent up on the
文摘As an importantcomponent of thechemical industry,the rubberindustry serves varioussectors of the nationaleconomy.Thanks to China’sreform and economicopening,and increasinglyexpanded domestic marketsand exports,the rubberindustry has achievedsustained,steady and healthygrowth in production andtechnical research.
文摘In 1994, Motorola (China) Electronics Co. Ltd. injected a further US$120 million of investment in its Tianjin Factory to enforce and expand its rear procedure for semiconductor production, and establish a devices and components division and power source Components division. In August of the same year, the company offered another US$ 200 million to purchase land for new factories, to set up a front procedure for the production line for semiconductors, to produce double-way radio equipment. In October,its Shanghai division was established. It has been disclosed that before 2000,