The efficient Market Hypothesis divided the stock market into three parts: weak-form efficiency, semi-strong-form efficiency, and strong-form efficiency. There are so many scholars have conducted researches on whethe...The efficient Market Hypothesis divided the stock market into three parts: weak-form efficiency, semi-strong-form efficiency, and strong-form efficiency. There are so many scholars have conducted researches on whether China' s stock market has reached weak-form efficiency. The author of this literature review summaries the results of these researches and makes a systematic induction. This article attempts to show the achievements of these researches and ~ive readers new ideas about how to improve China' s stock market efficiency.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
The relationship between financial development and economic growth in China is controversial.From this perspective,this article aims to identify this relationship using both capital market and banking intermediation i...The relationship between financial development and economic growth in China is controversial.From this perspective,this article aims to identify this relationship using both capital market and banking intermediation indicators,which were rarely considered in the previous literature.An autoregressive model with staggered lags(ARDL)examines the long-run cointegration relationship between 1980 and 2020.The results suggest that the contribution of different subsectors of the Chinese financial system to economic growth differs.The development of the money market has a negative impact,whereas market capitalization has a positive impact on economic growth in China.Regarding the contribution of the banking system to China's economic growth,the two variables measuring the depth of financial institutions showed opposite impacts in both the short and long term.Regarding important policy implications,regulators need to ensure a pro-growth environment,effectively regulate the informal banking system,and prevent potential financial risks by revising policies.展开更多
IKD Co., Ltd. was listed on the main board of Shanghai's stock market on November 17, 2017. IKD, established in 2003, is a professional manufacturer of precision aluminum alloy die-castings. Its main products are die...IKD Co., Ltd. was listed on the main board of Shanghai's stock market on November 17, 2017. IKD, established in 2003, is a professional manufacturer of precision aluminum alloy die-castings. Its main products are die-casting aluminum automotive parts such as wiper, transmission, steering, engine and brake systems to meet the requirements of lightweight and energy saving. Its main customers are the world's leading providers of automotive components including Valeo, Bosch, and Knorr-Bremse.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
The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan durin...The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan during the period between 2011 and 2016.The hypotheses of the study were tested based on multiple and hierarchical regression method.The most important result of the study is that the earnings per share is the strongest variable that helps in predicting the stock market value of the bank shares,in addition to the significant effect of bank size as measured by its total assets.展开更多
With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto reg...With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.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
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
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
In the excellent situation of reform, opening to the outside world, development and stability, the China civil aviation transport industry, which plays a leading role in the development of the national economy, is dev...In the excellent situation of reform, opening to the outside world, development and stability, the China civil aviation transport industry, which plays a leading role in the development of the national economy, is developing steadily. Its speed of development ranks first in the world and is the focus of world attention. In 1994, China’s total air freight turnover reached 5.84 billion tons/km, an increase of 14 times compared with that of 1980,展开更多
China’s auto market will develop steadily in 1997, with supply exceeding demand. The demand difference for different cars will be further diminished, witnessing further price rises. Richer sources of auto supply. It ...China’s auto market will develop steadily in 1997, with supply exceeding demand. The demand difference for different cars will be further diminished, witnessing further price rises. Richer sources of auto supply. It is predicted that auto output in 1997 will win a 6 percent increase on the basis of the output of 1.55 million autos in 1996, reaching 1.65 million. The import scale of autos will expand a little on the dropping basis of 1996, maintained at 100,000-120,000 autos from imports. Auto stor-展开更多
This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial...This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.展开更多
文摘The efficient Market Hypothesis divided the stock market into three parts: weak-form efficiency, semi-strong-form efficiency, and strong-form efficiency. There are so many scholars have conducted researches on whether China' s stock market has reached weak-form efficiency. The author of this literature review summaries the results of these researches and makes a systematic induction. This article attempts to show the achievements of these researches and ~ive readers new ideas about how to improve China' s stock market efficiency.
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The relationship between financial development and economic growth in China is controversial.From this perspective,this article aims to identify this relationship using both capital market and banking intermediation indicators,which were rarely considered in the previous literature.An autoregressive model with staggered lags(ARDL)examines the long-run cointegration relationship between 1980 and 2020.The results suggest that the contribution of different subsectors of the Chinese financial system to economic growth differs.The development of the money market has a negative impact,whereas market capitalization has a positive impact on economic growth in China.Regarding the contribution of the banking system to China's economic growth,the two variables measuring the depth of financial institutions showed opposite impacts in both the short and long term.Regarding important policy implications,regulators need to ensure a pro-growth environment,effectively regulate the informal banking system,and prevent potential financial risks by revising policies.
文摘IKD Co., Ltd. was listed on the main board of Shanghai's stock market on November 17, 2017. IKD, established in 2003, is a professional manufacturer of precision aluminum alloy die-castings. Its main products are die-casting aluminum automotive parts such as wiper, transmission, steering, engine and brake systems to meet the requirements of lightweight and energy saving. Its main customers are the world's leading providers of automotive components including Valeo, Bosch, and Knorr-Bremse.
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The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan during the period between 2011 and 2016.The hypotheses of the study were tested based on multiple and hierarchical regression method.The most important result of the study is that the earnings per share is the strongest variable that helps in predicting the stock market value of the bank shares,in addition to the significant effect of bank size as measured by its total assets.
基金supported by the Fundamental Research Funds for the Central Universities(2019CDSKXYGG0042,2018CDXYGG0054,2020CDJSK01HQ01)National Social Science Funds(16CJL007).
文摘With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.
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,
文摘In the excellent situation of reform, opening to the outside world, development and stability, the China civil aviation transport industry, which plays a leading role in the development of the national economy, is developing steadily. Its speed of development ranks first in the world and is the focus of world attention. In 1994, China’s total air freight turnover reached 5.84 billion tons/km, an increase of 14 times compared with that of 1980,
文摘China’s auto market will develop steadily in 1997, with supply exceeding demand. The demand difference for different cars will be further diminished, witnessing further price rises. Richer sources of auto supply. It is predicted that auto output in 1997 will win a 6 percent increase on the basis of the output of 1.55 million autos in 1996, reaching 1.65 million. The import scale of autos will expand a little on the dropping basis of 1996, maintained at 100,000-120,000 autos from imports. Auto stor-
文摘This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.