Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

Evolution of China's Financial Asset Mix from 1991 to 2007

In 1996,the first author of this essay manifested that financial assets structure of China,which was then dominated by indirect financing,had led to many problems in the economy.After more than ten years of financial reform,has the financial assets structure been improved?Can the existing financial assets structure accommodate the development of Chinese economy?This paper tries to answer the above questions by reanalyzing the current financial structure in China.It is found that the financial asset structure of China has experienced obvious improvement.Meanwhile the new structure has brought some new problems which ought to be resolved by further improvement of monetary market and capital market.In the coming ten years,the optimal path for the development of China’s financial market is through twoway opening.

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Financial Knowledge,Capability to Guard Against Risks,and Rural Households’Selection of Financial Assets:An Empirical Study Based on Rural Households in China

Based on rural household data collected in two rounds of the China Household Finance Survey(CHFS)in 2015 and 2017,respectively,this paper presents the likely impact of financial literacy and capability against risks on the breadth and depth of participation by rural households in risky financial markets.After instrumental variables are used to solve endogenous problems,we find that a good command of financial knowledge and a higher risk management level could significantly increase the probability and proportion of rural households investing in risky financial assets.A mechanism analysis further reveals that financial knowledge motivates rural households to engage in financial investments by helping them evaluate their capability to guard against risks.After multiple dimensions of indicators are employed to measure financial knowledge,the estimated results remain stable.In view of this,we have put forward some policy suggestions to increase the property income of rural households and promote the rural financial market.

Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

The Separation of Powers from Functions and the Establishment of a New Structure of Management and Operation of State-owned Assets

The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-

Financial assets owned by Chinese residents to surpass 7,000 billion yuan this year

According to forecasts by relevant experts, the financial assets owned by Chinese residents will hit 7,211 billion yuan this year, a 17 per cent increase over last year or 16.4 per cent more after deduction of price factors. So far as the structure of these financial assets is concerned, bank savings deposits by Chinese residents will grow by 17.2 per cent to 5,426 billion yuan by the end of this year, accounting for 75.2 per

Analyzing China's Non-performing Financial Assets

The non-performing assets of China’s financial institutions totaled RMB l,800 billion. Has this threatened the safety of China’s financial industry? Where do this large amount of nonperforming assets come from?

Roles of Financial Innovation and Information Technology:Lessons from US Sub-prime Mortgage Crisis and Its Implications for China

The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.

Modelling the Financial Value of the Maroochy River to Property Values: An Application of Neural Networks

The Maroochy River, which is located on east coast of Australia, provides a variety of uses and values to the community. Changes in structure, function and management of the river will influence the value that the community derives from it. Therefore, critical to the river’s continued management is the development of policy relevant tools based on the community’s value of the river. This paper focuses on estimating the fi-nancial value the local residents derive from living close to the river through investigation of changes in residential property values due to attributes of the Maroochy River. It is a complex analysis since there are several confounding geographical and property variables. Given a large and complete dataset of 28,000 properties for the Maroochy region, Artificial Neural Networks (ANN) was applied to estimate the economic value of the properties. This ANN was then able to simulate scenarios for property values with respect to changes in environmental features. It showed the Maroochy River contributed AU$900,000,000 to the unim-proved capital value of the whole region, a value that could not be estimated previously, and much higher than anticipated. Calculating potential annual payments to the Shire Council through land tax analysis from these property values, provides the council with means to justify expenditure to maintain a standard of water quality and ecosystem health.

The Financial Structure of Italian Companies

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.

Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

Editorial to special issue“Hidden market linkages between Bitcoin,cryptocurrencies and financial markets:Evidence from high‑frequency data and higher‑order moments”in financial innovation

The cryptomarket has evolved into a complex system of different types of cryptoassets,each playing an important role within the system.With specific features,opportunities,and risks.Studying their apparent and hidden linkages and general connectedness not only inside the system but also the linkages to the outer markets,being it either the traditional financial markets or the macroeconomic and monetary indicators and variables,plays a crucial role in understanding the market,managing risks,and aiming for profitable opportunities.The cryptomarkets are far from being simply Bitcoin or even just the most popular and capitalised cryptocurrencies and tokens which might have been the case just a few years back.

Analyzing on the Characteristics of Several Typical Financial Behavior of Loss Listed Companies in China

In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.

How to Offset Interior Debts in Consolidated Financial Statement for Reformed Group Enterprises

The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.

Financial Statement Valuations in Italian Accounting Thought Between the 19th and the 20th Century： From ＂Exchange Value＂ to ＂Historical Cost＂

The main subject of this paper is the theory of financial statement valuations observed in its historical development. More notably, regarding the subject, the research is concerned with some theoretical concepts developed by the Italian doctrine in a very specific age, namely, between the 19th and the 20th century, which in fact, devoid of any accounting regulation. This paper analyzes in particular the shift from the exchange value rule to the historical cost method and tries to explain the reasons of such a development. In the second half of the 19th century, some of the best Italian scholars, who were faced with the need to properly develop the problem of accounting valuations, thought that it was appropriate to rely on concepts that belonged to similar sciences, such as economics and real estate appraisal, by blindly borrowing the theory of value from the former and the theory of valuations from the latter. During that age, everything hinged around the concept of exchange value. At the dawn of the 20th century, the Italian accounting doctrine began to wonder about a subject that was crucial to the financial statement theory： the informative purposes underlying the financial statements. At the same time, the first principle took shape, which might be called as the ＂finalistic principle of value＂. It is still the basis of the theory of financial accounting measurements, for which different evaluative criteria must be applied to different informative purposes. Thus, an alternative criterion to that of the exchange value makes its appearance on the scene of the accounting valuations, notably the historical cost. The introduction of the historical cost criteria and above all the relinquishment of the combination of the ＂economic cost＂ in favor of that of the ＂manufacturing cost＂ allow the Italian accounting to get rid of the theories of economics and real estate appraisal, thus, becoming independent regarding the financial statement valuations.

Review of Financial Pressure

Different from foreign capital markets,china’s domestic capital markets are special,which also determines that the research on financial pressure starts from the reform of state-owned enterprises,and draws lessons from the relevant theories of financial risk and financial fraud,thus gradually forming a more diversified research results.

Comparative Financial Analysis of Conventional and Islamic Banks of Developing Countries

This study investigated the financial performance of Bangladesh’s State-Owned Commercial Banks,Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks over 12 years from 2006 to 2017.The objective of this study is to find out the financial performance of a bank based on CAMEL indicators.The finding of this study is that Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks has a good position than State-Owned Commercial Banks.Specific,Pubali Bank Limited,Standard Bank Limited,Prime Bank Limited,City Bank Limited and Al-Arafah Islami Bank Limited are in the best position in Bangladesh under this study.We also found that the performance of State-Owned Commercial Banks is not good.This study gives a policy implementation according to results.1.State-Owned Commercial Banks should restructure the infrastructure.2.It needs more emphasis on efficiency and effectiveness to control the cost and loan investment.3.It will be required to pay more in insurance premiums.4.It should be born in mine,for higher rating banks.We suggest to a higher number of rating banks that it’s hinders a bank’s ability to expand by investing,consolidating,or adding more branches.We also suggest to all lower rating banks.The institutions with a poor rating will be required to pay more in insurance premiums.

数字金融素养对农村家庭经济韧性的影响研究

依据2017年、2019年中国家庭金融调查数据(CHFS),运用OLS模型、中介效应模型和调节效应模型,考量数字金融素养对农村家庭经济韧性的影响及其机制。研究发现:数字金融素养通过促进农村家庭实现非农就业转移、优化金融资产配置和提高家庭风险抵御能力提升农村家庭经济韧性;数字金融素养对数字乡村发展程度高地区农村家庭、“长尾”农村家庭的经济韧性影响更大。鉴于此,需完善农村数字基础设施建设、普及数字金融知识常态化教育培训等,不断提高数字金融素养,推动农村家庭经济韧性进一步提升。

数字普惠金融、金融能力与差异化金融资产配置

文章基于中国家庭金融调查(CHFS)的数据,选用固定效应面板Tobit模型,探讨了我国数字普惠金融对家庭差异化金融资产配置的影响。实证分析发现,数字普惠金融将促进家庭金融资产的配置,同时对增长型金融资产配置比例的提升效应大于生存安全型金融资产;数字普惠金融和居民金融能力在促进不同金融资产配置方面存在明显的替代关系;经济金融信息关注度和金融可得性是数字普惠金融影响家庭差异化金融资产配置的重要途径。