China’s Monetary Policy Impacts on Money and Stock Markets

This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.

Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Dynamic connectedness between stock markets in the presence of the COVID‑19 pandemic:does economic policy uncertainty matter?

This study investigates the dynamic connectedness between stock indices and the effect of economic policy uncertainty(EPU)in eight countries where COVID-19 was most widespread(China,Italy,France,Germany,Spain,Russia,the US,and the UK)by implementing the time-varying VAR(TVP-VAR)model for daily data over the period spanning from 01/01/2015 to 05/18/2020.Results showed that stock markets were highly connected during the entire period,but the dynamic spillovers reached unprecedented heights during the COVID-19 pandemic in the first quarter of 2020.Moreover,we found that the European stock markets(except Italy)transmitted more spillovers to all other stock markets than they received,primarily during the COVID-19 outbreak.Further analysis using a nonlinear framework showed that the dynamic connectedness was more pronounced for negative than for positive returns.Also,findings showed that the direction of the EPU effect on net connectedness changed during the pandemic onset,indicating that information spillovers from a given market may signal either good or bad news for other markets,depending on the prevailing economic situation.These results have important implications for individual investors,portfolio managers,policymakers,investment banks,and central banks.

Assessing effectiveness of existing building energy-saving reconstruction policy adapted to market development

The market development and policy matching of existing building energy-saving retrofits determine the effectiveness of policies in promoting the operation of existing building energy-saving retrofit market.Based on the perspective of market development to evaluate the effectiveness of existing building energy-saving transformation policy,it is necessary to clarify the basic connotation of the effectiveness of existing building energy-saving transformation policy,systematically analyze the evaluation content,construct a multi-level evaluation index system,and select scientific and effective quantitative evaluation methods to implement a strict evaluation process.

Analysis of International CommercialSpace Market and Policy

At present,in the world the development of space is undergoing profound changes brought by commercial space,from the traditional government-driven development to the joint government and market promotion.This paper analyzes the current status of both foreign and domestic commercial space markets and policies,and then put forward the ideas and inspirations for the development of China’s commercial space market.

Research on the effects of command-and-control and market-oriented policy tools on China's energy conservation and emissions reduction innovation

The impact of environmental regulation on technology innovation is a hot spot in current research where a large number of empirical studies are based on Porter Hypothesis(PH). However, there are still controversies in academia about the establishment of "weak" and "narrow" versions of PH. Based on the panel data of application for patent of energy conservation and emission reduction(ECER) technology of Chinese city scale during 2008-2014, comprehensive energy price, pollutant emission, etc., mixed regression model and systematic generalized method of moments method were adopted, respectively,to study the impact of market-oriented and command-and-control policy tool on China's ECER technology innovation. The results show that the environmental regulation hindered the technological innovation in the immediate phase; however, it turned out to be positive in the first-lag phase. Hence, the establishment of "weak" PH is time-bounded. The command-and-control policy tool played a more positive role in promoting technological innovation in the first-lag phase than market-oriented policy tool. Therefore, "narrow" PH is not tenable. The reason is that the main participants of China's ECER technology innovation are state-owned companies and public institutions. Regionally speaking, the impact which command-and-control policy tool has on technological innovation at sight was nonsignificant in the eastern, the central, and the western regions of China whilst market-oriented policy tool had a negative effect. And market-oriented policy tool in the central region had strongest negative effect, which would diminish in the eastern region and become weakest in the western region. This was related to regional energy consumption level and the market economic vitality.

The impact analysis of policy events on China's carbon market

This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.

Research on Bribery Characterization of Property Developers in Land Market: Based on Quantitative Analysis

Taking Wuhan,Nanjing and Guangzhou as examples and using Logistic model and Moran index,this paper made a quantitative analysis on bribery characterization of developers in land market. It found that( i) bribery behavior of developers is promoted by supply and demands;( ii) bribery behavior of developers takes on regional agglomeration and difference. It reached following conclusions:( i) under the influence of macro factors and micro factors,bribery behavior of developers is rational selection after full consideration of institutional environment and corporate strength,and is passive to a certain extent;( ii) bribery behavior of developers has certain spatial correlation,and the high-high correlation characteristic is most significant.

Research on the Impact of Market Concern for Real Estate Policy on Housing Prices: Evidence from Internet Search and Hedonic Price Theory

To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.

Spillovers of US unconventional monetary policy:quantitative easing,spreads,and international financial markets

This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.

Empirical Analysis of the Market Effects of China＇s Listed—— Company＇s Dividend Policy ——Empirical Evidences from Shanghai Stock Exchange from 2004 to 2005

Dividend policy is one of the three core contents of financial management in listed companies. On one hand, it is the extension of financial and investment activities; on the other hand, appropriate dividend policy can not only set up a good company reputation, but also arouse enthusiasm of many investors to continue invest in this company, consequently acquire long and stable development opportunities and conditions. In this paper, the author has put forward some suggestions in order to solve the problems which existing in Chinese listed companies＇ dividend policies based on the result of positive test. Firstly, optimize the structure of equity title and perfect the corporate governance. Secondly, to establish wholesome shareholder protection mechanism, and also it is important measure for investors, especially medium and small investors to protect their rights and interests. According to the present situation of Chinese stock market, the authors consider we can protect the shareholder＇s benefits by carrying out cumulative vote system, establishing hortative derive lawsuit system, perfecting civil compensation system and establishing shareholder voting removing system and so on. Thirdly, the establishment of listed companies＇ dividend policy and the release of message should be standardized for the sake of good relationship of melon-cutting and corporation＇s refinancing plan. Finally, listed companies＇ dividend policy can be optimized by modifying and perfecting stock dividend distribution mode of accounting management, perfecting exit mechanism of listed companies.

Analysis on Inefficiency of Transmitting the Monetary Policy of the Capital Market

Looking from the institutional system that the stock market services the state-owned enterprises, the bad corporate governing structure of the state-owned listed companies, the lack of balance between the yield from an investment and the stock, and the polarization of the wealth distribution in the stock market, we make an intensive analysis and exploration on the inefficiency of transmitting monetary policy of Chinese capital market herein.

Paying Close Attention to the Research on Property Right of Market

The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appears after the class, the state and the equity title. The contents that are involved in the research on the theory and the practice of property fight of market are extensive, including a lot of aspects such as its key theory, the relation between market economy and international competitiveness, etc. Therefore, the research on the property right of market has very important theoretic and practical significance.

Handling the Relationship Between Expanding the Open Policy,Using Foreign Capital,and Protecting Domestic Industry and Markets

It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside world 20 years ago has shown that implementing the opening policy, participation in the international division of labour and exchange, the use of both domestic and international markets and resources, and the introduction of a foreign

Research on market-based policy instruments for eco-environmental protection

The selection of policy instruments involves policy efficiency and policy effect.Effective settlement of eco-environment problems in the process of industrialization and implementation of active eco-environment protection depend on the innovation of policy instruments.In this paper,based on a descriptive analysis of the policy instruments for ecoenvironmental protection of our country,combined with the theoretical analysis and the empirical research on current marketization of eco-environmental protection,the authors indicate that eco-environmental problems originate fi'om the damage of eco-environment and the extemalities of eco-service,and that the market-based policy instruments which are helpful to balance the relationship between fight,responsibility and interest in the eco-service are effective measures to eliminate externalities and protect eco-environment.

Analysis of the Relationship between Monetary Policy and Stock Market Liquidity

After the 19th National Congress of the Chinese Communist Party,the introduction of the economic theory has promoted the integration of the global socialist market economy.Thereafter,this integration of the domestic and international market has been preliminarily completed,the role of the factor market in resource allocation has been improved,and a sturdy environment has been established for the development of Chinese enterprises.With the effective implementation of a series of policies after the financial system reform,the roles of the financial market in regulating macro-economy and revitalizing the market have become increasingly prominent.In regard to that,it has effectively promoted the financial market as a trade to"enrich people."This paper analyzes the relationship between monetary policy and stock market liquidity in terms of the influence of the former on the latter and suggests strategies to enhance the liquidity effect of monetary policy.

Mechanisms for the Application of Health Services Marketing Policies in Algeria

In this paper, we tried to give health services marketing mix and raise patients＇ interest in health services with the contribution to highlighting the possible application mechanisms of different marketing policies on health services in Algeria. Because we see that, health foundations in Algeria like other foundations live in an environment marked with constantly economic, social, politic, and cultural changes. And to respond to change requirements, especially with the appearance of health services market liberation signs, these foundations are obliged to adapt to ensure their existence and development by giving best services to meet the patients＇ needs in order to gain their satisfaction and loyalty. These ones, who became more conscious about the quality of services they are given quantitatively, qualitatively, and timely.

基于“Marketing”的海外企业并购逻辑与模式研究

传统的企业并购理论逻辑与实践已经无法指导目前我国民营企业"以落后的技术和管理体制、弱小和不完善的市场运行机制,全资并购较之自己在管理体制和运行机制方面更先进强大的国外企业"。通过梳理中外企业并购和资源引进的历史沿革,本文研究了传统的企业并购逻辑以及无法指导我国民营企业海外并购的事实,提出了我国企业海外全资并购的新逻辑与新模式。

Recognition and analysis of potential risks in China's carbon emission trading markets

China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.

Market-Based Solutions to Overcapacity：Principles and Measures

This paper takes stock of theoretical economic analyses of overcapacity,reveals the factors that induce actual capacity to deviate from market equilibrium, examines market-based mechanisms to resolve overcapacity, and identifies long-term mechanisms and assurances for market-based solutions to overcapacity. Given the limitations of market mechanism and the government's role, neither the market nor the government is able to resolve the problem of overcapacity on its own. In resolving overcapacity, market and the government should play their respective roles rather than replace one another. While the market is a dominant force in regulating capacity and achieving supply and demand equilibrium, the government should provide institutional assurances for effective market operation. Market-based solutions to overcapacity require the government to provide institutional assurances and create a system where market entities decide to enter and exit the market under effective restraints and incentives with a clear boundary.