摘要：THIS PAPER EMPIRICALLY EXAMINES EFFECTS AND AUTONOMY OF CHINA’S MONETARY POLICY USING VECTOR AUTOR...THIS PAPER EMPIRICALLY EXAMINES EFFECTS AND AUTONOMY OF CHINA’S MONETARY POLICY USING VECTOR AUTOREGRESSIVE MODEL (VAR) AND GRANGER CAUSALITY METHODOLOGY. THE PRELIMINARY RESULTS BASED ON QUARTERLY DATA FROM 1994 TO 2004 INDICATES THAT (1) THE AUTONOMY OF CHINA’S MONETARY POLICY MAINTAINS SYSTEMATICALLY IN THE INSPECTED PERIOD AND (2) MONEY STOCKS AND INTEREST RATES DO NOT GRANGER CAUSE REAL GDP AND CPI EXCEPT M0 GRANGER CAUSES CPI. THE REASON FOR THE WEAK EFFECTIVENESS OF CHINA’S MONETARY POLICY IS NOT THE EXTERIOR RESTRICTION WITH THE OLD PEGGED EXCHANGE RATE SYSTEM BUT THE INTERNAL FACTORS WHICH BLOCK THE PIPELINE OF MONETARY POLICY. ALTERNATIVE STRATEGIES TO IMPROVE THE EFFECT OF MONETARY POLICY ARE TO ACCELERATE THE REFORMS OF THECURRENT MANDATORY BANK SETTLEMENT SYSTEM AND PERFECT MANAGERIAL MECHANISM OF ENTERPRISE TO ENHANCE THE SENSITIVENESS OF MARKET AGENCIES TO POLICIES BUT NOT ABANDON THE POLICY TO MAINTAIN THE YUAN'S BASIC STABILITY.显示全部
摘要：IN CHINA, STOCK PRICES TEND TO MOVE UP OR DOWN TOGETHER, WHICH IMPLIES THE LOW FIRM-SPECIFIC INFORM...IN CHINA, STOCK PRICES TEND TO MOVE UP OR DOWN TOGETHER, WHICH IMPLIES THE LOW FIRM-SPECIFIC INFORMATION BEING CAPITALIZED INTO STOCK PRICES. THIS PAPER AIMS TO TRACK THE CHANGE OF THE INFORMATION CONTENT OF STOCK PRICES BY A SAMPLE OF LISTED COMPANIES FROM 1994 TO 2005 IN CHINA. THE RESULTS OF EMPIRICAL INVESTIGATION SHOWS THAT WITH THE EVOLVEMENT OF INSTITUTION CONSTRUCTION, THE INFORMATION CONTENT OF STOCK PRICES DISPLAYS A LONG-TERM UPWARD TREND.显示全部
摘要：BY USING THE PANEL ROOT TEST & PANEL COINTEGRATION, THIS PAPER EXAMINES THE IMPACT OF FINANCIAL DEV...BY USING THE PANEL ROOT TEST & PANEL COINTEGRATION, THIS PAPER EXAMINES THE IMPACT OF FINANCIAL DEVELOPMENT IN COMBINING OPERATION ON ECONOMICS GROWTH. THERE IS THE EVIDENCE OF A COINTEGRATION BETWEEN ECONOMICS GROWTH AND FINANCIAL DEVELOPMENT AMONG THE SAMPLE COUNTRIES, WHOSE DATA ARE FROM 1994 TO 2001ACROSS EIGHT ASIAN COUNTRIES. THE DATA INDICATE THAT THE INCREASE OF QUALITY IN BANK DEVELOPMENT BOOSTS ECONOMICS GROWTH, WHILE THE INCREASE OF QUANTITY BAFFLES ECONOMICS GROWTH. THE STOCK MARKET IS RELATIVE TO ECONOMICS GROWTH POSITIVELY. SO IN ORDER TO ADVANCE ECONOMICS, WE SHOULD EXPAND THE ROLES OF MARKETABLE BANK, MEANWHILE DECREASE THE ROLES OF CENTRAL BANK, AND CURTAIL LOAD BUSINESS, AND COMBINE STOCK AND INSURANCE .显示全部
摘要：In this paper, based on the analysis of the determinants of capital structure of China’s listed fi...In this paper, based on the analysis of the determinants of capital structure of China’s listed firm from 1999 to 2003, we focus on the relationship between corporate diversification and capital structure. Our research shows that the ownership makes a significant impact on this relationship: diversification raises the leverage of State-Owned-Enterprises significantly, while it’s not the case for the non-State-Owned-Enterprises. The coinsurance effect can explain what happens in the SOEs, and we do not find any proof of the ineffectiveness of internal capital market in the non-State-Owned-Enterprises.显示全部
摘要：Recently,increasing the transparency of monetary policy has become trend globally. From the measure...Recently,increasing the transparency of monetary policy has become trend globally. From the measurement of transparency of monetary policy perspective,the paper introduces the abroad study about evaluation system of transparency of monetary policy,and its evaluation and empirical results.it also has some brief opinions about the transparency index.Learning from the experiences of developed countries ,China should establish is own evaluation system of transparency of monetary policy,quantify the level of transparency of its policy,and take it as a benchmark to improve its transparency.显示全部
