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Comparison of Bank Profitability in China and the USA

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China & World Economy 2017年第1期25卷 90-108页

作者： Ning Ding Hung-Gay Fung Jingyi Jia Professor School of Finance Dongbei University of Finance and Economics Dalian China. Dr Y. S. Tsiang Professor of Chinese Studies Collegeof Business Administration University of Missouri-St. Louis St. Louis USA[ Associate Professor School of Business Southern Illinois University at Edwardsville EdwardsvilleUSA

This paper examines and compares the profitability of banks in the USA and China. The USA has the largest market-based banking system and the financial system of China is still bank-based. Our analysis indicates that in terms of profitability, banks in China outperformed those in the USA during our study period (2008–2014). Real estate loans had an adverse effect on US bank profitability during the financial crisis and no effect after the crisis but consistently improved the profitability of Chinese banks. Interest margins have no effect on US bank profitability but a consistently positive effect on Chinese banks, confirming that China is a traditional bank-based economy. Interbank loans have a positive and significant effect on Chinese bank profitability, while interbank domestic loans have a negative effect on US bank profitability. Finally, size had a positive effect on US banks after the financial crisis period, confirming the scale economies of large US banks, but a negative effect on Chinese banks, indicating diseconomies of scale.

关键词： bank profitability efficiency real estate loans shadow banking E44 G28

Does More Trading Lead to Better Market Linkage?Evidence from the Commodity Futures Markets

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China Finance and Economic Review 2018年第1期7卷 50-72页

作者： Hung-Gay Fung Zijun Wang Lin Zhao College of Business Administration&Office of International Services and Program University of Missouri-St.LouisUSA Department of Finance College of BusinessUniversity of Texas at San AntonioUSA Department of Finance Martha and Spencer Love School of BusinessElon UniversityUSA

In this study,we use eight pairs of commodity futures data to investigate the impact of the recently launched nighttime trading session by Chinese futures exchanges.We conduct a thorough empirical analysis on the cross-market information transmission mechanisms between China and the U.S.We apply various econometric analyses including the co-integration analysis,the forecast error variance decomposition analysis,and the volatility spillover analysis with a bivariate GARCH model.Findings in this study indicate that,after the launching of nighttime-trading hours in China,the price discovery function of the Chinese futures market is noticeably improved,and that the Chinese market began to dominate the U.S.market in the bidirectional volatility spillover process.Thus,the introduction of the nighttime-trading hours appears to be an effective step toward China’s long-term goal of establishing pricing power in key commodities on the global financial market.

关键词： Chinese futures market market linkage nighttime trading

Chinese Offshore RMB Currency and Bond Markets:The Role of Hong Kong

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China & World Economy 2012年第3期20卷 107-122页

作者： Hung-Gay Fung Jot Yau Dr Y.S.Tsiang Professor of Chinese Studies College of Business AdministrationUniversity of Missouri-St.LouisSt.LouisUSA. Dr Khalil Dibee Endowed Chair in Finance Albers School of Business and EconomicsSeattle UniversitySeattleUSA.

This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China＇s RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond （or dim sum bond） market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.

关键词： dim sum bond FDI offshore market reserve currency RMB

What Drives Cost Efficiency of Banks in China？

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China & World Economy 2015年第2期23卷 61-83页

作者： Ning Ding Hung-Gay Fung Jingyi Jia School of Finance Dongbei University of Finance and Economics Dalian China College of Business Administration University of Missouri-St. Louis St. Louis USA School of Business Southern Illinois University Edwardsville USA

这研究使用随机的边疆分析检验影响那从 2005 ～ 2013 在中国花去河岸的效率的因素。结果显示那条政策变量利率例如储备要求比率，由人们中国的银行散布了并且开市场操作，在改进变量可以减少的银行，而是阴影银行的费用效率是有效的费... 详细信息

这研究使用随机的边疆分析检验影响那从 2005 ～ 2013 在中国花去河岸的效率的因素。结果显示那条政策变量利率例如储备要求比率，由人们中国的银行散布了并且开市场操作，在改进变量可以减少的银行，而是阴影银行的费用效率是有效的费用效率。在各种各样的银行类型之中，城市广告银行看起来是最有效、外国的银行是最不有效的。现在的学习建议决策者们能由在银行并且由在阴影银行活动要求更多的信息改善的不同类型上调整宏政策变量在银行费用效率上有积极影响监视。

关键词：中国银行成本效率中国人民银行城市商业银行成本效益外资银行宏观政策准备金

Do Political Connections Promote Innovation in Environmentally Polluting Enterprises?

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China & World Economy 2019年第3期27卷 76-101页

作者： Jianhua Zhang Xiaoqing Li Hung-Gay Fung Penghua Qiao School of Economics and Management Northeast Petroleum University China College of Economy and Management Hebei University of Technology China College of Business Administration University of Missouri-St. Louis USA School of Business and Economics Kunming University of Science and Technology China

We use an unbalanced panel data analysis to examine the effect of political connections(PCs)in state-owned enterprises(SOE)and non-SOEs on the innovation of Chinese environmentally polluting enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2016.Our sample consists of 792 firms and 4587 firm-year observations.There are several interesting findings.First,SOEs that are politically linked to the central government promote more innovation in general and more environmental innovation than SOEs without these links.Second,privately-owned enterprises(non-SOEs)with PCs promote less environmental innovation than non-SOEs without PCs.Third,environmental regulation does not affect the environmental innovation of SOEs but it drives non-SOEs with PCs to become more environmentally innovative.Our results enable us to better understand how PCs and regulations affect environmental innovation.

关键词： environmental innovation environmental regulation highly polluting enterprises political connections

Growth Enterprise Board Initial Public Offerings:Characteristics,Volatility and the Initial-day Performance

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China & World Economy 2011年第1期19卷 106-121页

作者： Haifeng Guo Hung-Gay Fung Department of Applied Economics School of Management Harbin Institute of Technology Harbin China Tsiang Professor of Chinese Studies College of Business Studies and Center for International Studies University of Missouri-St. Louis St. Louis USA

我们从 2009 年 10 月使用中国起始的公共出现数据到 2010 年 8 月检查最新建立的生长企业董事会(GEB ) 。结果显示 GEB 是成功的并且正在提供一条可行隧道让新小、中型的公司提起外部资本。四个变量，轻快变量，周转比率，赢的彩票比率... 详细信息

我们从 2009 年 10 月使用中国起始的公共出现数据到 2010 年 8 月检查最新建立的生长企业董事会(GEB ) 。结果显示 GEB 是成功的并且正在提供一条可行隧道让新小、中型的公司提起外部资本。四个变量，轻快变量，周转比率，赢的彩票比率和 priceearnings 比率，是在回归分析驾驶起始天的回来的重要因素。在 GEB 上的新贸易暂停政策的实现被发现在减轻过多的推测有效。我们的分析结果能被决策者使用在 GEB 的起始的公共礼物的 underpricing 上计量政策变化的效果。

关键词：创业板波动性发行股票特征回归分析周转率市盈率

Effects of Social Capital,Top Executive Attributes and R&D on Firm Value in Chinese Small and Medium-sized Enterprises

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China & World Economy 2013年第4期21卷 79-100页

作者： Penghua Qiao Hung-Gay Fung Xiaofeng Ju School of Management Harbin Institute of Technology School of Business and Economics Qiqihar University College of Business Administration University of Missouri-St.LouisSt.LouisUSA

This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R ＆D on firm value in Chinese small and medium-sized enterprises （SMEs） listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender （male） and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital （measured by politieal connections, managerial business association networks and technology association networks） and R＆D have a positive effect on SME firm value. Third, the effect of politieal connections on firm value for state-owned enterprises （SOEs） is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.

关键词： firm value R＆D small and medium-sized enterprises social capital top executive attributes

Market Reaction to Corporate Social Responsibility Announcements:Evidence from China

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China & World Economy 2014年第2期22卷 81-101页

作者： Liang Zhang Tie-nan Wang Hung-Gay Fung School of Management Harbin Institute of TechnologyHeilongjiangChina Lecturer School of Applied MathematicsGuangdong University of Technology School of Management Harbin Institute of Technology College of Business Administration University of Missouri-St.Louischnology

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.

关键词： Chinese stock market corporate social responsibility cumulative abnormal returns

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连锁董事网络、融资约束与民营企业社会责任

管理学报 2020年第8期17卷 1208-1217页

作者：李小青 Hung-Gay Fung 朱清香刘志雄河北工业大学经济管理学院 College of Business Administration University of Missouri-St.Louis 中国政法大学商学院

基于多理论视角,借助社会网络分析法和多元回归技术,分析并检验了连锁董事网络对企业社会责任的影响效应、作用路径和边界条件。研究表明:①当连锁董事处于网络中心或占据结构洞位置时,有助于促进企业社会责任履行。②当连锁董事处于网... 详细信息

基于多理论视角,借助社会网络分析法和多元回归技术,分析并检验了连锁董事网络对企业社会责任的影响效应、作用路径和边界条件。研究表明:①当连锁董事处于网络中心或占据结构洞位置时,有助于促进企业社会责任履行。②当连锁董事处于网络中心或占据结构洞位置时,有利于减轻融资约束;融资约束在连锁董事网络中心度和结构洞影响企业社会责任的过程中,发挥部分中介作用。③政治关联强化了连锁董事网络对企业社会责任的正向影响。进一步研究发现,与地方政治关联相比,中央政治关联对连锁董事网络与社会责任关系的影响更大;代表委员型政治关联强化了连锁董事网络与企业社会责任之间的正相关关系,但官员型政治关联对二者关系的影响并不显著。

关键词：连锁董事网络网络中心度网络结构洞企业社会责任政治关联