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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

Powerful Chief Executive Officers and Firm Performance： Integrating Agency and Stewardship Theory

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China & World Economy 2017年第6期25卷 100-119页

作者： Penghua Qiao Anna fung Jianchun Miao hung-gay fung School of Business and Economics Kunming University of Science and Technology China Department of Management and Organization University of Washington USA School of Economics and Business Administration Chongqing University China College of Business Administration University of Missouri-St. Louis USA

Do agency and stewardship behaviors coexist at firms, or does one dominate the other? We use data from listed companies in China over the period 2007–2016 to show that powerful chief executive officers (CEOs) simultaneously incur self-interested agency costs while acting as stewards to benefit the firm. In balancing the push-and-pull forces of stewardship and agency behaviors, powerful CEOs in Chinese firms ultimately improve short-term and long-term firm performance. Our results have important implications for understanding how CEOs affect firms and how cultural factors can motivate CEOs to work in the interest of the firm.

关键词：首席执行官代理绩效整合上市企业管理行为中国企业 CEO

Financing Alternatives for Chinese Small and Medium Enterprises: The Case for a Small and Medium Enterprise Stock Market

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China & World Economy 2007年第1期15卷 26-42页

作者： hung-gay fung Qingfeng Liu Jot Yau Dr Y. S. Tsiang Professor College of Business Administration and Center for International Studies University of Missouri St. Louis USA Assistant Professor College of Business James Madison University USA Professor Department of Finance Albers School of Business and Economics Seattle University USA

在中国为小、中等的企业资助选择在现在的学习被讨论。特别地，我们分析重要变化，在中国 s 的开发第二上证券市场。地区性的财产和公平的广泛的网络交换的中国 s，它被设置便于私人公平转移，和非执行的贷款交易似乎部分为小、中等的... 详细信息

在中国为小、中等的企业资助选择在现在的学习被讨论。特别地，我们分析重要变化，在中国 s 的开发第二上证券市场。地区性的财产和公平的广泛的网络交换的中国 s，它被设置便于私人公平转移，和非执行的贷款交易似乎部分为小、中等的企业充满虚空，它不能容易为在股票交易所列出获得赞同。外国投资者能通过这些地区性的财产和公平交换在非列出的国内国有、私人的企业识别投资机会。同时，外国证券市场现在正在吸引年轻中国企业在他们的交换上列出他们的股票。

关键词：中国经济改革股票市场上市公司金融市场

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

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

Can Renminbi Appreciation Reduce the US Trade Deficit?

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China & World Economy 2006年第1期14卷 44-56页

作者： Jian Zhang hung-gay fung Donald Kummer UNESCO/IAEA the Abdus Salam international Centre for Theoretical Physics （ICTP） Trieste Italy hung-gay fung Dr Y S. Tsiang Professor of Chinese Studies College of Business Administration ＆ Center of International Studies University of Missouri-St. Louis USA. Associate Professor College of Business Administration University of Missouri-St. Louis USA

Using a computational general equilibrium model, we analyze the impacts of Chinese real exchange rate appreciation on the trade balance of China and the USA and on various industries of both countries, We use several scenarios with 2.1, 6 and 12percent real exchange rate appreciations for our simulation analysis. The results indicate that China＇s exchange rate appreciation might not solve the enlarging US current account deficits. Chinese outputs in both primary and manufacture sectors will increase, whereas the outputs of energy and serviees sectorx will be adversely affected. The price of value-added products declines in light of the renminbi appreciation.

关键词： China＇s real exchange rate computational general equilibrium international trade

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

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

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