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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

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

Effect of Money Supply on Real Output and Price in China

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China & World Economy 2009年第2期17卷 35-44页

作者： Chih-Hsiang Chang Kam C.Chan Hung-Gay Fung College of Management National University of Kaohsiung Gordon Ford College of Business Western Kentucky University College of Business Administration and Center for International Studies University of Missouri-St.Louis

Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People＇s Bank of China＇ s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.

关键词： inflation money supply real output

A Rise of Capitalism in China

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Chinese Business Review 2003年第1期2卷 1-7页

作者： Hung-Gay Fung

Growth Enterprise Board: Characteristics and Performance

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Growth Enterprise Board: Characteristics and Performance

China＇s Outward Direct and Portfolio Investments

第五届（2010）中国管理学年会——金融分会场

作者：郭海凤 Hung-Gay Fung 哈尔滨工业大学管理学院应用经济系美国Missouri-St.Louis大学

We use the Chinese initial public offering （IPO） data from September 2009 to August 2010 to examine the newly established Growth Enterprise Board （GEB）. The results indicate that the GEB seems to be successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables （the volatility variable, turnover ratio, the winning lottery ratio, and the P/E ratio） are important factors driving the initial-day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB seems to be effective in mitigating excessive speculation. Policymakers can use the results of our study to gauge effects of policy changes on the underpricing of these IPOs.

关键词： Chinese IPOs underpricing regulation and trading halts

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China & World Economy 2007年第6期15卷 53-68页

作者： Hung-Gay Fung Qingfeng wilson Liu Erin H. C. Kao Professor College of Business Administration ＆ Center for International Studies University of Missouri-St. Louis USA. Department of Finance and Business Law College of Business James Madison University USA. Department of Finance Ling Tung University Taiwan.

这份报纸由检验中国 firmsoverseas 获得分析与中国的向外直接、金融的投资有关的开发和趋势，中国美国财政证券的资源，并且最近正式运行了合格国内机构的投资者程序。策略应该被开发达成最佳的决定为直接并且公事包投资。我们主张那... 详细信息

这份报纸由检验中国 firmsoverseas 获得分析与中国的向外直接、金融的投资有关的开发和趋势，中国美国财政证券的资源，并且最近正式运行了合格国内机构的投资者程序。策略应该被开发达成最佳的决定为直接并且公事包投资。我们主张那个中国应该有一个长术语的看法为直接并且公事包投资，当维持它的持续生长目的时，在亚洲成为领导人的创新中国。当做公事包和直接投资决定时，中国应该在亚洲契约市场和亚洲货币资金的发展重重地投资。

关键词：中国对外直接投资投资方式投资人

Impacts of Competitive Position on Export Propensity and Intensity: An Empirical Study of Manufacturing Firms in China

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Impacts of Competitive Position on Export Propensity and Int...

The effect of nighttime-trading of futures markets on information flows:Evidence from China

作者： Hung-Gay Fung Gerald Yong Gao Jiangyong Lu Haim Mano Department of Business Strategy and Policy and Center for China in the World Economy Tsinghua University

We examine the impacts of competitive industry position on firms'''' export propensity and intensity in China. Drawing on the resource-based view and the structure-conduct-performance paradigm of firm behavior, we investigate whether firms with competitive industry position through cost leadership or differentiation strategy have different export behaviors. We use a longitudinal data of 213,662 manufacturing firms in China from 1998 to 2005 to show that firms that have developed competitive advantages in the domestic market are more likely to export and have higher levels of export intensity. Indigenous and foreign manufacturing firms exhibit different patterns of export behaviors. Foreign firms with differentiation advantages focus on local market expansion instead of seeking opportunity in export markets.

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China Finance and Economic Review 2016年第1期5卷 42-56页

作者： fung hung-gay Mai Liuqing Zhao Lin College of Business Administration University of Missouri-St.LouisOne University Blvd.St.LouisMO 63121USA Department of Finance Martha and Spencer Love School of BusinessElon UniversityElonNC 27244USA

In the past couple of years,China’s futures exchanges have launched nighttime trading sessions.We use daily data from 23 commodity futures to investigate the impact of this important policy change.Our findings suggest that the launching of nighttime trading effectively improved the efficiency of futures prices and reduced the volatility of prices.The normality of returns improves during the post-nighttime trading period.As documented in the literature,the interactions between trading activities(i.e.,trading volume and open interest)and volatility conform better to the observed patterns in developed markets.This study provides sound evidence that China has taken steady steps toward its goal of establishing price-setting power in key commodities on world financial markets.

关键词： China’s futures market futures price and volatility nighttime trading

China’s Corporate Governance and Reforms

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China & World Economy 2005年第5期13卷 28-42页

作者： Chi-ho Chung Hung-Gay Fung Felix Y. Kwan School of Business Hong Kong University of Science ＆ Technology Y.S. Tsiang professor College of Business Administration and Center of International Studies University of Missouri-St.Louis senior director Qatar Financial Center Regulatory Authority Doha Qatar and adjunct associate professor Hong Kong University of Science ＆ Technology

We have reviewed and identified the key problems of China＇s corporate governance. Several suggestions are provided to improve its governance mechanism. A review of corporate governance models among different countries suggests that the state ownership of the Chinese companies should be reduced and shares that are split into tradable and nontradable shares should be abolished. The three-tier board structure and duty of directors should be restructured to improve transparency and disclosure requirements.

关键词： China＇s corporate governance corporate reforms

Are China's Trade Policies Effective?

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China & World Economy 2003年第1期11卷 48-56页

作者： fung hung-gay, Hsu Yu-sheng, Pei Changhong, Shenjinjian

I. IntroductionSince economic reform and an opening-up in 1978, the Chinese government has decentralized its state-owned enterprises (SOEs) system in the centrally planned economy. The separation of government administration and enterprise management is moving China toward a market-oriented economy, forcing Chinese enterprises to become more competitive and more efficient. Market forces of supply and demand are intended to govern firms’ industrial production, which is no longer subject to government planning and control.

关键词： that or on it as is form Are China’s Trade Policies Effective of have from into