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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

We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board （GEB）. The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial- day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.

关键词： Chinese initial public offerings regulation trading halts underpricing

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： agency cost performance powerful chief executive officer stewardship

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 *** conduct a thorough empirical analysis on the cross-market information transmission mechanisms between China and the *** apply various econometric analyses including the co-integration analysis,the forecast error variance decomposition analysis,and the volatility spillover analysis with a bivariate GARCH *** 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 *** in the bidirectional volatility spillover ***,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

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

Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments m China＇s ＂second board＂ stock market. China ＇s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non-performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non-listed domestic state-owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges.

关键词： Chinese small and medium enterprise financing stock exchange

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

This study uses stochastic frontier analysis to examine the factors that influenced cost efficiency of banks in China from 2005 to 2013. The results indicate that policy variables, such as the reserve requirement ratio, the interest rate spread and open market operations by the People＇s Bank of China, are effective in improving the cost efficiency of banks, but shadow banking variables may reduce cost efficiency. Among the various bank types, city commercial banks appear to be the most efficient and foreign banks are the least efficient. The present study suggests that policy-makers can have a positive influence on bank cost efficiency by adjusting macro policy variables on different types of banks and by requiring more information on the shadow banking activities to improve monitoring.

关键词： bank types cost efficiency of banks policy tools shadow banking

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

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