Through the modified model from Cushman(1986), based on multiple GARCH-BEKK model and seemingly unrelated regression(SUR) method, this paper analyzes the existence and characters of the third-country exchange effect in the China bilateral export flowing to US, Europe and Japan. Based on the bilateral export data, we find that the third-country exchange risk exists, in addition to bilateral exchange negative risk. And the exports from China to US(Europe or Japan) rise with the increasing of the third-country exchange volatility, and decrease with the RMB price of the third-country currency appreciating. We also find the consistent results for the third-country exchange rate effect for majority commodities in industry analysis. Accordingly, we get some implications for exchange rate regime reform during the process of RMB internationalization.

Releasing the assumed linearity i.e. the same influence of monetary policy on the same industry in different economic state in the prior related research, the paper constructs STVEC model and generalized impulse response functions to study the dual-asymmetric effects of monetary policies on industries. Meanwhile, the related research of financial accelerator is stretched to industrial layer. Firstly, the asymmetric effects and financial accelerator effects exist in monetary policies on the same industry in different economic states. Secondly, there are marked asymmetric effects in the monetary policy acting on the deferent industries in the same economic state, mainly because of the heterogeneity of factor density and enterprise type distribution in the different industries.

Within the framework of Chinese decentralization style, the local governments have been given a strong motivation for policy competition in the key tax sources and GDP. And the exogenous administrative restructuring, which is known as “Annexation of suburban counties by cities” Reform, can be used to identify the variation of governmental favoritism, because it decreased the policies for supporting the firms. Applying panels of firms data from the Chinese Industrial Enterprises Database for the period 1999 to 2009 with the natural experiment, this paper outlines the extent to which local governments favoritism influenced firms’ export performance. We find that: compared to other firms located in the control group, the export performance become worse after the governmental favoritism is reduced. The causal mechanism is firms suffer from a worse-off export performance for the reduced governmental favoritism as a result of getting the worse polices, such as less subsidies and more taxation.

The paper readjusts the H-S interest margins decision model based on the special background of interest rate liberalization in China. Constructing the interest rate liberalization index as a proxy variable to measure the process of interest rate, the article carries out empirical analysis by using panel data of 45 commercial banks from 2003 to 2014 to discuss the influence of interest rate liberalization on the interest margins of commercial banks. The result shows that the interest rate liberalization does have an impact on interest margins of commercial banks, but the relationship between them is nonlinear. It presents an inverted U-shaped relationship. Generally speaking, with the deepening of interest rate liberalization, the interest margins of commercial banks increase at first and then decrease.

With the acceleration of China’s interest rate liberation and Banks’ going abroad, the relationship between internationalization and net interest margin has drawn extensive academic and practical attention. This paper, with annual unbalanced panel data of 26 global active banks from 2003 to 2014, examines the effects of banks’ internationalization on their net interest margins. The results show that internationalization does help banks to improve their net interest margins whose effects mainly channel through price (structure) effects. Banks which have higher net interest income,better liquidity and capital condition, slower domestic growth and fewer state-owned stakes have stronger effects.

Based on China Household Finance Survey data in 2013, by choosing Instrumental Variable and using Maximum Likelihood estimation, this paper finds financial literacy can significantly reduce the probability of households’ financial exclusion in China. Furtherly, the paper finds that financial literacy has significantly negative effect on households’ investment products’ exclusion and households’ financing products’ exclusion. In addition, the effect of financial literacy on households’ investment products’ exclusion is greater than that of households’ financing products’ exclusion. The paper also finds households obtaining financial and economic information, learning financial course, strengthening financial calculation ability, and improving expected level can effectively release households’ financial demand and then significantly reduce the probability of households’ financial exclusion. The policy implication is that strengthening financial knowledge education and skills’ training and popularizing financial literacy can alleviate households’ financial exclusion and promote financial inclusion eventually.

This paper relaxes the homogeneity assumption of corporations’ capital needs, based on the difference of corporations’ organizational characteristics, financing needs and financing capacity, with the difference of financing constraints in the different stages of the corporate life cycle as the starting point. Integrating investors irrational sentiment’s influence on external financing environment, this paper dynamically investigates the influence of changes in investor sentiment on corporations’ financing options and the relaxing effect of financing constraints. We find that corporations’ financing constraints condition is different in the different stages of corporate life cycle. Also, the degree and financing method of relaxing financing constraints are different through using high investor sentiment.

Based on external change of the standard of quota taxation wage, this paper extends the range of “Non-Debt-Related Tax Shields” and explores the relationship between “Wage-Related Tax Shields” and capital structure. The empirical results suggest that when the standard of quota taxation wages increases, compared with firms not nearly tax exhaustion status, firms nearly tax exhaustion status reduce interest-bearing debt significantly, supporting both the “Substitution Effect” and “Tax Exhaustion” hypothesis. Further results suggest that the difference in the change of debt between firms not nearly and nearly tax exhaustion status is mainly reflected on long-term debt rather than short-term debt, and the difference is more pronounced in non-state-owned firms than state-owned firms. In addition, compared with firms located in districts with lower tax enforcement level, the difference is more significant in firms located in districts with higher tax enforcement level. Our results not only provide new evidence on the non-debt-related tax shields, but also find that both the ownership nature and tax enforcement level affects the relationship between non-debt-related tax shields and capital structure.

Using data of Chinese commercial banks from 2002 to 2014, this paper examines the impact of regional competition of banking industry on the earnings quality of banks in China. Our main analysis indicates that earnings quality of commercial banks in China is negatively associated with regional competition. In addition, we find that as regional competition becomes more intense, small banks and unlisted banks will be more inclined to conduct earnings management. However, the reinforcement of external audit will constrain this earnings management behavior. Our findings enrich the literature on the determinants of earnings quality of commercial banks and the economic consequences of bank competition. In practice, these results will be helpful for facilitating stakeholders’ understanding about the earnings quality of commercial banks in China. This paper may also provide guidance for the bank regulators in the process of marketization.

According to the characteristics of commercial bank credit assets quality audit,the research constructs the commercial bank credit assets quality audit attribute selection,decision tree,support vector machines and other data mining algorithms.Based on the actual data of A bank to public credit,we use qualitative economic meaning and quantitative attribute selection algorithm to analyze its attribute selection.In addition,we accomplish the data pretreatment combined with the characteristics of data in commercial bank database.Based on this,we carry out analysis of association rules and classification pattern mining.Finally Through the application of audit practice in A bank ,we identify credit record that affects the quality of the bank's assets and achieve tangible results.

Most of the researches find that actual inflation is negative with stock returns, but few of them provide the empirical evidence on why the relationship is negative. We think the main reason is that most of them lack of understanding the channel between inflation and stock returns. In this paper, we find that enterprises will increase the debt financing when the inflation rate rises based on the inflation index in our country, and then risk of enterprises increase. Furthermore, we find the main channels between inflation and stock returns negative correlation is debt financing. The above phenomenon is more obvious in those enterprises that ownership is state-owned and financing constraints is weaker. In this paper, we provide the interpretation that inflation and stock returns is negative relationship on the micro level.

Under the tax-sharing system, local protection has aggravated local government’s intervention on local capital resource allocation. Based on 247 “shell deals” from 1998 to 2012 in Shanghai and Shenzhen A-share market, when local protection is measured by the proportion of the sum of enterprise income tax,value-added tax and business tax in fiscal revenue, the proportion of enterprise income tax or business tax in fiscal revenue, we find that the higher the degree of local protection is, the more likely the shell company is to be bought by local companies and maintain their state-owned property. However, this impact is not pronounced when the local protection is measured by the proportion of added-value tax in fiscal revenue.When “shell company” is bought by non-local companies, its staff and labor cost reduce significantly and its operating performance becomes better.

This paper hand-collect the explanations for revisions of management earnings forecast for all companies in the A-share Chinese market from 2002 to 2011. It examines how various explanations that the board of directors is required to disclose affect the stock market reactions to the management forecast revisions. The results show that companies tend to explain the positive news and negative news differently, and that the explanations provided have significant impact to how investors interpret the revisions. When companies attribute the forecast revisions to uncontrollable macro-economic factors, uncontrollable accounting rule changes, or accounting errors discovered by auditors, the market reacts more significantly to positive revisions and less to negative news than under other reasons. Additionally, when companies attribute the forecast revisions to other operating reasons or provide no reasons to explain the forecast revisions, the stock market tends to ignore positive news and punish bad news. This paper provides empirical evidence on the significant economic consequences of disclosing reasons for management earnings forecast revisions by the board of directors.