This paper firstly decomposes the Erreygers index into income growth effect, income distribution effect, income flow effect and population aging effect. Then by selecting middle aged and elderly people over 45 from CHARLS and adopting mixed interval regression model, this paper obtains Erreygers index of full sample and subsampls with different characteristics. Finally it decomposes the dynamic change of income-related health inequalities. The results show that pro-rich health inequalities among middle aged and elderly people have been growing, which is mainly aggravated by income growth effect and income distribution effect, while eased by income flow effect partly and by population aging effect slightly. Different from rural area, urban pro-rich health inequalities are mostly induced by income growth effect and income flow effect.

Based on the grouping ideas of carbon intensity, this paper respectively established economic growth-energy consumption-credit availability panel VAR model in the areas of high-carbon development and the areas of low-carbon development. By using the impulse response, variance decomposition and granger causality test, we compared and analyzed the relationship between the above three and drew the following conclusions. Firstly, there are significant regional differences in the relationships among the economic growth, the energy consumption and the credit availability, which exist in the areas of high-carbon development and the areas of low-carbon development. Secondly, the credit availability and energy consumption have the remarkable promotion to economic growth in the areas of low-carbon development. It’s a really effect of financial accelerator on economic growth, but it isn’t significant in the areas of high-carbon development. Thirdly, the credit availability is the Granger reason for energy consumption. It indicates that the financial institutions perform the national industrial policies and monetary policies very well, and it reduces the intensity of energy consumption.

Based on the data of 287 cities in China, a comprehensive index reflecting the level of city agglomeration was built with MIMIC model and the influence of agglomeration on three kinds of pollutants in difference levels was analyzed using the method of generalized propensity score (GPS). It is concluded that different agglomeration levels played different roles in the three pollutants and some transition points existed. The causal effect of agglomeration on SO₂ presented an inverted “U” shape, while the effect on industrial waste water and industrial dust presented a “S” shape. When the agglomeration level is less than 0.2, it promoted SO₂ emission; When agglomeration level is bigger than 0.34, it inhibited SO₂ emission. When agglomeration level is less than 0.18, it inhibited both industrial waste water and industrial dust emissions,After agglomeration level reached 0.18, agglomeration significantly promoted the two emissions.

This paper studies the determinants of loan loss provision and the behavior of income smoothing of China’s different types of commercial banks. Our results indicate We find that current loan loss provisions are positively related to the change of non-performing loans of next period and are used for income smoothing. Both city commercial banks and non-listed banks have a stronger incentive to smooth their income through loan loss provisions. Meanwhile, compared with non - listed city banks with bond issues, non-listed city banks without bond demonstrate significant income-smoothing behavior. Non-listed city commercial banks with bond issuance or more bond issues are more likely to use loan loss provision for income smoothing. In addition, the implementation of new accounting standards does not significantly affect banks’ income-smoothing behavior.

Using an unbalanced panel data of China’s banking industry from 2003 to 2013, this paper examines effects of the intensity of supervision on bank risk-taking. It shows that, the release of supervisory documents (ex-ante supervision) and the disciplinary punishment (ex-post supervision) are more effective than that of on-site inspection (in the course supervision); The three supervisory behaviors’ risk inhibitory effects on big banks and large state-owned banks are stronger; The risk inhibitory effects of the ex-ante supervisions on listed banks are weaker than that on non-listed banks, while the effect of disciplinary punishment is reversed and the on-site inspection has no different influence on listed banks and non-listed banks.

As the developing of Chinese economics, the outward direct investment increases greatly. This paper using the data of Chinese firms tries to find the relationship between ODI and its productivity. Then we find some important results. Firstly, the firms with high productivity will more chance to ODI. Secondly, the firms learning technology have highest productivity. Thirdly, the firms investing more counties are not more effective than the less in poor. Fourthly, the firms investing in rich countries are not more effective than in poor. Fifth, the Firms of SOE are not more effective than other firms. As after the working, we know more about ODI in China.

We find that firm environmental performance positively affects institutional shareholding, the shareholding of long-term institutions in particular. However, no such correlation is found for the shareholding of short-term institutions. Results of this study indicate that the better the firm environmental performance, the higher the abnormal returns, suggesting that institutions investing in firms with better environmental performance earn higher stock returns. Further analysis illustrates that firms with better environmental performance easily access to bank loans, enjoy lower loan costs and obtain higher tax benefit. Our findings indicate that the government encourages firms to enhance their environmental performance, and in return, provides more favorable lending terms and more tax benefits, leading to long-term firm value enhancement. Such findings only exist in state-owned firms.

Mispricing can affect corporate investment, especially to high-financial-constraint companies. Then,as the basis of investment, is there any difference for the influence that mispricing has on financing decisions between different financial-constraint companies? Using the data of listed firms in China A stock market from 2000-2013, this paper studies the effect of mispricing on the selection of financing methods of different financial-constraint companies. The results show that, for equity financing, regardless of financial constraints level, mispricing has a significant positive effect on companies’ equity financing. For debt financing, overvaluation can significantly promote high-financial-constraint companies’ debt financing, including long-term debt and short-term debt financing, but mispricing has no significant impact on low-financial-constraint companies’ debt financing. Meanwhile, we also find that the positive effect of mispricing on short-term debt financing of high-financial-constraint companies is much higher than that of long-term debt financing. The research of this paper shows that, in China's capital market, mispricing has significantly different effect on financing choice of different financial-constraints companies. For high-financial-constraint companies, financing choice shows a pecking order of equity financing, short-term debt financing and long-term debt financing. However, there is no such kind of phenomenon for low-financial-constraint companies.

Based on 615 pairs of paired-firms from 2007 to 2011, the paper finds: shareholding in financial institutions not only can bring more debt capitals to holding firms, including short-term debt and long-term debt, but also can change their debt structure by increasing the short-term debt financing and reducing the using of long-term debt. Besides, the influence of investing in financial institutions on debt financing and debt structure is more evident in non-state-own enterprises comparing to the state-owned enterprises. Further dividing the financial institutions into two groups, we find that the influence of shareholding in financial institutions on firms’ debt financing and debt structure is due to the shareholding in non-bank financial institutions rather than shareholding in banks.

This paper examines whether executives disclose more information on strategy(SID)when whey obtain excess compensation, and further examines whether the motivation is consistent with the Management talent signaling hypothesis or Justifying Compensation hypothesis. We find excess compensation and SID is positively related, and this relation is more likely to happen when the company is SOEs, especially central enterprises, when the PPS is lower or when the institutional investors holding is lower, which is consistent with Justifying Compensation hypothesis. That means when executives obtain excess compensation, whey will disclose more SID to show their false ability in order to improve their compensation’s legitimate and rationality. This paper studies information disclosure motivation from the executive justifying compensation perspective, extending the research on information disclosure incentives in the context of developing countries.

Existing literatures mostly use the analysis of the “black box” model, that is, deduce the role of governance mechanism from the relationship between corporate governance mechanisms and corporate performance reversely. This paper takes the agency cost as the breakthrough point, and reveals the operation mechanism inside the “black box” to some extent, by analyzing different paths of two types of agency costs between ultimate control, institutional environment and corporate performance. Empirical results are as follows: first of all, the concentration on ultimate control could decrease two types of agency costs, and improve the governance efficiency, therefore improve the corporate performance of listed companies. Secondly, at this stage the institutional environment has a significant effect on corporate performances of private listed companies. Thirdly, there is an interaction effect between ultimate control and institutional environment, as the environment is worse, the concentration on ultimate control could dramatically improve corporate performances. Last but not least, ultimate control owned by state could better solve the first and second types of agency problems, therefore have positive mediator effect on corporate performances. The research shows that the concentration on ultimate control and ultimate control owned by state may play a part alternative role in the protection of investors at this stage, in the environment without a perfect investor protection mechanism in our country.

Using data of listed companies in China from 2004-2013, this paper studies how the VC networks affect the investment efficiency of listed companied backed by VCs. The findings are as follows: first, when network position is central, VC is more likely to restrict the underinvestment but promote the overinvestment; second, syndication will strengthen the effect of network position of VC on investment efficiency; third, after VC exits, the effect of network will disappear. Our findings suggest the VC networks will affect the action of VCs.

In early 2009, Shanghai Stock Exchange and Shenzhen Stock Exchange formally required quoted companies to disclose financial report based on XBRL. The Usage of XBRL financial report can reduce financial consumers' information processing costs, enhance the speed of information processing and thus improve the efficiency of stock market. This paper employs the Shanghai Composite Index, Shanghai A-share index, Shanghai B-share index, Shenzhen composite index, Shenzhen Component Index, Shenzhen A-share index and Shenzhen B-share index to test the impact of the adoption of financial report based on XBRL on the weak-form efficiency of China’s stock market. No matter which index is used as a proxy for the stock market, the empirical result shows that the adoption of financial report based on XBRL can reduce the deviations from a random walk in stock index time series, thus enhance the efficiency of China’s stock market.