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| 1 |
ID:
068347
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| 2 |
ID:
064878
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May-Jun 2005.
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| 3 |
ID:
113684
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2012.
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| Summary/Abstract |
This paper discusses the role of Hong Kong in China's grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China's RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond (or dim sum bond) market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.
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| 4 |
ID:
152512
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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.
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| 5 |
ID:
119201
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2013.
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| Summary/Abstract |
We study the determinants of levels and changes of sovereign credit default swap (CDS) spreads in China from January 2001 to December 2010. Both country-specific factors (such as the China stock market index and the real interest rate) and global factors (the U.S. S&P 500 stock option volatilities and default spreads, and the non-North America global stock market factor) have significant explanatory power on CDS spreads in terms of both levels and changes. China's domestic economic factors were more relevant in explaining the CDS spread levels and changes in the earlier years, while the impact of global factors has become increasingly important in recent years, particularly during the global crisis. Within a vector autoregressive (VAR) model controlling for exogenous variables, we find that China sovereign CDS spread changes lead stock returns.
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| 6 |
ID:
086606
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| Publication |
2009.
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| Summary/Abstract |
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 after 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.
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| 7 |
ID:
121743
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2013.
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| Summary/Abstract |
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 political connections, managerial business association networks and technology association networks) and R&D have a positive effect on SME firm value. Third, the effect of political 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.
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| 8 |
ID:
076892
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2007.
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| Summary/Abstract |
Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments in 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
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| 9 |
ID:
102778
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2011.
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| Summary/Abstract |
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.
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| 10 |
ID:
133198
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2014.
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| Summary/Abstract |
This study uses panel data analysis to examine the effects of membership in industry association networks on innovation and firm performance in Chinese small and medium-sized enterprises (SMEs) listed on the Shenzhen Stock Exchange Small and Medium-size Enterprises Board from 2007 to 2011. There are several interesting findings. First, research and development (R&D) and technology staff have a positive and significant effect on innovation at SMEs. Second, participation in industry association networks (defined as comprising business association networks and technology association networks) can improve firm innovation at Chinese SMEs. Third, innovation is found to have a positive effect on firm performance at SMEs. Finally, membership in industry association networks can improve firm efficiency and increase non-operating income but at the expense of higher management costs at SMEs. Our study has important policy implications for policymakers and SMEs in China.
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| 11 |
ID:
130982
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2014.
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| Summary/Abstract |
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 positive 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.
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| 12 |
ID:
054144
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| 13 |
ID:
156448
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| Summary/Abstract |
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.
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| 14 |
ID:
138106
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| Summary/Abstract |
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.
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