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1
Marcucci, Antonio <1992>. "REAL ESTATE FINANCE IN CHINA." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15621.
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The purpose of this thesis is to analyze in detail the development of real estate finance in China, as well as its implications and its future directions. Since the market oriented reforms in 1978, China has experienced many institutional and economic transitions, among which the considerable change of the structure of housing demand, due mostly to the privatization of state‐owned enterprises. However, it was especially since 1998 that the urban economy of China began to thrive, due to a period of unprecedented economic growth. The growth of real estate market was accompanied by the emergence of real estate finance which is increasingly becoming more important in the overall context of Chinese economy. Real estate finance is a branch of finance which aims at embracing real estate industry in order to adapt to the changes of external environment, both domestic and international. This also applies to real estate finance in China, since its economic structural contradictions due to urbanization plans, domestic and international financial reforms and financial complexity at a global level, have led to the creation of a kind of external environment which necessitates an efficient strategy to be handled.
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Gao, Lei. "Behavioral finance and Chinese stock market /." Berlin : Logos-Verl, 2005. http://www.gbv.de/dms/zbw/393035638.pdf.
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He, Qichun. "Essays on finance and growth in China." Thesis, University of British Columbia, 2007. http://hdl.handle.net/2429/31328.
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This dissertation contributes to the finance-growth literature theoretically and empirically. The first chapter investigates whether financial deregulation causes economic growth and whether the effect happens through changes in the allocation of credit across sectors or changes in the savings an investment rate. This chapter uses the province-level financial deregulation experience of China from 1981 to 1998 to study these questions. It addresses issues of endogeneity of the growth channels by instrumenting with a series of financial reform policies. It finds that financial deregulation causes economic growth, and the effect is largely through the reallocation of credit across sectors rather than changes in savings and investment rates. The second chapter studies the 'capital-lord-entrepreneur' problem in an endogenous growth model. There are two representative agents--a household (the capital lord) financing R&D and an entrepreneur-inventor performing R&D. How do the contractual provisions on how households and entrepreneurs share property rights on inventions when asymmetric information exists affect growth? The credit contract giving entrepreneurs a higher share of monopolistic profit from inventions (i.e. entrepreneur's inventive incentive (EII) ) elicits more entrepreneurs' effort, generating a "bigger cake", but it also decreases the share of households, resulting in a "household's dissaving" effect. To ensure bounded growth, entrepreneur's effort increases as her share increases but at a decreasing rate, so the "bigger cake" effect is decreasing. The "household's dissaving" effect is increasing because the one additional share of cake given by households is bigger given effort is increasing. At the beginning, the "bigger cake" effect dominates, but beyond a point, "household's dissaving" effect dominates. Therefore the balanced growth rate is an inverted-U function of EII. Whether agricultural resource abundance is a blessing for industrialization is an issue that generates controversy in the development literature and has not been well addressed in the resource-curse literature. Attempting to address this issue, I examine the effect of long-term yearly average rainfall, average and variance of temperature, and sunshine on quality-adjusted farmland per capita and economic growth in China from 1981 to 1998. I find initial quality-adjusted farmland per capita as instrumented by weather indicators has a significantly negative impact on subsequent growth rate, so farmland abundance is a curse for growth. This negative relationship holds true even after controlling for traditional growth factors, population density (i.e. total land per capita), and time effects. Moreover, the weather indicators affect growth only through the channel of initial quality-adjusted farmland per capita, while initial quality-adjusted farmland per capita lowers growth rates mainly through the channel of total factor productivity.Arts, Faculty of
Vancouver School of Economics
Graduate
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HUANG, Zhen. "A study of household finance in China." Digital Commons @ Lingnan University, 2013. https://commons.ln.edu.hk/econ_etd/25.
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The emerging field of household finance, which studies the welfare benefits of financial markets for households and how effectively households use this market, is of significant importance for both academics and policy makers. However, studies in this new field remain scarce. Using data from a national representative survey that is unique for its combination of abundant household characteristics and heterogeneous individual preferences, attitudes and believes, and for its inclusion of investment behaviour and performances, this thesis pioneers a positive household finance study in developing countries by systematically investigating Chinese householders’ investments in the stock market. Moreover, this is the first study to regard the psychological concept of ‘trait anxiety’ (which refers to a person’s inherent propensity to feel anxious) as negatively associated with stock investment return performance.
This thesis comprises three main studies. In the first study, I investigate the reasons households participate in the stock market. I find that the evidence from China is systematically consistent with previous studies, which mainly focus on developed countries. That is, the poor and the less educated are less likely to hold equity in their final portfolios; and variables reflecting cost, constraint, preference and expectation play a statistically significant role in stock market participation. I also investigate the stock market participation problem from the new perspective of job satisfaction. Discontentment with one’s job, especially on job salary motivates stock investment activity. Satisfaction with hours of work and job stability boosts the probability of participation.
Individual investment performance plays an increasingly important role in household wealth accumulation and financial well-being. Then in the second study I examine the performance of the households that participate in the stock market. First, the evidence from China on this issue is also consistent with that from developed countries. Investors that are poor, less-educated and facing high information costs underperform significantly. Moreover, two so-called ‘investor mistakes’ also undermine stock investment outcomes in China. Second, I study investor performance form a new angle, preference for information screening with respect to resources, and find that investors who rely on their own analysis when making trading decisions earn more. These investors are usually wealthier, have more financial knowledge and are more likely to be male.
My third study further explores determinant of investment performance by identifying a more fundamental, intrinsic and stable heterogeneity that is embedded in human personality, i.e., trait anxiety, which reflects people’s innate propensity to feel anxious. I find that investors who are more prone to anxiety have significantly inferior investment performance in terms of stock market return rate, after controlling for many other relevant factors. This finding is robust across investment periods of both half a year and three years, and across regressions using different proxies for trait anxiety.
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Li, Dongya, and 李冬娅. "External finance and firm performance: evidence from China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B45699653.
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Wang, Zhixiao. "Essays in corporate investment and finance in China." Thesis, University of Glasgow, 2018. http://theses.gla.ac.uk/30699/.
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This thesis extends the literature by adding new empirical evidence associated with firm’s decisions in fixed investment and capital structure, under the assumption of capital market imperfection. In Chapter 2, we combine a panel of over 95,000 Chinese manufacturing firms of different ownership types over the period 2000-2007 with the Marketization Index for China’s provinces during the same period and investigate whether or not, and how, the cross-regional differences in institutions and financial development can affect the firm level financing constraints. Our main results indicate that institutional and financial development in China can reduce financing constraints significantly for the investments of private firms and partly for foreign firms, while increasing the financing constraints for the investments of state and collective firms. Different from previous studies at aggregate level, we identify a positive relation between finance and growth in the Chinese economy from a micro-perspective. In Chapter 3, we estimate the respective effect of state ownership and share concentration on firms’ leverage adjustment speed towards optimal level by using the Chinese listed firms dataset (1998-2010). We find that the firms with state ownership present lower leverage adjustment speed towards optimal leverage ratio than their privately owned counterparts. A positive relation from share concentration to leverage adjustment speed is also detected. These results suggest that ownership structure can significantly determine a firm’s costs of adjustment as well as incentives to adjust. Our works offer a new channel for people to understand the heterogeneous leverage adjustment behaviours among firms. In Chapter 4, using the Chinese listed firms dataset (1998-2016), we test the casual relation from short debt maturity to firms’ fixed capital expenditure. After controlling the level of leverage, we obtain a significant negative coefficient on short debt maturity in the investment regression model, especially for the sample of firms with worse financial condition. This indicates that rollover risk plays an important role in determining firms’ investment decisions and it is more likely to be triggered at bad time. Overall, our research suggest several policy implications. First, deeper economic decentralization and further financial liberalization are important for reducing the resource misallocation between state and non-state sectors in the Chinese economy. Second, more applicable provisions for minority investor protection are required to be formulated, which are expected to provide more options for ownership reform in publicly listed SOEs. Lastly, alternatives for long-term debt financing, other than bank loans, have to be developed, thereby reducing the systematic rollover risk in the economy.
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Manso-Salinas, Emilio. "Firms and financing in China a co-evolutionary study of domestic stock market equity funding /." Thesis, Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B31607718.
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Violi, Maria Paola <1995>. "Is there any future for Green Finance in China?" Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17639.
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The rising awareness of sustainable issues and the pressing urgency to solve environmental-related problems (e.g. climate change) over the years has set in the capital market a new global trend: the pursuit of sustainable development represents internationally the ultimate goal of governments, institutions, companies and consumers, all jointly contributing to the transition towards a low-carbon and more inclusive economy. The paper aims at verifying to what extent the incorporation of more sustainable measures can influence Chinese companies’ performance and whether it may have positive impacts on it. Starting from an international overview, the first chapter will concentrate on the challenges that society is currently facing, regarding particularly climate change, the different initiatives launched, and the relative reactions of the main players involved in fostering sustainability. The chapter will further examine finance’s role in sustainable development, the gradual evolution towards it and the obstacles holding back the adoption of sustainable measures, eventually ending with the analysis of stock exchanges involvement and the ESG disclosure requirements included in their listing rules. Moving to a closer perspective, the second chapter will discuss China’s contribution to green policies: the chapter will mainly focus on the impacts that environmental issues exert on the world’s second-largest economy and one of the world’s most polluted country, further concentrating on government intervention and engagement in both international and local initiatives, ending with the examination of the effects of these policies on other actors. The examination will continue with the analysis of the country’s engagement in fostering Green Finance and will particularly discuss the role that the collaboration among mainland China (Shanghai and Shenzhen) and Hong Kong Stock Exchanges have in boosting green finance through the disclosure required to the listed companies. The paper will finally compare the efforts made by Chinese listed companies in the Hong Kong Stock Exchange, to assess to what extent the internalisation of environmental externalities impact companies’ financial performance.
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Tan, Xiao Monica, and 談笑. "Understanding government education and health spending in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/211031.
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This research evaluates government education and health spending in China and explores the underlying determinants of its spatial pattern. A framework defining local needs at three levels is proposed to analyze whether the expenditure has been reasonably allocated. Results show that both government education and health spending closely respond to local needs at the general level. The illiteracy rate is positively correlated with government education spending while the life expectancy is negatively correlated with government health spending. On the demand and supply sides, while government education spending is more responsive to local demand measured by student number, the needs from the supply side represented by the number of medical personnel appear to be more relevant when governments distribute resources into the health sector. One particular area that needs more effort is the responsiveness to the needs arising from the lack of teaching staff. The student-teaching ratio is now largely ignored when governments make decisions of education outlays. Given that the adequacy of teaching staff is a must to ensure the quality of teaching, governments are thus suggested to put more weights to this aspect in its decision-making process.
As for the determinants of government education and health spending, this study takes a close look at three groups of key potential explaining factors identified in the existing literature – economic development, openness and decentralization. The findings pose challenges to the existing mainstream theories developed in the western context. Only per capita gross regional product is found to have significant explanatory power for budgetary expenditure on education and a significant negative relationship is revealed. On the other hand, both economic development and the degree of fiscal dependency are significant in explaining the spatial pattern of government health spending; and their relationships are both non-linear. The fixed-effects panel data regression model predicts that, ceteris paribus, a province with a per capita gross regional product of 20,265 yuan would have the most government health outlays while a province with a fiscal dependency ratio of 63.6% would have the lowest public health expenditure. Provinces with either higher or lower per capita GRP (fiscal dependency ratio) than the threshold value allocate fewer (more) resources into government health outlays. The most important recommendation derived from the findings of this dissertation is that the central government should keep an eye on those provinces that are neither fully financially dependent nor fully financially independent, because their government health spending tends to be particularly inadequate.published_or_final_version
China Development Studies
Master
Master of Arts in China Development Studies
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趙寶卿 and Po-hing Chiu. "Financial deepening in China & Taiwan in 1979-1989: a comparative overview." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31976943.
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Chen, Yan, and 陈龑. "Health care financing in China : what lessons China can learn from other countries on healthcare reform?" Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193770.
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Background
China never stops taking effort to reform its health care system. Health care financing, which is one of the essential control knobs to health care system, has significant influences on the sustainability of the health system, the quality of services it delivers, the health status of the population as well as the success of the whole health care reform process.
Objectives
This article aims to summarize the evolution of China’s health care financing system, its current situation and challenges, discuss what lessons China can learn from the successful experiences or unsuccessful pitfalls of others countries on its health care financing reform.
Methods
Articles were searched through PubMed and CNKI. Further relevant articles were identified by searching the citations listed in retrieved articles manually. 96 articles were reviewed. Statistics about China’s health care system were mainly from government white paper, SHA technical paper, Chinese government websites and WHO website. The information about the performance of health care systems in other countries was mainly from OECD database and WHO website.
Results
In China, insufficient government expenditure and high out-of-pocket payments; social health insurance providing limited risk protection, with low-level risk pooling; escalation of costs; inefficient financing resources allocation in providers; disparities among regions and provinces all lead to the inequity and inefficiency of the health care financing system and create heavy financial burden on patients. Based on experiences from other countries, the total health expenditure in China could take an even larger proportion of GDP in the future; it is reasonable to increase general government expenditure to further reduce the household out-of-pocket payment and provide financial protection and ensure equity; expanding services coverage and proportion of the costs covered, gradually merging the risk-pool units and different schemes can make social health insurance a more powerful tool to make sure people’s access to basic health care; a new payment mechanism and stricter supervision on supply side can effectively contain the escalation of the costs; government should inject more funding to front-line institutions and the function of primary care in China can be stimulated by a good primary health care delivery system, in which the role of primary care provider is clearly defined as the gatekeeper of the health care system, with a proper referral mechanism; more responsibility should be taken by central government to allocate financing resources based on the fiscal capability of local governments; Chinese government should foresee the demand of aging population and take actions before it is too late.
Conclusion
It is consensus that China’s health care reform is heading at the right direction. However, there are a lot of problems in China health care financing system remaining to be solved. Health care financing system varies greatly in each country and there is no perfect health care financing system in the world. Thus no single country can be one hundred percent copied by China. But general principles and one or some most successful and advanced portions of other countries’ health care financing systems can still be used as references by China after further assessment. Unsuccessful oversea experiences are also precious lessons for preventing Chinese government from making same mistakes. A good health care financing system should be designed on the basis of a systematic review of all domestic financing policy and previous international experiences.published_or_final_version
Public Health
Master
Master of Public Health
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Zhang, Qing. "Demand for money in China." Thesis, University of Greenwich, 2006. http://gala.gre.ac.uk/8251/.
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This research investigates the long-run equilibrium relationship between money demand and its determinants in China over the period 1952-2004 for three definitions of money – currency in circulation m0, narrow money m1 and broad money m2. The appropriate dummy variable has been added into the functions to assess and evaluate effects of economic reform in China. The additional influences on money demand in China, such as wages, monetization process and saving effects are explored. The real wage index w, the ratio of urban population to total population ROP, the ratio of total deposit to currency DCR, and the ratio of total deposit to income RDG have been considered as additional variables in the same money demand functions. To test the stable long-run money demand functions, the Engle-Granger two-stage cointegration method (EGTS), Phillips-Hansen cointegration approach, Pesaran et al. (2001) ARDL cointegration procedure along with CUSUM and CUSUMSQ stability tests and Johansen Multivariate Cointegration procedures are employed. Granger Causality Test is applied to indicate either uni-directional or bi-directional causality exists in the variables. Wald tests for homogeneity and parameter constancy tests are employed in this study as well. The estimation results, especially the cointegration analyses show that the real money demand functions perform better than the nominal money demand functions. Narrow money demand m1 presents more satisfactory coefficients than the other two in terms of economic theory and econometric diagnostics. The stabilisation policy should primarily aim at the narrow money m1. This study reveals that the economic reform did bring significant changes to the Chinese economy. Income is shown to be the most important determinant of money demand. The other additional variables also have significant effects on the money demand. The wage index influence on money demand models is important. The raise of monetization process made the money play a more vital role. The impact of ratio of total deposit to income is significant.
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Huang, Jiajin [Verfasser]. "Essays on Money and Finance: Evidence for China. / Jiajin Huang." Berlin : Duncker & Humblot, 2019. http://d-nb.info/1238486274/34.
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Lei, Angela Xuying. "Essays on investment, financing, and institutions in China." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/480/.
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China’s unique approach to the market economy during its transitional phase has provoked widespread interest among researchers. While the Western literature can certainly not be directly applied under Chinese economic conditions, it offers important theoretical grounds on which we can build our understanding of different behaviour of firms and banks in China. In the first chapter, we employ a unique set of data on financial information of over 6,000 firms and study the lending pattern of banks in China at a firm level. We find that in addition to common factors such as profitability, size, and credit history, state ownership is highly correlated with banks’ lending decision;the evidence is consistent with the existence of soft budget constraint. The debate over whether such lending bias is caused by the supply side (banks) leads us to the second chapter. We examine and compare investment behaviour of firms under different ownership, with a focus on investment to cash flow sensitivity, using financial and accounting data on over 1,700 listed firms in China. We find opposite effects of cash flow on firms when sample is split between different ownership, with privately owned firms showing a higher sensitivity of investment to cash flow. This result enables us to establish that the cause of lending bias and soft budget constraint in China is indeed a supply side effect. We also find that such sensitivity is positively correlated with firm size and age, but not related to Tobin’q, which we interpret as indicating the lack of market value information about firms in China. Institutional development in the sense of enhancement of the effectiveness of the market is widely viewed as the core to economic reform in transition economies. As privately owned firms generally outperform their state owned counterparts (see Estrin et al. 2009), we study the impact of regional institutions on total factor productivity (TFP) of firms under different ownership. We find that the quality of institutions is highly correlated with firms’ TFP, and that improving institutions to facilitate business operations is crucial for firms to achieve higher effectiveness and sustainable growth. The results also suggest that urgent reform is needed for the state owned sector in China.
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Li, Danying. "Household finance, consumption and health : evidence from China and European countries." Thesis, University of Birmingham, 2019. http://etheses.bham.ac.uk//id/eprint/8862/.
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This thesis presents three empirical studies on household finance. The thesis is inspired by the following phenomena: (1) the development of household finance; (2) the importance of enhancing financial inclusion; (3) the rising prevalence of obesity in western countries; (4) the global ageing challenge. Using the China Household Finance Survey, I investigate the determinants of financial inclusion, focusing on the role played by informal finance. I test the extent to which financial inclusion affects households' consumption. My findings suggest that enhancing financial inclusion in China may play an important role in rebalancing the economy towards domestic consumption. Using the China Health and Retirement Longitudinal Study, I investigate the extent to which households' consumption profile changes after health shocks. My findings suggest that non-medical consumption is generally insured against health shocks in China. Using the Survey of Health, Ageing and Retirement in Europe, I find a positive association between financial stress and bodyweight in Europe. I find that individuals are more likely to respond to self-perceived financial stress than to objective levels of debt. Thus, policies aimed at improving citizens' ability to cope with financial stress may play a role in tackling the obesity epidemic in Europe.
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Wang, Yang. "Credit risk management in rural commercial banks in China." Thesis, Edinburgh Napier University, 2013. http://researchrepository.napier.ac.uk/Output/6659.
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Credit risk is one of the most general risks that exist in the financial market and a major risk faced by financial institutions. Credit risk management (CRM) is to identify, measure, monitor, and control risk arising from the possibility of default in loan repayments. The primary objective of CRM of rural commercial banks (RCBs) is to maintain risk within acceptable parameters and satisfy the regulatory requirements. CRM has long been the focus of governments, regulatory authorities and financial institutions. This thesis examines the importance of CRM for RCBs, which has been overlooked in the literature, and attempts to develop a CRM framework for RCBs. It has four specific research objectives: 1) to discuss the differences between RCBs and city based-commercial banks; 2) to examine the importance of CRM for RCBs and identify the approaches available for banks to manage credit risks; 3) to identify the key factors that have influenced the credit evaluation and assessment, as well as credit risk control in the context of China's RCBs; and 4) to propose a practicable CRM framework that suits the characteristics of Chinese RCBs. This study adopts qualitative analysis and case study approaches to identify key factors contributing to the failure of RCBs' customers, resulting in loan defaults and banks' credit risk. The quantitative-based CRM tools available for large financial institutions do not meet the requirements of RCBs because the main customers of RCBs are small and medium-sized enterprises (SMEs) and farming households and there is a lack of financial data and credit rating relating to these customers. In addition to normal risks faced by financial institutions, RCBs in China are also exposed to risks specifically to rural commercial banking business and in particular, farming-related loans and services. This study proposes a CRM framework for RCBs in China. The framework is based on the identification of business failures of RCBs' customers and factors contributing to the failures of SMEs and farming households. The framework is divided into five steps. The first step is to distinguish business failure and closure. The second step is to identify factors contributing to the failure of customers, which should be considered from environmental, operational, financial and guanxi aspects. The third step is to use PCA to identify principal factors. The fourth step is to design a credit risk analysis model with an analysis of these principal factors. The final step is to use the credit risk analysis model to manage credit risks of their portfolios and individual loans provided to SMEs and farming households. The CRM framework has been confirmed by practitioners through interviews conducted in the case bank. Interviews raise a number of issues relating to the development of a CRM model and assessment of credit risk of SMEs in China. The case study through an analysis of documents of the case bank reveals the importance of CRM and organisational structure in risk management and CRM. The case study presents evidence of lacking of practical methods in managing credit risk by RCBs in China. The proposed framework expects to address the problem. This study has made several contributions to the literature that studies CRM in financial institutions in general and RCBs in particular. This study critically identifies the current lack of studies specifically addressing the RCBs' CRM, and proposes a CRM framework for RCBs. The framework considers financial and non-financial variables to analyse SMEs and farming household for which financial information is very limited. Using nonfinancial variables along with financial variables as predictors of business failure significantly improves credit analysis quality and accuracy. Also, this study recognises guanxi as risk potentials affecting the business of SMEs and farming households and includes guanxi risks in the framework. The consideration of guanxi in credit risk analysis fits well with China's business environment.
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麥秀蓮 and Sau-lin Linda Mak. "An investigation into the financing structure of PRC hotel projects." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1988. http://hub.hku.hk/bib/B31264438.
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Kam, Amy. "Corporate distress in an emerging market : the case of China." Thesis, City University London, 2007. http://openaccess.city.ac.uk/8502/.
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This thesis is one of the first studies to empirically examine the nature and source of financial distress, and the valuation effect of distressed companies' restructuring announcements, in an emerging market context. By describing and comparing the Chinese bankruptcy code with those of seven other countries, I find that the government's political interests and intervention, aggravated by the country's weak enforcement mechanism, result in the formal procedures rarely being used in practice. Consequently, the threat of bankruptcy is weakened and creditor protection is limited. These issues are confirmed by my empirical analysis. My empirical studies are separated into two distinct themes: China as a whole compared with what is documented in the literature; and within China state owned enterprises (SOE) versus non-SOE. Firstly, I analyse operating and financial performance and operating efficiency for 100 firms that became distressed between 1999 and 2003. I find that during the first year of distress, the main source of distress is economic, not financial. In addition, for a significant minority of firms, financial factor plays a greater role in causing cash flow shortfall prior to the onset of distress. For this reason, I believe that due to the lack of timely restructuring mechanism, financial distress leads to economic distress. My SOE versus non-SOE results suggest that "soft budget constraints" are widespread among SOEs. However, such lending bias towards SOEs does not save these SOEs from being distressed. The deliberate channeling of funds to inefficient uses results in the distortion of capital allocation. Secondly, I investigate the valuation effect of restructuring announcements made by 100 firms. Comparing to the literature, I find that asset restructuring including mergers and acquisitions (M&A) and asset sales are more frequently employed. It is the most popular strategy in my sample. In the light of difficulties in officially liquidating economically unviable firms in the Chinese context, mergers and asset sales are perhaps a market selfcorrection mechanism to ensure asset mobility, which is essential for the effective operation of an enterprise economy. Consistent with the general M&A literature, M&A creates value for the target firm shareholders. In addition, asset sales are not perceived positively by the market. A potential explanation is that the lack of bankruptcy threat in China minimises the potential benefit of avoiding bankruptcy costs which shareholders otherwise have to bear. In my SOE versus non-SOE study, M&A with payment strategy is effective only for the non-SOE firms. On the contrary, the government's attempt to revamp SOE performance by transferring the controlling ownership, either with or without payment, is not seen as effective by the market. My results also suggest that debt governance is not at work among SOEs and this affects the effectiveness of debt related restructuring. The fundamental conclusion is that government ownership has an adverse impact on the distress-resolution process as it distorts resource allocation, management incentives and investment decisions. An effective bankruptcy regime should be more independent from politically motivated government intervention.
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Opartpunyasarn, Rungnapa. "Essays on international trade and stock market performance in China." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/41644/.
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This thesis examines different factors that affect risk and return of equities of Chinese firms engaging in international trades through three studies. The first study investigates the sensitivity of exchange rate fluctuations to firm returns through exchange rate exposure. We improve methodologies employing in existing studies by constructing a firm-specific exchange rate index based on destination-specific export and import values. The empirical results show that our improvement can detect more percentage of firms showing significant exchange rate exposure than conventional approaches and that higher proportion of Chinese firms are exposed to exchange rate when the exchange rate regime is changed from fixed to managed float. The second study decomposes risk premium of Chinese exporting firms by their export destinations to assess if return from exporting to each country is well rewarded for the risk taken, that is, having a positive risk premium. Risk premium of firms is assumed to be influenced by risk premium from a domestic market, risk premium contributions from current export destination countries and from potential export destination countries. Our methodology of risk premium decomposition takes into account the time-varying nature of risk factors of exports. The empirical results reveal that trading in a domestic market provides positive risk premium while current and potential exports can provide positive or negative risk premia depending on destination countries. The last study explores volatility spillovers to Chinese stocks over trade, exchange rate and stock market liberalization events in China. We investigate volatility spillovers from the major stock markets in the US, the UK and Japan to Chinese stocks. Besides, we also breakdown Chinese stocks by portfolios of exporting, domestic manufacturing and domestic services firms to investigate both volatility spillovers from foreign stock markets and volatility spillovers across portfolios. The stock return volatility of one variable is decomposed into its own volatility and volatility spillovers from others. The empirical results show that the nature and extent of volatility spillovers to Chinese stocks vary across economic liberalization episodes. Moreover, the main contributor of volatility spillovers from foreign markets is the US stock market. Nonetheless, in all events, the major source of volatility for Chinese stocks is mainly from shocks in Chinese market rather than shocks in international stock markets.
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Di, Martino Jessica <1997>. "Climate change has affected and modified International Finance. The different approaches to sustainable finance between West countries and China." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21187.
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La crescente sensibilità dei consumatori, insieme al progresso della legislazione in materia di sostenibilità, hanno portato negli anni a una crescente attenzione al tema del "green" e dell’ecologia.
Oggi le aziende non considerano più gli investimenti sostenibili come un costo aggiuntivo, ma piuttosto come un'opportunità di guadagno. Le scelte strategiche delle aziende si concentrano su modelli di business che massimizzano l'efficienza delle risorse a tutti i livelli, creando così profitto e, allo stesso tempo, benessere per chi le circonda.
Non si tratta solo di essere eco-friendly o green, questo concetto rappresenta soltanto una piccola parte di questo grande tema. La Finanza Sostenibile è più una visione, un approccio quotidiano al business. E’ più riconducibile al concetto di Etica, la quale ha bisogno di continuità per diventare credibilità. L'azienda dovrebbe essere in grado di creare un marchio credibile e solido con un futuro stabile per rendere i clienti consapevoli della loro idea di crescita sostenibile.
La gestione finanziaria delle aziende non è più focalizzata solo sulla gestione dei capitali, ma cerca di abbinare gli obiettivi di profitto con l'attivismo ambientale, essendo consapevoli che i prodotti ottenuti sono legati alla qualità della propria attività produttiva.
L'obiettivo di questa tesi è chiarire quali sono i nuovi strumenti finanziari che misurano l'impatto delle imprese sull'ambiente e quali sono le principali normative e azioni per lo sviluppo di questo settore.
In seguito, l’elaborato si concentrerà sul diverso approccio alla finanza sostenibile da parte dei paesi occidentali e la Cina, fornendo esempi concreti di aziende che hanno abbracciato il principio della sostenibilità.
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Dai, Wei. "Management buyout in China." CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2364.
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China's different economic environment, government infrastructure, and legal system might cause different management buyout procedures and results from management buyout procedures in the United States. Management buyout was originally created to increase efficiency and reduce agency cost in the United States in the 1960s; but management buyout in China is merely a tool to provide incentive programs for current management teams and reduce state-owned corporate shares.
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駱秀蘭 and Sau-lan Rita Lok. "Infrastructure and project finance in Asia." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269102.
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Lam, Yuk-fong, and 藍玉芳. "Strategy for Hong Kong to become the financial centre in the Pacific-Asia region: a destiny of an intention." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1994. http://hub.hku.hk/bib/B31266113.
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江垂燊 and Shui-sun Kong. "Building superhighways in PRC." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31267981.
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Kasseeah, Harshana. "Financing decisions and financial constraints : evidence from the UK and China." Thesis, University of Nottingham, 2008. http://eprints.nottingham.ac.uk/10523/.
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Firms are the engines of growth in any economy. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance (debt and/or equity) that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision. In each chapter of this study, we study the financing decisions of a different set of firms faced with financial constraints. The two countries we focus on are the UK and China. Our study examines two types of firms in the UK. We first study listed firms and examine how financial constraints affect their leverage decisions. Next, we focus on the financing decisions of small and medium-sized enterprises (SMEs), as these firms are more likely to suffer from financial constraints. To examine financial constraints, we use both conventionally used indicators of financial constraints and new indicators. Our study on China is mainly based on listed manufacturing Chinese firms. China is currently the largest developing and transition economy in the world. It is interesting to study the financing behaviour of manufacturing firms in China as manufacturing is believed to be the main engine behind the Chinese growth miracle. We account for factors specific to the Chinese case to determine if the leverage decisions of Chinese firms are similar to those of firms in other parts of the world. We also examine the cash holding decisions of Chinese firms as these firms seem to be highly financially conservative. Our results indicate that firms tend to follow a financial hierarchy in their financing patters and that the preferred source of external finance of most firms, whether in the UK or China, remains leverage. However firms tend to reduce their leverage when they experience an increase in their internal funds, which points towards a financially conservative behaviour. This needs to be accounted for in policy decisions that are mainly formulated on the supply side.
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Zhang, Jing. "Foreign direct investment, governance, and the environment in China : regional dimensions." Thesis, University of Birmingham, 2008. http://etheses.bham.ac.uk//id/eprint/152/.
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This thesis includes four empirical studies related to foreign direct investment (FDI), governance, economic growth and the environment. We firstly investigate the existence of the so called pollution haven hypothesis (PHH) in China, i.e. the impact of regional environmental regulations (ER) on FDI inflows. We then examine the other determinants of FDI: regional government effort to tackle corruption and government efficiency. It then extends the methodology of the first two studies and revisits the PHH issues by treating ER as endogenous. Finally, we observe the effects of economic growth and foreign direct investment on the environmental quality across Chinese cities. After addressing the weaknesses in previous literature, our findings provide the following results. First, an intra-country pollution haven effect does exist in China. Such an effect is also found when ER is treated as endogenous but not robust for the sensitivity checks using different instrumental variables and estimators. Second, FDI is attracted to regions that have made more effort on fighting against corruption and that have more efficient government. Third, government variables do not have a significant impact on ER. Fourth, economic growth has a negative effect on environmental quality at current income levels in China. Finally, foreign investment has positive effects on water pollutants and a neutral effect on air pollutants. Such effects vary across pollutants and investment from different sources.
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Xu, Shujing, and 徐淑婧. "Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/202254.
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Accelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security.published_or_final_version
Economics and Finance
Doctoral
Doctor of Philosophy
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Du, Jun. "Essays on banking efficiency, access to finance and firm performance in China." Thesis, University of Leicester, 2007. http://hdl.handle.net/2381/30151.
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This thesis aims to contribute to the under-researched area of China's financial system and its role of fostering firm growth. This is achieved by investigating three aspects of the efficiency of the Chinese financial system. The first aspect focuses on the suppliers of financial resources (i.e. banks) and examines the cost efficiency and productivity growth of the Chinese banking industry. The second aspect considers the recipients of finance---manufacturing firms, and investigates how source of finance in firm's capital structure affects its growth performance. The third aspect concentrates on a particular growth channel (exporting) and investigates the interaction between access to domestic finance, foreign direct investment, and the exports of private enterprises. Overall, I find that the Chinese banks lack cost efficiency, the allocation of financial resources through state-owned financial institutions is inefficient, and there is a positive association between access to finance and export market orientation.
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Zou, Linyi. "REITs and securitization as innovative modes to finance affordable housing in China." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113804.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2017.Page 77 blank. Cataloged from PDF version of thesis.
Includes bibliographical references (pages 71-76).
Affordable housing finance in China is a hot issue, which mainly relies on government budgets and bank loans. These two financing channels are insufficient to support the large number of affordable housing projects, and there is a need to explore innovative channels. Within them, this thesis focuses on REITs and other types of securitization (ABN and ABS), in order to research their implementations in affordable housing finance, as well as the obstacles and impacts. In 2005, Hong Kong Government created the first REIT by privatizing and securitizing the retail and parking facilities affiliated to affordable housing owned by the government. This REIT was financially successful with good stock performance; nonetheless, as an equity REIT, its underlying assets were fully owned by private REIT manager with profit-oriented strategy, which undermined its affordability and caused negative social impacts. Four years later, mainland China wanted to learn from Hong Kong and create the first REIT by securitizing the affordable housing properties in Tianjin Municipality. However, this practice was unsuccessful, due to a lack of REITs legislation in mainland China and a tightening of government regulations on the overheated real estate market. It turned out this pilot project of REIT had to be restructured in 2012 as ABN, an existing financial instrument that could be issued quickly. In 2014, mainland China began a new experiment of using ABS to securitize and finance affordable housing projects in Xuzhou City. Compared with ABN, the ABS business was more advanced and similar to REITs in terms of structures, thus mainland China has taken one step closer to REITs. This thesis predicts that mainland China will establish its REITs legislation in the near future, which might be based on and modified from the ABS regulations, due to their similarities. Besides, future REITs could be implemented in affordable housing through debt financing instead of equity financing: on one hand, affordable housing projects have low return (below-market rent) and low risk (government guarantee), which are suitable for debt financing; on the other hand, the government could keep ownership of affordable housing in order to ensure its affordability.
by Linyi Zou.
M.C.P.
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SHEN, Jianghua. "Institutional stock ownership and corproate dividend policy : evidence from China." Digital Commons @ Lingnan University, 2013. https://commons.ln.edu.hk/fin_etd/7.
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Agency theory suggests that institutional stockholders are able to influence the dividend policies of listed firms with the underlying objective of reducing a firm’s agency costs. This study explores the causal effects of institutional ownership on dividend policies for the firms listed in China. Using various measures of institutional ownership and dividend policy, I find that mutual fund ownership in a firm causes it to pay out more cash dividends or to initiate cash dividends. These effects are mainly evident in the firms controlled by the state and regional governments and those with relatively high free cash flows. The effects are also shown to be stronger when the mutual fund investment horizon is longer. However, firms with existing high levels of cash dividends do not attract mutual fund investors. The results still hold when I use different methods to mitigate the endogeneity problem. Mutual fund ownership is also shown to reduce agency costs and improve the operating performances of the firms that they invest in. Other institutional investors, such as banks, insurance companies, and securities companies appear to have different influences from those of mutual funds on firms’ cash dividend payments, agency costs and operating performances. My results support the agency costs explanation of institutional ownership and dividend policy.
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Chan, Chi-wah, and 陳志華. "Property development as a means of project finance for infrastructure project." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B3126850X.
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Newman, Alexander. "Capital structure determinants of private small and medium-sized enterprises in China." Thesis, University of Nottingham, 2010. http://eprints.nottingham.ac.uk/12235/.
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This thesis examines the capital structure determinants of private SMEs in China and the extent to which financial theories of capital structure adequately explain their financing behaviour. It also investigates whether other theoretical perspectives can be utilised to explain their capital structure decisions. In order to investigate these issues a mixed method approach is utilised, combining analysis of secondary data, with field research in the form of semi-structured interviews and survey questionnaires. Data analysis indicated that financial theories of capital structure alone do not provide a full explanation as to how SMEs are financed due to distinct institutional and cultural differences between China and the developed economy context in which these theories were developed. In order to better explain the financing behaviour of Chinese SMEs a theoretical model was developed based on insights from interviews with SME owner managers and the existing literature. This model highlighted the role played by managerial strategy, psychology, human capital and network ties in small business financing. Such factors are shown to be influential in determining the capital structure adopted by Chinese SMEs and are not taken into account by existing theories of capital structure in the finance paradigm. Based on the findings of this research theoretical and policy implications are provided. In order to support the continued growth of the SME sector Chinese government authorities should consider providing better support to entrepreneurs to access the formal financial sector. SME owner/managers must also understand the impact of their behaviour on the ability to access external financing and consider improving their accounting and information systems to reduce information asymmetries between themselves and their lenders.
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Gyeke-Dako, Agyapomaa. "Foreign ownership, financial contraints and financing decisions : evidence from Ghana and China." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/13840/.
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Firms playa pivotal role in every economy. Therefore their financial standing should be of great concern to policy-makers, as this may directly affect the overall performance of the economy. Corporate finance literature however suggests that market imperfections resulting from conflicts of interest and informational asymmetries, between different economic agents, limit firms in their ability to finance investment projects. Yet, the extent to which firms are limited depends greatly on their size, ownership, exporting status, risk level and even location. In fact, many studies believe that unless by some policy directives pertaining to a particular country, foreign, exporting, large, less risky and firms in developed regions will under normal circumstances be less financially constrained than their counterparts, domestic, non-exporting, small, more risky and firms in undeveloped regions respectively. For domestic firms, some evidence exists that their financial constraints can be alleviated by the entrance of foreign firms. In this thesis, we try and incorporate as many of these determinants as possible bearing in mind data availability. As a result, in the first part of this study, we address the issue of financial constraints of foreign and domestic firms as well as crowding out effects of domestic firms in Ghana. To the best of our knowledge, no study has attempted to address this particular issue on Ghana. We then move a step higher in the second part of our study by considering this same topic in China but then looking at it using firms with different degrees of foreign ownership. Not only do we do this, but we also carry out regional analysis in this respect. All these are made possible by the quality of dataset that we use in our analyses. Again, to the best of our knowledge, no study has addressed this issue on China in this manner. In the last part of our study, we take a different tum altogether and examine mainly the sensitivities of both long-term debt and short-term debt to cash flow and collateral respectively for globally-engaged firms (foreign-owned and exporting firms) as well as firms in the coastal and non-coastal regions of China. We find very interesting results from these analyses. With regards to evidence on firm financial constraints in Ghana, we find that domestic firms are more financially constrained than foreign firms and that foreign firms' presence has no impact on domestic firms in Ghana. For the results on China, while we find no difference between the financial constraints of purely domestic firms and joint ventures, we find that wholly-foreign owned firms are less financially constrained than purely domestic firms. We however find that the presence of foreign firms help alleviate purely domestic firms from their financial constraints. For the regional analysis, estimates based on this suggest firms in the coastal region are less financially constrained than firms in the non-coastal region. Regarding the sensitivities of both short-term debt and long-term debt to cash flow and collateral, whilst we find that highly globally engaged firms have a higher sensitivity of long-term debt to cash flow than non-globally engaged firms, we find that globally engaged firms' short-term debt have a lower sensitivity to collateral than non-globally engaged firms. As for the regional analysis, our result show that both the short-term debt and long-term debts of firms in the coastal region have a higher sensitivity to collateral and cash flow respectively than the sensitivities of short-term debt and long-term debt to cash flow and collateral of firms in the non-coastal region.
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Cheng, Cheuk-sang Arnold, and 鄭卓生. "Government finance and capital formation in Hong Kong since 1945." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B42574067.
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Huang, Guihai, and 黃貴海. "Two essays on Chinese listed companies." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2002. http://hub.hku.hk/bib/B30147682.
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Wu, Jin, and 伍进. "Securing payment in the mainland China construction industry: the problems of payment arrears and theirremedial measures." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B45588557.
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Fu, Ming Sheng. "A survey on social financing in China." Thesis, University of Macau, 1997. http://umaclib3.umac.mo/record=b1636224.
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Huang, Xian Qi. "The development of investment banking in China." Thesis, University of Macau, 1999. http://umaclib3.umac.mo/record=b1636228.
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Yun, Zeng. "Earnings management in China : theory and evidences." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1637045.
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Lin, Shi Hua. "Long-term performance of IPOs in China." Thesis, University of Macau, 2007. http://umaclib3.umac.mo/record=b1872929.
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He, Ting. "Three essays in corporate finance and corporate governance." HKBU Institutional Repository, 2011. http://repository.hkbu.edu.hk/etd_ra/1230.
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LIU, Sibo. "Performance persistence of institutional investors in IPO market : evidence from China." Digital Commons @ Lingnan University, 2014. https://commons.ln.edu.hk/fin_etd/9.
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Using a dataset consisting of complete bid information for 477 bookbuilt IPOs that took place during Nov 2010 to Oct 2012 in China, I examine whether the performance of institutional investors demonstrates persistence in the IPO market. Building on the adverse selection model as developed by Rock (1986) and a twoperiod analysis, I develop three hypotheses and obtain empirical results that are consistent with the hypotheses. Firstly, I find that the performance of institutional investors continues into the next period. Secondly, I find that the performance persistence exists only for the investors with good past performance but not for investors with bad past performance. Finally, an index capturing the past performance of institutional investors is shown to be informative about the IPO’s initial and medium-term post-market returns. Overall, the results are consistent with the existence of performance persistence among the institutional investors. I conduct additional tests to trace the roots of the observed performance persistence. Results support the hypothesis that institutional investors with good past performance are relatively more informed than those with bad past performance. Specifically, investors with good past performance are more likely to participate in issues with high underpricing, exhibit stronger bid shaving ability, provide more information in terms of high elasticity of demand curve, and show a weaker tendency of naïve reinforcement learning. The results are robust after controlling for the influence of underwriters and after ruling out different alternative explanations. Taking all the results together, my study provides the first systematic evidence on the performance persistence of institutional investors in the IPO market. The results provide important insights for understanding the role of institutional investors in the IPO process and have implications for the design of IPO methods.
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YANG, Jingyu. "Management earnings forecast decisions in a regulated regime : evidence from China." Digital Commons @ Lingnan University, 2015. https://commons.ln.edu.hk/fin_etd/11.
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Since 2000, China has required publicly listed firms to issue management earnings forecasts when they expect extreme changes in earnings or are likely to become loss-making. This study examines managers’ forecast decisions under this unique regulatory environment. I find an increase over time in the proportion of firms issuing voluntary earnings forecasts when they do not expect extreme changes in their earnings or losses. I also find an improvement in the quality—in terms of the precision, accuracy and bias—of both mandatory and voluntary forecasts over time. Further detailed analysis shows that the introduction of the regulation on management earnings forecasts is one of the underlying forces driving firms’ decisions to provide voluntary earnings forecasts. Specifically, I find that a firm is more likely to issue a voluntary forecast if the firm was required by regulation to issue an earnings forecast in the previous year. Peer pressure also explains firms’ decisions to issue voluntary forecasts. I then investigate the reasons underlying the improvement in the quality of management earnings forecasts. I find that learning effects and peer pressure are the driving forces behind the improvement. Specifically, I find that the forecasts issued by more experienced firms are more specific, accurate and conservative. Furthermore, the quality of a firm’s forecast is positively related to the quality of its peer firms. Overall, my results show that requiring some listed firms to issue management earnings forecasts in China might have built up a momentum that has promoted the issuance of voluntary forecasts and improved the quality of forecasts over time.
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Liu, Min. "Financing alternatives for small real estate developers in China: A case study of Guangzhou." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-77474.
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Nowadays, the skyrocket price of residential house due to lack of houses in cities becomes a crucial problem in China. The development of commercial real estate industry is not only an emerging real estate industry, but also plays a mediating role in solving the problem of lack of houses and high-price to some extent, as a mature commercial real estate market in the city gives birth to a core business centre in the downtown and many sub-business areas in different districts in the city. It is able to create jobs in different areas and to spread the population more averagely. Instead of gathering everybody in the centre, it is going to solve the problem of imbalance of supply and demand for houses and the high price in some areas, which is especially important for the big cities in China like Beijing, Shanghai and Guangzhou. This thesis is going to explore some new financing options for the small and medium-sized commercial real estate developers and provide some suggestions accordingly. Financing options like REITs, real estate fund, CBMS and mezzanine financing are discussed. In addition, taking Guangzhou, one of the first-tier cities in China, as a case study we have gained a further understanding of the real financing problems in commercial real estate. Some suggestions on the financing options of small and medium commercial real estate developers are proposed according to the academic and practical experiences.
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Yuk, Tak-fun Alice, and 郁德芬. "Funding social welfare in Hong Kong in the 1990s." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1991. http://hub.hku.hk/bib/B31963961.
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Lee, Chui-yan, and 李翠恩. "Inflation in Hong Kong: a structuralist interpretation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B4389382X.
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Lau, Ho-yin, and 劉浩然. "Comparative studies on aircraft financing in SE Asia & China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31267294.
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Chen, Xiaoguang. "Essays on the dispersion of effective VAT rates in China : causes and consequences." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3152/.
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It is well known that tax administration can be subject to an influence of political power, and bad tax administration may lead to an efficiency loss. However, both the extent and the mechanisms of the political intervention and the efficiency loss are still not fully understood in empirical works. Using the Chinese Annual Survey of Manufacturing Firms, digitized data on the turnover of prefectural secretaries of the Chinese Communist Party, and the County Public Finance Statistics Yearbook in China from the year 2000 to 2007, the three chapters in this Ph.D. thesis aim to contribute to our understanding of following three questions: 1. How do local government incentives affect tax enforcement and effective tax rate of VAT? 2. What is the role of local politicians in selective tax enforcement across industries? 3. To what extent does the dispersion in the effective VAT rate across firms lead to production efficiency loss via the channel of resource misallocation? The results suggest that: 1. Weak local government incentives, rather than lack of information on tax base, lead to a low effective VAT rate in China. 2. There is an increasing favouritism in tax enforcement towards capital-intensive industries as the prefectural secretaries of the Chinese Communist Party stay longer in office. On the contrary, labour-intensive industries face tougher tax enforcement. 3. A tax-neutral reform which eliminates the dispersion in VAT rates across firms in the same 4-digit industry produces a gain in aggregate TFP in the order of 7.9% of GDP on average in the period from 2000 to 2007.
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Li, Wen. "The regulation of new electronic payment services in China." Thesis, Queen Mary, University of London, 2014. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8550.
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Due to the lack of efficient offline payment services for small value payment, and along with the booming of the Internet and telecommunications technologies, new electronic payment services and instruments are becoming increasingly popular and important in the first and second decades of the 21 century in China’s electronic commerce economy. The new electronic payment instruments, which primarily include Internet third party payment and virtual currency, are the subjects of research in this thesis. This thesis focuses on electronic payment law relating to the Internet, and the e-payment law which has been altered substantially by the Internet, rather than focusing on a comprehensive law of payment, clearance and settlement, or traditional mechanisms of payment, such as negotiable instruments and electronic funds transfers that occurs only within the intranet of closed banking systems. Although the new electronic payment instruments cannot escape from the influence of the traditional payment, and new payment instruments are based upon the traditional one both in technological infrastructure and in legal framework, the new electronic payment instruments do possess their own special features in technology, business models and in law. On this regard, readers might be asking why the author did not use the topic of “Internet Payment” or “online payment” instead of “new electronic payment” for the title of the thesis. The answer is because in China, telephone payment, along with Internet payment should be collectively considered as new electronic payment tools, and therefore, it is too narrow to just use the term “Internet Payment”. Also, the word “online” is, somewhat, a misleading word, and the author tries to specify in most cases whether it is an “Internet” or a “mobile network” or “landlines” or any other forms of networks in the following analysis when the concept of “online” has to be referred to. On the other hand, it is a truth that, among those new electronic payment instruments, it is the Internet that has been shaking and reshaping the infrastructure framework of payment, clearance and settlement; and telephone payment as well as mobile payment, to a great extent, are relying on the Internet. Therefore, Internet-related payment lies at the heart of the thesis. Furthermore, in China, new electronic payment instruments are largely created and facilitated through non-bank Internet third party payment providers and virtual currency, These two types of new electronic payment services possess enormous scale and are developing in a fast speed. Therefore, this thesis will treat the law on non-bank Internet third party payment platform providers and virtual currency as two crucial points to discuss.1 1.2 Research Questions The hypothesis of the thesis is that legal issues arising from new electronic payment services, which heavily rely on and is substantially attached to the Internet, are different from legal issues pertaining to traditional electronic payment services which are primarily intra-bank or inter-bank related. For example, in the Internet third party payment system (see Chapter 4 of the thesis), non-bank intermediaries are involved which is outside the regulatory framework of the traditional banking and payment system; also for example, in the virtual currency system (see Chapter 5 & 6 of the thesis), money is not issued by governments and denominated into any national legitimate currencies such as Renminbi in China, instead, money is issued by private Internet companies and denominated into currencies of those private companies. Thus, there are a number of legal questions to be considered: how is the Internet third party payment being regulated in China? What are the key issues in regulating the Internet third party payment? Is the current regulation appropriate? How to regulate the Internet games virtual currency in China? How is the Internet third party payment and virtual currency regulated in the European Union? Are there any lessons that China may learn from the European Union? In the thesis, the author examines these important legal issues relating to new electronic payment in detail, evaluate current existing regulations both in China and in the EU/UK, and propose specific regulatory approaches and measures for China.
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Yang, S. "Developing a business model framework : case of an automotive finance business in China." Thesis, Nottingham Trent University, 2015. http://irep.ntu.ac.uk/id/eprint/27703/.
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Nowadays, Automotive Finance Companies (AFCs) face increasing challenges of finding means to improve and better utilise business models in Chinese market. While, academic researchers are also seeking a clear definition of business model that can be widely accepted as the basis for further development of business model research. This research is aiming to develop a business model framework, which can help business managers to confront and resolve these challenges for automotive finance business in China, and most critically to guide them when making strategic decision. Meanwhile, such a framework can also provide academic researchers a foundation for conducting further business model researches. The research draws a journey of developing a business model framework under Chinese automotive finance business context. The interpretivist approach was applied as the methodology to guide the qualitative research with an engaged automotive finance organisation. Accordingly, case study was applied as the research strategy and major approach. SIYANG Framework implementation and semi-structured interview were the two steps consisting in it. As the 1st step, SIYANG Framework, after being developed as an initial business model, was later implemented in the engaged organisation. SIYANG Framework was introduced to the managers in the aim of the business model improvement and it lasted over eighteen months. In the 2nd step, six semi-structured interviews were conducted to review managers’ feedback on SIYANG Framework and explored the insight of SIYANG Framework enrichment. According to the result of implementation, it can be concluded that SIYANG Framework is feasible for guiding the practices of AFC business model improvement. As the outcome of the research, SIYANG Framework has been enriched eventually as a business model framework by analysing data academically and empirically, which reaches level 4 of BMRS (Lambert, 2006). Furthermore, SIYANG Framework describes a clear definition and component of business model that can be a foundation of conducting further business model researches. While, it illustrates a detail process of business modelling that draws a clear way of building, improving and operating a business model for automotive finance business. On one level, SIYANG Framework has been experimented as a constructive guidance to automotive finance organisations improving the business models in Chinese market.