Table of Content

16 July 2003, Volume 23 Issue 7

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RELATIONSHIPS BETWEEN CAPITAL STRUCTURES AND CORPORATION GOVERNANCE

WU Xiao-qiu

2003, (7):  5-13. 

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Theories of Finance change with the financial marketizing and the theory of capital market becomes a very important one among modern financial theories. As the Chinese capital market being at the key developing stage, it is very important to analyze the relationships between capital structures and corporate governance of the listed companies. Now, the followings affect the capital structures: firstly the institutional factors, such as equity structures, shareholders structures and incentive mechanisms. Secondly the non-institutional factors, including industrial cycles, market competitions, and the development of the markets for control rights and debtors.

COMPARING CHINESE AND FOREIGN INDEX SYSTEMS OF INVESTMENT ENVIRONMENT

WANG Yuan-jing, YE Jian-feng

2003, (7):  14-21. 

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Comparing Chinese and foreign evaluation patterns of investment environment is the premise to evaluate our investment environment. All the evaluation patterns can be classified as national patterns, regional patterns, and ctiy patterns. Based on some principles and methods, vertical and horizontal comparing can tell us the common characteristics of Chinese and foreign evaluations.

BEHAVIOR FOUNDATIONS OF THE RISK PREMIUMS IN OUR SECURITIES MARKET

Joint Program Group of Haitong Securities Corporation Institute, Joint Program Group of Institute of Economic Reform and Development of China

2003, (7):  27-32. 

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The risk premiums in our securities market have characteristics as such: (1) not notably consistent with the assets-pricing models; (2) higher proportions of systematic risks; (3) without observably decreasing tendency of the systematic risks. The sources of all these are our special structures of investors, risk-averse natures of investors, and private-information preferences. So, in order to get high P/E ratio, investors should adjust strategies when concentrating investments, reversing exchanges, and decreasing exchange frequencies.