Table of Content

16 October 2003, Volume 23 Issue 10

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DEVELOPING FINANCIAL THEORIES UNDER GLOBALIZATION

CHEN Yu-lu

2003, (10):  5-12. 

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Financial theories get obviously behind while globalization has changed greatly the world economy since the end of last century. Under globalization, they are faced with new problems such as monetary policies, financial crisis, currency unions, choosing exchange rate system, financial portfolios, and so on. So, theoretical innovations are needed.

POSITIVE ANALYSIS: OUR FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH

CHEN Liu-qin, ZENG Qing-jiu

2003, (10):  13-18. 

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The model of financial development and economic growth shows that financial development contributes limitedly to our economic growth, and different financial variables of different stages have different effects. The fact that our financial reform lags behind economic growth makes it necessary to deepening financial reform further.

GENERAL EVALUATION: DEVELOPMENT LEVEL OF OUR HI-TECH INDUSTRY

TANG Zhong-fu, GU Pei-liang

2003, (10):  23-28. 

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Hi-tech industry are those that produce, by research and development, industrializing, or penetrating traditional industries, Hi-tech products, entering successfully into the markets, and shape the practical productivity. Their main characteristics are: high knowledge and technology intensive, high R&D capital intensive, high value-added, high growth rate, and high updating rate. Positive analysis shows that our Hi-tech industry is still at the primary stage.

USEFULNESS OF REVEALING CASH-FLOW INFORMATION IN CHINA CAPITAL MARKETS

WANG Hua-cheng, CHENG Xiao-ke, LIU Xue-hui

2003, (10):  29-35. 

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Based on developed DKW model and Chinese economic environment, this paper makes incremental-predicting models to verify that revealing cash-flow information in China capital markets is useful for decision-making. Positive analysis shows that the cash-predicting models with cash-flow tables are more powerful, and revealing cash-flow information is useful for investors to predict future cash flows.

PORTFOLIO,ARBITRAGE AND EQUILIBRIUM CHARACTERISTICS OF CAPITAL MARKETS

LEIDa, YU Chun-hai

2003, (10):  36-41. 

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Non-arbitrage equilibrium is the characteristic defined by the new classicalism. This paper studies the effects of short sale and borrowing constraints on portfolio and arbitrage, the adjusting process from non-equilibrium to equilibrium, different equilibrium characteristics under different behavior assumptions. The outcomes show that the relationships between arbitrage and capital market equilibrium are directly affected by the assumptions about market participators. Different behavior assumptions will have different characteristics and effects.