English Abstract: The author proposes a new type of asset-backed security, called Exchange Traded Pieced Loan (ETPL), designed to address a variety of major issues for savers, lenders, borrowers, authorities and other stakeholders in China's markets for investment and credit. An ETPL's...

Chinese Abstract: 融資限制指的是：公司無法按照最適投資所要求的條件來取得外部資金， 以致無法達到最適投資。本研究建構一個基於盈餘資訊性的融資限制之理論模...

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This paper attempts to analyze corporate tax evasion in a principal-agent framework. We assume that the firm's profit is positively related to managerial effort and that the executive compensation is profit-based. In addition, we consider the situation where the manager might underreport the...

The English version of this paper is at: http://ssrn.com/abstract=878672 Chinese Abstract:...

The purpose of this paper is to analyze the impact of corporate governance on technical efficiency. We use the Translog stochastic production function to derive technical efficiency. Four empirical results are observed: (1) Technical efficiency has a negative relationship with the following two...

English Abstract: The authors review the availability and allocation of commercial credit in China, the investment options presented to savers and the funding options available to Chinese banks. They highlight the markets intrinsic deficiencies, vast externalities and tremendous potentials for...

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