Abstract:This paper constructs an analytical framework in which issues of current financial supervision policy process could be discussed.The main idea is that the interest group consisting of a few of financial magnates,damages the social welfare and the financial market by colluding with the regulatory authorities during the policy making process.Some policy suggestions are provided as a conclusion.First,the market entry regulation should be liberalized gradually in order to increase the number of institutions.Second,information disclosure requirement should be necessarily applied not only for financial institutions,but also for the regulators.

Abstract:Most western studies find that random walk model RWM can describe individual firms earnings approximately.Our findings provide a base for the later researchers who do further empirical studies by taking advantage of these earnings data.Some Chinese scholars take the foreign findings for granted,that is,they assume that earnings also obey RWM in China.They even believed that earnings should obey modified RWM that involves growth variable.But this is not the fact.This paper uses a sample of firms that had listed on the Shanghai Stock Exchange before January 1,1995,and analyses the earnings reports in the successive 6 years by using different kinds of statistical methods.This empirical analysis generates the following major insights:firstly,neither earnings nor ROA abide by RWM or modified RWM;secondly,from the statistical analysis of two sample portfolio whose earnings growth is strongly and negatively autocorrelated,the regressions R\|square is increased greatly once the variable of earnings growth is added into the autoregressive model;and finally,with the significant improvements of several statistical indications,the model of E\-tb\-1E\-\{t-1\}+b\-2ΔE\-\{t-1\}+ε\-t can better describe the earnings behavior of sample firms.

Abstract:Using the data on 21 typical industries and 100 enterprises,this paper provides an empirical research.We compared the difference of value\|added taxVAT and income tax IT between the domestic\|funded and foreign\|funded enterprises,and also analyzed the cause for the difference.By analyzing data,we have learned that the enterprise with high ratio of fixed assets is burdened with heavier VAT.The difference between foreign and domestic enterprises is not significant in VAT.But as to IT,there is a great gap.The burden on domestic enterprise is much heavier than on the foreign one.

Abstract:This article reviews the development process of the investment theory in rnodern macroeconomics,and it gives priority to introduce the important progress of the investment theory in the recent decade.The standard neoclassical investment theory lays special stress on describing investment decision\|making, so it does not consider any adjustment costs of investment in addition to the price or cost of capital goods bought or leased.The q\|theory assumes that adjustment costs of investment is the convex function of investment amount,i.e. the bigger the investment amount,the higher the marginal adjustment costs.In most empirical studies this adjustment cost function adopts the form of quadratic function.Finally,the newest development of investment theory\_the theory of irreversible investment\_stresses the constant cost of investment adjustment,and thus it has inferred and extended a series of new theories and new views.The approach of the theory of irreversible investment has more general significance,and it is practically a special example of the optimal new microeconomic pattern.