英国利兹大学金融分析硕士开题：determinantsofcapitalstructureinChinese.doc

论文题目：determinants of capital structure in Chinese banks中国银行业的资本结构决定因素论文语种：英文您的研究方向：金融是否有数据处理要求：是您的国家：英国您的学校背景：利兹大学，排名32要求字数：12000论文用途：硕士毕业论文 Master Degree是否需要盲审（博士或硕士生有这个需要）：否An analysis of the ChiNext and the Main Board Market in China1. IntroductionIn recent years, With the development of economy in China, the capital market expanded unceasingly. On 30th, October, 2009, The ChiNext Shenzhen(the Growth Enterprises Market in China), which is the first Chinese Stock Exchange established following the Interim Measures for the initial public offerings(IPO) and listing on the Second Board, started to finance for the fisrt 28 small and medium-size firms /jrkj/2149.html which have been listed successfully. It is reported that about 200 companies have filed an application to be listed on the ChiNext.The listed enterprises on ChiNext which is expect to provide large amounts of capital are mainly engaged in the high-tech and high growth industry. Compared with the enterprises on the main board market, the small and medium size enterprises are not outstanding in the asset and scales. However, the enterprises on the Growth Enterpises Market(GEM) have a high growth potential which means a bright future. The most remarkable feature of ChiNext is the low barriers to be listed which tends to help young companies to access new capital. Furthermore, it is also considered as an important capital market instrument to adjust the industrial structure in China and to promote the economic reform in China. The Central Bank and the whole financial system will consistently support the ChiNext Zhou Xiaochuan, the governor of the Peoples Bank of China at the trade opening ceremony.ChiNext takes into consideration the actual situation of Chinas economy and capital market in its institutional design. A series of targeted institutional innovations have been made in such areas as securities offering, listing, trading and oversight, highlighting the growth potential, capability of innovation and industrial diversity of Chinas venture enterprises community. Such innovations include: (1) lower market access threshold for growth venture firms, strengthened responsibilities of intermediary institutions and improved market restraint mechanism (2) investor suitability system for a rational and efficient investment market and protection of investors interests; (3) reforms and innovation introduced to continuing compliance of listed enterprises with regard to information disclosure, continuing supervision, trading system, surveillance system, delisting system based on the distinct characteristics of venture enterprises. Based on the past experiences of the Growth Enterpises Market such as NASDAQ in the US and the Alternative Investment market(AIM) in the UK etcetera, the enterprises mean a high risk and a high return for investors. Banz(1981) used a methodology which is similar to Fama and MacBeth(1973) to find a negative association between the market value of the stocks and average returns to stocks after controlling for risk. Sharpe (1964) and Lintner (1965)s Capital Asset Pricing Model (CAPM) which is the most famous and early model describes the relationship between expected return and ris/jrkj/2149.html k . The basic idea about CAPM is that investors need to be compensated for investing their cash in two ways: time value of money and risk which compare the returns of the asset to the market over a period of time and to the market premium (Rm-rf) by taking a risk measure beta. Compared with the CAPM using a single factor beta, there is a well-known approach like this which is the three factor model developed by Gene Fama and Ken French. Fama and French (1993) provided the three-factor model which posits that expected returns can be explained by the excess market return, a size factor (SMB), a book-to-market equity factor (HML), alpha and beta. Moreover, it implies that if returns increase with book to price ratio, then stocks with a high book to price ratio must be more risky than average. In a subsequent research, Fama and French (1998) extend the model which concern a international context and provide evidences that the three factors model in global market explains international stock returns better than the Capital Asset Pricing Model.Survival analysis widely use Fama French model which depends on the research data in mature second board market. However, the ChiNext which has only been opened for half a year is a new market of investment in China where ragulations and the financial system are different form other countries to some extent. This paper examines returns of the companies on the ChiNext and the Main Board Market with the data from 10th 2009 to 4th 2010 by using Fama French three factors model.2, Research questions and objectivesAs an independent market from the Main Board Market, the ChiNext is an important component of Chinese capital market system to offer a capital for the needs of small and medium-size enterprises engaged in innovation and growing enterprises. Moreover, it also provide a market for investors, particularly especially who are favor of chasing high return. The differences between the ChiNext and the Main Board Market are not only size and scale of listing enterprises on them but also in mechanisms of financing, investment and risk management. It is well-known that small companies seem to have higher return than large one. Moreover, the risk of investment in the enterprises in the Growth Enterpises Market is much higher than the enterprises which are listed on the Main Board Market. In return, the profits may also be much higher. However, it cannot reach the conclusion simplely that the enterprises on the ChiNext have good performance to satisfied investors to a high return since the ChiNext is a creature with several innovations in a different financial system. This paper uses Fama French model to examine the data from the ChiNext and the Main Board market in the beginning 6 months of the ChiNext. By the data analysis this paper finally concludes that how were the performance of the enterprises going on the ChiNext with involved regulations and the supervisor The China Security and Future Commission (SFC) from 10th 2009 to 4th 2010.3. MethodologyIn order to examine datas to answer the research questions mentioned above, it use Fama French three factors model to compare the stocks on the Main Board Market and the ChiNext as a whole. All the data relative to financial statements of the stocks such as rate of return, book value of firms, share prices are collected from the CSMAR Database and the website of Shenzhen Stock Exchange and Shanghai Stock Exchange which are generated by the Chinas government. The process of examination strictly follows the guidance which is exhibited on the website of Kenneth R. French.The stocks on the Main Board/jrkj/2149.ht