Abstract The theme of this thesis is ¡§A study of the related service market opening of PRC due to the admission application to the WTO¡¨. The focus of this thesis is to discuss: during the process of PRC¡¦s admission to the WTO, PRC has made a great deal of commitment about opening its service trade market, and the potential market benefit for those related entrepreneurs brought by the result of PRC¡¦s admission to the WTO. In this thesis, we discover that, for the sake of wealth maximizing in the market of China, those governments of the members of WTO had fully deprived of the opportunity to bargain with PRC to scramble for the best advantages for themselves in the market of mainland China. As service trade making a more and more important proportion in the world trade as a whole, foreign investors will flock into the market of mainland China once PRC has admitted into the WTO successfully, therefore this study has tried to discuss, from the point of opening the market of service trading, the potential benefit that the foreign investors will enjoy as a result of PRC¡¦s admission to the WTO. Besides, this study also pays attention to the foreign investors who are going to benefit from the areas of telecommunication, insurance, financial services, retailing and wholesaling, and transportation, however they will be obstructed by the restrictions set up by the PRC in these areas as well.

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Thesis (Ph. D.)--University of Texas at Austin, 2001. / Vita. Includes bibliographical references. Available also from UMI/Dissertation Abstracts International.

In this dissertation, I explore the determinants and implications of the preferences of institutional investors. First, I examine whether institutional investors' preference for local investments is related to informational advantage. Analyzing the equity holdings of a large sample of actively managed mutual funds, I find evidence consistent with the mutual fund industry having a perception that local funds have an informational advantage. However, the portfolio of mutual funds' local holdings does not display significant superior performance relative to the portfolio of their distant holdings. Using a parsimonious model, I hypothesize that the profitability of local informational advantage will be low due to the price impact of trading when there is a relatively large population of local agents who trade on similar private information. Consistent with this hypothesis, I find that funds do earn superior returns on local stocks for which local capital is limited and hence the price impact of local trades is likely to be small. Second, I examine the preferences of institutional investors for firm policies and the relationship between these preferences and firm decisions. I find that institutional investors exhibit systematic differences in their preferences for financial and investment policies. Furthermore, these preferences are related to subsequent changes in the financial and investment policies of the firms they invest. In particular, a firm is more likely to decrease (increase) its leverage ratio if its current leverage is higher (lower) than the preferences of its institutional shareholders. A firm is also more likely to increase (decrease) its investment if its current investment ratio is lower (higher) than the preferences of its institutional shareholders. These findings suggest that the preferences of institutional shareholders are important determinants of corporate policies. / text

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This research focuses on the retail investor???s perception of the corporate image and reputation of large Mainland enterprises listed in Hong Kong. Such enterprises have grown and are expected to grow, in both number and significance in the local securities market. Despite the effort to align themselves with international business practices, these enterprises are generally still perceived as being less accountable and transparent, and have a less favourable corporate image and reputation when compared to the other blue chip companies listed in Hong Kong. / Our results indicate that only three factors, namely, corporate management and communication, financial prospects, and market presence, significantly influence retail perception. Four implications arise: how companies communicate with retail investors is as important as how companies are perceived to be managed; maximising leadership driven communication, communicating clearly to retail investors the financial prospects of the company and communicating and impressing retail investors with the market presence of the company. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

This research focuses on the retail investor???s perception of the corporate image and reputation of large Mainland enterprises listed in Hong Kong. Such enterprises have grown and are expected to grow, in both number and significance in the local securities market. Despite the effort to align themselves with international business practices, these enterprises are generally still perceived as being less accountable and transparent, and have a less favourable corporate image and reputation when compared to the other blue chip companies listed in Hong Kong. / Our results indicate that only three factors, namely, corporate management and communication, financial prospects, and market presence, significantly influence retail perception. Four implications arise: how companies communicate with retail investors is as important as how companies are perceived to be managed; maximising leadership driven communication, communicating clearly to retail investors the financial prospects of the company and communicating and impressing retail investors with the market presence of the company. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

This research focuses on the retail investor???s perception of the corporate image and reputation of large Mainland enterprises listed in Hong Kong. Such enterprises have grown and are expected to grow, in both number and significance in the local securities market. Despite the effort to align themselves with international business practices, these enterprises are generally still perceived as being less accountable and transparent, and have a less favourable corporate image and reputation when compared to the other blue chip companies listed in Hong Kong. / Our results indicate that only three factors, namely, corporate management and communication, financial prospects, and market presence, significantly influence retail perception. Four implications arise: how companies communicate with retail investors is as important as how companies are perceived to be managed; maximising leadership driven communication, communicating clearly to retail investors the financial prospects of the company and communicating and impressing retail investors with the market presence of the company. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

Thesis (Ph. D.)--University of Texas at Austin, 2008. / Vita. Includes bibliographical references.

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