With the deepening of energy commodity financialization, energy finance has become a new frontier field, which has been widely concerned by scholars in the worldwide. This paper first reviews the development of energy finance theory comprehensively, and describes the research progress of energy finance from six aspects:Driving factors of energy price, energy market modeling and forecasting, energy asset pricing and hedging, energy-commodity-financial market correlation, energy industry investment and financing, and energy corporate finance. Furthermore, this paper proposes three frontier research directions:Big data energy finance, artificial intelligence + energy finance, and energy finance and energy security. Through the combing of this paper, the current energy finance theory and empirical research are systematically elaborated, which can provide reference and guidance for promoting the development of energy finance theory.

The trading mechanism and investor structure of the Chinese A-share market are different from those of mature markets in developed countries. Whether there exists an anomaly caused by the tug of war between heterogeneous investors, similar to the US stock market, has become a common concern of both academic and industry. Based on the assumption of investor heterogeneity, this paper empirically examines whether the monthly intensity of the daily tug of war between individual investors and institutional investors can predict future stock returns. We decompose daily stock returns into an overnight component and a daytime component, and construct two measures of the intensity of this tug of war for a given stock by computing the abnormal frequency of daily reversals in a month that are characterized by either high or low opening prices, namely "positive overnight returns followed by negative daytime reversals" or "negative overnight returns followed by positive daytime reversals". We then examine whether either of these two measures contains predictive information about future stock returns. The main findings are as follows. There exists a significant anomaly of "positive overnight returns followed by negative daytime reversals" in the Chinese A-share market, for at least 6 months. In contrast, we find little evidence of such predictive relation when there is a high frequency of negative overnight returns followed by positive daytime reversals. It is more significant in the firms exhibiting smaller market capitalizations and higher PE ratios, in line with the characteristics of "glamour stocks". We find that investor sentiment, gambling preference and the limits of arbitrage are the main sources of the irrational mispricing in the above anomaly. Our analysis contributes to the research on the anomalies in the Chinese A-share market and provides new empirical evidence. Moreover, it has important practical significance in reducing the impact of anomalies, as well as improving market efficiency and regulatory effectiveness.

Based on the spillover index proposed by Diebold and Yilmaz (2012), this paper studies the impact of China, US and global economic policy uncertainty on the core areas of China's macro finance from June 2006 to October 2018. This paper analyzes the static spillover effects and its dynamic changes of economic policy uncertainty on China's stock market, exchange rate and commodities, and further explores the spatial heterogeneity of spillover effects. The main conclusions of this paper are that: 1) China's economic policy uncertainty has the greatest impact on China's macro financial core areas. Stabilizing the stock market and preventing the malicious short-selling of the Chinese stock market is an effective means to avoid the systemic financial risks brought about by the macro financial effect. 2) The uncertainty of economic policy has a significant time-varying feature for the net spillover of China's macro financial market. And it has a strong correlation with specific events. 3) The spatial heterogeneity of macro financial effects of economic policy uncertainty in different countries or regions is mainly reflected in the two aspects-Intensity and synchronization of spillover.

This paper uses the GED-based ARMA-(T)GARCH-VaR model and the test for Granger causality in risk to investigate the downside and upside extreme risk spillover effects of nine sub-markets of China's pan-financial market in five periods, and describes the evolution of extreme risk spillovers between submarkets through directed weighted complex networks. The empirical results show that the extreme risk spillover effects between the sub-markets have time lags. In the risk spillover network, the more extreme the risk is, the stronger its ability to spread is and the higher its efficiency is. The downside and upside extreme risk spillover effects are asymmetric, and the spreading ability of upside risks is higher than that of downside risks over the most of periods. The central nodes of the extreme risk spillover network change continuously over the five periods, but the energy submarket is always the main recipient of upside extreme risk spillovers. After the financial crisis, the ability of commodity and bond submarkets to spread extreme risks spillover in the network is enhanced, and there is a significant extreme risk spillover effect between them.

Recently, the predictability of intraday return is a hot topic in academic. Our paper explores the intraday return predictability of the Chinese stock market based on intraday jumps and momentum. The main findings are as follows. First, we use the LM jump test to obtain intraday jumps, which is used to predict intraday return, and then find it is useful. In detail, the prediction effect of the first and seventh half-hour to the last half-hour has significantly improved from a statistical view. Second, from an economic view, we find the intraday jumps can gain more economic values and own lower risk. Moreover, we find that jumps can obtain higher predictability during non-crisis, high volatility and middle volume.

There is few literature about corporate risk information disclosure in the bond market. Using the sample of bond prospectuses issued in Shanghai Stock Exchange or Shenzhen Stock Exchange from 2006-2017 and through textual analysis on corporate risk information, this paper studies the impact and mechanism of corporate risk information disclosure on bond risk premium. The empirical results show that there is a significant positive association between risk disclosure level in bond prospectus and bond risk premium. In the parts of further analysis, it is found that the positive association between risk disclosure and bond risk premium can be moderated by guarantee clause, ownership style, corporate performance and investors' risk sensitivity. This paper shows the impact mechanism that the rise of risk disclosure level in bond prospectus will improve investors' default risk perception, which leads to the rise of risk premium.

The contagion of banking credit risk is one of the important triggers of the financial crisis. Based on the inter-bank credit and debt relationship of the 50 representative banks with the largest asset scale in China, this paper constructs the bilateral inter-bank asset liability association network of the banking industry after threshold filtering by using the maximum entropy method. Furthermore, under the complete network and "core- edge" hierarchical network, this paper respectively simulated the credit shock and the double impact of the credit and liquidity shocks. The results show that, first, from the perspective of risk susceptibility, rural commercial banks are the highest, while large commercial banks are the lowest. From the perspective of risk destruction, the financial institutions on the centre of the network and with large asset scale are stronger. Second, when credit and liquidity shocks are superimposed, the risk contagion effect will increase correspondingly, and the infection threshold will be reduced accordingly. Once the liquidity crisis occurs, banks will face serious rollover risk. Third, when the market changes from the complete network structure to the core- edge network structure, the ability of banking system to resist risks will decline. The research results can not only provide suggestions for the risk management of commercial banks themselves, but also provide reference for the regulatory agencies' systematic risk monitoring.

Will IPO pricing be biased by the external environment, such as economic policy uncertainty? This article explores the impact of economic policy uncertainty on A-share IPO underpricing, and finds that economic policy uncertainty is significantly negatively correlated with IPO underpricing; Second, path analysis shows that economic policy uncertainty will lower the offer price (measured by price earnings ratios), which leads an increase in IPO underpricing. At the same time, it will decrease significantly investors' evaluation of firm's value (measured by the higher subscription ratios and the lower first day turnover ratio), which leads a reduction sharply of IPO underpricing. Moreover, investors' recognition of firms' value will offset the effect of the lower offer price on IPO underpricing; Third, further analysis show that the state-owned characteristics and venture capital can weaken the impact of economic policy uncertainty on IPO underpricing, and the impact of economic policy uncertainty on firm's evaluation is more severe for institutional investors than individual investors, which leads to further decrease of IPO underpricing. Therefore, the government should consider the continuity of policies and reduce the negative impact of uncertainty on enterprises and investors.

Enhancing enterprise competitiveness and promoting outward foreign direct investment (OFDI) has become the focus for both academics and practitioners. However, there is a dearth of literature on how foreign ownership influences OFDI in the Chinese context. Based on a sample of A-share listed companies in China from 2006 to 2016, this paper investigates the impact of large foreign shareholders on the propensity of OFDI, and then analyses the impact of heterogeneous enterprises on the relationship between foreign ownership and the propensity of OFDI. Finally we discuss two types of impact mechanisms of large foreign shareholders on the possibility of OFDI. Empirical results show that foreign ownership generally increase the tendency of FDI among Chinese listed companies, however long-term foreign ownership can significantly increase the propensity of FDI. In addition, foreign ownership has a greater impact on OFDI in developed countries than in developing countries and the foreign ownership in non-state owned listed companies has a greater impact on the tendency of FDI than that in state-owned listed companies. Foreign ownership cannot improve the possibility of enterprises by the efficiency of R&D, but it plays a role of information transmission. In theory, the conclusion of this paper enriches the theory of enterprise heterogeneity of OFDI, and also in practice provides policy reference to China's opening-up of the capital market and the reform of mixed ownership of state-owned enterprises.

In recent years, the rapid development of shadow banking not only benefits the economic society, but also brings certain risks to the stability of the financial market. It is of great practical significance to deeply study the risk transmission channels of shadow banks and to put forward appropriate regulatory countermeasures for timely resolving financial risks. Through the structural vector autoregression (SVAR) model based on directed acyclic graph (DAG), the dynamic risk transmission among the shadow banks and commercial banks, money supply, securities/bond market, real estate and macro-economy has been investigated in this work, and the risk contagion of shadow banks from three transmission channels:Monetary policy, asset price and real economy has also been studied. The results demonstrate that, whether short-term or long-term, the risk of shadow banks is mainly affected by monetary policy channels, that is, shadow banks will amplify the transmission effect of monetary policy to a certain extent, and when commercial banks are subjected to risk shocks, shadow banks will be more likely to be exposed to risk. In the short term, the risk of the shadow banks will be transmitted to the real economy through the exchange rate, while in the long term, the risk of shadow banking will be conducted to the bond market through the asset price channel.

Whether venture capital (VC) can screen out high-quality enterprises to invest and promote their performance is an important indicator to judge whether the venture capital industry in emerging markets is mature or not. Research on this problem in the Chinese market is scarce. Based on the sample of China's GEM listed companies, this paper tries to explore whether VC can screen out high-quality enterprises, whether it can bring performance improvement to the invested companies, and further explore its mechanism. The results show that: 1) Based on the logistic regression, VC may not be able to screen out high-quality enterprises, showing that the regression coefficient of enterprise performance variables is not significant; 2) based on fuzzy regression discontinuity, VC can promote the development of the invested enterprise, and has a positive effect on the performance improvement of the invested enterprise; 3) VC can affecting the performance of the enterprise from the perspective of operational efficiency and innovation: On the one hand, VC reduces the sales cost rate and improves the operating efficiency of the enterprises; on the other hand, the entry of VC brings industry experience and resources to the invested enterprises, promotes their innovation of technology or business model, and thus help them to improve the business performance. The empirical results show that domestic VC has the function of "value-added" and create economic value, but it has no "screening" effect. It reveals the impact of VC on the performance of the invested and its potential mechanism, which provides a new empirical reference for VC's function. The research results have reference value for enterprises, venture capital institutions and policy makers.

This study investigates contribution and contagion effect of systemic risk across the banking sector and the firm sector from the perspective of risk feedback. Based on the debt ranking method, this study constructs the measurement model of the bank-firm systemic risk, and conducts analysis based on the bank-firm loan data of China in 2018. The research results show that: The debt rank of the bank node at the bank layer is lower than that at the firm layer, while the debt rank of the firm node at the firm layer is lower than that at the bank layer; there are a few systemically important banks and firms in the bank-firm credit system, and they have high contribution degree of systemic risk; with the increase of the credit scale of banks or firms, the corresponding total debt rank is higher, and the relationship between the total debt rank and the credit scale is nonlinear; as the degree of credit easing increases, the contribution of systemic risk of banks and firms show a downward trend. Under different credit easing policies, the total credit loss caused by firms is always greater than that of banks, and the threshold of firms for the collapse of the bank-firm credit system is always smaller than that of banks; the degree of easing of credit policies has a positive impact on maintaining the stability of the bank-firm credit system, especially for the banking sector.

In China's less mature stock market, this study explored the equilibrium relationship between information disclosure quality and price discovery efficiency under the condition of limited rationality of traders. This study built two-period economic model containing information friction and traders' learning and introduced expected deviation and reference-dependent preferences to depict limited rational characteristics of traders. Then we discussed the market clearing process under the condition of complete rationality and limited rationality separately, and provided the theoretical explanation of PEAD (post earning announcement drift) and the way of suppressing price anomalies caused by traders' limited rationality. Our results show that: First, under the same conditions, the efficiency of price discovery is positively correlated with the information disclosure quality and negatively correlated with the degree of trader's limited rationality. Second, the reference-dependent preference of traders is the important reason for PEAD. When the listed company issues good news, traders are profitable, tend to be risk averse, will underestimate the value of the asset, so the market clearing price is lower than actual value. In the long term, stock prices tend to rise further. When a listed company declares bad news, the stock price tends to fall further in the long run because the investors are in loss state and tend to be risk preference, thus overestimating the asset value. Therefore, the market clearing price is higher than the actual value of the company. Our findings are of great significance to improve the information disclosure system and the operational efficiency of China's financial market. In the real financial market, listed companies may carry out positive earnings management to cater to investor sentiment, which makes the market price of listed companies significantly higher than their intrinsic value by decreasing the quality of information disclosure. Therefore, improving the quality of information disclosure is the key to reduce the negative effect of traders' limited rationality.

This paper examines the different roles in corporate information disclosure for active and passive fund holdings. Using semi-annual open-end fund holding data of the Chinese A-share listed firms from 2007-2016, we find that active fund holdings reduce the quality of information disclosure, and on the contrary, passive fund holdings increase the quality of information disclosure. We get robust results after controlling for potential endogeneity issues using subsample analyses and two-stage least-square regressions. Further analysis indicates that active fund holdings may trigger noise trading and finally play a negative role in corporate information disclosure, and passive fund holdings play a positive role mainly by improving corporate governance. Our findings have important policy implications in capital market development and suggest that market regulators should take active steps to develop long-term institutional investors and encourage them to participate in corporate governance.

Empirical research based on the microdata of listed companies in China from 2013 to 2018 shows that Public-Private-Partnership will significantly affect the debt maturity structure of enterprises, namely, increasing long-term interest-bearing debt and reducing the proportion of short-term interest-bearing debt. In addition, compared with enterprises in high-debt industries such as construction and real estate, enterprises in low-liability industries will significantly increase their debt ratios by participating in Public-Private-Partnership projects. From the perspective of debt maturity, Public-Private-Partnership will increase the long-term interest-bearing debt of companies in high-debt industries. Further research shows that asset liquidity is the channel through which Public-Private-Partnership affects the term structure of corporate debt.

How to balance the relationship between economic interests and social responsibility of enterprises is a common concern of academia and practitioner. This paper studies the influence of development level of the actual controller's native place on the improvement of corporate performance through charitable donation. It is found that the worse the development level of the actual controller's native place is, the more charitable donations the enterprise will make; compared with the enterprises with good development level of the place of origin of the actual controller, the more obvious the positive relationship between charitable donations and performance is for the enterprises with poor development level of the place of origin of the actual controller. This shows that the actual controller with poor native place development level undertakes social responsibility while maximizing corporate performance, and also shows that charitable donation is an important link to ease the relationship between economic interests and social responsibility. This paper studies the motivation and consequences of corporate philanthropy from the perspective of informal institution of origin, and provides positive evidence that heterogeneity of actual controller can improve social responsibility from the micro level.

This paper considers the moral hazard of the institutional investors caused by the information-based profits in secondary market, and analyzes the mechanism of its influence on institutional investors' quotes with the IPO allocation rules using theoretical and empirical models. The theoretical model shows that the information-based profits in secondary market make institutional investors bid inadequately. In order to reduce the moral hazard of the inadequate quotation, the market maxes the subscription share of institutional investors with high bidding price, resulting in a high tendency to overbid for institutional investors. In further empirical analysis, based on the detailed quotation data of 1234 IPO companies listed in China's A-shares from October 2010 to June 2018, this paper analyzes the overbidding behavior of different type of institutional investors and the overbidding behavior in different industries and in different stages, showing that the tendency of overbidding is affected differently by the information-based profits in secondary market. This paper considers firstly the influence of the information-based profits in secondary market on the institutional investors' quotes and finds that the institutional investors have the moral hazard of "leave the information on the table". At the same time, this paper provides theoretical support for the highest principle.

Using the samples from Chinese non-financial A-share listed companies of 2007-2016, this paper conducts the theoretical analysis and empirical test of the impact of the regional market environment on firms' holding shares of banking industry. Further, this paper investigates the effect of the holding shares of banking industry on bank loans. The empirical results show that regional market environment affects the willingness and behavior of firms' holding shares of banking industry, and firms in the regions with poor regional market environment are more likely to hold shares of banks. Compared with firms that do not hold shares of banking industry, firms with holding shares of banking industry can get more bank loans, and the loan costs are lower. Further, the impact of firms' holding shares of banking industry on bank loans is more significant for firms located in regions with the poor market environment. The research conclusions of this paper reveal the behavioral motivations and economic consequences of firms building equity connections with banks under the institutional background of the imperfect market environment.

In this paper, we construct a global game model considering the investor sentiment and the debt solvency of CDS counterparty, to discuss the contagion mechanism of a liquidity crisis among CDS counterparty. The paper finds:The contagion of a CDS counterparty liquidity crisis based on the investor expected default probability of reference asset, belief revision and behavior choice of investor on the debt solvency when reference asset's credit-rating downgrade. Investors will decide whether to roll over their loans according to the expected default probability of reference asset and other type investors' attitude to the default of reference asset. And the investors' behavior will induce the liquidity problem of CDS seller. Investors could observe other type investors' attitude to the default of reference asset and CDS seller, and decide whether to withdraw their deposits on the CDS buyer according to these signals. Furthermore, we analyzed the influencing mechanism which CDS spread, declaim rate and discount factor on the threshold of debt solvency which will induce the liquidity crisis in CDS buyer and the threshold of private signals which affect investors whether to roll over their deposits in CDS buyer. And we found that a positive correlation exists between discount factor and the contagion of CDS counterparty liquidity crisis, a negative correlation exists between declaim rate and the contagion of CDS counterparty liquidity crisis, and a positive correlation exists between CDS spread and the contagion of CDS counterparty liquidity crisis. This paper also provides the following policy implications:Standardizing the methods of credit rating, and improving the authority and accuracy of credit rating; considering the liquidity crisis of when pricing the CDS; buyer of CDS should continue strengthen post-loan supervision and increase the value of collateral duly; improving the risk distinguishing capacity of large creditors and guaranteeing the safety of financial markets.

This paper analyzes the impact of anti-takeover intensity on corporate control defense and the optimal anti-takeover intensity by establishing a theoretical model, and incorporates the tunneling behavior of controlling shareholders in China into the analysis framework. Firstly, considering three types of decision-making authority in takeover defenses, this study analyzes the behavior of three players, which includes the minority shareholders of target's company, the managers which represent the interests of the controlling shareholder, and the potential acquirers. Secondly, the theoretical model on how the anti-takeover intensity affects corporate control defense is constructed. Subsequently, the numerical analysis comprehensively expounds the impact of the anti-takeover intensity on the potential bid and the takeover probability of the target company. Results indicate the following: 1) In addition to the managerial entrenchment hypothesis and the bargaining hypothesis proposed in the traditional literature, the defense of anti-takeover provisions is also affected by the target company's anti-takeover decision-making rights. 2) In the case of three different anti-takeover decision-making rights, the optimal bid price increases with the enhancement of anti-takeover intensity, and with the increase in shareholding ratio of controlling shareholders the optimal bid will be further improved. 3) Anti-takeover intensity and the attribution of anti-takeover decision-making power are two important factors affecting the probability of takeover. When the attribution of anti-takeover decision-making power is clearly claimed, the probability of takeover decreases with the strengthening of anti-takeover intensity. When the target company changes the anti-takeover ownership, even if the anti-takeover intensity increases, the takeover probability may also rise.