Abstract:Listed companies in China may use off-balance sheet liabilities，non-share-real-debts and accounting methods for leverage manipulation. Leverage manipulation will further push up a company’s real leverage， weaken the supervision of the regulatory authorities on the leverage of listed companies，polish the de-leverage effect，and eventually lead to greater corporate financial risk and systemic financial risk. After a summary of the leverage manipulation methods of listed companies in China，our paper proposes a method of leverage manipulation，XLT-LEVM，based on the sample data of non-financial listed companies in China from 2007 to 2017. It finds that there are exactly leverage manipulations in listed companies. The higher the book leverage and degree of financial constraints，as well as the stronger the deleveraging pressure，the higher the real leverage will be. These results can not only enrich and deepen the research on the leverage problem of listed companies，but also provide theoretical and methodological basis for research on the related issues of leverage manipulation in the future. We ycan also provide policy references for strengthening the supervision of China’s capital market and optimizing the evaluation of de-leveraging effect.

Abstract:Attention is a scarce cognitive resource. This paper constructs an evaluation system for stock names through four dimensions，namely，smoothness，informativeness，product representativeness，and familiarity. It is found that stocks with different name scores have significantly different IPO first day returns and short-term post-IPO returns. From the perspective of investors’limited attention，this paper finds that better stock names help to attract individual investors，and this impact is more profound for stocks with high proportion of individual investors. Tests on trading behavior shows that institutional investors take advantage of individual investors’limited attention and conduct opposite transactions against individual investors. As stock trading information increases，the return and trading anomaly will change over time. This paper shows that the trading behavior of individual investors can be biased by their cognitive limitations，and institutional investors would conduct trading games based on the cognitive biases of individual investors.

Abstract:Does high social insurance cost discourage firm investment and therefore impede real economy growth? This paper empirically tests the impact of social insurance cost on firm investment using Chinese industrial enterprises data，and chooses the proportion of theelderly of city as instrumental variable because of endogeneity problem in econometric regression. This paper finds that the rise of a standard deviation in social insurance cost will reduce investment by about 3. 3% ，which can explain 6. 4% variance of investment and is strong in economic significance. This paper also explores the transmission channels of social insurance cost change to firm investment，and finds that the three main channels are labor cost channel，TFP channel and financial constraints channel. The above results suggest that policies of cutting down social costs could stimulate firm investment and promote regional economic development.

Abstract:The development of global value chains and regional trade liberalization poses new challenges to the measurement of effective protection rate (EPR) . This paper constructs a new EPR measurement method in the Global Multi-regional Input-output Model，develops a Bilateral Industry Tariff Database to reveal the latest trends in China’s EPR，and conducts a simulation analysis on Sino-US trade frictions and its possible future scenarios. The results show that from 2000 to 2014，China’s overall EPR fell from 22. 25% to 12. 56% ，and that the producers in China are increasingly facing a more competitive situation. Industrial EPR is positively correlated with the change of the ratio of industrial value added to GDP，so the resource allocation effect of tariff is obvious. However，the inter-industry differences in EPR are shrinking，meaning that the policy space for tariff measures in allocating resource is narrowing. The Sino-US trade frictions will increase the EPR of the chemical raw materials，an industry contains many backward production capacity，but will have adverse effects on supply-side reforms. The friction will also reduce the EPR of some labor-intensive industries，such as textile，apparel and leather products industries，and shock employment. Both CPTPP and RECP can help alleviate the change of EPR caused by Sino-US trade frictions in some industries，and help alleviate the negative impact of Sino-US trade frictions.

Abstract:This paper studies the impact of buyer guarantee mechanism on all members in a supply chain， which is consist of a capital-constrained supplier and a capital-rich buyer. It is found that if the synthetic financing rate is equal to the financing rate in the traditional supplier financing，the buyer bears the financing risk instead of the bank and there is no possibility that the bank and the buyer can both benefit from the buyer guarantee mechanism; if the synthetic financing rate is lower，a Pareto improvement where all members can benefit from the buyer guarantee mechanism exists under certain circumstances. Otherwise，Pareto improvement cannot be achieved.

Abstract:Travel time and toll cost are two important objectives that travelers want to optimize when choosing a path. Many studies consider these two as a single objective by combining them in linear or nonlinear ways， which has certain defects proved by some researchers. In the studies of static traffic assignment model，some studies have proposed the bi-objective user equilibrium ( BUE) which considers travel time and toll cost separately. However，most studies of dynamic traffic assignment model still consider the traditional single objective user equilibrium as the final stable state of traffic flow evolution. Therefore，a new path-based day-to-day dynamic model with BUE is proposed，assuming that travelers compare the travel time and toll cost separately to decide whether to switch paths each day. The equivalence between the stable state of the proposed dynamic model and BUE state，as well as the convergence of the dynamic model are theoretically proved. Two numerical examples are conducted to verify the effectiveness of the proposed model.