Linyu Zhai

Professor for Business Statistics

E-mail:zhai@bus.osaka-cu.ac.jp

Japanese Version

Research Interests:

1) Capital Markets, Financial Economics, Law and Economics, Corporate Finance and Corporate Governance

2) The Corporate Systems and Capital Markets of Japan and China

Publications:

My studies until now can be divided into two groups, one is on the corporate finance and corporate governance, such as capital structure, CAPM, agency theory and managerial behavior; these studies are mainly normative or theoretical studies. The another group, mainly composed of empirical studies, is on the Chinese and Japanese corporation system, such as Japanese management style, interlocking shareholding, main-bank system, China's economic reform, state enterprise and township-village enterprise.

(All written in Japanese except that the language being used is noted.)

Corporate Finance and Corporate Governance:

  • “Corporate Governance, Financial Policies and Investment Decisions,” Journal of Economics Research, Vol.74 (April 1989), 79-98.
  • “Firm's Agency Problems and Decision Making,” Journal of Economics Research, Vol.75 (December 1989), 95-118.
  • “The Agency Relationships between Shareholders, Managers and Bondholders,” Journal of Economics Research, Vol.77 (July 1990), 105-120.
  • “An Agency-cost Explanation of Capital Structure,” Journal of Economics Research, Vol.79 (March 1991), 171-187.
  • The Agency Theory of Corporate, Dobunkan, 1991.
  • “Bond Covenants Used as a Controlling Instrument for Agency Problems,” in Frontiers of the Modern Theory of Finance, Japan Corporation Finance Research Association, eds., Tyuokeizaisha, 1991.
  • “The Relationship between Firm and Bank in Lender's Credit Markets with Asymmetric Information,” in M. Hosoe, eds., Economic Analysis of Information, Markets, and Organization, Kyushu Univ. Press, 1992 (in English).
  • “The Trend of Post-MM Theory,” Journal of Political Economy, Vol.56, No.5-6 (January, 1992), 445-458.
  • “The Decision Making of Investment and Capital Structure: a Game Theory Approach,” Journal of Political Economy, Vol.57, No.3-4 (October 1992), 281-295.
  • “Capital Structure and the Optimal Allocation of Risk-bearing,” with S. Tsuji, in The New Phases of Contemporary Finance Issues, Japan Corporation Finance Research Association, eds., Tyuokeizaisha, 1993.
  • “Agency Theory and Corporate Finance,” in S.Itimura, eds., Corporate Finance, Souseisha, 1994.
  • “The Finance of Small and Medium-sized Enterprises,” in S.Itimura, eds. Corporate Finance, Souseisha, 1994.
  • “Monitoring versus Investigating in the Deterrence of Firm's Agency Problems,” Business Review, Vol.46, No.2 (August 1995), 41-52.
  • “The Effect of Property Right's Dilution and the Mechanism of Risk-sharing of Capital Markets,” Business Review, Vol.47, No.3 (November 1996), 39-51.
  • “Capital Markets and its Innovation,” Business Review, Vol.49, No.3 (November 1998), 21-42.
  • Capital Markets and Corporate Finance, Taga Shuppan, 1999.
  • “The Value and Cost of Liquidity,” Business Review, Vol.51, No.1 (May 2000),39-54.
  • “Market Value Accounting of Financial Assets,” The Study of Finance and Economics(Shanghai University of Finance and Economics), Vol.26,No.8(Aug 2000),9-14(in Chinese, joint author)
  • “The Deterrence Policy for Management's Illegal Acts,” in M.Hoseo and S.Ota,eds.Economic Analysis of Law,Keisoshobo,2001.
  • “Decision Biases and Investor’s Behavior,”(joint author) Business Review, Vol.53, No.2 (July 2002), 159-183.
  • “Information, Rationality and Capital Market’s Efficiency,” Business Review, Vol.54, No.3 (November 2003), 1-10.
  • “Information Asymmetry and Investor’s limited rationalities in Capital Markets,”Annals of Society for the Economic Study of Securities,39(May,2004),103-107.
  • “The World of Idealism and the World of Realism Concerning the Puzzles of IPO, (1)”The Journal of Financial and Securities Markets, Japan Securities Research Institute, 53(March,2006),147-159.
  • “The World of Idealism and the World of Realism Concerning the Puzzles of IPO, (2)” The Journal of Financial and Securities Markets, Japan Securities Research Institute, 54(June,2006),43-68.
  • “The World-Wide Characteristics of Japan’s IPO,”International Finance Journal, No.1171 (December 2006), 30-35.
  • A Study on Venture Business’s Finance, Chuokeizai,2006(coauthor).

　

Chinese and Japanese Corporation Systems and Capital Markets:

  • “The Process and the Goal of Economy Reform in China,” with S. Itimura, in The Systems of China's Economy, Statistics and Accounting, Chinese Economy Research Association, eds., Kyushu University Press, 1991.
  • “Current Situation and Problems of China's State Enterprises,” Chinese News Letter (Jetro), No.98 (May 1992, in English).
  • “The Rationality of Low Payout-ratio Policy in Japanese Firms,” Journal of Political Economy, Vol.57, No.5-6 (February 1992), 445-458.
  • “How Can China Learn from Japan in Reconstructing Corporate System?,” China Industrial Economic Research, No.10 (October 1992), 65-71(in Chinese).
  • “The Merits and Demerits of Japanese Firm's Low Payout-ratio Policy,” The New Firms and the New Management, Japan Business Management Association, eds., Tikurashobo, 1992.
  • “Japanese Corporate System and Chinese Corporate System,” Asia Monthly, No.312 (June 1993), 36-47.
  • “The Construction of Securities Markets and the Corporate Finance in China,” Annual Report of the Securities Research Center, No.8 (September 1993), 21-33.
  • “The Agency Cost of Interlocking Shareholding in Japan,” Business Review, Vol.45, No.3 (November 1994), 51-65.
  • “The Orientation of the Reform of Chinese State-Owned Enterprises: an Agency Theory Approach,” Chinese Social Science Quarterly (Hong Kong), No.10 (February 1995), 39-49(in Chinese). Re-printed in Economic Research Journal (Monthly), No.2 (February 1995), 23-30(in Chinese).
  • “Enterprise Reform and Capital Markets of China,” Economics Information (Monthly), No.6 (June 1995), 9-12(in Chinese).
  • “The Effects and Limits of China's Decentralization-oriented Reform,” Business Review, Vol.46, No.4 (February 1996), 13-30.
  • “The Mechanism of the Growth of Non-state-owned Enterprises in China,” Chinese Economy (Jetro), No.368 (August 1996), 42-57.
  • “The Reform of State Enterprise and the Construction of Capital Markets in China,” Business Review, Vol.49, No.1 (May 1998), 49-66.
  • “Economic Development and Law: On Efficiency, Equity, and Contract,” Economic Research Journal (Monthly), No.1 (January 1999), 73-79(in Chinese).
  • “The Situation and Future of China's Capital Markets: from the Standpoint of Corporate Finance,”Japan-China Economic Association Journal, No.65 (April 1999), 12-22.
  • “China's M&A in 1990s,” Japan-China Economic Association Journal, No.67 (June 1999), 62-69(joint author).
  • “The Development of China's Money Markets,” International Finance Journal, No.1039 (February 2000), 66-71(joint author).
  • “Information, Investor Behavior and Capital Market’s Efficiency,” Economic Research Journal (Monthly), No.3 (March 2004), 47-54(in Chinese).
  • “The Dilemma of Chinese Firms: Pursuing of Scales and Deteriorating of Return,” The Journal of Financial and Securities Markets, Japan Securities Research Institute, 49(June,2005),135-154.
  • “Features of the Growth of China’s Listed Firms,”International Finance Journal, No.1151 (September 2005),32-37.
  • “Corporate Financial Policies and Performance of Chinese Listed Firms,” China Economic Quarterly, Vol.6,No.2 (2007),655-674(in Chinese).

　

In Media:

  • “How to Reform China's State Enterprise?,” Nihon Keizai Shimbun(Nikkei), Aug. 14,1991.
  • “ Japanese Firm's Low Payout-ratio Policy Should be Changed,” Nihon Keizai Shimbun(Nikkei), Feb. 7,1992.
  • “Interlocking Shareholding is No Longer Suitable to Japanese Economy,” Nihon Keizai Shimbun(Nikkei), Mar. 9,1995.
  • “Giving Investigating Authority to Financial Inspect Agency!,” Nihon Keizai Shimbun(Nikkei), Jan. 23,1997.
  • “Capital Market and its Efficiency,” Nihon Keizai Shimbun(Nikkei), Mar. 22～Mar.29,1999(6 times series).
  • “Is Liquidity of Stock Markets the Higher the Better?,” Nihon Keizai Shimbun(Nikkei), May. 1st～May.8, 2000(6 times series).
  • “Financial Assets and Accounting,”Nihon Keizai Shimbun(Nikkei),Dec.18,2000.
  • “The Extensive Growth of China’s Firms,” Nihon Keizai Shimbun(Nikkei),Dec.12,2005.

　

Education:

  • Ph.D. - Kyushu University, Japan, 1991
  • B.S. - Beijing Iron and Steel Institute(Beijing Science and Technology University), China, 1982

Position:

  • Faculty of Business, Osaka City University: Professor for Business Statistics, Oct-1998 to present.
  • Faculty of Business, Osaka City University: Associate Professor for Business Statistics, Apr-1993 to Sep-1998.
  • Department of Economics, Kyushu University: Associate Professor for Investment, Apr-1991 to Mar-1993.
  • Department of Business Management, North China University of Technology(Beijing, China): Assistant Professor for Business Management, 1982 to 1984.

Visiting Scholar and Guest Professor:

  • 1992-1993: guest professor, Business School, Huadong(East China) University of Science and Technology, Shanghai, China.
  • 1997: visiting scholar, Department of Finance, Ohio State University, U.S.
  • 2000-2003: guest professor, Modern Finance Research Institute, Shanghai University of Finance and Economics, Shanghai, China.
  • 2001:visiting scholar, Department of Economics, Oxford University, UK.
  • 2007-present: guest professor, Department of Business Management, Xiantan University, Hunan Province, China.

Address: 3-3-138 Sugimoto, Sumiyoshi-Ku, Osaka 558-8585, Japan.

 

Japanese Version

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