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This study examines the association between various uncertainties and corporate investment and further investigates this association between state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). Moreover, this study analyzes the indirect effects of uncertainty on corporate investment through cash flow. The current research uses an unbalanced panel data of Chinese nonfinancial listed firms for the period 1999–2016. To control endogeneity issues, this study applies a robust two-step system generalized method of moments (GMM) technique to estimate the model. Empirical findings indicate that market-based and firm-specific uncertainties have positive effects, whereas economic policy and CAPM-based uncertainties have negative effects on corporate investment. Furthermore, results indicate that the effects of market-based, CAPM-based, and firm-specific uncertainties (economic policy uncertainty) were less (more) prominent for SOEs. Additional analyses show that cash flow stimulates the effect of firm-specific uncertainty on SOEs’ investment, whereas it weakens the influence of CAPM-based uncertainty (economic policy uncertainty) on investment of non-SOEs (SOEs). Moreover, cash flow attenuates the market uncertainty effect on investment.

Savings and Credit Co-operative Societies (SACCOS) increasingly recognized as the valuable tool for economic development in low-income countries. However, recently researchers reported that one of their primary challenges to their expansion is the high level of inefficient. In this study, we analyzed the relationship between growth and efficiency of SACCOS using economies of scale concept. Then we address the role of management of the capital structure and allocation of resources in the expansion of SACCOS. The study used financial statement data from 60 SACCOS in Tanzania for the period of 2004–2011. The findings supports that most of SACCOS are small and cost inefficient because the industry is young, but, the efficiency increases as SACCOS expand. Second the allocation of resources in liquid, financial and non-financial investment leads to no expansion in SACCOS. Thus, the growth of SACCOS via increasing loan to members, members’ savings, shares, and institutional capital should be encouraged as it increases the efficiency of SACCOS. Also, SACCOS should minimize the allocation of assets in other investments which are different from credit to members.

The developing economies are experiencing a growing trend of financial Linkage between formal and less-formal financial institutions. Normally, less-formal financial institutions receive loanable funds from formal financial institutions as an approach to meet their financing deficit, while formal financial institutions engage in linkage as a mean to expand business. The main concern of stakeholders regarding this practice is how such linkage can affect the performance of the less-formal financial institutions. In Tanzania, the Savings and Credit Co-operative Societies (SACCOS) are the most used less-formal financial institutions which are also highly involved in financial linkage. In this study therefore, we used Tanzania SACCOS’ financial statement data, for the period of 2004–2011, and panel data regression model to examine the relationship between financial linkage (measured as financial dependency ratio) and sustainability (measured as Operational Self Sufficiency) of less-formal financial institutions. The findings suggest that the higher the level of financial linkage the more the SACCOS become unsustainable. Implying that, to be sustainable institutions, the SACCOS should try keep away from the use of external funds in their loan portfolio.

In this paper we examine the role of Savings and Credits Cooperative Societies (SACCoS) in the economic growth of Tanzania by answering two main questions. First, are financial services in SACCoS significant factors for economic growth? Second, are financial services in SACCoS Granger causing economic growth? We use credits-real GDP per capita ratio and savings-real GDP per capita ratio as proxy measures for financial services and real GDP per capita for economic growth. We employ Newey-West standard errors regression model and Wald Granger causality tests in analysis. The sample period is 1990-2012. Data are from the Ministry of Agriculture, Food and Cooperatives, World Economic Outlook (WEO) database, International Monetary Fund (IMF). The findings show that, there is a strong positive association between the financial services and the economic growth, also there istwo-ways Granger causality between them. However, we find out that savings are much important in fostering economic growth as compared to credits/loans. These criteria make SACCoS the distinct microfinance institutions in the economic development in Tanzania and therefore should be promoted with more emphasis on the savings objective.

The RMB index was calculated with July 21, 2005, as the base period; the weight of both the broad- and narrow-basket RMB indexes was determined separately; and a functional test was performed. The research indicated that the broad-basket RMB index was more stable and can better reflect the trends of the RMB against a basket of currencies both prior to and as well as in financial crisis. The broad-basket RMB index has better stability compared with the USD index and the Shanghai composite (security) index because the broad-basket RMB index fluctuates less.

Much research has been done on the corporate economic performance evaluation. But after the global economic recession, research has switched to those performance evaluation areas based on social responsibility. In order to deal with the challenge, after fully consideration of the direct participant's contribution and profit, this paper set up a performance evaluation index system based on the perspective of wealth creation and distribution to determine the weight by using AHP, to sort orders by using TOPSIS. This paper also did exploratory analysis on comprehensive performance of 10 listed companies in service industry in the period of six years.

This paper studies the interaction of credit loan game. In our model with subjective and objective dual credit risk, multi-channel financial mode, we present game equilibrium relationship of the enterprise, the non-banking financial institution and the bank. Then we give corresponding investment and financing policies, and in detailed explain following problems such as the impact of the enterprise's absolute risk-aversion degree and bank's loan interest on enterprise's income, the relationship between optimal financing structure and moral hazard, loan interest rate. We give each of the optimal strategies under the game equilibrium condition. Then by empirical analysis we explore the root cause for the financing difficult. Finally, we give some policy suggestions for this point.