The Introduction of China Accounting, Finance& Economic Research Databases

Transcription

1 The Introduction of China Accounting, Finance& Economic Research Databases Shenzhen GTA Information Technology Co., Ltd.

2 Table of Contents Major Standardized Research Databases...2 More Specialized Research Databases...6 New Products under Development...14 Financial Laboratory Solution...15 China ValueLine System...16 Comprehensive Information System...17 Customized Research Service

3 Major Standardized Research Databases 1.CSMAR China Stock Market Trading Database (LD001) The trading database draws on the successful experience of the international database CRSP, and provides users with data on returns of individual stocks, market return, and aggregated market returns. To ensure absolute accuracy, data from other sources are also collected for comparisons and verifications, to the greatest extent possible that all errors be eliminated. This is especially the case for raw historical data, on which we performed repeated checks and verifications to ensure accuracy. The database provides users with data on market return and aggregate market returns (by computing the equal-weighted average return, the free float capitalization weighted average return, and the total capitalization weighted average return). The availability of such data will eliminate the need of using the composite index or other indices as second best substitutes for return on market portfolios. Given the Chinese stock market' s relatively short history and is its lack of structure in many respects, changes in shares outstanding are extremely complicated. In response, we provide details on the types of changes in shares outstanding. Furthermore, the closing prices provided by the stock exchanges have been adjusted in accordance to cash dividends, rights offerings and share splits. As a result, data provided by the stock exchanges over time are not readily comparable. To solve this problem, the trading database uses the first trading day's closing price of a stock as the base from which the closing price of all other trading days can be compared. Presently, the Trading Database comprises 12 types of files, namely: the Company File, the Exchange Rate File, the Calendar File, the Capital Distributions File, the Daily Stock Price Returns File, the Daily Market Returns File, the Monthly Stock Price and Returns File, the Monthly Market Returns File, the Aggregate Daily Market Returns File, the Aggregate Monthly Market Returns File, the Indices File, and the Changes in Share Outstanding File. For more details on the grouping and data structure of the files, please refer to the User's Guide. Data Interval: from CSMAR China Stock Market Financial Database (LD002) Designed specifically for academic research, the financial database draws on the experience of the international database Compustat, abiding by the strictest international standards of development. It contains the financial data (including the balance sheet, statement of profit and profit distribution, statement of changes in financial position, cash flow statement and asset impairment provision statement (since 2001)) of all companies listed on the Shanghai and Shenzhen stock exchanges 2

4 since All industries are grouped under two categories: general industry and financial industry. The database strives to be consistent with the raw historical data. In addition, different methods are used to eliminate errors and improve reliability of the data. The database will be updated one or two times each year to ensure its continuity and timeliness. Data can be exported in TXT, Excel, and FoxPro formats, and retrieved directly with statistical software packages such as SAS or SPSS, and high level computer languages Fortran, C, or Pascal. CSMAR Financial Database includes general industry and financial industry data files. Data files of general industry are divided into 5 types: Balance Sheet file, Statement of Profit and Profit Distribution file, Statement of Changes in Financial Position file, Cash Flow Statement file and Asset Impairment Provision Statement file (since 2001). Data Interval: from China Securities Investment Fund Research Database (LD003) The CSIFR Database is a large database developed in accordance to the successful mutual fund databases in the international market. It is co-developed by Guo Tai An Information technology Co.Ltd and China Finance Research Center of the University of Hong Kong. It contains 6 sub-databases respectively on Basic Information, Market Information, Financial Information, Ownership Information, Rate of Return Information, and Other Related Information, totaling 29 data files. Information included in the databases include launch of fund, listing, ex-dividend, fund NAV, investment portfolio, management company, trust bank and ownership. The main items include: Fund Name, Fund Size, Investment Portfolio, Industry Background, Daily Opening Price, Daily Closing Price, High Price, Low Price, Trading Volume, Trading Amount, Ex-Distribution, Trust Bank, Basic Information of the Management Company, Underwriting, Listing Place, and Listing Date. In addition, the database also includes the following information for individual funds: daily returns, closing price, monthly return, adjusted daily returns, premium (discount) to NAV, etc. Data Interval: from China Stock Market Information Disclosure System (LD004) Information Disclosure System provides researchers with complete and accurate information on listed companies in China. It encompasses information from annual reports, interim reports, public announcements, prospectuses for companies listed on the Shenzhen and Shanghai stock exchanges as well as related legal and regulatory information. The system classified the information into 11 categories and 28 sub-categories according to the content of the announcements. Data Interval: from

5 5. China IPOs Research Database (LD005) This database is co-developed by Guo Tai An Information technology Co.Ltd and China Finance Research Center of the University of Hong Kong. It has collected data from prospectuses, public announcements, and underwriter information of A-shares listed on the Shanghai and Shenzhen stock exchanges. There are 8 files in the database: basic corporate information, prospectus documents, underwriter information, listing announcements, first trading day market performance, the 10 largest shareholders at IPO, management information at IPO, and financial information immediately before and after IPO. Data provided include: company name, industry, registered capital, stock code of A/B shares, stock acronym, IPO PE ratio, allotment ratio, number of shares offered, pricing methods, IPO price, issuing methods, IPO cost, underwriting methods, underwriter, underwriting amount, total expected proceeds, total actual proceeds, number of employees, education of employees, financial information before and after IPO, listing place, listing date, opening price on first trading day, closing price, high price, low price, trading volume, trading amount, return of indiviudal stock, return on the first trading day, names of the 10 largest shareholders at IPO and their respective holdings and percentage ownership, the names, age, annual salary and shareholdings of senior management at IPO, etc. Data Interval: from China Listed Firm Corporate Governance Research Database (LD006) China Corporate Governance Structure Research Database provides basic information on the senior management of China-listed companies, their annual remuneration and shareholding, top ten shareholders information, changes in shareholdings for listed companies as well as changes in chairmen, general managers, etc. It contains 7 documents including Basic Information on the Senior Management of China-listed Companies Document, Annual Remuneration and Shareholding Document, Changes in Shareholdings for Listed Companies Document and Changes in Chairmen and General Manager. It gathered publicly available management information from annual reports since 1998 and information on changes in chairmen and general manager as well as changes in capital structure gathered from public announcements since Data Interval: from China Listed Firm's Financial Ratios Research Database (LD007) This database provides more than 150 common financial ratios of listed companies. Main ratios include: current ratio, quick ratio, accounts receivable turnover, inventories turnover, debt equity ratio, net profit ratio, return on assets, return on equity, earnings per share, ratio of long-term debts as a percentage of total assets, etc. This database is co-developed by Guo Tai An Information technology Co.Ltd and 4

6 China Finance Research Center of the University of HongKong. Data Interval: from China Stock Market Quarterly Report Database (LD008) The China Stock Market Quarterly Report Database collects the 1st and 3rd quarterly financial statement data of A share companies (excluding companies in the financial sector) listed on the Shanghai and Shenzhen Stock Exchanges, including balance sheets, income statements, and cash flow statements. The data interval begins in the first quarter of 2002, which is consistent with the time required by CSRC for the public disclosure of quarterly reports by listed companies. The database draws on the successful experience of developing the CSMAR Financial Statement Database, with appropriate adjustments according to the requirements of accounting regulations and standards, and in light of actual disclosures by the companies, to ensure the continuity and consistency of financial data. It will provide users with access to the complete financial information of listed companies. Data Interval: from China Stock Trade and Quote (TAQ) Research Databases (LD009) 10. China Bond Trade and Quote (TAQ) Research Databases (LD010) 11. China Close-end Fund Trade and Quote (TAQ) Research Databases (LD011) China Stock/ Bond/Close-end Fund Trade and Quote Research Databases cover all details of every transaction (and related information), providing data by bid and ask record (current transaction price, day-to-second highest price, day-to-second lowest price, previous closing price, last recorded price, stock suspension indicator, day-to-second shares traded, day-to-second turnover, primary bid price, secondary bid price, third bid price, primary ask price, secondary ask price, third ask price, primary buy queue quantity, secondary buy queue quantity, third buy queue quantity, primary sell queue quantity, secondary sell queue quantity, third sell queue quantity, bid-ask spread, and closing price. ) and by frequency(updated every 5 minutes, 15 minutes, 30 minutes and 60 minutes for the first recorded price, highest price, lowest price, last recorded price, trading volume, and amount, respectively). Data Interval: from Jan

7 More Specialized Research Databases Based on hot topics in accounting and finance, GTA has developed the following more specialized research databases. If you want to know more about the databases or need a copy of the refereed papers, then please contact us. 1. China Listed Firm M&A, Asset Restructuring Research Database (SD001) China M & A, Asset Restructuring Research Database is co-developed by Guo Tai An Information technology Co.Ltd and China Finance Research Center of the University of Hong Kong, includes 6 documents: equity acquisition documents, asset acquisition documents, changes in shareholdings documents, disposal documents, exchange documents, and debt restructuring documents. Major data items in this database include: company name, stock code, announcement date for assets restructuring, date of deal completion, type of restructuring, size of restructuring, ratio of equity involved in restructuring and investment activities, confirmation date of financial statements, sources of the acquisition capital, payment methods for the acquisition, and operation status of related parties before restructuring. Examples of unsuccessful mergers and acquisitions are also included. Data Interval: from China Cash and Stock Dividends Research Database (SD002) It is co-developed by Guo Tai An Information technology Co.Ltd and China Finance Research Center of the University of Hong Kong. This database contains data on the distribution of cash and stock dividends of the listed companies since their listing. The main items include: company name, stock code, announcement date, registration day, ex-distribution day, amount of cash dividend, and stock dividend payout ratio, etc. Data Interval: from China Rights Offerings and Share Placement Research Database (SD003) This database contains data on rights offering and share placements of all listed companies on the Shanghai and Shenzhen A and B share markets. It contains placement documents, public announcements, and changes in shares outstanding. The database includes the following 10 documents: documents on the basic conditions of 6

8 listed companies, share placement basic information documents, underwriter information documents, daily returns before and after placement or rights issue, the 10 largest shareholders before and after share placement, changes in senior management before and after share placement, rights issue documents, financial position before and after share placement, profit forecasts before and after share placement and changes in share capital before and after share placement. Data Interval: from China Interim and Annual Reports Announcement Dates Research Database (SD004) The data items in this database include: company name, stock code, announcement date, week, announcement media, net profit before/after adjustment, net assets per share before/after adjustment; and earnings per share before/after adjustment. Data Interval: from China Special Treatment and Particular Transfer Share Research Database (SD005) The China Special Treatment and Special Transfer Share Research Database includes 6 sub-databases. They are Basic Corporate Information Database, Annual Report Database, Changes in Corporate Trading Database, Daily Return of Individual Stock Database, Corporate Announcement Database, and Capital Structure Database. Data Interval: from China Regulatory Enforcement Research Database (SD006) This database contains 4 sub-databases including Violation Events and Announcements Database, Individual Violations and Announcements Database, Shareholding Structure of Violating Corporation Database, and Financial Conditions of Violating Company Database. This database series provides information on the shareholding structure before and after investigation by the authorities as well as their financial positions before and after the imposition of penalties. Data Interval: from

9 7. China Stock Market Finance Industry Research Database (SD007) The China Stock Market Finance Industry Research Database provides annual financial statement data published by China s listed financial companies. Due to the special nature of financial companies, the formats of their financial statements are very different from those of companies in other sectors. This database collects all annual financial statement data of A share financial companies listed on the Shanghai and Shenzhen Stock Exchanges since It has been carefully developed, drawing on the successful development experiences of world-famous databases and successful practices of the CSMAR Financial Statement Database, and by conducting strict verification and validation using various methods to ensure data accuracy. This database consists of five files in accordance with the types of statements published by financial companies: a balance sheet file, an income statement file, a statement of changes in financial position file, a cash flow statement file, and a statement of provision for asset impairment file. The database will be updated with data from regularly published financial reports. Data Interval: from China Stock Market Volatilities-returns of Market Index Research Database (SD008) The stock market is risky and investors should be cautious. How can we determine the volatility of market returns on expected returns? How can we distinguish between predictable risks and unpredictable risks? Using internationally prevalent methods for research into the volatility of stock market returns, Guo Tai An Information Technology Co. Ltd has developed China Stock Market Volatilities-returns of Market Index Research Database, which provides investors with complete and accurate data. Currently, the database contains three data files: an index file, an industry index file, and an interest rate file. The main data items include index code, trading date, opening index, closing index, highest index, lowest index, index return, industry return, date of interest rate change, and annual deposit interest rate. 9. China Stock Market Fundamental Analysis and Valuation Research Database (SD009) The prices of securities are decided by their intrinsic values, and value investment is becoming more popular to a wide range of securities investors. For these investors, it is very important to determine the intrinsic value of securities through the analysis of the basic financial indicators of listed companies Using internationally popular methods of fundamental analysis, Guo Tai An Information Technology Co. Ltd has developed a special database that provides investors with complete and accurate data for fundamental analyses of China s listed companies. Currently, the database contains three data files: a basic financial indicator file, a daily returns of individual 8

10 stocks file, and a changes in capital stock file. The main data items include securities code, accounting period, inventory, accounts receivable, gross profit rate, marketing expenses, capital expenditure, effective tax rate, total shareholders equity, daily aggregate market capitalization of individual stocks, daily negotiable market capitalization of individual stocks, daily individual stock return adjusted by the reinvestment with cash dividends, and daily individual stock return not adjusted by reinvestment with cash dividends. 10. China Stock Market Return Forecast Research Database (SD010) Stock returns have always been the central concern of investors. How can they pick high-return stocks from numerous stocks? What are the future returns of invested stocks? Investors hope to obtain answers to all of these questions through the forecasting of stock returns. Using stock return forecast models that are widely adopted all over the world, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Stock Return Forecast Research Database, which provides investors with complete and accurate data. Currently, the database contains three data files: a monthly individual stock return file, a financial indicator file, and an interest rate file. The main data items include securities code, trading date, monthly individual stock return adjusted by the reinvestment with cash dividends, monthly individual stock return not adjusted by the reinvestment with cash dividends, monthly aggregate market capitalization of individual stocks, monthly turnover rate, monthly nonliquidity indicator, monthly value, the reciprocal of P/E, the ratio of book value and market value, net cash flows generated from operating activities, earnings per share, selling price ratio, and annual deposit interest rate. 11. China Stock Market Capital Structure Research Database (SD011) The capital structure of a company reflects its operating condition. A company with a good capital structure often enjoys good development prospects and generates high returns for investors. Therefore, it is very important for investors to identify companies with good capital structures. To provide investors with complete and accurate research data, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Capital Structure Research Database. Currently, this database contains three data files: a daily individual stock return file, a financial indicators file, and an interest rate file. The main data items include securities code, trading date, 9

11 daily aggregate market capitalization of individual stocks, daily closing prices of individual stocks, daily individual stock return adjusted by the reinvestment with cash dividends, daily individual stock return not adjusted by the reinvestment with cash dividends, accounting period, long-term liabilities ratio, total liabilities, total shareholders equities, total current liabilities, long-term borrowings, bonds payable, net profit, profit from core business, EPS, net cash flows generated from operating activities, long-term liabilities, total assets, liquid ratio, the rate of inventory turnover, the growth rate of income from core business, earnings before interest and taxes, effective income tax, gross profit before-tax, capital expenditure, return on assets, return on net assets, and annual deposit interest rate. 12. China Stock Market Fund Performance Evaluation & Research Database (SD012) Funds, as financial instruments for collective investment, are recognized by investors for their professional financial planning. However, are fund returns higher than market performance in the Chinese securities market? Do fund managers have strong abilities to pick good stocks? These questions have always been the ones investors focus on. To facilitate fund performance evaluation, Guo Tai An Information Technology Co. Ltd has developed a special database, providing investors with complete and accurate data. Currently, this database contains six data files: a daily fund returns file, a daily index returns files, a weekly index returns file, a fund prospectus file, a net fund values file, and an interest rate file. The main data items include fund code, trading date, aggregate market capitalization, the total value of fund assets, issue price, and annual deposit interest rate. Data interval: from China Stock Market Calendar Research Database (SD013) Research shows that the European and American securities markets usually present abnormal returns at certain times, such as January of each year and each weekend. Is the situation the same in the Chinese securities market? The China Stock Market Calendar Research Database developed by Guo Tai An Information Technology Co. Ltd provides investors with complete and accurate data. Currently, this database contains four data files: a daily individual stock return file, an index file, a calendar file, and an exchange rate file. The main data items include securities code, trading date, weekly and daily total market value of individual stocks, daily individual stock return adjusted by the reinvestment with cash dividends, daily individual stocks return not adjusted by the reinvestment with cash dividends, index code, index return, calendar date, information on the opening of the Shanghai A and B share markets, information on the opening of the Shenzhen A and B share markets, exchange rate 10

12 date, the RMB to US dollar exchange rate, the HKD to US dollar exchange rate, the HKD to RMB exchange rate, and the HKD to RMB exchange rate obtained from translation. 14. China Stock Market CAPM Research Database (SD014) Capital asset pricing models clearly illustrate the relationship between market risks and returns. What are the correlations between the risk of stocks invested in and market risk? What about the stock prices trend? Capital asset pricing models give the answers. To facilitate investors research into the performance of capital asset pricing models in Chinese securities market, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Capital Asset Pricing Model Research Database. This database contains five data files: a daily individual stock return file, a daily market return file, an index file, a financial indicators file, and an interest rate file. The main data items include securities code, trading date, daily individual stock return adjusted by the reinvestment with cash dividends, daily individual stock return not adjusted by the reinvestment with cash dividends, daily aggregate market capitalization of individual stocks, daily negotiable market capitalization of individual stocks, daily aggregate market return adjusted by the reinvestment with cash dividends, daily aggregate market return not adjusted by reinvestment with cash dividends, index code, index return, accounting period, total stockholders beginning equity, total stockholders ending equity, and annual deposit interest rate. 15. China Stock Market Dividend Policy Research Database (SD015) The dividend policy of a company contains information about its operations and development, and investors can thereby identify stocks that are under-valued. To facilitate such research, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Dividend Policy Research Database. Currently, the database contains four data files: a daily individual stock return file, a daily market return file, a financial indicator file, and a dividend distribution file. The main data items include securities code, trading date, daily closing prices of individual stocks, daily trading amounts of individual stocks, daily aggregate market capitalization of individual stocks, daily individual stock return adjusted by the reinvestment with cash dividends, dividend per share, EPS, the reciprocal of shareholders equity ratio, the logarithm of the income from core business, net cash flows generated from operating activities, the 11

13 proportion of corporate shares, net assets per share, P/E, return on net assets, distribution ratio, and rights issue price. 16. China Stock Market Earnings Response Coefficient Research Database (SD016) Accounting earnings constitute one of the most important indicators of the operating condition of a company, and securities return is closely related to corporate operating condition. The earnings response coefficient directly reflects the relationship between the two. How can an investor judge a company s development prospects through analysis of different earnings response coefficients? This is extremely important. Using methods that are widely adopted all over the world, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Earnings Response Coefficient Research Database. Currently, the database contains six data files: a daily individual stock return file, a weekly individual stock return file, a monthly individual stock return file, a financial indicator file, a changes in capital stock file, and an annual and interim report data file. The main data items include securities code, trading date, daily closing prices of individual stocks, daily negotiable market capitalization of individual stocks, daily aggregate market capitalization of individual stocks, the total number of shares, daily individual stock return adjusted by reinvestment with cash dividends, daily individual stock return not adjusted by reinvestment with cash dividends, the date of announcement of annual reports, the date of announcement of interim reports, the date of announcement of quarterly reports, report type, total assets, type of capital stock change, the number of state-owned shares, the number of corporate shares, the number of domestic corporate shares, the number of overseas corporate shares, the number of raised corporate shares, the number of staff shares, the number of shares placed by funds, the number of individually held state shares and corporate shares, and the number of preferred shares. 17. China Stock Market Event Study Research Database (SD017) The development prospects of an enterprise are often reflected by events such as mergers, acquisitions, and dividend distributions, and the occurrences of these events usually bring abnormal returns to investors. Hence, it is very important to study the relationships between specific events and changes in stock prices. Using methods that are widely adopted all over the world, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Event Research Database. Currently, the database contains six data files: a daily individual stock return file, a primary market data file, a financial indicator file, a changes in capital stock file, a rights issue and 12

14 additional share offering file, a mergers and acquisitions file, and a dividend distribution file. The main data items include securities code, trading date, the number of shares traded daily of individual stocks, daily aggregate market capitalization of individual stocks, daily individual stock return adjusted by reinvestment with cash dividends, daily individual stock return not adjusted by reinvestment with cash dividends, the total number of shares, the number of state-owned shares, the number of corporate shares, the number of domestic corporate shares, the number of overseas corporate shares, the number of raised corporate shares, the number of staff shares, the number of shares placed to funds, the number of individually held state and corporate shares, the number of preferred shares, the number of negotiable A shares, the number of negotiable B shares, the number of negotiable H shares, the number of negotiable rights shares and bonus shares that are not circulating, EPS, income before taxes, earnings from investments, year-beginning total shareholders equities, year-end total shareholders equities, long-term liabilities, current liabilities, year-beginning total assets, year-end total assets, net assets per share one year before listing, total assets per share one year before listing, EPS one year before listing, sharing scheme, the type of dividend distribution, rights issue ratio, capital stock for rights issue, P/E for rights issue, date of announcement for completion of a related party transaction, the security code of the target company, the name of the target company, the industry in which the target company is engaged, the nature of the target company, whether a related transaction is involved, and the mode and purpose for M&A. 18. China Stock Market Discretionary-accruals and Non-discretionary-accruals Research Database (SD018) Investors pay close attention to learning the real condition of an enterprise through its financial statements, and judging whether its accrued profits are manipulated. To help investors to distinguish between manipulated and non-manipulated accrued profits, Guo Tai An Information Technology Co. Ltd has developed the China Stock Market Manipulated and Non-manipulated Accrued Profits Research Database using widely adopted methods. Currently, the database contains a financial indicator file. The main data items include securities code, accounting period, accounts receivable, monetary fund, short-term borrowings, operating profit, total profit, profit from key business, net income from core business, net profit, total assets, total liabilities, capital stock, total shareholders equities, assets-liabilities ratio, total accrued profit, return on total assets, return on equity, original value of fixed assets, total current assets, total current liabilities, short-term investment, long-term bonds investment mature within one year, depreciation of fixed assets, intangible assets and other long-term assets, net inventory losses, net loss from disposal of fixed assets, deferred tax credits, financial expenses, earnings from investments, dividends payable, and long-term liabilities due within one year. 13

15 19. China Stock Market Risk Evaluation Coefficient β Database(SD019) The stock market is risky and investors should be cautious. How can they determine the volatility of market returns on expected returns? How can they distinguish between predictable risks and unpredictable risks? Using internationally prevalent methods, Guo Tai An Information Technology Co. Ltd has developed a special database for research into the volatility of the Chinese stock market returns. Currently, this database contains three data files: an index file, an industry index file, and an interest rate file. The main data items include index code, trading date, opening index, closing index, highest index, lowest index, index return, industry return, date of interest rate change, and annual deposit interest rate. New Products under Development 1. China Stock Market Financial Interim Report Database The China Stock Market Financial Interim Report Database will provide the data in semiannual reports that are published by A shares companies (not including companies in financial sector) which are listed on the Shanghai Stock and Shenzhen Stock Exchanges. This database consists of 4 files: a balance sheet file, an income statement file, a cash flow statement file, and a statement of provisions for asset impairment file. The database draws on the successful development experience of the CSMAR Financial Database, and makes appropriate adjustments for accounting regulations and standards and the requirements of relevant departments, in light of the actual status of disclosure by the companies. The financial database of interim reports will be updated once each year. Data interval: from China Stock Market Listed T-bonds Database The China Stock Market Listed T-bonds Database will collect the data of all T-bonds that are currently traded on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the inter-bank bond market. The database consists of five files: a T-bond issue file, a T-bond trading file, a T-bond repurchases file, an interest payments file, and a conversions of spot bonds into standard bonds file. While providing numerous original data and historical trading data, the database also provides important derivative data such as bond yield to maturity, term structure, risk 14

16 measurement indicator, and theoretical value. Institutional investors can use the data to conduct risk-return comparisons, and academic researchers can use it for empirical research. In addition, the database finds the benchmark interest rate for the market. Data interval: from China Stock Market Listed Corporate Bond Database The China Stock Market Listed Corporate-bond Database collects the data of all corporate bonds (excluding convertible bonds with equity-like characteristics) that are currently traded on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the inter-bank bond market. The database consists of five files: a corporate-bond issue file, a corporate-bond trading file, a corporate-bond repurchases file, an interest payments file, and a conversion of spot bonds into standard bonds file. While providing numerous original data and historical trading data, the database also provides important derivative data such as bond yield to maturity, term structure, risk measurement indicator, and theoretical value. Institutional investors can use the data to conduct risk-return comparisons, and academic researchers can use it for empirical research. Data interval: from Financial Alarm System Database/System (Omit) Financial Laboratory The Financial Laboratory includes a securities information system, fundamental analysis system, simulated securities trading system and investment education software. The construction and operation of the Financial Laboratory will greatly improve teachers research efficiency and academic research levels. Through operational training in the Financial Laboratory, students will learn about the specific steps of a real securities market, become familiar with and master various operations of trading software, improve their operating skills and become familiar with securities-trading procedures and environments, and learn to apply various technical indices, summarize and practice investment skills, perfect their knowledge structures, develop their all-round knowledge and abilities, and make theoretical and psychological preparations for investments in real securities markets. GUO TAI AN Information Technology Co., Ltd (GTA) is committed to providing complete highly-technical solutions for the construction of software and hardware systems, the construction of securities information platforms, the development of financial analysis software, and the integration of Financial Laboratory network 15

17 systems in universities. The Financial Laboratory is divided into four parts: a basic information database, a fundamental analysis system, a simulated security trading system, and investment educational software. 1. Basic information database This includes a financial database, a trading database, an information disclosure database, a high-frequency database, a China listed companies initial public offering research database, a China listed companies merger, acquisition and assets restructuring research database, a China special treatment and particular transfer stocks research database, a China listed companies dividend distribution research database, a China listed companies rights offerings and rights issue research database, and other large-sized and specialized databases. 2. Fundamental analysis system 1) Financial analysis: including financial statements in percentage terms, basic ratio analysis, performance prediction analysis, etc. 2) Trading-related information analyses: including a risk assessment index database, a market price/trading volume-related index database, etc. 3) Comparative analysis: including sorting and group comparison and comparative analysis of the means and medians of companies and industries. 3. Simulated securities trading system This system consists of an account management sub-system, a trade management sub-system, a trading platform sub-system, and a stock analysis sub-system, which receives real-time quote data from the exchange and uses virtual accounts and currencies to present the real trading situation in the exchange. 4. Investment educational software system This software system adopts an electronic teaching pattern and contains electronic tutorials, a case library, operation demons, an exercise library, and other teaching materials. It can be used to carry out remote lecturing, examinations, and interactive questions, and communication between teachers and students via the Internet. China ValueLine System Basic Information System for Value Investment in the Chinese Stock Market The China ValueLine system borrows analysis ideas from internationally known value 16

18 investment analytic systems, such as U.S.A. ValueLine, with adjustments and improvements in line with the actual circumstances of China s stock market so that the system can provide investors with various measures and the necessary detailed information for the value analysis of all companies that are listed on the Shanghai and Shenzhen Stock Exchanges in standard mode. The system consists of five parts: composite measures for fundamental analysis, major market-related measures for fundamental analysis, investment reference measures for fundamental analysis, financial data and financial analysis measures, and the comprehensive analysis and evaluation of fundamental factors. The various measures, analyses, and materials that are provided by this system are conveniently indexed and can be retrieved by company code and name. The system can also sort selected measures by condition and classify them by sector, and can output the contrast table for each measure. In addition, the system provides weekly updates of the measures that are related to trading data and which frequently change. This system also provides detailed corporate profiles, company backgrounds, scopes of business, the structure of share capital for the last six years, the top ten shareholders and their shareholding ratios, and major events for the current year. In addition, the system contains a review of the Chinese stock market s 13 years of development, an overview of the Chinese stock market, related laws and regulations, and other reference materials. Comprehensive Information System for Securities Company and Investment Fund The China Securities Information and Analytic System (CSIAS) is an institutional investor-oriented large-sized information system that integrates securities information and financial analysis. It is a top-quality, high-end product developed by GTA after consulting with a number of experts, securities dealers, and administrative bodies, taking full consideration of the fact that institutional investors use a wide range and large volume of highly timely securities data and other related data, and combining powerful database platform. This system integrates the functions of data receiving, data entry, data detection, data cleansing, data analysis, and data mining, and provides users with a safe, powerful and highly expandable securities information and financial analysis platform. CSIAS consists of four parts: a basic information database, a fundamental analysis system, an advanced analytic system, and an event analysis system, among which a basic information database and a fundamental analysis system are similar to related parts of the Financial Laboratory, but place more emphasis on instant update and applicable analysis. The advanced analytic system includes a value assessment system (which assess companies value through various models), a comprehensive investment evaluation system, and a real-time technical analysis system. The event analysis system focuses on the analysis of market responses to events and the affecting factors, and the cross-sectional and longitudinal comparison of various listed companies responses to the same events. 17

19 Customized Research Service We can provide research data according to your specific needs. You can describe your data, data items (specify each data item very clearly), and data period. After we receive your request, we will calculate the cost and let you know. After we settle the price, we sign the service agreement and you make the payment. Our research service department will deliver the data you need within the promised period. The cost is estimated based on the following factors: how much time is needed to collect the data, the difficulties of data sourcing, the number of data items and data duration. The price should be reasonable and much cheaper than doing it by yourself or through your research assistants. 18