企业筹资方式的选择及风险控制

合理选择筹资方式,使企业各种资金来源和资本配比保持适当比例,有效控制筹资成本与筹资风险,提高企业核心竞争力和经营绩效,是企业财务战略管理的核心。随着我国金融市场的快速发展,可供企业选择的筹资方式越来越多,企业在发展与购并过程中应充分认识各种筹资方式的特点,结合自身的实际情况选择合适的方式,采取有效管控措施控制筹资成本以及规避或降低筹资风险。     

浅谈客运企业资金成本

资金成本是客运企业筹资过程必然要考虑的财务指标，笔者以一简单例举说明在企业经营成果的评价过程中，是否考虑资金成本，得出截然不同的评价结论，说明了资金成本是现代企业财务管理中的重要理念。结合客运企业资金特点，按照筹资的方式不同，把客运企业筹资方式分为股权资本筹资和负债资本筹资，并分别就股权、负债筹资的各种类型的资金成本计算及优缺点作详细论述，同时论述了实务操作过程中综合资金成本的计算，最后强调计算资金成本考虑时间价值的同时也要考虑风险价值，并就筹资过程中应考虑的其他因素作了简要阐述。     

谈资金成本率的计算方法

资金成本是企业在筹资过程中向资金所有者和中介人支付的资金占用费和资金筹集费。资金成本用相对数表示即为资金成本串，其计算方法是将每年支付的资金占用费与实际获得的资金总额相除，用公式表示为：以发行债券和优先股票两种有代表性的资金成本计算方法为例，目前一般教科书的计算公式为：对此，笔者有两点不同的看法：首先，计算资金成本的目的之一是进行筹资决策，即将资金成本率与预期投资收益率进行比较，只有资金成本率低于预期投资收益率，筹资方案才是可行的。目前，预期投资收益率的计算方法是：即预期投资收益率计算的是预期税…     

谈企业管理要以财务管理为核心

企业管理要以财务管理为中心，财务管理以资金管理、成本管理为重点，带动和加强企业的各项管理工作的论点是多年来企业管理实践的结晶，也是建立现代企业制度，发展社会化大生产和市场经济的必然要求。＠对财务营理工作的重新认识财务管理是利用价值形式，按照客观经济规律和有关法规组织企业资金运动，协调企业各方面经济关系促进生产经营活动的一项经济管理工作。它涉及筹资、投资、成本费用、日常资产、利润分配的分析、预测、决策、控制、考核、评价等一系列工作，是一项综合性的管理活动。在计划经济体制下，经济管理的大量工作是围绕…     

会计决策、审计决策与提高经济效益

任何社会的经济工作都要有一定形式的经济决策,通过经济决策来促进各项工作的发展,以达到加强经济管理,提高经济效益的目的。随着社会经济的发展,经济决策的内容和范围不断扩大,有财务决策、会计决策、审计决策等等。在现代企业管理中,决策起着十分重要的作用。本文就会计决策、审计决策与提高经济效益的有关问题,谈一些粗浅的看法,仅供参考。 会计决策与提高经济效益 在现代企业管理中,会计决策是多目标的决策,它的内容包括确定利润目标、成本目标和资金目标。在这三个目标中利润目标是一个综合性指标,它反映了劳动消耗的大小、物质消耗的…     

成本决策、成本预算与道德风险

成本决策和预算中的道德风险问题已经严重影响到企业成本管理的效果。本文首先分析成本决策与成本预算的关系,然后从信息不对称理论、代理理论和利益博弈角度分析企业成本决策和预算中的道德风险,并提出在成本决策与成本预算中减少道德风险的一些建议。     

施工企业融资租赁与负债筹资的财务分析

融资租赁与负债筹资是施工企业筹集资金、增添施工设备的两种重要方式,都有利于企业尽快形成或者提高生产能力,产生经济效益。本文阐述了两种筹资方式的特点、意义,并重点分析了融资租赁与负债筹资决策的净现值法。     

简析企业的筹资风险及管理

●企业筹资风险的分类由于股权融资形成的资金是企业的主权资本 ,主权资本是企业的所有者投放或追加的资金 ,因而不存在还本付息的财务压力 ,也就避免了财务风险 ;债务融资形成企业的债务资金 ,债务资金是企业债权人所投放的利率以及不同的资金使用效益 ,其偿还压力也各不相同。因此 ,筹资风险是针对负债资金的还本付息而言的 ,是其因借款而增加的风险 ,是筹资决策带来的风险。根据风险产生的原因可将筹资风险分为两类 :支付性筹资风险和经营性筹资风险。所谓支付性筹资风险是指在某一特定的时点上 ,负债经营企业的现金流出量超过了现金流入…     

成本粘性对管理者决策影响的研究分析

近几年,对成本(费用)粘性的研究加深了企业对成本的深层次认识。本文首先回顾了成本粘性的产生及特征、管理者决策的基本内容,再分析了成本粘性对管理者资源分配决策、经营目标决策、成本管理决策及决策相关性的影响,最后提出了可以应对成本粘性的措施和建议。     

作业成本法在物流企业中的应用

物流企业传统的成本管理方法,是以产品数量为基础,侧重产品生产成本的核算,难于适应物流企业的特点,因而,将作业成本管理的方法引入物流企业,使之能在企业的经营管理和成本控制方面发挥作用,是一项十分有意义的工作。相比生产制造类企业,物流企业具有物流活动空间大、成本项目多、物流成本计算对象复杂等特点,物流企业的成本,也具有间接费用比例高、成本之间关联度高、隐性和显性成本并存和成本受客户需求影响大的特点,这就决定了传统的成本核算方法并不适用物流企业。     

Regional tourism industry indices and the allocation of European union and State funding: the case of Greece

An interregional comparison provides useful information for all types of decision maker. In general, consumers consider a variety of factors, e.g., the environmental characteristics of a region, as well as all relevant costs, when they make plans or travel for their vacation. A regional tourism industry index that is based on such factors receives special attention because of its all inclusive nature, i.e. one that is able to provide useful information to consumers for planning their tourism or recreational activities as well as to policy makers for planning policies to support specific activities or regions. An analysis of consumer's decision making indicates that the weights used for the regional variables considered and included in the index should not vary across regions. Given this, a regional tourism industry index is computed for the 10 regions of Greece. To obtain this index, the values of all variables considered are scaled from 0 to 100, so that the index is independent of units of measurement, and all attributes are assigned weights by the consumer. Moreover, it is investigated whether the regional allocation of the European Union and state funding for the tourism industry or the environment is directed to the regions that have a greater index value or equivalently have the potential for further development of their tourism industry. Finally, a rank criterion is introduced that is able to indicate how the allocation of European Union and state funding needs to be changed in order to increase its effectiveness relative to the objectives of the funding authorities. Copyright © 1999 John Wiley & Sons, Ltd.     

Strategies for collaborative funding of intermodal airport ground access projects

Projects to improve airport ground access not only provide important intermodal connections but can also present difficult funding challenges. This paper reviews the recent literature on funding airport ground access projects as well as some of the wider literature on funding transportation projects in general in the United States (U.S.) that is indirectly relevant to airport ground access projects. This is followed by a review of current U.S. federal transportation funding programs relevant to airport ground access projects, as well as a discussion of state and local funding programs and potential opportunities for private sector funding. The paper then describes several case studies of airport ground access project funding that were undertaken as part of this research. Based on this discussion, the paper discusses potential funding strategies for intermodal airport ground access projects in the U.S., requirements for effective implementation of these strategies, and a recommended approach to facilitate successful project development and implementation. It also presents recommended changes to the transportation funding program rules and regulations in the U.S. that could facilitate and simplify the development of intermodal solutions to meet future airport ground access needs.     

Funding for local authority transport and land-use schemes in the UK

This paper focuses on the research activities, findings and planned products of one of the UK EPSRC-funded DISTILLATE (Design and Implementation Support Tools for Integrated Local Land use, Transport and the Environment) projects on the funding of transport and land-use schemes. Research activities have included a literature review, dialogue with local authority case studies and a funding workshop. The research identified and explored a range of barriers to funding, including lack of revenue funding, difficulties in obtaining funding for ‘soft’ schemes, the formation of partnerships and timing-related issues. The research also revealed that the funding system is failing to meet the needs of the current transport policy focus on managing travel demand, rather than being a supply-led process. The key project outputs are described, which include a ‘funding toolkit’ for local authorities, and guidance for funding bodies regarding the barriers faced.     

US airport financial reform and its implications for airport efficiency: An exploratory investigation

This study investigates the effect on airport productive efficiency of two major funding sources used by US airports, namely the Airport Improvement Program (AIP) grants and the Passenger Facility Charges (PFC). A two-stage Data Envelopment Analysis (DEA) modeling approach is employed for this purpose. In the first stage, we estimate airport productive efficiency using a variable returns-to-scale DEA model with both desirable and undesirable outputs. In the second stage, random effects regression models are estimated with airport efficiency scores from the first stage as the dependent variable and PFC and a proxy for AIP grants as two of the explanatory variables. By applying the two-stage DEA model to 42 primary US airports, it is found that PFC use has a positive impact on airport productive efficiency, whereas the impact of AIP grants is negative. Multiple counterfactual scenarios are examined by altering the mix of the two types of funding sources. The results show that simultaneously raising the PFC ceiling and decreasing AIP grants could lead to greater airport productive efficiency. The US federal aviation authority would also benefit from realizing these scenarios, especially given the budgetary constraints it faces.     

兰州-乌鲁木齐铁路旅客列车提速方案研究

论述了兰州—乌鲁木齐铁路旅客列车提速研究的必要性,对列车速度为160 km/h和200 km/h两种提速方案进行了比选,主要从工程费、提速经济指标和提速效果综合考虑,建议兰州—乌鲁木齐段铁路旅客列车提速采用200km/h的速度目标值。     

The value of information on supply risk under random yields

For companies facing challenge of managing unreliable supply sources, one of the operational goals is to increase the overall profit by improving performance of uncertain supply. We here develop stochastic decision frameworks which evaluate necessary information about uncertainties and help newsvendor and suppliers to enhance supply reliability. We first analyze the newsvendor’s purchasing decision under supply uncertainty and the derived decision framework is used to identify stochastic dominance conditions. We found that partial supply risk information is sufficient to determine regular ordering quantity, but to improve the overall profit, it is important to gather more information about stochastic dominance conditions.     

Impact of European Union funding on tourism in the Grampian Region

The European Union (EU) has no specific tourism policy. Even though there are divergent views on its involvement in regional development, there is a consensus on the fact that the EU is involved by its principle role of ‘Subsidiarity’. There is also continued participation of the EU in activities related to tourism development in the community. Undoubtedly, the EU is having an impact on regional development of members states. Research carried out shows the contribution of the EU in regional development and tourism. The EU funding has tended to focus on peripheral areas and where traditional industries are declining. Tourism related projects (such as visitor attractions) have benefited from such funding programmes, on the assumption that these projects will create employment and increase visitor numbers, as well as promote the economies of these regions. Consequently, this paper considers the contributions of EU funding of tourism attractions in the Aberdeen and Grampian region of Scotland and issues affecting the effectiveness of the attractions themselves. Copyright © 2006 John Wiley & Sons, Ltd.     

What future for light rail in the UK after Ten Year Transport Plan targets are scrapped?

Light Rail schemes were key components of plans to improve accessibility and personal mobility in conurbations as part of the UK Government's Integrated Transport Policy and its 2000 Ten Year Transport Plan. However by 2004 light rail's future in Britain looked bleak as sharp increases in capital costs, following the demise of Railtrack and the loss of private sector confidence, led Government to withdraw its part funding of light rail schemes in Leeds, Liverpool, Manchester and Portsmouth.This paper examines recent changes in Government urban transport policy; why the Ten Year Transport Plan 2000 target of doubling light rail journeys and supporting the opening of 25 new light rail lines was scrapped after just 2 years; the role played by the 2004 National Audit Office Report in enabling the Government to marginalise light rail outside London; ways of reducing light rail's capital costs, securing new funding sources and lessening dependence on Government finance; and why part funding of extensions to Greater Manchester's successful Metrolink light rail system has been re-instated.     

轨道交通PPP项目车公里付费模式下政府可行性缺口补助的计算——以天津地铁11号线一期工程PPP项目为例

PPP投融资模式通过社会资本方参与项目建设和运营,大大减轻地方政府城市轨道交通建设和运营所承担的投资风险及负担,拓宽融资渠道,减轻政府近期支出压力,实现优势互补,形成多方共赢的局面。其中,付费模式是轨道交通PPP项目的重要基础,关系到PPP项目的风险分配和收益回报,因而是政府和社会资本关注的核心问题,也是PPP项目合同中最为关键的条款。根据我国的多年实践,可行性缺口补助作为政府付费模式与使用者付费的结合,是我国城市轨道交通PPP付费的最佳模式之一,而车公里付费模式是可行性缺口补助模式中的最新模式。结合天津地铁11号线一期工程PPP项目,对车公里付费模式下政府可行性缺口补助的计算进行了研究,并就相关重点问题提出了建议。     

Institutional integration for sustainable transportation policy in Canada

In recent years, many Canadian urban areas have witnessed a rapid population and economic growth thereby putting sustainable transport and urban form at the forefront of planning initiatives. As a result, the development of strategic transport plans and long-range visioning exercises has become a priority for most cities. Still, proper appraisals of these plans along with funding and implementation have lagged behind. Reasons for this lag can be attributed to the lack of constructive interactions between actors in the decision-making process and of common grounds for policy evaluation. This paper proposes to assess the extent of institutional integration in the appraisal, funding, and implementation of transport policy. For this purpose, a survey was conducted with planners and policy-makers pertaining to the three levels of government (municipal, provincial, federal) in Canada. The survey discussed the existing process for funding and evaluation of transport policy and its associated pitfalls as well as the desired state of policy appraisal. Results show low institutional integration among the three levels of government and weakened regional visions within most urban areas in spite of an increased sensitization of decision-makers and the public regarding the importance of achieving society's goals of sustainability and equity.