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1.
刘伟 《经济管理》2003,(23):65-67
债转股是中国搞活国有企业的重要改革举措。但是由于金融资产管理公司的特殊地位,债转股公司出现了反效率效应。必须通过界定资产管理公司的法律地位、深化债转股企业的改革、资产管理公司的股权退让和建立激励约束机制提高债转股企业的效率。  相似文献   

2.
田振宇  丁燕 《经济师》2000,(7):23-24
:债转股是化解银行不良资产风险和推进国有企业改革与发展的一项重大举措 ,但是在具体执行过程中也存在着许多问题。文章从企业的道德风险、企业和资产管理公司的治理结构、债转股后的资产报酬率、资本市场和中介机构等方面就债转股过程中存在的问题进行了分析并给出了相应的对策建议  相似文献   

3.
本文结合煤炭行业债转股企业实际情况,对企业政策性债转股后的法人治理结构进行了讨论。文章认为,在国有独资企业实施债转股的过程中,新公司成立缓慢,非股非债现象普遍。成立起来的新公司也有名无实,资产管理公司股权管理困难。对于新成立的股份企业,股东目标存有差异,最终影响了改革步伐。要解决这些问题,其关键在于地方政府要兑现承诺,营造多方共赢的局面。  相似文献   

4.
债转股的运作及其法律问题的评价   总被引:1,自引:0,他引:1  
债转股是目前我国国有企业改革的重要措施,也是理论研究的热点问题,债转股的实施,首先应该有一个良好的大环境,保障其良性发展,本文拟在总结其他国家债转股经验的基础上,研究、评价我国债转股的运作及其有关的法律问题,并提出相应的看法:界定砂良资产和对象企业;规范银行行为(包括资产管理公司行为);坚决抵制地方行政干预,  相似文献   

5.
"债转股"与"债转债"   总被引:4,自引:0,他引:4  
债转股政策的目标应以改革和完善国有企业微观运行机制为中心,而不能简单地定位于降低国有企业资产负债率和国有商业银行不良贷款比例上.目前在实务中存在着债转股简单化的倾向,有可能使债务企业、资产管理公司和商业银行产生一系列不规范行为,从而达不到债转股的目标.对此,可借鉴可转换债券和信托的一些做法,在商业银行和资产管理公司之间建立财产信托关系,在资产管理公司和债务企业之间先"债转债"后"债转股",从而有可能解决单纯债转股产生的诸多问题,顺利实现债转股政策的最终目标.  相似文献   

6.
李栋  吴燕宁 《经济前沿》2007,(11):49-50
债转股政策实施以来,对于推动国有企业改革,提高企业盈利能力,建立现代企业制度发挥了积极作用。结合债转股实践中反映出来的一些问题,应该继续发挥金融资产管理公司的积极作用,加大债转股企业的战略性重组力度,提升企业价值,实现盘活金融资产和企业资产的双赢目标。  相似文献   

7.
我国资产管理公司人力资源现状分析及管理对策研究   总被引:1,自引:0,他引:1  
1999年4月20日,中国信达资产管理公司在北京正式成立,随后华融、东方、长城三家资产管理公司也相继成立。四大资产管理公司的成立一方面是为了深化金融改革,防范和化解金融风险;另一方面也是为了通过资产管理公司运用债转股、资产重组、资产证券化等市场化运作手段,促使国有大中型企业转变经营机制,建立现代企业制度,实现扭亏解困的战略目标。至1999年底四家公司已基本完成了不良资产的审查、接收工作,今年的工作重心全面转向资产的处置和管理。然而,在全力加快资产处置进度的过程中,却出现了资产处置任务难以完成,处置方式单一,处置力度不够,工作效率低下的情形。这除了缺乏国家相关的政策、法律等外部环境的强有力支持外,一个非常重要的原因是公司内部员工素质不高,缺乏有效的人力资源激励与监控机制所致。建立与完善有效的人力资源管理模式是提高资产管理公司运行效率的关键所在。  相似文献   

8.
随着我国四大国有商业银行改革的深化和处理不良金融债权的资产管理公司的成立,国有企业沉重的负债究竟如何重组日益为社会所关注,债转股是一种较为可行的方式。本文从财务角度分析了企业实施债转股的利弊,对国际上其他国家债转股的实践进行了简要介绍。  相似文献   

9.
债转股成功:资产管理公司必须解决三大难题   总被引:1,自引:0,他引:1  
为了实现国企三年解困的改革目标,国家先后成立了华融、长城、东方、信达四家资产管理公司,承担处理从四大商业银行剥离出来的不良资产任务,其中包括对一部分大型国有企业实行债转股。如何完成好这一责任,作者认为必须解决好三大问题。  相似文献   

10.
王建军  谭明 《经济师》2007,(10):102-103
债转股后企业是否扭亏为盈是资产管理公司所关心的,债转股的效果如何也是国家所关注的,然而传统的利润指标存在缺陷。文章从债转股的现状、EVA作为评价指标的优越性等方面对债转股进行了评价。  相似文献   

11.
关于编制国有资产经营预算的探讨   总被引:6,自引:0,他引:6  
编制国有资产预算必须遵循支出,市场,数量和对应四个准则,收入方面划分为经营收益,资产转移,信用性,特许权和转移性收入,支出方面划分为资本性,费用性,债务性,转移性和其他支出。其预算平衡应特别注意公共预算结余转入,公共预算专项拨款,国有资产经营预算对社会保障预算的专项拨款和债务等几个问题,改革国家原有预算制度,建立新的国有资产经营预算的目的在于政府一般职能与资产占有,使用,经营职能分开。  相似文献   

12.
Imad Moosa 《Applied economics》2013,45(17):2491-2500
This study provides an analysis of 163 operational loss events experienced by a variety of British firms over the period 1999–2008. 10 different hypotheses are tested to examine the distribution of loss severity and frequency with respect to business line, event type and corporate entity type. We also test hypotheses on the relation between loss severity and the decline in the market value of the announcing firm and whether or not the decline in market value is greater if the loss results from internal fraud. The results indicate that loss severity does not depend on firm size, that the decline in market value bears no stable relation to the loss amount and that they decline in market value relative to the loss amount is positively related to firm size.  相似文献   

13.
Should monetary policy respond to asset prices? This paper analyzes this question from the vantage point of equilibrium determinacy. A central bank responding to asset prices is indirectly responding to firm profits. In a model with sticky prices, increases in inflation tend to lower firm profits so that a central bank responding to share prices implicitly weakens its overall response to inflation. This is the novel source of equilibrium indeterminacy highlighted in the paper.  相似文献   

14.
The operational procedures of the Bank of Greece underwent major changes during the 1990s. These shifts in operational strategy made interest rates the main tool of monetary policy for the first time in Greece. This paper examines the effects of changes in the bank's operational interest rates on market interest rates at eight maturities and for different operational regimes. A major feature of our study is the application of the event study methodology used in finance, which has not been employed in any previous study on this subject. We find that changes in official interest rates had a significant influence on short-term and intermediate-term rates and that this relationship was affected by the changes in the bank's operational procedure.  相似文献   

15.
This paper examines the interaction between operational and financial hedging in the context of an internationally competitive but domestically monopolistic firm under exchange rate uncertainty. Operational hedging is modeled by letting the firm make its export decision after it has observed the true realization of the then prevailing spot exchange rate. Financial hedging, on the other hand, is modeled by allowing the firm to trade fairly priced exotic derivatives that are tailor-made for the firm's hedging need. We show that both operational and financial hedging unambiguously entice the firm into producing more. We further derive sufficient conditions under which operational hedging dominates (is dominated by) financial hedging in terms of promoting the firm's optimal output.  相似文献   

16.
蔡中华  王亚琼  侯翱宇 《技术经济》2013,32(9):39-43,54
以2008—2010年我国化工行业的上市公司为研究样本,选用固定效应模型,以盈利能力、公司规模、成长性、可抵押指标和非债务税盾为控制变量,对企业创新战略与资本结构的关系进行回归分析。实证结果表明:在金融危机期间,化工行业的上市公司整体上提高了债务融资比例以进行绿色技术创新;以无形资产比重代表的企业创新战略与以资产负债率代表的资本结构正相关;企业选择创新战略将显著提高债务融资水平。  相似文献   

17.
Greece's accession to the European Union (EU) has affected its economy and its manufacturing sector. Large-size enterprises (LSEs) form a small but vital part of Greek manufacturing and constitute a major component of the country's stock market. According to finance theory, the capital structure of a firm affects its capital cost and market value. This paper, by using dynamic panel data techniques, investigates the determinants of capital structure of LSEs in the Greek manufacturing sector. The findings suggest that asset utilization, gross and net profitability and total assets growth have a significant effect on the capital structure of LSEs. This has straightforward policy implications. Following recent economic developments, Greek firms are exposed to a stronger competition in the EU and global markets, but also to new opportunities. In order to improve their capital structure, Greek manufacturing LSEs need to achieve higher asset utilization and profit margins through economies of scale attained mainly by higher exports. Moreover, governmental measures aiming to support LSEs' efforts should focus their impact on alleviating taxation, reducing bureaucratic burdens, minimizing market imperfections and subsidizing applications of new technology.  相似文献   

18.
从企业成长理论看政府驱动型国企集团内生性缺陷   总被引:1,自引:0,他引:1  
以资产重组方式推动国有企业集团化发展已成为各级政府一项重要工作。这种政府驱动下的国有企业集团的组建虽然有其合理性,但却违背了企业成长的规律,因而具有先天的内生性缺陷,即企业内部能力的刚性供给无法满足企业资产规模的快速扩张的需要。这种内生性缺陷的一个直接后果是导致部分资产游离于集团公司控制之外,从而给国有企业改革带来负面影响。本文通过Penrose的企业成长理论对政府驱动型国企集团的内生性缺陷进行分析,并以一个案例进行了说明。  相似文献   

19.
我国零售业态及经营模式异化与趋同的演变规律研究   总被引:6,自引:1,他引:5  
零售业态和经营模式的一定形式和状态,与一个国家或地区的经济体制、经济发展水平、市场供求特征、消费者的收入水平和消费水平等综合因素紧密相关。一定的综合经济因素和经济基础,必然、内在地要求有与之相适应的一定的零售业务格局和经营模式;同时,随着这些综合经济因素的发展变化,也必然、内在地要求零售业态格局和经营模式进一步发展变化,以适应新的总体经济特征对其的要求。在社会综合经济因素和经济基础不断变化与发展的决定和要求下,零售业态和经营模式也必然不断地在“扬弃-异化-趋同-再扬弃-再异化-再趋同”的过程规律中演变与发展。  相似文献   

20.
Concerns over the re-distributive effects of individual transferable quotas (ITQ’s) have led to restrictions on their tradability. We consider a general equilibrium model with firm dynamics to evaluate the redistributive impact of changing the tradability of ITQs. A change in tradability would happen, for example, if permits are allowed to be traded as a separate asset from ownership of an active firm. If the property right is associated with ownership of an active firm, the permit can be leased in each period but it is not possible to exit the industry and keep the right. However, allowing the permits to be traded as a separate asset has two effects. First, it leads to a greater concentration of production in the industry. Second, it directly converts a non-tradable asset into a tradable one, and this is equivalent to giving a lump sum transfer to all firms. The first effect implies a concentration in revenues, while the second implies a redistribution of wealth. We calibrate our model to match the observed increase in revenue inequality in the Northeast Multispecies (Groundfish) U.S. Fishery. We show that although observed revenue inequality—measured by the Gini coefficient—increases by 12 %, wealth inequality is reduced by 40 %.  相似文献   

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