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文章运用金融相关率、人均GDP、地区固定资产投资相关数据,对渝东北渝东南区金融总量差异进行分析,得出渝东南区FIR、人均固定资产投资均高于渝东北区,并提出政府应增加在渝东北区金融供给总量,在渝东北的万州成立区域银行联合组织、区域性特色金融机构等对策。 相似文献
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政府投资项目指为适应和推动国民经济或区域经济发展,为满足社会文化生活需要,以及出于政治国防等因素考虑,通过财政预算投资(包括发行债券、利用外国政府赠款以及国家财政担保的国内外金融组织贷款等)兴建的固定资产投资项目。 相似文献
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一、近几年青海省金融机构现金投放基本情况及特点近几年来 ,青海省现金投放在GDP增长和固定资产投资的拉动等因素的影响下不断增加 ,金融机构现金收入和支出高速增长 ,形成了金融机构现金高收入、高支出 ,净投放稳步增长的特点。如图 1、2 :图 1 图 2图 相似文献
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黑龙江省作为东北老工业基地,近几年来固定资产投资持续高增长。为了解和掌握黑龙江省固定资产投资状况、在经济回升情况下企业自主投资的意愿,我们对政府有关部门、130户企业及省内部分金融机构进行了专项调查。 相似文献
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本文主要从区域金融市场发育程度、政策性金融机构和商业性金融机构这三方面对新疆现代农业公共投资的金融因素进行分析并提出建议。 相似文献
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政府投资项目,大多数是指为了适应和推动国民经济或区域经济的发展,由政府通过财政投资兴建的固定资产投资项目,在此基础上,本文分析了项目风险的来源、特点和种类这三个方面以避免政府投资工程项目出现超投资、超规模、超标准、拖工期等现象。 相似文献
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陈明 《江西金融职工大学学报》2014,(1):49-55
运用广东2000—2012年面板数据,系统考察了金融规模、金融结构及其它相关控制变量对广东各地区经济增长的影响。通过运用固定效应模型和动态面板数据模型,发现目前广东金融规模扩张不利于经济增长,而改善金融结构、降低银行集中度以及提高全社会固定资产投资比重则会增加银行业竞争、促进经济发展。 相似文献
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本文从考查金融市场化这一中国经济转型期制度变迁的主要方面出发,在引入金融市场化指数的Ndikumana模型基础上,应用Panel Data模型分析方法对金融市场化进程及其相关四个方面(金融中介市场化、政府行为市场化改革、金融市场自由化、金融对外开放)与投资间的影响以及东中西部间差异进行了研究。结论认为:首先,中国金融市场化对投资存在显著影响;其次,在全国层面上,金融市场化对投资的影响大于其他四个方面,而且金融结构的不同对投资的影响存在差异性;其三,在地区层面上,东中西部的金融市场化进程对地区投资的影响显著,地区间总体的差异呈现西部和中部大于东部的趋势。 相似文献
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China's growth model suggests that the 2008 financial crisis may have affected the Chinese economy differently from what one observes in mature market economies. In this paper, we examine how Chinese corporate investment responded to the financial crisis by using 1689 listed nonfinancial firms during Q12006–Q32010. We document that (1) the overall impact of the financial crisis on Chinese corporate investment is negative; (2) among three channels conveying the effect of the financial crisis, namely, the demand channel, the financial constraints channel, and the uncertainty channel, the demand channel dominates; (3) financial assets held by a nonfinancial firm are important in explaining the firm's fixed investment behaviour; (4) as compared to non-state firms, state-controlled firms are less affected by the financial crisis and more active in engaging in financial assets investment; and (5) foreign ownership can be seen as a buffer against the negative effect of the financial crisis and foreign-involved Chinese firms are less active in financial assets investment as compared to domestic firms. 相似文献
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利用前沿非线性PSTR模型和我国2007-2013年31个省域的面板数据,实证分析我国体育财政投入对经济发展水平的影响效应及其特征。研究表明:体育财政投入对经济发展水平的影响是非线性的,存在显著的门槛特征。在体育财政投入水平较低的地区,体育财政投入无益于经济发展水平的提高;在体育财政投入水平较高的地区,体育财政投入显著促进经济发展水平的提升。随着体育财政投入水平逐步实现对相应门槛值的跨越,其对经济发展水平的促进效应逐步显现。同时,我国各省域体育财政投入对经济发展水平的影响效应存在显著的地区差异,北京、浙江、广东、海南、内蒙古、陕西、西藏、新疆等八个省域体育财政投入显著促进了该地区经济发展水平的提升。 相似文献
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本文基于实业和金融两类投资组合模型的构建,重点考察不同所有权性质和不同行业企业的金融化驱动机制是否具有异质性,并探究不同类别金融投资对应结果的差异性特征。实证结果与已有研究以及传统印象并不一致:我们发现,风险规避是中国非国有企业和制造业企业金融化的显著驱动因素,而国有企业和非制造业企业则不存在这一特征;同时,非制造业企业的金融投资主要由收益率差驱动,而在其他企业样本中均没有证据显示追逐利润是企业金融化的推动因素。不同企业样本的融资约束、杠杆率、成长性、流动性水平以及资产质量等因素对企业金融资产占比的影响也存在显著差异。进一步区分企业金融投资中货币和非货币类金融资产的不同特性并考虑企业的长期股权投资,结果表明货币类金融资产和非货币类金融资产的驱动机制存在明显差异:对于货币类金融资产投资,国有企业主要受资本逐利因素推动,其他企业则未体现这一特征;对于非货币类金融资产投资,非国有企业、制造业和非制造业企业均受到风险因素驱动,而国有企业则不受影响;将企业长期股权投资纳入金融资产后结果则未产生明显差异。 相似文献
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The Relationship between Changes in Fixed Plant Investment and the Likelihood of Emergence from Corporate Financial Distress 总被引:1,自引:0,他引:1
Kane Gregory D. Richardson Frederick M. 《Review of Quantitative Finance and Accounting》2002,18(3):259-272
Companies experiencing financial distress can attempt to mitigate financial distress through changing the investment in the fixed asset base. Management may choose to expand the asset base in hopes of increasing sales. Alternatively, management may choose to contract the asset base in order to eliminate and/or reduce investment in unprofitable or risky ventures, improve liquidity, reduce earnings volatility, and reduce the need for operating capital.In this study, we examined how observed changes in the investment base affect the likelihood of emergence from a financially distressed condition. We find that, when management chooses to contract the investment in property, plant, and equipment, the likelihood of emergence from financial distress is significantly improved. On the other hand, when management chooses to expand property, plant, and equipment in the face of distress, the distress is only intensified. Our explanation is that companies that choose to contract their fixed asset base in times of trouble are taking steps that will most likely improve their financial condition—they are less likely to need working capital, and can better tolerate increased levels of long-term debt. Conversely, increasing the fixed asset base amplifies the need for working capital, and borrowing money to facilitate the expansion simply increases the necessary uses of that working capital because the debt must be serviced. As a result, companies descend even deeper into financial distress and decrease the likelihood that they will emerge therefrom. 相似文献
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Using a comprehensive dataset of listed firms and detailed turnover data on top provincial leaders in China, we explore how political uncertainty affects a firm's portfolio choice. During political turnover, a firm decreases its fixed investment and increases its financial asset investment, but the promotional effect of political turnover on the financial asset investment of politically dependent enterprises (PDEs) is not obvious. We explain this finding through the mediating effect of stock price informativeness and degree of political dependence. Our results suggest that non-PDEs rely on market information to make investment decisions, whereas PDEs are also affected by political resource information. 相似文献
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固定资产投资是拉动内蒙古经济增长的主要力量,转型期的内蒙古不应简单否定投资驱动型经济增长方式,而是应当从自身所处的经济发展阶段出发,在肯定投资对地区经济增长具有积极作用的同时,摒弃传统的单纯追求投资规模扩张的“外延增长”战略,将固定资产投资与经济结构转型相结合,逐步解决投资来源单一、投资结构失衡、投资方式粗放和投资率偏高等问题,通过提升投资驱动质量,促进经济结构的优化调整,实现经济发展方式的转变。 相似文献
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金融发展在地区间差异过大,将阻碍区域经济协调发展,而空间溢出效应可以减弱区域金融差异。本文以广东省为例,运用空间计量模型进行实证研究,结果表明,区域金融发展存在空间相关性。要增强区域金融中心的溢出效应、缩小区域金融差异,就必须建立多层次的区域金融中心、加强区域金融合作、提高商品交易效率和金融交易效率、优化财政支出结构。 相似文献
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This paper discusses aspects of global financial services. As part of financial globalisation, financial institutions have evolved both nationally and internationally. FDI is becoming an important vehicle for multinational banks to enter developing countries. This in turn is changing the composition of trade in financial services. The experience of regional integration in Europe and the emergence of large multinational European banks signal a new era of global competition and consolidation of financial institutions. Home bias in international financial services is much less where financial integration is taking place. With financial globalisation, one should expect more diversification of ownership of multinational banks around the world, particularly when China and India are now able to have strategic investment in some of the key investment banks around the world. Financial globalisation requires stronger and more effective international institutions as a way of monitoring the activities of multinational financial institutions at both the national and international levels. 相似文献