民间融资现状及其利弊分析

民间融资是指游离于正规金融体系之外的，以还本付息为标志的经济主体之间的融资活动。宏观调控下民间融资出现一些新的情况和特点，为了更好地把握民间融资状况，进一步改善金融服务，最近人行洪泽县支行对该县民间融资情况进行了调查。调查表明，洪泽县民间融资状况基本稳定，民问融资总量有所增加，民间借贷作为一种传统的融资方式在民间仍有一定的市场，应加强对新形势下民间融资的监测和规范。     

民间放贷者与中小企业的合作博弈

中小企业民间借贷的需求决定了民间借贷在中小企业融资方面的重要地位。本文探讨了产品差异性对民间借贷市场的影响,发现民间借贷市场之所以能够在银行体系外生存并发展,就在于它能提供银行体系所不能提供的产品。民间放贷者与中小企业一般属于完全信息对称关系,放贷者与中小企业存在合作博弈的趋向。对于这种有利于中小企业发展的民间金融形式政府应予以合法化,并纳入正规体系进行监管。     

海西地区民间融资调查分析

民间融资作为金融业的有益补充，在推动中小企业、个体经济、农村经济发展，活跃城乡市场中发挥了积极作用，但也存在一些不稳定的因素。本文在对海西地区民间融资调查的基础上，提出了规范民间借贷的对策建议。     

小额贷款公司能否解决民间融资难题?

民间融资市场是正规金融市场的有益补充,我国民间融资的历史源远流长,民间融资市场的发展不仅是市场经济发展的客观需要,也有着深厚的文化基础和历史积淀。但是,近年来我国民间融资市场的发展面临着一些问题,除了广受关注的民间融资中存在的非法集资和高利贷现象,还有一个比较突出的问题,就是当前我国民间融资市场的资金供给和资金需求市场相互割裂。资金供求市场的相互割裂成为我国民间融资的一个难题,将从根本上制约我国民间融资市场的长远健康发展,而近年来蓬勃发展的     

民间融资市场研究--对三门峡市民间融资的典型调查与分析

以三门峡市民间融资市场为个案,通过spss软件对设计的民间融资调查问卷进行量化分析,并结合现象、案例、理论等方面描述了三门峡市民间融资现行状况、影响因素。民间融资区域金融特征往往较为明显,因此,进行单个地区民间融资特征的研究,对于把握民间融资的交易范围的局部性和社区性具有重要的现实意义。     

对山西省民间票据融资状况的研究与思考

近年来，山西省民间融资活动日趋活跃，在经济领域中的影响日渐加大。而民间票据融资因其制度、信息、成本和效率等方面的优势成为民间融资的一种重要形式。2005年，山西省民间票据融资额占到了民间融资总额的40％，民间票据融资兴起与发展过程中的制度、市场、环境、条件等诸多问题，引起了人们的关注。     

对合法与非法民间融资界定的思考与建议

民间融资是一把双刃剑，合法的民间融资对弥补银行信贷市场空白，促进经济发展发挥着巨大的作用，而非法的民间融资必将会扰乱金融秩序，阻碍经济发展，增加社会的不稳定因素，近年媒体不断曝光的民间融资“跑路”事件就是佐证。因此，建立健全民间融资法律法规，依法保障法民间融资，打击非法民间融资，是我国当前面临的亟待解决的重大现实课题。     

民间融资登记服务公司发展现状及存在问题调查分析

<正>近年来,地方政府为加强对民间借贷的引导和规范,规范发展民间融资机构,推动民间融资行为阳光化、规范化,积极引导民间资本投资实体经济,切实降低民间融资成本,积极鼓励支持民间资本参与地方金融市场建设。民间融资登记服务公司就是经过批准成立的一种新型民间融资形式,对于规范民间融资秩序、促进民间资金供给与需求的有效对接发挥了积极作用。本文依据近年来对民间融资登记服务公司的关注监测、参加政府金融办组织的检查、与民间     

民间融资理财公司乱象

在实体经济下行压力不减、股市波动较为剧烈的形势下,基层民间融资需求日益旺盛,民间融资理财信息咨询服务机构(下称"民间融资理财公司")迅速兴起,各种私募股权投资公司、创投公司、投资管理公司、财富管理公司纷纷涌现。目前,民间融资理财公司仍属于普通工商类企业,不属于准金融机构,也不受金融监管部门或地方政府监管。一些民间融资理财公     

民间融资登记服务公司发展现状及存在问题调查分析

<正>近年来,地方政府为加强对民间借贷的引导和规范,规范发展民间融资机构,推动民间融资行为阳光化、规范化,积极引导民间资本投资实体经济,切实降低民间融资成本,积极鼓励支持民间资本参与地方金融市场建设。民间融资登记服务公司就是经过批准成立的一种新型民间融资形式,对于规范民间融资秩序、促进民间资金供给与需求的有效对接发挥了积极作用。本文依据近年来对民间融资登记服务公司的关注监测、参加政府金融办组织的检查、与民间     

Irrevocable Commitments,Going Private and Private Equity

This paper adds to growing interest in public to private buy‐outs and mechanisms to ensure bid success. Using a unique, hand‐collected dataset of 155 public to private buy‐outs we provide one of the first examinations of the determinants of irrevocable commitments. Irrevocable commitments involve undertakings given by existing shareholders to agree to sell their shares to the bidder before the bid to take the company private is announced. We find that, for management buy‐outs, the level of irrevocable commitments is increased by the bid premium, the reputation of the private equity backer and board shareholdings. The level of irrevocable commitments is reduced by rumours of a takeover bid and bid value. We therefore find evidence that management and private equity firms' activity prior to the bid's announcement can have an important impact on the process of going private.     

Private matters

Why do private firms stay private? Empirical evidence on this issue is sparse, as most private firms in the U.S. do not report their financial results. We investigate why private status matters by taking advantage of a unique dataset of large, leveraged private firms with SEC filings. Unlike a number of other studies, we find that neither the existence of growth opportunities, nor the desire of firm founders to diversify, is a principal determinant of the decision whether or not to retain private status. Rather, the existence of private benefits of control appears to serve as the most significant incentive to stay private. Family-controlled firms have significantly lower probabilities of filing for an IPO, while a board structure that grants management relatively more autonomy lowers the probability of an IPO filing as well. Cross-sectional analysis of profitability and ex post performance suggests that while private benefits of control may encourage firms to stay private, they do not have detrimental effects on firm efficiency. In contrast, firms controlled by private equity specialists appear to place a low value on control benefits and are likely to go public as a means of cashing out.     

“权贵”的私家别墅

相比褐石系、名仕系、天境系的客户定位,世家系产品的目标客户群主要是钟情于欧陆建筑风格,对家族荣誉感强烈,同时享受高层级休闲方式的社会高层人群。作为金地集团旗下高端产品系列,世家系具有浓重的欧陆风情,其项目名称大多含有＂湾＂、＂府＂的字样,如金地大悦湾、金地紫乐府等。这些别墅产品具有精装修、智能化、注重服务等特点。在不少人眼中,世家系的产品拥有欧陆贵族庄园风格,依山傍水、恢弘庄重的低密度家族别墅,在浓密的高大树木丛中,时不时地透露别墅独立花园中的小水池或者类似雪花石的欧式雕塑。     

我国私营企业融资倾向与民间借贷的形成

改革开放以来,由于市场经济的产品市场化改革与金融市场化改革的时间不同步,使得体制内的私营企业融资与体制外的民间融资体系并存,并成为互为搭档、相互促进的两个体系.这种二元金融体系的存在具有某种合理成分,对于私营企业的发展起到了某种促进作用,但是随着利率市场化改革的进展和市场经济体制改革的深入,私营企业的融资渠道必将转向正规的金融机构,民间借贷作为某种合理性的存在也必将被纳入正规的金融体系.     

银行保管箱艰难空降

8月中旬以来,中国银行总行营业部颇有声势地向社会推介出了全新的"指纹电控保管箱"业务.由此,一个目前国内最大规模、最高科技规格的保管箱库从中银大厦地下二层"浮现水面".     

民营控制、政治关系与企业融资约束——基于中国民营上市公司的经验证据

融资难是制约民营企业发展的关键因素,而这种金融困境从根本上讲是一种信用困境。本文构建的理论模型论证了民营企业的政治关系对其融资中的作用,并以中国民营上市公司2002～2005年的经验数据为样本,实证检验了民营企业的政治关系对减轻融资约束的作用。研究发现,相对于没有参与政治的民营企业来说,有政治关系的民营企业其外部融资时所受的融资约束更少;同时,越在金融发展水平低的地区,民营企业的政治关系对其融资的帮助越明显。     

Austerity and Private Debt

This study provides empirical evidence that the costs of austerity crucially depend on the level of private indebtedness. In particular, fiscal consolidations lead to severe contractions when implemented in high private‐debt states. Contrary, fiscal consolidations have no significant effect on economic activity when private debt is low. These results are robust to alternative definitions of private‐debt overhang, the composition of fiscal consolidations, and controlling for the state of the business cycle and government debt overhang. I show that deterioration in household balance sheets is important to understand private debt‐dependent effects of austerity.     

REIT Going Private Decisions

Over the recent decade there was a wave of REITs going private, from an average of about three per year to 40 between 2005 and 2007. Standard corporate finance theory posits that firms go private when there is no longer a positive tradeoff between the expected benefits and the costs of being public, and it provides empirical evidence that going private decisions are motivated by potential gains from leverage, tax benefits, and expected improvements in corporate governance. Given the unique institutional environment for the REIT industry, this paper sheds new light on the going-private decision. Specifically, we examine the determinants of the going-private decision and document announcement wealth changes using a sample of 160 REITs from 1985 to 2009. We find firm performance and agency-related factors significantly impact the probability that a REIT announces to go private. We find that the passage of Sarbanes-Oxley and a proxy for differential performance in the private and public markets have no significant impact on the decision. The announcement day abnormal return is almost 12% and the three-day abnormal return is 15%, magnitudes that are both statistically and economically significant. Variations in the market reaction are associated with lower levels of cash and higher stock price volatility. Overall, we document a new set of going-private factors and wealth impacts for the REIT industry that are unique from those of previous corporate finance literature.