国有企业过度负债现状分析

国有企业债务负担沉重，资产负债率过高，正常生产经营难以为继，不仅直接危及国有企业本身的生存和发展，对国有经济的持续稳定也会产生不利影响，通过对国有企业进行债务重组，建立现代企业的治理结构，对国有经济进行战略性调整，根本解决国有企业的过度负债。     

The role of foreign currency debt in financial crises: 1880–1913 versus 1972–1997

We show that exposure to foreign currency debt does not necessarily increase the risk of having a financial crisis. Some countries do not suffer from financial fragility despite original sin. Before 1913 British offshoots and Scandinavia afflicted with it avoided financial meltdowns. Today many advanced countries have original sin, but few have had crises. In both periods, aggregate balance sheet mismatches are associated with a greater likelihood of a crisis. The evidence suggests that foreign currency debt is dangerous when mis-managed. This is part of the difference between developed countries and emerging markets both of which borrow in foreign currency.     

国际结算和贸易融资风险的识别与控制

贸易融资较传统的流动资金贷款业务具有更大的市场适应能力.生产制造型企业贸易融资风险的主要影响因素有核心技术和装备情况、产品更新换代能力、国际品牌效应、人力成本.生产制造型企业资金流风险的主要影响因素有原材料采购与销售价格、结算方式、资产的流动性、盈利能力.贸易类企业融资风险的主要影响因素有上下游客户的稳定性、市场需求的稳定性、资金的可流动性.物流企业融资风险的主要影响因素有公司的收入及成本构成、应对市场价格变动的能力、上下游客户情况、企业的资金流.     

The Distributional Properties of the Debt to Equity Ratio: Some Implications for Empirical Research

The purpose here is to assess empirically the quasi-supply side model of the firm developed in the paper by Ashton et al. (2004 ) by testing the prediction of the model that the evolution of a firm's debt to equity ratio will be compatible with a non-linear (target adjustment) process whose underlying probability density function possesses no convergent moments. Using a thirty-two-year history of the debt to equity ratio for each of ninety 'mature' United Kingdom firms, a non-parametric estimation procedure shows that the debt to equity ratio evolves in terms of a process which is largely consistent with the predictions of this model. In particular, the evolution of the debt to equity ratio is compatible with a 'long (fat) tailed' density function with no convergent moments. This has the important implication, supported by our empirical analysis, that the linear dynamic models which characterize empirical work in this area will be mis-specified and will return inconsistent and temporally unstable estimates of the target adjustment process as a consequence.     

清单模式下工程结算争议处理的策略研究

本文通过对工程量清单计价模式下工程结算中常见争议问题的阐述,进一步剖析了争议产生的原因,从计价规范和法律的角度提出了应对工程结算中争议问题的策略。     

Is Chinas Fiscal policy Sustainable： An Empirical Research

本文简要回顾了财政可持续性（Fiscal Sustainability）相关研究文献，选择国际标准的计量经济学分析工具，选取适当模型对中国财政可持续性进行检验，并就不同情形下的财政可持续性所对应的赤字率进行模拟分析，具体分析了不同情境下通胀、经济增长、利息支付、铸币税等因素对可持续性财政赤字率的影响。综合分析后可以判断中国目前的财政状况基本属于可持续性状态，中国财政整体上仍处于健康状态，积极财政政策仍有作为的空间，但是对于地方政府债务等需要引起高度重视。最后，本文就财政政策调整提出合理的建议。     

The debt hangover: Renegotiation with noncontractible investment

This paper analyses the incentives of the equityholders of a levered company to undertake noncontractible investments. This noncontrability is shown to seriously impede the efficiency of any renegotiation process in the debt overhang problems. Conditions for obtaining a fully efficient level of investment choice are derived.     

企业集团财务结算中心模式研究——以厦门国际航空港集团有限公司为例

近年来,企业集团不断加强对资金的管理,逐步建立起一套新型的资金管理模式。文章以厦门国际航空港集团有限公司为例,详细分析了企业集团运用财务结算中心模式的优势,并通过实证分析加以说明。     

Cross-subsidization Due to Inframarginal Support in Agriculture: A General Theory and Empirical Evidence

A general theory of cross-subsidization due to inframarginal support is developed. Two sources of output distortion are identified: exit deterrence and extramarginal output. Some firms would not be in business without the subsidy. Cost savings due to declining average costs are always greater than the losses incurred where price equals marginal cost. Moreover, it is theoretically possible for inframarginal subsidies to expand output more than equivalent fully coupled subsidies. Empirical analysis of U.S. dairy subsidies isolates these components of cross-subsidization and finds distortions from inframarginal support to be substantial, with implications for trade negotiations, dispute settlement, and policy formulation.     

增强型并行口（EPP）设计原理

本文介绍了增强型并行口（EPP）的设计原理，从5个方面论述了设计过程，包括EPP模式的设计与其地址的选择、逻辑界面、EPP协议信号定义及读写周期，EPP寄存器接口，EPP的硬件连接等几个方面。