Asset Maturity, Debt Covenants, and Debt Maturity Choice

The existing research on debt‐maturity under asymmetric information has focused on the impact of differential information regarding asset quality on the debt maturity decision. This research has generally indicated the optimality of short‐term debt financing as a vehicle of mitigating the adverse selection problem. In this paper, I consider the impact of information asymmetry regarding the maturity structure of cash flows on the debt maturity decision. In this context, long‐term debt is generally the form of debt financing most effective in alleviating the adverse selection problem. I also show that costs of adverse selection may induce some mismatching of debt maturity and asset maturity in the presence of significant transaction costs.     

Do brands matter? A comparison of branded and independent hotels’ performance during a full economic cycle

By analyzing longitudinal data of more than 51,000 hotels operating in the United States during the previous economic cycle, it is possible to draw conclusions regarding the performance of branded hotels compared to independent operations under various economic conditions. The results of the study indicate that while branded properties experience significantly higher occupancy rate during the different phases of the economic cycle, independent hotels experience significantly higher average daily rate (ADR) and rooms revenues per available room (RevPAR) during the same time period. While branded hotels are faced with various payments attributable to the brand, such as royalty payments and other franchise fees, those fees do not have a deleterious effect on net operating income (NOI) compared to NOI for independent hotels, suggesting that independent hotels are unable to bring their ADR and RevPAR premiums to the bottom line despite their savings in franchise expenses. Instead, the results indicate similar NOI for branded hotels and independent hotels during economic expansion, but significantly higher NOI for branded hotels during economic recession. The results of this study suggest that the intangible asset value of hotel brands may not be a static construct, but may vary by time. Sources of such intangible value of brands may include shared resources, guest loyalty programs, and yield management systems. These results contribute insight into the complex hotel owner decision of choosing between a brand affiliation and independent operation.     

企业债券融资的国际比较分析与启示——基于优序融资理论视角

本文基于优序融资理论,通过对不同融资模式下企业债券融资的国际比较,结合我国企业融资模式的变迁,指出大力发展企业债券融资是扩大我国企业融资渠道的必然选择。     

新形势下的信访稳定工作当从“六抓”入手

在当前的新形势下,企业要想健康发展就必须做好信访稳定工作,这已成为业界的共识。本文针对如何做好信访工作的六个层面做了简要的介绍和分析。     

广西科技期刊创名牌的思考——以《企业科技与发展》杂志的“创核”方案为例

文章以《企业科技与发展》杂志的“创核”方案为例，分析了广西科技期刊的发展趋势，并论述了科技期刊只有形成自己的核心竞争优势，才能实现可持续发展，     

Strategic Asset Allocation for China＇s Foreign Reserves： A Copula Approach

In this paper, we study strategic asset allocation for China＇s foreign reserves using a risk- based approach. Four aspects of the risk management are investigated： an investment universe, dependence structure, allocation strategies under risk minimization and trade-off between risks and returns. A regime-switching copula model is developed to investigate the dynamic dependence between assets. One regime emphasizes a short-term safe asset and the other regime emphasizes a long-term safe asset. The optimal allocation is derived following two strategies： risk minimization and trade-off between risks and returns in utility maximization with disappointment avoidance, lf the central bank focuses solely on risk minimization, the asymmetries in the asset return dependence encourage the flight to safety. However, if higher risks are allowed in exchange for higher returns, even the exchange is very conservative, and the asymmetries would discourage the flight to safety. Therefore, we suggest that China should mitigate its flight to safety after 2008 and increase holdings of short-term bank deposits, long-term treasury bonds and euro bonds.     

Financing difficulties for SMEs and credit rationing – an expanded model of mortgage loans with asymmetric information

This article presents a new model of mortgage loans under reasonable assumptions. A several key variables that affects the success of a project, such as project risk, total investment, lending rate,mortgage, and self-financing are jointly considered in the model. The model takes the participation constraints and the incentive compatibility constraints into account for enterprises and banks on project investment actions respectively. Our model can explain the coexistence scenario of small medium enterprises’ (SMEs) financing difficulties and credit rationing in credit markets with asymmetric information. It reveals that higher enterprise self-financing for the project is a “credible factor” to the bank. Banks put forward strict requirements on mortgage for the SMEs with low proportion of project self-financing, which will lead to two scenarios:one is that some SMEs would not get loans due to insufficient mortgage assets; other is that some SMEs will voluntarily give up loans because of loan requirements, even if they have enough mortgage assets. Rationing is implemented both to large enterprises and SMEs, but the degree of rationing is gradually strengthened with the reduction of self-financing scale for the project.     

目前金融和经济危机:新自由主义的资本主义的体制危机

2008年从美国开始的金融和经济危机表明了资本主义新自由主义模式的体制危机开始出现。新自由主义模式在过去几十年促进了一系列长期的经济扩张,但在发展过程中也为这次体制危机埋下了根源。历史表明,未来的经济结构中,政府在经济中所起的作用将会扩大。     

An approach to estimating work effort for enterprise systems software projects

A major factor in the decision to develop enterprise software applications is the size of the project, which determines the amount of work necessary, which in turn will give decision makers some idea about the time required and the estimated cost. Two of the major approaches for such estimation—the Use Case Points (UCP) and COSMIC-FFP methods – are compared in this paper. The accuracy and reliability of each method are evaluated through the measurement of 50 use case studies. These were collected from the Customer Relationship Management systems development project of a major enterprise service institution. The results show that the UCP method is more accurate and reliable than the COSMIC-FFP in determining work effort.     

架构赢得未来--谈企业架构EA与云计算

企业在规模化和信息化发展的道路上，企业架构和云计算都将扮演至关重要的角色。本文意在探讨企业架构对满足业务需求的云计算解决方案的指导作用，以及云计算的部署对已有企业架构的影响和要求。