城市轨道交通项目融资的偿债能力分析

城市轨道交通项目融资的贷款人并不是项目所有者,不可能从项目的投资中获得股本收益。因此,当贷款人在考察是否为采用项目融资方式建设的城市轨道交通项目提供融资时,所关心的重点是项目未来的偿债能力。本文在分析偿债资金来源的基础上,构造城市轨道交通项目的现金流模型,并从贷款偿还期、债务覆盖率、利息覆盖率、债务承受比率等方面,对城市轨道交通项目融资的偿债能力进行分析。     

国债规模的均衡数量及优化

笔者基于世代交叠模型,假定政府执行赤字预算体制,在市场结清的均衡状态下得到了确定国债规模与私人资本规模之比值的解析式。通过模拟发现税率、基本财政支出率、产出关于私人资本的弹性等是决定该比值大小的主要因素。     

Logic paradox under current corporate finance

The current corporate finance is based on the theory framework of new classical economics. Therefore, the main contents such as free cash flow, NPV method and capital structure decision-making are still based on the balanced price of product and capital markets, they still can＇t reflect the essential character of corporation. The logic paradox, causes the current corporate finance study under a more and more embarrassing circumstance in the front of enterprise financial management practice, with the feature of value management.     

票据:从支付工具到融资工具——兼论票据立法的禁锢和解放

本文从票据市场运作的现实情况揭示和对票据立法的价值取向分析两方面，来论证票据自身融资工具功能开拓的必要性和重要性。     

我国市场经济初建时期知识经济的思考

债转股是防范金融风险和加快国有企业扭亏为盈的重要举措 ,但债转股的推行又产生了一系列的法律问题 ,本文借鉴国外的相关立法并结合我国的具体情况 ,就债转股的四个方面法律问题进行了讨论 :债转股与资本真实原则 ;债转股与公司治理结构 ;债转股与债权人利益保护 ;债转股与股     

西方现代股利政策理论及实证研究回顾

本文对西方现代公司股利政策方面的理论和实证研究进行了一个综合性的回顾和分析。其中包括主流的股利行为模型、股利的信息内涵、代理成本、追随者效应,也包括国内研究中较少涉及的债务约束、声誉学说、成长机会和交易成本问题,以期对国内相对落后的股利政策研究和随意性较强的股利政策制定带来一定的借鉴意义。     

A consumer education programme based on the Transtheoretical Model of Change

MONEY 2000? is a successful consumer education programme that was implemented by Cooperative Extension personnel in over two dozen states of the USA between 1996 and 2002. One of the unique features of this programme is that it was based on the Transtheoretical Model of Change (TTM), a framework that has been widely used to study health‐related behaviour changes such as smoking cessation. This paper first describes how the MONEY 2000? programme was developed around major constructs contained within the TTM. Findings are reported from a survey conducted with participants in the first two states that delivered the programme. The findings suggest that several change processes used by MONEY 2000? participants are associated with specific stages of change. In addition, there may be differences in behavioural changes between participants who increased their savings and those who reduced their debts.     

Foreign debt and economic growth

This paper empirically examines the relationship between government foreign debt and the growth rate of per capita GDP based on a total sample of 77 countries, as well as sub‐samples of various regions. Cross‐sectional estimates of the coefficient of foreign debt based on the total sample have a negative sign, but are not always statistically significant. Available data from African countries indicate that foreign debt and the growth rate of per capita GDP were negatively related at a high level of significance. For industrialized and Latin American sub‐samples, this relationship is negative but statistically insignificant. The sub‐sample Asian and other developing countries show a positive but insignificant relationship. JEL classification: F34, H6, O23.     

Whose Capital is It? Putting Owners Back in Control

John Bogle, founder of The Vanguard Group, looks at corporate governance issues. JEL Classification G3     

论制度支持下的我国港口投融资模式转变

文章着重从制度方面分析了我国港口投融资的法律及相关政策，通过回顾《中华人民共和国港口法》颁布前后我国港口投融资相关法律的发展历程和具体实践，梳理了现阶段我国港口投融资的宏观法律环境。文章通过分析，对建立政府在投融资制度中的角色转换以及促进投融资模式的转变提出了建议。