个人住房贷款政策对房地产市场的影响研究

金融政策的调整对房地产业发展具有重要影响,这一点在许多国家已经得到证实,在中国也逐步成为政府调节房地产业发展的手段。近年来,个人住房贷款政策随着房地产调控政策的出台而随之变化,本文研究中国个人住房贷款政策调整在对房地产市场的影响,并对如何促进房地产行业的发展,做出相关建议。     

Multilevel psychic distance and its impact on SME internationalization

We expand the conceptualization of psychic distance and use a multilevel framework by studying it as a founder’s psychic distance in the pre-entry phase of entering a specific foreign market, and the SMEs (firm) psychic distance in the post-entry phase of entering that specific foreign market. Based on qualitative research involving six SMEs’ with 18 internationalization events, we found that psychic distance at country and business levels causes difficulties for SMEs in the post-entry phase because of their lack of knowledge. Bridge-makers possessing knowledge about target markets help SMEs to overcome psychic distance challenges. Trust in the relationship with the bridge-maker is an important ingredient to gain knowledge that alleviates the SMEs’ psychic distance challenges. Finally, we go beyond country-business levels of psychic distance by showing that psychic distance also matters at bridge-maker level. This relates to their lack of knowledge about the target market and SMEs’ routines.     

Household Debt Overhang and Transmission of Monetary Policy

We investigate how the level of household indebtedness affects the monetary transmission mechanism in the U.S. economy. Using state‐dependent local projection methods, we find that the effects of monetary policy are less powerful during periods of high household debt. In particular, the impact of monetary policy shocks is smaller on GDP, consumption, residential investment, house prices, and household debt during a high‐debt state. We then build a partial equilibrium model of borrower households with financial constraints to rationalize these facts. The model points to the weakening of the home equity loan channel as a possible reason for the decline in monetary policy effectiveness when initial debt levels are high.     

中小企业被并购过程中的价值综合评估

并购是企业为了扩大生产规模、提高经营效益所做出的重大战略调整。本文运用账面价值法,将企业各种因素赋予不同的权重,结合账面价值倍数参数(支付者愿意支付的净资产价值的倍数)评估企业的价值,得到了更为客观的企业价值参数,为并购决策提供了可靠的参考依据。     

“新常态”下科技型中小企业财务风险管理新举措

在科学技术不断进步的今天,作为以科技竞争力支撑的科技型企业已经成为社会进步的原动力和衡量国家综合实力的重要指标。但随着我国经济发展进入新常态,企业之间的竞争更加激烈,科技型中小企业面临的财务风险将不断增加,如何应对这些财务风险迫在眉睫。本文从科技型中小企业面临的财务风险入手,提出科技型中小企业有效防范与控制财务风险的措施。     

Analysis of the adoption of customer facing InStore technologies in retail SMEs

Brick and mortar stores are suffering the dramatic revolution of the retail sector. Customer facing in-store technologies (CFIST) are a key component of the inevitable transformation of retail stores; yet the reasons to adopt such technologies by business owners may be little known. Based on a TOE and TAM inspired framework, this study analyses the drivers of such decision by small and medium size enterprises using a survey methodology. The results show that the attitude towards technology is the strongest predictor of the intention to adopt CFIST, highlighting the role of the top management in technology decisions. This conclusion has important implications for practitioners. This research is the first to address the adoption of CFIST by SMEs and therefore set the path for further studies about the impact and adoption of in-store technology in SMEs.     

The determinants of financial structure: How to explain the “paradox of insolvency and debt” among SMEs in Cameroon?

The paradox of insolvent enterprises regularly contracting new debts is the motivation behind this research. Statistical tests carried out on a sample of 62 manufacturing firms show that the financial behaviour of these enterprises is mainly explained by two factors: the rate of asset immobilization and the manager's social capital. The impact of the first factor is due to the asset capacity to serve guarantees, and the impact of the second is inherent to the possibility that enables relational networks to get around norms or to reach informal circuits and alternative sources of financing. The latter aspect is the beginning of the answer to the insolvency and indebtedness paradox. This result denotes the coexistence of two parallel dimensions in the Cameroon business environment. Besides the formal sphere, where the lack of confidence and readability between the actors pushes financial backers to excesses of prudence, subsists an informal universe where confidence, loyalty and solidarity seem to cement business relationships. However, the economic rationality of actors in these networks remains problematic.     

我国小企业的紧融资约束

紧融资约束是我国大多数小企业进一步发展所面临的瓶颈问题。其直接原因是信贷配给制下国有银行的自利性歧视,如企业规模歧视、治理结构歧视、所有权歧视、资金需求歧视和交易费用歧视等。其根本原因是我国的金融抑制和金融发展的水平偏低。重要的是,金融抑制往往是金融不发达的重要原因。因此,解决的办法主要有加强信用评价与管理、发展信用担保业、加强对国有银行贷款行为的规制、放松对民间融资的规制和在银行业中引入私人小银行等。其中,第三条措施是根源于国有银行的企业性质的,也是可以立即执行并在短期内见效的解决办法。     

Financial components of FDI and choice of capital structure: an analysis for 30 OECD countries

Even though the choice of capital structure depends on the three different financial components of foreign direct investment (FDI), previous research has regarded FDI as unidimensional rather than multidimensional. This study addresses new findings in the FDI area and investigates the relevant determinants of capital structure in 30 OECD countries from 2006 to 2014 within the framework of a simultaneous equation model. Our primary findings reveal that each component has its own deterministic features driven by relevant policy variables and risks in the market. While an increase or decrease in equity capital shows the ability of the host country to attract new investments, the subsequent components are mostly used to adjust the equity capital investment exposure.     

Brand Management as an Internationalization Strategy for SME: A Multiple Case Study

ABSTRACT

This research examines the role of branding in the Portuguese SME internationalization process and how the internationalization and brand strategies are articulated in the search for a better business performance within a competitive framework and increasing competitiveness environment. The article aims specifically at: (a) the strategy of creation and brand management; (b) the relevance given to the brand; (c) the importance of brand creation and management in the internationalization strategy. We chose a qualitative methodology, based on four cases studies. Our results suggest that branding strategies of SME cannot be compared with the strategies of multinationals. Budgetary constraints and human resources lead companies to invest in low-cost strategies. The importance of the brand lies in the distinction that allows competition with similar products within the sectors. Management of the brand does not come up as an essential strategy for the internationalization of a Portuguese SME.