我国高速公路建设融资问题初探

高速公路建设的迅速发展 ,使得项目融资矛盾日益突出。一方面是以财政拨款方式为主的融资渠道无法满足高速公路建设的需要 ;一方面是大量民间资本和国际资本无法顺畅地进入国内高速公路建设市场。文章提出并论证了运用BOT融资和资产证券化 (ABS)方式 ,通过有效地引入国际资本和拓宽民间资本的投资渠道 ,来解决高速公路的资金供需矛盾 ,同时提出加强和完善相应的法律法规是保证BOT融资和资产证券化顺利实施的关键所在。     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

Measuring the Level and Inequality of Wealth: An Application to China

We construct and compare three distinct measures of household asset wealth that complement traditional income‐ or expenditure‐based measures of socioeconomic status. We apply these measures to longitudinal household survey data from China and demonstrate that household asset wealth has been increasing over time, a theme consistent with many previous studies on the process of development in China. Unlike other studies that have shown rising income inequality over time, however, we show that asset wealth inequality has actually been declining in recent years, indicating widespread participation in the benefits of economic reforms. Furthermore, the evolution in the cumulative distribution of household welfare is such that social welfare has been increasing with the passage of time, despite rising inequality in the early years of the survey.     

A systematic mapping study on enterprise architecture mining

Enterprise architecture allows companies to deal with digital transformation through the proactive presentation and alignment of business and IT in a holistic manner. One important challenge is EA modelling since it is time-consuming (thus expensive), error-prone, and biased owing to experts’ subjective opinions. This challenge might consequently be addressed through automatic EA modelling. We conducted a systematic mapping study to classify and evaluate the research concerning EA mining proposals developed specifically for TOGAF and Archimate. After analysing results, we concluded that the research field is not sufficiently mature and further research on EA mining is necessary.     

科学型企业商业模式:中国情境的复合案例研究

以中国企业为研究对象，运用复合案例研究方法分析与构建了科学型企业商业模式概念模型，分离出科学平台和价值平台两个独特要素，进而构建以科学平台-价值平台互动为核心的P2P商业模式运作模型，并根据不同类型科学型企业，分析模型的有效性、适用性以及模型在不同类型科学型企业中的共性与差异，最后总结出科学型企业商业模式特点及企业管理对策。     

家族企业代际传递促进了企业创新吗？ ——来自创业板市场的经验证据

摘要：家族企业代际传承究竟会给企业创新带来什么样影响是一个重要且仍具争议的话题。本文试图从人力资本视角，发掘家族企业二代接班者对企业创新行为的重要影响。结果显示：家族企业二代接班者更倾向于激励企业创新行为，这一激励不仅有利于促进企业加大内部研发投入而且还会通过资本运作来实现企业外延式创新，上述研究结论在削弱内生性问题又依旧保持稳健。本文的研究发现为家族企业代际传递与创新问题提供理论验证，对家族企业创新实践和人力资本管理具有一定的启示意义。     

高技术服务业与资源型产业融合对资源型企业两阶段创新效率的影响

基于新技术与新知识的高技术服务业跨界融合是传统企业实现创新资源优化配置、创新研发和商业转化的重要因素。因此，运用熵指数测度全国各省区高技术服务业与资源型产业融合水平，并利用2014—2017年资源型上市公司面板数据检验两大产业融合对资源型企业两阶段创新效率的影响，同时探讨企业吸收能力的调节作用。结果表明：现阶段高技术服务业和资源型产业融合程度不高，但发展态势良好，处于从失调走向协调的转变期；产业融合对资源型企业创新研发效率短期无显著影响，长期存在抑制作用，资源型企业技术能力刚性导致对新技术的排斥，且较大的产业间认知差距削弱了产业间良性互动带来的技术扩散效应；产业融合对创新转化效率呈先抑制、后促进效应，就长期而言，产业融合具有良好的创新转化推动力；资源型企业吸收能力分别在产业融合与滞后一期创新研发效率及滞后三期创新转化效率的关系中起正向、负向调节作用，表明资源型企业吸收能力构建尚不全面。     

Have SFAS 166 and SFAS 167 improved the financial reporting for securitizations?

Critics have alleged that securitization accounting prior to 2010 was among the causes of the recent financial crisis. In response to this criticism, the Financial Accounting Standards Board (FASB) implemented two new accounting standards, SFAS 166 and SFAS 167, to improve the financial reporting for securitizations. Bank regulators have stated their belief that SFAS 166/167 will result in a consolidated balance sheet (and risk-based capital ratios based thereupon) that better reflects a bank's exposure to risk related to securitized assets. We document that, by ceding retained power or influence through the servicing/special servicing functions to third parties, SFAS 166/167 resulted in real effects to the extent that banks (particularly those that were weakly capitalized) achieved their accounting objectives in the post-SFAS 166/167 period through legitimate transaction structuring in line with the intent of the new rules. Further, we use capital market participants’ assessments of risk retention by sponsoring banks as a benchmark, and provide evidence consistent with bank regulators’ beliefs. In particular, following SFAS 166/167, equity investors of sponsoring banks do not consider (consider) as risk relevant securitized assets that receive off-balance sheet (on-balance sheet) treatment. Securitized assets that are consolidated under SFAS 166/167 exhibit the same risk relevance as assets that are not securitized, despite contractual provisions that would seem to imply substantial risk transfer.     

水资源资产负债表编制主体及作用研究

从水资源资产负债表编制及水资源资产管理的需求出发,探讨了现行以区域为主体编制水资源资产负债表的局限。在此基础上,根据我国的水行政管理体制,从国家(水利工程管理部门、河道及流域)、区域、企业3个层面出发,系统探索多元水资源资产负债表编制主体,并从反映水资源资产开发与管理目标、揭示水资源资产供给与需求之间的关系、提升水资源资产化水平、决策区域未来产业规划及发展方向等方面分析不同主体编制水资源资产负债表的作用。该研究有利于进一步推动水资源资产负债表的编制工作,满足提升我国水资源资产化管理水平、完善国民经济核算体系、引入领导干部自然资源资产离任审计及生态文明建设的需求。     

Non-farm entrepreneurship in rural sub-Saharan Africa: New empirical evidence

We report on the prevalence and patterns of non-farm enterprises in six sub-Saharan African countries, and study their performance in terms of labor productivity, survival and exit, using the World Bank’s Living Standards Measurement Study - Integrated Surveys on Agriculture (LSMS-ISA). Rural households operate enterprises due to both push and pull factors and tend to do so predominantly in easy-to-enter activities, such as sales and trade, rather than in activities that require higher starting costs, such as transport services, or educational investment, such as professional services. Labor productivity differs widely: rural and female-headed enterprises, those located further away from population centers, and businesses that operate intermittently have lower levels of labor productivity compared to urban and male-owned enterprises, or enterprises that operate throughout the year. Finally, rural enterprises exit the market primarily due to a lack of profitability or finance, and due to idiosyncratic shocks.