日本土地区画整理融资立法以及对中国的启示

中国建设用地整理融资滞后制约了建设用地整理的整体效益与规模,相关立法是规范、保障建设用地融资的基本要件。日本土地区画整理融资立法在规范体例、融资组织结构确立和融资模式设定上的经验,可为中国建设用地整理融资立法予以借鉴。应健全相关立法体系,确立符合国情的多元复合型建设用地整理融资结构,完善建设用地整理融资机构的职能。     

BOT模式运作下乡村生态旅游项目的发展路径研究——以重庆市为例

乡村生态旅游是农业和旅游业发展相结合的产业,其作为农村经济发展的重要引擎,已然成为解决"三农"问题的重要渠道。重庆位于我国西南地区,农业历史悠久,旅游资源发达,乡村生态旅游发展已经初现规模。但由于重庆整体经济水平在全国处于中游,加上城市基础设施投入占去政府财政支出的大部分,因此发展乡村生态旅游项目面临资金短缺和管理不善的困境。BOT模式是私营企业参与基础设施建设,向社会提供公共服务的一种方式,在我国又被称为"特许经营权",是指政府将"特许经营权"下放给私营企业,允许其参与建设和运营公共设施项目,并通过经营和管理获得利润回报的一种营销运作模式。BOT形式适用于我国当前乡村生态旅游项目的开发和发展,对改善乡村旅游项目资金不足问题及提高项目管理水平具有明显的促进作用。但BOT模式也存在诸如规划风险、道德风险和圈地风险等现实问题,需要从政府和企业等2个角度分别采取有效措施,包括加强立法工作、加大政府监管力度和制定严格的BOT协议等。     

中小型高新技术企业初创期融资风险评价——基于模糊支持向量机融资风险评价方法

本文提出了基于模糊支持向量机的融资风险评价方法。该方法能够对融资风险进行有效地评价,从而为防范和规避融资风险提供依据。     

What caused Japan’s Great Stagnation in the 1990s? Evidence from an estimated DSGE model

Despite the widespread belief that Japan’s “Great Stagnation” in the 1990s is due to the financial dysfunction after the collapse of asset price bubbles, Hayashi and Prescott (2002) argue that its main cause is a slowdown in total factor productivity growth, using a calibrated neoclassical growth model. The present paper aims to fill this gap by estimating a New Keynesian dynamic stochastic general equilibrium model augmented with a financial accelerator mechanism and associated financial shocks. Our estimation results show that even in the presence of the financial shocks an adverse neutral technology shock mainly induced the Great Stagnation and that the rate of neutral technological change is strongly correlated with all enterprises’ financial position in the Tankan. Based on these findings, the paper argues that the Great Stagnation was caused by an adverse neutral technology shock that is likely to represent a tightening of firms’ financing, which induced reduction of R&D investment and misallocation of resources as indicated in previous literature.     

珠三角区域经济发展对动漫产业融资的影响

立足于珠三角动漫产业发展现状,通过对动漫产业融资难的原因进行分析,提出在区域经济发展过程中应采取的融资措施。     

The shadow costs of repos and bank liability structure

Making use of a structural model that allows for optimal liquidity management, we study the role that repos play in a bank׳s financing structure. In our model the bank׳s assets consist of illiquid loans and liquid reserves and are financed by a combination of repos, long-term debt, deposits and equity. Repos are a cheap source of funding, but they are subject to an exogenous rollover risk. We show that the use of repos inflicts two types of indirect (“shadow”) costs on the bank׳s shareholders: first, it induces the bank to maintain higher liquid reserves in order to alleviate the additional default risk; second, it adds to the cost of long-term debt financing. These shadow costs limit the bank׳s appetite for cheap but unstable repo funding. This effect is, however, weakened under poor returns on risky assets, access to deposit funding and the depositor preference rule. We also analyze the impact of a liquidity coverage ratio, payout restrictions and a leverage ratio on the bank׳s financing choices and show that all these tools are able to curb the bank׳s reliance on repos.     

北京市供排水管理体制的方向选择

分析了北京市供排水系统管理体制的现状,梳理了国际供排水系统主要管理模式的演化过程,比较了华盛顿、伦敦、巴黎、东京的供排水系统管理体制的差异。结合中国国情和北京市的具体特点,提出了相关政策建议。     

债务期限结构的理论研究综述

本文从代理成本、信息不对称、税收三个角度总结了国外关于债务期限结构研究的理论基础,并对我国关于债务期限结构现有的理论研究进行概括,以期为研究我国上市公司债务期限结构提供依据。     

地方政府融资平台存在缘由与规制思路

随着政府融资平台筹资的扩大,政府性债务余额也在不断积累,地方政府融资平台的问题已经越来越多的摆到了各级政府领导的案头上,以举债促发展、保民生似乎已经成为各级政府运行的模式。一面是堆积如山的累债、积债,一面是各级政府的政绩工程、民心工程建设仍在如火如荼的展开。我们通过对部分地方政府投融资平台运行状况进行调研,分析目前地方政府融资平台的起因,探讨地方政府融资平台的建设思路,提出地方政府融资平台的规制建议。     

探究供应链金融 开拓吴江市中小企业融资新途径

文中主要先从供应链金融概念入手,通过对吴江市中小企业融资现状分析吴江市中小企业供应链金融融资的可行性,提出几种供应链金融模式的选择。