Reorganization strategies and securities valuation under asymmetric information

This paper examines optimal reorganization strategies during financial distress and securities valuation under asymmetric information. We model strategic interactions between debtholders and equityholders in a game-theoretic setting that can accommodate the varying bargaining powers of the two claimants. Two reorganization strategies are considered: Chapter 11 (debt–equity swap) and private workout (strategic debt service). Using Chapter 11 as a costly state verification device, we characterize in equilibrium which firms choose Chapter 11 and which choose private workout. In particular, we show how the bank's belief about the type of firm evolves by observation of reorganization strategies. We also derive closed-form solutions to both the equity and debt valuation problems under asymmetric information and show that credit spreads increase with the degrees of asymmetric information.     

东部地区小城镇经济转型与升级研究

进入21世纪以来,随着国际社会对碳排放的更多限制要求和国内转变经济发展方式的大趋势,以及国内产业政策对产业转型升级提出的高要求,使小城镇产业发展面临越来越严峻的挑战。面对国内外发展环境的新形势,转变经济发展方式,进行经济转型升级就成为小城镇今后需要解决的重大课题。     

中国财产保险业巨灾损失赔付能力实证研究

中国社会已步入一个历史性的风险高度累积的发展阶段,在这样的环境中,以损失补偿为主要功能的财产保险业是否有足够的损失赔付能力就成为一个不能不考虑的重要问题。本文基于Cummins,Doherty和Anita(2002)的保险赔付能力度量模型,引入1998年～2007年中国保险业经营数据,在改进后的损失对数正态分布假设下,对2007年年末时点上在中国大陆经营财产保险业务的39家保险公司以及全行业整体巨灾损失赔付能力进行了实证分析。结果显示,在800亿到2000亿元的巨灾损失区间内,中国财产保险业的赔付效率在68.36%以上,全行业巨灾赔付能力缺口巨大,且损失幅度越大短缺的幅度越大。本文认为,造成这种赔付能力短缺的主要原因在于全行业资本与盈余的低水平以及再保险市场发展的严重滞后。     

零售业并购重组风险分析——以国美收购大中案为例

追求规模经济使零售业的并购重组愈演愈烈,但成功的并不多见,其主要原因是对并购重组中的风险识别不清。本文以国美收购大中案为例,阐述了其中主要的并购风险,并对其进行详细的分析。     

Foreign direct investment and economic performance in transition economies: evidence from China

Based upon a production function with FDI representing updated technology from more developed, market‐based economies, this study tests the hypothesis that FDI contributes to the economic growth of less developed, transition economies via technology updating, using data for 30 Chinese provinces from 1985 to 2000. It is found that provinces with a higher FDI ratio experienced faster technology updating and more rapid economic growth. The study suggests that less developed, transition economies should encourage FDI from more developed, market‐based economies so as to accelerate technology updating and economic growth.     

Politician control, agency problems and ownership reform

Using data from a recent national survey on the ownership reform of state‐owned enterprises in China, we study the effects of reducing politician control and agency problems on a number of reform outcomes. Taking into account the endogenous nature of the reform, we find that these outcome measures of the reform's success are positively affected by the lessening of politician control through increasing the firm's flexibility in labour deployment and by the mitigation of agency costs through the introduction of more effective corporate governance mechanisms such as one‐share one‐vote and shareholding‐based board structure composition. Ownership structure also matters: relative to shareholding by the state, foreign ownership has a positive effect on reform outcomes; individual (mostly employee) shareholding has a negative or insignificant effect. Somewhat surprisingly, operating autonomy (excluding labour deployment flexibility) has a negative effect on firm performance, suggesting serious agency problems in the reformed enterprises.     

失地农民利益表达存在的问题及其成因分析

近些年来,失地农民利益表达问题受到社会各界的普遍关注,他们在利益诉求过程中常常是因为利益表达的缺位而劳无所获。本文从失地农民利益表达缺乏健全的立法机制,失地农民利益表达缺乏畅通的利益诉求渠道,失地农民自身在利益诉求过程中缺乏科学合理性,归纳出了失地农民利益表达存在的问题和原因。     

城乡交错区农村住房租赁市场:资源与收入配置效应

本文对杭州市城乡交错区农村住房租赁市场的资源配置与收入配置效应进行了详细分析。研究发现,村庄外来劳动力比重对住房租赁市场的发育影响较大;家庭人均住房建筑面积与农户出租面积关系密切。住房租赁市场的发育提高了宅基地利用效率,并一定程度上促进了住房投资。住房出租的租金收入在农户家庭收入总额中已经占到了不小的份额,这意味着住房租赁市场的发育有利于农户家庭收入的提高。     

ISO质量管理体系在高校后勤邮政服务中的适用研究

为加强和规范高校后勤邮政服务工作,全面推进高校邮政服务管理模式的改革,本文将通过引入扎实、有效的ISO9001质量管理模式在服务过程中的应用,浅议其取得的成效,以致于提高高校后勤邮政服务的管理水平,上升到规范化、程序化、有效化的又一台阶。     

N80,J55,45,35CrMo材料表面处理对腐蚀行为影响的试验研究

在三种具有不同矿化度的井液（介质）中，进行了N80、J55、45、35CrMo材料在表面镀铬、镀镍、磷化和氮化情况下的腐蚀试验，试验时试样受不同的预应力．试验在两种温度下进行。试验结果表明：介质的矿化度越大，试样的腐蚀速率也就越大：腐蚀速率随着温度的升高而升高；在其它条件相同的情况下，在各种井液中，镀铬试样的防腐效果最好．镀镍的次之．氮化和磷化的防腐效果不理想；应力越大，腐蚀速率也就越大。