Policy induced increases in private healthcare financing provide short-term relief of total healthcare expenditure growth: Evidence from OECD countries

Healthcare reforms have long been advocated as a cure to the increasing healthcare expenditures in advanced economies. Nevertheless, it has not been established whether a market solution via private financing, rather than public financing, curb aggregate healthcare expenditures. To our knowledge, this paper is the first that quantifies the impact of reforms that significantly increases (decreases) the private (public) share of healthcare financing on total healthcare expenditures relative to income in 20 OECD countries. Our reform measure is based on structural break testing of the private share of total expenditures, and verification using evidence of policy reforms. To quantify the effect of these reforms we apply Propensity Score Matching and Inverse Probability Weighted regression analysis. Over a 5-year evaluation period the reforms lead to an accumulated cost saving 0.45 percentage points of GDP. The yearly effects of the reforms are largest in the first years in the post-reform period and decreases in size as a function of time since the reform. Our findings suggest that the investigated healthcare reforms have a relatively short-lived effect on aggregate health spending relative to GDP. The findings are robust to various sensitivity tests.     

民营企业发展的金融支持

文章首先回顾了民营企业融资研究的有关成果.其次,详细分析了目前我国民营企业存在的金融约束.最后,尝试给出了一些建议以加强对民营企业的金融支持.     

The financing decisions of REITs: The case of warrant extensions

In this paper, we examine the warrant price and stock price reactions to the announcement of warrant life extensions by REITs. As predicted by option pricing theory, warrant prices increase in response to these extensions. The stocks of REITs making the extension announcements experience average abnormal returns that are not significantly different from zero. Thus, total firm value appears to increase, with the gains accruing primarily to the warrantholders.     

Bankruptcy laws and debt renegotiation

This paper analyzes the effect of the toughness of bankruptcy law on the number of liquidations in a simple model of borrowing and lending with asymmetric information, where the creditor cannot credibly commit to liquidate the firm if the default occurs. In our setting we consider a bankruptcy law to be a one-dimensional variable that influences creditor's expectation value of collateral. We find that there is an interval of the bankruptcy law, where the number of liquidations decreases in the toughness of the bankruptcy law. We also find that if the liquidation costs are high, softer bankruptcy law is preferred.     

Debtor-in-possession financing

Several recent papers have documented the benefits of debtor-in-possession (DIP) financing in the restructuring of firms in Chapter 11. However, the view on benefits is not unanimous and some legal scholars have raised doubts about DIP financing's effects on debt-holders and the possibility of expropriative wealth transfers. In this paper we address this issue by analyzing both stock and bond price data for a comprehensive sample of DIP loans and find significant positive abnormal stock and bond returns at the announcement of DIP loans. Also, we do not find evidence of wealth transfers from junior to senior debt-holders. Further, we examine the DIP loan process in detail and we document important institutional features of DIP loans such as maturity, covenants, fees and interest charges. We find evidence of intense monitoring using covenants. We also find higher fees and charges associated with DIP loans. We argue that overall the results are consistent with the information processing role of financial intermediaries.     

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。     

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。     

国有经济结构分析与调整对策

国有经济战略调整是中央提出的国有企业改革和发展的重要目标。在计划经济体制向市场经济体制的转轨过程中，国有经济的分布仍不够合理，国有企业在竞争领域仍然占有很大的比重，在经济结构的优化方面仍然存在着一些不容忽视的问题。因此，对这一问题的深入研究，具有重要意义。     

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。     

我国企业融资制度的现状及问题

细致分析了我国企业融资制度的现状,在此基础上指出我国企业融资制度存在的问题与缺陷,并提出了一些改善现有企业融资制度缺陷的建议和办法。