我国基础设施投资中政府融资手段的创新

我国基础设施建设中的传统融资方式存在上述诸多困难和问题。监于目前加强基础设施投资的迫切性和传统融资方式的局限性,要弥补政府投资以外的巨大资金缺口,笔者认为,以下几种方式不失为切实可行的解决途径。1 产业投资基金产业投资基金是借鉴市场经济发达国家的“创业基金”运作经验,通过发行基金受益凭证,集合社会上的分散资金,以基础产业等特殊产业为投资对象做长期股权投资,并通过所投资为产业的资本增值来实现投资回报的基金市场上的新品种。产业投资基金以其大众投资、专家理财、分散风险和规模经济的特别优势,被认为是扶植基…     

Ex post Merger Evaluation in the U.K. Retail Market for Books

This paper evaluates the price effects of the merger of two major U.K. book retailers. We use a dataset containing monthly scanner data on a sample of 200 books in 50 local markets for four years around the merger. We compare the price changes after the merger in shops located in areas where both chains were present before the merger and in areas where only one chain was present. We also investigate the country‐wide effect of the merger. We find that the merger did not result in any price increase either at the local or at the national level.     

对改进投资项目后评价方法体系的探讨

国内各行业对投资项目后评价工作日益重视,不断加强项目后评价理论方法研究与实践总结。作者结合多年从事项目后评价的工作实际,概述了中国石油在项目后评价方法体系建立与完善方面取得的成果,分析了当前后评价工作中存在的问题,并针对存在的主要问题,在报告编制、指标体系、调研方法、评价方法和数据库建设等方面,对如何进一步改进项目后评价方法体系进行了探讨。     

科技馆建设PPP融资模式研究

科技馆属于准公共产品,可以采取PPP融资模式进行建设和运营。PPP融资模式有利于解决我国科技馆建设资金短缺、运营效率低下等问题。随着科技馆建设需求的不断扩大,科技馆PPP融资有着广阔的前景。在梳理了科技馆建设PPP融资内涵及理论的基础上,对我国科技馆建设PPP融资的可行性进行了分析,探讨了科技馆建设PPP融资的三维组织结构及开发阶段和实施运营阶段的重点,并就我国科技馆建设PPP融资提出了相应的建议。     

海外勘探开发项目后评价经济效益分析要点

海外石油勘探开发项目主要涉及四种合同模式,分别是矿税制合同、产品分成合同、服务合同和回购合同.项目的合同模式不同,后评价的经济效益评价方法差异很大.为确保后评价中效益评价结果的准确性和可比性,首先,应根据不同的合同模式对于承包商如何获得利润的规定,选择适当的评价方法并编制收入分配或产品分成流程示意图;其次,要从不同的角度分别进行评价,主要包括项目的角度、资源国的角度、承包商的角度和中国企业(中方)的角度,逐步深化对评价结果的认识.最后,作者针对海外勘探开发业务的管理体制与项目后评价的关系进行了探讨.     

Professional influence: the effects of investment banks on clients' acquisition financing and performance

This study examines the conditions in which professional firms use client engagements to get clients to subsequently hire them. The central thesis is that professional firms derive power from their specialized expertise and lead clients towards complex problems that apply the expertise. In particular, relative to cash‐financed acquisitions, stock‐financed acquisitions more intensively apply investment banks' expertise. Consistent with expectations, results from a sample of 404 acquisitions show that firms are more likely to hire banks on stock‐financed acquisitions when they have previously used banks. Evidence also suggests that clients that hire banks on such acquisitions are prone to adverse performance from them. Overall, these results suggest that professional firms lead clients to complex solutions with problematic outcomes. Copyright © 2003 John Wiley & Sons, Ltd.     

Telecommunications infrastructure competition: The costs of delay

This paper examines the experience of the USA, the UK and other OECD countries that introduced infrastructure competition, principally for long-distance telephone service, during the 1980s. The results show that competition has generally brought lower prices, greater variety of service, faster innovation, higher usage and productivity gains, and increased output both in telecommunications and in other sectors of the economy. The evidence is now convincing that the economic benefits from competition outweigh the highly visible costs and disruptions to established organizations and relations. Other countries can learn from the pioneers' experience to reduce the uncertainties and costs resulting from the transition to competition.     

Delta称雄更多大容量市场

“功率之王”Delta公司找到新的增长动力几乎市场上的每一件电子产品——手机、笔记本电脑、游戏控制台、服务器和电视——都需要电源。如果将所有这些需求都加起来的话,市场对电源的需求量将是一个令人惊讶的数字。总部位于中国台湾地区台北市的     

电力行业投融资态热分析

我国电力工业市场化改革已经全面启动,五大发电集团、两大电网公司已挂牌成立并开始运作,奠定了厂网分开的全新格局。发电环节推向了市场,电源建设投资将呈现多元化竞争格局,电网建设投资将按公司化进行运作。金融市场的市场化的进程也很快,电力企业将更多地采用市场化的方式进行多样化融资。     

Infrastructure investment on the margins of the market: The role of niche infrastructure providers in the UK

Across Europe, policymakers and market forces are striving to deploy next generation access (NGA) networks and ensure ubiquitous access to superfast broadband services. Due to scale economies and sunk costs, the roll-out of NGA is expected to be profitable only for large-scale providers and in densely populated areas. Nonetheless, alternative providers, such as utilities and local communities, have significantly contributed to NGA diffusion in many countries. Over the past five years, several small-scale initiatives have emerged in the UK, bringing fibre networks to urban and rural areas previously overlooked by either commercial or subsidised deployments. A multiple case study approach is employed here to explore the nature and the drivers of niche providers in the UK NGA market. All these initiatives are demand-driven and to follow a modular approach. Despite adopting different business models, they all rely on the resources inherited from past broadband initiatives and relationships with local partners. By investigating the strategies of niche providers in NGA market, this analysis sheds light on their contribution to bridging the digital divide in the UK and is presented as a preliminary assessment of their sustainability and potential growth.     

PPP模式在城市轨道交通领域的应用研究

分析PPP模式的主要特点及适用于城市轨道交通工程的制约因素与适用优势,提出了充分发挥市场化运作、完善运用PPP模式法规政策、深化PPP开发模式拓宽融资渠道、提升沿线综合开发土地价值4方面关键控制要点,对促进PPP模式深化转型与轨道交通建设适用性选择具有一定参考指导作用。     

基于残值视角的PPP项目特许权期决策研究

模式在我国应用前景广阔,合理的特许权期对PPP项目的成功运作至关重要。本文在已有研 究的基础上,根据PPP项目价值的波动规律,将PPP项目价值波动分解为磨损造成的价值下降 与维护引起的价值上升两个方面,从项目残值必须符合预期的角度,分析PPP项目的维护投 入,进而构建考虑残值的PPP项目特许权期决策模型。研究表明：（1）项目的报废率与建设 成本正相关,与经济寿命期负相关;（2）社会资本对PPP项目的维护投入随着运营时间逐渐 增加,且与建设成本负相关、与经济寿命期正相关、与特许权期负相关;（3）当社会资本 的投资回收速率较低或期望报酬率较高时,政府应制定较长的特许权期;（4）较长的特许 权期对社会资本增加建设投资具有激励效果。本研究旨在为政企双方进行合理特许权期的决 策提供新的角度与方法。     

The interaction of the financing and investment decisions: Preliminary results in the Australian context

This paper investigates the presence of the interaction of investment and financing decisions in Australian firms. Using simultaneous equations incorporating the variables of investment, dividend, and new debt issue, interactive effects are found for two sub-periods.     

Evaluation of USDA's Broadband Loan Program: Impacts on broadband provision

Since 2002 the USDA's Broadband Loan Program has directed more than $1.8 billion in subsidized loans to help expand broadband access in under-served rural communities. Program eligibility criteria included having a population of 20,000 or fewer, having no prior access to broadband, and providing a minimum matching contribution of 15% by recipients of the loan. Loans were extended mainly to small telecommunications services firms at varying (subsidized) interest rates. We evaluate on the effectiveness of the Loan Program in increasing broadband availability in target locations. Specifically, we analyze whether loan receipt increases the number of broadband providers in a particular location, using various count panel methods. Our analysis is conducted at the ZIP code level over the period 1999–2008; it uses broadband provider data from the FCC's Form 477, and loan data from the Rural Utility Service (the implementing agency for the Broadband Loan Program). Results indicate that ZIP codes receiving broadband loans did in fact experience modest, statistically significant increases in the number of broadband providers vis-à-vis non-recipient locations; that average marginal effects on treated ZIP codes were approximately 0.092 additional broadband providers annually; and that these benefits accrued more towards rural locations than urban locations, in conformance with the intent of the program.     

四川:宏观调控对电力销售市场的影响

国家今年对全国电力价格水平作适当调整,这是当前为缓解电力供应紧张而采取的一项重大调控措施。本文结合四川电力市场的特点,探讨其对售电市场的影响及对策。一、四川电力市场的基本情况1、发电侧市场截止2003年底,四川电网统调统分电厂装机容量1285万千瓦,其中火电装机容量468万千瓦,占总装机容量的36.4%;水电装机容量817万千瓦,占总装机容量的63.6%,并且水电装机中的绝大部分属径流式电厂。四川电网水电装机容量在发电侧所占比重的增加,决定了丰水期发电出力充足,电网能满足用电客户最大的用电负荷需求;而在枯水期,即使全部火电满开满发…     

基于PPP模式的城镇棚户区改造项目利益分配研究

为了有效解决城镇棚户区改造PPP合作过程中的利益分配不平衡问题,促进城镇棚户区改造的健康有序推进,分析了城镇棚户区改造项目的参与主体、影响因素,建立了基于Shapley值修正算法的城镇棚户区改造PPP项目利益分配模型。将各参与方的利益诉求、投资比例、风险承担、努力水平及监督力度等影响因素纳入双方博弈过程,在一定程度上缓解了传统方法中各成员承担影响因素均等的不利情况。在考虑利益分配影响因素的基础上对传统Shapley值方法进行了修正,就政策制定、项目管理及操作方面提出了对策。研究方法具有一定适用性,可为解决利益分配不平衡问题提供依据,所提对策对城镇棚户区改造决策的实施具有借鉴价值。     

Knowledge spillover in corporate financing networks: embeddedness and the firm's debt performance

Building on social embeddedness theory, we examine how the competencies and resources of one corporate actor in a network are transferred to another actor that uses them to enhance transactions with a third actor—a strategic process we dub ‘network transitivity.’ Focusing on the properties of network transitivity in the context of small‐firm corporate finance, we consider how embedded relations between a firm and its banks facilitate the firm's access to distinctive capabilities that enable it to strategically manage its trade‐credit financing relationships. We apply theory and original case‐study fieldwork to explore the types of resources and competencies available through bank–firm relationships and to derive hypotheses about how embedded bank–firm relationships affect the strategy of small‐ to medium‐sized firms. Using a separate large‐scale data set, we then test the generalizability of our hypotheses. Our qualitative analyses show that embedded bank–firm ties provide special governance arrangements that facilitate the firm's access to bank‐centered informational and capital resources, which uniquely enhance the firm's ability to manage trade credit. Consistent with our arguments, our statistical analyses show that small‐ to medium‐sized firms with embedded ties to their bankers were more likely to take lucrative early‐payment trade discounts and avoid costly late‐payment penalties than were similar firms that lacked embedded ties—suggesting that social embeddedness beneficially affects the financial performance of the firm. Copyright © 2002 John Wiley & Sons, Ltd.     

Living Wage Policies at the San Francisco Airport: Impacts on Workers and Businesses

This paper evaluates the costs, benefits and related impacts of living wage policies implemented at the San Francisco Airport (SFO). Unlike other living wage ordinances, the policies at SFO cover a large proportion of the low-wage labor force in a distinct labor market. The authors find that about 73 percent of the ground-based non-managerial workers at SFO received substantial wage increases as a direct or indirect result of the policies; the proportion of these workers earning under $10 per hour fell from 55 percent to 5 percent, significantly reducing earnings inequality. Other benefits to workers included enhanced health benefits and an arrest of declines in quality of life indices. The costs of the policies to employers amounted to an average of 0.7 percent of fare revenue, or $1.42 per airline passenger. We observe a series of dynamic adjustments that reduced those costs, including dramatically reduced turnover, improved worker morale and greater work effort. We find some limited evidence of worker-worker substitution, but no evidence of employment decline.