突破小企业贷款担保难瓶颈的实践

改革开放以来,小企业得到蓬勃发展,但当前小企业贷款难、担保难问题已经成为制约小企业进一步发展的一大瓶颈。本文分析了小企业贷款难、担保难的内外部原因,提出了：提高小企业整体素质、提高诚信、改善融资环境、完善支持小企业发展的有关政策措施、建立小企业贷款信用担保体系等解决小企业贷款难、担保难的对策思考。并介绍了奉贤区小企业贷款担保中心在缓解区内小企业贷款难、担保难矛盾,促进区域经济发展中做的工作和重要作用。     

基于行为金融视角的小企业信贷困境剖析

当前,小企业贷款难仍是一个不争的事实。本文从分析信贷决策者存在的认知、情绪和行为偏差入手,用行为金融学的理论对小企业贷款难的原因进行初步探讨,并提出对策建议。     

基于行为金融视角的小企业信贷困境剖析

当前,小企业贷款难仍是一个不争的事实.本文从分析信贷决策者存在的认知、情绪和行为偏差入手,用行为金融学的理论对小企业贷款难的原因进行初步探讨,并提出对策建议.     

对固原市小企业融资问题的调查

融资问题一直是困扰小企业成长的难题，在经济欠发达地区，这一问题显得更加突出。本文对固原市20家小企业进行抽样调查，从企业银行和外部环境角度分析了小企业贷款难的原因，并提出相关对策建议。     

西部欠发达地区小企业融资状况调查与分析——以百色市小企业实证分析为例

小企业在我国经济中扮演着重要角色,在促进地方经济发展、扩大税收来源、创造就业机会以及优化调整产业结构等方面都具有举足轻重的作用,而制约小企业发展的融资难问题一直是社会关注、讨论的热点话题之一。本文通过对百色市151家小企业融资情况进行了抽样调查,分析了小企业融资特点和贷款难的成因,提出了缓解欠发达地区小企业贷款难的对策。     

解决小企业贷款难问题的金融思考

小企业在促进我国社会经济发展中的重要作用已经被广泛认可，但小企业与金融机构之间信用信息不对称的尴尬处境使其仍然面临贷款难问题，因此有必要对小企业的发展现状与相关金融服务进行调查分析，提出有利于小企业融资的对策思考。     

新监管政策对小企业金融实现商业可持续发展的效用分析

为解决小企业贷款难问题,监管当局在原监管政策效用不明显的情况下,又出台了新监管政策,新政策从调整小企业贷款的资本充足率计算口径入手,旨在降低小企业贷款的经济资本占用额,提高小企业贷款的资本回报水平,实现小企业贷款的合理定价,激发商业银行发展小企业金融的内生动力,从根本上解决小企业金融的商业可持续发展问题。本文采用数值算例的方法对新监管政策的有关效用进行了分析,并从商业银行角度提出了相应对策建议。     

新形势下农村信用社支持县域小企业发展的思考

数据显示,在今年上半年7.37万亿元的银行贷款总量中,大型企业占47%多,中等规模企业占44%多,而小企业贷款仅占8.5%。实际情况表明,即使在流动性十分宽裕的情况下,小企业贷款难问题依然突出。作为农村金融主力军的农村信用社,如何进一步发挥自身的特色与优势,改善小企业金融服务,促进县域经济繁荣发展,为社会主义新农村建设做出应有的贡献。这是当前农村信用社经营过程中必须认真思考并加以解决的问题。本文通过对县域小企业贷款难的成因进行分析,提出农村信用社进一步支持县域小企业发展的对策。     

再谈中小企业贷款难

中小企业贷款难在近几年呼声一直较高，而银行、企业对这些的态度颇为不同。去年，中小企业已少有贷款难的呼声。因此有必要对近几年中小企业贷款难的原因进行重新思考。笔认为，一些政策实施过程中所产生的负面影响、中小企业尤其是国有小企业自身存在问题以及银行在贷款操作方面的技术上的缺陷是形成中小企业贷款难呼声的主要原因。     

解决小企业贷款难应多策并举

一、存在的问题. 各金融机构对小企业信贷支持虽取得了一些效果,但由于各方面原因,小企业贷款难还没有从根本上解决.调查表明,小企业贷款满足率在七成左右.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.