水利基本建设项目融资方式研究(下)

探索水利基本建设项目的国内外各种融资方式，分析研究国外各种融资操作中的实务问题和可能存在的政策和法规上的问题；着重介绍TOT融资、BOT融资、证券融资和ABS融资。     

浅谈短期负债融资在企业中的运用

随着社会主义市场经济体制的建立，企业负债已成为一项重要的资金来源。就安徽省农垦企业而言，经营方式和形式日益多样化，各种类形的企业负债经营已是普遍现象，而短期负债在企业经营中更具有重要的现实意义。短期负债融资一般是指使用时间不超过一年的筹资，具有融资速度快，融资限制较宽，使用较为灵活等弹性以及融资成本较低等特点。这种融资需在短期内偿还，要求融资企业在短期内足额偿还债务；若债务到期企业资金安排不当，就会陷入财务危机，因而又具有风险较大的特点。本文试就商业信用和短期借款两种融资形式具体运用问题作些分析…     

中小企业国际贸易融资问题与对策

本文从中小企业国际贸易融资的现实情况出发,分析中小企业进行国际贸易融资遇到的各种问题及其产生的原因,并为中小企业解决国际贸易融资问题提出建议。     

融资方式对资本支出的影响——基于我国上市公司实证分析

本文以我国上市公司为研究对象，通过将内部融资、短期借款、长期借款以及股权融资等不同融资方式变量引入到资本支出模型，以检验各种融资方式对企业资本支出的影响。     

我国融资租赁业存在的问题及对策

融资租赁作为一种灵活的筹资手段，具有其自身独特的优势。在我国大力发展融资租赁业有利于推动经济的良性快速增长。目前，由于各种原因，我国的融资租赁业的功能难以得到充分发挥，应当从法律制度规范宏观政策环境以及租赁机构的自我优化和业务创新等方面入手，促进融资租赁业的快速发展。     

浅谈国际金融创新中的融资工具创新

浅谈国际金融创新中的融资工具创新陆海英在过去的几十年间，国际金融市场经历了巨大变化，各种新的金融手段和金融方式层出不穷，推动了国际金融市场在世界范围内的迅猛发展。这些金融创新将一国单独的金融业务往来与世界联为一体，使国际间投资、融资及各种交易手段越来...     

企业融资结构优化问题研究

本文对我国企业融资结构进行总体分析,介绍各融资方式所处地位。分析上市公司的资产负债、股票融资结构的总体情况,进一步证明我国企业融资结构上存在过度依赖银行贷款、融资方式单一的问题。为优化企业融资结构,提出要积极开拓资金来源,鼓励企业发行可转债,鼓励企业采用适合自身发展的融资方式,鼓励融资工具创新。要通过严格信用体系、加强金融监管和增强风险管理等配套设施建设,保证各种融资工具和融资渠道的有效畅通。     

浅析中小企业融资的困境与出路——以北京市地质工程公司为例

中小企业融资管理是经济体制改革的重要内容,在新的市场环境下,中小企业在发展过程中要不断壮大仍面临融资难、融资贵等方面的难题。为适应经济发展的新常态,必须对中小企业融资管理过程中的各种问题进行全面的分析,确保各种融资路径能够科学合理实施,全面提高中小企业的融资管理水平,实现融资管理的全方位发展。北京市地质工程公司在发展过程中通过不同的路径进行融资,确保各项融资管理机制能够在地质勘查工作中得到落实,但是离实际融资目标还有一定的距离,本文经过对北京市地质工程公司的融资困难的分析,对中小企业融资发展提出建议。     

融资顺序假设理论与我国上市公司股权融资偏好

资本结构有广义和狭义之分，企业融资决策中的资本结构指的是狭义的资本结构，即长期负债资本与权益资本之间的构成比例关系。融资顺序指企业对各种资金来源的选择的偏好和顺序，它在很大程度上决定了企业的资本结构，进而影响企业的市场价值，在西方受到企业理财者的重视。然而在我国上市公司却出现了融资顺序理论与公司融资偏好的背离。因而，对我国上市公司股权融资偏好进行分析，具有重要的现实意义。     

企业融资贷款关键问题及对策

在市场经济持续深入发展的当下，企业纷纷踏上发展快车道，如何解决融资难度大的问题，仍是行业乃至社会各界关注的焦点。本文以此为背景，首先介绍企业常见融资方式、融资贷款现状，其次分析企业融资所面临的具体问题，最后分别针对外部和内部问题提出相应的解决方案，如加大扶持力度、完善金融体系、加强融资能力等。     

Price transmission between products at different stages of manufacturing in forest industries

The theory of demand and supply implies a positive relationship, or “price transmission” between the prices of products at different stages of manufacturing. This relationship was investigated with quarterly prices of softwood stumpage in the US South, and national prices of forest products, from 1977 to 2002. All prices, net of inflation, were found to be nonstationary and there was no evidence of co-integration between prices. Vector autogressive models, augmented by Granger causality tests and multiplier analysis showed that there was a one-to-one permanent positive response of the southern sawtimber stumpage price to a permanent change in the national lumber price. There was also a one-third permanent positive response of the national paper price to a permanent change in the national pulp price. There was no relation between regional pulpwood prices and national pulp or paper prices. When price transmission was significant, the full adjustment took about 2 years.     

Application of an ecosystem function framework to perceptions of community woodlands

Owners, local residents, government, and conservation organisations can express divergent preferences in the development and management of local woodlands. The perceptions of these four groups were examined, in the context of three community woodlands in Eastern England, using an ecosystem function framework. In a pilot study, residents were able to allocate a relative importance to woodland ecosystem services which were then related to “regulation”, “habitat”, and “production” or “information” functions. However residents also placed importance on negative services or “dis-services” associated with the woodland ecosystem. Therefore a fifth category of “dis-services” was included in the main survey which included 84 local residents, three woodland owners, three government institutions, and six representatives from conservation groups. Each of the four groups placed greatest importance on services associated with habitat (16–39% of the total importance) and information (30–50%) functions suggesting, in this example, mutual interest in the use of woodlands as a habitat or recreational resource. By contrast a potential area of difference was the particularly high importance placed by one owner on dis-services such as fly tipping. In addition the woodland owners placed higher importance (10–20%), than local residents and conservation groups (7–9%), on the productive services of the wood. This suggests a need for communication when production-related operations affect recreation. The ecosystem function framework appears to be a useful approach for highlighting potential tensions and areas of mutual interest in the management of semi-natural ecosystems.     

In Vino ‘No’ Veritas: impacts of fraud on wine imports in China

China is one of the largest wine importing countries in the world and is poised for continued import growth in the future. Increased wine purchases throughout China have given rise to persistent fraud where fake wines are packaged and sold with counterfeit contents and labels. For exporting countries like France, counterfeit wines displace market share, damage foreign brand reputation, and cause distrust in consumers who are aware of counterfeiting problems throughout the country. We examine the impact of fraudulent wine events (as measured by negative media reports) on Chinese wine demand differentiated by supplying country. We employ the Rotterdam demand system and a switching regression procedure to estimate import demand and compare results across different media variable specifications. Results consistently show that negative reports disproportionately affect French wine regardless of how the media variable is specified. This is not surprising because most fraudulent events involve French wine counterfeits.     

An evaluation framework for earthquake-responsive land administration

In recent years earthquakes and their secondary hazards have claimed the largest number of lives of all large natural disasters. Some of the world’s most earthquake-prone zones are also areas of high population density. The impact is magnified by vulnerability factors including non-enforcement of building codes, knowledge gaps, urban poverty and poor governance capacity to manage and reduce earthquake risks. Poor security of land tenure and property rights increases the vulnerability of people and affects their ability to respond to natural disasters.Earthquake recovery and reconstruction provides very significant challenges for land agencies, with these challenges differing from one country to the next due to differences in the local context. Drawing on contrasting case studies in Haiti, Nepal and New Zealand this paper identifies the common post-earthquake land administration functions and challenges that may apply to many contexts. These lessons provide land agencies and other key stakeholders with a summary of the challenges an earthquake poses for land administration at different post-disaster stages. We also discuss the policy and regulatory, institutional, operational and preparedness lessons for land administration. From these lessons we propose a framework for evaluating the earthquake-responsiveness of a land administration system. This framework can be used by a land agency in an earthquake prone region, or where an earthquake has recently occurred, to assess what challenges to land administration might occur in the event of an earthquake, and the preparedness of their land administration system.     

Agrarian Poverty,Nutrition and Economic Class – A Study of Gujarat,India

This paper analyses poverty and calorific undernourishment in the Indian state of Gujarat, where high and market‐led industrial growth has resulted in rapid economic improvement. The study is carried out through a combination of secondary and survey‐based data. We conclude that the neoliberal agenda of uncontrolled, outward‐looking growth has not resulted in significant reduction of poverty or malnourishment in rural areas. Furthermore, while land ownership is officially used as a proxy for wealth distribution, class position appears a better predictor of poverty status in the rural areas than landownership per se. At the policy level, there is a need to revive the agrarian economy and create new non‐agricultural assets, and the primary focus in the state must shift to the distribution of created assets rather than a single‐minded focus on growth.     

Does sustainable agricultural growth require a system of innovation? Evidence from Ghana and Burkina Faso

This paper tests the ‘systems of innovation’ hypothesis for a selection of crops in Ghana and Burkina Faso that have shown significant growth in production over an approximately 20-year period. The question is whether such growth can only occur if supported by a system of innovation. Using two indicators (a common understanding on objectives and priorities, and a high level of interactivity), we find little evidence for the existence of anything that might be considered a high functioning system of innovation.     

Local impacts of industrial tree plantations: An empirical analysis in Indonesia across plantation types

The values ascribed to industrial tree plantations are often controversial. Hence knowledge of their perceived impacts is important for improving their integration in rural landscapes. In 2016 we conducted household surveys with 606 respondents living in villages adjacent to acacia, teak and pine plantations across three islands in Indonesia (Java, Borneo, Sumatra). Results show that perceptions toward pine and teak plantations tend to differ from those toward acacia pulpwood plantations in several ways. Pine and teak plantations are perceived to have a higher number and variety of benefits and services, a higher number of positive impacts, a better environmental record, and to present more opportunities to local people for use of plantation land and products for improving rural livelihoods. In addition, we find that villagers around acacia pulpwood plantations tend to seek economic development and infrastructure to open up remote areas, yet their expectations were often only partially met. Recommendations from our analysis include: the role of the State in plantations must be clarified and potentially reinforced; the role of institutions as intermediaries is fundamental; and contributions by communities to design of management plans should be accommodated.     

Underpayment of Small Producers of Coffee and Cocoa in Sierra Leone

Fieldwork shows that many Sierra Leonean producers do not receive the official producer price for their coffee and cocoa, due to the concentration of buying stations, credit relations, the small quantities offered for sale, and the lack of marketing knowledge of the numerous and unorganized farmers. To the traders underpayment may seem economically justifiable to a certain extent, but to the farmers it means poverty and debt. A new village marketing centre project aims at remedying this situation and has already led to higher prices. Although no longer allowed to take their "just" share from the producers, traders are still willing to deal with the new centres.     

Upstream demand for water use by new tree plantations imposes externalities on downstream irrigated agriculture and wetlands*

Large‐scale tree plantations in high rainfall upstream areas can reduce fresh water inflows to river systems, thereby imposing external costs on downstream irrigation, stock and domestic water users and wetland interests. We take the novel approach of expressing all benefits and costs of establishing plantations in terms of $ per gigalitre (GL) of water removed annually from river flows, setting upstream demands on the same basis as downstream demands. For the Macquarie Valley, a New South Wales sub‐catchment of Australia’s Murray‐Darling Basin, we project changes in land and water use and changes in economic surpluses under two policy settings: without and with a policy requiring permanent water entitlements to be purchased from downstream parties, before plantation establishment. Without the policy, and given a high stumpage value for trees ($70/m³), upstream gains in economic surplus projected from expanding plantations are $639 million; balanced against $233 million in economic losses by downstream irrigators and stock and domestic water users for a net gain of $406 million, but 345 GL lower mean annual environmental flows. With the policy, smaller gains in upstream economic surplus from trees ($192 million), added to net downstream gains ($138 million) from sale of water, result in gains of $330 million with no reduction in environmental flows. Sustaining the 345 GL flow for a $76 million (406–330) reduction in gains to economic surplus may be seen to cost only $0.22 million/GL; but this is much lower than the market value of the first units of that water to agriculture and forestry.     

Malaria incidence and agricultural efficiency in Uganda

The cost of accessing healthcare can be a major determinant of disease prevalence, which in turn has short‐ and long‐term welfare implications on poor households. In response, governments in developing countries often resort to subsidizing the cost of drugs, which, while perhaps easier to administer, may not always be the most effective way of addressing healthcare cost. In this regard, we analyze the impact of different types of household level health expenses on disease incidence and agricultural production efficiency. We use data from the 2006 Uganda National Household Survey, which covered approximately 7,400 households. The results suggest that a 10% increase in consultation, medicine, and hospitalization expenses would reduce malaria incidence respectively by 35.6%, 20.5%, and 21.3 %, which translates into a 1.1%, 0.6%, and 0.6 % decrease in agricultural inefficiency, respectively. The results indicate that helping poor households meet expenses for consultation through subsidies or eliminating consultation fees has a larger impact on malaria incidence and agricultural productivity among poor rural households than subsidizing the cost of medical drugs, the most common avenue chosen by developing country governments in the fight against the disease.