Relationship lending and SME financing in the continental European bank-based system

This paper analyzes the relationship between banks and SMEs in the continental European bank-based system. We find that SMEs with longer bank relationships have enhanced access to loans, but at the same time they bear a higher cost for their debt. We also find that firms maintaining two bank relationships get the cheapest debt, which establishes a limit for the degree of concentration of bank relationships. Our results also show that the existence of trust between firm and bank improves access to financing and reduces the borrowing costs, whereas it increases the likelihood that guarantees will have to be provided. As a consequence, it seems that a relationship based on trust is a better strategy to improve SMEs’ access to finance than the establishment of longer or more concentrated relationships.     

The community of ten after the Athens summit

Twenty-five years after its foundation, the European Community is in a blind alley. Not one of the urgent problems facing it was brought closer to solution at the summit conference held in Athens at the end of last year. Professor Rudolf Hrbek takes stock.     

Japan and the European community: An uneasy partnership

Bewildering advances of Japanese production into many fields of European industry are a cause of grave concern in the EC. Calls for protection are growing louder as a mixture of fear and impatience spreads throughout the Community. Wilhelm Haferkamp, EC Commissioner in charge of external trade relations, explains why trade war practices are no solution to the problem.     

一个越来越热的话题船舶融资

随着船舶工业的快速发展,船舶融资已成为近期一个越来越热的话题.最近,由于工作需要,多次参加各类船舶融资座谈会、研讨会,从与会专家、学者和企业家那里了解了一些船舶融资方面的情况和问题,主要涉及到银行融资风险、贷款担保风险、船东违约,弃船风险、在建船舶抵押风险、船厂恶意逃避银行债务风险、政策性银行和商业银行在船舶融资工作方面拟开展的工作、船舶企业向金融机构提出的需求等很受启发.我觉得有必要将这些情况和问题归纳整理出来,供大家参考.     

基于金融物流的融资模式探析

物流金融是为物流产业提供资金融通、结算、保险等服务的金融业务,它伴随着物流产业的发展而产生.在物流金融中涉及物流企业,客户和金融机构三个主体,物流企业与金融机构通过联合起来为资金需求方企业提供融资服务而收取相应的服务和利息费用,物流金融的开展对三方的发展都有非常迫切的现实需要.但是由于目前全国性的诚信体系没有建立,仓储合约的不规范性以及银行对仓单质押业务的谨慎态度,导致目前国内的仓单质押等物流金融业务开展并不顺利.     

试述企业财务的重要性

随着经济全球化,市场国际化的步伐不断加快,中国的市场环境日新月异,企业的各项决策,大部分直接或间接地依赖于财务工作.因此,企业应加强和完善财务工作,强化财务部门的管理,为企业领导决策提供真实、准确的资料.本文从企业的财务工作入手,论述了财务管理重要性并分析了当前财务管理中的不足.     

中小企业的融资最优化决策研究

在现今中国经济多元化的发展浪潮中,中小企业已经成为重要的组成部分,但面对激烈的市场竞争,中小企业又很脆弱,如何能让中小企业不断发展壮大,早日成为市场经济中流砥柱,一个很重要问题亟待解决- 融资.本为着重从中小企业融资决策面进行研究.希望能为中小企业家提供参考.     

企业满意筹资决策方案选择

1.满意筹资决策方案的选择 市场经济的建立和现代企业制度的要求是使企业成为真正的自主经营、自负盈亏、自我发展、自我约束的商品生产和经营的独立实体.企业是市场经济的主体,也是资本市场的主体,资本市场为企业提供了筹资、投资的场所,尽管我国资本市场还处在发育阶段,但其特有的功能随着市场经济的发展将发挥越来越大的作用.企业面临的必将是自筹资金进行经营.以求得在市场经济中生存、发展.因此,筹资决策问题即如何确定企业资本结构问题就成为企业领导者十分关心和重视的首要问题.     

打造共同平台保护员工权益

对欧洲社会而言,企业在发展中要承担包括环境和经济方面的社会责任。因为有很多公司在全球范围内有业务,他们也相应变成了全球企业公民。     

Inflation and exchange rates: Evidence and policy guidelines for the European community

The paper, which is a summary of the so-called OPTICA-report, sponsored by the Commission of the European Communities, argues that changes in the exchange rates of EC member currencies during the period between the early 1960s and the mid-1970s predominantly reflect inflation differentials. The correspondence is sufficiently close, when wholesale price indices are used to express national inflation rates and PPP is measured in terms of effective exchange and inflation rates, to justify a PPP-based intervention rule as the main criterion for managing the individually or jointly floating EC-currencies.