金融赋能 助力外向型经济可持续发展

<正>福建海峡银行深入贯彻落实党的二十大关于推进高水平对外开放的重要部署,充分发挥地方法人银行优势,坚守服务地方、服务中小企业的市场定位,金融赋能外向型企业,助推福建省外向型经济可持续发展。福建依山傍海,培育了闽人向海而生、奋勇开拓的拼搏精神,孕育了福州港、泉州港、漳州月港等多个世界级港口。改革开放以来,福建始终保持较高的经济外向度,进出口贸易活跃,近年来更是依托制造业由“制”到“智”的转型升级,     

海南自贸港跨境金融服务怎么看怎么干? ——浅析海南自贸港跨境金融服务的定位与发展

本文通过对比长三角和大湾区的发展规划,找准海南自贸港金融的发展定位和重点.指出了自贸港建设过程中,金融业在投融资、金融市场、结算等领域的业务机遇.从相互促进、共同发展的角度,提出银行业可通过提升金融服务创新能力、本外币一体化账户服务能力、跨境投融资服务能力、跨境贸易融资服务能力、新型贸易审核能力,服务海南自贸港建设.     

中国及其主要对手在日本农产品进口市场的竞争力

一、研究背景 1、日本农产品进口概况 日本是世界上最重要的农产品进口国。根据最新的贸易统计数据(UNCOMTRADE联合国统计署贸易数据库),日本2001年度农产品(包括林产品和水产品)进口额居世界第二位,达到576.5亿美元,仅次于美国(695.2亿美元)。 从1991年到2001年,日本的农产品进口大致经历了两个不同的发展阶     

基于控制论的外汇风险管理探析

随着经济全球化进程的加快,各国企业间的经济贸易也越发频繁.不仅是大型国企注重国际贸易的发展,许多中小型企业也面临着如何发挥有限的资源,通过精明的决策成功进入海外市场的问题.从而,对跨国理财相关知识的了解也成为公司注重培养的方向,也决定着海外贸易的成败.企业进入海外市场时可以选择多种投资方式,然而将控制论运用到外汇风险管理上,无疑给企业进入国际贸易提供了新思路、新视野.他可以减少外汇投资的复杂程度和不确定因素,从而为企业进入国际贸易承担的外汇风险做出更加科学的评估.     

我国航空公司收取航空保险附加费

中国民航总局10月5日发出通知，同意航空公司向国际和港、澳航线旅客收取航空保险附加费。据此，从10月15日起，中国内地各航空公司在自中国内地始发的国际航线(不含国际航线国内段)和至香港、澳门的国内航线上，可以向旅客收取航空保险附加费，收取标准为每位旅客每航段最高不超过2．50美元。国内航线现不收取此项费用。     

贸易政策不确定性与企业海外并购:消极应对还是积极扩张?北大核心

随着贸易保护主义愈演愈烈,贸易政策频繁变化,如何在贸易政策不确定性中稳业务、降风险、谋成长,成为企业可持续发展面临的重要问题。本文采用文本挖掘方式,从众多风险因素中识别企业个体感知的贸易政策不确定性,并探讨贸易政策不确定性与企业海外并购之间的关系。研究发现:第一,贸易政策不确定性显著提高了企业海外并购的可能性,且上述效应主要体现在民营企业以及融资约束较低的企业中;第二,动因检验表明,贸易政策不确定性升高时,企业出于保有海外市场、降低风险以及成长动机进行海外并购;第三,进一步检验发现,贸易政策不确定性升高时,企业更倾向于选择“一带一路”沿线地区、制度距离更小以及毗邻国家进行并购;第四,经济后果检验表明,面对较高的贸易政策不确定性时,海外并购能够提升企业长期绩效。贸易环境频繁变化对中国宏观经济与微观企业主体产生了一系列负面影响,本文为企业如何应对贸易环境不确定性,积极参与国际循环、提高中国国际分工地位提供了经验证据。     

日本海外知识产权战略研究

日本提出知识产权立国后,在实施海外知识产权战略中注重与主要的贸易伙伴及国际组织的合作,以提高国家的全球竞争力。特别是与欧美专利局加强合作,通过自由贸易协定(FTA)和经济伙伴关系协定(EPA)与各国展开双边合作,与世界贸易组织、世界知识产权组织,亚太经合组织和G8等国际组织合作,积极推动知识产权的协调与保护水平的提高,这对中国的对日贸易带来了影响,也为中国实施知识产权国家战略提供了借鉴。     

关于服务性企业服务出口项目税收筹划研究

近几年,在经济新常态下,企业为了转变经济发展的形式,着手将工作重心转移到大力发展贸易出口服务,逐步使我国由货物贸易出口大国向服务贸易出口大国的转变.为了推动我国服务贸易出口的健康稳定发展,我国制定了相应的海外项目应税服务退免税的优惠政策.在"营改增"的全面执行后,部分服务行业已经归入到我国的增值税征收范围内,同时对部分海外项目服务推行零税率及免税的政策,不过因为我国服务贸易出口退税政策还处于初步研究阶段,在零税率政策的执行过程中,给政府和企业都带来很多的麻烦,因此我国海外服务出口的税收筹划工作急需解决.     

保障小微农产品出口企业海外权益

案件处理全过程 基本案情 河北省秦皇岛一家农产品小微出口企业A公司同巴基斯坦买方B公司进行交易,于2016年3月22日到3月31日出运三票货物(生姜),实际发票金额为U S D47,190.00,贸易双方约定支付方式为CAD.货物到港后买方未付款,A公司向中国信保通报可损. 追偿开展 中国信保向买方B公司追讨,B公司称A公司存在迟出运、寄单延误等问题.     

日本向全球推销“能源岛”

日本计划通过政府与企业合作方式向海外推销可将天然气、石油及煤炭储存在海上的人工浮岛(MegaFloat),希望通过此举将日本自主开发的大型钢制浮体技术推广到海外,并将其培育成国内造船产业的新增长点。除了设立与计划进行大     

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.     

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.     

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.