Bank lending behaviour under a liquidity constraint

In this paper, we propose a new model of bank lending behaviour, in which there are three possible regimes under asymmetric information. We have found empirical evidence for the existence of the third regime, in which banks lend under their liquidity constraint. In this regime, both the land price index and bank capital have large and positive effects on bank loans. On the other hand, the call rate and economic activity (real GDP) have negative effects. Moreover, we have a new understanding of how financial liberalization and the regulation of bank capital also affect bank lending behaviour.     

论中小企业财务管理内控制度

中小企业主自身较低的素质和受传统思想的影响，使企业在经营过程中暴露出了其固有的顽疾，特别是体现在企业内部财务管理控制体系上的混乱和内控制度的不力，是中小企业衰亡的主要因素。加强和完善中小企业财务管理内控制度，已成为当前理论界和实务界最为关注的话题之一，也是提高中小企业生存和发展能力的关键所在。     

论中小企业财务管理内控制度

中小企业主自身较低的素质和受传统思想的影响,使企业在经营过程中暴露出了其固有的顽疾,特别是体现在企业内部财务管理控制体系上的混乱和内控制度的不力,是中小企业衰亡的主要因素.加强和完善中小企业财务管理内控制度,已成为当前理论界和实务界最为关注的话题之一,也是提高中小企业生存和发展能力的关键所在.     

The value of banking relationships during a financial crisis: Evidence from failures of Japanese banks

Previous literature suggests that banking relationships can enhance the value of client firms in the presence of asymmetric information problems. Hence, severance of banking ties due to a bank failure can have adverse consequences for the clients of the failed bank. In this paper, we provide evidence on the value of banking relationships by examining the impact of three large bank failures in Japan on their clients and the clients of surviving banks. We find that, as in previous studies, the market value of customers of the failed banks is adversely affected on the date of the failure announcements. In addition, the effects are related to the financial characteristics of both the client firms and their primary banks. Firms that have greater access to alternative sources of funding experience a less severe adverse impact from bank failure announcements. Similarly, clients of banks that are more profitable, better capitalized, and have lower loan loss reserves suffer less from the failure announcements. However, we also find that these effects are not significantly different from the effects experienced by all firms in the economy. That is, the bank failures represent “bad news” for all firms in the economy, not just for the customers of the failed banks.     

《财务管理》教学中应处理好的六大关系

本文作者在总结了多年教学实践经验的基础上,系统阐述了《财务管理》教学中应处理好的六大关系,并结合课程内容进行了详细地论述。     

中小企业信用担保制度及其构成要素

本文主要介绍中小企业信用担保制度的六种不同分类方式,并从资金来源与结构、担保对象及担保金额、担保业务决策流程、担保率、担保费率、再担保和反担保等七个方面详细地研究中小企业担保制度的构成要素.     

马来西亚发展中小企业的政策及其成效

马来西亚政府在协助中小企业发展方面采取了诸多的措施,制定了许多有利于中小企业发展的各项政策,本文主要在概括马来西亚中小企业发展现状的基础上,分析马来西亚政府对中小企业采取的各项政策措施,并试图对其政策成效做出评价。     

Lack of successors,firm default,and the performance of small businesses

We investigate the effects of the lack of successors on small businesses with an elderly manager. Using firm-level data from Japan, a country with an aging population, we find the following results. First, smaller, younger, highly leveraged, and nongrowing firms are likely to have no successor. Second, firms with an elderly manager are more likely to exit and default if they have no successors, and this is particularly the case during the global financial crisis around 2009. This result suggests that these firms have less incentive to repay debts because they are not going concerns. As a result of the high probability of default, the annual change in bank borrowing is low if firms with an elderly manager have no successor. Third, the annual change of bank borrowing is lower for firms with no successor during the crisis and post-crisis periods, implying that banks reduce lending to these firms because of their high risk.     

Trade credit behavior of Korean small and medium sized enterprises during the 1997 financial crisis

This paper investigates the effect of the 1997 Korean financial crisis on the trade credit behavior of Korean small and medium sized enterprises (SMEs) using a unique panel dataset for the period 1994 to 1999. I uncover new evidence supporting the substitution and redistribution hypotheses, which contradicts earlier studies. Specifically, the results show that liquid SMEs provided more trade credit to their client firms during the credit contraction, while financially constrained SMEs received more trade credit from their suppliers. Further, I find evidence that SMEs in financially distressed regions relied more on trade credit than their counterparts in financially healthier regions.     

EVA与商业银行财务管理

商业银行经营的特殊性决定了财务管理是商业银行管理中的重要内容,而作为一种先进的财务管理理念和科学的衡量方法,EVA无疑对商业银行提升财务管理水平可以起到一定的作用。本文首先对EVA进行简单的介绍,并且在此基础上提出了运用EVA模式改善国有商业银行财务管理和员工激励的理论框架和具体应用思路。     

Working capital management during the global financial crisis: Evidence from Japan

This paper demonstrates the adjustment speed of firm working capital and the relationships between working capital and firm performance in Japan during the global financial crisis. Using quarterly firm-level data, we find that the adjustment of working capital was weaker during the crisis. Moreover, the negative relationship between excess working capital and firm performance became more significant during the crisis, especially for larger firms. However, this crisis-related working capital–firm performance effect does not appear to persist for very long, because to finance any excess working capital, firms borrow from banks and reduce their internal cash both during and outside periods of crisis.     

企业可持续增长及其财务管理

~~企业可持续增长及其财务管理@刘梁昱$华中科技大学管理学院!430074 @陈君宁$华中科技大学管理学院!430074     

发展中小金融机构促进中小民营企业的发展

中小民营企业在我国国民经济中的作用日益突出,融资难仍是制约其发展的主要问题之一。发展和完善以中小金融机构为主的融资方式是解决我国中小民营企业融资难问题的有效途径。     

Solutions to small and medium-sized enterprise financial services of China

The small and medium-sized enterprise （SME） is the organization which has high status in national economic system, but weak competitive power in the market and financing difficulty becomes the main handicap of development. The mason why the SME has financing difficulty in terms of enterprises themselves, banks and government is analyzed, some countermeasures are given： strengthen the construction of SME; ameliorate the credit service for SME; perfect the guaranty system and direct finance system.     

国际金融危机与中国企业经营创新

国际金融危机从短期来看,进一步凸显了我国过去长期形成的粗放型经济增长方式的局限;从长期来看,对于中国企业而言,机遇大于挑战。当前,中国企业迫切需要进行企业经营创新,在企业内部优化整合渡过危机的基础上,谨慎寻求海外"抄底"和新的投资机会,努力开拓新兴市场和国内市场,推进自主创新和品牌建设,从而增强企业竞争力,实现企业的跨越式发展。     

我国政府财务管理及其信息化的发展

现阶段我国政府财务管理暴露出来的问题不少,归结起来大概有4个方面。在信息技术日益发展的今天,政府财务管理能力的提升自然离不开先进的信息化手段。所以我国政府财务管理也必须顺应时代的呼唤,加强信息化进程,全面促进政府财务管理能力的提升。     

论财务风险的特征、管理及防范

企业财务风险具有不确定性、可分散性、转移性和决策性。财务风险是可以识别的,通过有效的财务风险管理可促进企业价值最大化。文章提出企业财务风险与收益模型,找出企业财务风险的最佳决策区间,并提出企业财务风险防范对策。