The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments

This article analyzes the consequences of financial liberalization,using a large panel of Indonesian manufacturing establishments.It discusses whether financial reforms have had an impact oninvestment and on the allocation of credit and whether the effectsdiffer depending on the type of firms. The overall conclusionis that shifting from administrative toward market-based allocationof credit has increased borrowing costs, particularly for smallerfirms, but, at the same time, has benefited firms by givingthem widened access to finance.     

The Role of Learning in Dynamic Portfolio Decisions

This paper analyzes the effect of uncertainty about the mean return on the risky asset on the portfolio decisions of an investor who has a long investment horizon. Building on the earlier work of Detemple (1986), Dothan and Feldman (1986), and Gennotte (1986), it is shown that the possibility of future learning about the mean return on the risky asset induces the investor to take a larger or smaller position in the risky asset than she would if there were no learning, the direction of the effect depending on whether the investor is more or less risk tolerant than the logarithmic investor whose portfolio decisions are unaffected by the possibility of future learning. Numerical calculations show that uncertainty about the mean return on the market portfolio has a significant effect on the portfolio decision of an investor with a 20 year horizon if her assessment of the market risk premium is based solely on the Ibbotson and Sinquefield (1995) data.     

The Role of Learning in Dynamic Portfolio Decisions

This paper analyzes the effect of uncertainty about the meanreturn on the risky asset on the portfolio decisions of an investorwho has a long investment horizon. Building on the earlier workof Detemple (1986), Dothan and Feldman (1986), and Gennotte(1986), it is shown that the possibility of future learningabout the mean return on the risky asset induces the investorto take a larger or smaller position in the risky asset thanshe would if there were no learning, the direction of the effectdepending on whether the investor is more or less risk tolerantthan the logarithmic investor whose portfolio decisions areunaffected by the possibility of future learning. Numericalcalculations show that uncertainty about the mean return onthe market portfolio has a significant effect on the portfoliodecision of an investor with a 20 year horizon if her assessmentof the market risk premium is based solely on the Ibbotson andSinquefield (1995) data.     

Evaluating Investments in Advanced Manufacturing Technology: A Fuzzy Set Theory Approach

In this paper, a model for the evaluation of investments in advanced manufacturing technology is developed. Many authors have called for an integration of financial and non-financial factors in such evaluations, and this paper demonstrates that it is conceptually possible to do this using the mathematics of the analytic hierarchy process and fuzzy set theory. The development of the model has certain distinguishing features. First, it is based on a conceptual framework that combines the three dimensions of risk, financial return and non-financial factors. The empirical basis for this has been investigated and previously reported by the authors. Second, models previously developed and reported in the literature are shown to suffer from certain flaws relating to the use of linguistic scales, the ranking of fuzzy performance indicators and partiality in the treatment of investment decision variables. These issues are addressed through the development of simpler linguistic scales based on the analytic hierarchy, a revised procedure for ranking fuzzy numbers and an attempt to build a comprehensive model through the three dimensions described above. Triangular fuzzy numbers are used throughout in order to make the mathematics tractable and relatively easy to understand, and to facilitate presentation of a worked example. However, so that the reader is not misled, attention is drawn to some of the complexities in fuzzy arithmetic, especially the important distinction between subtraction/division and deconvolution of fuzzy numbers.     

新金融效率观与金融效率实证评估框架

金融可持续发展理论与金融深化论和金融约束论相比，赋予了全新的金融效率观。在揭示金融效率内涵的基础上，提出金融效率的实证评估框架。     

高级财务管理学的理论框架——管理过程的财务实现

资本市场的日益发达和企业管理的不断规范使财务管理的地位日显重要 ,高级财务管理的理论体系应运而生。本文试图概括性地提出高级财务管理理论的背景和基本框架 ,探寻现代财务管理的发展方向和理论脉络。本文认为学科整合、体系创新和过程导向是架构高级财务管理理论的基本逻辑     

偿债能力评估中担保的计算

本文针对偿债能力评估实践中遇到的一些问题,提出了解决方案.通过对比计算,得出结论:在担保的计算过程中一般应采用先计算债务人的偿债能力,再计算担保人的偿债能力的方法,以获得偿债能力最大值.一些例外的情况则需经计算后加以确定.     

The Interdependent and Intertemporal Nature of Financial Decisions: An Application to Cash Flow Sensitivities

We develop a dynamic multiequation model where firms make financing and investment decisions jointly subject to the constraint that sources must equal uses of cash. We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior. We use our model to examine whether firms are constrained from accessing capital markets. Unlike static single‐equation studies that find firms underinvest given cash flow shortfalls, we conclude that firms maintain investment by borrowing.     

制造业转型中金融服务体系的构建

在制造业转型离不开创新体系的构建,本文将创新体系分解成三个层面,即产品价值链层面、知识价值链层面和金融服务体系层面,其中金融服务体系创建是制造业转型过程中最为高级的层面.文章以制造业转型为背景,以创新体系建设为线索,在论述产品价值链构建、知识价值链的基础上,引入了制造业转型中金融服务体系构建的问题,分析了间接金融在制造业转型中存在的不足,倡议建设多层次资本市场体系.     

新制造业的金融服务

<正>提升金融服务新制造业水平,重点是从法制、规则、标准和机制入手,借助大数据和信息化手段,营造公平透明、开放创新、稳定可预期的市场环境新制造业概况制造业是实体经济的主体和现代化经济体系建设的基础。以18世纪中后期蒸汽机发明为开端,制造业的关键驱动力先后经历了机械化、电气化和信息化等数次迭代变革。直至近一时期,物联网、大数据、云计算、人工智能等新一代信息通信技术快速发展,并与3D打印、先进材料、先进机器人、自动化等先进制造技术深度交叉融合,引领制造业发展跨入新的智能化时代。     

环境规制、研发投入与先进制造业绿色技术创新

基于2012—2020年先进制造业行业面板数据,运用系统GMM和门槛面板模型考察环境规制对绿色技术创新的影响及其传导机制,同时检验不同研发投入水平下环境规制对绿色技术创新的作用。结果显示：环境规制通过成本遵循和创新补偿两个渠道对先进制造业绿色工艺创新具有正向促进作用,而对绿色产品创新产生负向影响。研发投入在环境规制对先进制造业绿色技术创新的影响中存在双重门槛效应,在较高研发投入水平下,环境规制能够显著促进先进制造业绿色技术创新。     

金融危机背景下金融杠杆作用之审视

本文认为金融杠杆的存在有其必然性和合理性.在当前背景下,适当利用金融杠杆对走出金融危机阴影仍具有重要意义.就我国而言,金融杠杆的发展仍有不足,为扩大需求应考虑适度加大杠杆化力度.     

现代金融契约理论研究述评——资本结构理论的新发展

20世纪七八十年代,随着企业契约理论的出现,金融学家开始从契约经济学角度考虑信息非对称因素,引入委托代理理论和交易费用理论对企业资本结构进行研究,而形成金融契约理论.该理论的发展经历了两个阶段,首先是基于完全契约的金融契约理论,然后发展为基于不完全契约的金融契约理论.后者克服了前者的许多缺陷,但后者在有关经济主体风险态度及分析结果的运用对象方面有待进一步探讨.     

The Role of Foreign Shareholders in Disciplining Financial Reporting

We investigate the role of foreign shareholders in improving the quality of accounting information provided by firms domiciled in countries with low de facto institutional quality. Using a sample of firms from four South European countries (Greece, Italy, Portugal and Spain) for which we observe detailed ownership evolutions over the period 2002–2007, we find that increases in foreign ownership lead to increases in financial reporting quality but only if the foreign shareholders are domiciled in countries with strong investor protection mechanisms. Further, we find that the improvement in financial reporting quality is more pronounced in the case of foreign institutional investors. Finally, our results hold before and after the introduction of the International Financial Reporting Standards (IFRS) in 2005.     

论财务会计信息在公司治理中的作用

财务会计信息对于公司治理具有重要意义。高质量的会计信息可以降低管理层与外部人之间的信息不对称,从而有助于解决逆向选择和道德风险问题;信息披露自身可以对管理层形成有效的约束,促使管理层强化受托责任,并可以为相关主体提供治理所需信息,从而加强外部人对管理层的监督和制约;通过降低对其他高成本治理机制的需求,高质量的会计信息还可以有效地降低公司治理的整体成本,提高治理效率。因此,财务会计信息是实现公司治理目标、保护投资者利益的重要工具。我国应当不断地完善会计准则,并加强会计监管,以提高会计信息质量,更好地为公司治理服务。     

充分发挥协会作用 促进评估行业健康发展

如何充分发挥资产评估行业协会作用,促进资产评估行业快速发展,是协会面临的一项重要工作。作为协会应该积极参与评估立法工作;作为政府与会员之间桥梁纽带的行业协会,有责任和义务积极向有关部门反映广大会员诉求和心声．积极参与到评估法制体系的建设工作之中,为评估行业的快速健康发展奠定良好的法治基础;进一步推动诚信建设,打造行业公信力,诚信建设始终是整个行业建设的主旋律。资产评估协会应坚持以诚信建设为主线,增强危机感和责任感,积极总结近年来行业诚信建设经验和成果．继续加强行业诚信建设的教育和宣传力度,通过案例宣传,使大家充分认识到丧失诚信给行业和社会所造成的严重危害,激发追求诚信的热情和理念,全面提高行业诚信水平;还要充分发挥协会职能,积极为广大会员服务。本文拟就此项工作论述如下,与同仁共同切磋。