企业负债经营与规避筹资风险分析

资金对于企业，如同血液对于人体一般重要。离开了充足的资金供应，任何一个企业都不能良好地生存，更谈不上稳步发展，然而在企业内部，资本金是有限的，并且相对稳定地存在着，企业运作过程中对资金的需要却是无限的，并且随着生产规模和业务的扩展，资金需求量也在不断变化。有限、稳定的资本金与无限、变化的资金需求之间必然存在很大矛盾，因此负债经营就成为弥补资金缺口的必然选择，是缓解资金紧张的有效途径。企业负债经营对于提高资金使用效益有利，但过度举债，一方面会加大企业财务风险，另外，在外部环境发生变化的情况下，如贷款利率率提高，银根紧缩等，负债过多会使企业丧失适应这些变化的能力。因此，企业必须对负债经营的风险进行分析，并采取相应的措施规避筹资风险，以提高资金筹集的综合经济效益。     

中小企业的多元化经营之路

多元化经营是大型、特大型企业以及跨国公司为规避风险、增加经济增长点和增强企业核心竞争能力而惯常采用的一种经营方式。而中小企业由于在资金、人才、管理、技术等方面的能力有限，绝少采用多元化经营方式。但在国内轴承行业有一家中小企业，她根据企业自身发展需要，认真分析研究企业的内部条件和外部环境，大胆采用多元化经营方式，     

加强企业预算管理实现管理创新

一、编制切实可行的财务计划“预则立，不预则废”。经营者办企业首先要有一个总体利益规划、总体目标。利润规划就是企业综合调整其经营活动规模和水平以实现目标利润，是企业编制预算的基础。它能把企业继续存在、发展所需资金，取得的收益以及未来要发生的成本和费用紧密联系起来，强调的是成本、数量、利润之间的关系。根据成本的性态，我们将其划分为固定成本和变动成本。     

煤炭企业技术改造几个问题的思考和实践

煤炭企业技术改造几个问题的思考和实践煤炭部规划与软科学研究中心李大纬一、关于煤炭企业技改项目的选择在市场经济条件下，企业的技术改造从本质上说是一种企业行为、市场行为。也就是说，是否进行技术改造，如何进行技术改造以及技术改造资金的筹措等均由企业根据自身...     

强化资金管理提高资金使用效能

强化资金管理提高资金使用效能开滦矿务局范各庄矿张金钟目前，资金紧张是国有大中型企业普遍存在的问题，实行“双控”的煤炭企业就更为突出。如何摆脱资金紧张的困扰，最大限度用好、用活有限的资金，是国有大中型企业生产经营过程中急需解决的难题。我矿在转换机制的过...     

多方筹措 盘活用好资金是实现机械工业持续、快速、健康发展的重要保证

在我国国民经济更健康地发展的大形势下，机械工业如何持续、快速、健康地发展．如何把有限的资金用在刀刃上，是摆在机械工业企业面前的一个难题。企业过去习惯于向银行借款，今后这仍然是一个重要渠道，但不是唯一的来源，企业必须用改革的办法多方面筹措资金．才能解决资金的来源问题：1．对企业进行股份制改造把企业改造成股份有限公司，可以吸收股民的股金；把企业改造成有限责任公司．吸收合伙者的资金。对企业进行股份制改造是筹措资金的最好办法。2．建合资企业．吸收国外资金。3．经有关部门批准，向职工集资，是解决短期资金缺乏…     

发电公司资金的再投入分析

发电公司资金的再投入分析华中电力集团公司桂衡一、间题的提出为适应国家投融资体制和建立现代企业制度的要求，发电项目要实行资本金制度和逐步建立现代企业制度。今后的发电厂大多是一个个的独立发电有限责任公司。由于发电项目资金密集，建设期、运营期长，各发电有限...     

资本限量与资本组合投资决策

一、问题的提出企业在投资决策过程中常常会受到资金数量不足的制约，不可能接受净现值（NPV）为正的所有投资项目。此外，资本的不同组合也会有不同的风险和收益，因为任何一项投资实际上都存在不同的风险和收益。资本限量产生的原因是多种多样的。在我国，由于市场机制处在发展时期，长期资本市场还远未发展成熟，企业无法在需要资金投入时及时筹措到资金。发行股票的企业，也会因企业股票的市场价格过低，企业不愿用发行股票的方法筹措资金。总之，在实际投资决策中，经常会遇到投资资金数量的限制，要求投资决策者使有限的资金发挥出…     

新形势下企业如何做好劳动保护工作

新形势下企业如何做好劳动保护工作李强，兰世平企业在转换经营机制的过程中，每一个经营者都在设法调整管理人员，压缩经费支出，将有限的劳保基金用得更好，更好地做好劳动保护工作。对此，笔者谈点粗浅的看法，供参考。一、劳动保护资金的使用我厂劳保用品在资金控制上...     

盘活企业存量资金的对策

从六个方面论述了盘活企业存量资金，努力以最小的资金存量获得最大的效益的对策。认为企业要盘活存量资金首先应根据现代企业制度的要求，建立按市场规则运行的经营机制，使之成为具有独立利益的市场主体。另外，可利用金融杠杆的作用、提高流动资金自给率、理顺结算渠道和加强企业存量资金的审计监督等措施，提高企业存量资金的使用效率。存量资金，资金管理，对策     

Capital budgeting under uncertainty: An extended goal programming approach

Mathematical programming techniques have long been recognized as the most suitable approach to the complex problem of capital budgeting in corporations. This is because contrary to conventional single-project appraisal techniques such as the net present value method, financial planners do not normally engage in project-by-project analysis to determine the projects that would be included in capital budgets. In addition, the existing chance-constrained (both single and multiple objectives) models developed to deal with the problem of uncertainty in capital budgeting are grossly defective, since they, indeed, address the problem of risk, rather than uncertainty. This paper presents an extended goal programming methodology to address the problem of capital budgeting under uncertainty to overcome the defects of chance-constrained capital budgeting models. In particular, since financial planners frequently deal with the complex problem of capital budgeting by aggregating large numbers of small investment proposals into families of large projects, the paper presents necessary and sufficient conditions for the acceptance of a set of investment projects by a business enterprise. The results indicate that under uncertainty, firms faced with capital rationing are less economically efficient than others that are not so faced. Also, the results show that optimal allocation policy under uncertainty requires the actual discount rate to be greater than the market cost of capital, a finding which is consistent with corporate finance practice.     

THE MAPI URGENCY RATING

There is substantial agreement in the capital budgeting literature that the presence of project interactions has to be recognized in evaluating capital projects. Most existing approaches require the explicit assessment of such interactions, which is an extremely difficult task. This paper proposes an alternative framework to overcome this difficulty. The suggested framework utilizes the accounting relationships inherent in the Impact of the projects to evaluate complex interactions. The framework is first presented in terms of a heuristic selection rule and subsequently formulated as a non-linear zero-one programming problem.     

Analysis of Investment Returns by Computer

This paper concerns itself with providing the means by which a decision-maker may choose among competing projects and arrive at the optimal allocation of the firm's scarce dollar resources. The problem is handled in the mathematical programming framework. The model holds with or without the assumption of capital rationing and permits the incorporation of the effects of growth and of alternative financial mixes on the cost of capital for the firm. When iterated, the model equates marginal revenue to marginal cost, thus yielding the optimal investment level for the firm. Several investment alternatives not considered in the existing literature on the subject are examined, and some novel interpretations of the constraints and results are offered.     

COST EFFECTIVENESS— The Economic Evaluation of Engineered Systems Edited by J. Morley English John Wiley and Sons,Inc.

In this case study four actual energy efficiency projects are analyzed with two traditional engineering economy capital budgeting methods - internal rate of return and payback period - and the results compared with those obtained using the capital asset pricing model (CAPM). The alternative scenarios of the future states-of-the-world necessary for the latter are based on information available in Department of Energy reports. The traditional and CAPM approaches result in different economic conclusions for some of the projects. These differences are analyzed and the implications for certain types of improvement projects and equipment replacement problems as well as financial decision-making in general are discussed.     

A FUZZY MODEL FOR R&D PROJECT SELECTION WITH BENEFIT,OUTCOME AND RESOURCE INTERACTIONS

A model of selecting a subset of a collection of indivisible projects is proposed which maximises the global Net Present Value. The Net Present Value of individual projects and the resource utilisation are given in the form of a fuzzy number. It is assumed that the fuzzy NPV of some projects may depend on the actual, crisp NPV of other projects and that the common realisation of certain couples of projects may allow some (fuzzy) savings in the resource utilisation. The decision-maker is supposed to have a rather pessimistic attitude. The proposed model takes on the form of a quadratic 0–1 programming problem.     

谈油田地面建设项目施工阶段质量与投资控制

针对油田地面建设工程项目施工中投资经常失控的现象,通过分析研究,认为要做好建设项目实施阶段投资控制工作,需做好项目实施阶段的前期准备工作;加强合同管理;加强现场变更、签证管理;正确处理投资控制与质量控制、进度控制之间的关系。只有各部门协调一致,才能达到有效控制投资的目的,将有限的资金管好、用好。     

A branch and bound algorithm for sub-contractor selection in agile manufacturing environment

Partnership and partner selection play a key role for “Opportunity Driven” project contractors in agile manufacturing environment. In this paper, we present an investigation on the partner selection problems with engineering projects. Firstly, the problem is described by a 0–1 integer programming with non-analytical objective function. It is proven that the partner selection problem is a type of earliness and tardiness production planning problems. By introducing the concepts of inefficient and ideal candidates, we propose the theory of solution space reduction which can efficiently reduce the complexity of the problem. Then, a branch and bound algorithm embedded project scheduling is developed to obtain the solution. The approach was demonstrated by the use of an experimental example drawn from a construction project of coal fire power station. The computational results have been found to be satisfactory.     

应对国际金融危机中国建筑企业的机遇与挑战

金融危机的继续发展,其影响也越来越深入各个实体经济,资金量需求大的建筑业也难以避免,国际上资金的短缺和投资的急剧减少使得全球建筑企业资金链的维持变得困难。在世界经济中扮演越来越重要角色的中国在本次金融危机的大救亡当中起着举足轻重的作用,中国政府为保证经济稳定健康发展,推出大量政策直接或间接推动各种建筑项目的实施以带动经济发展和解决就业困难。我国建筑施工企业在这种“外冷内热”的大环境下面临危与机并存的局面。文章根据当前形势,对中国建筑施工企业面对的机遇与挑战进行分析,并提出应对策略。     

Bias and Error in Mine Project Capital Cost Estimation

Previous analyses of small samples of mining projects have found that feasibility studies tend to underestimate the as-built capital costs of the project. Our review of 63 international mining and smelting projects confirms that as-built capital costs are, on average, 14% higher than as estimated in the bankable feasibility study. There is little attenuation over time of this bias in capital cost estimation, appearing to reflect an absence of learning on the part of the project sponsor or the consulting engineering firm. We argue that this persistence of bias is instead intentional and rational, driven by a scarcity of project financing and the need by project sponsors to inflate the project economics in a bid to secure financing. We find some empirical support for our contention. A second phase of the analysis examines estimation error. Roughly half of all projects' as-built capital costs fall outside of the expected ± 15% of the feasibility study capital cost estimate, even after allowing for intentional estimation bias. Cost overruns of 100% or more happen in roughly 1 out of 13 projects. Smaller projects have less estimation accuracy than large projects. Finally, our analysis of the cost overrun data reveals that a shifted lognormal probability distribution should be used when modeling mining project capital costs in a Monte Carlo analysis.     

新型城镇化PPP项目最优资本结构及其影响因素研究——基于合作共赢的一般均衡视角

本文以新型城镇化建设中的准公益性PPP项目为研究对象,建立政府、企业、银行三方合作的理论模型,采用一般均衡分析与数值仿真模拟方法对项目最优资本结构及其影响因素进行分析,结果表明：PPP项目存在理论上的最优股权结构与资产负债率,公众收入水平、资本产出效率、折旧率、债务利率、企业所得税率以及政府偏好等因素影响项目经营收益与成本、资本运作效率、利润分配方式,并重置最优资本结构。因此,PPP项目融资方案设计应该参考多方合作共赢条件下的最优资本结构,同时,基于项目风险控制以及经济社会效益平衡的目标,通过调节各类影响因素完善项目最优资本结构。