试论负债管理原则在水电企业债务性融资中的应用

一、成本效益原则在债务性融资中的应用1.债务性融资合理性分析成本效益原则是确保收益与融资成本相匹配,并有助于实现收益最大化。水电企业资产负债率普遍偏高,负债经营是否对每一个水电项目均有利,负债是否有利于实现股东的每股收益。最大化即权益性资本和债务性融资而形成的资本结构是否合理,是水电企业在进行债务性融资前必须分析并回答的问题。尤其是针对大型水电项目开发进行的大规模债务性融资,判断资本结构是否合理,从成本效益方面看,一般方法是分析每股收益的变化来衡量,能提高每股收益的资本结构是合理的;反之,则不够合理。2.融资…     

浅论财务杠杆

一、财务杠杆利益(损失)(Benefit on Fi-nancial Leverage)通过前面的论述我们已经知道所谓财务杠杆利益(损失)是指负债筹资经营对所有者收益的影响。负债经营后,企业所能获得的利润就是:资本收益=企业投资收益率×总资本-负债利息率×债务资本=企业投资收益率×(权益资本 债务资本)-负债利息率×债务资本=企业投资收益率×权益资本-(企业投资收益率-负债利息率)×债务资本………"!此处的企业投资收益率=息税前利润÷资本总额,所以即息税前利润率。     

基础设施项目建设的融资分析

<正> 一、基础设施项目特点及其意义基础设施项目主要包括道路、桥梁、机场、港口、能源、通迅、环保等方面的建设,如上海组合港的建设、三峡工程建设等,所有这些基础设施项目均具有资金投入量大、建设周期长、回收期长、回报率相对较低等特点.这无疑会给投资者特别是外国投资者增加各种风险,如建设风险、未来市场需求风险、汇率风险、项目经营风险、通货膨胀风险及该国政治风险等.因此,就投资者来说基础设施项目具有高风险性,这种投资周期长及回收期长的特点又意味着对于一定的未来收益折现后其现值将降低从而收益率降低.因此,投资者冒着高风险来投资而得到的却是低收益率的回报.资本总是流向收益率高而风险相对较小的地方,假设大多数投资者均是风险厌恶型的,那么投资者只有预计到该项目的未来收益率较高时他才冒很大风     

蒙特卡洛模拟在城市基础设施项目风险评估中的应用

风险评估是进行项目经济评价和投资决策的重要内容 ,可以使投资者较为全面地了解项目的风险 ,从而提高决策的科学性 ,减少投资损失。本文结合现有研究 ,利用蒙特卡洛模拟法 ,以项目内部收益率和净现值为指标 ,建立了城市基础设施项目的收益风险评估模型。模型通过分析项目的内部收益率和净现值的概率分布 ,为投资者提供有效的决策工具。     

探讨企业融资成本对融资方式的选择

企业融资是以企业的资产、权益和预期收益为基础,筹集项目建设、营运及业务拓展所需资金的行为过程.本文对各种资本成本的计算方法和模式进行了分析,探讨了资金成本对融资方式的影响和企业在融资决策应注意的问题.     

政府投资项目的财务生态效益评价研究

本文通过对传统财务评价指标体系进行分析,剖析了构建财务评价生态指标体系的必要性。并结合生态财务内部收益率、生态财务净现值以及生态动态投资回收期等几个关键指标,讨论了基础设施建设财务评价生态指标体系的建立。该体系不仅将项目本身的财务效益和支出考虑在内,还将生产经营流程中的环境成本视为企业的潜在支出。本文还对如何定量分析环境污染治理成本和治理进程中额外收益的获得,以及财务评价生态指标体系在实际中的应用进行了阐述。     

通货膨胀影响EVA指标的改进研究

一、EVA指标概述 （一）EVA指标概念的阐述 EVA（EconomicValueAdded，经济增加值），是指公司利润超过资本成本的投资回报，即公司经营收益扣除公司所占用的全部资本成本之后的余额。这里所指的全部资本既包括债务资本又包括权益资本，正是由于不仅考虑了债务资本的成本，还考虑了权益资本的成本，才使得EVA在本质上与经济学意义上的利润一致，而不再是我们所常说的会计利润。     

转播台

吴晓灵:西部地区可选择一些收益稳定的基础设施项目进行试点,公开发行项目债券,以其稳定、可靠的收益率吸引民间资金流入市政建设、公共事业建设和能源建设。 这是中国人民银行副行长吴晓灵在2004中国西部论坛发言时提出的建议。     

加快探索高速公路基础设施公募REITs

基础设施公募REITs是盘活资产、形成良性投资循环的重要工具.浙江在基础设施领域积累沉淀了大量资金,当前政府债务控制和基础设施投资持续扩大的双重背景下,亟需回收资金用于新建项目,形成良好的投资循环,基础设施公募REITs提供了新型的循环路径.     

无股利分配政策下成长型企业融资决策 ——基于ROE模型的分析

围绕股东权益最大化目标的融资策略是企业财务管理的核心课题之一,尤其在对于无股利分配政策下的成长型企业而言,如何选择最优的融资方式,对其持续健康的经营和运营目标的实现具有重要意义.本文基于股东投资收益率（ROE）模型,通过设定成长型企业融资决策基本假设条件,确定对于该类型企业对融资方式为无股利分配政策下融资环境的适应性;通过对成长型企业财务报表数据模拟,确定对于该类型企业对财务报表特征为具有较好的资本结构、财务稳健、随着营业收入的增长资产运用效率会有较大提升空间的报表环境的适应性;在融资方式与财务报表的基础上,本文建立企业融资决策基本数据模型.对模型中融资资金成本率、营业收入增长率、企业销售毛利率重大影响参数进行虚拟赋值,绘制出在不同影响参数下,债务融资与权益融资对股东投资收益率的比较曲线,进而确定债务融资与权益融资对于ROE的参数无差别点,为成长型企业在融资决策实务工作中,在不同的独立参数环境下,提供一般性的融资决策参照.     

Penetration and Post-infection Development of Meloidogyne Incognita on Tobacco as Treated by Rhizobacteria Pseudomonas Fluorescens Strain P-72-10

The bio-control potential of rhizospere bacteria Pseudomonas fluorescens against plant-parasite nematode had been demonstrated. P. fluorescens had shown the effect to enhance tobacco resistance to root-knot nematode Meloidogyne incognita. Inoculation with P. fluoreseens in tobacco could lead to significant reductions in the number of juveniles that penetrated tobacco root and further life stage development of the juveniles. The number of juveniles penetrated into tobac- co root in treatment with P. fluorescens is significantly different from CK at 2DAI, 6DAI, 8DAI and 10DAI. Significant reduction and delayed development of juveniles that penetrated into tobacco root and treated were observed in treatment at 14DAI, 21DAI, 28DAI and 35DAI. In addition, P. fluoreseens treatment leads to a significant reduction in the number of eggs per egg-mass at 35 DAI. The results show P. fluorescens induced a continuously suppression on root-knot nema- tode M. incognita throughout their entire early infection phase of root penetration, subsequent life stage development and reproduction.     

利用膜技术回收利用碱性废水研究进展

回顾了利用膜分离技术处理碱性废水的工艺与综合利用技术所取得的丰硕成果，总结了各种治理方法的特点、适用性及发展方向。     

Taxing Times in Indonesia: The Challenge of Restoring Competitiveness and the Search for Fiscal Space

Indonesia’s economic growth picked up slightly in mid-2016 but remains below the level demanded by government and popular aspirations. Despite a plethora of reforms intended to increase efficiency and productivity, some policies are perverse and longstanding problems of implementation remain. The share of manufacturing has declined, the real exchange rate has appreciated, exports have dwindled, and growth has been trending downwards. The banking sector is stable but inefficient, with wide net interest margins and numerous barriers to competition. Trade protection, particularly in basic food commodities, has created high costs that weigh particularly heavily on the poor. Declining government revenues have placed increasing pressure on the public budget, even as the current administration aims to increase spending on infrastructure and welfare and to enhance productivity. In an effort to increase revenues, the government has announced a tax amnesty program and other measures. In addition, Sri Mulyani Indrawati, the new finance minister, has taken steps to cut non-essential expenditure in order to secure high spending on infrastructure and at the same time keep within the 3% budget deficit limit stipulated by law. Although the overall debt situation is not yet alarming, declining revenues and budget cuts that do not fully reflect this decline are putting pressure on increasing debt levels. The government’s high-profile tax amnesty program was the major policy initiative implemented in the second half of 2016 that aimed to relieve this pressure. Despite widespread criticism of, and scepticism about, the tax amnesty (both within and outside Indonesia), its first phase had a much higher participation rate than most independent accounts expected. Revenues raised so far through the amnesty are less than 60% of the official target, but this is actually a strong result for the short term. The bigger question, however, is whether the amnesty is a key element of a more encompassing strategy to overhaul the system of taxation and tax administration.     

The causes of Japan's ‘lost decade’: The role of household consumption

In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in the 1990s and find that the stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the stagnation of household consumption during the 1990s and find that the stagnation of household disposable income, the decline in household wealth, and increased uncertainty about the future are among the contributing factors. Finally, I consider whether demand side factors or supply side factors were more important as causes of the prolonged slowdown of the Japanese economy in the 1990s and conclude that the former (especially misguided government policies) were probably more important.     

我国发展天文旅游的条件、前景探析及策略思考

天文旅游资源从成因可以分为行星地球天文旅游资源、天体天文旅游资源和天文文化旅游资源三类。天文旅游方兴未艾,我国天文旅游具有很大发展前景。文章对我国开展天文旅游的条件进行了分析,对发展天文旅游的策略和措施进行了梳理。     

城市社会的开放与农民的城市化

城市社会在对农民的开放与封闭之中徘徊。改革开放后城市社会对农民的开放已经使很多农民城市化。城市社会对农民的封闭已由政策性封闭转向经济性封闭。城市社会对农民的封闭增加了农民城市化的成本和社会风险。必须加强城市社会对农民的开放,逐步消除对农民的封闭政策,以推进农民的城市化。     

信息化时代商学院图书馆的建设与发展——中、美四大名校商学院图书馆建设的比较与启示

信息化时代中美商学院图书馆的建设与发展,成为当今时代高等商学教育发展与进步的一个重要环节,对中美四大商学院图书馆的发展状况、差距进行分析比较,对促进我国商学院图书馆事业的改革、建设和发展具有一定的启示作用和参考价值。