融资性担保机构担保风险分析

在回顾相关担保理论的基础上,本文以融资担保机构的直接利益相关者(银行和中小企业)为研究视角,通过建模分析了融资担保机构与银行之间的比例担保,中小企业提供的反担保,以及融资担保机构对中小企业调查监控力度的强弱对其担保风险的影响。研究结果表明:当中小企业提供足够的反担保品并且该反担保品价值大于担保责任余额时,加大对企业的调查力度以及增加担保机构的承保比例,有助于缓解信息不对称带来的逆向选择和道德风险问题;当中小企业提供的反担保品价值不足以抵偿贷款金额本息和时,加大对受保企业的调查力度以及提高承保比例只会加剧企业的逆向选择和道德风险。     

我国融资性担保行业有效监管的思考

我国融资性担保行业的发展速度极快,但是作为一个高风险、低收益的行业,担保行业陷入发展困难、违规经营的危机之中。担保行业暴露出了超常规的发展背景下的诸多问题。因此必须对担保行业实施有效的政府监管,促使其合规经营,保障其发展的健康稳定。     

农村抵押担保融资主体行为分析与路径探索

抵押担保融资有利于盘活农村资产,缓解农村发展和推进城镇化进程中的资金需求。通过改进传统抵押担保模型,本文对比了担保公司参与前后抵押担保各方的期望收益和行为;同时,考虑了农村贷款金额较小、抵押品变现率较低等因素,进而讨论担保公司介入对推动农村金融发展的作用,提出应先发展农村经济、培养资金需求,进而吸引金融机构投放资金,这是形成良性农村金融市场的有效途径。     

中小企业融资渠道的选择——供应链融资与担保融资

信用担保行业与供应链融资的出现,帮助中小企业解决了融资难的问题,为中小企业的发展做出了重大贡献。本文通过数学建模的方式,对两种融资渠道进行了比较。研究表明,当欲融资的中小企业经营商品的核心企业利润率较高时,企业将倾向于通过供应链融资的方式融资;当经营商品的核心企业利润率较低时,企业将因为得不到足够的支持而通过信用担保的方式获得融资。     

二手船舶抵押融资的制约因素与对策

目前,我国二手船舶抵押融资较为困难,银行和担保企业为规避风险,不愿为二手船舶提供融资。二手船舶价格评估主要包括市价折余法、市场售价类比法、重置价格法、收益现值法和外汇换算法。应明确界定“二手船舶抵押贷款”的法律定义和二手船舶的所有权和抵押权,健全二手船舶抵押登记制度,完善二手船舶的抵押权实现制度,以缓解二手船舶抵押融资困难的局面。     

地产抵押中房地产抵押担保的现状分析及研究

地产抵押是抵押担保制度的重要内容,我国法律在一些具体问题上的规定不够完善,削弱了地产抵押担保的功能.对地产抵押的相关规定过于简单,还存在一些尚待明确的问题,容易引发不必要的纠纷.研究地产抵押法律制度的现状,力求对地产抵押的理论有一正确或近似正确的认识,并希望对担保物权立法的完善有所裨益.     

项目融资担保结构探析

本文说明了项目融资担保的内涵、作用、范围、主要类型等基本内容,并对项目融资常见担保形式进行分析.在此基础上,从基本要点、结构搭建两方面入手,阐述了项目融资担保结构搭建方式.同时,以A公司为例,展开了项目融资担保的实例分析.     

农村小额贷款抵押担保的困境及出路

农村小额贷款是我国现阶段面临的一个重要金融难题。现阶段我国农村小额贷款抵押担保的一些主要做法已经解决了部分贷款需求,但是仍不能满足社会需要。尤其是土地经营权及宅基地不可作为抵押品严重制约了小额担保贷款的增长。本文重点研究农村土地经营权及宅基地使用权作为抵押担保品的可行性。     

银行最高额抵押担保业务的法律解读

所谓最高额抵押是指为担保债务的履行,债务人或者第三人对一定期间内将要连续发生的债权提供担保财产,债务人不履行到期债务或者发生当事人约定的实现抵押权的情形,抵押权人有权在最高债权额限度内就该担保财产优先受偿的情形。即最高额抵押所担保的未来债权是不特定的,将来的债权是否发生、债权类型是什么、债权额是多少均是不确定的。虽然《担保法》、《物权法》等都对高额度抵押做出了一系列调整,对最高额抵押进行了进一步规范,但在银行最高额抵押担保业务的法律中还存在一些漏洞,这就需要对这些漏洞进行控制。     

关系型融资、信息生产与担保机构决策

信用担保减少了信贷配给问题,却增加了担保机构风险。对企业及其项目进行意会信息生产的关系型融资能部分弥补当前担保机构只注重财务信息和抵押品所产生的信息缺口,在我国经济转型时期有着阶段性适用特征。因此,关系型融资是担保机构克服与中小企业信息不对称的制度安排。文章通过构建信息生产模型创新性地解释了担保机构进行全面信息生产有利于风险控制与担保决策,与关系型融资相适应的担保机构组织设计可以提高担保决策中的信息准确性。     

我国房地产融资模式的改进与制度创新

我国房地产融资模式自上世纪90年代初的第一次创新之后,经过10多年的经济增长和市场发展,目前已发展到了亟须进行以融资渠道多元化为核心内容的第二次创新的阶段.本文从我国房地产融资结构的现状出发,讨论了为了维持房地产业的持续健康发展和有效地防范金融风险所需进行的融资工具创新问题和制度创新问题.     

Firm Size,Source of Finance,and Growth - Evidence from China

Using a comprehensive firm-level data set from China spanning the period 1998–2005, this study investigates the relationship between firm size, financing sources, and total factor productivity growth. Controlling for the endogeneity of financing sources, we find that firm size plays an important role in the way financial structure affects the growth process. Domestic bank loans are more effective for bigger firms, while self-raised finance is more beneficial to smaller firms’ growth. We also uncover evidence that ownership mediates the relationship between firm size, finance, and growth.     

跨国并购与新建投资--作为跨国企业进入方式选择理论的最新进展及一个模型分析

跨国公司进入东道国面临两种进入方式的选择:并购进入和新建投资进入,本文展现了这一研究领域的最新进展,回顾和分析了跨国公司选择并购进入方式的各种考虑因素.本文提出了一个企业国外进入方式选择的简单模型,研究在何种情况下外国公司优先选择并购方式以及在何种情况下外国公司选要择新建投资的问题.     

中国财税改革战略思路选择研究

中国亟需一次根本性的财税改革。财税改革需在认清改革的历史使命的基础之上全方位推进。财税改革必须适应经济全球化的要求,促进全球经济治理和社会发展;财税改革应有利于合理的国民收入分配格局的形成。财税改革新共识的形成,将有助于改革的顺利推进。     

招投标方式政策性金融:运转条件、发展空间与相关框架探讨

以招投标方式探索政策性金融服务市场化运作的新型模式具有重要意义,但由于政策性融资需求的多样化,具有明显约束条件的招投标方式,在可以预见的将来,尚难在政策性金融业务领域包打天下。本文分析了招投标方式政策性金融的内涵与特点、延伸指向、动因和运转条件,以及适用领域和可预期的发展空间,建议在探索政策性融资规律、适当多元发展的思路上,将招投标方式纳入到我国政策性金融体系发展的通盘规划和整体框架中来考虑。     

中间品贸易自由化、融资约束与贸易方式转型

本文将贸易方式选择和融资约束纳入异质性企业贸易模型中,分析中间品贸易自由化、融资约束对企业贸易方式选择的影响,并利用2000-2006年中国工业企业数据库和海关数据库,以中国加入WTO作为一个准自然实验,运用倍差估计法对理论假说进行验证。结果显示:中间品贸易自由化会引导企业选择一般贸易的出口方式,并且企业的外部融资依赖度越高,中间品贸易自由化的贸易方式选择效应越明显。从多个角度进行稳健性检验以后,这一结论依然成立。上述研究表明,进一步推行贸易自由化,对于转变中国的贸易发展方式、提升中国在全球价值链分工中的地位具有重要意义。     

When Plentiful Platforms Pay Off: Assessment Orientation Moderates the Effect of Assortment Size on Choice Engagement and Product Valuation

Popular digital platforms, such as Netflix and GrubHub, purposefully aggregate offerings, according to the premise that customers value products chosen from plentiful assortments. Yet academic literature provides little clarity about when, for whom, or how larger online retail assortments affect the value of the products. To provide new insights, the current article aims to address ambiguous extant findings about the effects of larger product assortments. Specifically, this research tests whether customers with high, as opposed to low, assessment orientation value products more when they have chosen them from larger, as opposed to smaller, assortments. Four experiments affirm this idea, such that customers with a high assessment orientation value products more when they have chosen them from platforms with relatively larger assortments. Sequential mediation of the effect occurs through increased choice engagement and attitude certainty. For managers, customer segmentation along the assessment dimension offers benefits, while assessment type marketing communications can increase the likelihood of product selection, like in our field study, where we find an increase of 27%.     

An Examination of Auditor Independence Issues from the Perspectives of U.K. Finance Directors

This paper presents an analysis of the opinions of U.K. Finance Directors – also known as Chief Financial Officers (CFOs) in North America – on factors which may effect the roles and responsibilities of the external auditor to the organization. A number of proposals have been put forward over the years to enhance auditor independence and these were treated as dependent variables in this study. A questionnaire was mailed to 3 000 named Finance Directors and 776 useable replies were received. From the responses to the questionnaire, three independent variables were identified: opinions on the value of the audit in general; opinions on the impact of the audit on the organization; and the relationship between the Finance Director and the auditor. The results reveal that those Finance Directors concerned in general about the value of auditing favoured the banning of non-audit work and the rotation of auditors. In addition, those Finance Directors with good relationships with their external auditors preferred the banning of non-audit services and the rotation of external auditors. Those respondents favouring the separate regulation of auditors were also concerned about the impact of the audit on the organization. The results of this study shed some light on the sensitivity of U.K. Finance Directors to ethical issues regarding external auditor independence.     

Drivers of E-store Patronage Intentions: Choice Overload,Internet Shopping Anxiety,and Impulse Purchase Tendency

The dotcom era has infused a rapid increase in the usage of e-commerce in India, making online shopping the new way of retailing. This study investigates online consumers’ e-store patronage intentions, specifically modeling the ties from broad dispositional traits including choice overload, Internet shopping anxiety, and impulse purchase tendency among online shoppers. Based on the responses of 243 online shoppers, the findings suggest that consumers’ e-store patronage has a positive relationship with choice overload such that availability of larger assortments online results in a higher possibility of consumers’ patronage toward such e-tailers. Choice overload in the online context was also found to positively influence consumers’ impulse purchase tendency and showed a positive effect on Internet shopping anxiety. Furthermore, results indicate that the impulse purchase tendency of online shoppers had a significant positive effect on e-store patronage intentions, while Internet shopping anxiety was found to negatively affect the patronage intentions of shoppers.     

社会保障政策与就业联动的实证分析

在全面梳理现行社会保障政策的基础上,采用实证分析的方法,对社会保障同就业、失业之间的相关关系进行定量分析,指出现行社会保障政策与促进就业之间的不协调,揭示我国近年来就业增长降低与社会保障费率升高之间的数量联系,进而提出完善社会保障政策设计的建议.