中国上市房地产开发公司负债融资分析

文章通过对上市房地产开发公司相关财务数据进行分析得出,上市房地产开发公司的负债融资状况:上市房地产开发公司的资产负债率水平偏高且负债融资趋同,负债融资来源主要是银行借款、预收账款有应付款;公司的经营模式和融资模式、公司资源和盈利能力等公司自身因素及金融政策、金融体系等外部环境因素是这种融资状况产生的根本原因.文章还进一步分析了负债水平对公司盈利水平的影响及对外部金融风险的影响.     

银行借款的期限结构对企业价值的影响

债务融资是公司的重要内容,而银行借款期限的选择必然成为公司考虑的问题之一。本文以沪深两市A股上市公司的样本数据对银行借款期限结构与公司价值之间的关系进行实证检验。研究表明银行借款期限与公司价值显著负相关。本文在提供银行借款期限结构对企业价值的影响证据的同时,也具有一定的现实意义。     

融资租赁公司之创新融资渠道——租赁资产证券化

近年来,中国融资租赁行业伴随整个经济的发展,有了突破性的发展,机构数量和业务规模上有了飞速的扩张,业务规模从几百亿发展到上万亿。但目前融资租赁行业普遍存在的问题是:资金来源还较为单一,主要依靠银行借款,同时业务发展又受约于注册资本的限制。为拓宽融资租赁公司融资渠道,降低融资成本,解决公司现有注册资本及负债结构对公司租赁资产规模发展的制约,租赁资产证券化提供了创新解决方案。     

银行债务与公司绩效的相互关系

<正>资本结构对于任何一个企业来说都是至关重要的,而债权融资则是资本结构中的一个重要方面,在公司治理中发挥着重要的作用。在发达国家,资本市场发达且完善,债券融资占公司融资比例的很大部分;在中国,随着债券市场相对不发达,企业的债权融资多来于银行借款。因此,银行借款一直以来都是企业重要的融资渠道。由于预算软约束问题,银行借款的治理作用一直受到约束。近年     

上市公司融资方式选择影响因素分析

一、影响融资方式选择的理论分析(一)融资方式资本成本分析资本成本是指公司筹集和使用资金过程中所发生的资金成本费用。上市公司选择哪种融资方式,首先考虑的因素就是融资成本的高低。理论上,债务融资成本主要包括利息和融资费用。利息可以在税前抵扣,具有税盾和财务杠杆的作用,可以给公司带来融资收益。在筹集资金的过程中,由于发行债券的融资费用高于银行借款的融资费用,所以债券的资本成     

境外经营报表折算特殊处理规定存在的问题与改进建议

万宝矿产有限公司根据海外投资项目的具体情况,安排银行美元融资时通常采用境外子公司直接从银行借款和公司总部以“统借统还”的形式从银行借款再转贷给境外子公司两种融资方式。这两种融资方式并无实质差异,但会计处理结果产生重大差异。本文以公司实例为基础,分析两种融资方式会计处理结果差异产生的原因,提出会计处理建议。     

社会责任信息、财务绩效对银行信贷决策的影响——基于银行借款融资成本的视角

文章从银行借款融资视角研究了企业社会责任信息披露水平高低对银行借款融资成本的影响,以及企业的财务绩效和社会责任信息披露水平在银行借款融资成本方面的交互作用。研究结果表明,企业社会责任信息披露水平在银行借款融资成本中发挥了一定的作用,但这种作用并没有削弱企业财务绩效在银行信贷风险评估中的决策地位,现阶段企业财务绩效仍是银行在信贷决策中考虑的关键要素。     

中小企业债务融资风险的化解

从融资方式看,中小企业以债务融资为主。中小企业的债务融资风险主要是指由于多种不确定因素的影响,使得中小企业在融资过程中所遇到的风险。债务融资风险的存在,或使中小企业的融资成本增加,企业利润受损;或使中小企业的融资规模减少,甚至丧失融资资格,其资金来源不能满足生产经营的正常需要,导致企业生产萎缩、停产等。从融资渠道看,中小企业债务融资风险主要表现为以下几种形式:一是银行借款风险。中小企业易受市场变化和经济波动的影响,其经营风险相对较大,银行在向其提供贷款时,会要求较高的贷款利率。一般而言,中小企业的银行借款利率…     

紧缩货币政策下我国上市公司投资效率研究

2007年中国货币政策不断紧缩,银行信贷规模也在不断变化之中,不同的公司受到不同程度的融资约束.本文以2007年上市公司为研究对象,对紧缩货币政策下我国上市公司中受到进入资本市场融资约束程度不同的两组样本的投资活动进行了实证分析,研究发现:(1)未发行短期融资券公司具有更严重的融资约束,其投资-现金流的敏感性低;(2)发行短期券与增发配股有利于降低对银行借款的依赖性;(3)发行短期融资券有利于抑制过度投资行为,投资配置效率优于未发行短期融资券的公司,也优于增发配股融资公司.     

我国新兴中小企业债务融资治理效应研究——以创业板上市公司为例

融资结构与公司治理密切相关,债务融资是企业融资结构的一个重要组成部分。为进一步验证我国新兴中小企业债务融资与公司绩效之间的关系,以2009年至2011年在深圳证券交易所上市的293家创业板公司为样本,对新兴中小企业债务融资的治理效应进行了统计分析和实证检验,结果显示：创业板上市公司绩效随着资产负债率的增大呈现先上升后下降的变化趋势,并且在50%—60%的资产负债率水平上达到最优;短期借款对公司绩效有着显著的负向影响,银行借款、商业信用、长期借款对公司绩效具有较弱的正效应,其他债务融资方式对公司绩效具有显著的正效应。     

Development in Information and Communications Technology (ICT) Statistics at the Australian Bureau of Statistics

This paper outlines the ICT statistical developments that the ABS has undertaken over recent years. These developments have been on both the supply side (ICT industry) and the demand side (use of IT by sector). The content of ABS ICT surveys has changed significantly over the last few years and are expected to develop further in line with industry changes and emerging policy needs.
Recent developments in household collections have been the inclusion of IT use questions in the 2001 Census of Population and Housing and in various ABS social surveys such as Children's Participation in Culture and Leisure Activities. Annual business IT use surveys are now conducted and include topics such as Internet commerce and IT security. Biennial ICT industry surveys are conducted to provide data on ICT production, imports and exports, ICT industry employment, performance and structure information. An Internet activity survey is run every six months and provides regional Internet access details and infrastructure details on Internet service providers.
A major development for 2002–03 will be the compilation of an ICT satellite account. ABS intends to produce an ICT Information Development Plan to guide its future statistical development work in the ICT field.     

Value at Risk in the Suburbs: Eminent Domain and the Geographical Politics of the US Foreclosure Crisis

Several US counties and local governments have recently considered a novel solution to the foreclosure crisis. They plan to use eminent domain to compel the owners of mortgage debt—and specifically of private‐label mortgage‐backed securities—to sell the debt to the government at a price reflecting the loan's market value. The government would then restructure the debt and resell it to new investors. The plans are striking because—in contrast to both development‐driven eminent domain and the federal subprime bank bailout—they would force investors to assume asset devaluation and increased long‐term risk. Notably, the plans have emerged as an instance of financialization‐focused politics in suburbs and suburban cities of color, specifically majority‐black and ‐Latino/a suburbs. Local support for the plans, we argue, is rooted in the long‐term disinvestment of these ‘suburbs of exception', which became targets of subprime lending and eventually sites where the ‘financial exception' has been localized. But these demographic shifts, fragmentation and fiscal pressures have at the same time created a suburban political terrain in which the plans have gained their strongest political support.     

Towards a Theory of Serendipity: A Systematic Review and Conceptualization

Serendipity – the notion of making surprising and valuable discoveries – plays a major role in the success of individuals and organizations alike. Previous research has established the importance of serendipity and identified important individual- and organizational-level antecedents. However, the literature has been dispersed and the boundaries of the concept have been blurry, leading to a lack of conceptual clarity and structure, and thus limiting validity and managerial actionability. Based on a systematic literature review, I synthesize existing management-related research on serendipity and explicate the emergence and composition of serendipity in the organizational context. I first identify three necessary conditions that differentiate serendipity from related concepts such as luck or targeted innovation: agency, surprise, and value. Then, I draw from the literature on sensemaking, event-based theorizing, and quantum-based approaches to management to conceptualize the process of cultivating serendipity in the organizational context as a process of enabling potentiality and materialization, and develop a multi-level theory of (cultivating) serendipity. This conceptualization contributes to our collective understanding of how, why, and when (i.e., under what conditions) organizations can leverage the value in the unexpected, which opens up fruitful avenues for further research.     

Accountability of NGOs in Bangladesh A critical overview

NGOs in Bangladesh have been recognized as effective change agents in the socio-economic arena throughout the world. Their contributions in micro credit, non-formal education and primary health care are widely known. NGOs play a significant role in society. NGO accountability, as a result, has become a critical issue. NGO accountability in Bangladesh has been examined here in relation to patrons, clients and themselves. Of the three relationships only accountability to patrons is in a near satisfactory state. Accountability to clients is handicapped by lack of opportunities of beneficiaries to participate meaningfully in NGO policy making. Accountability to themselves is adversely affected due to the adherence to a strictly hierarchical system and the influence of founding and charismatic NGO leaders.     

Towards an Asian model of human resource management? A comparative analysis of China,Japan and South Korea

There has been much discussion regarding the possible decline and weakening of national systems of human resource management (HRM). Yet, culture and institutions are often cited as the major stumbling blocks to this outcome. Such constraints may dissipate in the analysis, particularly if ‘regional clusters’ are considered where geographic and cultural closeness and ‘openness’ to similar economic pressures exist. In such cases, it might be postulated that convergence in HRM will occur. We argue that China, Japan and South Korea represent such a cluster. This article examines these countries, to see if a degree of convergence is taking place and if it is towards an identifiable ‘Asian’ model of HRM. A model of change is presented that distinguishes between levels of occurrence and acceptance. Details of the development and practice of HRM in each country are then set out. The article ends with a discussion and implications section and a brief conclusion.     

Ansätze und Ergebnisse anglo-amerikanischer M&A-Forschung

Based on a review of established U.S. management journals (1995–2003), six schools of thought are identified within the Anglo-American M&;A research: “Capital Market”, “Principal/Agent”, “Industrial Organization”, “Organizational Behavior”, “Human Resources” and “Strategic Management”. The literature review shows that the definition of M&;A success, the methods applied, and insights from empirical research differ according to the respective school of thought. Empirical studies focus on the resource combinations of merger partners, the specific circumstances of merger negotiations, and on integration management as antecedents of merger performance. Unfortunately, empirical findings have not yet provided reliable explanations for M&;A success. Based on the current state of Anglo-American M&;A research, the authors discuss implications for business practice, identify research gaps, and propose areas for future research.     

Introduction of New Technology with a Sound Transition of the Input-Output Structure

We examine the general equilibrium repercussions associated with the introduction of new technologies, using the generalized Leontief system that allows technological substitutions. We show that an untested introduction of cost-increasing technologies in any industry may result in creating a non-productive technological structure that does not satisfy the Hawkins-Simon condition, following the autonomous dynamic adjustment process with structural transitions in the economic system. Therefore, we propose a practicable control scheme of introducing cost-increasing technologies that strictly avoids the creation of non-productive structures in all periods of structural transition, using the available information on the ex ante technological structure.     

The Creation of the Office for National Statistics

A new Office for National Statistics was created in the United Kingdom in 1996 following a series of developments designed to strengthen the relevance and integrity of statistics. This paper describes these fundamental changes and sets out a blueprint for future progress. It also sets current developments in the United Kingdom in an historical and international context.     

What helps? Women engineers' accounts of staying on

We have considerable understanding of the obstacles that women engineers encounter and the reasons that they leave the field, but we know less about what enables them to remain. Adopting an interpretivist approach, this article examines how a group of British women engineers in two FTSE 100 companies account for “staying on” in their male‐dominated work settings. We delineate four specific forms of help that facilitate women's retention in the field. We argue that exposure to help leads to women developing a habitus that enables them to continue working in engineering. To conclude, we draw on our findings to outline HR practices that will facilitate supportive relationships in the workplace and pave the way towards developing more positive organisational climates.     

论现代物流企业的发展观

物流业经过诸多年的发展目前已经成为最热门的行业之一,物流企业的注册数量也与日俱增,达到前所未有的规模。毋庸置疑,任何企业都希望自己迅速做强做大,并成为真正现代物流企业的典型代表,要实现这一目标一个首要问题就是要解决现代物流企业的发展观问题。