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本文利用中国城际高铁开通对公司产品质量保证动机产生的外生变化来考察其如何影响公司的商业信用供给决策。高铁开通通过降低运输成本,提高了公司与客户之间的交易量,不仅可以降低公司与客户之间的信息不对称,还可以促使公司提高产品质量,削弱了公司为了保证产品质量而提供商业信用的动机。借助高铁开通在时间和空间上错列发生的特征,构建准自然实验情境,本文使用双重差分方法的检验,结果表明高铁开通使公司商业信用供给减少约3.51%。研究发现,交易量提高是高铁开通减少公司商业信用供给的重要渠道。进一步分析发现,对于事前信息不对称程度较大、关系专用性投资水平较高和产品质量保证需求较低的公司,高铁开通导致公司商业信用供给减少更多。本文研究为商业信用供给的产品质量保证理论提供了进一步的补充和发展,研究结论对于理解交通基础设施的经济效应以及公司商业信用供给决策的影响因素具有一定的启示意义。 相似文献
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伴随着中美贸易之间的摩擦持续,国内经济结构化调整,当前我国的经济政策处于频繁的波动时期.微观企业将如何应对经济政策不确定性的提高,进行营运资金融资决策,事关企业生存与发展.以2007~2018的A股非金融业上市公司为样本,探究经济政策不确定性对企业营运资金融资决策的影响.研究发现:商业信用的利益相关者,面对经济政策不确定性的提高,会对企业进行信用配给.伴随着经济政策不确定性的提高,企业难以利用营业活动的自发融资,将面临更大的营运资金净需求缺口.为弥补营运资金净需求缺口,企业在营运资金融资决策时,在综合考量风险与成本后,会减少较高财务风险的短期金融性负债的比重,而选择较为稳健的营运资本.此外,伴随经济政策不确定性的提高,企业的狭义和广义商业供给与需求之间呈现显著正相关关系. 相似文献
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债券市场是我国资本市场的重要组成部分,如何有效防范债券信用风险是在深化资本市场改革过程中亟待解决的重要问题。本文利用中国省级行政区经济政策不确定指数探究了经济政策不确定性对企业债券信用利差的影响。研究发现:经济政策不确定性会显著提高企业债券信用利差水平。机制检验发现:经济政策不确定性通过提升企业违约风险和提升发债企业与投资者之间信息不对称程度两条途径提高企业债券信用利差水平。异质性检验发现:相较于我国东部地区企业债券、国有企业债券及有担保债券,经济政策不确定性对于中西部地区企业债券、非国有企业债券及无担保债券信用利差水平的正向影响更为显著。 相似文献
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本文利用2014年中期借贷便利的创设作为准自然实验,发现拥有合格担保品债券的公司商业信用供给显著增加,其中的作用机制在于中期借贷便利提高公司的信贷可获得性。进一步研究发现,当公司位于金融发展程度较低、社会信任水平较高和法律环境较好的地区,以及公司事前议价能力较弱时,中期借贷便利对商业信用供给的影响更加明显。此外,本文发现公司通过提供商业信用维持供应链关系,提升业绩表现。本文的研究结果有助于更加全面地了解结构性货币政策调节经济结构的传导机制,对于从商业信用的资金再分配视角理解结构性货币政策推动中国式现代化具有一定的启示意义。 相似文献
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本文以我国“十一五”和“十二五”规划为背景,基于2006—2015年沪深两市A股上市公司数据,理论分析并实证检验了产业政策对企业商业信用供给的影响,探究了其内在机制。研究发现,处于产业政策鼓励行业的企业,其商业信用供给水平更高,且产业政策对企业商业信用供给的正向作用在具有禀赋优势的大型国有企业中更为显著。进一步研究发现,产业政策通过增强受扶持企业短期债务融资能力提高企业商业信用供给,且地区金融发展水平越低,产业政策下企业商业信用供给行为越明显。本文在丰富企业商业信用供给影响因素研究的同时,也丰富了宏观经济政策影响微观企业行为的研究框架,为我国产业政策的制定提供了可能的经验证据。 相似文献
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供应链融资模式下商业信用融资决策探讨 总被引:4,自引:0,他引:4
供应链融资中的商业信用不仅可以优化资金流从而提高供应链绩效,而且可以影响上下游企业间的订货批量和订货时间间隔,进而降低供应链成本。本文参照商业信用融资下的经济订货批量模型,以供应链成本最小为目标,探讨了该目标下的最优商业信用融资决策问题,并通过利益共享模型分析了最优商业信用决策下实现的成本节约在上下游企业间的合理分配,研究结论可以为企业开展供应链商业信用融资决策提供参考。 相似文献
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We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data. 相似文献
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Jun Kawamoto 《Accounting, Business & Financial History》2001,11(3):331-348
The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests. 相似文献
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Stathis Chadjiconstantinidis Demetrios L. Antzoulakos 《Scandinavian actuarial journal》2013,2013(3):138-161
Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities. 相似文献
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Junichi Chiba 《Accounting, Business & Financial History》2001,11(3):311-330
After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan. 相似文献
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Ross E. Stewart 《Accounting, Business & Financial History》2001,11(2):193-223
This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material. 相似文献
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We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze. 相似文献
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Jun Pan Liangliang Wang Xiaofeng Shen Zhibin Chen 《China Journal of Accounting Research》2016,(3):191-206
China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc... 相似文献
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正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original 相似文献
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Masato Kikuya 《Accounting, Business & Financial History》2001,11(3):349-368
Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan. 相似文献