企业市场采购中的财务体系

财务分析在企业市场采购中起着举足轻重的作用,本文通过对财务分析内容的界定,理顺了财务与采购的关系,论证了财务分析科学体系的构建的可行性和科学性,最后提出了财务分析指标体系设置的原则和要求,并进行了详细的阐述。     

Thoughts on the Evaluation of Corporate Social Performance Through Projects

Corporate social performance (CSP) has become a widely applied concept, discussed in most large firms’ corporate reports and the academic literature alike. Unfortunately, CSP has largely been employed as a way of demonstrating corporate social responsibility (CSR) in practice, or to justify the business case for CSR in academia by relating some measure of CSP to some measure of financial performance. In this article, we discuss multiple shortcomings to these approaches. We argue that (1) CSR activities need to be managed and measured as projects and aggregated to the business or corporate level using a project portfolio; (2) appropriate measures need to be identified that move away from reporting the firm’s activities toward quantifying actual social outcomes achieved; and (3) given the types of projects prevalent in CSR, statistical evaluation methods common in other fields (ideally, pre-test post-test control group designs, such as used in medicine or propensity score matching for ongoing or past projects) should be employed to properly measure outcomes. We make a first, albeit imperfect, attempt at using such an approach with data collected on behalf of the Patrimonio Hoy project, a well-publicized CSR initiative carried out by Cemex in Mexico. We show that the results from this data reinforce concerns voiced earlier in this article.     

Financial analysis and strategic management

Applications of financial analysis and planning models to strategic management are presented and discussed in this article. The authors first define the concept of strategy and the nature of strategic problems, then present a useful organizing paradigm of the strategic management field. Against that backdrop, financial analysis applications are discussed. Various financial analysis and planning models are reviewed, focusing on their usefulness to strategic management. Suggestions for future research directions are raised and considered.     

浅谈财务分析在现代投资中应用

在经济全球化的经济环境下运用一套系统的、科学的财务分析手段对投资项目进行全面的分析和评估.将对于加速企业投资决策科学化、规范化和投资管理市场化的进程、优化资源配置、降低投资风险、提高投资效益等具有重要的意义.     

英国PPP/PFI项目融资法律的演进及其对中国的借鉴意义

近年来,中国PPP项目进入爆发式增长期,PPP项目实施中出现的问题引起了理论界和实务界对PPP法律问题的关注。PPP项目融资是有别于传统抵押融资、担保融资的新型融资模式。本文以英国PPP/PFI项目融资法律和相关政策的发展、演进为视角,重点关注其中的融资法律问题,进而为中国完善PPP立法提出意见和建议。     

Motivation toward financial incentive goals on construction projects

Construction industry observers tout the use of financial incentives as promoters of motivation and commitment on projects. Yet, little empirical evidence exists concerning their effectiveness. What are the drivers of motivation on construction projects? The reasons that construction project participants are motivated to pursue voluntary incentive goals are examined through four Australian case studies. The results demonstrate the critical role played by project relationships and equitable contract conditions in promoting the effectiveness of financial incentives. In the context of a construction project, this study finds financial incentives to be less important to motivation and performance than relationship enhancement initiatives. This finding is unexpected and has implications for the design of project procurement strategies. These results suggest that if project clients ignore the importance of relationship quality between participants, the impact of any financial incentive will be compromised.     

浅谈如何加强建设项目财务管理

文章对建设项目财务管理中存在的一些主要问题,阐述了加强建设项目财务管理的主要措施,仅供大家做些参考.     

Crowdfunding for the development of smart cities

In recent years, many cities have experienced new forms of collaboration that have an impact on citizens and entrepreneurs. The integration of this field of study with civic crowdfunding can influence economic growth and community building, which may be beneficial for both policymakers and practitioners alike. Civic crowdfunding is a financial model through which citizens, in collaboration with government and local authorities, fund projects to provide a community service. The development of smart cities is related to civic engagement, empowerment, and participation intended to be part of crowdsourcing or entrepreneurial activities. In this sense, cities play a vital role as drivers of (open) innovation and entrepreneurship. Based on these considerations, this study proposes an explorative and qualitative approach to investigate the civic crowdfunding phenomenon and its ability to promote community development. Our exploratory analysis of six projects highlights the challenges and opportunities of civic crowdfunding for the creation, development, and improvement of more inclusive cities.     

Efficiency of venture capital firms: evidence from Spain

In recent years the venture capital (VC) sector has played an increasingly important role in financial systems. In general, this type of specialised financial activity is conducted by two types of operators, VC firms and VC management companies, each with its specific characteristics. The main objective of this paper is to evaluate the operating efficiency of these financial intermediaries in Spain, using data envelopment analysis, and to carry out an exploratory study of the variables that affect their level of efficiency, using a truncated regression model, and taking into consideration the nature of the operator (an approach not previously undertaken). Our analysis reveals, first, differences in the levels of efficiency achieved by VC firms and VC management companies and, second, that the most efficient organisations are those with more diversified ownership structures and which have a portfolio of companies active in the most innovative sectors.     

Criteria for Evaluating the Legitimacy of Corporate Social Responsibility

The goal of this paper is to provide a general discussion about the legitimacy of corporate social responsibility. Given that social responsibility projects entail costs, it is not always obvious under what precise conditions managers will have a responsibility to engage in activities primarily designed to promote societal goals.In this paper we discuss four distinct criteria for evaluating the legitimacy of corporate projects for institutionalizing social responsibility:(1) local knowledge(2) level of responsibility(3) shared consensus, and(4) relationship to financial performance.We conclude our discussion by noting that in those cases where the firm possesses knowledge about a specific problem and its solution, is directly responsible for causing harm, where a shared consensus among all relevant stakeholders exists, and financial performance will be enhanced, social responsibility projects are ideal. Obviously, no program will meet all of the criteria. In fact, our model specifically suggests that there is often a trade-off between the first three criteria and the last. For example, in those situations where the corporation directly imposes harm on third parties, and where a high degree of consensus exists among all stakeholders, there is little need to link the social responsibility program to financial performance. By contrast, as the corporation seeks proactive solutions to problems which are only incidental to the corporation, and where little consensus exists, the predicted relationship to financial performance becomes more crucial. By formally examining the trade-offs among these four criteria we more fully understand the complex relationship between social responsibility and financial impacts.     

Credit guarantees and SME efficiency

The aim of this article is to analyse one of the most traditional SME-support measures, the allocation of guarantees by the Spanish guarantee system. A counterfactual approach is adopted to evaluate the result of a public policy. Three groups of companies that constitute the casuistry of long-term financial supports to companies (guarantees, guarantees and preferential funding, or just preferential funding), as well as another two control groups are studied. The results suggest that public support is relevant at economic, financial and business efficiency levels. The advantages can be observed mainly in the weakest companies, where the capacity to tackle projects is facilitated, although they do not manage to reduce their financial costs until they reach relative levels similar to those reached by companies not accessing the guarantee system.     

实物期权及其在风险投资中的应用

从广义的期权定义中引出实物期权的概念,对金融期权和实物期权进行比较分析;并借鉴金融期权的定价方法,得出实物期权的定价公式。通过计算风险投资项目中实物期权的价值,比较含有实物期权的风险投资项目与一般投资项目的价值,可以看出在风险投资中引入实物期权的思想,对风险投资家做出正确的投资决策,以及对风险资本的保值增值有重大的指导意义。     

Public export credit insurance in the Netherlands: An input–output approach

This study assesses the contribution of the Dutch public export credit insurance facility (ECIF) to Dutch GDP and employment. Unlike previous studies concerning export credit insurance, which generally adopt the gravity model of trade, we adopt an input–output approach. The results show that the contribution of economic activity insured by the public ECIF to GDP averages 0.24% annually. This concerns value added generated both by exporters and by their domestic suppliers in the value chain. The contribution to employment shows an average of 0.27%, accumulating to 95,000 jobs (FTE) over 5 years. The estimated contribution of the public ECIF to the Dutch economy should be considered an upper boundary of its true contribution. Therefore, we examine the extent to which the above economic gains would be realised if the facility was unavailable using highly disaggregated trade data. The basic idea is that if certain products are only exported to certain destinations with the aid of the public ECIF, then this indicates a high degree of additionality. The inconclusiveness of our results underlines the difficulties in assessing the degree of additionality.     

论出口押汇及其法律性质

出口押汇是我国对外贸易中的一种重要货款结算方式,目前实务界对出口押汇的法律性质存在不同看法,甚至存在着模糊认识。本文认为,无论从国际惯例还是从国内相关法律的角度分析,出口押汇都应为一种票据转让关系或权利买卖关系,而且是一种附有较大程度清偿保证的票据转让关系。将出口押汇叙作质押关系或借款关系,不仅不符合有关信用证结算方面的国际通行惯例,也背离了我国《担保法》及《合同法》的相关规定,而且还因法律关系的混乱、操作程序的不规范较易引起有关当事人的纠纷,并使银行处于较为被动的局面。     

我国金融服务外包发展分析:基于人力资源的视角

本文从金融服务外包的实质切入,分析了国内外金融服务外包产业发展的新态势,针对金融服务外包产业的知识特点和对人才的要求,探讨了我国金融服务外包人力资源的现状及瓶颈问题;通过深入分析传统人才培养模式的缺陷与不足,结合部分高校与企业在金融服务外包人才培养模式方面的创新实践,提出"校企联合,专业融合,分类培养"的金融服务外包人才培养的新模式,提出了解决金融服务外包人才瓶颈的对策与建议。     

The Winner’s Curse of Human Capital

We extend a model developed by Evans and Jovanovic (1989) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self-employment. The effect of predicted household income on start-up capital is used to indicate the existence of financial constraint. Empirical analysis reveals that entrepreneurs with high human capital have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. High human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment,and vice versa.     

简论推进财政支农资金整合的模式选择——对陕西五县(区)财政支农资金整合的调查与思考

陕西省财政支农资金整合的实践经验,是根据当前农业农村发展的状况,财政支农资金的分配格局,以及农业建设项目的管理现状总结出来的,提出现阶段财政支农资金整合可选择的三种模式:项目带动支农资金整合模式、产业带动支农资金整合模式和地域建设带动支农资金整合模式。     

限制金融企业集团内部交易数额研究

本文介绍了各国通过限制金融企业集团内部交易数额来控制金融企业集团内部交易风险的规定之后 ,探讨了是否应对各金融行业、不同国家集团成员、不同交易类型、不同金融行业的集团成员分别设定内部交易限额 ,并对我国限制金融企业集团内部交易数额提出相应建议。