Corporate Insurance and Debt: The Case of China*

Finance theorists have long argued that corporate purchases of property insurance can reduce the probability and hence the expected costs of financial distress. And by so doing, the corporate use of insurance can reduce borrowing costs and/ or increase debt capacity, reduce the overall cost of capital, and increase firm value. This article attempts to apply this argument to the case of publicly traded companies in China, which provides a particularly interesting environment given the significant presence of both foreign direct investment and state shareholdings in its corporate sector. From their study of several hundred Chinese companies during the period 1997‐2003, the authors report the following conclusions: Companies with higher borrower costs tend to purchase more property insurance, which in turn has the effect of increasing their debt capacity. Smaller companies are more likely than larger firms both to insure their assets and to purchase more property insurance (as a percentage of assets), reflecting their greater vulnerability to financial shocks and larger potential benefit from insurers' real advisory services (such as loss prevention advice). Companies with more and larger growth opportunities are more likely to purchase insurance, reflecting their higher expected costs of financial distress (from possible underinvestment) than firms with limited growth opportunities. Companies with higher levels of state ownership tend to insure their assets to a greater extent, suggesting that the managers of such companies insure to protect their job security, particularly as the availability of state subsidies to the Chinese corporate sector has declined since market reforms were initiated in 1978.     

论环境与经济的可持续发展

分析了当前在经济发展中存在的严重的环境问题,指出了这些问题的根源在于市场和政府的失灵,解决的办法是:运用价格机制引导市场配置各类要素资源,通过税收政策保护环境,通过经济激励保护环境,通过多方筹资加大环保投入,通过宣传教育促进全民环保。     

浅谈人民警察创新能力的培养

面对公安工作尤其是公安执法理念时代性演进的双重诉求,人民警察确实需要在执法过程中全面提高自己的整体素质以适应公安工作的与时俱进,其中创新能力的培养与最终的获得,是非常重要的内容。     

我国政府创新的有效途径:建设责任政府

建设责任政府是我国社会主义政治文明建设的一个重要组成部分,是我国政府创新的重要内容.建设责任政府势在必行.建设责任政府不仅要加强行政伦理建设,提高政府工作人员的责任意识,而且要通过转变政府职能、提高行政透明度、扩大公民参与、强化外部的责任控制机制来促使政府承担起其应该承担的职责.     

政策要闻

印度上调成品油价格 降低原油进口关税 从6月4日起,印度国内汽油价格提高11%,每升提高5卢比,为50.52卢比(约合1.19美元);柴油价格提高9.5%,每升提高3卢比,为34.48卢比(约合0.81美元);每缺罐煤气提价50卢比,提高17%;用于照明和生活用的煤油价格保持不变.     

政策要闻

美国政府提高汽车燃油经济性标准，印度政府向三大炼油企业发放炼油补偿债券，欧盟对限制能源巨头掌控电网与输气管道新规则达成一致，安哥拉将免除天然气勘探公司税负，叙利亚重组石油部门，     

国际会计准则--一种未来全球公认的会计模式

应用现代西方经济理论对国际会计准则全球化进行分析,同时从五大洲中各选择一个有代表性的国家进行论证,通过分析中国会计准则与国际会计准则的差异,提出一系列缩小差距,早日与国际准则趋同的措施.     

钱伯海学术思想述评

文章探讨与评述著名经济学家和学者钱伯海先生的学术思想。     

供应链中的牛鞭效应问题研究

牛鞭效应是供应链中一类典型的由不确定性导致的复杂现象。牛鞭效应对企业的效益甚至整个国家的经济会造成严重的影响，多年来一直受到人们的关注。减小供应链中的牛鞭效应是实现供应链管理的关键，也是提升供应链企业竞争力的有效方式之一。论文在介绍了牛鞭效应的基本概念及其危害的基础上，对引起牛鞭效应的原因进行了分析。最后针对每种根源讨论了减小牛鞭效应的可行对策。