Analysis of Credit Risks in Asset-Backed Securitization Transactions in Singapore

Asset-backed securitization (ABS) is a relatively new financial instrument in Singapore's capital market, which has been accepted by developers (originators) as an alternative source of financing. Credit assessment and rating requirements have not been imposed on the ABS bond issues. Default-risk evaluation has also been understated, if not omitted, in the process of structuring ABS deals. This is the first study that applies a theoretical default-risky swaps valuation model to evaluate credit risks in ABS bonds in Singapore. The Monte-Carlo simulation results, based on the Century Square shopping mall ABS case, show significant effects of the changes in rental volatility and default-free interest rate volatility on the default-risk premium of swap. More specifically, an increase in the rental volatility reduces the default-risky swap values significantly. However, an increase in the instantaneous default-free interest rate volatility increases the default-risk premium of swaps, and this effect is only observed in the high default-free interest rate volatility regime (above 20 percent). The results suggest that the rental dynamics of the securitized real estate are critical in determining the default risks of ABS deals. The fixed-rate (coupon yield) and floating-rate (rental cash flows) should therefore be adequately determined to reflect the default risks, which may be caused by the rental dynamics of the securitized real estate.     

英国房地产税制简介

房地产税是英国最主要的税种之一,包括住宅税和营业税。营业税自1990年起划为中央税种,税款上缴中央财政专户,作为支付转移资金,最终专项返还地方财政。     

对统一会计年度问题的思考

长期以来,我国实行统一的会计年度,所有单位的会计年度均自公历1月1日至12月31日止。在市场经济条件下,这种一刀切的会计年度不利于企业加强会计核算,政府加强监管,是造成会计信息失真、质量不高的重要原因之一,应尽快加以改革。现行统一会计年度存在的主要问题     

Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy

We develop a factor‐augmented vector autoregression (FA‐VAR) model to estimate the effects that unanticipated changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity, and loan markets. We find the decline in the U.S. policy rate since the Great Recession has led to a significant increase in Chinese housing investment. One possible reason for this effect is the substantial increase in the inflow of “hot money” into China. The responses of Chinese variables to U.S. shocks at the zero lower bound are different from those responses in normal times.     

A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment

It is important to investigate the correlation between housing price and household consumption to gain an understanding of the behavior of the economy and effectively handle the consequences of economic development. In the last two decades, the accumulation of housing wealth by Chinese households has not been effectively transmitted to their final consumption. We discovered that the sustained increase in household wealth and housing-ownership rate in China has been accompanied by a decrease in consumption rate. We also identified a negative correlation between housing price and household consumption for both the homeowners who own one housing unit and those who own two units of housing. We investigated this phenomenon in China both theoretically and empirically by capturing the dual nature of housing as a consumption good and an investment vehicle. We found that the demand for second housing units is motivated by increasing housing consumption demand rather than pure investment needs. To explain the mechanisms that drive household-consumption behavior, we also explored the effects on household consumption of China’s educational system, marriage market and ageing society, as well as future housing-market uncertainty. The implications of government intervention in the housing market are discussed.     

House Price and co-Residence with Older Parents: Evidence from China

Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this arrangement is facing a sizeable challenge, therefore also raising new research question about it. This paper attempts to investigate the phenomenon of co-residence of adult children with their elderly parents in China. Using the 2013 data of China Household Finance Survey (CHFS), we document that house price is indeed a significant determinant for the pattern of intergenerational co-residence. Our empirical results can provide interesting insights into the important implication of rising house price for household residential arrangements in this country.     

微生物防腐剂在食品保鲜上应用

随着科技的发展,食品工业也得到快速发展,食品保鲜是食品界十分关注的问题。在食品保鲜中常用的微生物防腐剂是一类由微生物产生的食品防腐剂,它能抑制微生物的生长或直接杀死微生物,是一种天然、安全、高效的防腐剂,在食品保鲜界的应用越来越广泛。本文首先分析微生物防腐剂的种类,然后具体介绍了在食品保鲜中使用最广泛的乳酸链球菌素和纳他霉素的具体应用,对于微生物防腐剂在食品保鲜上的应用有很强的现实意义。     

建筑工程高支模板支架搭设施工工艺要点浅析

对于建筑工程项目来讲,高支模施工技术是应用较为频繁的技术形式,因此必须要结合项目实际情况,加强高支模板支架搭设工作。文章就结合具体工程项目分析建筑工程高支模板支架搭设施工工艺要点。     

东莞篮球中心项目精细化管理的实践

面对建筑市场的严峻的形势及项目管理的粗放与困惑,精细化管理已成为项目管理必然发展的趋势。文章通过对东莞篮球中心工程案例贯彻细节决定成败、管理创造效益的思路,不断创造现场标准化工地建设的新水平,加大在建项目的管理力度,对项目精细化管理的实践与应用进行研究。通过对工程成本、质量、进度和安全等方面管理要素制定可行目标,提出了精细化管理的对策及措施,阐述了工程建设过程中所实施精细化管理的方法与技术,总结了实施精细化管理的一些体会。     

关于计量生产管理系统的研究

随着现代公司企业生产经营逐渐趋于标准化、自动化,传统的办公系统已经无法满足日常生产经营的管理需要,本文通过对计量院管理流程的工作模式进行分析,提出了先进的计量管理系统设计方案,设计并实现了可视化流程定制控件和表单定制模块,可视化流程定制很大程度减少了因业务流调整而导致的重复开发工作,大大提高了工作效率.