中小企业的融资困境及其破解策略

近年来,中小企业已成为我国经济发展中的重要推动力量,但在其成长过程中,融资难一直是制约中小企业发展的瓶颈,究其原因既与目前所处的外部环境相关,又和中小企业的自身因素密切联系.文章阐述了中小企业融资难的现状,分析了造成此融资瓶颈的原因,并在此基础上提出了相应的解决策略.     

Brakes on Chinese Development: Institutional Causes of a Growth Slowdown

China has enjoyed spectacular economic growth since the 1980s. Economic models based on production functions typically suggest that China's rapid growth will continue at similarly high rates, but they ignore pressing structural and institutional constraints on its development. Among the problems identified in this paper, we point to an impending demographic shift that will greatly increase the number of economic dependents, the inadequate corporate legal foundation for indigenous private enterprise, and the discriminatory, defective and disruptive system of land tenure. These issues point to a pressing agenda of institutional reform to help China develop in future decades. Reforms have to concentrate on political structures, state efficiency, incentives to educate and train migrant workers, land tenure, and on private enterprise.     

Public Debt,Terms of Trade and Welfare: The Role of Capital Production Shares,External Balances,and Dynamic (In)efficiency

In view of still large external imbalances across the world economy and dramatically risen public debts in major advanced economies, this paper reconsiders the relationship between public debt, the terms of trade and welfare in a two-good, two-country overlapping generations model with technological differences across countries. We find that the terms of trade effect of a public debt shock depends only on international differences in capital production shares and the dynamic (in)efficiency of the world economy. As in a model with similar capital production shares, domestic welfare rises and foreign welfare decreases when Home has a positive external balance and the Golden Rule holds. Under dynamic efficiency, welfare decreases in the debt-expanding, net foreign creditor country if she has a relatively smaller capital production share, and if the welfare effect through the accumulation channel is negative. In contrast, under dynamic inefficiency she can increase her welfare by debt expansion.     

共同基金：中小企业融资途径新思路

中小企业对经济的贡献率越来越大，然而中小企业融资难的问题也越来越突出。本文设想多个企业联合建立共同基金以便于解决各自企业融资难的问题，并基于此思想而构造一种新融资模式。     

The green globe programme: Developing a greener future for travel and tourism

This paper examines the concept of sustainable tourism planning in New Zealand and its relationship to the Resource Management Act. The paper considers the public sector planning responses towards tourism development issues within the context of New Zealand's Resource Management Act, and the ability of these organisations to respond to tourism issues. It argues that the absence of a national vision for tourism is a major constraint on achieving sustainable tourism options at the regional and local level because the Resource Management Act s principles of sustainable planning are not guided by any national policy or strategy. By using a postal questionnaire, the paper provides the first in-depth analysis of planners responses to tourism and their ability to integrate tourism into the planning process within New Zealand. The paper also expands the arguments initially developed by Dredge &; Moore (1992) on the lack of integration in relation to tourism and planning.     

Fiscal deficits,monetary reform and inflation stabilization in romania

Developing countries have witnessed an increase in foreign bank participation during the last decade. Using bank level data for the period 1991–2001, we examine the influence of foreign banks on the financing of small firms in Tanzania. Despite dominating the banking sector, results suggest that the financing of small firms by foreign banks is insignificant compared to domestic banks. Clearly, there is a need for a new approach to policy that will encourage significant foreign bank lending to small firms.     

动态价值评估在汽车项目收购中的应用

本文从项目并购实例着手,对企业价值评估方法创新进行探讨。迄今为止虽已有许多企业价值评估方法,如账面价值法、重置成本法、股票和债券市场法、折现现金流量法、经济附加价值法等;但这些评估方法均无法以动态时效角度来评估企业的综合价值。当前价值评估在实践中有下述主要问题:(1)各种评估方法更多地停留在企业净资产或静态价值评估上,无法对动态价值变化提供有效的评估方法或体系;(2)现有评估理论和评估方法基于单一的、通用的、理想的企业价值环境,对企业价值变动的多元因素和复杂程度估计不足。为解决上述这些问题,本文根据项目实际操作过程,提出企业动态价值概念,拟建构一种可同时兼顾企业净资产价值、收益价值及动态价值多元兼顾的综合企业价值评估法,以突破传统方法仅能从单一角度或静态环境衡量企业价值的局限。     

International hotel chains and environmental protection: an analysis of Hilton's we care! programme (Europe, 2006–2008)

Using the case study method, this paper evaluates and analyses Hilton's we care! programme for improving the environmental performance of the 70 Hilton Worldwide hotels in operation in Continental Europe in 2006–2008. It explores the practical dimension of “greening” hotel operations in the context of corporate social responsibility (CSR), and demonstrates the close links between CSR and human resource management (HRM) in hotels. It deepens the understanding of corporate environmentalism and seeks to disseminate best practice among hospitality managers. The programme's distinctive and innovative character as well as its weaknesses and strengths are highlighted. Barriers to behavioural change in hotel operation are discussed. The programme involved over 16,000 employees, created hotel-specific action teams linking all employee levels and reduced energy use per square metre by 15%, water use and CO₂ emissions per guest night by 8% each over three years. Avoided utility costs totalled US$16 million, of which US$9.6 million can be attributed to changes in human behaviour. The paper makes a case for a holistic approach that combines the introduction of IT-based measurement and performance-assessing tools with genuine employee empowerment and green awareness raising. The study concludes with future managerial policy recommendations that simultaneously bear upon corporate environmentalism and HRM.     

Refactoring affordances in corporate wikis: a case for the use of mind maps

The organisation of corporate wikis tends to deteriorate as time goes by. Rearranging categories, structuring articles and even moving sections among articles are cumbersome tasks in current wiki engines. This discourages the layman. But, it is the layman who writes the articles, knows the wiki content and detects refactoring opportunities. Our goal is to improve the refactoring affordances of current wiki engines by providing an alternative front-end tuned to refactoring. This is achieved by (1) surfacing the structure of the wiki corpus as a mind map, and (2) conducting refactoring as mind map reshaping. To this end, we introduce WikiWhirl, a domain-specific language for wiki refactoring. WikiWhirl is supported as an extension of FreeMind, a popular mind mapping tool. In this way, refactoring operations are intuitively conducted as actions upon mind map nodes. In a refactoring session a user imports the wiki structure as a FreeMind map; next, conducts the refactoring operations on the map, and finally, the effects are saved in the wiki database. The operational semantics of the WikiWhirl operations follow refactoring good practices (e.g., authorship preservation). Results from a controlled experiment suggest that WikiWhirl outperforms MediaWiki in three main affordance enablers: understandability, productivity and fulfillment of refactoring good practices.