Optimal investment with fixed financing costs

Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities.     

The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

A Comparison of Cost of Equity Estimates of Local and Global CAPMs

Cost of equity estimates are compared for three pricing models: the traditional local CAPM, the single (market) factor global CAPM, and the two‐factor global CAPM, with both market and currency index factors. For 2989 US stocks, the average difference in the cost of equity estimates is about 48 basis points between the local CAPM and the single‐factor global CAPM, and is about 61 basis points between the two global models. For 70 developed‐market ADRs, the corresponding average differences are 76 and 47 basis points, respectively. For 48 emerging‐market ADRs, the corresponding average differences are 57 and 70 basis points.     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

中小企业成长的理论

概根据相关文献资料对中小企业成长的理论观点,本文作了归纳、整理,目的在于识别影响和决定其成长的关键因素,理解和把握其生存发展的规律,以有助于从事创业的企业家和中小企业经营管理者借鉴,为政府制订面向中小企业的支持体系建设提供理论依据。     

交易费用与企业技术创新战略决策

对企业技术创新战略决策进行了两阶段分析，并采用交易费用理论对创新企业技术创新来源决策进行了分析，认为企业内部技术创新是企业吸收外部技术的基础，大部分企业技术创新将走自主创新与引进创新相结合的道路。     

Theory and practice of value management and its innovation for natural resources from the perspective of sustainable development

The supreme obstacle for sustainable development of natural resources is the scarecity, bottleneck. So how to promote the sustainable utilizing and increase the using efficiency of natural resources is worth studying. This paper suggests that we should improve the model and means of evaluating method and value management based on th~ theory of natural resource compensation. This paper discusses the User Cost Method based on the microeeonomicaspect which can change the evaluating method for natural resources. From the perspective of value managemen model, we should use the User Cost Method to realize the linkage and integration of micro and macro eompensation for natural resources. Based on the evaluating and aecounting idea User Cost Method, this paper presents a theo. retical framework to harmonize and link micro and macro compensation for natural resources. At present, we should seek the new approach and method to manage natural resources, so can we realize the capitalization managemen focusing on the vahte management for natural resources.     

我国通信业客户忠诚驱动因素研究

客户忠诚指客户行为的持续性,它对确立企业的核心竞争力具有重要影响。文章认为,客户忠诚是内外部环境因素共同作用的结果。而通讯服务质量、信任、转网成本、员工忠诚是影响通讯业客户忠诚的重要因素。其中,良好的通讯服务质量是维系客户忠诚的保障;信任是客户再购买行为产生的前提;转网成本对通讯业客户忠诚有着不可忽视的影响;员工忠诚有助于客户忠诚的建立。我国通讯运营商要建立客户忠诚,必须以客户导向的营销理念作为企业经营管理的主导思想;加强技术创新,为客户提供全方位的优质服务;与客户之间建立相互信任的合作关系,为长远合作奠定基础;提高转网成本和员工忠诚度,为建立客户忠诚打下坚实的内部基础。     

集体土地“以租代征”问题的经济学分析及其对策研究

文章从经济学中的成本一收益分析的角度，对土地利用规划实施中的“以租代征”问题进行了剖析，认为经济利益关系恰恰是土地利用总体规划实施中问题的主要根源，并提出考虑各个利益主体间的收益、成本和体制方面的解决思路。     

引起承包商成本超额的不可抗力风险因素研究

本文介绍了引起承包商成本超额的不可抗力风险因素，并对此进行具体分析，指出了各风险因素与成本超额的关系，为承包商进行风险控制了理论指导。