Where Do Financial Constraints Originate from? An Empirical Analysis of Adverse Selection and Moral Hazard in Capital Markets

Despite the voluminous and growing literature on financial constraints, the origins of the constraints are hardly ever empirically analyzed. This paper offers such an analysis. We study, in particular, the empirical prevalence of adverse selection and moral hazard in capital markets using a unique survey data on Finnish small and medium-sized enterprises (SMEs). The survey data suggest that adverse selection is empirically more prevalent than moral hazard in the capital markets that the SMEs face. We also find that of the variables indicating the presence of adverse selection and moral hazard, the former has more explanatory power in regressions modeling the availability of external finance to the SMEs than the latter. Finally, we document that our proxies for adverse selection and moral hazard are inversely related to the age of firms, just like Peter Diamond’s (1989) model predicts.     

自适应约束下的双边全变差正则化超分辨率重建

在经典的双边全变差(BTV)超分辨率重建中,加权系数和正则化参数的恒定性导致重建结果边缘保持能力受限。为此,提出了一种自适应约束的BTV正则化先验模型。算法首先定义了图像的局部邻域残差均值以区分当前像素属于平坦区域还是边缘区域;然后针对加权系数的不变性导致边缘削弱的问题,利用边缘方向和垂直边缘方向扩散性的不同,设计自适应权重矩阵;最后根据代价函数的极值问题推导出迭代公式,从而进行图像的超分辨率重建,重建过程中采用自适应的方法确定正则化参数,以便求得代价函数的全局最优解,提高了算法的鲁棒性。实验结果表明：与双三次线性插值法和经典BTV算法相比,该算法取得了更好的视觉效果和更高的峰值信噪比,更多地保留了图像的边缘细节信息。     

Access to finance,working capital management and company value: Evidences from Brazilian companies listed on BM&FBOVESPA

In this research, we have analyzed the impact of financial leverage on the relationship between working capital and company value and how financial constraints on access to financing affect this relationship. In addition, we have analyzed the relationship between working capital and company value. Using a sample of Brazilian public companies listed on BM&FBOVESPA from 1995 through 2009, we found evidence for the following conclusions: an extra Real (R$) of investment in working capital is significantly less worth, on average, than an extra Real (R$) of investment in cash; and, on average, increasing the level of working capital at the beginning of a fiscal year reduces company value.     

股权激励、契约异质性与实体企业金融化

从股权激励视角切入,利用2008—2019年沪深A股上市公司的经验数据,探究股权激励对企业金融化的影响。研究发现：从整体上看,股权激励会抑制企业金融化。基于微观契约层面,股权激励强度越大,股权激励对企业金融化的抑制程度越大;相较于限制性股票,股票期权对企业金融化的抑制程度更大;只有激励期限较长的股权激励才会抑制企业金融化。作用机制检验表明,股权激励会降低股东与管理层之间的代理成本、缓解融资约束进而抑制企业金融化。研究结论有助于充实和深化股权激励与企业金融化关系研究,也为从公司内部治理层面防范和化解实体经济风险提供证据支持。     

Market Implied Ratings and Financing Constraints: Evidence from US Firms

Financing constraints have been found to play an important role in several aspects of firm behavior, but no attention has been given to their effects on credit ratings. In this paper we analyze a unique and comprehensive data set for US firms rated by Fitch over the period 2001–07. We employ Fitch's market implied ratings derived from bond and equity prices. The analysis finds evidence that financial variables are more important in predicting credit ratings for firms likely to face financing constraints. We conclude that the financing constraint is an important dimension in the market implied ratings process. Our findings are of relevance to managers, investors and rating agencies seeking to understand the mechanism through which financing constraints affect credit ratings.     

内部控制、会计稳健性与融资约束

本文以2005--2012年沪深A股上市公司为研究对象,基于现金一现金流敏感性视角探讨了内部控制与会计稳健性对企业融资约束的影响效应。研究发现：会计稳健性水平的提高有助于缓解企业的融资约束,内部控制水平的提高也有助于缓解融资约束。进一步研究发现：随着会计稳健性水平的提高,内部控制的有效性对降低融资约束的作用在下降;随着内部控制水平的提高,会计稳健性缓解融资约束的效应在减弱,即内部控制与会计稳健性在缓解融资约束方面存在一定的替代效应。     

基于蚁群—关键链的资源受限项目调度

针对资源约束下的多项目调度问题,在前人提出的有效启发式算法研究路径基础上,提出了基于蚁群—关键链的多项目资源调度算法：采用了蚁群算法找到关键链,然后利用关键链的“剪贴法”,在该计划中嵌入输入缓冲和项目缓冲,保证项目计划在非确定环境下的稳定执行,并能更准确地确定项目的完工时间.     

经济周期、融资约束与流动性管理--基于交通运输业的实证分析

经济周期波动对交通运输企业的流动性管理有显著影响。经济周期通过产品市场渠道、资本市场渠道影响企业的外部融资成本,从而导致企业在经济衰退期面临更加严峻的融资约束,并传导到流动性管理行为。与其他行业相比,我国交通运输企业的流动性管理整体上受经济周期的冲击更为显著。因此,交通运输企业必须实施有效的周期性流动管理,政府部门也应该实施周期性的差异化产业政策。     

商业银行建立防范操作风险长效机制的思考

操作风险是商业银行需要着力防范的重要风险,也是最难化解和规避的风险,本文作者结合多年的业务工作实践,对商业银行具体的业务领域进行了深入的研究,从操作风险的类型、产生的原因入手,对操作风险进行了分析,提出了防范和控制操作风险的应对措施,具有很强的指导意义和应用价值。