物流银行——中小企业融资新途径

中小企业一直存在融资难的问题,本文介绍一项金融创新--＂物流银行＂质押贷款业务,该业务的推出成功地解决了这一问题.但在实际运作中仍存在很多问题,而且要注意风险防范,本文对此给出了建议.     

中国移动（香港）并购融资安排及其启示

并购活动需要大量资金支持,融资难已成为制约大规模战略并购的瓶颈之一.本文基于并购融资安排理论,通过对中国移动(香港)有限公司一系列并购融资安排的详细描述、统计、分析,揭示了中国移动(香港)并购融资的一些规律,从而说明企业应根据自身实际情况选择不同的并购融资安排,这对我国上市公司并购活动的融资安排具有重要的借鉴意义.     

中小企业贷款融资的现状分析及其支持体系构建

文章从目前中小企业贷款融资现状出发,对国有商业银行、地方金融机构、担保机构三方面信贷支持进行分析,从而提出构建以地方金融机构为主体、国家政策性银行为补充、信用担保机构为辅助的贷款支持体系,以期从根本上解决中小企业贷款支持问题。     

融资约束与公司投资关系研究综述

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。     

长期筹资科学化的初步探索--构建最佳资本结构模型

助计算机用定量方法快速有效的解决长期筹资决策问题是知识经济时代对企业的必然要求。最佳资本结构模型用计算机运筹学的方法来决策不同筹资方式的最优筹资额，以帮助企业实现长期筹资目标同时也是财务管理最终目标——企业价值最大化。     

债务融资的治理效应:理论分析与实证检验

首先就西方财务学关于债务治理效应的理论进行了综述，然后采用中国上市公司的经验数据，对债务融资比例与企业绩效指标的关系进行了检验，得出了债务治理效应不佳的结论。这一结论似乎与西方财务学对债务治理效应的主流分析不符。通过分析其中的现实原因，就如何改善中国企业的债务治理效应，提出了相应的政策建议。     

对融资制度与企业融资行为选择的思考

比较国际上两种主要融资制度绩效,实证分析我国的融资制度,仍存在着一定程度的扭曲,距离真正市场化有差距,成因在于融资制度本身的内部结构缺陷和外部宏观环境改革滞后,根源在于银企都不是真正的融资主体,导致企业融资行为出现变异.鉴于融资制度同企业融资行为模式存在内生一致性,推进政府的经济、金融制度改革,实现企业融资行为的合理回归,使之朝着以银行中介为主的融资模式向以股票市场股权融资为主的融资模式转换,才是中国企业融资行为模式的理性选择.     

中国OFDI影响出口的质量效应与成本效应研究——基于异质性产品价格分解模型

基于异质性产品价格分解模型，运用联合国UN Comtrade 2003-2016年产品-目的国层面出口数据，考察中国OFDI影响本国出口的质量效应和成本效应。研究发现：中国OFDI显著提升了出口产品质量，并对出口产品成本产生降低作用。从目的国收入看，金融危机前，中国OFDI对出口质量的提升以及对出口产品成本的降低作用，主要通过对高收入和中高收入国家的投资实现；而金融危机后，则主要通过对中低收入国家的投资实现。从产品类型看，中国OFDI显著提高了差异性产品和中间产品的出口质量，并对两类产品的成本产生降低作用；但对同质性产品和最终产品，只对其出口产品成本存在显著降低作用，对出口质量的提升作用不显著。因此，以投资带动贸易仍然是推动中国外贸高质量发展的有效举措。     

Export marketing,interfunctional interactions,and performance consequences

Firms with export operations have internal environments that are often geared toward serving the home market. As a result, export marketing and other business functions compete for resources, which thus increases the likelihood of conflict between them. Using survey responses from more than 700 exporting firms, the authors test a model of the antecedents and consequences of two important interaction variables: exporting’s interfunctional connectedness and conflict. The model explains 52 percent and 49 percent of variance in exporting connectedness and conflict, respectively. The authors identify the key drivers of successful interactions as follows: management commitment, organizational training and reward systems, relative functional identification, centralization, and export employee job satisfaction and commitment. The authors also demonstrate that connectedness is most critical for export success when export markets are in a state of turbulence, whereas conflict is most detrimental when the firm’s export environment is stable. John W. Cadogan (j.w.cadogan@lboro.ac.uk), Ph.D., is a professor of marketing in the Business School at Loughborough University, United Kingdom. His primary areas of research interest are international marketing, marketing strategy, and sales management. He has published on these issues in theJournal of International Business Studies, theInternational Journal of Research in Marketing, theJournal of Business Research, Industrial Marketing Management, theEuropean Journal of Marketing, theInternational Marketing Review, theJournal of Marketing Management, theJournal of Strategic Marketing, and other academic journals. He received his degree from the University of Wales (United Kingdom). Sanna Sundqvist (sanna.sundqvist@lut.fi), Ph.D., is a professor in international marketing in the Department of Business Administration at the Lappeenranta University of Technology (Finland). Her research interests deal with the international diffusion of innovations, market orientation (especially in an international context), and consumers’ adoption behavior. She has published in theJournal of Business Research, theInternational Journal of Research in Marketing, theEuropean Journal of Marketing, theCanadian Journal of Administrative Sciences, and theAustralasian Marketing Journal. She received her degree from the Lappeenranta University of Technology, Finland. Risto T. Saiminen (risto.salminen@lut.fi), Ph.D., is a professor of industrial engineering and management, especially marketing, in the Department of Industrial Engineering and Management at Lappeenranta University of Technology, Finland. His primary areas of research interest are customer relationships and networks in business marketing, pedagogy in industrial engineering and management, and international marketing. He has published on these issues in theJournal of Business and Industrial Marketing, theJournal of Marketing Management, theEuropean Journal of Engineering Education, theInternational Journal of Research in Marketing, theEuropean Journal of Marketing, and theAustralasian Marketing Journal. He received his degree from Lappeenranta University of Technology, Finland. Kaisu Puumalainen (kaisu.puumalainen@lut.fi), Ph.D., is a professor in technology research in the Department of Business Administration at Lappeenranta University of Technology, Finland. Her primary areas of research interest are innovation, international marketing, and small businesses. She has published on these issues in theInternational Journal of Research in Marketing, theJournal of Business Research, theEuropean Journal of Marketing, R&D Management, theCanadian Journal of Administrative Sciences, theJournal of International Entrepreneurship, theAustralasian Marketing Journal, and theInternational Journal of Production Economics. She received her degree from the Lappeenranta University of Technology, Finland.     

中小企业融资环境优化研究

我国中小企业融资环境的现状可概括为融资渠道单一、融资手段缺乏，优化中小企业融资环境已成为目前经济发展中迫切需要解决的问题。文章依据中小企业融资环境的基本理论，分析影响我国中小企业融资环境中存在的问题，提出了优化我国中小企业融资环境的对策。