通货膨胀条件下的企业财务问题研究

宏观经济环境决定了企业发展的机会程度。由于市场竞争日趋激烈,特别是持续通货膨胀的冲击,对通货膨胀下企业财务问题进行研究已经很有必要。     

中小企业集群融资与民间资本对接运作模式研究——以浙江为例

在集群融资"交易成本理论、信息对称理论、经济效率理论"指导下,基于民间资本供需主体存在着发展目标的一致性以及功能互补性的理念,以浙江中小企业集群民间融资为对象,研究企业集群融资与民间资本对接的路径、对接渠道、对接运作方式,为中小企业集群融资提供运作模式与技术手段,为引导民间资本转型升级提供路径选择与政策建议。     

投资集团公司财务风险管理探究

投资集团存在于一定的客观环境中,面临的财务风险因素具有多样性。财务风险的综合管理不但有助于增强投资集团制订重要决策的能力,为投资集团实现价值最优化提供多种途径,而且还能进一步改变管理的方式并在全球化的趋势下加强企业之间的合作与协调,最终实现共赢。企业财务风险管理系统的建立,应根据管理指标系统,按现实中存在的差距,找到内控的薄弱环节,加强风险的计量、风险限额的确定与分配、风险监控,同时对企业进行动态的监测和管理,从动态中发现问题、解决问题,从而实现动态调控,将问题解决在萌芽状态。     

Debt structure and corporate performance in emerging markets

This paper examines the effects of public and bank debt financing on firm performance in emerging markets. Using data on 700 publicly traded firms from the BRIC countries, it is documented that bank debt may have a positive effect on firm profitability. While overall market assessment of bank debt financing is negative, it is found that fully bank-financed firms lose less of their market value. Main findings remain unchanged after addressing potential endogeneity issues by introducing a novel instrumental variable. Overall, the results suggest that higher levels of bank financing may have positive effects on firm profitability and market valuation.     

渔船燃油补贴的金融效应——以赣榆县下口村为例

我国渔船燃油补贴依据我国国情提出,有其自己的特殊性。油补发挥作用的基础是"双控"政策,即渔船船数和功率指标实行总额控制,在这一政策背景下,实施油补,不会造成出海捕鱼的数量增加,更深一步,不会造成渔船过多以至于造成过度捕捞。燃油补贴的发放,使得功率指标转化成渔民的一项可支配资产,可进行买卖,同时也为渔民的融资提供了一个新的途径。除此之外,目前渔民的运营模式也变得金融化,使得渔村金融的繁荣,充满活力。因此,燃油补贴在改善渔民生活水平的同时,也改善着渔民的运营态势。     

我国房地产企业的融资渠道分析

作为资金密集型企业,房地产业的发展壮大离不开庞大的资金支持。然而,我国房地产业目前正面临着自有资金不足、融资渠道单一、国家调控限制、股权及债券融资难度大等障碍。为消除这些障碍,国家需进一步建立健全房地产金融市场体系,适当放宽房地产融资渠道政策,发展多元化融资渠道和组合。     

Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs

The aim of this article is to investigate whether family control, family management and family ownership concentration affect the investment-cash flow sensitivity of small- and medium-sized enterprises (SMEs). By analysing a sample of Italian SMEs for the period 2004–2013, I find that family-owned businesses are significantly associated with higher investment-cash flow dependence. This relation, however, is found to be driven by two distinct factors: (i) the presence of a highly concentrated family ownership (ownership concentration channel) and (ii) the active involvement of the family in the business (family management channel).     

Risks for the long run: Estimation with time aggregation

The discrepancy between the decision and data-sampling intervals, known as time aggregation, confounds the identification of long-, short-run growth, and volatility risks in asset prices. This paper develops a method to simultaneously estimate the model parameters and the decision interval of the agent by exploiting identifying restrictions of the Long Run Risk (LRR) model that account for time aggregation. The LRR model finds considerable empirical support in the data; the estimated decision interval of the agents is 33 days. Our estimation results establish that long-run growth and volatility risks are important for asset prices.     

近代企业与金融关系研究的回顾——以企业融资为中心

金融发展水平制约着企业的改革与发展,两者关系密切。当前我国企业与金融的发展又具有一些特殊性,而从历史的角度考察二者的互动,有助于充分认识这种特殊性的来龙去脉,对今天的企业与金融的改革大有助益。因此,很多学者对近代以来企业与金融的互动加以研究,取得丰富成果。本文将围绕近代企业的筹融资行为,对20世纪90年代以来对近代企业与金融关系的有关研究加以回顾,以期为学者们后续的研究提供些许帮助。     

The Financial Implications of Using Decision Tree Analysis for Publicly Funded Health Care Screening in Canada

This article demonstrates that decision trees have several applications in screening for incidences of various cancers in the publicly funded health care system of Canada. This article reviews previous research on the design of various types of decision trees to identify the relevant decision-making parameters that should be incorporated into enhanced usage of decision trees. This article proposes a methodology for screening breast and prostate cancers. While an accounting is made for various financial costs and benefits, comments are made on the limitations of the modeling exercise through identification of problems in assigning probabilities, the use of samples in ascertaining population parameters, ethical concerns, and measuring a cost per life year. This article concludes with prospects for future research including private sector versus public sector financing and the incorporation of opportunity costs into the decision-making process.