Capital Structure and Investment Financing of Small and Medium-Sized Enterprises in Vietnam

Insufficient sources of internal financing and inaccessibility of external financing are acknowledged as crucial constraints on new investment for small and medium-sized enterprises (SMEs). This study examines how capital structure is related to investment decision for SMEs in Vietnam. In particular, we investigate the effect of capital structure on the decision to seek new investment as well as the choice of its financing sources. The main results reveal that SMEs with high financial leverage tend to engage more in seeking new investment. Moreover, empirical results demonstrate that among SMEs seeking new investment, those with higher financial leverage are more likely to choose external financing rather than internal financing. These results confirm the dynamic feature of the pecking order theory in the context of SMEs’ capital structure in Vietnam.     

Political Connections and the Efficiency of Capital Allocation Through Bond Financing in Chinese Listed Companies

Using a database of firms issuing short-term financing bonds and mid-term notes in China from 2007 to 2011, we uncover whether and how political connections influence the companies' capital allocation efficiency. The authors show that politically connected firms have significantly lower capital allocation efficiency, especially in the case of overinvestment subsamples. In addition, different types of political connections have different effects on firms' inefficient investments. Compared with firms connected to members of the people's congresses and the Chinese People's Political Consultative Conference (MPCP firms), firms connected to government officials (GOF) overinvest more and underinvest less. One year after bond financing, GOF politically connected firms decreased overinvestment, while underinvestment undergoes an upward trend in the MPCP firms.     

Study on the Efficiency of Fund Allocation of Listed Companies in the Process of Industrial Structure Adjustment

Through the analysis of the accomplishment of trade fund allocation and industrial structure adjustment, we find there are big differences in the efficiency of using the trade fund of listed companies. It is very important to optimize the trade allocation of the fund. As to the efficiency of allocating the trade funds, the two indexes, trade competition and enterprises technology have the strong instructive meaning. And the trade assets with characters of resource monopoly and consumption particularity are used most effectively. While promoting the industrial structure adjustment of listed companies in the future, we should consider the competitive situation of the trade and the technological situations of enterprises in the companies＇ access and in the fund allocation sufficiently. This paper puts forward some countermeasures and suggestions to solve the problems of the unreasonable allocation of trade fund in companies coming into market, the low effect of the use of the whole fund in listed companies, etc.     

市场进入次序优势在基金业中的实证研究

本文对基金市场的进入次序优势进行了实证研究。选取54只封闭式基金作为样本，以基金净值增长率为因变量，以基金设立时间、基金规模、证券指数变化、利率等为自变量，进行回归分析。结果显示基金市场存在先动优势，即基金设立时间越早，平均净值增长率越高。     

基于神经网络的订单预测研究

快速变化的市场对企业的生存和发展提出了更高的要求,而按照代表顾客需求的订单进行生产则是企业提高柔性和竞争力的关键.正因为如此,准确地预测订单就显得异常重要.文章利用BP神经网络和径向基神经网络建立了新的订单预测模型,并通过解决一个实际问题对其仿真结果进行了比较.     

西方资源配置过程研究综述与评价

多元化公司在多个业务部门间的资源配置问题是组织决策研究者和企业管理者要解决的重要课题,西方学者采用描述性过程模型取得了丰富的研究成果.文章通过对西方多元化企业实地研究形成的描述性RAP模型及其内外影响因素相关理论的综述与评价,期望能拓展我国多元化企业战略管理、创新管理及相关研究的思路.     

一种固定宽带无线接入系统中话音业务的动态接入技术

在简单介绍固定宽带无线接入系统之后 ,给出了一个 3.5GHz固定宽带无线接入系统中的MAC实现方案 ,着重研究了话音业务如何动态地接入骨干网 ;最后给出了话音业务通过E1接口接入PSTN的实现框图。本系统工作在 3.5GHz频段 ,采用FDD的双工技术、TDM/TDMA的复用多址技术、MAC技术实现了数据 /话音混合传送 ,并且通过动态资源分配保证了带宽的有效利用。     

政治资源配置与社会主义和谐社会的构建

政治资源的配置是影响社会和谐的主要因素,和谐社会应当是政治资源配置得当的社会.构建和谐社会的基础性工作是政治资源的优化配置.和谐社会构建的核心是制度资源的优化配置,其基础是财政资源的优化配置,其保障是意识形态的优化配置.     

农村公共物品供给与投资优先序问题调查

从农村基层视角,实证分析现阶段农村公共物品供给状况和进一步投资优先序问题。结果表明:现阶段农村公共物品有了长足的发展,但仍然存在结构性和区域性不足;今后投资优先序依次为农业水利设施和道路、医疗保健和社会保障、信息服务和文化娱乐等,但不同地区、不同地形、不同区位、不同收入水平下优先序存在显著差异。要充分尊重农民意愿,根据各地实际情况正确确定农村公共物品投资优先序,进而区分轻重缓急、合理确定各项公共物品投资规模,实现有效供给。     

Extent and evaluation of protection in developing countries

Tariff protection and nontariff barriers are higher in developing countries than in industrial nations. The tendency of protection to decline with a higher level of development can be explained by the role of import taxes in government revenue, by export pessimism, and by differential treatment of developing countries under GATT.Protection against imports is a burden on the export sector. Trade liberalization has important effects on economic growth and factor productivity. Recent programs of trade liberalization are implemented together with complementary macroeconomic policies to enhance the possibility of sustaining trade policy reforms to be sustained.