黄淮地区民间融资发展状况研究——以驻马店市为例

以驻马店市为例分析了黄淮地区民间融资的发展状况,进而分析了其存在的问题,最后就如何完善黄淮地区民间融资市场,趋利避害,提出了相应的对策建议。     

大型银行、中小企业与贸易融资:青岛案例

长期以来,商业银行尤其是大银行拓展中小企业信贷市场一直面临困境。但中国工商银行青岛分行却以中小企业商品交易为基础,较为成功地开发了一系列贸易融资产品。由此可以看出,在特定的产品、制度和技术保证下,大银行也可以成为中小企业信贷市场上的有效资金供给者。     

A quantitative study of financing efficiency of low‐carbon companies: A three‐stage data envelopment analysis

This study set out to evaluate the financing efficiency of low‐carbon companies. Applying a three‐stage data envelopment analysis with the data from 85 listed companies in China's low‐carbon industries over the period 2011 to 2017, this study has found that the overall financing efficiency of low‐carbon companies was relatively high, and the pure technical efficiency was quite steady over the period. The overall financing efficiency of these low‐carbon companies on average tended to change with the scale efficiency. This study has also shown that the scale efficiency was the main constraint influencing the financing efficiency of low‐carbon companies in China over the period. Our results are robust and have significant implications for policy makers and corporate managers.     

金融集聚能缓解中小企业融资约束吗？——基于非线性和区域异质性的视角

以2009—2017年上市中小企业面板数据为样本，应用现金现金流敏感性模型分析了金融集聚对中小企业融资约束的影响。研究发现：整体上金融集聚可以一定程度缓解中小企业融资约束，但存在地区性差异，且门槛效应明显。金融集聚对低金融集聚水平地区的中小企业融资困境有明显改善，但其影响随着金融集聚水平的增加而减少。当金融集聚水平超过高门槛值时，这一作用非常微弱，总体上呈现非线性特征。这说明当金融资源高度集中时可能产生挤出效应。     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.     

基于融资行为的中小企业社会信任网络构建

中小企业社会信任网络的多层次性与其融资的可获得性有着密切的关系。通过社会信任网络解决中小企业内生资源不足问题，利用网络内含的默契、惯例、信任以及惩罚机制，构建以融资效率为核心的中小企业社会信任网络，有助于改善中小企业融资环境，消除中小企业融资障碍，提高中小企业融资效率。     

金融中介职能、会计质量与债券违约风险——海龙短期融资券案例分析

利用案例分析方法分析了短期融资券"11海龙CP01"的发行和兑付过程,发现债券发行公司在发行债券前后均存在会计质量、公司运营以及内部治理等方面的问题,包括评级公司、承销商和会计师事务所在内的金融中介机构并未对这些问题及时披露,而这不利于信用风险市场化体系的建立,阻碍了债券市场的长期健康发展。     

利率管制松绑、企业会计信息披露质量与融资约束

已有研究发现,以资本价格——利率为代表的要素市场改革会对企业行为产生重要影响,但这种影响的作用机理如何通过改变资本市场中的信息供求关系予以实现,亟待深入研究。为此,本文以我国2013年央行全面放开利率管制为背景,基于产权性质差异构建双重差分模型,检验利率管制松绑在企业层面的信息溢出效应。研究发现:央行全面放开利率管制不仅有助于促进企业披露高质量的会计信息,还能够缓解企业的融资约束,且企业信息披露质量的提升是导致利率管制松绑降低融资约束的重要渠道。进一步研究发现,对于市场化程度较低地区、R&D投入较高以及短期贷款占比较大的公司,上述信息溢出效应更加显著;另外,利率管制松绑后企业披露高质量的会计信息能够增进投资者的信任,提高信息披露的价值相关性。以上研究结论表明,为应对利率市场化改革带来的机遇与挑战,保障可持续发展,企业会选择主动优化信息环境,来消除信贷市场摩擦,解决“融资难”问题。     

Corporate commitment to climate change action,carbon risk exposure,and a firm's debt financing policy

Motivated by the rising consensus that corporate engagement in climate change actions holds the key for society's transition into environmentally resilient economy, the study examines whether a firm's commitment to climate change action and its carbon risk exposure shape the firm's debt financing policy. Based on insights drawn from signaling, corporate reputation, and agency theories, we develop models that link corporate commitment to climate change actions and a firm's carbon risk exposure with its debt financing decisions. Using data drawn from S&P 500 companies, for years 2015 to 2019, we find a robust evidence that firms that engage in higher levels of commitment to climate change actions issue a higher proportion of debt with longer terms to maturity, even after controlling for their carbon risk exposure. However, we do not find a robust evidence corroborating an association between firms' carbon risk exposure and their debt financing policy. These findings are consistent with arguments that high-commitment firms enjoy positive reputation, better credit rating, and reduced agency and information asymmetry costs, allowing them to gain easier access to long-term debt markets.     

基于PPP模式工程项目融资风险管理的思考

近年来,我国的经济发展较为迅猛,呈现出繁荣的景象。在此基础上,推动项目融资风险管理的出现与成长,而PPP模式较为突出,不同于暗含经济风险的传统型风险管理,能够在一定程度上助力政府财政支出压力的降低。但是需要多加关注的是,PPP模式的工程项目融资本身就具备一定的风险因素。为此,论文着眼于实际情况,充分考虑其基本特点,提出行之有效的防患策略,为我国顺利推进PPP模式工程项目管理工作提供一定的借鉴意义。