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。     

股权结构对合资企业绩效的影响研究——基于组织学习的视角

作为影响国际合资企业发展和运作的一个重要因素,股权结构与企业绩效的关系研究,是相关学术领域的一个重要议题。但不同学者的研究结论依然存在分歧,表明合资企业股权结构与其绩效之间的关系并不单纯。本研究从组织学习视角,运用吸收能力这一构念,对合资企业股权结构与绩效之间的复杂关系,以及内部作用机制进行探究,以期为这一重要研究议题,提供来自中国市场的证据。通过对95家中外合资企业的实证研究,我们发现,中外双方均衡持股的合资企业拥有最高的绩效,中方控股的次之,外方控股的最低。同时发现,合资企业的吸收能力在股权结构影响企业绩效的过程中起到完全中介的作用,较好地揭示了股权结构对合资企业绩效影响的作用机制。研究者建议,中国企业在参与国际合资时,对于股权控制问题应非常慎重,且不能轻易放弃控股权;在股权结构不变的条件下,则需要有意识地通过组织管理控制策略,提高企业的知识吸收能力,以获得更高的绩效。     

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。     

关于合资铁路委托管理问题的思考

回顾武夷山铁路有限责任公司经营模式变迁历程，结合当前公司实行委托经营存在的问题，探讨合资铁路公司如何通过明确受托责任、强化收入激励、硬化成本约束等措施，完善委托管理模式，进行合资铁路公司体制机制创新，推动合资铁路公司健康发展。     

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).     

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.     

论企业筹资风险的成因与识别方法

筹资风险是指企业在筹资活动中因资金供给、需求市场、经济环境的变化或筹资来源结构、期限结构等因素而给企业财务成果带来的不确定性。基于此,论述了企业筹资风险的成因,着重阐述了企业筹资风险识别的方法。     

美日中小企业融资方式给中国的启示

本文首先对美日两国的中小企业的融资方式进行比较,然后又研究了中国中小企业的融资的方式,并与美日进行比较,在此基础上得出对中国中小企业融资方式的经验和启示。     

A NEW CINDERELLA STORY: JOINT VENTURES AND THE PROPERTY RIGHTS THEORY OF THE FIRM

Joint ventures (JVs) are a common form of inter-firm collaboration and, unsurprisingly, the subject of a vast literature, extending from economics to management and business studies. Issues of control are central to the definition of JVs, and this naturally calls for an interpretation in the context of the property rights theory (PRT) of the firm. In a series of seminal papers, Grossman, Hart and Moore (GHM) offer a rigorous framework to predict the allocation of control rights. Notably, under the standard assumptions of GHM, JVs are suboptimal. However, JVs are not suboptimal in more general settings where a number of the original framework's assumptions are relaxed. In the context of PRT, this paper surveys more than 20 contributions that address the optimality of JVs under contract incompleteness. The surveyed papers question the assumptions of GHM and reveal the circumstances in which JVs outperform sole ownership. Although contributions are scattered over time and bibliographical sources, we believe sufficient material has accumulated over 25 years of economic modelling to encourage some systematization. The discussion is organized in an intuitive and non-technical way; in particular, effort is devoted to analysing each paper in detail and providing a unified framework.