林权抵押贷款借贷双方的行为分析——以福建省永安市为例

在福建省永安市进行实证调查的基础上,从林权抵押借贷双方的行为出发,分析林权抵押参与金融机构的性质、参与程度、贷款规模和贷款结构;不同性质的借方参与林权抵押的程度及变化;以及普通农户贷款的特征。结果表明:林权抵押贷款供给以政策性金融为主,贷款越来越倾向于向资产较为雄厚的林业企业和林业大户;毛竹林成为普通农户的主要抵押物,而以村为单位牵头组织规模化的抵押贷款可以一定程度解决融资成本大的问题。     

Saving the Euro: Mitigating Financial or Trade Spillovers?

This paper analyzes through what channels the euro crisis affected firms and the efficacy of policies to mitigate the crisis. It analyzes stock price responses for 3,045 nonfinancial firms in 16 countries to four key policy events during 2010–11. Using precrisis benchmarks, it separates financial effects from trade effects and examines how bank and trade linkages propagated shocks. It finds that policy measures affected financially dependent firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries, in statistically and economically significant ways. Trade linkages with peripheral countries played little role, although euro movements meant some differential effects.     

论债务重组

随着经济发展，企业财务状况可能会发生困难，导致现金流转不畅，出现暂时的资金短缺，在这种情况下，债务人、债权人通过相互协商，债权人作出某些让步，使债务人减轻负担，渡过难关，这便是债务重组。其重组方式分五种。第一，以低于债务的账面价值的现金清偿债务；第二以非现金资产清偿债务；第三，债务转为资本；第四，修改其他债务条件；第五，以上两种或多种方式的组合。无论何种重组方式，债务人、债权人均要作出相应的账务处理。     

Lock‐In Effects in Relationship Lending: Evidence from DIP Loans

Do prior lending relationships result in pass‐through savings (lower interest rates) for borrowers, or do they lock in higher costs for borrowers? Theoretical models suggest that when borrowers experience greater information asymmetry, higher switching costs, and limited access to capital markets, they become locked into higher costs from their existing lenders. Firms in Chapter 11 seeking debtor‐in‐possession (DIP) financing often fit this profile. We investigate the presence of lock‐in effects using a sample of 348 DIP loans. We account for endogeneity using the instrument variable (IV) approach and the Heckman selection model and find consistent evidence that prior lending relationship is associated with higher interest costs and the effect is more severe for stronger existing relationships. Our study provides direct evidence that prior lending relationships do create a lock‐in effect under certain circumstances, such as DIP financing.     

利益相关者利益要求的实证研究

企业的本质是一个多边契约联合体,是由一系列目标不同且可能相互冲突的个体和群体所构成的复杂契约系统。在这个联合体中,每个利益相关者都有自己的利益要求。在不同的利益要求实现方式的作用下,这些利益相关者利益要求的实现程度可能会存在差异,这种差异会最终影响企业的绩效。因而,对于不同的利益相关者,企业必须采用不同的管理策略。企业应该采取合适的方式尽量先满足排序在前的利益要求。由于任何一个企业的资源都是有限的,在面对众多利益相关者的各不相同的利益要求时,企业管理工作最大的任务就是合理配置其人、财、物等多种资源,以求在各种利益相关者之间取得平衡,这种平衡将直接决定一个企业能否持续发展。本文从实证的角度研究各利益相关者的各利益要求,从而为企业考虑利益相关者利益和国家有关部门制定相关政策和采取相关措施提供借鉴。     

欧洲主权债务危机的特点与成因

欧洲主权债务危机延迟了全球经济复苏的进程。这次系统性的债务危机有其自身特点：外债存量庞大,爆发时间集中;蔓延速度快,欧元区为重灾区;债务重点为公共部门债务,短期负债增加;债务国集中在欧美核心发达国家;债务国债务负担过重,偿债能力减弱。造成这次债务危机的不仅有外部环境因素,还有内部经济制度因素。     

Credit Management: An Examination of Policy Choices, Practices and Late Payment in UK Companies

A central element in developing credit management policy involves design choices on the extent to which credit activities are best managed internally or through specialist market intermediaries. This paper draws on the findings of a survey on the credit management practices and policies of large UK companies to: (1) Examine the type of firm most likely to enter into specialist external credit management structural arrangements; and (2) Identify contextual and credit policy choices influencing the credit period taken and late payment of debts. The study found that specialist intermediaries are not particularly common in large firms. The paper also identifies a number of contextual and policy variables that help explain variation in debtor days and late payment by customers.     

中小企业间接融资困境与政府综合金融服务平台的构建

间接融资是中小企业的主要外源融资渠道,然而银企间信息不对称使许多具有发展潜力的中小企业被银行拒之门外,没有享受到虚拟经济迅速发展所带来的正向效用。本文提出了银行合格借款者项目源培育政府融资服务平台的构建思路,致力于合市场与政府之力解决中小企业间接融资难问题,并为促进实体经济与虚拟经济协调发展提供思路。     

论债务人申请更换破产管理人的权利——由“太子奶破产重组案”引发的思考

我国现行破产法律法规没有规定债务人拥有更换破产管理人的权利,“太子奶破产重组案”中出现的争议折射出我国破产法在破产管理人更换规定方面的缺失.因此,不论是从破产管理人的法律地位界定,还是从我国破产法律程序的实际操作,都应当赋予债务人中请更换的权利.     

上市公司财务治理结构的优化

上市公司财务治理结构存在的典型问题主要有:大股东占用公司资金,非公平的关联交易,权力制衡与激励机制不完善,信息披露制度存在缺陷等。化化公司财务治理结构应界定清晰的财务主体,规范落实股东财务治理权,完善经营者激励监督机制以及充分发挥债权人在财务治理中的作用。