Optimal investment with fixed financing costs

Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities.     

Public finance and the optimal speed of transition*

We develop a general equilibrium model that jointly considers the influence of capital accumulation constraints and of labour market frictions on the process of transition. We endogenize the economic and budgetary costs of different government policies and show that, early in transition, governments ought to subsidize state firms. Provided that intertemporal commitment is feasible, this policy limits the initial output fall, which relaxes capital accumulation constraints, accelerates transition, and increases welfare. Moreover, by resorting to indirect – instead of direct – taxes, governments can bring the path of transition closer to the first best. Yet, political pressures may induce a policy of suboptimal subsidization.     

农业供应链金融视角的农户信贷约束缓解效应研究——来自湖南农户的经验证据

采用多元多值非条件Logistic回归方法,依据湖南省50个县(市、区)1059个农户样本数据,考察农业供应链金融对农户信贷约束的缓解效应。结果显示：农户参与农业供应链金融能够缓解供给型与需求型农户信贷约束,缓解效应随着农户收入增长、金融发展和农户社会资本提升而减弱,机制检验证实了信息对称、信用等级、交易成本、抵押替代在缓解农户信贷约束过程中起到部分中介效应。鉴于此,需要在创新模式、优化环境以及加强引导上着力发展农业供应链金融。     

外资进入对本土企业风险承担的影响：资本逐利还是风险规避

外资自由化作为我国资本市场开放的重要内容,在促进境内外资本要素互联互通的同时,也深刻影响着微观企业行为。以我国2007—2017年A股上市公司作为研究样本,实证检验外资进入对我国本土企业风险承担的影响。研究发现：外资进入能够显著提升企业的风险承担水平。进一步地,外资进入对企业风险承担的促进效应在融资约束严重、股权集中度更高和市场化进程缓慢地区的企业中更加显著。此外,在不同资本市场开放水平,外资进入对企业风险承担的作用存在明显差异。     

Collusive Long-Run Investments Under Transmission Price-Caps

In the short run, constraints in the electricity transmission system may give market power to generators. This paper examines whether the constraints themselves are a long-run equilibrium outcome in a competitive environment. We show that independent transmission companies and generators can tacitly collude to raise prices to consumers and divide the resulting profits. We also show that price cap regulation does not prevent this behavior and may in fact contribute to it. The mechanism for collusion is that generators locate their plants so that a capacity-constrained transmission line lies between them and their consumer market. We show that this constraint-based collusion can be sustained in a static game without any punishment strategies.     

Investment opportunities and cash holdings of firms: an empirical study on Korean firms

We find that the cash flow sensitivity of cash holdings of firms whose investment opportunities are lower is significantly higher by examining a panel data of 898 Korean firms for 1999–2014. The cash flow sensitivity of investment is also found to be lower in case of low investment opportunity. Both findings suggest that firms decide to hold cash in response to an increase in cash flow when they do not have a good investment opportunity. Precautionary motive because of financial constraints and uncertainty, and agency problems, however, are not associated with the cash flow sensitivity of cash holdings. These findings imply that it is necessary to develop new investment opportunities to encourage firms to spend more cash in Korea.     

基于时间约束的多源多品种随机配送系统模型

在基于时间竞争的随机需求环境下,配送系统设计除了使系统总费用的期望值最小外,还要考虑系统稳定性和服务水平等方面的要求。在说明了建模的假设条件后,建立了考虑随机需求和时间约束的多源配送系统随机模型。通过等价变换,将随机模型转化为确定性等价问题,从而方便了问题的求解。     

Capacity constrained firms in (labor) markets with adverse selection

Summary. We discuss a competitive (labor) market where firms face capacity constraints and individuals differ according to their productivity. Firms offer two-dimensional contracts like wage and task level. Then workers choose firms and contracts. Workers might be rationed if the number of applicants exceeds the capacity of the firm. We show that under reasonable assumptions on the distribution of capacity an equilibrium in pure strategies (by the firms) exists. This result stands in contrast to the case of unlimited capacity. The utility level is uniquely determined in equilibrium. No rationing occurs in equilibrium, but it does off the equilibrium path. Received: December 29, 1999; revised version: November 30, 2000     

基于双重约束的区域耕地整理适宜性评价研究

[目的]科学合理的适宜性评价是确保耕地整理能够有效开展的前提条件,同时对于我国的耕地保护与粮食安全保障也具有极为重要的意义。[方法]该研究首先选取可以反映区域耕地整理适宜性的指标因子,然后参考胡学东提出的约束条件评价模型,引入区域生态安全和社会经济双重约束,对研究区域在双重约束下的耕地整理适宜性进行评价,并通过K-Means聚类法将研究区域的耕地整理适宜性分区进行合理划分。[结果]生态安全约束和社会经济约束对区域耕地整理适宜性水平具有重大影响,高生态安全约束与高社会经济约束会降低耕地整理的适宜性,低生态安全约束与低社会经济约束会提高耕地整理的适宜性。[结论]引入生态安全约束和社会经济约束后,可以在一定程度上反映山地区域在社会经济与生态安全双重约束状态下的耕地整理适宜性情况,耕地整理适宜性评价结果更加符合当地实际情况,约束条件评价模型可以更加合理准确地对处于约束条件下的耕地整理适宜性进行评价,是对耕地整理适宜性评价方法的丰富与完善。