独立董事特征与公司绩效关系的实证研究

在梳理国内外大量文献的基础上,对独立董事特征与公司绩效的关系进行分析并提出了研究假设。以深圳证券市场中小板上市公司为研究样本,用SPSS13.0软件对我国中小型上市公司独立董事特征与公司绩效进行了典型相关分析,结果显示,独立董事与公司绩效之间存在不显著的相关关系。     

投资—现金流敏感性能反映融资约束吗——基于中国背景的实证研究

融资约束是企业投资研究的重要命题之一。国内外学者普遍认为企业的融资约束越严重,则投资现金流敏感性越强。投资现金流敏感性可能与两方面的因素有关:一是与融资约束有关;二是与企业投资对内源性融资形式的特殊偏好有关,当企业对内源性融资的偏好存在并较强时,则投资现金流敏感性并不必然反映企业的融资约束。本文结合中国特殊的经济和体制背景,通过合适的企业分组和借用最新的上市公司数据,使用加速模型,实证检验表明:投资现金流敏感性与融资约束之间表现出非确定的关系。总的结论为:在中国,投资现金流敏感性不能有效反映企业的融资约束。     

如何在美国融资（三）—最后冲刺

选择融资形式时应考虑的因素 1、相关法规 根据1933年法案,公开发行的证券,必须通过填写一份上市登记书在SEC登记注册。登记书应包括一份可以发给潜在投资者的招股说明书。 2、股权融资与债务融资 打算融资的公司都必须确定哪种方式最适合自己的情况。股权融资意味着出让所有权和控制权,但将改善公司的流动资金和财务杠杆,并在以后年度避免利息和债务的压力。另一方面,债务融资避免了现有股东所有权的稀释,但财务杠杆和其他债务比率受到影响,而且还要还本付息,从而影响了未来的现金流。另外,尽管债务融资承销佣金(一般是2-3％)比股权融资     

风险投资与首次公开发行

对于风险投资家而言,首先需要作出的决策是要不要采取IPO的方式退出。这需要综合比较公开发行的收益与约束。通过公开上市会带来较大的益处,但这同时也给公司带来了一定的责任。 IPO带来的收益一般而言,退出具有如下所示的几大优点。 1.融资成本较低。从价格角度看,一般而言,从公开市场融资的成本比其它同类的融资方式较低,这是由于公司的股票公开上市意味着其资本的流动性较大,显然一个更具有流动性的投资与一个具有较差流动性投资相比而言具有较低的收益率——这是由流动性与收率性的置换性所决定的——从融资公司的角度看这就意味着其筹资成本较低。 2.获得较充足的资本来源。通过公开发行风险企业可以从公开资本市场上筹集资本,而公开资本市场是公司筹资最充足的来源。首次公开发行就可以给公司带来较大的收益,此后公司还可以     

公司治理与会计盈余分红相关性的实证研究

股利政策是平衡上市公司税后收益和留存收益之间关系、进行投资者管理的重要手段。以中国上市A股2009年财务和公司治 理数据为研究样本实证研究公司治理与会计盈余分红的关系,研究结果表明,在控制公司具体特征因素之后,公司会计盈余分红与控 股股东比例、董事会规模、监事会规模呈正相关,与流通股比例呈负相关。因此,平衡上市公司税后收益和留存收益之间关系,实施投 资者管理的重要股利政策包括优化股权结构,改革股东大会表决制度;细化强制分红、提高分红信息的透明度。     

地方政府债务融资风险分析及对策

论文从我国地方政府债务融资现状入手,对我国地方政府债务融资风险的表象及产生原因进行了分析,最后从加强整顿、完善法规、硬化预算、加强监管等角度,提出了化解地方政府债务融资风险的对策.     

浅谈全面预算管理在企业中的作用

全面预算能够细化公司战略规划和年度经营计划,它是对公司整体经营活动一系列量化的计划安排,有利于战略规划与年度经营计划的监控执行。因此,是实现战略目标、提升经营绩效、实现企业内控的有力工具,也是企业防范风险、应对危机的法宝。     

银行改革摒弃计划思维模式

突击上市对国有银行有害无益,使他们真正改变运作机制才是根本最近交行在香港上市的成功,使四大国有银行上市的心情更急迫了。对于央行与相关主管机构来说,一方面以注资的方式来帮助四大国有银行进行财务重组,帮助四大国有银行卸掉历史上遗留下来的包袱;另一方面,央行定下了中行与建行硬性的运营指标,以此来促进中行与建行早日达到上市的标准并成功上市。央行最近     

改革新思路

专家提出解决国企债务新思路:财政借钱给企业企业还钱给银行 中国人民银行政策研究室专家日前提出在财政、企业、银行之间进行债务重组。其具体办法是由财政向人民银行举债,解决国有企业的非正常负债。用这种财政借钱给企业,企业还钱给银行的办法,可以增加一定量的国有企业股权,冲减一部分企业的债务,资产总量不变,但负债结构却能达成新的平衡。既解决了企业负债问题,又保证了国有企业在经济中的实际份额。 专家指出,在企业和银行的资产负债表改善的同时,要建立一个新的经营机制,强化对企业的预算约束和信贷约束,建立银行的风险约束机制,为国有企业和银行建立一个新的生长点。     

中小企业为何放弃上市

美国的中小企业,目前形成一股放弃上市的潮流。这种潮流最近也开始在中国出现。最近,国内有5家已经过会的公司撤回了融资申请。在这几家企业中,有4家公司的融资申请已经通过了发审委的审核,最早的一家在去年上半年就过会了。另一家企业本来即将上会,但前不久主动将申请材料撤回,决定不再进行IPO(首次发行上市)了。     

风险规避型双渠道供应链的融资和定价决策

在零售商资金约束下,基于CVaR准则构建了风险规避的供应商和零售商组成的双渠道供应链的定价模型。分析了零售商资金充足时,供应商和零售商的最优决策、资金约束情况下零售商的银行借贷融资、延期支付策略和组合融资时零售商和供应商的最优决策以及零售商和供应商的风险规避程度对最优决策变量和收益的影响。通过数值分析,进一步验证了零售商和供应商的风险规避度对三种融资模式下零售商和供应商的最优决策变量和利润的影响。研究表明：资金充足和延期支付策略下最优决策变量与风险规避度的关系一致;银行借贷和组合融资下最优决策变量与风险规避度的关系一致;单一延期支付策略和组合融资优于单一银行借贷融资;组合融资比例大于一定值时,优于单纯延期支付策略。     

Credit Rationing and the Simulation of Multi-bank Credit Market Model: A Computational Economics Approach

Using a platform provided by computational economics, we set up a simulation model on agents in artificial credit markets. We simulate credit transactions using debt contracts between firms and banks on different types of projects in different supervisory environments. Based on the results, we describe the overall features and rules of the multi-bank market. We find that the total amount of loans granted by banks to relationship firms is always more than that granted to non-relationship firms. Furthermore, the relationship between enterprises and banks can ease the financing difficulty of small- and medium-sized firms. From the social perspective, better relationships between banks and enterprises can promote economic growth. However, from the bank perspective, relationship lending does not improve profits.     

基于SSX10的支付密码核验系统的设计与实现

目前银行票据核验主要是人工的,存在着不安全、效率低、易出错等问题。针对这些问题,该文提出一种基于SSX10的支付密码核验系统。系统主要由三大部分组成:人行核验子系统、商业银行核验子系统、商业银行核验前台系统,通过Intranet和业务系统集成在一起,可以快速、可靠、安全地处理支付凭证。目前系统已无故障运行5000小时以上,提高工作效率百倍以上,为银行电子化业务实时核算奠定了坚实的基础。     

银行管理信息系统服务器国产化过程中的ETL应用迁移

本文对某国有大型银行省级分行将ETL应用系统由访问进口服务器迁移至国产高端容错计算机环境的过程进行了描述. 通过基于应用域的数据拆分和基于视图/物化视图、数据同步、同义词的数据同步, 基本完成了分行应用数据从进口服务器环境往国产高端容错计算机环境的迁移过程. 在这个过程中, 我们发现由于客观条件的限制, 数据同步前后数据的一致性结果比较存在一定难度, 对应用迁移正确性的确认造成不利影响. 在实际的迁移过程中, 通过相应的措施保证, 顺利完成了迁移过程.     

Innovation and Reputation: An Ethical Character Perspective

This study involves a survey of 407 managers from 3 services organizations, a retailer, a professional accounting firm and a bank. It revealed that the overall correlations between Integrity (socially responsible, trustworthy, sincere, honest) and Innovation (innovative, exciting, spirited, imaginative); between Courage (leading, ambitious, achievement‐oriented) and Innovation; and between Employee Satisfaction and Innovation could be both positive, negative or without strong relationship, depending upon the culture of the firm. Both the retailer and professional accounting firm are regarded as aggressive and tough in nature. However, while one managed to link Innovation to a self‐image for social responsibility, the other believed that they have to be less sincere, trustworthy or socially responsible in order to remain innovative and competitive. One consequence is that the retailer is prosperous and successful, while the large accounting firm failed to maintain its market leadership. The implication for managers is that Innovation based reputation is sustainable only if it is linked positively to both Integrity and Courage.     

How does a bank's involvement interplay with a firm's capacity investment? An analysis and comparison of different consortium structures

As nonrecourse project finance (rather than financing on a sovereign basis) is becoming more prevalent worldwide, financing institutions have to collaborate more closely with firms to optimize capacity‐investment and financing decisions. Under this background, this paper presents a stylized Stackelberg games model, taking into account the firm's capacity investment as well as the bank's interest rate and funding ratio decisions. Consortium structures between bank and firm are formalized into five modes based on industry practice, namely, the integrated consortium, pure shareholder funding, bank as leader, full coordination, and bank as follower. The optimality and equilibrium of each of the five modes are analytically derived, and their existence and uniqueness are demonstrated. Valuable economic insights are obtained through both modeling analysis and numerical experiments, with the main findings including the following: (i) a lack of bank financing leads to insufficient capacity investment and poor consortium performance; (ii) interest rate and funding ratio play important but different roles in the bank's risk management; (iii) the bank's proactivity in leading and coordinating the consortium is critical for the two parties’ overall performance; and (iv) if the bank is the follower, the firm's capacity decision is irrelevant to the bank's loan contract, and the consortium cannot be coordinated to the first‐best level of performance.     

基于Stackelberg 博弈的供应链采购融资模式

根据供应链采购融资的运作流程,建立并分析基于Stackelberg博弈的供应链融资模型.通过数值分析博弈均衡解发现,在供应商初始资金较小的情况下,供应链采购融资能够较大幅度地提高供应链绩效;融资产品的市场情况越好,即价格或挽回价值越高,供应链采购融资对于供应链的价值越大;向市场风险较小的供应商提供采购融资能够使银行获得较大的绩效提高;供应链采购融资是一种能够实现供应链成员双赢的供应链管理方法.     

Single product,finite horizon,periodic review inventory model with working capital requirements and short-term debt

In this paper, we build on a single product, finite horizon, periodic review inventory management setting and include key financial aspects such as working capital constraints, payment delays and multiple sources of financing. We numerically solve for the optimal working capital target and the order-up-to level using an embedded Nelder and Mead optimization, and we perform sensitivity analysis on cash flows and short-term debt levels. Our numerical experiments show that when access to short-term debt is granted, the expected cash flows are indeed fairly insensitive to varying short-term debt premiums. However, when short-term debt becomes prohibitive or when downstream payment delays increase, the required working capital target inflates rapidly.     

Financing strategies for a capital‐constrained manufacturer in a dual‐channel supply chain

This study investigates a co‐opetition‐type dual‐channel supply chain that consists of a competitive supplier (CS) and a capital‐constrained manufacturer (CCM). The CCM procures key components from and simultaneously competes with the CS in the consumer market. To address the CCM's capital constraint, we consider three financing strategies, namely, trade credit, bank loan, and hybrid financing (i.e., combined use of bank loan and equity financing). Game models are established to characterize the interactions between the CS and CCM. The corresponding equilibria are derived under each strategy. Then, comparative analyses are conducted, and the CS's and CCM's preference structures regarding the three strategies are revealed. On this basis, the equilibrium strategy can be concluded as either trade credit or hybrid financing, but never bank loan. Specifically, when the equity financing ratio is small or large, trade credit is an equilibrium strategy. When the equity financing ratio is medium, the equilibrium strategy between trade credit and hybrid financing is determined by consumers’ product preference and loan interest rate.     

绿色供应链的投贷联动融资决策均衡

以一个零售商和一个资金约束的制造商组成的绿色供应链为研究对象,构建了制造商资金约束情况下银行借贷融资、股权融资和组合融资时的融资模型,探讨制造商的资金水平和消费者的绿色偏好对定价、绿色投入水平、产品的市场需求和融资方式选择策略的影响。最后,通过数值分析进行验证。研究发现：消费者绿色偏好与零售价格、批发价格和绿色投入努力水平、产品的市场需求和股权融资时双方可接受的股权转让比例正相关;在制造商资金约束而不融资时,制造商初始资金水平与制造商的批发价格、零售商的零售价格负相关,而与绿色投入努力水平正相关;银行借贷利率越大,制造商的可接受的股权转让比例增大。当制造商进行融资时, 若初始资金水平极低, 选择股权融资的方式进行融资, 随着初始资金水平的上升, 零售商应该选择银行贷款的方式进行融资;在股权融资比例达到一定值时,组合融资比银行借贷更加有利于制造商;而单纯股权融资比组合融资更有利。