Analysis of Financing of LBO by Game Theory

Based on introducing the concept of Leveraged Buy-outs (LBO) briefly, in this paper, the basic characters of LBO are analyzed. The choice of payoff function and game process in financing game of LBO for both sides by asymmetric information dynamic game model are analyzed as well. Finally, the game equilibrium is gained and the means of some relative policies are discussed.     

A Dynamic Grey Fuzzy Evaluation Method for Financing Risk in Freeway Project

There are many risks that influence freeway project financing and the influence of these risks differ by project stage. However, it is impossible to analyze the total risk of project financing objectively and accurately merely using the fuzzy or grey evaluation methods. These methods cannot reflect the dynamic characteristics of financing risks during freeway project construction. A dynamically grey fuzzy comprehensive evaluation method was established and used to evaluate the financing risks of a freeway project. The results indicate that this method can not only make full use of the rich experience of the experts, but also reduce the influence of subjective factors. In addition, this method can reflect the dynamic characteristics of the financing risks during freeway project construction. Investors therefore can pertinently prevent and control financing risks based on the results of the evaluation of financing risks in every stage of the project. A demonstration shows that the method is suitable for comprehensive evaluation of financing risks of infrastructure projects such as freeways.     

On Optimization of Enterprise Capital Structure

Financing is the prerequisite for an enterprise to start,survive and develop.To maximize its market value,an enterprise needs to take the revenue and cost derived from various kinds of financing into consideration and make out the optimum financing structure and the best ratio debt level.Based on the MM theory and equilibrium theory,the article prove the economic model of the best enterprise capital structure: P_L = P_u +[ P_u-R(d)(1-T_c)]d.Proposition 1.If P_u >R(d)(1-T_c),the debt financing can bring the good effect.Proposition 2.If P_u 相似文献   

Research of Investment and Cash Flow Constrain Under Ownership Concentration

This article summarizes the theory achievements,arguments,the investment and ownership concentration model which studied in investment-cash flow and the stockholder's rights structure questions.The financing restraint is explained.The special social stratum shareholder is elaborated which influences relation between investment and internal cash flow by the financing restraint existing in the enterprise,the management opportunism hypothesis and the information assymetrical theory separately.Finally the authors induce and study the real diagnosis model of the supposition(above).The model is important for the empirical study of ownership structure influencing to corporate investment.     

Model of Financing Strategy

Considering information asymmetry between inside and outside of the firms,this paper discusses the financing strategy of M&A,and builds a model.According to the model,we can see that the firm with relatively expected low-productivity will choose equity financing for M&A,and the firm with relatively expected high-productivity will choose debt financing for M&A,and the firm with expected medium-productivity will not choose financing from outside.In the case of undeveloped capital market and financing tools in China,the conclusion of the model has some extent significance for helping firms to choose financing strategy for M&A rationally.     

福建省林权抵押贷款融资研究

林权抵押贷款作为林权制度改革的产物,是盘活森林资产价值,推动林业融资发展的重要途径。本文在对林权抵押贷款融资的内涵、相关理论及制度基础和基本模式进行阐述的基础上,主要分析了福建省林权抵押贷款融资当前存在的问题,提出了相关建议。     

欠发达地区农户融资行为影响因素分析

本文以江苏省苏北地区为例,来研究欠发达地区农户融资行为,通过160份有效农户调查问卷来描述苏北地区农户微观融资现状,并且用Tobit和Probit模型来实证分析了影响欠发达地区农户融资的因素。结果表明农户收入、户主年龄、生产性支出、教育支出和住房建设支出是影响欠发达地区农户融资行为的主要因素。最后根据实证结论提出相关建议。     

Analysis of Optimal Model of Risk-sharing About Project Financing

Project financing is an innovative financing method, which also is an important financing instrument of infrastructure projects. It is a key of how to give risk-sharing of participants. Based on limited recourse character of project financing, this paper puts forword participant criterion of risk-sharing by risk premium about various risks, and attains optimal risk-sharing of linear and nonlinear cases by designing optimal models.     

黑龙江省农民专业合作社融资问题研究

黑龙江省农民专业合作社的发展受到阻碍是受多种因素制约的,其中融资困难是其发展受限的主要原因。在对黑龙江省农民专业合作社融资现状进行了描述性分析的基础上,分析了导致黑龙江省融资困难的原因,并基于机制设计理论对影响合作社融资的因素进行了分析,最后提出相应的对策建议。     

农业高新技术企业债务融资影响因素研究

以农业高新技术企业2010—2012年数据为样本,采用多元回归分析农业高新技术企业债务融资影响因素。实证结果表明：企业规模、资产负债率、营业收入增长率、资产的担保价值与债务融资正相关;每股收益、现金流动负债比率与债务融资负相关;而存货周转率、速动比率、净资产收益率、净利润与债务融资不具有显著的相关关系。最后基于上述分析提出促进农业高新技术企业债务融资政策建议。     

Research on Financing Plan for International Cooperative Project in Housing Industrialization

Housing industry is a prop industry with great potential, but it is restricted by shortage of funds. So it is necessary to probe the financing system of housing industrialization in China. This paper puts forward a financing plan for the international cooperative project in industrialized housing in Chongqing. Furthermore, it investigates the concrete financing system of the whole housing industry.     

Cities,transport and agglomeration: Addressing the urban mobility challenges in India

Cities are the drivers of economic growth and structural transformation in developing countries. Transport makes or mars a city. It connects people to opportunity and business to prosperity. Urban transport acts as a catalyst of growth through direct, indirect and induced effects, including those linked to agglomeration and networking externalities. Yet policy makers and planners in developing countries like India continue to neglect the economics of urban public transport. Hardly has there been any attempt to study relationships between city externalities, spatial planning, public transport infrastructure, economic growth and value capture financing. This paper delves into these aspects and presents lessons from theory for the strategies of development and financing of urban public transport in India. It is focused on the implications of urban externalities for transit‐oriented development, transport land use integration, strategic densification of growth nodes and public transport financing based on a value creation, capture and recycling paradigm.     

基于三方博弈的农产品物流金融信用风险研究

为了加快中国农产品企业物流的建设,加速农村经济,因此就需要金融的支持,物流与金融的相结合是一个创新之举,也极有可能缓解中国农产品企业流通中融资难的问题,为农产品企业的融资提供新思路。在此背景下,对农产品物流金融的信用风险进行识别,运用博弈论的原理,试图通过分析农产品物流金融业务3个主体各自所承担的风险,分析信用风险产生的根源,并建立三方博弈模型,求出均衡条件下的解,讨论各种因素对3个主体之间决策的影响,最后提出对于农产品物流金融信用风险管理控制的建议,通过综合研究,希望有助于农产品物流金融业务的信用风险防范。     

一种新型小额信贷扶贫模式的应用与探讨——宁夏“村级发展互助资金”调研

村级发展互助资金是我国政府在采用信用担保、抵押担保、民间借贷、外资援助等模式之后又一种新的农村融资形式,是国家财政扶贫资金使用的一种创新和探索。本文通过对宁夏彭阳县“村级发展互助资金”试点村进行调研,介绍其运行模式和应用效果,分析存在的问题,提出下一步改进措施。     

An Analysis of Impacts of Financial Engineering on Corporate Capital Structure

After reviewing the capital structure theories briefly,the paper researches the impact of financial engineering on corporate capital structure .The model analysis shows that financial engineering can decrease the cost of capital, then improve the financing capacity and effect the rate of debt.Executive Stock option improves managerial incentives and is a challenge to capital structure managerial incentives theory.     

A Model of Tax Increment Financing Adoption Incentives

With tax increment financing (TIF) a municipality pays for economic development expenditures out of future increases in tax collections. If the development expenditures are the sole cause of the increased tax collections, TIF is a fair and reasonable policy. If not, TIF can distort choices and redistribute resources. This paper develops an economic model of TIF as a choice by the sponsoring municipality with an impact on an overlying government. The analytic framework isolates the impact of key variables, permits analysis of the payoff from TIF to each government, and helps inform discussions about equity. The model clearly shows that while the special nature of TIF causes it to favor projects that generate significant tax revenue, that revenue need not be truly incremental with respect to the project alone, and projects therefore need not be efficient to be financially viable to municipalities. In fact, the projects that best fit the goals of TIF legislation may be impossible to finance through TIF. Alternative government programs may be required to help towns develop areas most in need.     

Analysis on a Financing-model of Public Companies in Incomplete Market

It remains intrinsic defect how to explain reasonable financing behaviors in classical theory of capital structure. This paper gives a capital structure decision-making model with asymmetric information and exchange cost in incomplete market, and opens out mechanism of financing-selection base on adverse selection by Chinese public companies, in more we can explain well phenomena about equity over-financing of Chinese public companies.     

现代化进程中山东省农业生产效率测算与分析

为了对山东省农业生产投入产出效率进行有效评价,进而为科学推进低耗高产的可持续农业提供实践性参考,运用DEA（数据包络分析）方法对山东省17地市1993-2008年16年间的农业生产效率进行了实证分析,结果表明山东省各地市农业生产综合效率均值在演变趋势上分为3个阶段;不同区域在综合效率、技术效率和规模效率上存在着显著的差异;鲁西地区农业生产在农技推广和科技成果转化上存在明显不足,鲁中地区农业生产资料的投入结构急需改善。最后提出在具体实践过程中,应依靠科学技术进步和生产要素重组来提高农业生产效率。     

农业社会化服务供给博弈分析

农业社会化服务主体在农业社会化服务体系中扮演重要角色,各服务主体提供的服务能否为农户带来长远利益并最终被农户持续接受是农业社会化服务持续发展的关键问题。本文以博弈论为基础,通过分析公共服务机构及中间服务组织与农户之间的博弈过程发现：公共服务机构和中间服务组织为农户提供的社会化服务的质量及其自身的成本收益成为影响农业社会化服务持续发展的重要因素,农业社会化服务若要持续稳定的发展,离不开服务主体高水平的服务和农户的积极参与。只有适应市场需求,真正能够给农户带来实惠的服务才会最终被农户所接受。