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.     

Impacts of Institutional Reforms on Irrigated Agriculture in Pakistan

Poor functioning of theirrigation system in Pakistan has been asource of concern for the last few decades,during which time it has been the subject ofconsiderable external assistance andinternal policy reforms. Consequently, thegovernment of Pakistan introducedinstitutional restructuring in irrigationand drainage subsectors to impartnecessary improvements. Under thesereforms, management at secondary canallevel has recently been handed over to theFarmers Organizations (FOs) of selecteddistributaries in pilot areas. This studywas designed to evaluate a farmer-manageddistributary in southern Punjab. Fieldmeasurements revealed that hydraulicaspects of the irrigation service deliveredby the FO management has been significantlyimproved and as a result highlyproportionate and equitable waterdistribution was observed, particularly atthe tail reaches of the distributary. Dueto effective FO management farmers'interventions to increase the outletdischarge by illegal means has been almosteradicated. As a result of theseimprovements imparted by the FO in systemmanagement, the extent of irrigated area hasincreased on average by 6 to 7%, evenunder severe drought-like conditionsprevailing in the country during recentyears. Further cost recoveries haveincreased by an amount of 14% for summerand 23% for winter growing seasons,respectively, from the irrigated area of thedistributary. Thus experience from Hakra4-R distributary has shown that even underundesirable natural circumstancesIrrigation Management Transfer (IMT) wasquite effective in achieving the keytargets of the institutional reformslaunched at pilot scale in the country.     

Design and Performance Analysis of Low Pressure Irrigation Distribution Systems

Low-pressure pipe distribution systems forsurface irrigation provide both off- andon-farm recognized environmental benefits.However, expected benefits can only beattained when adequacy, dependability andequity of systems are high enough tosupport appropriate conditions for wateruse on the farm. An innovative methodologyfor design and analysis is proposed anddescribed, which includes the generation ofthe demand at the scale of the distributionsystem and, consequently, the generation ofthe flow regimes expected during a givenperiod of time, generally the peak month.These flow regimes are utilized for theoptimization of pipe sizes using theiterative discontinuous method for severalflow regimes. The performance analysis isdeveloped through the system simulationwith several flow regimes, which allow thecomputation of the system adequacy,dependability and equity. An application toone sector of the Sorraia irrigation systemillustrates the usefulness of themethodology proposed.     

Effects of alternative water distribution rules on irrigation system performance: a simulation analysis

Based on a simulation model reflecting physical and economic conditions typically found in rice irrigation systems in Asia, the irrigation performance implications of alternative water distribution rules for dry season irrigation are evaluated under varying degrees of water shortage. The rules examined reflect differing water distribution strategies designed either to maximize conveyance efficiency, economic efficiency, or equity; or to achieve a balance between efficiency and equity objectives. Irrigation performance is evaluated using several efficiency measures reflecting the physical, agronomic and economic productivity of water, and one measure of equity. Economic efficiency and equity among farmers within the portion of the irrigation system that is on in any given season are shown to be complementary, and not competing objectives. Economic efficiency and equity among all farmers within the command area of the irrigation system are largely complementary strategies at the lower levels of water shortage, but with increasing shortage, significant tradeoffs develop between these objectives. An operational rule for water distribution under a goal of maximizing economic efficiency is developed, and the data requirements for its implementation are shown to be modest. Under the model's assumed conditions of dry season rice production dependent solely on surface irrigation for water, the distribution strategy designed to maximize conveyance efficiency results in only modestly lower levels of economic efficiency and equity than could be achieved by the strategy designed to maximize economic efficiency.     

Economic impacts on farm households due to water reallocation in China's Chaobai watershed

Our study area in the Chaobai watershed, upstream of Miyun Reservoir, has been undergoing agricultural water transfers to downstream municipal uses in Beijing. We examine the impacts of water reallocation on crop production and farmers’ income and discuss issues relating to current compensation mechanisms. We use data from a survey of 349 farm households and their farm plots in the upper Chaobai watershed within Hebei province. Water reallocation from upstream to downstream areas has reduced agricultural water supply and the area irrigated. Regression results show that in plots deprived of irrigation, maize yields decrease by 21% and crop revenues decline by 32%. On average, losing irrigation on one hectare of cultivated land reduces net crop income by 2422 yuan. We examine compensation arrangements and social equity for the major policies implemented in the region and we identify gaps between current compensation levels and farmers’ income and production losses. The current compensation received by farmers is generally lower than the losses incurred due to reduced irrigation. A more appropriate compensation mechanism is called for in future water transfers.     

我国上市公司融资结构与优化对策

现代资本结构理论揭示了企业的最优融资顺序为:内部融资——债权融资——股权融资,而我国上市公司的融资行为与现代企业资本结构理论并不一致,表现出较强的股权偏好现象。本文对这种现状的原因进行了分析,并针对这种不合理融资结构所带来的弊端提出了相关建议。     

权益资本成本的行业特征研究

以2004~2011年沪深A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现：行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。     

基于SVAR模型的货币政策对企业经营影响研究——以工业、房地产业、信息和计算机软件业为例

旨在建立一个运用多维度定量指标判断经理报酬激励强度的评价方法，有利于全面认识各上市公司经理报酬的激励程度。根据评价结果把经理报酬激励强度分为激励不足、适中、过度，并实证研究不同激励强度上市公司治理结构的特征，进而提出改进经理报酬激励公平和效率的有效手段，提高对不同类型企业高管薪酬管理的针对性。     

内部控制报告与权益资本成本的关系研究

以2007~2009年沪深两市A股上市公司为研究样本，基于信息披露能够缓解信息不对称进而降低权益资本成本的分析检验了内部控制报告披露与企业权益资本成本的关系。结果发现企业内部控制报告的披露未对权益资本成本产生影响。无论是出于自愿或是基于监管要求披露内部控制报告，也无论是仅出具内控自评报告或是引入独立第三方另出具内控审计报告，企业的内部控制报告披露行为均未对权益资本成本产生影响。研究结果表明企业没有实现内部控制报告的有效披露。     

个人所得税改革如何体现效率和公平

经过十多年的运行,中国现行个人所得税在增加财政收入和调节社会财富差距上作出贡献后,其弊病也在不断突出。为了能让个人所得税在国民经济中近一步发挥其重要作用,个人所得税改革势在必行。本文就是围绕这个课题展开研究,通过吸收世界各国税制改革的理论与实践成果,对中国现行个人所得税进行分析,同时提出其改革方向和措施,促进中国个人所得税更加合理,更有效率,更加公平。