农业上市公司资本结构与经济增加值关系实证研究

资本结构与公司绩效关系问题是理论界与实务界研究的热门问题,也是一个财务问题。本文以单位经济增加值来研究资本结构与绩效的关系。选取11家农业上市公司为样本,计算出资产负债率,推出单位经济增加值,对样本公司的截面数据进行线性回归和二次函数回归,并进行相关检验,最终结果说明农业上市公司资本结构存在着最优区间。     

The Capital Structure Choice of Financial Distressed Firms: Evidence from China

To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels.     

A Furry Synthetic Evaluation Model in Capital Structure Decisions

This paper analyzes the limitation of regarding the weighted average cost of capital as the optimal standard of capital structure in the traditional capital structure decision-making method, and analyzes the view that the capital structure is affected by many factors,such as earning power, long-term stability of operating, the attitudes held by owners and operators, the attitudes held by creditors and financial risk. With the example, the affecting factors of the capital structure is analyzed. The fuzzy synthetic evaluation model are employed to decision-making of the capital structure. This article also shows the key point of its application.     

我国农村金融市场现状与改革思考

分析了我国农村金融市场的现状,指出了存在的市场竞争缺失,市场风险大,金融服务不足,信贷产品与农业生产不符,农村资金外流等问题,并有针对性地提出了放宽市场准入,构建多元化金融机构;完善金融服务功能,增加金融业务产品;建立农村资金回流机制,减少农村资金分流;建立健全农村贷款的抵押担保机制;加大对农村金融机构的扶持力度等解决问题的措施。     

对提高我国支农资金运行绩效的探讨

针对中国支农资金运行中存在的问题,提出合理确定财政支农资金投向,优化结构布局,以县为主,加大各项支农资金的整合力度,强化支农资金的过程监管与责任追究制度等措施。     

The Effects of Jobs-Targeted Development Incentive Programs

ABSTRACT In recent years, many states have raised the amount of resources they devote to economic development programs, particularly those providing direct monetary assistance to firms. However, scholarly attention to this topic has not kept pace and, as a result, relatively little is known about such policies' effectiveness. This paper examines the effectiveness of monetary incentives using Ohio's experience with such programs in the 1980s. Empirical results show that incentives are significantly related to employment and income growth at the county level. Grants are found to be more effective than loans, and capital subsidies to businesses more effective than either labor subsidies to businesses or capital subsidies to communities. Finally, resources given to creating jobs are more effective than resources for retaining or training existing workers.     

Model of Capital Asset Pricing with Asymmetric Information Structure

A capital asset pricing model and the corresponding investment strategy are investigated for the financial market with asymmetric information structure. Suppose that investors can be defined with three kinds: informed trader, under-reaction trader and over-reaction trader; all traders use Bayesian principle to modify their prior distributions. The anthors obtain the equilibrium price of the risky asset in the short run and the rational investment strategy.     

Study on Managerial Mode of Urban Infrastructure Projects

In this paper, the current situation of the management of urban infrastructure construction projects invested by government and the weakness of its managerial mode are briefly analyzed. The authors point out that it is a practical choice to improve the management by innovating in the managerial mode and establishing specialized organizations. Employing basic methods of science of organization and management, referring to the experience of developed countries, a new mode named "Works Bureau" is suggested. Two operational models based on financial and non-financial requirement of government projects are demonstrated in detail.     

上市公司财务竞争力评价研究——以医药、生物制品业上市公司为例

财务竞争力是企业竞争力的核心与关键。对企业的财务竞争力进行评价,有利于了解自身财务竞争力水平和存在的缺陷与不足,进而采取措施完善企业财务状况。医药、生物制品业是现代科学中发展最快、最活跃、取得成果最多的一个行业。以114家医药、生物制品业上市公司为研究对象,运用因子分析法对其财务竞争力进行实证分析,构建评价体系,对其财务竞争力进行评价,结果发现行业内企业资产管理能力强弱各占一半,偿债能力和发展能力普遍偏弱,整体财务竞争力有待加强。应提高整体偿债能力,提升现金获取能力及应收账款周转能力,优化资本结构,增强研发能力,以实现可持续发展。     

Hierarchical Tendencies of Capital Markets Among International Financial Centers

Abstract The dramatic evolution of global finance in the last three decades has seen intensified competition among the world's major cities to become prominent control centers of global financial flows. This paper examines the spatial organization and evolution of capital markets in forty‐three world cities from 1980 to 1998. It finds evidence of the strengthening of hierarchical tendencies among world financial and capital cities as they search for ways to differentiate between themselves through financial concentration and productivity. The results also indicate a trend towards the dominance of London and New York in this financial hierarchy, and that top tier cities tend to be characterized by significantly lower levels of market and share concentrations, share trading value, and risks. Finally, important differences in ownership patterns between the capital markets are detected for the top cities of the hierarchy.     

构建城乡资本正常流动机制，统筹城乡经济发展

党的十六大报告提出要统筹城乡发展。而长期以来,农村资本却通过各种渠道不合理地流向城市,从而制约着农村的发展。在市场机制作用下,资本趋利性会使外流更加严重。因此必须构建合理的城乡资本流动机制,才能统筹城乡发展。财政要通过立法和政策保障,通过税收、投资、各种补贴、转移支付等形式对农村“多予少取”;农村金融则要真正办成为“三农”服务的金融组织。     

生计资本对民族地区农户生计活动的影响及其区域差异研究——以云南元江干热河谷新平县为例

为明确区域要素变动与约束背景下生计资本与生计活动的差异,厘定影响农户生计活动的关键驱动,以元江干热河谷新平县为例,采用非度量多维尺度分析和方差分析等统计学方法,揭示河谷区与半山区农户生计资本、生计活动的区域差异,通过冗余分析和方差分解阐释生计资本对生计活动的影响机制。研究表明：（1）农户生计资本构成的差异主要由4项与土地流转相关的指标贡献,即人均旱地面积、人均水田面积、政府补贴、土地流转收入（单个差异贡献率>10%,累计贡献率=56.85%）。（2）两地农户在从事种植、就地务工和外出务工3种生计活动上有较大不同。河谷区农户以种植和外出务工为主,半山区农户以就地务工为主。（3）生计资本对生计活动构成的解释率为57.3%,对生计活动影响的重要程度排序为自然资本>人力资本>金融资本>物质资本>社会资本。当前农户生计活动的发展有赖于自然资本和人力资本,物质资本、金融资本和社会资本对农户生计活动的支撑与转换作用仍未突显。     

How States Augment the Capabilities of Technology–Pioneering Firms

State governments offer a variety of programs to assist technology intensive entrepreneurial firms yet there is a limited understanding of how firms use these programs. This paper provides a framework for categorizing state technology programs and uses detailed case studies to examine how these programs augment firms’ capabilities. It is concluded that firms made extensive use of state programs that provide access to university intellectual property and research facilities. In addition, firms participated in programs that provided incentives for faculty to conduct joint research with industry. Finally, state venture capital programs, though small relative to federal R&D grants or venture capital, appear to nurture firms’ development.     

Openings in the body of ‘capitalism’: Capital flows and diverse economic possibilities in Kiribati

Much of the post‐development agenda is concerned with decoupling Eurocentric imaginings of development from development practices in ‘remote’ regions and exploring new forms of economy that can enhance local well‐being. In the South Pacific (and elsewhere), small peripheral economies have confronted globalisation in varying ways. Some places, such as the Micronesian island state of Kiribati, have engaged directly with the global economy by investing capital generated locally in international financial markets rather than in domestic industries. Kiribati's trust fund, the Revenue Equalisation Reserve Fund, maintains a balanced portfolio of international equity and fixed income assets that produces a financial return, helping to augment Kiribati's other national income sources. In this paper we explore the results of capital flowing from Kiribati to global financial markets, noting that this alternative development practice can enhance local well‐being.     

基于ARMA模型的河北省农村金融融量问题研究

为了改善河北省农村经济发展的金融环境,促进河北省农村经济的进一步发展,对河北省农村金融融量问题进行了较深入地研究。首先,利用戈德史密斯理论测算了河北省农村金融的理论融量和实际融量,得出河北省农村存在巨大的金融缺口;其次,利用计量经济学方法中的ARMA模型对金融缺口的变化趋势进行预测,得出河北省农村金融缺口存在不断扩大的趋势。在此基础上,深入分析了河北省农村金融缺口形成的经济与体制根源,进而提出优化农村金融供给机制、消除金融缺口、完善河北省农村金融环境的对策建议。     

Optimizing Capital Structure of Enterprises by Multiobjective Programming Model

This paper puts forward that capital structure is affected by cost of capital?risk?the agin ability? and the ability of capital value preserved and added, several factors, of and at the same time the authors analyzes them by approaching the limitation of regarding the weighted average cost of capital as the optimal standard of capital structure in the traditional capital structure decision-making method. Therefore multiobjective-programming method is applied in the capital structure to establish the target function and its subjection equations. Furthermore , this article shows its application.     

Empirical Study on Capital Structure Character and Influence Factors of Chinese Listed Corporate

Affter the MM theorem is born,economists always highlight the corporate capital structure theory.With the development of china capital market and corporate reform,it is very important to do the capital structure reaserch on Chinese listed corporate.The authors summarize the capital structure character of Chinese listed corporate,reaserches the internal&external influence factors on corporate capital structure,does a empirical test and analysis on these internal influence factors,and finds some findings that are differental from overseas reaserch.     

Does venture capital spur innovation or the other way around? Evidence on the significance of investment timing from China

This paper explores the interaction between venture capital and innovation in China. We focus on the difference between early, development, and expansion stages of innovation firms when they receive their first installment of venture capital. Using ordinary least squares (OLS), switching regression model and counterfactual comparison, we find that selection effect exists in all three stages, suggesting that established innovation capacity increases the possibility of innovation firms to receive venture capital. Further, the selection effect is most profound in the development stage. The treatment effect, the combined effect of financial role and value‐added service, plays an important role in promoting innovation in all three stages. However, the mechanisms of the effect vary greatly across the early, development, and expansion stages. The financial role of venture capital does not influence innovation in the early stage, but promotes innovation in the development stage, and restrains innovation in the expansion stage. Value‐added service promotes innovation in the early and expansion stages, and whether it influences innovation in the development stage needs further study.     

Models of Grey Linear Programming of Capital Structure

The paper makes a study of the application of grey linear programming in deciding the capital structure. First, the normal grey linear programming is introduced. Second, some factors are introduced which affect the capital structure. Then the authors introduce how to establish the models of grey linear programming of capital structure and how to use it.     

生计资本视角下农户土地承包权调整方式认可度研究

农户是土地承包权调整方式的“践行者”,也是调整效果的“检验者”,探究其认可度对相关政策的制定与可持续发展实施至关重要。基于江西省510份农户的调查数据,从生计资本视角运用Ordered Logit模型,就农户土地承包权调整方式认可度及影响因素展开研究分析。研究发现：（1）样本农户生计资本总值与各项生计资本指数都较低,五大生计资本指数存在显著差异性,其中生计资本指数最高、自然资本指数最低。（2）人力资本中,文化程度、是否有非农技能和家人健康状况都呈显著影响;自然资本中,承包地面积呈显著正向影响;物质资本中,货车数量呈显著负向影响;金融资本中,家庭年收入和贷款难度都呈显著影响;社会资本中,是否有村干部和是否经常参加村会议都呈显著影响。在此结果基础上,提出了要发挥政府主导作用,加大相关宣传,也要因地制宜,在稳定的承包关系下,根据村庄实际情况选择土地承包权调整方式的政策建议。