农村中小企业债务融资障碍分析及对策研究

摘要：分析了农村中小企业融资的外部环境和企业自身的制约因素。提出了解决农村中小企业融资难的对策,在政策机制方面需要组建专门为农村中小企业服务的政策性金融机构,进一步放开搞活农村金融市场,扶持建立农村中小企业信用担保组织等;农村中小企业自身要探索组建企业产业群信用联保,推行供应链管理、电子商务和第三方物流以减少资金占用,加强诚信建设,提高信用信息公开意识,防止信用道德风险转嫁等。     

Operation of Debt-to-equity Swaps in State-owned Enterprise: a Game Theory''s Viewpoint

Operation of Debt to equity Swaps are thought to be a game process of conflict of interest when concerned interest groups seek furthest uses of them and dispute eminent domain of financial resources if state owned enterprise's property right configuration is not to be changed. That is to say, operation of swaps of debt to equity is one game between commercial bank and state owned enterprise firstly, and then it is another game of actualizing contract between AMC and stated owned enterprise. So the corresponding models are constructed according to game theory. The result indicates that enterprise and bank can compass an equilibrium and come to an agreement of swaps of debt equity. Nay, AMC must build up hawkish visualize to supervise and control enterprise's financial affairs and management in order to gain dividend and rights of section is bought back.     

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。     

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.     

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.     

Selecting Enterprises for Swap of Debt to Equity and Mechanism Design

The swap of debt to equity in state owned enterprises is dynamic game processes of conflicting and struggling among the concerned parties for the maximization of its payoffs and the seeking of domination for financial resources, and can be accomplished successfully when its being brought into effect is going to be propitious to the concerned parties. This paper analyzes the problem of selecting enterprises for swap of debt to equity under the frame of information economics theory, and argues that the selection of enterprises for swap of debt to equity is a problem of mechanism design. As the expected utility function of enterprises is analyzed and Asset Management Corporations adopts a series of measures to deal with it according to analysis, a policy frame will have been constructed.     

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   

Under Dissymmetrical Information the Game Theoretical Analysis about the Investment Financing Behavior of the Enterprises

The authors use the ideas and methods of the game theory to reveal that, under the condition of dissymmetrical information, it can't form an effective cooperative relationship among supervisor organization, the shareholders and the enterprises. In the capital market, we explain the cooperative conditions and determinants researched. Only through strengthening the force of punishment towards providing the false information and increasing the benefit received by providing the real information, the enthusiasm of the founders' providing the false information drops, and the necessity of the supervisor organization's checking decreases. Finally, we give some suggestions about the construction and consummating of the capital market of the enterprise.     

河北省新农村养老保险筹资问题研究

此研究叙述了河北省农村养老保险对构建中国社会保障体系、建设社会主义新农村的重要作用,并对河北省农村养老保险严重缺位进行了深入分析。通过分析表明：河北省农村养老保险问题的根源在于筹资机制和筹资模式的不完善,根据这一筹资问题的现状,对如何完善河北省新农村养老保险的筹资问题提出了自己的一些看法。     

Discussion on the Restrictions and Limits of Investment and Financing System to BOT Model with Folk Capital

Based on analyzing the BOT model, this paper discusses the restrictions and limits of investment and financing system to BOT model with folk capital. According to the characters of BOT model with folk capital, the authors give some suggestions.     

Ananlysis on the Liability Financing in Leverage Buyouts

This article briefly introduces the principle and the character of the leverage buyouts since the rate of finance lever and the risk is high in the LBO, this article gives a game-theory analysis on the financing process between the purchaser and the investor in LBO by using the ROSS model. It is expected that some beneficial proposal to either side can be put forward by parting the equilibrium.in the last, it poses that LBO can be a way of broadening the financing channel on the annexation between the enterprises in our country.     

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.     

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.     

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.     

Economic Sense of Mortgage and Guarantee in Credit Contract

There exists the information asymmetry between banks and enterprises that need loan, which can cause the problem of adverse selection. With the symmetry information, banks and enterprises can manage to reach best contracts. However, with the information asymmetry, when banks select the price of loan according to the average risk level of borrowers, the problem of adverse selection appears. Mortgage and guarantee are all very helpful to deal with adverse selection in some sides. For example, guarantee can send a signal to banks that enterprises could be low risky, and mortgage can make highly risky enterprises give up borrowing since it will bear more responsibility for its fail. A form of contract that connects the price of loan with the value of mortgage can help to recognize the style of different borrowers.     

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。     

A Model of Venture Capital Project''s NPV Formula with Introducing Debt Capital

Improves investment decision method NPV method by introducing risk. This paper CAPM and certainty equivalent wealthare applied because of NCF'S volatility of venture capital projects, on the basis of which, debt capital is introduced. the dissertation derives a levered risky project's NPV formula, which broadens applying range and lessens constrain conditions. For risky projects investment decision, the research provides a new theoretical basis.     

Optimum Decision Model About Stock Equity Withdrawal of Debt-to-equity Swaps

The withdrawal of stock equity of debt-to-equity swap benefitto resume connatural financial resource allocationfunction of market mechanism, basedon the viewpoint of market operation. An optimum decision modelabout stock equity withdrawal is set up, and asset management corporationcan sign an agreement based on enterprise's value with enterprise's managerof the debt-to-equity swap in advance, and make optimum choice in stock equity sell or enterprise list, thus stock equity withdrawal probably is realizedefficiently.Moreover, the paper puts forward the realizing factors of the efficient withdrawal of stock equity of debt-to-equity swapand correspondingcountermeasures.