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.     

Some Ideas on Reconstruction of Villages inside the City

In this paper, the historical reasons of formation of the village inside the city are analyzed. It is indicated that such situation for the villages inside the city are the result of joint action of both the villagers and the government. The foundation of villages inside the city laid on the simple compensation for farmers in confiscating the rural land and lack of intelligence aids. In this paper, the ideas and measures for their reconstruction are put forward based on consideration of the reasons of their formation and difficulties in the reconstruction.     

增加投入实现引黄灌溉良性发展

引黄灌溉经济效益显著,但是灌区管理单位的财务收益却入不敷出。根据经济效益分析与水费收交情况,作者认为应加强水费回收,多方面集资以及深化水费改革等,以利于灌溉事业的良性发展。     

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.     

排灌企业货币资金内部控制探讨

分析了排灌企业加强货币资金内部控制的必要性．提出了排灌企业加强货币资金内部控制的目标和主要方法．第一，建立严格的货币资金管理制度，着重对于现金和银行存款日常收支过程中最有可能出现的漏洞提出防范措施．第二，建立严格的岗位分工制度，强调经办货币资金收付的不相容各岗位分离，形成相互牵制．第三，建立严格的授权、审批制度．第四，建立严格的会计电算化内控制度，明确会计主管、系统管理员、凭证录入人员的职责权限．