Contingent convertible lease modeling and credit risk management

The main objective of this study is to determine a lease agreement to finance an investment project and a solution for managing credit risk.This study investigates three types of contingent leases to reduce the costs associated with bankruptcy and compensate for the lessor’s position.A leasing defaultable contract allows the lessor to obtain the rent that will be recovered if the lessee defaults.A leasing convertible contract can be automatically converted into shares when certain default conditions related to the cash flows generated by the firm are met.These conditions are triggered by the ratio of the firm’s value and leasing payments.A Defaultable-Convertible-Leasing contract with a payback option grants the lessor the right but not the obligation to convert the remaining lease payments into stocks or to break up the contract and pick up the rented equipment when the firm reaches the default threshold.These contracts are motivated by contributing to the range of risk-management strategies by adding more flexibility to standard leasing contracts and contingent rents.Closed-form securities pricing solutions are set forward in a dynamic model for firms with existing assets and a growth option financed by shares and a contingent lease.Risk-neutral pricing theory and the backward induction method are used to determine the pricing of corporate securities.Numerical analysis shows that leasing convertible contracts and defaultable-convertible contracts with payback options impact the service value of the leased asset,maturity,and inefficiencies resulting from insolvency and asset substitution.An optimal conversion rate reduces inefficiencies,thus making the leasing convertible contract and defaultable-convertible-leasing contract with payback option a reliable solution to ensure business continuity and loss coverage of the leasers upon default.

The Profit Model of Long-Term Lease Apartments Under Multi-Agent Supply

The acceleration of urbanization has led to an increase in the number of urban floating population, which leads to more demands for the housing rental market. With the support of policies, long-term lease apartments have begun to emerge. However, under the multi-subject supply, longterm lease apartments have encountered problems such as small profits in their development. Starting from the background of the development of long-term lease apartments, this study classified the main types of long-term lease apartments, analyzed the four profit models of comprehensive profit, expansion of rent difference, REITs and value-added services based on their business models, and proposed corresponding suggestions on the profitability of long-term lease apartments according to the current situation of profit difficulty of long-term lease apartments and the lack of profit models.

Effects of Labor Price Hike and Population Ageing on Rural Land Lease in China

In answering the questions as whether China's rising labor price and ageing workforce have affected rural land leasing and whether these factors have any joint effect,we have employed RCRE data of the Ministry of Agriculture to carry out an empirical analysis and the result indicates that labor price hike has significant positive effects on both the land lease-in and lease-out of rural households,i.e.labor price hike will help increase the land leasing of rural households.At the level of ageing workforce,our empirical results indicate that ageing workforce does not create any significant impact on rural land leasing market no matter for land lease-in or lease-out in overall samples,plain regions and mountainous regions.In our empirical analysis on whether ageing workforce will intensify or weaken the effects of labor price hike on rural land leasing market,the regression result also indicates that there is no significant effect from a statistical perspective.

Economic Analysis on Rent of Equipment Lease of Coal Enterprise

Rent is the key factor in equipment lease. The business that equipment lease company of coal mining often engaged in can be divided into three kinds, that is sublease, operating lease and inter lease, in term of the difference of the role of lease, character of business, object of the trade and condition of the market. The problem in rent calculating of the three kinds of lease that equipment lease company of coal mining often involved was analyzed. Hope to be helpful to the decision making of the equipment lease company of coal mining.

Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Our lease accounting on Related Issues

With the rapid development of the leasing industry in our country, people lease accounting requirements are also getting higher and higher.According to ChinEs ＂Enterprise Accounting Standards No. 21 - Leases＂ for lease accounting concepts.Clear lease accounting treatment.Situation Analysis lease accounting in China.Comparative and International lease accounting standards, while the analysis of the problems of lease accounting according to Chinese accounting situation. Make recommendations for the establishment of a sound lease accounting standards and China＇s actual combination.

Research on Financial Lease Pricing Model

Financial leasing is a financial innovation product with leasing and financing functions.The research on the theory of financial leasing and risk pricing methods should be highly valued.Rent is set based on the total revenue of the lessor and the total cost of the lessee.The factors that affect pricing include project costs,security deposits,fees,lease terms,revenue,interest rates,etc.Using the principle of net present value to elaborate the components of financial leases and constructing a financial lease pricing model from the perspective of maximizing the profit and interests of the lessor,an empirical analysis of the model was carried out using an actual case,thus concluding that the model is effective.

STUDIES OF A BIODEGRADBLE DELIVERY CAPSULES (CAPROF)CONTAINING LEVONORGESTREL (LNG):IN VIVO DRUG RELEASE EVALUATION

The paper describes drug release evaluation of a biodegradable long-acting con-traceptive Capsule (CaproF) containing levonorgestrel (LNG)in vivo.Poly(E-Capro-lactone) (PCL) biodegradable material,suitable for many medical application,wasused in this study.It was extruded into tubes.The tubes were then cut and loadedwith LNG powder before melting-sealed on both ends to get drug capsules.This sub-dernal implant has been found to be highly effective in animal experiments.Two ad-

IN VITRO AND IN VIVO DRUG RELEASE STUDIES OF BIODEGRADABLE COATED TABLLAE WITH POLY(AMINO ACIDS)

Poly-α-amino acid is a kind of biodegradable biomedical material.It is used forthe preparation of sustained drug-release device.There are some advantages of thedrug delivery devices.They can provide the therapy with side effects.The drug re-lease is maintained at a beneficial rate for a prolonged time.The polymer may bebiodegraded after the drug has been exhausted.

FINDING EVIDENCE OF GREEN LEASING IN UNITED STATES GOVERNMENT-LEASED PROPERTIES

Although the term“green leasing”is not yet well defined,its primary purpose is clear.With an aim to create a collaborative environment through legal provisions between a building owner and a tenant,green leasing may ultimately help resolve the energy paradox in tenanted properties.Issues surrounding split-incentives are driven by a mismatch between owners’capital expenditures on improving building energy efficiency and an uncertainty of tenant or occupant behavior that might affect a building’s energy consumption.Though some countries have started to develop guidelines promoting the adoption of green leasing,especially in government buildings and commercial real estate,implementation has not been overly successful globally.This study has two focuses,the first of which is to compare green leasing guidelines from various countries and to suggest six comprehensive categories of green leasing components:management relationships,information sharing,certificates,legal stipulations,financial factors,and operation.The second core area of research places government-tenanted properties’lease agreement contracts.The goal is to find any evidence in a legal condition between a building owner and a tenant,in this case federal government,to improve building energy efficiency with less environmental impact in the United States.The findings of the study indicated 41 out of 400 leases had green clauses.Three out of six categories proposed in this study were found in the U.S.government-tenanted properties,while the other three types were not shown.The findings of this study also suggest categories of green leasing clauses can contribute to defining green leasing and provide empirical evidence of green leasing in government-tenanted properties.Ultimately,this study produces arguments for possible reasoning behind the employment of some green lease categories but the lack of use of others,specifically in the U.S.office market and government-tenanted buildings.

Challenges and Possibilities for the Household Medicine Lease （HML） System Viewed in Light of CRM： HML-Based Everyday Self-Medication in Ubiquitous Network Society

Household medicine lease （HML） industry originated way back in the Edo period （17C-19C）, when it was promoted by the local fiefdom government to revitalize the economy. Accumulations of wealth, acquired thereafter from everywhere outside the region, have culminated in the formation of the present-day industrial cluster in Toyama, the largest in the whole area facing the Sea of Japan. Today an adaptation of the quasi-CRM （customer relationship management） business model of the HML system has proved to be a success in Mongolia. This fact seems to offer the authors some clues for dealing with those problems that healthcare and medical services in Japan and elsewhere are riddled with. In this paper, focusing on the common critical success factors （CSFs） behind the success of the authors＇ prototype HML system and its recent successful application in Mongolia, the authors will analyze these factors from the perspective of CRM. The authors will then clarify the following： （1） the usefulness of the business model for ensuring primary healthcare for people in developing countries; （2） the usefulness in our ubiquitous network society of applying ICT to the HML system; （3） possible contributions that the use of the system can make toward improving the quality of our everyday healthcare and medical services in our prominently aging society; and the authors will also suggest （4） the importance of elevating ＂individual self-medication＂ to ＂community-based self-medication＂.

Prisons Help Inmates Turn a New Lease in Life

Shandong Province, east China,has reported a recidivist rate of 2.6 percent, meaning that of every 100 convicts jailed for criminal offenses, an average of only 2.6 have committed

Psychological Counseling Helps Prison Inmates Turn a New Lease in Life

Psychological counseling for ＇prison inmates appeared in Jiangsu in the late 1980s, and it is now available in all prisons in this east China province. According to Yu Airong, director of the Jiangsu Provincial Prison Administration, the 19 prisons in the province each have a psychological correction center staffed by professionals.

A New Lease of Life Organ donation gains wider acceptance in China as an efficient donation system raises awareness

Wu Yue, a lung transplant recipi ent. now regards August 31, the day she underwent surgery, as her re-birth day. In the eyes＇ of many people, the 30-year- old woman is an embodiment of love, dili gence and intelligence.

Study on the Technology of Restoration and Giving a New Lease of Life to the Alpine Grassland Vegetation in the Constuction of the Qinghai-Tibet Railway

This article gives a summary and analasis to experimental study on the restoration and giving a new lease of life to the alpine grassland vegetation along the Qinghai-Tibet Railway. Through on-the-spot investigation and vegetaion storation experimental study to the constructive fetching soil ground in Tuotuo River experiment section in the construction of the Qinghai-Tibet Railway, the result shows: after the activities of the construction, soil conditions on the fetching soil ground have changed a lot, the soil quality has obviously degraded. In order to do well the vegetaton storation and reconstruction in the process of the construction of the Qinghai-Tibet Railway, the backfilling of the surface soil should really be done well. According to the result of on -the-spot experiment, the Elymus dahuricus Turcz and Poa annua Linn are all more suitable to the fetching soil environment on the alpine grassland, the plant can normally grow in the growing season. The timing selection of the vegetation should fully use feature of both rain and heat in the same season, thus can improve the percentage of success.

Jini编程模型中Leasing组件的研究

首先介绍了Jini中编程组件Leasing,然后对Lease的授权运行机制及授权过程中涉及到的许多因素进行了深入研究。在租用的授权过程中,文章对租用的实现,租用授权者的职责以及租用与资源的关系,都做了详细的描述。明确了在租用首次被租或用户对租用提出续租时,都会涉及到租用策略对象,租用的实质就是对资源的占有。一个资源中可能有多个租用,也有可能在多个资源中都涉及到了某个或几个租用,这都需要对LeaseManager接口的实现。文章在最后指出:租用的授权者通过Landlord接口给出了在不同的情况下租用的续租与撤消的途径,并提出了一个新的解决方法。

A Novel System Model based on Cost-prediction for Spectrum Leasing in Cognitive Radio

In current researches on spectrum leasing, Common model and Property-right model are two main approaches to dynamic spectrum sharing. However, Common model does not consider the obligation of Primary System (PS) and is unfair to Secondary System (SS), while the cooperation based on Property-rights model has problems on its feasibility. This paper proposes a novel system model, in which a Cost-Prediction scheme for Spectrum Leasing (CPSL scheme) is designed to forecast the cost that PS would pay for leasing spectrum. Cost Function is introduced as a criterion to evaluate the potential cost of spectrum leasing for PS. The simulation results show that compared with Common model based scheme, CPSL scheme substantially improves the QoS of the delay-sensitive traffic in SS at the cost of a small degradation of PS performance.

Islamic Banking System and Mode of Leasing： A Comparative Analysis in the Light of Maqasid al-Shari＇ah

This article discusses Islamic Banking System and its mode of leasing in the light of the objectives of Shari＇ah. It explores that the objectives behind the introduction of Islamic finance and banking system were the elimination of capitalist banking interest, exploitation of poor segment of the society and the establishment of an economic system which may lead to sustain a balance economic order and social justice. In this context, it intends to analyze the mode of leasing provided by Islamic Banking system in the light of the objectives of Shari＇ah and discloses that although Islamic Banking system is based on the principle of mudarbah, musharkah and Ijarah and deals with the customers in that context, yet apparently, the effects of these transactions are not much different from capitalist modes due to same consequences and effects of these transactions. It thus, provides a comparative analysis of the issue, i.e., mode of leasing at both Islamic and capitalist Banks. It argues that a common man can not avail Islamic financing/leasing if he lacks financial resources. If a poor person tries to purchase something by way of ijarah through Islamic Banking finance, he does not find any difference in the payment of the total cost between capitalist mode of leasing and Islamic mode of ijarah. Hence, this article concludes that although Islamic financing achieved a remarkable development among the Muslims, yet there is a need to revise the policy and system of Islamic financing in the light of the objectives of Shari＇ah. It also concludes that the mode of leasing provided at Islamic Banks does not accomplish the objectives of its establishment which is public interest. At present, this system is unable to assist the poor segment of the society or to provide ease to them.

以监护仪、输液泵、注射泵为例对全院级医疗设备集中管理模式的实践与探索

目的 探讨建立全院级生命支持类医疗设备集中管理模式的可行性,提高医疗设备精细化管理水平。方法 以我院为主体,选取监护仪、输液泵、注射泵3类设备,从运行模式、绩效分析两个方面建立运行制度,成立医疗设备集中管理中心,实施全院级集中管理。选取2021年7—10月数据作为对照组,选取2022年7—10月数据作为研究组,比较两组数据中3类设备的使用效率,以及两组数据中监护仪的维修周期。结果 实施集中管理后,输注泵使用效率提升9.37%(P﹤0.05),监护仪使用效率提升15.07%(P﹤0.05),监护仪平均维修周期缩短55.93%(P﹤0.05)。结论 医疗设备的集中管理模式可以提升设备使用效率、降低运行成本、降低管理难度,各医疗机构应不断优化管理措施,促进医疗设备的精细化管理。