Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Financing the Future

Two major finance forums in Beijing provide directions for developing sustainable climate funding.WHEN Mark Carney was the governor of the Bank of England,he found that the number of extreme weather events had tripled and the cost of these disasters increased fivefold in the past 25 years.The financial sector must do something to make a change,he thought.

Research on the Coordinated Development of Inclusive Finance and Financing for Small and Medium-sized Enterprises

As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industrial structural transformation.However,due to their inherent weaknesses,small and medium-sized enterprises often face difficulties in financing within the traditional financial service system.This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale.Since 2013,China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises,providing policy guidance,resource support,and technical support to alleviate the financing difficulties of small and medium-sized enterprises.Based on this,this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance,in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING

Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.

The Thinking of Financing under Dual Economies Character In Medium & Small Enterprises

In China,the dual economies show prominence in financial field.It leads to the serious dual credit ration and becomes one of the main cause which makes financing in medium & small sized enterprises becomes harder and harder.On basis of this situation,we theoretically pose that we can alleviate the difficulty through the dual cooperation of financial control and the deepening of finance.

Analysis of the Characteristics of Project Financing

Project financing is independent on the sponsors credit or tangible assets, but in the project's expected reliable, stable cash flow and future earnings as the fund source, and mainly to the project entity assets as a debt security financing. It will be of great theoretical and practical significance by conducting a detailed research on related concept and characteristics.

Financing Sustainable Agriculture Under Climate Change

Agriculture is facing great challenge in meeting global food security and is expected to face even greater challenge under climate change. The overall goal of this paper is to examine how finance can be used to achieve the joint objectives of development, mitigation of and adaptation to climate change in agriculture in developing world based on literature review. The results show that agriculture is much under invested and foreign aid also has not increased appropriately to assist developing countries to maintain sustainable agriculture under climate change. There are a wide range of areas in mitigation of and adaptation to climate change that need substantial investment. Major areas and successful cases mitigation of and adaptation to climate change in agriculture that have worked in developing countries are examined. A list of areas that have worked, could work and be scaled up or transferred is identified and discussed. This study concludes that mainstreaming agricultural mitigation and adaptation into agricultural development programs, enhancing local capacity, and considering different stakeholders＇ needs are major experiences for successfully financing sustainable agriculture under climate change.

Financing strategies for coal-electricity supply chain under yield uncertainty

The financing strategies for a coal-electricity supply chain in which the coal company has capital constraint and faces yield uncertainty were studied. We propose an advance payment mechanism: in the coal company's initial production period, the electricity company provides advance payment to the coal company, and the coal company pays interest to the electricity company as the risk compensation. The optimal operation strategies for the coal company and the electricity company under the advance payment mechanism are derived and compared with those under the bank loan financing case. We find that,the expected profit functions of the coal company and the electricity company under the advance payment mechanism are the same with those under the case that the coal company has enough capital;under the advance payment mechanism, the profits of the coal company and the electricity company are higher than those under the bank financing case. We also discuss the compensation interest rate of the advance payment and the ordering and production quantities under the advance payment mechanism.

Financing Problems in China's Rural Areas

Solving the financing problem in rural areas and improving the level of economic development in rural areas become important guarantees for the expansion of domestic demand. This research, through studying the current situation of rural financing, pointed out the main factors restricting the financing in rural areas, such as high risk credit, slow income growth, high financing cost and difficult mortgage and guaranteed loans. Based on those, the author worked out the objectives and direction of China＇s rural financing reform, from two aspects of path selection of reform and innovation and specific embodiments for adjusting the overall reconstruction, and put forward some relevant countermeasures.

Exploration of New Financing Mode of Farmers' Co-operatives——A Case of Guangxi Zhuang Autonomous Region,China

Based on the overview of the role played by farmers' co-operatives in developing rural economy and existing problems,the thesis has introduced the factors which influence the development of farmers' co-operatives including five aspects,namely conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,market expectancy and government support.By analyzing typical cases of three co-operatives in Guangxi(Heng County Dadi Growing Co-operatives,talents-leading share-holding co-operatives;Long'an County Guixiniu Co-operatives,co-operatives led by leading-enterprise;Nanning City Tanluo Town Jinguang Fruits and Potatoes Co-operatives,co-operatives led by leading-enterprise),the way to develop farmers' co-operatives by dint of the external capital has been discussed.The results demonstrate that conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,excellent market expectancy and government support,are conducive to absorbing external capital.Under China's existing economic conditions,the government should normalize the use and allocation procedure of program fund.

Developing Situation and Countermeasures of Mortgage Financing of “Three Rights” in China's Rural Areas

By adopting archival analysis method and investigation method,this paper expounds the relationship between "three rights" mortgage and farmers' financing in rural areas,and conducts analysis on behavior choosing of "three rights" mortgage financing in rural areas.The results show that the farmers has strong need for financing,but the satisfaction level of need is not high;the farmers have many irregular channels of financing and there is a ubiquitous phenomenon of loan being rejected without mortgage;agricultural modernization,industrialization and scaling-up management have strong need for capital.The main problems yet to be solved in the process of carrying out "three rights" mortgage loan are expounded and corresponding countermeasures are put forward as follows:first,we should solve the problems of mortgage registration as quickly as possible,which is the prerequisite of implementing "three rights" mortgage loan;second,we should establish smooth evaluation mechanism,which is important condition for promoting "three rights" mortgage loan;we should solve the difficulties in confirmation of farmers' house as quickly as possible,which is indispensable element of expanding mortgage loan of farmers' house;we should effectively solve the problem of turning an asset into cash and assets disposal,which is the key to expanding "three rights" mortgage financing;we should establish sound forestry factor market,which is the main part of promoting healthy development of forestry right mortgage loan;we should formulate management methods of financing risk compensation fund of rural property rights and adopt rational measures to reduce taxation,which is the main approach to quicken offering of "three rights" mortgage loan.

Structural Analysis of the Factors Influencing the Financing of Forestry Enterprises Based on Interpretive Structural Modeling(ISM)

Through the collection of related literature,we point out the six major factors influencing China's forestry enterprises' financing: insufficient national support; regulations and institutional environmental factors; narrow channels of financing; inappropriate existing mortgagebacked approach; forestry production characteristics; forestry enterprises' defects. Then,we use interpretive structural modeling( ISM) from System Engineering to analyze the structure of the six factors and set up ladder-type structure. We put three factors including forestry production characteristics,shortcomings of forestry enterprises and regulatory,institutional and environmental factors as basic factors and put other three factors as important factors. From the perspective of the government and enterprises,we put forward some personal advices and ideas based on the basic factors and important factors to ease the financing difficulties of forestry enterprises.

Risk, Contract Management, and Financing of the Gotthard Base Tunnel in Switzerland

1. Introduction With the opening ceremony of the Gotthard Base Tunnel on 1 June 2016, a new world record was established: the commissioning of the longest railway tunnel in the world. Many challenges have been overcome and many technical innovations have been developed and considered in this project. As of 11 December 2016, the Gotthard Base Tunnel has been an integral part of the new timetable of the Swiss Federal Railways (SBB-CFF-FFS), and is in full operation. With a total length of 57 km and a cruising speed of 200 km·h^-1 for passenger trains, the Gotthard Base Tunnel reduces the journey time through the Alps by 40 min, significantly reducing the distance between the south and north of Europe.

Obstacles to the Mortgage Financing of Forest Rights and its Countermeasures

Current status of the mortgage financing of forest rights is introduced.Significance of the development of mortgage financing of rural forest rights is analyzed,indicating that the mortgage financing of rural forest rights is an inevitable trend of rural reform development,Mortgage financing of forest rights in rural China is an effective vector for the farmers' income increase project with financial support,explores the great potential of forest resources,promotes the coordinated development of forestry and financial services.Major obstacles for the mortgage financing of forest rights at present is pointed out,which are the high assessment fees,the complex mortgage valuation,the unsound element market of forestry,and the lack of risk protection mechanism.Countermeasures for the development of mortgage financing of forest rights is out forward.For instance,both government and Forestry Bureau should strengthen the circulation services,establish smooth evaluation mechanism,establish companies for rural assets platform,increase the interest subsidies for forest right mortgage and the risk compensation,strengthen the team construction and improve the service system.

Financing Strategy of Low-Carbon Supply Chain with Capital Constraint under Cap-and-Trade Regulation

Cap-and-trade regulation provides incentives for manufacturers to reduce carbon emissions,but manufacturers’insufficient capital can disrupt the implementation of low-carbon emission reduction technologies.To alleviate capital constraints,manufacturers can adopt external financing for low-carbon emission reduction investments.This paper studies the independent financing and financing cooperation behavior in a supply chain in which the manufacturer and retailer first implement low-carbon emission reduction technologies and then organize production and sales in accordance with wholesale price contracts.Through comparing the optimal profits and low-carbon emission reduction levels under the independent financing and financing cooperation mode,we come to the following conclusions:(1)Although financing interest increases the cost of the supply chain,manufacturers prefer to invest in reducing carbon emissions rather than buying carbon quotas.(2)When financing independently,a decentralized decision-making mode(MD)is the best choice for manufacturers.(3)In cooperative financing,when the supply chain adopts a decentralized decision-making mode(SD)in which the retailer determines the financing cost-sharing ratio according to their optimal profit,the profits of the supply chain and its members are significantly improved.(4)When manufacturers and retailers adopt a centralized decision-making model(SC)in cooperative financing,they jointly determine the financing cost-sharing ratio and the level of low-carbon emission reduction.If the financing cost-sharing ratio meets a certain threshold range,the profits of manufacturers and retailers achieve Pareto improvement,indicating that this cooperative financing model is effective.

Ordering Strategy for Fresh Agricultural Products in External Financing Condition

This paper firstly introduced the two stage supply chain consisting of single agricultural product producer and fund restraint retailer.Then,it analyzed the influence of bank interest rate on order quantity,wholesale price and expected profit of retailer and producer on the condition of retailer taking external loan strategy.Studies have shown that when the bank interest rate is in(0,0.9),the order quantity of agricultural products is a decreasing function of bank interest rate; when the bank interest rate is in(0,1),wholesale price of agricultural products decreases with increase in the bank interest rate; when the bank interest rate is in(0,0.6),the expected profit of retailer is a decreasing function of bank interest rate; when the bank interest rate is in(0,1),the expected profit of producer decreases with increase in the bank interest rate.Finally,through simulation calculation examples,it verified suitability of the conclusion,in the hope of providing reference and application value for management of supply chain.

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

FINANCING MODE FOR SUSTAINABLE FARMLAND CONSOLIDATION

Sustainable farmland consolidation covers ecology, economy and society, which means, its only goal is to protect eco-environment, in accordance with public benefits and economic laws. China is still a developing country, facing capital-lacking, an important but difficult problem, while sustainable farmland consolidation will need more money than common farmland consolidation. To solve the problem, this paper put forward and designed a new financing mode for farmland consolidation: BOT(Build-Operate-Transfer), which can effectively solve the financing problem and investment reclamation by the way of concession, and make sustainable farmland consolidation be realized in China.

Value chain financing and plantain production in Nigeria:an ex-ante approach

Value chain finance(VCF)represents the aligning and structuring of finance within a value chain or as a result of its existence.Given the growing need to explore innovative approaches to rural and agricultural finance in Nigeria,such financing solutions have become imperative.However,few studies on the ex-ante impact of financing innovations exist.Therefore,to ascertain the benefits derivable from VCF,this paper analyzes the potential impact of VCF on plantain production in Nigeria.The expected benefits are estimated based on the economic surplus model,using the Dynamic Research Evaluation for Management(DREAM)software.Results from a 25-year simulation period at a 15%discount rate and an innovation cost of USD 1,300,000,show that,in the least optimistic scenario,the economy is expected to have an overall net gain(economic surplus)of USD 3256,800,with a net present value of USD 3406,880,benefit-cost ratio of 3.83,and an internal rate of return or break-even discount rate of 36.80%.These results indicate the positive impact of VCF,measured in terms of net present value and net benefit,expressed as producer and consumer surplus.This suggests VCF is a viable and beneficial financing innovation for food production in Nigeria.Finally,it is recommended that a value chain financing agency be established to make finance available to farmers to boost food production in Nigeria.