Integration of Accounting and Statistics in Financial Management of Financial Bureau

The Financial Bureau is a functional department responsible for the expenditure management of local units.It not only undertakes the responsibility of formulating and revising the financial management system,but also supervises the strict implementation of the financial system by local units.The efficient operation of the Financial Bureau can ensure the smooth progress of local work and provide assistance for local economic development.Currently,with the rapid economic development,all government departments are carrying out system reform and innovation of working methods to improve the work efficiency and make up for the deficiencies in the work.Accounting and statistics are the key links throughout the financial management work of the Financial Bureau.With the continuous innovation of the management system of the Financial Bureau,accounting and statistics will be more closely integrated.

The Role of Financial Performance as a Moderator on the Relationship Between Financial Leverage and Shareholders Return

The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.

Pressure of Competition to Listed Companies in Commodity Market and Selection of Financial Leverage

As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation. Viewing from such an angle, the low financial leverage is in fact a conservative financial behavior, which means a reasonable selection. Generally, Chinese listed companies prefer financing from offering equity shares, which is regarded as a reasonable selection weighing both gains and risks. However, based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage, it is found that there is an extremely unmatched phenomenon in China＇s capital market, i.e., the keener the commodity market competition is, the higher the financial leverage of listed companies will be. Therefore, the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China＇s capital market at present, and both lead listed companies to low efficiency.

Population Ageing,Financial Leverage and Systemic Risk

Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.

Contraction flexibility, operating leverage, and financial leverage

This study investigates the impacts of contraction flexibility and operating leverage onfinancial leverage from the perspective of the agency conflict between shareholders and debtholders.In a continuous-time real option framework,we demonstrate that share-holders'contraction flexibility may have an adverse effect on financial leverage,and that the substitution relation between operating leverage andfinancial leverage is persistent or pronounced in the presence of contraction flexibility.The evidence from Chinese listedfirms not only supports our theoretical predictions well,but also offers a method to examine the agency conflict hypothesis.We suggest that the high proportion of bank loans or long-term debt in total liabilities can help levered firms alleviate the agency problem arising from contraction decisions.

The Quantitative Analysis on Leverage and its Effects

Leverage of modem enterprise＇s financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human＇s minds. They enlarge enterprise＇s benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.

Riemann Hypothesis, Catholic Information and Potential of Events with New Techniques for Financial and Other Applications

In this research we are going to define two new concepts: a) “The Potential of Events” (EP) and b) “The Catholic Information” (CI). The term CI derives from the ancient Greek language and declares all the Catholic (general) Logical Propositions () which will true for every element of a set A. We will study the Riemann Hypothesis in two stages: a) By using the EP we will prove that the distribution of events e (even) and o (odd) of Square Free Numbers (SFN) on the axis Ax(N) of naturals is Heads-Tails (H-T) type. b) By using the CI we will explain the way that the distribution of prime numbers can be correlated with the non-trivial zeros of the function ζ(s) of Riemann. The Introduction and the Chapter 2 are necessary for understanding the solution. In the Chapter 3 we will present a simple method of forecasting in many very useful applications (e.g. financial, technological, medical, social, etc) developing a generalization of this new, proven here, theory which we finally apply to the solution of RH. The following Introduction as well the Results with the Discussion at the end shed light about the possibility of the proof of all the above. The article consists of 9 chapters that are numbered by 1, 2, …, 9.

Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

Volatility Modelling of Global Financial Crises Effects on the Nigerian Banks

The most appropriate heteroskedastic models for predicting volatility of daily stocks prices of 10 major Nigerian banks are proposed. The banks are Access, United Bank for Africa (UBA), Guaranty Trust, Skye, Diamond, Fidelity, Sterling,?Union, ETI and Zenith banks;and these are examined from 2004 to 2014.?The models employed are Autoregressive Conditional Heteroscedastic (ARCH(1)), Generalized Autoregressive Conditional Heteroscedastic (GARCH(1, 1)),?Exponential Generalized Autoregressive Conditional Heteroscedastic?(EGARCH(1, 1))?and Glosten, Jagananthan and Runkle-Generalized Autoregressive Conditional Heteroscedastic?(GJR-GARCH(1, 1)). The results show that all the?bank returns are highly leptokurtic, significantly skewed and thus non-normal across the four periods except for Fidelity bank during financial crises;findings similar to those of other global markets. Also noticed is the strong evidence for the presence of heteroscedasticity, and that volatility persistence during crisis?is?higher than before the crisis across the 10 banks, with that of UBA taking the lead, about 11 times higher during the crisis. The same with persistence?levels in volatility, which were relatively higher during financial crises across the ten banks compared to before the crises.?Findings further indicate that Asymmetric GARCH models outperformed the symmetric GARCH models, especially during the financial crises and post the crises. Thus with these findings, one could generally conclude that Nigerian banks’?returns are volatility persistent during and after the crises, and are characterized by leverage effects of negative and positive shocks during these periods.

关于财务杠杆效应的实证分析

为了解决资金短缺的问题,许多企业选择高杠杆融资模式,但是随着经济的转型升级,加上三年疫情,高杠杆融资模式的弊端日益暴露,给企业带来了很大风险。本文从财务杠杆的原理出发,分析了财务杠杆的正负效应以及影响财务杠杆的因素,指出了企业在运用财务杠杆时存在的问题,并针对具体问题提出了合理使用财务杠杆的建议。

数字金融是否降低了债务杠杆对家庭金融资产配置的影响——基于CHFS调查数据的微观实证

本文基于CHFS调查数据和数字普惠金融指数数据,探究数字金融能否降低债务杠杆对家庭金融资产配置的影响,进而促进家庭金融资产配置的结构优化和效率提升。研究表明,债务杠杆影响负债家庭参与金融市场的积极性并导致金融资产配置效率降低,但对低债务家庭的影响具有一定的非线性效应。而数字金融通过提升低负债家庭的投资便利性和信贷可及性,有效降低了低债务杠杆对家庭金融资产配置的负面影响;但对高债务杠杆家庭而言,不合理地运用数字金融反而进一步降低了其金融资产配置的效率。本文的异质性检验结果表明,数字金融使用广度、数字金融使用深度和数字金融化程度可抑制债务杠杆的上升,显著降低长期贷款对低负债家庭金融资产配置的消极影响,但会加剧短期贷款对高负债家庭金融资产配置的负面影响。

地方政府经济增长目标与企业杠杆分化

改革开放以来,中国式分权下地方政府经济增长目标管理是保持经济稳增长的重要手段,但不可避免在微观企业层面带来一定负面影响。利用2007—2020年上市企业数据研究地方政府经济增长目标管理对企业杠杆分化的影响,研究发现:第一,地方政府经济增长目标的提升会促进辖区内企业“加杠杆”的行为;第二,地方经济增长目标的提高会加剧企业杠杆分化程度,经济增长目标提升幅度相同的情况下,国有企业杠杆率上升程度显著高于非国有企业;第三,在政府隐性担保和金融分权的作用下,地方政府经济增长目标对企业杠杆分化程度的影响会进一步加剧。因此,优化经济增长目标管理,注重国有企业经济绩效考核,减少政府隐性担保和规范金融分权,这些举措将为“结构性去杠杆”政策营造更适宜的外部环境。

不确定性冲击、金融市场摩擦与企业杠杆率分化

我国国有企业杠杆率长期高于非国有企业,且非国有企业杠杆率呈现较强的顺周期性,而国有企业杠杆率的顺周期性较弱。两类企业杠杆率水平及周期波动的分化现象已经成为我国经济发展中突出的结构性矛盾之一。那么,驱动两类企业杠杆率分化的主要因素是什么?为回答该问题,本文首先建立SVAR模型,实证检验不确定性冲击对国有企业和非国有企业杠杆率的影响,发现不确定性冲击是驱动两类企业杠杆率水平及周期波动分化的重要因素。基于此,本文进一步构建一个能够很好地匹配我国宏观经济波动及企业杠杆率动态特征的多部门DSGE模型,以探讨两类企业杠杆率分化的内在逻辑。研究发现,不确定性冲击是驱动我国宏观经济波动的重要因素,其通过提高企业风险溢价、抬高外源融资成本使企业贷款减少、杠杆率下降,并引起投资和产出的下滑,使国有企业与非国有企业杠杆率呈现顺周期性。而金融市场摩擦是造成国有企业与非国有企业在面对不确定性冲击时存在差异化响应的重要原因,由于非国有企业面临更大的金融摩擦,金融中介在不确定性冲击下会对其要求更高的贷款回报率,使非国有企业风险溢价的提升幅度远大于国有企业,导致非国有企业杠杆率有着更强的顺周期性。

能源结构转型与区域金融风险:作用机制与经验证据

基于2011—2020年中国省级面板数据,探讨能源结构转型对区域金融风险的影响。研究发现,能源结构转型与区域金融风险呈现倒U型曲线关系,且能源结构转型可以通过经济杠杆效应影响区域金融风险;科技创新可以显著缓释能源结构转型引致的区域金融风险,路径创新能显著缓释由路径依赖和脆弱诱发的金融风险。异质性检验发现,能源结构转型与区域金融风险之间的倒U型曲线关系在东部地区和西部地区更为显著。此外,政策制度创新也可以缓释能源结构转型过程中可能引致的区域金融风险。研究结论可为中国实现“双碳”目标过程中确保能源结构转型的“顺滑、平稳”过渡提供经验证据和政策借鉴。

非金融企业宏观杠杆率波动与货币政策传导路径

文章基于2000—2020年中国非金融企业部门宏观杠杆率和上市公司数据,在识别数量型货币政策外生冲击的基础上,采用局部状态依赖投影等方法,从宏观、微观角度研究了企业债务负担对货币政策传导的影响。结果表明,当宏观杠杆率处于高杠杆期时,宽松的货币政策对国有企业投资的促进作用比民营企业更大,对实际GDP、实际投资的促进作用也更大,并且更容易引发通胀;相对于高杠杆企业的金融加速器效应,低杠杆企业投资的预期收益效应更大;异质性分析发现,规模较小、更年轻、现金持有更少的企业对货币政策冲击的反应更强烈。

杠杆效应视角下电商企业财务风险研究——以苏宁易购为例

电子商务企业在平台建设、引流等方面投入巨大,使用财务杠杆弥补资金缺口成为普遍现象,由此增加了财务风险。苏宁易购是行业龙头企业,深入剖析其财务风险产生的原因,并提出合理化建议,对其他电子商务企业优化财务决策、精准使用财务杠杆、有效降低财务风险、提升经营效益具有一定的借鉴价值。

财务杠杆对企业投资决策的影响研究

文章通过对财务杠杆的概念和内涵进行分析,探讨财务杠杆影响企业投资决策的作用与原理,意在揭示财务杠杆在提高投资回报和企业运作效率方面的作用,同时,进一步指出其带来的财务风险和投资机会的损失,探寻财务杠杆的双面影响。基于上述理论研究,提出优化财务杠杆对企业投资决策影响的有效建议,旨在为企业如何有效利用财务杠杆以优化投资决策提供理论指导和实践建议。

资产价格、宏观杠杆率对系统性金融风险的影响

资产价格大幅波动和宏观杠杆率攀升易引发系统性金融风险,防范系统性金融风险的发生,维持金融体系稳定是我国经济工作的重点。本文选取2007年第一季度至2022年第二季度的数据,运用主成分分析法构建系统性金融风险指数,进一步采用TVP-SV-VAR模型探讨资产价格、宏观杠杆率在不同时期下对系统性金融风险的动态影响。研究发现:资产价格和宏观杠杆率之间存在相互影响的关系;资产价格对系统性金融风险的影响呈现短期负向效应和长期正向效应,杠杆率对系统性金融风险的影响呈现经济不平稳期负向效应、经济平稳期正向效应。

我国非金融企业杠杆率提高会导致系统性金融风险吗?

我国非金融企业杠杆率问题及杠杆政策受到极大的关注。本文将2005—2021年沪深A股上市企业与中国各省级行政单位系统性金融风险指标相匹配,实证检验非金融企业杠杆率提高是否会导致系统性金融风险。研究发现,非金融企业杠杆率与系统性金融风险之间存在U型关系,拐点为70.24%;东、西部地区非金融企业杠杆率与系统性金融风险为U型关系,拐点分别为66.62%和71.09%,而中部地区两者呈线性负相关;地方国有企业杠杆率与系统性金融风险为U型关系,最优阈值为82.32%,中央企业和民营企业杠杆率对系统性金融风险的影响不显著;非ST企业杠杆率与系统性金融风险为U型关系,最优阈值为70.75%,ST企业杠杆率与系统性金融风险呈线性正相关。基于以上结论,提出优化企业资产和融资结构、因地制宜采取不同的杠杆政策等对策建议。

连锁股东与企业财务杠杆

资本市场中投资人在两家同业企业中同时持股成为连锁股东。利用2011-2020年中国A股上市公司数据,本文研究了连锁股东对企业财务杠杆的影响。研究发现,连锁股东能够显著降低企业财务杠杆,在进行一系列稳健性及内生性检验后结论依然成立。机制研究发现,连锁股东通过权益融资渠道、信息传递渠道及监督治理渠道3个渠道降低财务杠杆。异质性研究表明,连锁股东能够成为区域金融监管及市场外部监督不足时的有效补充。经济后果分析表明连锁股东推动企业降低财务杠杆能够有助于提升企业经营绩效并降低经营风险。