The Financial Structure of Italian Companies

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.

Financial and non-financial determinants of the indebtedness of hospitals:the case of Poland

The performance of Polish healthcare is still far from satisfactory,which is connected with growing indebtedness that adversely affects not only the development of healthcare but also the quality of medical services provided.In turn,the financial situation of hospitals depends on various indicators and the relationship between them.This paper investigates the determinants of healthcare sector functioning in the context of hospitals’financial situation(dependent variable measured by total debt ratio).321 individual public units were examined between years 2007–2017.More specifically,the fixed effects panel data model in question measures and evaluates the impact of economic,regional,institutional,and social factors in determining the dependent variable.This study confirmed dependencies between financial and non-financial ratios along with their impact on the financial condition of studied entities.The management implications of our study lay the groundwork for the improvement of efficient resource management for public hospitals.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

Analyzing on the Characteristics of Several Typical Financial Behavior of Loss Listed Companies in China

In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.

How to Offset Interior Debts in Consolidated Financial Statement for Reformed Group Enterprises

The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.

Analysis of the interest rate marketization risk of local banks in Henan Province --Taking four joint stock commercial banks as an example

With the accelerating process of interest rate marketization, the local banks in Henan Province face a greater risk of interest rate marketization, managing risk effectively can promote the development of local banks in Henan Province and the economic development of Henan Province. This paper analyzes the present situation of management of interest rate marketization in Henan Province, then puts forward some suggestions, such as promoting the development of intermediate business; promoting the product innovation; strengthening the management of assets and liabilities, improving the quality of employees, strengthening the management of non-performing loans, and etc.

Fear the Walking Dead?Incidence and Effects of Zombie Firms in Europe

One explanation for the observed lack of economic dynamism in Europe is that so-called zombie firms are spreading and that they crowd out the growth of other,potentially more"lively",companies.Zombie firms are firms that apparently are unable to repay their debt and yet,they continue operating.The report describes estimates for 2010 and 2013 of the incidence of zombie firms across 19 European countries using firm-level data for more than one million companies.Importantly,it uses three alternative definitions of what constitutes a zombie firm to ensure robustness of estimates.The report finds that zombie firms are spreading in Europe,with the estimated incidence for 2013 being higher than for 2010.It also identifies considerable differences across countries.Zombie firm shares as of overall corporate capital are particularly high in Greece and Spain,but low in the Czech Republic and Slovakia.Distinguish among firms in terms of size and age,the report finds that larger and older firms,as compared to relatively smaller and younger firms,are more likely to be zombie firms.The report also finds that the growth of zombie firms in terms of employment crowds out the growth of other,non-zombie firms,especially young ones.Thus,one policy implication is that,greater economic activity is achieved by allowing zombie firms to exit the market.

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.

Evaluation of Deposit Insurance Fund Adequacy Using Credit Risk Model--An Indian Experience

There are two methods widely used for evaluating the adequacy of Deposit Insurance Fund： （i） Target Reserve Ratio and （ii） Credit Risk Model. Target Reserve Ratio is one of the macro level indicators more often set by Regulatory act on the basis of minimum Deposit Insurance Fund margin safety, Target Reserve Ratio is calculated as the ratio of Deposit Insurance Fund to the value of insured deposits. However, TRR does not take into consideration the level of Deposit Insurance potential liability, the Loss at Given Default （LGD） and the historical trend of default rate prevailing among the insured banks. It does not also consider the present condition of the economy and current scenario of the banking sector. This paper discusses primarily about development of Credit Risk Model for evaluating the Deposit Insurance Fund Adequacy. For this purpose, Econometric Credit Risk Model was developed based on the historical data of bank failures and the associated losses of the last 25 years from 1990-91 to 2014-15. The model assesses various possible factors impacting the Deposit Insurance Fund： Default rate, Deposit growth, Exposures, impact of macro-economic factors like GDP, GDS, Inflation and Interest rate changes, etc. on the Deposit Insurance Fund through econometric modeling. The model evaluates the adequacy of Deposit Insurance Fund under both （i） Normal scenarios where there is no （economic） systemic risk assumed and （ii） Worst case scenario at 1% level of significance using Monte Carlo Simulation. Since the model empirically validates all the critical factors impacting the assets and liabilities associated with Loss at Given Default, the model output can also be used to determine a suitable Target Reserve Ratio and such models are being used in countries like USA, Canada, Hong Kong, and Singapore, etc. （IADI, 2009）. More importantly, the model outputs are quite useful in determining the adequacy of deposit insurance fund which is an effective risk control measure that organization like Deposit Insurance Credit Guarantee Corporation （DICGC） can adopt both under normal economic scenario as well as worst case scenario, ensuring a strong financial safety net for the banking sector in India. The model also assesses the default probability and the Loss at Given Default of different types of banks： commercial banks, rural banks, cooperative banks, foreign banks, etc. A risk based on premium can possibly be determined for each type of banks in India.

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.

Fuzzy Varying Coefficient Bilinear Regression of Yield Series

We construct a fuzzy varying coefficient bilinear regression model to deal with the interval financial data and then adopt the least-squares method based on symmetric fuzzy number space. Firstly, we propose a varying coefficient model on the basis of the fuzzy bilinear regression model. Secondly, we develop the least-squares method according to the complete distance between fuzzy numbers to estimate the coefficients and test the adaptability of the proposed model by means of generalized likelihood ratio test with SSE composite index. Finally, mean square errors and mean absolutely errors are employed to evaluate and compare the fitting of fuzzy auto regression, fuzzy bilinear regression and fuzzy varying coefficient bilinear regression models, and also the forecasting of three models. Empirical analysis turns out that the proposed model has good fitting and forecasting accuracy with regard to other regression models for the capital market.

地方政府债务对城镇化的影响机制及中介效应

地方政府债务扩张是我国政府主导、投资驱动型传统城镇化模式的重要动能和必然表现。然而,当前地方债问题日益显现,地方城投平台高杠杆主导城镇化模式亟待转型。基于2002-2020年全国31个省份数据,运用个体固定效应与工具变量模型,实证分析地方政府债务对新型城镇化的影响机制及中介效应和调节效应后发现:地方债扩张对城镇化产生先促进再抑制的非线性影响,债务扩张初期有利于完善城市基础设施和促进就业,但后期资本效率下降和对私人投资的挤出凸显;地方债通过抬高房价-收入比、刺激固定资产投资进而促进城镇化;老龄化程度越高的地方政府越倾向通过债务扩张拉动城镇化;但是服务业就业会减缓地方债对城镇化的促进效果。因此,高城镇化水平区域要更加严控地方政府债务规模,约束地方城投公司行为,地方财政支出更多偏向养老支持、住房保障等普惠性公共服务,发挥第三产业就业对城镇化作用。

财政政策导向、国有企业配合度与债务风险——基于最优杠杆率偏离度的检验

国有企业债务风险问题及“平台化”现象引起社会各界关注。探究政策对国有企业融资决策的影响,有助于政府更有效地制定财政政策,引导国有企业规范融资行为,降低国有企业债务风险。笔者运用企业微观数据和宏观经济数据拟合的最优杠杆率构建杠杆偏离度指标,以“四万亿计划”政策措施为例,深入探讨了政策导向促使国有企业债务风险形成的机理。研究表明,相对于非国有企业,国有企业展现出对财政政策更高的配合度。在扩张性财政政策实施后,国有企业更积极地进行融资活动,导致实际杠杆率高于最优杠杆率。机制分析表明,提高政府补助和降低融资成本是促使国有企业配合的重要原因。异质性分析表明,在政策冲击后原本过度负债的国有企业杠杆偏离度更大,进一步扩大了债务风险;而经营范围与政策内容关联、与政府关系更紧密、市场地位更高的国有企业融资意愿也更强。进一步研究发现,过度负债的国有企业持续融资扩大了债务风险,阻碍了新质生产力发展,而低负债的非国有企业融资后能够显著促进新质生产力提高,体现出更高的资源配置效率。据此,提出引导国有企业稳健经营,优化资金配置效率,精准施策等政策建议。

推进我国债务催收业规范化阳光化发展的对策建议

债务催收是信用服务行业的重要分支之一。21世纪以来,主要服务于消费信贷不良资产处置的债务催收业迎来了高速发展期。然而,受到传统观念和行业治理滞后的影响,债务催收业在迅猛发展的同时,也出现了催收行为异化、竞争失序、投诉高企等诸多乱象。基于消费信贷领域巨额的不良资产处置需求,以及创新社会治理、推动债务催收业健康发展和保护金融消费者合法权益等方面的迫切需要,我国应借鉴境外成熟经验,从制定专门法律法规、明确监管部门、建立行业自律组织、开展行业培训、完善金融机构监管等方面入手,对债务催收行业进行系统性治理,从而推进我国债务催收业规范化、阳光化发展。

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。

基于LDSCR-at-Risk的PPP项目可融资性评价

通过分析传统的偿债备付率适用性及政府和社会资本合作(PPP)项目的特点,认为传统的偿债备付率不适合于PPP项目可融资性评价。因此,为了评价中长期债务的可融资性,提出了“平准化偿债备付率”(LDSCR),即在借款偿还期内,各年可用于还本付息的资金折现到起始点的现值与贷款金额的比值;进一步提出“风险下的平准化偿债备付率”(LDSCR-at-Risk),即在给定的置信度下的平准化偿债备付率。运用蒙特卡洛仿真进行验证,结果表明:LDSCR-at-Risk可用于PPP项目的可融资性评价,且在可以评价具有风险的PPP项目可融资性的同时,还避免了如何确定项目的最低偿债备付率的问题,从而促进PPP项目融资的发展。

基于资产负债表衰退理论的中国房地产经济现状分析——以房地产和建筑业上市公司为例

当前我国房地产经济面临较为严峻的形势,多项指标呈负增长状态,陆续有房地产企业发生债务违约等风险事件,房地产行业的低迷已经开始拖累整体经济发展。由于房地产及与其密切相关的建筑业是国民经济的重要支柱,其对金融稳定和经济安全的影响极为重大。对当前我国房地产经济的现状进行科学分析和研判,并提出相应的政策建议就具有重大现实意义。本文基于资产负债表衰退理论,以中国内地房地产及建筑业上市公司2019-2022年数据为研究对象,对其资产价值及负债情况进行分析,从微观企业层面对当前房地产经济是否陷入资产负债表衰退做出判断,并提出下一步的政策建议。

企业负债率对实体企业金融化的中介效应与门槛效应——基于债务税盾角度

以2010—2022年中国A股上市公司为研究样本,基于债务税盾视角,选取企业现金流为中介变量,检验企业负债率对实体企业金融化的影响。实证结果表明:企业负债率与实体企业金融化显著负相关;企业现金流在企业负债率对实体企业金融化的影响过程中起部分中介作用;企业负债率对实体企业金融化存在门槛效应,当企业负债率超过门槛值时,企业负债率对实体企业金融化的抑制作用明显减弱;代理问题会削弱企业负债率对实体企业金融化的抑制作用;相较于民营企业,企业负债率对实体企业金融化的负向影响在国有企业中更加明显。

网络虚拟财产的物权客体属性与保护

网络虚拟财产不同于传统的现实财产,作为一种新型的财产形态,其法律属性的认定一直存在争议。现实中网络虚拟财产纠纷的日益增加,迫切要求予以明确。目前,《中华人民共和国民法典》已经完成编纂并正式施行,不应再试图为网络虚拟财产设定新的权利类型与保护路径,而应在物债二元体系下寻求对其法律属性的定位。在我国现有民法框架下,通过法律解释可以证成网络虚拟财产符合“物”之支配性和“物必有体”的要求,应将其视为民法上的“物”,归入物权客体的范畴。在明确网络虚拟财产的物权客体属性之后,应当构建起一套系统的物权保护路径,具体来说,应从网络虚拟财产物权的主体、物权的行使及其限制、物权的公示、物权的变动、物权的救济五个方面来完善网络虚拟财产的法律保护。

“双碳”目标下油气行业固定资产投资对碳排放的影响研究

为了厘清油气行业固定资产投资与碳排放之间的关系,本文将2002—2021年我国油气行业面板数据作为研究样本,通过构建固定效应模型实证研究了油气行业固定资产投资对碳排放的影响作用,并采用中介效应模型,运用逐步回归方法验证了油气行业固定资产投资、人均研发投入与碳排放之间的作用关系及其影响机制。研究结果表明:1)油气行业固定资产投资显著降低了碳排放比值,其影响系数为-1.913,表明通过加大油气行业的固定资产投资能够显著降低该行业的二氧化碳排放。本文在运用替换被解释变量、替换解释变量,以及增加控制变量等方法开展进一步回归分析后发现,上述检验结果依然稳健。2)人均研发投入在固定资产投资与碳排放比值之间发挥着部分中介作用,其中介效应值为24.7%。此外,油气行业的固定资产投资还显著降低了人均研发投入,而人均研发投入通过推动绿色技术创新则可以有效抑制碳排放比值。3)油气行业固定资产投资对碳排放的影响作用是短期的且影响系数较小,对主营业务收入的影响作用是长期的且影响系数较大。4)在我国油气行业的稳定增长时期与转型升级时期之内,固定资产投资对碳排放比值的影响作用具有明显的差异性。异质性检验结果表明,在油气行业的稳定增长期内,固定资产投资与碳排放比值之间并无显著的相关关系,而在油气行业的转型升级期内,固定资产投资则显著抑制了碳排放比值。