地方财经院校应用型人才培养探索与实践

本文分析了地方财经院校应用型人才培养供给侧改革的必要性,并尝试性地从创新、协调、绿色、开放、共享五大理念的视角,提出了应用型人才培养供给侧改革的六大任务。文章还以河北金融学院为例,阐述了其"大金融、大开放、大实践"的应用型人才培养实践。

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.

The possible effects on the future management of local Italian authorities following the use of financial derivative instruments

The appeal from municipalities, provinces and regions to financial derivative instruments is tied to the need of overcoming the situations in a state of urgency inherent in a balance. On average, one local Italian authority in twenty has decided to underwrite a derivative product, giving life to a number of contracts that had a value of over 35 billion euro with an average value of 6.5 million for each contract until 2007. The boom of swaps has, since 2000 on, experienced a peak period from 2003 to the end of 2005, in which the Euribor rate touched a very low level, maintained itself for long periods at around 2% and fallen in some cases even under this value. Many of the contracts completed before 2006, which link the debt of local authorities to variable rates, but also many of those completed from 2006 onwards that moved debt onto fixed rate, which are now a source of loss for the balance of local authorities that have underwritten them. In the 2002-2008 period, the number of the stipulation of contracts local authorities reported to the Ministry of Economy and Finance is about 900, corresponding to more or less 150 per year, which affected 18 regions, 44 provinces, 532 municipalities and 4 mountain commtmities, for a total of 594 authorities. Therefore, the local authorities have approached the derivative instruments in an often approximate way without a real awareness, both for the conditions that were being negotiated and the effects that they would have produced in perspective. The purpose of this work is to highlight the consequences of the use of derivative instruments on the future management of local authorities.

Non-contradiction The Main Way of Progress of Professional Interwar Magazines in Oltenia

The study finds that, for Romania, the period 1920-1939 is one without major contradictions. In ＂neutrosophy＂ of renowed American professor F. Smarandache＇s terms, the interwar period was, in Romania, a ＂neutral＂ period. As mediating operators, professional journals reflected the atmosphere of relative tranquility and social peace. From the qualitative analysis of their media discourse, we can see three elements that： （1） the professional journals of Oltenia, as media tools for teachers, priests and folklore （folklorist）, or music enthusiasts （music lovers）, were loyal to their financial supporters; （2） although they served oblique and opposition interests, the communication professional operators have generally not emphasized, perpetuated or generated conflicts, disputes and misunderstandings; and （3） social attitudes promoted by professional magazines in Oltenia was a beneficial, objective one of better understanding and neutrality. The conclusion is that, despite the axiom that progress is generated by contradiction, it shows that professional journals in Oltenia, during 1920-1939, even in the absence of contradictions, namely under neutrality, there have been major advances.

Caught Up in the Eurozone Crisis？ The Case of Australia and China

As the Eurozone celebrated its decade of existence in 2011, few could have predicted that the ever-deepening financial crisis would emerge. The fear with the Eurozone crisis is that with major bail outs projected and government austerity expects to affect the economy in negative terms, the economies in the Portugal, Italy, Ireland, Greece, and Spain （PIIGS） states will decline and consumption will decrease. Being the largest trading partner of European Union （EU）, China＇s export is therefore anticipated to decline. In lesser ways, the Australian economy was also expected to feel some economic pain. The aim of this paper is to ascertain what level of economic impact the Eurozone crisis would have on both China and Australia, given that few nations in the world can aspire to remain unaffected.

An Instrument Variable Model of the Impact of Financing Decisions on Performance of Small Businesses in Australia＇s Pre-global Financial Crisis

Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.

Recovery Capacity of the Finance System of Italian Municipalities After the Currency Crisis of 1992

This paper is a first pioneering attempt to apply the concept of resilience to the analysis of the public finance systems of local governments, a concept already used and ＂abused＂ in various disciplines and fields of science. In particular, it proposes an attempt to estimate the recovery capacity of Italian Municipalities in a crucial period of our country＇s financial history, between 1992 and 2000, or between the currency crisis and the introduction of the Euro. However, the analysis also involved the subsequent trends, in order to demonstrate that the current vulnerability of the municipal public finance system, in particular of the Municipalities of Southern Italy, depends not only on the economic cycle but also on the continuous and incessant changes in the financing mechanisms of local governments established by the central government. The analysis showed a lower financial resilience of the Municipalities of the Mezzogiorno （island and continental） compared to those of the Center-North. The determinants of this phenomenon were found, for one part, through the analysis of the financial data of the Italian Municipalities - as presented by the SVIMEZ in its annual reports on the economy of the Mezzogiomo - and, for another part, through the critical synthesis of significant economic events which occurred during the period examined.

Reflecting on the Dilemma of the West

Almost a decade has elapsed since the outbreak of the international financial crisis, during which the West was trapped in a dilemma unprecedented since the end of the Second World War. The problems facing the West, particularly those of Europe and the US, are fundamental and institutional, including reduced economic superiority, political systems and development models seriously questioned, and increasing terrorist attacks bringing up security chaUenges, to mention just a few. Western obsession with multiple crises is another new factor of change with structural impacts on both the international structure and order over the past nearly thirty years following the disintegration of the Soviet Union and collective rise of emerging economies. The aftermath： the power and influence of the West is declining, with the grand trend of rising East and declining West persisting in the international structure; both Europe and the US have made major adjustments on their foreign strategies, while their value diplomacy offensive has been frustrated, and while trade protectionism is on the rise; and the major power relationship has seen a new round of adjustment. A comprehensive and in-depth understanding of the drastic changes in the West may help China stick to its own development path and promote global governance with more self-confidence so as to make more contributions to world peace, stability and development.

ODE-Solver-Oriented Computational Method for the Structural Dynamic Analysis of Super Tall Buildings

The paper is to introduce a computational methodology that is based on ordinary differential equations （ODE） solver for the structural systems adopted by a super tall building in its preliminary design stage so as to facilitate the designers to adjust the dynamic properties of the adopted structural system. The construction of the study is composed by following aspects. The first aspect is the modelling of a structural system. As a typical example, a mega frame-core-tube structural system adopted by some famous super tall buildings such as Taipei 101 building, Shanghai World financial center, is employed to demonstrate the modelling of a computational model. The second aspect is the establishment of motion equations constituted by a group of ordinary differential equations for the analyses of free vibration and resonant response. The solutions of the motion equations （that constitutes the third aspect） resorted to ODE-solver technique. Finally, some valuable conclusions are summarized.

Recovery Planning and Management Control System in Company Crisis

The main goal of this paper is to analyze situations of financial crisis in Italian companies. The analysis has also been focused on the company＇s attitude to overcome the financial crisis. Secondly, the authors have analyzed if the recovery project has required the introduction of a new management control system or changes to the existing management control system. The methodology is composed of several steps. First of all, the authors have analyzed the existing literature. Secondly, the authors have referred to a sample of 98 Italian recovery projects formalized by Italian private companies. The analysis of the literature and the recovery projects permits to achieve some provisional results, which have been tested through surveys. The methodology approach is inspired by the grounded theory. The findings have been several： （1） The crisis is a usual event in the lifecycle of a firm, due to a deterioration of its strength and a change of the context; （2） The timing factor has played a fundamental role in managing the crisis situation, because a late identification of the symptoms or a minimization of them can generate an irreversible situation; and （3） In addition, a recovery project includes the introduction of a new management control system or changes to the existing management control system. These new or modified management control systems use ＂feed-forward＂ mechanisms, which make early predictions about the changes in the characteristics of the competitive framework.

Restricted normal mixture QMLE for non-stationary TGARCH(1,1) models

The threshold GARCH(TGARCH)models have been very useful for analyzing asymmetric volatilities arising from financial time series.Most research on TGARCH has been directed to the stationary case.This paper studies the estimation of non-stationary first order TGARCH models.Restricted normal mixture quasi-maximum likelihood estimation(NM-QMLE)for non-stationary TGARCH models is proposed in the sense that we estimate the other parameters with any fixed location parameter.We show that the proposed estimators(except location parameter)are consistent and asymptotically normal under mild regular conditions.The impact of relative leptokursis and skewness of the innovations’distribution and quasi-likelihood distributions on the asymptotic efficiency has been discussed.Numerical results lend further support to our theoretical results.Finally,an illustrated real example is presented.