典型地区水利投融资创新做法与建议

党中央、国务院对水利基础设施建设高度重视。"十四五"时期,水利建设规模进一步扩大,在迎来重大发展机遇的同时,也面临诸多挑战。文章梳理分析了近年来贵州省、云南省、江西省、广东省等典型地区创新水利投融资体制机制的主要做法,并针对地方政府投资、项目盈利能力、盘活存量资产等方面存在的主要问题,从中央政府、地方政府和市场等多角度提出了破解水利项目投融资困局的对策建议,为加快推进水利工程建设、助推水利高质量发展提供参考。

零售商混合融资模式下的双渠道供应链订购决策

为探寻双渠道供应链中资金约束的零售商在面对多种融资方式时最优的融资订购决策,本文考虑一个资金约束的零售商和制造商组成的双渠道供应链系统,制造商利用平台直销的同时又将产品提供给零售商销售,零售商能够利用银行借贷和外部股权投资的混合融资模式实现订购。将单一银行借贷的债权融资模式作为比较基准,讨论了双渠道供应链混合融资模式下的制造商最优定价与零售商最优融资订购决策,刻画了零售商愿意选择,同时制造商愿意接受混合融资模式的批发价值区间,探析了混合融资模式下双渠道间竞争强度对双渠道供应链企业最优决策和供应链整体利润的影响,进而针对资金约束双渠道供应链提出了管理启示。

资本账户开放政策对公司融资行为的影响——基于沪港通政策的实证研究

以沪港通开放政策为例,利用上证A股1089家上市公司2013—2016年季度数据,分别采用双重差分法和三重差分法实证研究其对上市公司和小公司融资行为的影响。结果显示:(1)沪港通政策提高了上市公司股权融资和债权融资的积极性,显著地增加了股权融资和债权融资的规模。(2)相较于大公司,沪港通政策虽不能短期内提高小公司融资规模,但提高了小公司债权融资积极性。(3)双重差分和三重差分法所需的平行趋势假设均满足。沪港通开放政策与利率市场化、打破刚性兑付等资本市场化改革政策协调一致,将能改善中小企业的长期融资行为,促进中小高技术企业的培育与发展。

近代经济史中大生企业集团的融资方式

探寻大生企业集团不同发展时期的融资方式,有助于中国当今民营企业集团融资时进行借鉴和推陈出新。大生企业集团在初创、繁荣和困难时期,各个阶段,它的股权融资和债权融资结构出现此起彼伏的比重变化。

Corporate governance and financing decisions by Saudi companies

This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size, ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. After controlling for companies＇ profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance （large number of directors on the board and higher ownership concentration）. However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm＇s asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia.

浅析F+EPC项目运作模式及其风险管控措施

在项目管理模式中,EPC(设计+采购+施工)模式近年来被越来越多的提及。它是一种项目集成化的模式,目的是通过设计、施工、采购的一体化打包“交钥匙”,核心要义是实现项目的增。伴随着社会的经济发展,该模式已然在我国各项领域有了长足的成长,取得了可喜的成效。这些问题或风险的存在,在一定程度上将制约各行业工作的推行和进展。若不对上述问题加以管控和解决,将为后期各项工作的推进埋下严重隐患,阻碍EPC模式的进一步发展。