The authors intend to contribute in this paper towards a debate on the consequences of external financing needs of small and medium enterprises （SMEs） regarding its economic growth. The authors＇ research differs fo...The authors intend to contribute in this paper towards a debate on the consequences of external financing needs of small and medium enterprises （SMEs） regarding its economic growth. The authors＇ research differs for using like proxy of external financing dependence of SMEs the flows of investments that cannot be financed with generated cash flows. The results thus obtained show that financial dependence accounts for economic growth of SMEs, and that there are other variables of control of significance such as those of financial development. The authors present evidence on better soundness achievement about conclusions pertaining to SMEs if they obtained results emerge from independent sub-sectors in SMEs, especially in those countries with a higher percentage of small-sized companies, which do not answer in the same way to the considered model展开更多
In order to effectively avoid the defects of a traditional discounted cash flow method, a trinomial tree pricing model of the real option is improved and used to forecast the investment price of mining. Taking Molybde...In order to effectively avoid the defects of a traditional discounted cash flow method, a trinomial tree pricing model of the real option is improved and used to forecast the investment price of mining. Taking Molybdenum ore as an example, a theoretical model for the hurdle price under the optimal investment timing is constructed. Based on the example data, the op- tion price model is simulated. By the model, mine investment price can be computed and forecast effectively. According to the characteristics of mine investment, cut-off grade, reserve estimation and mine life in different price also can be quantified. The result shows that it is reliable and practical to enhance the accuracy for mining investment decision.展开更多
文摘The authors intend to contribute in this paper towards a debate on the consequences of external financing needs of small and medium enterprises （SMEs） regarding its economic growth. The authors＇ research differs for using like proxy of external financing dependence of SMEs the flows of investments that cannot be financed with generated cash flows. The results thus obtained show that financial dependence accounts for economic growth of SMEs, and that there are other variables of control of significance such as those of financial development. The authors present evidence on better soundness achievement about conclusions pertaining to SMEs if they obtained results emerge from independent sub-sectors in SMEs, especially in those countries with a higher percentage of small-sized companies, which do not answer in the same way to the considered model
文摘In order to effectively avoid the defects of a traditional discounted cash flow method, a trinomial tree pricing model of the real option is improved and used to forecast the investment price of mining. Taking Molybdenum ore as an example, a theoretical model for the hurdle price under the optimal investment timing is constructed. Based on the example data, the op- tion price model is simulated. By the model, mine investment price can be computed and forecast effectively. According to the characteristics of mine investment, cut-off grade, reserve estimation and mine life in different price also can be quantified. The result shows that it is reliable and practical to enhance the accuracy for mining investment decision.
