In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind b...In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.展开更多
This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncrati...This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncratic risk, systematic risk, and total risk of non-financial listed firms in Thailand in 2007）. The multiple regression analysis is employed to test the hypotheses, and the results suggest that firms with higher market power have lower systematic risk. It implies that firms with higher market power can reduce the unavoidable risk when compared with firms that have lower market power. Firms with more media coverage will have higher systematic risk, which indicates that firms which publish more news will have higher unavoidable risk. This research may be the first to provide the evidence of the association between corporate govemance mechanisms and stock investment risk. Interestingly still, this study has utilized the data of Thailand, which is an emerging market economy with a capital market structure different from those of the developed market economies, and the results of this study are anticipated to be applicable to other similar studies in other emerging market economies.展开更多
The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investmen...The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agrtcultral projects. We think that the applications of the sensitivity, analysis and probability ore defer. Therefore; this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.展开更多
A creative solution to financial gap in Indonesian infrastructure development is the Public Private Partnership （PPP） scheme. One of the constraints in PPP implementation in toll road infrastructure is the lack of i...A creative solution to financial gap in Indonesian infrastructure development is the Public Private Partnership （PPP） scheme. One of the constraints in PPP implementation in toll road infrastructure is the lack of interest from the private sector, which are caused by the uncertainties defined as risks surrounding the project. This urges the importance of risk analysis on project investment to describe the measurement of risk allocated to the private sector. This paper aims at measuring the risks impacts on the project viability using Cileunyi-Sumedang-Dawuan （Cisumdawu） Toll Road section as the case and finding some creative way out. By employing Monte Carlo risk analysis technique we are able to measure the risk impact perceived by the private sector through probability distribution of the project NPV and IRR. Based on the result of Monte Carlo analysis on the Cisumdawu toll road, the overall risk impact perceived by the private sector is too much to bear. The risks considered as high-impact are risks on land acquisition, risks on construction, risks on toll revenue, risks on interest rates and disaster risks on post construction phase. The result shows the importance of decreasing the risk level on the mentioned risk that can be done through the increased participation of local government in managing the toll road projects. A creative solution again is needed to strike balance between the interest of private sector and that of public sector to deal with risks.展开更多
The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of deb...The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity.The capital structure and present a model to determine the equity level from the aspects of financing scale,construction time and return on investment are analyzed.The resulting model can help the sponsor to avoid the capital risk,and offer the government a criterion to evaluate management ability of the sponsor.To show the application and availability of this model,a case study is conducted.Thus,this paper is concern with the determination of financing scale,construction time,and return on investment which would assist the sponsor to ensure that the equity level for optimal capital structure is available prior to the implementation stage in BOT project operation.展开更多
文摘In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.
文摘This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncratic risk, systematic risk, and total risk of non-financial listed firms in Thailand in 2007）. The multiple regression analysis is employed to test the hypotheses, and the results suggest that firms with higher market power have lower systematic risk. It implies that firms with higher market power can reduce the unavoidable risk when compared with firms that have lower market power. Firms with more media coverage will have higher systematic risk, which indicates that firms which publish more news will have higher unavoidable risk. This research may be the first to provide the evidence of the association between corporate govemance mechanisms and stock investment risk. Interestingly still, this study has utilized the data of Thailand, which is an emerging market economy with a capital market structure different from those of the developed market economies, and the results of this study are anticipated to be applicable to other similar studies in other emerging market economies.
文摘The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agrtcultral projects. We think that the applications of the sensitivity, analysis and probability ore defer. Therefore; this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.
文摘A creative solution to financial gap in Indonesian infrastructure development is the Public Private Partnership （PPP） scheme. One of the constraints in PPP implementation in toll road infrastructure is the lack of interest from the private sector, which are caused by the uncertainties defined as risks surrounding the project. This urges the importance of risk analysis on project investment to describe the measurement of risk allocated to the private sector. This paper aims at measuring the risks impacts on the project viability using Cileunyi-Sumedang-Dawuan （Cisumdawu） Toll Road section as the case and finding some creative way out. By employing Monte Carlo risk analysis technique we are able to measure the risk impact perceived by the private sector through probability distribution of the project NPV and IRR. Based on the result of Monte Carlo analysis on the Cisumdawu toll road, the overall risk impact perceived by the private sector is too much to bear. The risks considered as high-impact are risks on land acquisition, risks on construction, risks on toll revenue, risks on interest rates and disaster risks on post construction phase. The result shows the importance of decreasing the risk level on the mentioned risk that can be done through the increased participation of local government in managing the toll road projects. A creative solution again is needed to strike balance between the interest of private sector and that of public sector to deal with risks.
文摘The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity.The capital structure and present a model to determine the equity level from the aspects of financing scale,construction time and return on investment are analyzed.The resulting model can help the sponsor to avoid the capital risk,and offer the government a criterion to evaluate management ability of the sponsor.To show the application and availability of this model,a case study is conducted.Thus,this paper is concern with the determination of financing scale,construction time,and return on investment which would assist the sponsor to ensure that the equity level for optimal capital structure is available prior to the implementation stage in BOT project operation.
