This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-...This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.展开更多
This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The resul...This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.展开更多
This paper first elaborates on the importance of cash flow in building a comprehensive financial indicator system.On one hand,it is the relationship between cash flow and the assessment of the company’s solvency,prof...This paper first elaborates on the importance of cash flow in building a comprehensive financial indicator system.On one hand,it is the relationship between cash flow and the assessment of the company’s solvency,profitability,and operating ability.On the other hand,it is the theoretical basis of financial analysis based on cash flow.We then introduced the construction principles of the financial analysis index system based on cash flow,and lastly analyzed the financial data of Xiaomi for empirical research.展开更多
Based on the time series of cash flows on ATM, the varying rule of withdrawal is analyzed. The model of autoregression and moving average is established by Matlab and the reliability is checked. According to the model...Based on the time series of cash flows on ATM, the varying rule of withdrawal is analyzed. The model of autoregression and moving average is established by Matlab and the reliability is checked. According to the model, the cash flows on ATM are forecasted in the coming 10 days. It is important for banks to prepare the cash.展开更多
Discounted cash flow analysis is one of the standard methods used to value urban forests and trees. It involves calculating today’s value for all benefits and costs attributed to an investment;that is discounting all...Discounted cash flow analysis is one of the standard methods used to value urban forests and trees. It involves calculating today’s value for all benefits and costs attributed to an investment;that is discounting all cash flows to today’s value using an appropriate interest rate. This requires each benefit and cost be stated in terms of its cash flow. Urban tree benefits are complex. Little notice is given to the components of these benefits. Total urban tree benefits are a summation of partial benefits, including property value increase, storm water reduction, air quality improvement, carbon sequestration, natural gas savings, and electricity savings. We discuss the nature of these partial benefits, especially the geographical, temporal, diameter size, and rate of growth differences. These differences are even reflected in nursery stock valuation. Net present value analysis is used to illustrate the impact of these differences on financial return. An understanding of these components will prove valuable to those attempting to estimate urban forest and tree benefits.展开更多
This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger...This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.展开更多
Project scheduling under uncertainty is a challenging field of research that has attracted increasing attention. While most existing studies only consider the single-mode project scheduling problem under uncertainty, ...Project scheduling under uncertainty is a challenging field of research that has attracted increasing attention. While most existing studies only consider the single-mode project scheduling problem under uncertainty, this paper aims to deal with a more realistic model called the stochastic multi-mode resource constrained project scheduling problem with discounted cash flows (S-MRCPSPDCF). In the model, activity durations and costs are given by random variables. The objective is to find an optimal baseline schedule so that the expected net present value (NPV) of cash flows is maximized. To solve the problem, an ant colony system (ACS) based approach is designed. The algorithm dispatches a group of ants to build baseline schedules iteratively using pheromones and an expected discounted cost (EDC) heuristic. Since it is impossible to evaluate the expected NPV directly due to the presence of random variables, the algorithm adopts the Monte Carlo (MC) simulation technique. As the ACS algorithm only uses the best-so-far solution to update pheromone values, it is found that a rough simulation with a small number of random scenarios is enough for evaluation. Thus the computational cost is reduced. Experimental results on 33 instances demonstrate the effectiveness of the proposed model and the ACS approach.展开更多
文摘This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.
文摘This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.
文摘This paper first elaborates on the importance of cash flow in building a comprehensive financial indicator system.On one hand,it is the relationship between cash flow and the assessment of the company’s solvency,profitability,and operating ability.On the other hand,it is the theoretical basis of financial analysis based on cash flow.We then introduced the construction principles of the financial analysis index system based on cash flow,and lastly analyzed the financial data of Xiaomi for empirical research.
文摘Based on the time series of cash flows on ATM, the varying rule of withdrawal is analyzed. The model of autoregression and moving average is established by Matlab and the reliability is checked. According to the model, the cash flows on ATM are forecasted in the coming 10 days. It is important for banks to prepare the cash.
文摘Discounted cash flow analysis is one of the standard methods used to value urban forests and trees. It involves calculating today’s value for all benefits and costs attributed to an investment;that is discounting all cash flows to today’s value using an appropriate interest rate. This requires each benefit and cost be stated in terms of its cash flow. Urban tree benefits are complex. Little notice is given to the components of these benefits. Total urban tree benefits are a summation of partial benefits, including property value increase, storm water reduction, air quality improvement, carbon sequestration, natural gas savings, and electricity savings. We discuss the nature of these partial benefits, especially the geographical, temporal, diameter size, and rate of growth differences. These differences are even reflected in nursery stock valuation. Net present value analysis is used to illustrate the impact of these differences on financial return. An understanding of these components will prove valuable to those attempting to estimate urban forest and tree benefits.
基金support from the National Natural Science Foundation of China(Project No.71672098)Accounting Master Program of the Ministry of Finance of China(2015)and the Tsinghua University School of Economics and Management Research Grant(Project No.2020051009).
文摘This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.
基金the National Science Fund for Distinguished Young Scholars of China under Grant No.61125205the National Natural Science Foundation of China (NSFC) under Grant No. 61070004NSFC-Guangdong Joint Fund under Key Project No. U0835002
文摘Project scheduling under uncertainty is a challenging field of research that has attracted increasing attention. While most existing studies only consider the single-mode project scheduling problem under uncertainty, this paper aims to deal with a more realistic model called the stochastic multi-mode resource constrained project scheduling problem with discounted cash flows (S-MRCPSPDCF). In the model, activity durations and costs are given by random variables. The objective is to find an optimal baseline schedule so that the expected net present value (NPV) of cash flows is maximized. To solve the problem, an ant colony system (ACS) based approach is designed. The algorithm dispatches a group of ants to build baseline schedules iteratively using pheromones and an expected discounted cost (EDC) heuristic. Since it is impossible to evaluate the expected NPV directly due to the presence of random variables, the algorithm adopts the Monte Carlo (MC) simulation technique. As the ACS algorithm only uses the best-so-far solution to update pheromone values, it is found that a rough simulation with a small number of random scenarios is enough for evaluation. Thus the computational cost is reduced. Experimental results on 33 instances demonstrate the effectiveness of the proposed model and the ACS approach.