Motivation,Dilemma and Countermeasures of Foreign Bond Financing of Real Estate Enterprises:Based on Perspective of Financial Internationalization

Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

The Thinking of Financing under Dual Economies Character In Medium & Small Enterprises

In China,the dual economies show prominence in financial field.It leads to the serious dual credit ration and becomes one of the main cause which makes financing in medium & small sized enterprises becomes harder and harder.On basis of this situation,we theoretically pose that we can alleviate the difficulty through the dual cooperation of financial control and the deepening of finance.

Structural Analysis of the Factors Influencing the Financing of Forestry Enterprises Based on Interpretive Structural Modeling(ISM)

Through the collection of related literature,we point out the six major factors influencing China's forestry enterprises' financing: insufficient national support; regulations and institutional environmental factors; narrow channels of financing; inappropriate existing mortgagebacked approach; forestry production characteristics; forestry enterprises' defects. Then,we use interpretive structural modeling( ISM) from System Engineering to analyze the structure of the six factors and set up ladder-type structure. We put three factors including forestry production characteristics,shortcomings of forestry enterprises and regulatory,institutional and environmental factors as basic factors and put other three factors as important factors. From the perspective of the government and enterprises,we put forward some personal advices and ideas based on the basic factors and important factors to ease the financing difficulties of forestry enterprises.

The Selection of Financing Methods for Small and Medium Sized Technology Enterprises

Equity financing and debt financing are the main financing methods for small and medium sized enterprises. Based onthe samples of small and medium-sized enterprises listed on the Shenzhen Stock Exchange during 2010 and 2015, we collected theturnover data and studied the influence factors in financing and constraints. The results show that science and technology enterpriseshave different tendency in equity financing in different stages of social development. In the stage of social currency additional, theseenterprises tend to debt finaneing. Besides, those science and teehnology enterprises with better ability in sustainable development andinnovation ability are easier to get equity investment; those enterprises with more enterprise strength and government subsidies seemedmore sueeessfully in obtaining debt investment.

Exogenous Financing,State-Ownership Features and Enterprises Productivity-An Empirical Analysis on Listed Chinese Manufacturing Enterprises

This study examines how the exogenous financing and state-ownership features affect the enterprises’productivity by observing the financing data of 1,481 Chinese listed enterprises over the period 2001-2016.The result shows that long-term loan has a positive impact on enterprises’productivity.Short-term loan and account payable have a negative impact on enterprises’productivity.Also,we find that state-ownership features have a negative impact on enterprises productivity.Moreover,this paper investigates the relationship between enterprises’productivity and the degree of regional economic development measured by GDP on provincial level.The result shows provincial economic development is positively related to the enterprises productivity.These findings are useful for both related authorities and enterprises for better understanding of the financial channels and constrains in China and the possible solutions to more diversified exogenous financing.

Thoughts on Promoting the Investment and Financing Development of Enterprises'Intellectual Property Rights from the Perspective of Intellectual Property Strategy

With the in-depth implementation of China's intellectual property strategy,the situation of intellectual property protection in China has been further improved,the enthusiasm of the public for entrepreneurship and innovation has been further stimulated,people's awareness of intellectual property rights has been further enhanced,and the value of intellectual property rights has been further recognized by people.As a new economic form,"intellectual property economy"plays an increasingly important role in our socialist market economy.At the same time,China's intellectual property still faces some prominent problems,especially in the field of intellectual property investment and financing,such as difficult valuation,management and liquidation.From the perspective of the implementation of intellectual property strategy and starting from the investment and financing of intellectual property rights of small and medium-sized enterprises,this paper introduces the basic concepts of intellectual property investment and financing,the development status and existing problems of intellectual property investment and financing of small and medium-sized enterprises,and puts forward some suggestions for improving the investment and financing policy of intellectual property rights.

The Study on the Problem of the Relationship between the “Heterogeneity” of the Neighbor Enterprise and the Financing Efficiency of SMEs in China<br/>—Empirical Data from China Industrial Enterprises Database

This article tries to introduce the perspective of the “heterogeneity” of the neighbor enterprise into the research on the problem of the financing efficiency of the small and medium sized enterprises (SMEs). It takes enterprises in the China industrial enterprises database from 2005 to 2007 as the object of the research and defines the neighbor enterprise at a town (village, street) scale. This article selects the financing efficiency, enterprise scale, technical innovation of enterprise as the indexes to measure the “heterogeneity” of the neighbor enterprise, and examines whether they have a significant relationship with the enterprises themselves or not. Through building panel data model and the empirical analysis, this article finds that the financing efficiency and the degree of technological innovation of the neighbor enterprise are positively related to the financing efficiency of enterprises themselves, and the scale of the neighbor enterprise has a negative correlation with the financing efficiency of enterprises themselves. What’s more, this paper distinguishes the neighbor enterprise from the industry unusual neighbor according to whether enterprises are belong to the same industry or not at the same town(village, street), finding the neighbor enterprises which are the same industry have a great more relationship with the financing efficiency of SMEs than the neighbor enterprises which are the non trade.

Influence of Internet Finance on the Financing of Small and Medium-Sized Enterprises in China

Small and medium-sized enterprises greatly promote the economic progress and growth of national tax revenue as well as realize the escalation of career opportunities.However,as these enterprises are relatively small scale and have low capacity to face and resist risks in addition to China's flawed financial credit system,there are many difficulties faced by these enterprises in terms of financing to achieve their own development and progress.Recently,owing to the progress of internet information,especially the expansion of its application in the financial field,it has opened up a way for handling the financing difficulties faced by small and medium-sized enterprises.According to the specific financing situation of small and mediumsized enterprises in China,this study analyzes the impact of internet finance on the financing of small and medium-sized enterprises in China and formulates strategies to effectively deal with the financing difficulties of small and medium-sized enterprises in China,thus promoting the sustainable progress of small and medium-sized enterprises.

Research on the Impact of Social Credit Improvement on the Debt Financing of Agricultural Enterprises

This study takes China’s A-shares agricultural companies as the research subjects and examines the influence of social credit environment on the debt financing of agricultural enterprises.This study has found that the improvement of social credit environment can significantly increase the debt financing scale of agricultural enterprises.After a placebo test,the replacement of explained variables,and the control of industry fixed effects,the results obtained are still significant.The mechanism test found that the scale of the enterprise has a complete intermediary effect;that is,the social credit environment can increase the scale of external financing of agricultural enterprises by increasing the scale of the enterprise.This article focuses on the impact of informal institutions on corporate debt financing,which is conducive to enriching relevant research on agricultural enterprises and has important practical significance for promoting the development of the agricultural industrial chain as well as“village revitalization.”

A Study on Improving the Financing Environment of Small and Micro Enterprises-Based on Taizhou Model

China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current proportion of these enterprises in obtaining bank loans does not commensurate with the proportion of small,medium,and micro enterprises in the total economic aggregate.The financing dilemma of small and micro enterprises still exists.In consideration of the financing status of small and micro enterprises,this study analyzes the constraints of small and micro enterprises in financing,such as the difficulty in mortgage,difficulty in obtaining loans,and difficulty in guaranteeing.This study sorts out Taizhou’s practical experience and links its operation mechanism of“two platforms,one fund,and one index.”Finally,by learning from its successful experience,how to utilize the environment and the trend of big data will be further discussed,so as to form a scalable and sustainable financing method and path.This will provide a reference for improving the financing environment of small and micro enterprises.

Problems and Countermeasures of International Trade Financing of Small and Medium-Sized Enterprises in China

Small and medium-sized enterprises are the foundation of China's national economy,and they are important forces to promote economic and social development.They play an irreplaceable role in promoting scientific and technological progress,increasing social employment,expanding foreign trade,and other aspects in which they have become an important part of China's socialist market economy.Based on the research background of international trade financing,this paper analyzes the problems existing in the international trade fmancing of small and medium-sized enterprises in China to put forward countermeasures and suggestions,hoping to help these small and medium-sized enterprises solve the financing problem so as to achieve a healthy development in the international trade market environment.

The Digital Inclusive Finance and Enterprise Innovation:Evidence From A-Share Market

In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.

On Financing Models of Real Estate Enterprise

在国家加大宏观调控力度、紧缩房地产信贷规模的背景下,房地产企业面临严峻的资金压力,融资能力成为决定房地产持续发展的决定因素。国内房地产企业的融资方式较多,本文深入浅出地介绍了常见的十种模式,简单地分析了各种模式的优缺点,并结合工作实际,推荐和较详细地介绍了三种融资模式:个人委托贷款、信托融资、资产证券化。