Risk, Contract Management, and Financing of the Gotthard Base Tunnel in Switzerland

1. Introduction With the opening ceremony of the Gotthard Base Tunnel on 1 June 2016, a new world record was established: the commissioning of the longest railway tunnel in the world. Many challenges have been overcome and many technical innovations have been developed and considered in this project. As of 11 December 2016, the Gotthard Base Tunnel has been an integral part of the new timetable of the Swiss Federal Railways (SBB-CFF-FFS), and is in full operation. With a total length of 57 km and a cruising speed of 200 km·h^-1 for passenger trains, the Gotthard Base Tunnel reduces the journey time through the Alps by 40 min, significantly reducing the distance between the south and north of Europe.

Why Are Risk-Pooling and Risk-Sharing Arrangements Necessary for Financing Healthcare and Improving Health Outcomes in Low and Lower Middle-Income Countries

Health is important to economic development, and economic development has an important impact on health outcomes. Health Expenditure makes up a substantial part of the global economy. In the world, the costs of healthcare are increasing;patients are compelled to pay more for treatment, and that makes a lot of people faced to Catastrophic Health Expenditures (CHE) and in long run fall below the poverty line. One of the most urgent and vexing challenges faced by many low- and middle-income countries is how to provide health care for the more than two billion poor people who live in these areas (developing countries). As much as more than 65% (in 2014) of total private health care expenditure in low-income countries comes from out-of-pocket payment by patients. In addition, according to World Bank report (2007), in low and lower middle-income countries was speared nearly 13% of global health spending with 87% the global disease burden. The WHO considers health financing models with high risk pooled, such as health insurance and prepaid schemes, a promising means for achieving universal health-care coverage and promotion health care. A crucial concept in health financing is that of pooling. The WHO defines risk-pooling as the “accumulation and management of revenues in such a way as to ensure that the risk of having to pay for health care is borne by all members of the pool and not by each contributor individually”. The larger degree of pooling, the less people will have to bear the health financial risks. Furthermore, adopting and operating financing policies based on greeter risk pooling/sharing (prepayments) are recommended to all countries (especially in low and lower-middle income countries). It means risk sharing/pooling plays a key role in all financing systems for achieving effectiveness and efficiency health systems.

The Risks of Financing Energy in Turkey: Heading for a Rocky Road

After the implementation of Energy Efficiency Law (EEL) in Turkey, Turkish engineering firms show considerable interest in energy savings projects. There is a growing sign of an energy effi- ciency implementation in Turkey. However, energy importation costs of Turkey still present a challenge leading to huge financial burdens. This paper explores the energy financing in Turkey and the likelihood of risks after the establishment of structural reforms. The so-called structural problems on the agenda of Turkey are emphasized during the crisis. Actually, global crisis affected the lending conditions herein counterparty risk and restricted the relations of enterprises and banks. In this study, it is argued that there are strong barriers for the future energy saving industry in Turkey made up of macro-economic, micro-economic and financial risks coming through both domestic and global means.

Research on the Risk Management Issues of VAM Agreements in Private Equity Financing

At present,the biggest obstacle that growing enterprises may encounter in their development process is insufficient funds.Private equity financing does not only solve the capital problem of enterprises,but also provide enterprises with professional management concepts and even help growing enterprises to go public in advance.However,high returns must be accompanied by high risks.For example,private equity financing has information asymmetry risks,principal-agent risks,etc.,and these risks make it impossible to maximize the advantages of private equity financing.Therefore,in order to reduce the risks brought by financing,investment and financing parties should choose to sign gambling contracts to reduce the risk.In recent years,the use of VAM agreements has become more in China.However,according to incomplete statistics,less than 30%of VAM agreements are successful,and this result is mainly due to the insufficient depth and breadth of research on VAM agreements.Therefore,this article will comprehensively analyze the problems that need to be paid attention to when signing a gambling agreement by introducing the case of Anda Technology,and the issue of targeted risk prevention will also be discussed in this paper.

Supply-Side Structural Reform, Digital Economy and Corporate Default Risk

In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the government. We took China’s A-share listed companies from 2012 to 2018 as a sample, and used the double difference method to analyze the impact of supply-side structural reforms on corporate default risks. We found that supply-side structural reforms have reduced the risk of corporate default, and the inhibitory effect has gradually increased. In the relationship between supply-side structural reforms and corporate default risks, corporate financing capabilities have played an intermediary role. Supply-side structural reforms can improve the company’s endogenous financing capabilities, thereby reducing the risk of corporate default. However, we also found that the mediating effect of a company’s exogenous financing capability is not significant. At the same time, the regression results show that the digital economy can play a regulatory role. It can not only actively regulate the relationship between supply-side structural reforms and corporate default risks, but also mediate the mediating effect of corporate endogenous financing capabilities. The results of this article provide some evidence for the synergy between supply-side structural reforms and the digital economy.

Understanding Credit Risk in Internet Consumer Finance:An Empirical Analysis with a Focus on the Young Generation

In recent years,internet finance has garnered increasing attention from the public.Online lending,emerging within the framework of Internet finance as a pivotal component,has witnessed substantial growth.While online credit,within the realm of Internet finance,presents numerous advantages over traditional lending,it concurrently exposes a plethora of credit risk issues.This study aims to facilitate the effective utilization of online credit tools by the young generation within the context of Internet finance.Additionally,it seeks to ensure the overall stability of the Internet finance environment and mitigate risks for the youth.Given the significance of understanding credit risk management for college students in the age of internet finance,this paper adopts the logistic model to evaluate credit risk in internet consumer finance and provides pertinent recommendations from the perspective of the young generation.

Development Status, Causes of Risks, and Risk Supervision Suggestions on Internet Finance in China

As a useful supplement to China's financial system,the development of internet finance has promoted the innovation of financial model and injected strong vitality into the financial market.Internet finance provides customers with more convenient and fast financial services,effectively alleviates financial exclusion,and reduces information asymmetry.It is of great significance to promote the marketization of interest rate and the development of inclusive finance in China.However,internet financial risk events occur frequently,posing a serious challenge.Therefore,this research analyzes the causes of internet financial risks,and provides suggestions on internet financial risk supervision,so as to promote a healthy development of the internet financial industry in China.

Supply Chain Finance Credit Risk Evaluation Method Based on Self-Adaption Weight

Credit risk is the core issue of supply chain finance. In the supply chain, problems happened in different enterprises can influent the whole to different degrees through transferring, thus statuses of all enterprises and their different influences should be considered when evaluating the supply chain’s credit risk. We examine the characters of supply chain network and complex network, use the local growing complex network to simulate the real supply chain, use cluster analysis to classify the company into several levels;Introducing each level’s self-adaption weight formula according to the company’s quantity and degrees of this level and use the weight to improve the credit evaluation method. The research results indicate that complex network can be used to simulate the supply chain. The credit risk evaluation (CRE) of an enterprise level with bigger note degrees has a greater weight in the supply chain system’s CRE, thus has greater effect on the whole chain. Considering different influences of different enterprise levels can improve credit risk evaluation method’s sensitivity.

存货质押融资中考虑银行Downside-risk的回购契约设计

本文研究供应链金融中存货质押融资模式下回购契约的设计问题,即在需求不确定和银行下侧风险(Downside-risk)规避的前提下,通过对契约合同中变量范围的控制实现供应链的协调。文中首先给出了考虑银行利息与风险规避在内的供应链契约模型,然后分别分析了银行下侧风险控制模型下供应商的促销成本分担比例的下限值和在不减少供应商期望收益原则下该比例的上限值,最终得出该下限值由银行下侧风险控制指标和质押量共同决定,而当销售商的订购量越多时,供应商愿意接受的努力成本分担比例上限值也越大,并给出相应的上下限值。

Risk Evaluation on Logistics Finance of Agricultural Products Based on Fuzzy-AHP Model

The development of logistics finance business for agricultural products is the best way to realize the common interests of logistics enterprises,small and medium-sized agricultural product enterprises and financial institutions,which will contribute to the development of China's new socialist rural economy and the construction of " two-oriented society". As the agricultural products have some special attributes,it's easy to create the risk in carrying out the logistics finance business. The paper constructs a risk evaluation indicator system for logistics finance of agricultural product,and uses the Fuzzy-AHP model to evaluate. The results show that the comprehensive risk level is normal risk,which shows that third-party logistics enterprises can carry out the logistics financial business of agricultural products,but the risks from logistics enterprises and agricultural collateral need to be prevented.

Risk Assessment of Agricultural Products Supply-Chain Finance Based on D-S Theory

Agricultural products supply-chain finance, as one of the solutions to the issue of “capital problems” of agriculture, countryside and farmers, has proposed a kind of characteristics model to assess the risk of agricultural production, processing and marketing, which can improve the issue of farmers and enterprises lacking of funds. This model is proposed on the basis of uncertain information processing method of D-S theory and its data combination rules, combined with the “discount rate” correction model, and it includes a risk assessment index system of agricultural products supply-chain finance, fully considering the five aspects of production, processing, marketing, cooperation of supply chain and collateral. At last, a taro supply chain is taken for example. And the risk assessment of its supply-chain finance based on this model has been discussed in detail. And the result has proved that the model and its algorithm are practical and feasible.

Review of Equity Risk Premium Puzzle

This paper comprehensively reviews the mainly famous and important literature about equity risk premium(ERP)puzzle.From the long term perspective,most markets show the equity yields surprisingly high return,and the discrepancy between the return of equity and risk free rate cannot be explained by any classical equilibrium models.The paper is divided into five parts.The first three parts review vast literature about the discovery and development of ERP puzzle.Most literature conducted on the development of quantitative model and qualitative theories briefly point out their failures of explaining ERP puzzle.The fourthpart shows the empirical studies about ERP puzzle among international countries and the robustness of testing methods.The last partis the brief conclusion of the paper and the prospectsof ERP puzzle.

The Determinants of Risk Exposure When Development Finance Institutions Consider Approval of Funding to Different Development Markets—Case Study Development Bank of Southern Africa

This paper evaluates the determinants of risk exposure when development finance institutions consider approval of funding to different development markets utilising multiple regression econometric models and the Development Bank of South Africa(DBSA)as a case study.The research presents the classical development finance institution(DFI)business model and market size estimation with the contemporary DFI risk classification and enterprise risk management framework.In addition to reviewing the profile of financial and non-financial products and services,the related project cycles and the DFI credit risk pricing and mitigation approaches for the different development markets.Our results suggest that there is a correlation between the funding of under-resourced municipalities by DBSA and its exposure to financial risk though the correlation is not overwhelmingly significant,but also evidence of a negative correlation between the funding of under-resourced municipalities and the minimization of the financial risk exposure of DBSA.Likewise,there is a negative correlation between funding to all three different sizes of a municipality and ability of the DFI to absorb future losses(non-performing loan coverage ratio).The negative correlation is highest for secondary cities followed by metros and least for under resourced municipalities.The research concludes with four major recommendations of what the role of the DFI should be in enhancing access of under-resourced municipalities to development funding.

Enterprise Financial Risk and Response Strategies

Nowadays, a shortage of funds has evolved into general business issues because raise the necessary funds is the necessary requirement to develop and expand the companies’ scale. The funding would have to face all kinds of risks associated. Although funding risk cannot be completely eliminated, but the company can be based on their own development needs, and actively respond to risk fi nancing based on their own conditions. In this paper, the business fi nancing risk coping strategies is presented based on analysis of the reasons of business fi nancing risk.

Prevention of Internet Financial Risks in the Era of Digital Economy

As a pillar in the development of China5 s economy,the financial industry plays a key role in the production and life of residents.Along with the widespread application of the internet,internet finance has gradually emerged as required by the times,and in the achievement of the collection and extraction of big data,related analysis and exploration technologies have been emphasized more.However,in the context of big data technology,there are still risks of unsound laws,inadequate business publicity,user information security,and capital liquidity in internet finance.Under this digital economy era,this article attempts to discuss these risks,which need to be prevented from establishing a good internet financial system,strengthening interindustry exchanges and cooperation,building a unified internet financial information supervision platform,as well as optimizing the internet financial credit reporting system,so as to promote a healthy and sound development of the whole financial industry.