With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal...With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.展开更多
In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but...In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but also social capital investment in green industries.Green financing is also an effective way to promote the low-carbon development of China’s energy companies.In this paper,on the basis of defining green finance,we reviewed the policies of green finance in China,described various tools of green finance,summarized green finance business of energy companies,and made case studies.This research combined macro policy and market,and micro industry and enterprise.展开更多
The research topic is the one of public finance company whose core business is focused to support investment projects to overcome enterprises technological and structural gap. The research question is： If and how a p...The research topic is the one of public finance company whose core business is focused to support investment projects to overcome enterprises technological and structural gap. The research question is： If and how a public finance company is able to create and favor value creation processes sustainability for agro-food enterprises, highlighting the positive emerging externalities for different categories of stakeholders. They have results with particular evidences allow comparisons between the private investments and the support of institutional public investors. In such perspective, the mode of disbursement of soft loans and investment operations made by a public financing company will be examined. The methodological approach used, following a deductive-inductive perspective, is based on the ease study. Such technique able to formulate theories about a little known phenomena in their context, allows the study of recent events on which the researcher has little control. To this, a qualitative analysis on both primary and secondary data adds. From data analysis, it resulted that the Institute of Agribusiness Development （ISA） initiatives facilitated, just for example, the technological innovation of production department and consequent production capacity, the acquisition of production assets for row material processing and optimization of internal logistics, through an innovative automated warehouse. As a result, the case study finds sustainability at multiple levels reached by the activities promoted by ISA and the subsequent co-creation of value for stakeholders involved, small agro-food businesses innovation, and/or internationalization processes. As long as practical implications are concerned, such highlight the importance and the need for public and private institutions in their effort to continue to invest in projects to support the economy of the country. The originality of the paper lies in the proposed interpretation of more integrative paradigms （viable system approach, sustainability, and, value creation）, analyzing a financial institution for the development of the Italian food industry. At the same time, authors stress the research limit that is the analysis of the input of only one organization and consequent limited data in quantity and time span.展开更多
Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify c...Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.展开更多
This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projec...This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projects are and are not acceptable from a financial prospective？ Second, of financially acceptable projects, CB methods can rank or order projects relative to desirability. Under conditions of certainty, the paper describes and contrasts three primary methods： pay back （PB）, net present value （NPV）, and internal rate of return （IRR） and three secondary methods： profitability index （PI）, terminal value （TV）, and modified internal rate of return （MIRR）. The presentation lists the strengths and weaknesses of each method in order to direct attention to some of the many aspects of CB decisions that firm managers should consider. Next, approaches for taking risk into consideration are discussed. The discussion raises the important issues of what to do with the net cash benefits from various projects when and if they are received. Finally, the paper provides flexible tools and example problems for teaching CB in a variety of contexts, such as professional corporate training or academic coursework.展开更多
文摘With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.
文摘In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but also social capital investment in green industries.Green financing is also an effective way to promote the low-carbon development of China’s energy companies.In this paper,on the basis of defining green finance,we reviewed the policies of green finance in China,described various tools of green finance,summarized green finance business of energy companies,and made case studies.This research combined macro policy and market,and micro industry and enterprise.
文摘The research topic is the one of public finance company whose core business is focused to support investment projects to overcome enterprises technological and structural gap. The research question is： If and how a public finance company is able to create and favor value creation processes sustainability for agro-food enterprises, highlighting the positive emerging externalities for different categories of stakeholders. They have results with particular evidences allow comparisons between the private investments and the support of institutional public investors. In such perspective, the mode of disbursement of soft loans and investment operations made by a public financing company will be examined. The methodological approach used, following a deductive-inductive perspective, is based on the ease study. Such technique able to formulate theories about a little known phenomena in their context, allows the study of recent events on which the researcher has little control. To this, a qualitative analysis on both primary and secondary data adds. From data analysis, it resulted that the Institute of Agribusiness Development （ISA） initiatives facilitated, just for example, the technological innovation of production department and consequent production capacity, the acquisition of production assets for row material processing and optimization of internal logistics, through an innovative automated warehouse. As a result, the case study finds sustainability at multiple levels reached by the activities promoted by ISA and the subsequent co-creation of value for stakeholders involved, small agro-food businesses innovation, and/or internationalization processes. As long as practical implications are concerned, such highlight the importance and the need for public and private institutions in their effort to continue to invest in projects to support the economy of the country. The originality of the paper lies in the proposed interpretation of more integrative paradigms （viable system approach, sustainability, and, value creation）, analyzing a financial institution for the development of the Italian food industry. At the same time, authors stress the research limit that is the analysis of the input of only one organization and consequent limited data in quantity and time span.
基金This paper is part of the“Research on Information Asymmetry and Government Subsidy Effi ciency Based on Agency Theory”(No.18BJY017)funded by the National Social Science Fund of China.
文摘Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.
文摘This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projects are and are not acceptable from a financial prospective？ Second, of financially acceptable projects, CB methods can rank or order projects relative to desirability. Under conditions of certainty, the paper describes and contrasts three primary methods： pay back （PB）, net present value （NPV）, and internal rate of return （IRR） and three secondary methods： profitability index （PI）, terminal value （TV）, and modified internal rate of return （MIRR）. The presentation lists the strengths and weaknesses of each method in order to direct attention to some of the many aspects of CB decisions that firm managers should consider. Next, approaches for taking risk into consideration are discussed. The discussion raises the important issues of what to do with the net cash benefits from various projects when and if they are received. Finally, the paper provides flexible tools and example problems for teaching CB in a variety of contexts, such as professional corporate training or academic coursework.
