“文化边缘人”视阈下A Debt to Dickens的态度系统研究

本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴赏资源描述了一段孤独的生活;后期其寻找到小说的快乐后,沉迷于阅读的魅力,所以多用正面的判断和鉴赏资源写出了她的明朗。研究发现,全文的判断和鉴赏资源数量较多,情感资源出现较少。态度系统有利于分析文本所暗含的感情走向,给读者理解文本提供了一个新的视角。

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.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

GHG Emissions of Italian Unlisted Firms and Bank Debt

In this paper I investigate the effect of the greenhouse gas emissions of a sample of 478 Italian unlisted firms on their bank debt,in the context of the growing attention and awareness for climate change issue.My findings show that unlisted firms generating low levels of greenhouse gas emissions borrow less long-term,short term,and total bank debt than unlisted firms generating high levels of greenhouse gas emissions,to finance their growth opportunities.Being the first work analyzing this topic,to the best of my knowledge,further empirical research could also investigate the impact of greenhouse gas emissions on the bank financing of unlisted firms of different countries,representing specific cultural and political approaches towards climate change problems.

The Impact of Corporate Governance and Fair Value Accounting on Debt Contracts

This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING

Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.

China’s Local Government Debts and Bond Market:Clarification and Policy Choice~

The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.

基于DebtRank算法的银行系统性风险仿真研究

银行系统性风险是指一个或几个重要银行机构的违约通过银行网络引起的大范围的银行机构违约风险。目前,大部分的学者通过单一渠道来仿真研究银行系统性风险,而且以银行倒闭的数量来判定银行系统性风险,但是,现实世界中,发生银行倒闭的事件很少,很难用银行倒闭的数量来判定银行系统性风险。而债务等级法的判定,不需要有银行倒闭,就可以用来衡量整个银行系统的系统性风险,但是目前,采用债务等级法(DebtRank)来判定银行系统性风险的研究还缺乏。另外针对双渠道传染的银行系统性风险的研究也少见。为解决上述问题,首先构建双渠道传染模型,然后基于DebtRank算法构建银行系统的债务等级,利用银行系统的债务等级评判银行系统的系统性风险,进一步研究杠杆、平均连接度对银行系统性风险的影响。研究结果表明:杠杆和平均连接度对银行系统的系统性风险有较大影响;杠杆对银行系统性风险具有单调增加的作用,且直接传染渠道占优下作用更大;平均连接度对间接传染渠道占优下的银行系统性风险具有单调增加的作用,而直接传染渠道占优下只有当其较小时才具有单调增加的作用,当平均连接度较大时,反而是单调减少的作用。进一步研究发现,不同传染渠道之间存在一个(杠杆和连接度的)阈值,随着平均连接度的增大,阈值会在更大的杠杆下产生;同样的,随着杠杆的增大,阈值需要在更大的平均连接度下产生。上述研究可以为中央银行的政策制定提供一定的决策依据。

China’s BRI Transportation Investments:Development Bonanza or Debt Trap?

Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.

Managing Software Testing Technical Debt Using Evolutionary Algorithms

Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negative implications do not outweigh its advantages.A lot of research has been conducted to show that TD has evolved into a common problem with considerable financial burden.Test technical debt is the technical debt aspect of testing(or test debt).Test debt is a relatively new concept that has piqued the curiosity of the software industry in recent years.In this article,we assume that the organization selects the testing artifacts at the start of every sprint.Implementing the latest features in consideration of expected business value and repaying technical debt are among candidate tasks in terms of the testing process(test cases increments).To gain the maximum benefit for the organization in terms of software testing optimization,there is a need to select the artifacts(i.e.,test cases)with maximum feature coverage within the available resources.The management of testing optimization for large projects is complicated and can also be treated as a multi-objective problem that entails a trade-off between the agile software’s short-term and long-term value.In this article,we implement a multi-objective indicatorbased evolutionary algorithm(IBEA)for fixing such optimization issues.The capability of the algorithm is evidenced by adding it to a real case study of a university registration process.

A GATEWAY TO INTERNATIONAL CAPITAL MARKET——THE WHOLE CONRSE OF THE FIRST FOREIGN DEBT FINANCING FOR POWER PROJECTS IN CHINA

This paper introduces how Longyuan Power Group Company successfully carried out foreign debt financing for Jiangsu's power projects through its overseas financing window-Xiongya (Virgin) Co. Ltd. The entire process of raising funds is revealed with regard to employment of foreign debt financing, selection of funded projects, preparation of project and financing documents, credit rating, roadshow, line of credit, and financing experiences.

Effect of Corporate Debt on Firm Value

We have shown that three classic works considering the effects of corporate debt on the firm value,namely,Modigliani and Miller(1958,1963),Merton(1974),and Leland(1994),are wrong.Their main mistake is ignoring the business security expenses,BSEs.We suggest the model taking account of BSEs and apply it to the analysis of debt influence on the firm value and survival.Our modeling demonstrates that(1)the debt affects the firm value and its survival,(2)this influence is negative,diminishing the firm value and its chances to survive,(3)the pressure of the negative effect of debt increases as the debt grows,provoking the firm default.The debt can be beneficial for the firm if the loan is taken to improve its technology.The model helps estimate the chances to succeed in the technological modernization for various parameters of the firm and its business environment;and by that,to find the technology most suitable for the firm.It is shown that there is a serious problem in reading the market signals concerning a firm and using this information to control this firm.

Putting Sri Lanka’s Debt Issue into Perspective

By reviewing the current situation of Sri Lanka's debt problem, as well as its nature, causes and relation with Chinese loans, this article argues that the loans from China are neither the main source nor the main cause of Sri Lanka's debt problem. Instead, the projects they financed will bring promising economic returns to Sri Lanka in the long run.

Structural jump-diffusion model for pricing collateralized debt obligations tranches

This paper considers the pricing problem of collateralized debt obligations tranches under a structural jump-diffusion model, where the asset value of each reference entity is generated by a geometric Brownian motion and jump with an asymmetric double exponential distribution. Conditioned on the common factor of individual entity, this paper gets the conditional distribution, and further obtains the loss distribution of the whole reference portfolio. Based on the semi-analytic approach, the fair spreads of collateralized debt obligations tranches, i.e., the prices of collateralized debt obligations tranches, are derived.

Manager’s Characteristics, Debt Financing and Firm Value

Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.

从容器隐喻的角度看be deeply in debt的新译

许多字典和书籍都把be deeply in debt译成"债台高筑",一直以来,这已成为一个约定俗成的译法。然而,从隐喻特别是容器隐喻的角度看,英文与中文是两种完全不同的意象:be deeply in debt是陷入其中,而"债台高筑"则是凸起于地面上。本文通过分析be-in-something关系的容器隐喻及其已有的对应翻译,力求找到be deeply in debt的新译文。

Grand Strategies for Dealing With Chinese Local Government Debts

Local governmental debts in China seem to be in a more precarious position than local government debts in the USA. The scale of Chinese local government debts far surpasses that of the USA. Further, Chinese local government debts appear to be expanding at an alarming rate in the past decade or so. This research focuses on grand strategies for dealing with Chinese local government debts. There are five research questions for this paper： 1） What is the size of the Chinese government debts？ 2） Are Chinese local government debts controllable？ 3） Who or what caused the rapid increase of the Chinese local government debts？ 4） Is it possible to have individual accountability for increasing local government debts in the future？ and 5） Will it be helpful to create a local government debt management organization in the Chinese central government？ Based on the available literature, this analysis also utilizes in death interviews with 13 government officials, policy analyst, and scholars. First, this paper identifies the size and categories of debts related to Chinese local governments. Then this paper illustrates various ways and methods of Chinese local governments to obtain leverage. After analyzing the causes and origins of these debts, the research demonstrates a potential local systematic risk. By contrast to its advantages and disadvantages, the paper suggests that the local governmental debts need to be constrained. It is important to restrict debt growth in terms of issuing, buying, repurchasing, collateralizing, etc. within a legal framework. With the consideration of political mechanisms in China, the research suggests that the central government establishes a specific organization to help normalize the local governmental debts with the function of supervision and management. The research also believes that it will be an effective way to control the growth of local debts if the central government can hold the relevant top leaders/officials of local governments to be accountable for their performances related to debt accumulation.

The Influence of Debt Maturity Structure on Accounting Conservatism

According to the related data of A-share listed companies in 2009-2013,through extension model based on Basu＇s surplus - the stock return rate model ,this paper studies that the debt maturity structure influences on accounting conservatism. The empirical study finds that the amount of debt affects significantly the prudence,that is,the greater the amount of the debt contract con- cluded, the stronger role of accounting conservatism is ; Debt maturity have significant relationship with accounting conservatism. For the shorter debt maturity, the enterprise is easier to choose more prudent accounting policy, and when the period is longer, accounting conservatism is relatively weaker.

Apples, oranges and lemons: public sector debt statistics in the 21st century

In both academic research and policymaking,public sector debt and debt-to-GDP ratios are relied on for a multitude of important economic,political and socioeconomic decisions,especially as public sector balance sheets expand to an unprecedented size in the midst of the 2019–2020 COVID pandemic.The reliance on available data from reputable sources often overlooks the question of whether the denominator in this ratio is accurately measured or how well the denominator is understood by the audience interpreting it.Building on past work in international financial statistics,and making use of a unique and newly created dataset on media reporting of public sector debt,the purpose of this article is to examine the quality,accuracy,interpretation and overall meaningfulness of public sector financial statistics.The main findings suggest that i)most of the world’s governments still do not seem to feel sufficient pressure to voluntarily provide comprehensive financial statistics based on well-defined modern methodological frameworks and ii)high profile financial statistics,which are reported,have become increasingly numerous and complicated,making it difficult for non-experts to know which is most appropriate in the context of their analysis.

The M2 Money Supply, the Economy, and the National Debt: A Mathematical Approach

The United States dollar was tied to a finite standard dating back to 1792. The dollar has survived multiple wars, armed conflicts short of war, economic recessions, and the Great Depression. At the end of World War II, the dollar, by international agreement, effectively became the world’s reserve currency. Other currencies were fixed to the dollar and the dollar was in turn fixed to the gold standard, that is, the value of a dollar was fixed at thirty-five dollars per ounce of gold. In 1971, the United States government severed the dollar from the gold standard leaving the size of the money supply free of any finite limit. Since that time, the United States money supply, national debt, and stock market indices have experienced exponential growth. The purpose of this paper is to investigate mathematically and model the relationship among these key economic indicators. Our work in this paper allows us to gain some insight into how each of these economic indicators can influence one another while giving us a better idea of how the economy functions. We were allowed to collect data for each of the indicators over a certain period which allowed us to demonstrate that a strong correlation exists among these three indicators. After collecting our data and making some logical assumptions, we modeled the money supply as a function of time. In turn, we modeled the Dow Jones stock market index as a function of the money supply. Finally, we produced a model of the National Debt as a function of the Dow Jones stock market index. From the data, we collected and our economic indicator models, we derived a series of differential equations that would help us observe the exponential growth trend of each graphically. By showing a comparison from our collection of raw data versus our results from our model, we conclude that, under prevailing circumstances, it is reasonable to expect growth in all three indicators and increasing market volatility for some time to come. We have answered the question of whether the monetary and fiscal policies of the past half-century have been of some benefit. However, we question whether this trend is good for all Americans and whether it is sustainable in perpetuity. This paper concludes with possible areas of interest warranting additional investigation to enable us to better understand the economy and develop effective financial strategies.