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1.
After reviewing the capital structure theories briefly,the paper researches the impact of financial engineering on corporate capital structure .The model analysis shows that financial engineering can decrease the cost of capital, then improve the financing capacity and effect the rate of debt.Executive Stock option improves managerial incentives and is a challenge to capital structure managerial incentives theory. 相似文献
2.
Does venture capital spur innovation or the other way around? Evidence on the significance of investment timing from China 总被引：1，自引：0，他引：1
This paper explores the interaction between venture capital and innovation in China. We focus on the difference between early, development, and expansion stages of innovation firms when they receive their first installment of venture capital. Using ordinary least squares (OLS), switching regression model and counterfactual comparison, we find that selection effect exists in all three stages, suggesting that established innovation capacity increases the possibility of innovation firms to receive venture capital. Further, the selection effect is most profound in the development stage. The treatment effect, the combined effect of financial role and value‐added service, plays an important role in promoting innovation in all three stages. However, the mechanisms of the effect vary greatly across the early, development, and expansion stages. The financial role of venture capital does not influence innovation in the early stage, but promotes innovation in the development stage, and restrains innovation in the expansion stage. Value‐added service promotes innovation in the early and expansion stages, and whether it influences innovation in the development stage needs further study. 相似文献
3.
This paper presents an analysis of a public assistance program for small–scale entrepreneurship in peripheral areas. Public assistance compensates for market inefficiencies where the decision rules of financial institutions discriminate against otherwise viable small firms in capital markets. Lending institutions perceive high risk in providing debt capital when little information is present. Using empirical data from Israel, the determinants of this risk are estimated and the role of location in creating this information asymmetry is stressed. These results empirically establish that (1) location matters in determining the risk profile of the firm, (2) locationally targeted programs can reduce the information asymmetries that make peripheral firms unattractive to lenders, and (3) these programs can also generate positive welfare effects. Finally, there is speculation on the potential role of ICT (information and communications technology) in increasing the visibility of small firms in remote locations and creating a more symmetrical flow of information. 相似文献
4.
资本结构与公司绩效关系问题是理论界与实务界研究的热门问题,也是一个财务问题。本文以单位经济增加值来研究资本结构与绩效的关系。选取11家农业上市公司为样本,计算出资产负债率,推出单位经济增加值,对样本公司的截面数据进行线性回归和二次函数回归,并进行相关检验,最终结果说明农业上市公司资本结构存在着最优区间。 相似文献
5.
David R. Meyer 《Growth and change》2016,47(4):572-595
Shenzhen, China, aspires to be an international financial center; however, its financial sector occupies an anomalous position in China's networks. The sector is tightly integrated into mainland networks, and Shenzhen's local banks provide access to Hong Kong's networks. Nonetheless, the city's proximity to Hong Kong, the Asia‐Pacific center of financial networks, confers few incremental benefits compared to those received by other mainland centers. The proposed Qianhai financial district, which is to be a laboratory for opening China's capital accounts, does not differentially boost Shenzhen because other financial centers will be allowed to experiment. A network theory of financial centers provides the explanatory framework for interpreting Shenzhen in China's financial center networks. Empirical analyses focus on Shenzhen's network ties with the Mainland and with Hong Kong. Shenzhen's future rests on the capacity of its financial firms to participate in the networks of South China, as well as to operate across the Mainland. 相似文献
6.
This paper analyzes the limitation of regarding the weighted average cost of capital as the optimal standard of capital structure in the traditional capital structure decision-making method, and analyzes the view that the capital structure is affected by many factors,such as earning power, long-term stability of operating, the attitudes held by owners and operators, the attitudes held by creditors and financial risk. With the example, the affecting factors of the capital structure is analyzed. The fuzzy synthetic evaluation model are employed to decision-making of the capital structure. This article also shows the key point of its application. 相似文献
7.
Large law firms exert a disproportionate influence over the structure and practice of the legal profession. The spatial structure of these corporations, including the distribution of headquarters and branch offices and their interlinkages, is poorly understood. This paper explores the geography of domestic employment among the largest U. S. 500 law firms using linkage analysis. It highlights the concentration of such firms in large cities and the particular importance of New York and Washington, D. C. In the international arena, U. S. law firms are highly influential. The paper examines the spatial distribution of overseas employment by large U. S. law firms and utilizes input-output analysis to explore the domestic employment impacts of foreign legal services exports. 相似文献
8.
State governments offer a variety of programs to assist technology intensive entrepreneurial firms yet there is a limited understanding of how firms use these programs. This paper provides a framework for categorizing state technology programs and uses detailed case studies to examine how these programs augment firms’ capabilities. It is concluded that firms made extensive use of state programs that provide access to university intellectual property and research facilities. In addition, firms participated in programs that provided incentives for faculty to conduct joint research with industry. Finally, state venture capital programs, though small relative to federal R&D grants or venture capital, appear to nurture firms’ development. 相似文献
9.
This paper examines the impact of ownership structure and board composition on voluntary disclosure. Ownership structure is characterized by first ownership, and board composition is proxied by the percentage of independent directors. Voluntary disclosure is measured by an aggregated disclosure score of non-financial and financial information. Our results show that both lower and higher first ownership are associated with increased disclosure. The number,not percentage,of independent directors improve corporate disclosure. We also find that larger firms had greater disclosure. 相似文献
10.
11.
詹明君 《农产品加工．学刊》2010,(7)
分析了我国农村金融市场的现状,指出了存在的市场竞争缺失,市场风险大,金融服务不足,信贷产品与农业生产不符,农村资金外流等问题,并有针对性地提出了放宽市场准入,构建多元化金融机构;完善金融服务功能,增加金融业务产品;建立农村资金回流机制,减少农村资金分流;建立健全农村贷款的抵押担保机制;加大对农村金融机构的扶持力度等解决问题的措施。 相似文献
12.
GLORIA PARRA‐REQUENA FRANCESC XAVIER MOLINA‐MORALES PEDRO MANUEL GARCÍA‐VILLAVERDE 《Growth and change》2010,41(1):59-84
This paper analyzes the role played by the cognitive dimension of social capital on knowledge acquisition in clustered firms. We have applied a structural model to an empirical survey of the Spanish footwear industry. Findings detect a significant indirect effect of the district membership on knowledge acquisition through cognitive social capital development. In contrast with the assumption of direct and free access to common knowledge in territorial agglomerations, findings suggested that knowledge access depends on the capacity of the firms to share visions, goals, values, and culture with other actors in the local neighborhood. The social capital perspective provides a solid base to explain heterogeneity among firm members in the industrial district in order to access common knowledge and capacities. Findings suggested that institutions involved in a district must favour efforts to boost the collective representation as well as common goals and vision. 相似文献
13.
The principal purpose of this study is to investigate the association between the efficiency of value-added by a major components of a firm's resource (human capital,physical capital and structural capital) and corporate performance (profitability).Data consists of 30 firms are drown from computer area.Empirical analysis is conducted with correlation and linear multiple regression analysis.Findings from empirical analysis indicate that association between physical capital and profitability is statistically significant,there is a positive relation between human capital and firm performance,but not statistically significant.Accordingly, we analyse the factors that probably affect the findings. 相似文献
14.
MICHAEL H. GROTE 《Growth and change》2007,38(2):260-278
ABSTRACT Deregulation and increasing cross‐border competition in the financial industry are affecting not only firms but also those organisations that provide markets, i.e., stock exchanges. The process of changing governance structures is exemplified in this paper by the case of Deutsche Börse AG, the Frankfurt‐based main German stock exchange. The paper focuses on the reasons for relocations of national stock exchanges, and possible consequences for local firms. Secondary trading is based mainly on the exchange of (price) information, so traders were able to move away from the Frankfurt floor quite easily. However, many of them gathered together in London because of the knowledge‐intensive communications between them, e.g., interpretations of rumours, market mood, etc. On the other hand, the primary markets—firms issuing new shares—are also based on the exchange of tacit knowledge. With two spatially separated groups of users, traders in London in the secondary markets and firms in Germany in the primary market, Deutsche Börse faces a “user‐producer interface dilemma.” Thus, a possible relocation of executive functions to London combined with the complex interplay between information and knowledge exchange in financial markets could have negative consequences for the financing conditions of local firms. 相似文献
15.
对提高我国支农资金运行绩效的探讨 总被引：1，自引：1，他引：0
针对中国支农资金运行中存在的问题,提出合理确定财政支农资金投向,优化结构布局,以县为主,加大各项支农资金的整合力度,强化支农资金的过程监管与责任追究制度等措施。 相似文献
16.
财务竞争力是企业竞争力的核心与关键。对企业的财务竞争力进行评价,有利于了解自身财务竞争力水平和存在的缺陷与不足,进而采取措施完善企业财务状况。医药、生物制品业是现代科学中发展最快、最活跃、取得成果最多的一个行业。以114家医药、生物制品业上市公司为研究对象,运用因子分析法对其财务竞争力进行实证分析,构建评价体系,对其财务竞争力进行评价,结果发现行业内企业资产管理能力强弱各占一半,偿债能力和发展能力普遍偏弱,整体财务竞争力有待加强。应提高整体偿债能力,提升现金获取能力及应收账款周转能力,优化资本结构,增强研发能力,以实现可持续发展。 相似文献
17.
A capital asset pricing model and the corresponding investment strategy are investigated for the financial market with asymmetric information structure. Suppose that investors can be defined with three kinds: informed trader, under-reaction trader and over-reaction trader; all traders use Bayesian principle to modify their prior distributions. The anthors obtain the equilibrium price of the risky asset in the short run and the rational investment strategy. 相似文献
18.
ZENG Hong~ 《保鲜与加工》2004,(4):138-141
On the basis of comparative analyses of the capital-market oriented and the bank oriented financial systems in the world, thispaper discusses the specialties of our country's financial system. Under this background, this paper builds an equilibrium model to explain the financial behaviors of firms in soft-budget constraint,the research results show that the soft-budget constraint is the main cause that leads to excessive loans .Because the different targets of governmentand firm, it's hard to optimize the firm's financial behaviors only by banking credit mechanisms, therefore, it is necessary to reduce the soft-budget constraint and establish effective incentive mechanisms of state-owned banks. 相似文献
19.
Information technique,espcialling network technique on the development and application in the manufacturing firms,has made working activity of them from innner data processing to resource's controlment and management(united) by time and space gradually.Financing information in the firm is the foremost managing information,and how to manage the financing systems of ecedemic branch organizations of the firms compositively in the network environment is a crucial subject.This paper gives a supporting web-based system of finacial management,establishes the sturcture of this system and researches the key techinique on system exploit and inner financial system of firm based the need of finacial management in the most of firms when they place branch organization in different place.At last,the authors certificate this system effective and pratical through the real examples. 相似文献