关于投资项目负债融资若干问题的探讨

0 问题的提出 随着我国财政金融和投资体制的改革,投资主体和融资渠道均趋于多元化,投资的风险约束机制和激励机制亦将逐渐完善。最近国家规定从1996年开始对各种经营性非公益项目试行资本金制度,其中对项目融资中权益融资(即项目资本金)的比例作了最低限定,进一步提高了投资约束的刚性。那么在具体投资项目融资中,在什么样的情况下才能负债融资以及如何界定负债融资适度比例呢?本文笔者就此略做如下推演,旨在为企业融资行为提供一理     

浅谈企业遇到政策性困难时的运营思路

矿山面临投资改贷出现的困境,在对内邱硫铁矿技改项目时,合理使用资金,少投入,多产出,同时组建硫化（集团）公司,跨向多角经营。继而上治理污染的综合项目,使企业进一步持续发展     

关于勘察设计企业资产经营和资本结构的思考

勘察设计院过去作为事业单位,主要是完成国家指令性任务,其资本结构一般不影响勘察设计单位的经营和运行。但在勘察设计单位改为企业并进一步按照《公司法》的要求改为有限责任公司或股份有限公司时,必然要考虑勘察设计企业在市场经济条件下的资本结构问题,这不仅仅是企业经营能力的体现,同时也关系到勘察设计院改为有限责任公司或股份有限公司后的股东结构问题,并对改制后的勘察设计单位股东收益分配产生根本性的影响。我们在这里仅对勘察设计企业资本构成的相关问题进行讨论,供大家参考。 一、经营定位与资产结构 对一个企业资本结构进行研究,我们首先应该     

运用财务指标预警应注意的五个问题

财务预警机制的概念在市场经济条件下，企业生产经营很容易发生财务危机，即因无力支付到期债务或费用，导致企业经营出现困难甚至破产的各种情况。财务危机的直接后果就是导致企业财务失败。，虽然很多企业在财务失败后能够采取债务重组、资产重组、拍卖等很多补救措施，但无论何种形式的补救措施都会他股东或债权人遭受重大损失。     

资产评估的四种方法

目前我国确认的资产评估方法主要有:一、收益现值法 收益现值法是对资产期望的周期性收益转换为现实价值的一种评估方法,收益现值法在其具体运用时可分为两种情况;一种是针对资产在某一特定时期内的收益,将其折现后确定被评估资产的重估价值;另一种是在假定企业连续经营的情     

电信勘察设计企业的困境

本文从投资减少、行业改革、产业转型等3个方面对电信勘察设计企业面临的困境进行了详细阐述，并指出企业急需解决的课题，以此为电信勘察设计企业的发展提供新思路。     

社会主义市场经济知识问答

什么是公司制公司制是企业制度中的一种,即公司法人制度.与独资企业和合伙企业不同,公司是依法定程序设立,以营利为目的的具有法人资格的企业,它有自己独立的财产,可以且必须独立承担经济责任,同时享有相应的民事权利.在西方多数国家,公司法规定必须有两个以上的出资人(包括自然人和法人)方能组建公司,但也有少数国家允许特定情况下一人公司的存在.从十四届三中全会的“决定”看,我国今后将把单一投资主体的国家独资公司,作为公司企业的一种形式.世界多数国家的公司法,根据股东和公司责任的不同,一般把公司分为四种:     

用地之道：小空间做大文章

与对安置失地农民的“不惜成本”形成鲜明对比的是，宁乡经济开发区对投资用地称得上是“精打细算”。“五个不签”等准人制度，为所有投资者们戴上了一道用地的紧箍咒。然而，这样看上去精细到有些过于严苛的引资原则带来的却是园区企业的高效收益——小空间被经开区和企业们做出了大文章。     

坚持“三个不变”加强企业党建

当前,勘察设计单位逐步由事业体制改为企业体制,并建立起现代企业制度,成为市场经济的合格主体。这种以产权制度改革为核心的企业改革,一个重要的特征是通过股东选举建立企业领导体系。即企业的董事会、监事会的人员产业,由企业股东一股一票直接选举产生。选举充分尊重股东意见,事前不设框子、不定调子、不提候选人,从而打破了多年一贯制的用人     

企业负债经营及偿债能力探讨

负债经营是在市场经济条件下的一种行之有效且难以回避的经营方式。利用好负债经营是企业决胜于市场的有效手段。负债是现代企业经营的一项不可缺少的资金来源,是构成企业资产的基本组成部分。负债经营是     

西方矿产技术经济评价模式

在西方市场经济和矿产政策环境下，矿业作为一种商务活动毫不例外地服唑市场经济的运行规则。矿业公司作为投资者在其投资决策过程中必须解决三个基本问题，即：找什么矿（市场），在哪里找矿（勘查），找什么规模的矿（开发、生产）。矿产经济评价作为一种手段在矿产投资决策过程中起非常重要的作用。矿产经济评价主要以现金流量和资金的时间价值为基础，考虑到税制因素和通货膨胀的影响，得出一系列静态（总收益、项目规模、相对成本、返还期）和动态（年等值、净现值、现值比、回报率）的经济指标。然后将地质、工程、市场和政策法规等信息作为一个“输入”变量，对矿业项目进行期望值分析、敏感度分析和风险度分析，为之后的投资决策提供直观可靠的参数。     

Minimizing the geographical risk of foreign direct investment

Increasingly, it has been recognized that the location decision of multinational firms (MNFs) is the direct result of investment decisions. While MNFs can geographically distribute their products through export diversification and productlicensing agreements, evidence indicates that foreign direct investment (FDI) insures greater profit stability. Although a number of theories have been advanced to explain the global pattern of FDI by a MNF, none have considered the interdependence of production environments in the MNF's investment decision. This paper presents a mean-variance portfolio model as a method of risk aversion that an MNF can use when planning a locational strategy. In this approach, risk is measured by the covariance of production return over a given time. It is hypothesized here that production correlation and hence risk is a distance-decay function. Thus, a covariance risk aversion strategy would result in a global distribution of investment for a given commodity rather than being concentrated in a single country. An empirical example of automobile production supports this risk-distance hypothesis and demonstrates that international cross-investment is a logically consistent mode of firm behavior.     

The interplay between social welfare and competitiveness: The case of Canadian Medicare

Canadian Medicare, the government financed national health care system, is seen by many as enhancing both social welfare and competitiveness. If true, this will broaden and further existing conceptions of competitiveness in Canada and beyond. Moreover, it will have important implications for the ongoing debate in the social sciences about institutional convergence and path dependence. The central focus of this paper is to evaluate this claim: Medicare’s impact on competitiveness, evaluated by using investment attraction as a proxy, is determined through reference to detailed case analysis and the insight into investment behavior gained from interviews. This paper concludes that Medicare makes a difference for certain reinvestment decisions but no difference for location and initial investment decisions. Several implications are drawn from this finding: Medicare’s impact on reinvestment decisions may stop certain Canadian firms from investing elsewhere but likely would not attract new investment into Canada from abroad. Industries with high labor costs will extract a disproportionately large benefit from Medicare; so, this type of institution is a source of competitiveness to certain industries if not an overarching source of regional competitiveness for Canada. I conclude that, no matter the size and scope of the competitive benefit, social institutions such as Medicare must be considered when evaluating regional competitiveness, having thus far been ignored by mainstream academic competitiveness theories.     

Resiliency of the Coastal Recreational For-Hire Fishing Industry to Natural Disasters

The financial condition of US Gulf of Mexico recreational-for-hire (RFH) fishing firms post-hurricane damage was examined within the context of the industry’s contribution to the resiliency of coastal socio-ecological systems (SES). Three key financial ratios—return-on-assets, assets turnover ratio, and debt-to-assets ratio—were calculated for 2009 from balance sheets and cash flow statements constructed from surveys of 247 RFH firms operating in the five Gulf states. The ratios were then recalculated using reported damage and operational losses from at least one named storm in the 2004–2008 period and combined with the results of a logistic regression model of profitability loss to assess the resiliency of the RFH industry. Results suggest that RFH firm resiliency was a function of operating class (head, charter, and guide boats), homeport, and the way in which the business was structured. Firms appeared to be the most resilient when they employed smaller vessels in intensively managed operations, perhaps due to their ability to move a vessel out of the path of storms and because their profitability and efficiency advantages allowed for self-insurance against losses. As a result, community contributions to, and benefits from, resiliency in the RFH industry may hinge on the development of more modern port facilities and well-functioning insurance markets.     

基于地质灾害危险性的煤层气项目经济评价

煤层气开发项目可能遭受煤矿采空区地面塌陷的威胁,项目不同开发部署方案产生不同的地质灾害危险性评估结果,进而具有不同的经济效益。介绍了在地面塌陷区部署开发井的3种方案,对各方案的地质灾害危险性作了评估和综合分区,计算了各方案、各分区的管输量、现金流量和利润,其中危险性大区和中等区的结果不同,方案1抽采的煤层气多,开发设施受损也多,经济效益不好;方案2开发设施损失少,抽采的煤层气也少,经济效益较好;方案3开发设施受损数量减少,能抽采较多煤层气,经济效益好。采用投资回收期进行危险性分区的方案3优点多,已被开发单位接受。      

先锋盆地超厚优质煤层的异地成因模式

云南先锋盆地赋存有超厚的优质褐煤。煤层中发育有着丰富的异地成因的沉积学标志。这些成因标志揭示了一种新的异地堆积亚模式,即“腐植型植物碎屑河流远源搬运→植物碎屑扇三角洲沉积+湖滨泥炭沼泽植物碎屑沉积+泥质碎屑沉积→洪水或水下重力流的混合和搬运作用→有机碎屑与无机碎屑的机械分异和再沉积”,简称为“湖相植屑扇三角洲-水下重力流二次堆积”,或者“先锋亚模式”。这种亚模式补充了作者原先所建立的中国中、新生代内陆断陷盆地超厚煤层的成因模式——“阜新亚模式”和“抚顺亚模式”,可以统称为“异地-微异地湖泊二次复合堆积模式”。     

Avulsion mechanisms on the Okavango fan, Botswana: the control of a fluvial system by vegetation

A study of the avulsion of a major distributory channel on the alluvial fan (22 000 km² in area) of the Okavango River in northern Botswana has revealed that channels serve as arterial systems distributing water which sustains large areas of permanent swamp. The channels are vegetatively confined. A primary channel, defined here as a channel which receives water and sediment directly from the fan apex, aggrades vertically as a result of bedload deposition. The rate of aggradation increases downchannel and may exceed 5 cm yr^?1 in the distal reaches. Rapid aggradation is associated with a decline in flow velocity. This initiates a series of feedback mechanisms involving invasion of the channel by aquatic plants which trap floating plant debris, further reducing flow rate and causing the channel water surface to become elevated, thereby increasing rate of water loss from the channel, accelerating blockage and aggradation. The channel ultimately fails. Enhanced water loss from the channel promotes the growth of flanking swamp vegetation, which confines the failing channel. Increased flow through the swamp erodes pre-existing hippopotamus trails, producing a secondary channel system which overlaps but does not connect directly to the failing reach of the primary channel. The region of failure of the primary channel migrates upstream, accompanied by headward propagation of the secondary channel system. The swamp distal to the failed primary channel dessicates and is destroyed by peat fires. Secondary channels are stable and not prone to blockage. Comparison with avulsions described in other river systems indicates that the influence of plants in the Okavango River system is exceptionally strong.     

鄂尔多斯盆地富县地区三叠系延长组长8—长6油层组类眼状构造成因探讨

鄂尔多斯盆地富县地区的三叠系延长组长8—长6油层组的岩石中发育类眼状构造。研究表明,类眼状构造由外部圈层和核心砂质团块组成,根据其形态特征和运动学特征,可分为侧向挤压、鞘褶皱横截面和垂向液化升降3种成因类型。结合古构造及古地理背景,对类眼状构造及相关软沉积变形构造的触发机制进行判别,由于长8—长6沉积时期湖盆处于扩张—收缩转换期,受同期秦岭造山带活动影响,构造运动活跃,地震频发,故认为地震及地震—涌浪作用最有可能形成类眼状构造及相关软沉积变形构造。鉴于类眼状构造存在于与深水块状砂岩相伴生的块状砂岩中,近年来被重新解释为砂质碎屑流的产物,进一步研究两者之间成因及沉积展布关系,对于研究区深水岩性油气藏勘探具有重要意义。     

济阳坳陷早第三纪地震事件沉积序列

济阳坳陷下第三系沙河街组砂四段上部至砂三段地层中发育有以小规模阶梯状正断层为主、阶梯状正断层与振动扭曲变形构造为主和振动液化砂岩脉为主等3种垂向序列的震积岩.它们分别出现在盆地北部陡坡带、洼陷带和中央隆起带.震积岩的发育是控盆边界断裂强烈幕式活动导致的地震作用的直接结果,不同构造单元具有不同的震积序列,反映了随着距震中越来越远地震作用能量逐渐衰减的过程.根据震积岩发育的层位可以研究边界断裂强烈活动的时期,同时,震积岩在地层剖面中的重复出现表明了边界断裂活动具有周期性和幕式特征.     

The spatial configuration of innovation networks in China

China is rising and gradually developing into an innovation-oriented economy. This transition is fueled by public and private investment in education and by increasing inputs into science and technology. Little attention, however, has been paid to the great differences in China-specific context peculiarity. Hence, the paper assesses Chinese innovation networks using a comprehensive analytical model that includes network configuration, regional environment, government interference and firm attributes. The empirical analysis examines China’s machinery manufacturing industry to test the determinants of the spatial character of Chinese innovation networks based on questionnaire surveys and illustrative cases. Our study finds that Chinese innovation networks are affected not only by innovation resource endowments and firm attributes, but also by government interference and regional culture. Regarding the influence of regional culture, the typical Northern culture with the importance of guanxi plays an important role in the process of searching for partners and makes the innovation network and interpersonal network interwoven. Firms’ ownership and innovation ability are the two essential variables to determine whether any of the regional elements are of significance.