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According to the non-completeness of financial contract, there will not exist the optimal contract ex ante between financial institution and SME(small and medium enterprise). However the optimal choice may reach through renegotiation. We design optimal decision-making model of staged loaning which concludes three aspects: giving up re-loaning, loaning with renegotiation, and loaning without renegotiation...
Real estate is a capital intensive industry, and the project financing is the most important to it. In China, the bank loan is the only financing channel, which endangers the national economy. The paper introduced trust loan as a new financing channel to the industry. The paper studied the financing of the Ploy International Plaza project to illustrate how trust loan can be an effective way to finance...
This paper investigates how trust, as an informal institution, affects corporate transaction cost and financial structure. Using trust index of different provinces in China, we find that differences of trust level in different regions of China caused differences of contract forms in different regions. The lower the regional trust level, the higher transaction costs of firms in the region, that is...
In this paper, the model of firm's default possibility with parasian options feature is established by means of PDE method. Because the explicit solution can't be obtained, we calculate it by the method of Quasi-Monte Carlo, and the practice example of the numerical value analysis is given.
As a financial institution, trust company mainly focuses on the business of management of the entrusted property. Based on the independence of trust property and the separation of the ownership and beneficial interest of it, this dissertation described the risks confronted by trust company. The author laid stress on some certain risks of trust company, of which are different from other financial institutions,...
We examine the relationship between capital structure and earnings management in this study, with reference to the Chinese capital market. We measure the impacts of debts, the proportion of controlling shareholders', executives and external large shareholders. Analyzing Chinese companies listed from 2003 to 2007, we establish a link between capital structure and earnings management practices. The...
Money managers are reward for increasing the value of assets under management. This gives the manager an implicit incentive to acquire money flow into the fund by manipulating her risk exposure. In this paper, we study the risk exposure features of a financial market in which fund managers who face asymmetric performance based fee. We show that the lager the degree of asymmetry of incentive contract,...
The traditional literature of software product management focuses on sales, marketing and executive management as key internal stakeholders for the product manager. However in public companies and private companies positioning for a public offering, the importance of reported accounting revenue can cause the finance office to become a significant additional stakeholder. The concerns of finance can...
In China, project finance is still in an exploratory stage. Generally speaking, in practice as well as in literature there is a considerable gap between China and Western developed countries. Therefore, how to push forward and improve project finance in theory as an academic guidance needs urgent explorations. In the light of China's unique features, this paper, with the help of the game theory, has...
Given the price of pledged inventory follows geometric Brownian motions, the paper implements risk estimation strategies of "main body+ debt" and comparatively analyzes loan-to-value ratio decision of banks under static pledge and dynamic pledge fashion. Based on these theory results, the case about inventory financing developed by banks and cooperating logistic firms is analyzed. The study...
The risks exist in the supply chain management inevitably. These risks are created by the market demand indefinite, the price undulation and other reasons. The study of the risk management gradually expands from the financial service industry to the supply chain. The finance property risk can be controlled by using financial engineering theory. And this theory is also effective in the risk management...
This paper examines decisions of the creditor at corporate bankruptcy time. When the bankruptcy occurs, there are two possible situations. One situation is that the firm goes into liquidation procedure and the creditor receives the residual assets. The other situation is that the firm keeps on operation by debt reorganization. In the paper, we discuss two ways of debt reorganization, debt for equity...
The paper considers a three-tier credit chain consisting of a bank, a logistic company and a retailer. The paper analysis the following outsourcing structure implemented by top-tier bank: inhouse consignment, under which the bank signs independent contracts with the logistic company and the retailer. Under the assumption that the logistic company cannot change its decision, the paper investigates...
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