The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of deb...The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity.The capital structure and present a model to determine the equity level from the aspects of financing scale,construction time and return on investment are analyzed.The resulting model can help the sponsor to avoid the capital risk,and offer the government a criterion to evaluate management ability of the sponsor.To show the application and availability of this model,a case study is conducted.Thus,this paper is concern with the determination of financing scale,construction time,and return on investment which would assist the sponsor to ensure that the equity level for optimal capital structure is available prior to the implementation stage in BOT project operation.展开更多
The indicator of social financing scale(SFS)has become a new intermediate target for China’s socioeconomic regulation since 2011,which has a better tracking performance on important economic indicators such as CPI an...The indicator of social financing scale(SFS)has become a new intermediate target for China’s socioeconomic regulation since 2011,which has a better tracking performance on important economic indicators such as CPI and is also the new intermediate target of monetary policy used by China’s central bank to replace M2 at present.So,is there an impact of the social financing scale on another important economic indicator,the RMB exchange rate?This paper conducted an OLS regression analysis of the time series data of social financing scale and the nominal effective exchange rate(NEER)of RMB for a total of 61 months from October 2016 to October 2021 and find that SFS has a significant positive impact on the exchange rate of RMB.This result means that the expansion of SFS will lead to the appreciation of RMB.In addition,the paper fills the research gap on the combination of SFS and RMB exchange rate,and suggests that mechanisms such as monetary policy or domestic interest rates may be responsible for this correlation at the theoretical level.展开更多
Ever since involvement of the Binhai New Area into the national development strategy, carrying out highly effective financing promptly will play the pivotal role to implement its economic development strategy smoothly...Ever since involvement of the Binhai New Area into the national development strategy, carrying out highly effective financing promptly will play the pivotal role to implement its economic development strategy smoothly. In this paper, based on nature of regional financing, the descriptive analysis for the financing condition of the Binhai New Area is carried on. And also based on financing restraint theory and the neoclassic investment model, a real diagnosis analysis for the financing constraint condition of the Binhai New Area is studied. Finally, the existed questions in it are pointed out, and propose the correlative improvement countermeasure is put forward.展开更多
As for financial development based on the dual attributes of function and industry,China,in the“13th Five-Year”period,should build a more mature and better-established modern financial system and transform from a ma...As for financial development based on the dual attributes of function and industry,China,in the“13th Five-Year”period,should build a more mature and better-established modern financial system and transform from a major financial country to a major world financial power.The proportion of financial industrial value-added should be maintained at around 7.5%during the“13th Five-Year”period,and by the end of the period,the proportion of direct financing in social financing should surpass 25%.The main tasks of financial development include improving the interest rate and exchange rate mechanisms,and promoting the market to play a decisive role in the allocation of resources,holding onto the bottom line of preventing systematic and regional risks,and making full use of government function,enhancing financial reform,and opening-up in a concerted effort for the purpose of building a global financial powerhouse,and putting more efforts into developing diverse financial patterns to better serve the development of the real economy.To this end,China should promote coordination among different economic policies,continue to advance the reform of financial institutions,push forward the development of multi-level capital markets,strengthen the financial security network,and prepare emergency plans to prevent potential financial crises.展开更多
文摘The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity.The capital structure and present a model to determine the equity level from the aspects of financing scale,construction time and return on investment are analyzed.The resulting model can help the sponsor to avoid the capital risk,and offer the government a criterion to evaluate management ability of the sponsor.To show the application and availability of this model,a case study is conducted.Thus,this paper is concern with the determination of financing scale,construction time,and return on investment which would assist the sponsor to ensure that the equity level for optimal capital structure is available prior to the implementation stage in BOT project operation.
文摘The indicator of social financing scale(SFS)has become a new intermediate target for China’s socioeconomic regulation since 2011,which has a better tracking performance on important economic indicators such as CPI and is also the new intermediate target of monetary policy used by China’s central bank to replace M2 at present.So,is there an impact of the social financing scale on another important economic indicator,the RMB exchange rate?This paper conducted an OLS regression analysis of the time series data of social financing scale and the nominal effective exchange rate(NEER)of RMB for a total of 61 months from October 2016 to October 2021 and find that SFS has a significant positive impact on the exchange rate of RMB.This result means that the expansion of SFS will lead to the appreciation of RMB.In addition,the paper fills the research gap on the combination of SFS and RMB exchange rate,and suggests that mechanisms such as monetary policy or domestic interest rates may be responsible for this correlation at the theoretical level.
基金This paper is supported by the Philosophy and Social Science Foundation of Tianjin City （No. TJ05-GL010）, and supported by the Two Groups ＂Binhai New Area Development Study＂ and ＂Construction of Philosophy and Social Sciences＂ in Tianjin City, and also supported by Tianjin Scientific and Technologic Development Strategy.
文摘Ever since involvement of the Binhai New Area into the national development strategy, carrying out highly effective financing promptly will play the pivotal role to implement its economic development strategy smoothly. In this paper, based on nature of regional financing, the descriptive analysis for the financing condition of the Binhai New Area is carried on. And also based on financing restraint theory and the neoclassic investment model, a real diagnosis analysis for the financing constraint condition of the Binhai New Area is studied. Finally, the existed questions in it are pointed out, and propose the correlative improvement countermeasure is put forward.
文摘As for financial development based on the dual attributes of function and industry,China,in the“13th Five-Year”period,should build a more mature and better-established modern financial system and transform from a major financial country to a major world financial power.The proportion of financial industrial value-added should be maintained at around 7.5%during the“13th Five-Year”period,and by the end of the period,the proportion of direct financing in social financing should surpass 25%.The main tasks of financial development include improving the interest rate and exchange rate mechanisms,and promoting the market to play a decisive role in the allocation of resources,holding onto the bottom line of preventing systematic and regional risks,and making full use of government function,enhancing financial reform,and opening-up in a concerted effort for the purpose of building a global financial powerhouse,and putting more efforts into developing diverse financial patterns to better serve the development of the real economy.To this end,China should promote coordination among different economic policies,continue to advance the reform of financial institutions,push forward the development of multi-level capital markets,strengthen the financial security network,and prepare emergency plans to prevent potential financial crises.
