供应链企业之间的多重关联关系导致其信用风险传染愈加复杂.本文基于供应链双渠道融资模式,针对供应链上同时存在交易关联、资产关联和人际关联等三重关联关系的情景,揭示了关联信用风险微观传染机理,构建了关联信用风险传染强度模型,分别探讨了三种关联关系以及链外市场对传染效应的影响.为研究关联信用风险传染的外溢效应,在银行未识别出供应链上关联关系时,探讨了银行面临的期望损失.结合仿真分析发现,相较于单一商业信用融资,双渠道融资模式下传染效应更弱;在最优交易关联强度下,商业信用额度和成本(反映了供应链上的一种资产关联关系)在不同方向上对传染效应产生影响,人际关联关系以及链外市场均负向影响传染效应;银行期望损失则与贷款利率和贷需比相关,人际关联关系将导致银行更大的潜在损失.

企业高管间的风险信息传播与所经营企业之间的关联信用风险传染交互影响。本文基于复杂网络理论,在高管社交-企业关联耦合的双重网络中,探讨了风险信息传播与关联信用风险传染交互影响的机理,构建了风险信息传播与关联信用风险传染的交互模型。结合仿真分析发现:关联信用风险传染阈值与关联企业网络结构和风险信息传播的范围有关;在一定的条件下,高管之间的风险信息传播对企业之间关联信用风险的传染会产生抑制作用。企业及政府等监管部门采取适当的措施促进风险信息传播,可以有效地抑制关联信用风险在关联企业网络中的传染。

当零售商的促销策略影响商品市场需求时,本文将促销分摊决策嵌入到经典报童模型,在银行信用与商业信用两种不同的融资模式下,对供应商及供应链整体的利润进行分析.研究发现:当零售商的行为对市场需求有影响时,商业信用在一定程度上减少了供应链的融资成本,增加了供应链的利润;核心企业的融资策略与自身成本及促销分摊策略有关;商业信用对供应链资本配置及零售商的激励,受供应商生产成本及激励策略的影响;商业信用在一定程度上减少了双重边际化效应.

In recent years, the credit crisis of Hainan Airlines Holding Co., Ltd., (HNA), Suntech, Bogang, Dunan, Chengxing and other enterprises, as well as the fact that many enterprises and financial institutions in the supply chain suffer heavy losses caused by the credit crisis, make the associated credit risk in the supply chain widely concerned by the industry and academia, and also warn the importance of commercial banks to strengthen the credit risk management of supply chain customers. In order to correctly understand and understand the associated credit risk in the supply chain, this paper reveals the contagion mechanism of the associated credit risk in the supply chain based on multiple perspectives such as the origin, contagion path and basic characteristics of the associated credit risk in the supply chain. The research shows that factors such as supply chain enterprises’ own factors, the association relationship in the supply chain, the external environment of the supply chain and the relationship with the core enterprises form the contagion source of the associated credit risk in the supply chain. Trade credit, loan guarantee and interpersonal relationship constitute the contagion channel of associated credit risk in the supply chain. The contagion effect caused by the association relationship in the supply chain makes the associated credit risk in the supply chain present the characteristics of infectivity, systematization and spillover. This study is helpful for the regulatory authorities to strengthen the management of enterprise credit risk in the supply chain.

This paper considers a two-echelon supply chain with a supplier and a retailer both having capital constraints. The capital-constrained retailer first applies for loans from the commercial bank, and then applies for trade credit from the supplier. Compared with the single trade credit financing mechanism, what are the similarities and differences in the contagion and evolution of the associated credit risk in the supply chain when the retailer adopts both trade credit and bank credit (dual-channel financing) mechanism. Based on Stackelberg game analysis framework of the supplier and retailer, this paper clarifies the contagion mechanism of the associated credit risk in the supply chain and discusses the influences of financing structure, financing channel and financing costs on the contagion effect of the associated credit risk in the supply chain under dual-channel financing mechanism. Combined with the case simulation analysis, it is found that: Compared with the single trade credit financing mechanism, the contagion effect is weaker under the dual-channel financing mechanism. The financing structure significantly affects the contagion effect, which increases with the increase of the proportion of trade credit financing. Both bank credit and trade credit financing costs can positively affect the contagion effect. Our research can enrich the existing credit risk management and supply chain finance literature and provide decision support for the selection of financing methods and risk control of commercial banks and supply chain enterprises.

The spreading of information related to enterprise credit risk among entrepreneurs will affect the credit risk contagion among enterprises. As far as the subjectivity and objectivity are concerned, entrepreneurs’ spreading willingness and the authenticity of information will affect information spreading, and then affect the credit risk contagion. Firstly, this paper analyzes the information spreading path among entrepreneurs and the influence path to credit risk contagion theoretically. Secondly, from the perspective of complex network, a dual-layer network of entrepreneur social relationship–enterprise association is constructed, and an SIR-SIR model is built to reveal interactive between the information spreading and credit risk contagion. Finally, the sensitivity of some parameters is analyzed. The results show that: (1) the contagion threshold of credit risk is related to the authenticity of information and the spreading willingness of entrepreneurs (2) the social rate of entrepreneurs (the probability of social relationship between entrepreneurs) and the similarity of dual-layer network (the proportion of relationships exists between enterprises and entrepreneurs at same time) will affect credit risk contagion. Based on the research results, we propose effective strategies to restrain credit risk contagion: (1) we can suppress the credit risk contagion by improving the authenticity of risk information; (2) when the authenticity of risk information is high, increasing the spreading willingness of entrepreneurs and the similarity rate of dual-layer network can also control the credit risk contagion.

房地产业是我国经济发展的重要推动力.但是我国房地产企业存在所有制结构不同、经营模式各异、发展趋势不清晰、行业监管缺乏等问题,并且在转型经济中表现出了独特而不完善的治理结构,所以会计核算方面存在很多弊端.本文针对目前房地产会计核算的相关事项进行研究,旨在完善其现实应用,为房地产行业提供良好的会计行为指引.

针对当前基层党建信息化建设实践中存在的问题,应重塑信息化思维,加强党员干部的新媒体素养培育,优化基层党组织人才结构.促进新媒体与现有信息化平台的深度融合,进一步健全新媒体信息化平台建设保障机制,为新媒体时代基层党建的信息化发展创造条件.

Banks have more text information pertaining to credit risk of enterprises.This information is more complete and standardized compared with that of individuals.Nevertheless,this incremental information of enterprise credit risk,which is contained in documents has not been effectively utilized by banks.The role of text big data on credit risk evaluation through annual reports and commentaries of crowds on networks was explored.It found that both the annual reports and crowds’ commentaries significantly contain the incremental information on credit risk of enterprises.

Crowdfunding (CF), an alternative source of financing for startups and creative projects, has gained prominent attention from practitioners and researchers. However, we find few research papers investigating CF from the perspective of its dynamic processes. In this paper, we propose a dynamic system framework, which incorporates heterogeneous entrepreneurs and funders, and CF platforms. In particular, we formally formulate the interactions among various factors in the CF processes. Through simulations we show that first, CF platforms are more viable for projects with small-scale capital requirements than those with large-scale requirements. Second, due to information asymmetry, non-profit projects are likely to acquire more funding comparing with for-profit projects. Third, CF platforms can reach maximum performance (indicated by the success rate of projects) by applying certain control mechanisms, such as acceptance rate and diffusion density. Our results are consistent with and provide a new and comprehensive angle for understanding the empirical results from current literature. We also discuss important practical insights of our research in details.

审计软件项目开发风险是影响审计质量的重要因素。文章分析了审计软件开发过程中可能遇到的风险,并对风险评价指标体系进行了有效的拓展,以使关于审计软件项目开发风险的评价更为客观、科学。

随着经济全球化趋势的不断深化,跨国并购已成为中国企业迅速国际化的一条捷径.但我国企业跨国并购风险却不断凸显,企业如何防范和控制跨国并购中的风险已成为当务之急.本文将就这一问题深入阐述我国企业应该如何防范并购中的风险.

The phenomenon of related guarantee is widely exists in the operation of business groups. This related guarantee complicates the credit risk of business groups in one hand and makes the risk control more difficult of commercial banks in the other hand. in this paper it proposed a theoretical model to describe the basic mechanism of credit risk in business groups based on structure model. Then it also analyzed the effect on credit risk of business groups of related guarantee empirically. The research results show that the relationship between amount of guarantee and intensity of credit risk contagion is nonlinear and the different structure of guarantee will bring different influence for credit risk of business groups. (C) 2013 The Authors, Published by Elsevier B.V.

The enterprise group has always been seen as the key customer of the commercial bank.The research on system simulation and prediction in the credit risk contagion of the enterprise group has been a key issue of risk control concerned by commercial bank.But the traditional simulation methods either do not take into account the corporate group of its own structural characteristics or over-reliance on the specific assumptions of random process,that makes a significantl reduction of the reliability of conclusions.So in this paper the Cellular Automata model,which is widely used in the field of biological and computer science,is introduced into the research on system simulation in the credit risk contagion of the enterprise group.It is found out that the credit risk of the enterprise changes into two different modes： the diversification of risk and the expansion of risk.Parent company can choose the optimal control of each subsidiary to reach the lowest default probability.

本文通过对国内外有关定向增发折价现象研究文献的梳理,结合我国资本市场的实际情况,将折价发行的原因分为了"理性定价"和"‘投机’定价"两类,以一个全新的视角来看待折价发行的影响因素。

2010年央企的业绩考核办法推行EVA评价方法，EVA可以对客观评价央企业绩起到重大作用，EVA经济增加值考核将是央企的保健品，对央企自身的发展和经营将起到重要作用。文章针对目前EVA在央企业绩评价中推行的必要性以及计算过程进行分析，并对在EVA计算与评价当中存在的问题提出了改进办法，以使EVA的计算更为合理，评价更为客观。这对促进EVA在央企的顺利实施具有重要的现实与理论意义。

文章分析了新时期统计数据质量的基本含义,阐述了我国统计数据质量的现状,并提出了对提高统计数据质量的一些思考。