Pub Date : 2019-03-28DOI: 10.17265/1537-1506/2019.03.001
Hua Han, Lotfi Hamzi, E. Bellow
The purpose of this paper is to analyze in detail the characteristics of bribe-taking by provincial and ministerial or senior-level officials. In this paper, we analyze the data concerning all provincial and ministerial level officials convicted of bribe-taking apart from army generals. We identify 110 cases between 1987 and the end of 2015, of which 76 cases involved bribery alone and the rest also involved other crimes. The achievements of China’s economic reforms and opening-up over the last 40 years are obvious to all, but they have encouraged significant problems of corruption by senior party and government officials. Between 1987 and 2015 the number of officials convicted of corruption grew significantly and, sentences became more severe. Since 1987, the amount of bribery has increased steadily and the time span of corruption has increased. Corrupt officials mostly use traditional kinds of exchange of interests, and corruption in China has spread into every part of society. China still has a long way to go if it is to win the fight against corruption.
{"title":"The Characteristics of Bribe-Taking by Chinese High-Level Officials","authors":"Hua Han, Lotfi Hamzi, E. Bellow","doi":"10.17265/1537-1506/2019.03.001","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.03.001","url":null,"abstract":"The purpose of this paper is to analyze in detail the characteristics of bribe-taking by provincial and ministerial or senior-level officials. In this paper, we analyze the data concerning all provincial and ministerial level officials convicted of bribe-taking apart from army generals. We identify 110 cases between 1987 and the end of 2015, of which 76 cases involved bribery alone and the rest also involved other crimes. The achievements of China’s economic reforms and opening-up over the last 40 years are obvious to all, but they have encouraged significant problems of corruption by senior party and government officials. Between 1987 and 2015 the number of officials convicted of corruption grew significantly and, sentences became more severe. Since 1987, the amount of bribery has increased steadily and the time span of corruption has increased. Corrupt officials mostly use traditional kinds of exchange of interests, and corruption in China has spread into every part of society. China still has a long way to go if it is to win the fight against corruption.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44219553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-28DOI: 10.17265/1537-1506/2019.03.002
M. Salisu
Although literature abounds on the activities of private security companies (PSCs) in the Arab Gulf, how the PSCs hire their forces and the security threat it poses to the region have not been given the needed academic attention. In the Gulf sub-region where the PSCs rely solely on migrants to man their field operations, we ask how the forces are hired and its ramifications to the security of the state. In so doing, this article examines the operations of PSCs in the Gulf State of Qatar. It starts by highlighting the trends and trajectory of policing in Qatar and explains the reasons for the proliferation of PSCs in the conservative energy rich state. Second, it describes the procedures and processes used by the PSCs in hiring their forces. Third, it discusses the existing legal frameworks regulating the activities of the PSCs. The article concludes that the current situation where hiring of the field forces is undertaken by profit-oriented private institutions with little state supervision poses a threat to the peace and stability of the state in the long run.
{"title":"Hiring of Forces and Security in the Arab Gulf: The Case of Private Security Companies in Qatar","authors":"M. Salisu","doi":"10.17265/1537-1506/2019.03.002","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.03.002","url":null,"abstract":"Although literature abounds on the activities of private security companies (PSCs) in the Arab Gulf, how the PSCs hire their forces and the security threat it poses to the region have not been given the needed academic attention. In the Gulf sub-region where the PSCs rely solely on migrants to man their field operations, we ask how the forces are hired and its ramifications to the security of the state. In so doing, this article examines the operations of PSCs in the Gulf State of Qatar. It starts by highlighting the trends and trajectory of policing in Qatar and explains the reasons for the proliferation of PSCs in the conservative energy rich state. Second, it describes the procedures and processes used by the PSCs in hiring their forces. Third, it discusses the existing legal frameworks regulating the activities of the PSCs. The article concludes that the current situation where hiring of the field forces is undertaken by profit-oriented private institutions with little state supervision poses a threat to the peace and stability of the state in the long run.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49354647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-28DOI: 10.17265/1537-1506/2019.03.004
Kaniz Habiba Afrin, Atia Ahmed
Microfinance has been established targeting access to finance for poor people who are screened out from getting loans from formal financial institutions due to lack of collateral and low creditworthiness. There has undergone a tremendous transformation in all aspects of microfinance, including outreach and portfolio size, proliferation of microfinance through a large number of microfinance institutions, diversification of services, new regulatory regime, contribution in rural development, recognition of microfinance as a major contributor in poverty reduction, etc. However, the microfinance sector is facing many challenges regarding institutional capacity, quality, and diversity of services, fallout from political and macroeconomic factors, replication of agricultural credit, and so forth. The objective of this article is to find out whether microfinance has impact on poverty reduction and economic development at all.
{"title":"Is Microfinance Beneficial or Opportunistic?","authors":"Kaniz Habiba Afrin, Atia Ahmed","doi":"10.17265/1537-1506/2019.03.004","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.03.004","url":null,"abstract":"Microfinance has been established targeting access to finance for poor people who are screened out from getting loans from formal financial institutions due to lack of collateral and low creditworthiness. There has undergone a tremendous transformation in all aspects of microfinance, including outreach and portfolio size, proliferation of microfinance through a large number of microfinance institutions, diversification of services, new regulatory regime, contribution in rural development, recognition of microfinance as a major contributor in poverty reduction, etc. However, the microfinance sector is facing many challenges regarding institutional capacity, quality, and diversity of services, fallout from political and macroeconomic factors, replication of agricultural credit, and so forth. The objective of this article is to find out whether microfinance has impact on poverty reduction and economic development at all.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44851489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-28DOI: 10.17265/1537-1506/2019.03.005
Peng Xiao, Haozhou Lin
The emergence of the right to be forgotten not only triggered a heated debate between the European Union (EU) and the United States (US), but also caused quite a stir in China’s judicial and legal theory circles. While academics from the UK and the US are wary of the right to be forgotten, their Chinese counterparts are fairly optimistic that this right can be transplanted to China. It is found that remarks such as “introducing the right to be forgotten”, “establishing personal information rights”, and “laying down a law on personal information rights” can be frequently observed in relevant studies published in recent years. As an immature new right that has been written into laws of some countries, whether the right to be forgotten is in line with China’s practicalities should be cogitated on before it is enshrined in law. Having analyzed what influences the right to be forgotten will exert on China’s rule of law and economic development if it is included in China’s legal system, a conclusion has been reached. First, the right to be forgotten is detrimental to Chins’ s advancement of rule of law because it contradicts rights such as freedom of the press, freedom of speech and right to know. Second, it will also inhibit the development of China’s burgeoning digital economy. Therefore, the right to be forgotten should not be introduced to or even established in Chinese law at this stage.
{"title":"The Right to Be Forgotten Should Not Be Enshrined in Chinese Law","authors":"Peng Xiao, Haozhou Lin","doi":"10.17265/1537-1506/2019.03.005","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.03.005","url":null,"abstract":"The emergence of the right to be forgotten not only triggered a heated debate between the European Union (EU) and the United States (US), but also caused quite a stir in China’s judicial and legal theory circles. While academics from the UK and the US are wary of the right to be forgotten, their Chinese counterparts are fairly optimistic that this right can be transplanted to China. It is found that remarks such as “introducing the right to be forgotten”, “establishing personal information rights”, and “laying down a law on personal information rights” can be frequently observed in relevant studies published in recent years. As an immature new right that has been written into laws of some countries, whether the right to be forgotten is in line with China’s practicalities should be cogitated on before it is enshrined in law. Having analyzed what influences the right to be forgotten will exert on China’s rule of law and economic development if it is included in China’s legal system, a conclusion has been reached. First, the right to be forgotten is detrimental to Chins’ s advancement of rule of law because it contradicts rights such as freedom of the press, freedom of speech and right to know. Second, it will also inhibit the development of China’s burgeoning digital economy. Therefore, the right to be forgotten should not be introduced to or even established in Chinese law at this stage.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49328011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.17265/1537-1506/2019.02.001
Yi Zhang, U. Dornberger
The purpose of this review is to communicate the research results of Chinese academia in this field to interested scholars in Western academia. Our review question is: What were the factors that positively or negatively influenced China’s export? We designed a systematic review protocol and then conducted a seven-round in-depth search. After the searching and checking process, a database of 620 academic journal articles was created. Altogether, we find 269 factors have boosted or hindered China’s export. Majority of researches focused on macro level factors. Very few papers studied the firm level or individual level factors. Based on our database, several most frequently studied factors that affect China’s export are identified. In the end, a future research direction is proposed.
{"title":"What Are the Determinants of China’s Export Growth?―A Systematic Review of Chinese Literature (1997-2016)","authors":"Yi Zhang, U. Dornberger","doi":"10.17265/1537-1506/2019.02.001","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.02.001","url":null,"abstract":"The purpose of this review is to communicate the research results of Chinese academia in this field to interested scholars in Western academia. Our review question is: What were the factors that positively or negatively influenced China’s export? We designed a systematic review protocol and then conducted a seven-round in-depth search. After the searching and checking process, a database of 620 academic journal articles was created. Altogether, we find 269 factors have boosted or hindered China’s export. Majority of researches focused on macro level factors. Very few papers studied the firm level or individual level factors. Based on our database, several most frequently studied factors that affect China’s export are identified. In the end, a future research direction is proposed.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47012909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.17265/1537-1506/2019.02.002
Kaniz Habiba Afrin, Mohammad Shofiqul Islam
This paper attempts to examine the level of disclosures of information to Earnings per Share (EPS). Research was conducted through detailed analysis of the disclosures of the financial statements of the listed textiles companies of Dhaka Stock Exchange (DSE). We collected and analyzed the annual reports of 29 listed textiles companies of Bangladesh. We used the disclosures checklist to find out the compliance level of disclosures for EPS and find that the absence of relevant information about EPS. This paper provides insight from their reality of EPS disclosures by the textile companies. It will also contribute to the literature of required disclosures compliance of the developing countries like Bangladesh.
{"title":"Earnings per Share: Do We Get Relevant Information?","authors":"Kaniz Habiba Afrin, Mohammad Shofiqul Islam","doi":"10.17265/1537-1506/2019.02.002","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.02.002","url":null,"abstract":"This paper attempts to examine the level of disclosures of information to Earnings per Share (EPS). Research was conducted through detailed analysis of the disclosures of the financial statements of the listed textiles companies of Dhaka Stock Exchange (DSE). We collected and analyzed the annual reports of 29 listed textiles companies of Bangladesh. We used the disclosures checklist to find out the compliance level of disclosures for EPS and find that the absence of relevant information about EPS. This paper provides insight from their reality of EPS disclosures by the textile companies. It will also contribute to the literature of required disclosures compliance of the developing countries like Bangladesh.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47804432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.17265/1537-1506/2019.02.003
Kexin Wang
With the tide of economic globalization and the practice of “One Belt and One Road” Initiative, Sino-foreign cooperation has gradually become one of the effective ways to improve the quality of higher education. This paper based on the statistics and analysis of the data released by the Ministry of Education’s foreign-related supervision information platform, combining with the actual investigation and research on the situation of Sino-foreign cooperation of higher education in municipal universities of Wuhan, has found that the Sino-foreign cooperation programs commonly have problems of non-standardized enrollment of students, insufficient quality of teachers and teaching qualities, and lack of core competitiveness. Therefore, it is essential to upgrade the level of foreign cooperative institutions and the standards of students’ recruitment, optimize the curriculum, pay attention to the public welfare of education, improve the teaching model, improve the level of teachers, so as to truly realize the original intention of Sino-foreign cooperation in municipal universities of Wuhan.
{"title":"Exploration and Consideration of the Development of Sino-foreign Cooperation of Higher Education—A Comparative Analysis Perspective Based on the Data of Municipal Universities of Wuhan, Hubei Province and China","authors":"Kexin Wang","doi":"10.17265/1537-1506/2019.02.003","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.02.003","url":null,"abstract":"With the tide of economic globalization and the practice of “One Belt and One Road” Initiative, Sino-foreign cooperation has gradually become one of the effective ways to improve the quality of higher education. This paper based on the statistics and analysis of the data released by the Ministry of Education’s foreign-related supervision information platform, combining with the actual investigation and research on the situation of Sino-foreign cooperation of higher education in municipal universities of Wuhan, has found that the Sino-foreign cooperation programs commonly have problems of non-standardized enrollment of students, insufficient quality of teachers and teaching qualities, and lack of core competitiveness. Therefore, it is essential to upgrade the level of foreign cooperative institutions and the standards of students’ recruitment, optimize the curriculum, pay attention to the public welfare of education, improve the teaching model, improve the level of teachers, so as to truly realize the original intention of Sino-foreign cooperation in municipal universities of Wuhan.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44548310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.17265/1537-1506/2019.02.004
L. Mushunje
We investigated the motions associated with prices for futures contracts within financial markets. We aimed to derive the market prices from the physics approach. We used the projectile motion models defined under two distinct conditions (perfect/horizontal and imperfect/drag implication) based on Newton’s and Galileo’s laws of motion. In addition, we applied the simple harmonic oscillatory model to present the movements of prices from the market equilibrium position. Despite the fact that it was more theoretical, we managed to derive the futures price functions and the results showed that futures prices depend largely on market forces of demand and supply and underlying assets price behaviour. Also, we managed to find the terminal prices for the securities given the initial prices, which are a worrying matter to the trading parties. The equilibrium price analysis was done and the simple harmonic model proved to be efficient in such modelling. We managed to identify the price motions to and from the equilibrium point with markets. Results suggested that it is the market frictions (market forces of demand and supply) that propel prices to move. Also, we noted that these forces are responsible for bringing back the prices at equilibrium if the market is left to operate as free. Nevertheless, from the performance comparison of the two models used, results suggested that futures price function from a drag variable is more powerful in modelling the price behaviour for options than the one sorely controlled by market demand and supply forces. And the simple harmonic oscillator model is good at modelling the equilibrium movements of asset prices. Above all, we used the mean absolute deviation (MAD) to validate our futures derivative pricing model. Fortunately, the obtained MAD results supported the efficiency of our model. However, it should not be carelessly taken that the projectile models used are much good at price motions/movements within the market from time to time with a stunted ability to capture in other facts of interest, such as volatility coefficients which pave a research way for other scholars.
{"title":"Deduction of Market Prices for Futures Derivatives From Projectile Physics With Effects of the Simple Harmonic Oscillations on Equilibrium Price Positions","authors":"L. Mushunje","doi":"10.17265/1537-1506/2019.02.004","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.02.004","url":null,"abstract":"We investigated the motions associated with prices for futures contracts within financial markets. We aimed to derive the market prices from the physics approach. We used the projectile motion models defined under two distinct conditions (perfect/horizontal and imperfect/drag implication) based on Newton’s and Galileo’s laws of motion. In addition, we applied the simple harmonic oscillatory model to present the movements of prices from the market equilibrium position. Despite the fact that it was more theoretical, we managed to derive the futures price functions and the results showed that futures prices depend largely on market forces of demand and supply and underlying assets price behaviour. Also, we managed to find the terminal prices for the securities given the initial prices, which are a worrying matter to the trading parties. The equilibrium price analysis was done and the simple harmonic model proved to be efficient in such modelling. We managed to identify the price motions to and from the equilibrium point with markets. Results suggested that it is the market frictions (market forces of demand and supply) that propel prices to move. Also, we noted that these forces are responsible for bringing back the prices at equilibrium if the market is left to operate as free. Nevertheless, from the performance comparison of the two models used, results suggested that futures price function from a drag variable is more powerful in modelling the price behaviour for options than the one sorely controlled by market demand and supply forces. And the simple harmonic oscillator model is good at modelling the equilibrium movements of asset prices. Above all, we used the mean absolute deviation (MAD) to validate our futures derivative pricing model. Fortunately, the obtained MAD results supported the efficiency of our model. However, it should not be carelessly taken that the projectile models used are much good at price motions/movements within the market from time to time with a stunted ability to capture in other facts of interest, such as volatility coefficients which pave a research way for other scholars.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48593002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-28DOI: 10.17265/1537-1506/2019.01.005
W. Hughes
Decision-makers in unique or one-off situations may have difficulties in framing the probabilities of possible events that are required in modern decision-making. This paper illustrates a new approach to probability determination based on pairwise primary judgments on the relative likelihoods of the possible events. Related “news” on the situation can also be used to update these prior probabilities using Bayesian Revision. Illustrative calculations outline the entire process through to determination of posterior probabilities following a “news” event.
{"title":"Assessing Probabilities of Unique Events: A New Approach","authors":"W. Hughes","doi":"10.17265/1537-1506/2019.01.005","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.01.005","url":null,"abstract":"Decision-makers in unique or one-off situations may have difficulties in framing the probabilities of possible events that are required in modern decision-making. This paper illustrates a new approach to probability determination based on pairwise primary judgments on the relative likelihoods of the possible events. Related “news” on the situation can also be used to update these prior probabilities using Bayesian Revision. Illustrative calculations outline the entire process through to determination of posterior probabilities following a “news” event.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41771487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-28DOI: 10.17265/1537-1506/2019.01.004
L. Nadotti, V. Vannoni
The textile sector in Italy has traditionally played an important role in the national economy: To date, it weighs about 4% of GDP. Despite international competition, the sector maintains its importance which is internationally recognized. The firms in the sector are committed to remaining competitive, investing in innovation and communication, increasingly seeking internationalization. To keep up with the competition, it is necessary to have financial resources to cover these investments. In Italy, with the exception of some great outliers, the sector is dominated by small and medium-sized enterprises: The small size makes often more difficult to raise funds. The paper aims to analyze the cost of financing for small and medium enterprises (SMEs) in the Italian textile sector, verifying also if it remains a prevailing orientation towards debt financing. Using the Weighted Average Cost of Capital (WACC) formula, the study focuses on 2,446 companies, with financial data available on the Orbis database by Bureau van Dijk. Results confirm a strong unbalanced structure towards debt financing; however, the cost of capital is mitigated by the cost of “standing alone” debt, much lower than that one of shareholders’ funds.
传统上，意大利的纺织业在国民经济中扮演着重要角色:迄今为止，它占GDP的比重约为4%。尽管国际竞争，该部门保持其重要性，这是国际公认的。该行业的公司致力于保持竞争力，投资于创新和交流，越来越多地寻求国际化。为了跟上竞争，有必要有财政资源来支付这些投资。在意大利，除了一些非常特殊的企业外，该行业主要由中小型企业主导:规模小往往使融资变得更加困难。本文旨在分析意大利纺织行业中小企业(SMEs)的融资成本，并验证其是否仍然是债务融资的主流方向。该研究使用加权平均资本成本(WACC)公式，重点研究了2,446家公司，其财务数据可从Bureau van Dijk的Orbis数据库中获得。结果证实，债务融资结构严重失衡;然而，“独立”债务的成本大大低于股东资金的成本，从而减轻了资金成本。
{"title":"How Much Is the Financial Structure of Italian Textile SMEs?","authors":"L. Nadotti, V. Vannoni","doi":"10.17265/1537-1506/2019.01.004","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.01.004","url":null,"abstract":"The textile sector in Italy has traditionally played an important role in the national economy: To date, it weighs about 4% of GDP. Despite international competition, the sector maintains its importance which is internationally recognized. The firms in the sector are committed to remaining competitive, investing in innovation and communication, increasingly seeking internationalization. To keep up with the competition, it is necessary to have financial resources to cover these investments. In Italy, with the exception of some great outliers, the sector is dominated by small and medium-sized enterprises: The small size makes often more difficult to raise funds. The paper aims to analyze the cost of financing for small and medium enterprises (SMEs) in the Italian textile sector, verifying also if it remains a prevailing orientation towards debt financing. Using the Weighted Average Cost of Capital (WACC) formula, the study focuses on 2,446 companies, with financial data available on the Orbis database by Bureau van Dijk. Results confirm a strong unbalanced structure towards debt financing; however, the cost of capital is mitigated by the cost of “standing alone” debt, much lower than that one of shareholders’ funds.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43425017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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