共查询到20条相似文献，搜索用时 31 毫秒
1.
More recently, investors’ preference for green bonds is of particular interest for researchers. The possible non-pecuniary motive in sustainable finance can be identified by the green bond premium. But no consensus has been achieved owing to differences in samples and market settings. This paper specifically focuses on the estimation of the green bond premium in China. We introduced three issuance motivation theories to explain the drivers of green premium and convinced them through a set of empirical tests. The propensity score matching method was employed to claim that compared with matched conventional bonds, green bonds are priced at an average negative premium of 7.8bps, implying that green projects may be issued at a lower cost. Considering that a financial group has a higher negative premium than a corporate group, green financing for sustainable development is still led by indirect finance. Furthermore, empirical results convince that a negative premium is pronounced for state-owned enterprises and varies across the financial and corporate groups. Central SOEs have more advantage in raising funds than local SOEs. In addition, the effect of ownership on the green premium will significantly change if bond issues with a third-party verification. The role of verification is important in reducing information asymmetry and avoiding greenwashing behavior. We suggest that financial resources need to be properly allocated to the real enterprises through third-party verification or government supportive measures.
相似文献2.
Firm finances, weather derivatives and geography 总被引：1，自引：0，他引：1
This paper considers some intellectual, practical and political dimensions of collaboration between human and physical geographers exploring how firms are using relatively new financial products - weather derivatives - to displace any costs of weather-related uncertainty and risk. The paper defines weather derivatives and indicates how they differ from weather insurance products before considering the geo-political, cultural and economic context for their creation. The paper concludes by reflecting on the challenges of research collaboration across the human-physical geography divide and suggests that while such initiatives may be undermined by a range of institutional and intellectual factors, conversations between physical and human geographers remain and are likely to become increasingly pertinent. The creation of a market in weather derivatives raises a host of urgent political and regulatory questions and the confluence of natural and social knowledges, co-existing within and through the geography academy, provides a constructive and creative basis from which to engage with this new market and wider discourses of uneven economic development and climate change. 相似文献
3.
资金匮乏和应收账款巨大是严重影响勘察设计企业快速发展的两大障碍。本文探索一条融资新模式——应收账款保理业务,通过此项业务不但可以为企业融通资金,解决勘察设计企业的资金瓶颈问题,而且还可以提高企业收款的能力和收款的及时性,进而优化企业财务结构,加速企业的资金周转、减少企业的风险,使企业有效参与市场竞争。 相似文献
4.
资金结构的不合理使一些地勘单位的发展步履维艰。增加财务杠杆利益,优化资本结构,保持良好的财务状况,发挥资金的有效利用率,才能实现资金的最大利润率,使地勘单位适应市场经济环境,提高其经济实力。 相似文献
5.
《Geoforum》2017
Due to growing social and physical transformations, contemporary cities reveal the profound necessity of proper scientific approaches that are adjusted to conditions of global complexity and dynamic patterns of development. Predominance of an overall market economy, sporadic deregulations of administrative powers and a lack of local investment or resources, dominate urban reality. Incongruous urban decision-making procedures result in contextually inappropriate and incoherent urban management. We will explore these operational elements in Savamala neighbourhood in Belgrade. The actor-network theory (ANT) is applied to analyse the hyper dynamic circumstances of transition in Serbia. An unclear regulatory framework, powerful financial means for investment and limited institutional influence of citizen participation, deploy unstable urban development modalities at the neighbourhood level. ANT offers an insight into how urban norms, projections and structures unfold and how associations and translations of urban elements develop. Plausible yet complex collisions in Savamala constitute a challenge for ANT in mapping urban development processes and visualizing actors and networks through diagrams. Based on the presented results, the illustrative perspective of ANT minimalizes both the importance and the influence of the permanence of urban structures across time and space. Instead, ANT deals with a city as a contingent, fragmentary and heterogeneous, yet persistent product of actors, their roles, associations, agencies and networks. Possible adaptations of ANT should respond to the needs of non-scientific actors and practitioners for an interpretive tool that addresses undercover processes and mechanisms or provides explanations, recommendations or operational diagnoses on how to absorb urban development dynamics. 相似文献
6.
平邑县矿产资源开发利用进程不断加快,矿产资源市场配置机制基本确立,实现了矿产资源专项资金征缴大幅度增长。由于资源需求过大,热点、难点问题凸现,矿业权一级市场虽然全面建设,但二级市场进展不够通畅,矿产资源专项资金征缴等工作还存在差距。结合平邑县在矿产资源专项资金征缴方面取得的成效,分析了存在的问题,并提出合理化建议。 相似文献
7.
Sarah Hall 《Geoforum》2007,38(4):710-719
This paper argues that the conflicts of interest cases brought against Wall Street investment banks in the early 2000s were neither geographically nor institutionally isolated events. Rather, by combining recent work on financial knowledges in both economic geography and the social studies of finance with the growing interest in topological spatial imaginaries, I explore how London’s corporate finance industry was unable to distance itself from both the conflicts of interest allegations and the ensuing regulatory changes of the ‘Global Settlement’ in the US. Analysis of 36 semi-structured interviews conducted in London in the early 2000s is used to explore how a range of individual interests, institutional demands and structural changes within London’s financial district affected analysts’ ability to produce ‘objective’ research. As well as pointing to the problematic nature of certain aspects of knowledge rich ‘communities of practice’ [Wenger, E., 1998. Communities of practice: learning, meaning and identity. Cambridge University Press, Cambridge], I explore how the resulting contingent and situated nature of research practice is at odds with a weakly defined notion of ‘objective’ research that underpins the Financial Services Authority’s regulatory response. 相似文献
8.
Coasts: the high-risk areas of the world 总被引：1，自引：1，他引：0
Wolfgang Kron 《Natural Hazards》2013,66(3):1363-1382
No other region is more threatened by natural perils than coasts. Fierce winds, storm surges, large waves and tsunamis expend their destructive energy when they reach the coastline. Constituting, in many cases, the boundary between continental plates, coasts experience earthquakes and volcanic eruptions more frequently. The changing climate poses the threat of sea level rise. Most global trade crosses the oceans; ports are the entry and exit points of a nation’s trade. As a consequence, coasts attract people, businesses and industries. Some coastal regions rank among the top places in the world in terms of population and value accumulation. Enormous catastrophe loss potentials have been created and are increasing. Risk is the result of a natural hazard, the values at risk and their vulnerability. Living with and reducing the risk requires awareness at all levels of society and partnership between the public authorities, the people and enterprises concerned, and the financial sector. Great natural events are not avoidable, great disasters are. Catastrophes are not only products of chance but also the outcome of the interaction between political, financial, social, technical and natural circumstances. Effective safeguards are both achievable and indispensable, but they will never provide complete protection. In order to manage the risks faced by a society, we have to be aware of that. 相似文献
9.
10.
基于突变理论的地下工程洞室围岩失稳判据研究 总被引：7，自引：0，他引：7
地下工程围岩体系是高度非线性的复杂大系统,其稳定判据至今没有一个统一的认识。突变理论注重研究系统状态发生突变时外界的控制条件,主要阐述非线性系统如何从连续渐变状态走向系统性质的突变。应用突变理论对围岩体失稳的突变过程进行探索,旨在从理论上弄清其突变条件。能量突变判据和熵突变判据从物理学的观点考虑了围岩系统失稳的可能性,位移模突变判据、洞周屈服区面积突变判据和广义黏塑性剪应变突变判据则主要是根据数值计算中直观判别条件（关键点位移、洞周屈服区面积和广义黏塑性剪应变）考虑围岩失稳的可能性。将以上5种判据应用于某地下洞室断面,对围岩系统的稳定性进行分析,根据系统突变条件从不同的方面判别其发生失稳的可能性,可为工程的设计施工提供一定参考。 相似文献
11.
Carbon finance is considered one of the most efficient methods to address the issue of climate change. The problem of how to establish and improve China’s carbon financial system requires theoretical study as well as practical policies. A literature review of the effects of financial macroenvironment on carbon emissions was conducted. The purpose is to investigate the relationships of long-run equilibrium and short-run dynamics through the ARDL-ECM model among carbon intensity and macroenvironment factors including financial development, financial innovation, stock market turnover and foreign direct investment. And the former three are proven as long-term drivers of carbon intensity decline while FDI are insignificant to mitigate it. There is also a short-term dynamic adjustment among them. A main contribution to the literature in China studies the methods to reduce carbon intensity by taking into account the role of financial macroenvironment, especially the financing environment. Considering establishing an efficient carbon finance system, indirect financing tools represented by financial development could be more significant than direct financing ones represented by stock market turnover. 相似文献
12.
This paper advances understanding of how unequal risks to environmental hazards are generated. Marginalization is the best known explanation for the production of risk. The concept of marginalization was elaborated through studies of hazards in the global South and connotes how social inequalities constrain livelihood options of less powerful social groups. Thus, marginal groups are pressured to degrade landscapes and occupy hazardous environments while they experience decreased capacities to cope with environmental change. This paper directs analytical attention beyond the material to include the discursive realm and demonstrates that the production of unequal risk is contingent upon how hazards are differentially perceived, represented, and contested in social spaces. Findings from a flood disaster case study in the El Paso (US)–Ciudad Juárez (Mexico) border metropolis highlight how hegemonic discourses reinforce material processes of marginalization in flood-prone social spaces. Findings also reveal how socially-powerful geographical groups of people have harnessed institutional resources in their efforts to externalize risks and capitalize on environmental opportunities in some flood-prone areas. The concept of facilitation is used to explain the material-discursive production of socially-elite, flood-prone spaces. Facilitation clarifies how powerful groups are provided privileged access to institutional resources in their pursuit of environmental rewards, contributing to unjust socioenvironmental outcomes. In conclusion, I outline key aspects of how unequal risks are materially and discursively (re)produced within hazardscapes through relational processes of marginalization/facilitation. 相似文献
13.
《Geoforum》2016
Since 2008, extensive research has examined the impacts of mortgage market financialisation, particularly the socio-spatial patterns of mortgage defaults and foreclosures. However, these standard statistical indicators of mortgage difficulty only capture the ‘overt casualties’ of the crisis, overlooking the mass of households who meet their mortgage commitments, but do so at considerable cost to quality of life. The impacts of the crisis on these ‘unrevealed casualties’ has received insufficient attention within the literature. As such, this article develops a framework to assess mortgage stress levels using standard and atypical indicators of mortgage payment difficulty. This framework differentiates between the ‘overt’ and ‘unrevealed’ casualties and is applied through a case study of suburban Dublin mortgagors to examine the characteristics of these groups, determine the key factors driving their mortgage stress and assess how their attitudes towards homeownership are being reshaped. The results suggest the impact of the mortgage crisis is much larger than previously considered, affecting a more diverse range of suburban households, many of whom may be one financial or non-financial trigger event away from developing a more serious payments problem. Banks’ reckless lending practices are among the strongest predictors of mortgage stress, demonstrating how the failure to adequately regulate banking practices has had detrimental financial impacts for households at the suburban scale. Attitudes toward homeownership and its investment function are increasingly negative, demonstrating how the primary rationale for homeownership expansion (i.e. its potential for wealth creation) is being revaluated by mortgaged households in the wake of the crash. 相似文献
14.
Adaptation to climate change, particularly flood risks, may come to pose large challenges in the future and will require cooperation among a range of stakeholders. However, there presently exists little research especially on the integration of the private sector in adaptation. In particular, recently developed state programs for adaptation have so far been focused on the public sector. Insurance providers may have much to contribute as they offer other parts of society services to appropriately identify, assess and reduce the financial impacts of climate change-induced risks. This study aims to explore how the institutional distribution of responsibility for flood risk is being renegotiated within the UK, Germany and Netherlands. Examining how the insurance industry and the public sector can coordinate their actions to promote climate change adaptation, the study discusses how layered natural hazard insurance systems may result from attempts to deal with increasing risks due to increasing incidences of extreme events and climate change. It illustrates that concerns over the risks from extreme natural events have prompted re-assessments of the current systems, with insurance requiring long-term legislative frameworks that defines the objectives and responsibilities of insurers and the different political authorities. 相似文献
15.
Natural Hazards - In a globally competitive market, companies attempt to foresee the occurrences of any catastrophe that may cause disruptions in their supply chains. Indian subcontinent is prone... 相似文献
16.
John Langdale 《Geoforum》1985,16(1):1-13
Growth of electronics funds transfer (EFT) is examined in the context of the internationalisation of the banking and finance industry. EFT has grown in response to the internationalisation of the industry and in turn has facilitated its development. Reasons for the geographical diversification of transnational banks and other financial institutions are discussed. The growing interdependence between international financial centres of New York and London is highlighted as is the emergence of Asian financial centres of Tokyo, Hong Kong and Singapore. Various types of international EFT systems are examined including SWIFT and leased networks operated by transnational banks. In addition, entry of non banking institutions into the international EFT area is considered. Competition between banks as well as between banks and non-banking institutions is examined in the context of these EFT developments. 相似文献
17.
Stanley A. Changnon 《Natural Hazards》2007,43(3):295-301
A market place designed to provide a variety of weather-sensitive institutions with products for dealing with their risks
from weather-climate hazards has been developing in recent years. Shifts in demographics, growing population, and greater
wealth across the U.S., coupled with de-regulation of utilities and expansion of global economics, have increased corporate
vulnerability to weather/climate extremes. Availability of long-term quality climate data and new technologies have allowed
development of weather-risk products. One widely used by electric-gas utilities is weather derivatives. These allow a utility
to select a financially critical seasonal weather threshold and for a price paid to a provider, to get financial payments
if this threshold is exceeded. Another new product primarily used by the insurance industry is weather risk models. These
define the potential risks of severe weather losses across a region where little historical insured loss data exists. Firms
develop weather-risk models based on historical storm information combined with a target region’s societal, economic, and
physical conditions. Examples of the derivatives and weather-risk models and their uses are presented. These various endeavors
of the new weather market exhibit the potential for dealing with shifts in weather risks due to a change in climate. 相似文献
18.
This study describes how risk-based risk control allocation models work. We begin by discussing the economic rationale for allocating risk control in a diversified organization such as an enterprise. For a probability model for risk control decision making under uncertainty and risk, we propose a model involving stochastic total loss amount constraints with respect to various tolerable default levels. Our main objective is to develop a method that will allow shaping of the risk associated with risk control outcomes. The direct and indirect losses caused by simulated disasters can be estimated using an engineering and financial analysis model. Based on this model, we can generate an exceeding probability curve and then calculate how much of the loss can be eliminated or transferred to other entities should funds be allocated to risk control. The optimal natural disaster risk control arrangement with a probabilistic formulation is explained in this paper. Results from the proposed formulations are compared in case studies. The model attempts to apply risk-based budget guidelines to risk reduction measurement within a portfolio-based risk framework. 相似文献
19.
我国石漠化得到初步遏制的同时,发生在耕地上的石漠化面积却在增加。石漠化区的云南省和贵州省是我国休耕制度试点区域之一,但传统的石漠化治理缺乏休耕环节,耕地利用方式未能实现根本转型。基于休耕试点区域的实地调研,总结概括了云南省休耕试点工作的主要特点:（1）因地制宜整片推进;（2）签订休耕协议强化约束;（3）政府与农户联动落实休耕区域和面积;（4）休耕培肥方式元化化;（5）与农业结构调整对接;（6）与经济社会发展相统筹。但云南休耕试点也存在一些问题,主要是:（1）休耕区域的选择存在主观性;（2）配套资金缺口大;（3）休耕补助大幅减少造成群众心理落差;（4）休耕工作队伍建设薄弱。基于以上问题,建议:（1）建立休耕地诊断识别技术体系,明确休耕的规模和时序安排;（2）加强涉农项目和资金整合,增加配套资金投入,缓解基层财政压力;（3）建立动态的、反映土地市场价格的休耕补助机制,优化补助方式;（4）充实完善基层休耕组织机构,加强基层休耕工作队伍建设;（5）加快休耕监测体系建设,适时开展休耕制度运行绩效评估。 相似文献
20.
Natural resource investment in the mining sector is often mediated through conflicts over rent distribution between corporate capital and landowner states. Recent rounds of neoliberal policy promoted by the World Bank have highlighted the need for landowner states to offer incentives in order to attract “high risk” capital investment. In Sub-Saharan Africa, in particular, countries have been pushed to offer attractive fiscal terms to capital, thereby lowering the proportion traditionally called rent. This paper examines how the concept of “risk” has been mobilized to legitimate such skewed distributional arrangements. While certain conceptions of social and ecological “risk” have been prevalent in political and social theoretic discourse on mining, such focus elides the overwhelming contemporary power of our notion of “neoliberal risk” – or the financial/market risks – in actually setting the distributional terms of mineral investment. We illustrate our argument by examining the nexus of World Bank mining policy promotion and Tanzanian policy in the late 1990s meant to attract foreign direct investment in gold production. In closing, we suggest that just as “risk” is used to legitimate attractive fiscal terms for investment, recent events highlight how skewed distribution of benefits may set into motion risks that corporate capital had not bargained for. 相似文献