W

Research on the Application of BOT to the Development of Public Rental Housing

On 03/02/2015, in Economics papers, by rain

Affordable housing project is a major strategic project for the livelihood of the fundamental means to resolve the current housing difficulties of low-income families in China. Public rental housing is put forward for the “sandwich class” which not covered by our current housing security policies, how to speed up the development of public rental housing construction project is one of the most important task to improve China’s housing security system. The main bottleneck of affordable housing development projects is the lack of funds, it is the same for the development of public rental housing construction project, there are two issues:how to solve the lack of construction funds and how to fully mobilize Social capital to participate in public rental housing construction project, the answer of these two issues is the key to the objective of36million sets of towns’affordable housing projects during China’s12five. Public rental housing is a quasi-public goods, the development and construction funds comes mainly from the government’s financial input, the government’s financial capital is not enough for the huge capital needs of the public rental housing construction project in China. The main problem solved in this paper is how to explore new financing models to improve the enthusiasm of Social capital in the construction of public rental housing.This paper first summarizes the Basic theoretical point of view of domestic and foreign scholars for the financing of affordable housing projects, combined with the financing status of China’s public rental housing, summarizes the major financing channels for public rental housing construction project in China:financial resources of central and local arrangements, loans of financial institutions, corporate bonds and notes issued in accordance with the regulations, the added income housing funds and loans, land net income, rental funds from public rental housing and ancillary facilities, Social Investment and other funds. Then, this paper analyzes the problems and main reasons of public rental housing finance, this section lies the foundation for the next question to solve.Secondly, combined with the advantage of BOT financing mode, from the nature of public rental housing, Environmental and Economic conditions, social capital strength and other considerations, this paper analyzes the feasibility of using BOT financing mode in the public rental housing construction projects. Combined with the main problems of public rental housing construction financing, this paper puts forward the need to develop public rental housing BOT model.Finally, on the basis of related research, this paper puts forward the specific framework, the main participants, the design of the main contract and the operational processes of using BOT financing mode in the public rental housing construction projects. Then, combined with risk Management thinking, this paper analyzes the main risks and risk-sharing measures of China’s public rental housing BOT projects, and ultimately this paper gives the countermeasures and suggestions for the development of public rental housing BOT projects.

W

Research on the Risk Management of Virtual Logistics Enterprises

On 27/01/2015, in Economics papers, by rain

In the time backdrop of Economic globalization, market dynamics, and requirement personality, as a new logistics model, the virtual logistics enterprises can integrate the external logistics services, and make themselves have the ability to adapt the market demand of integrated logistics services, so as to realize the rapid response to market opportunities. At the same time, because of the unique organization, Management and the complex internal and external environment, it is objectively decided that, with any of the other forms of organization, virtual logistics Enterprise has its inherent flaws and kinds of inherent risks.This paper treats virtual logistics Enterprise in the risk as the study object. Virtual Logistics enterprise risk refers to the feasibility in the course of its operation, due to the uncertainty factors of internal and external system, that affect the normal operation and deviation from the intended target, which can bring damage. The research work mainly from the three aspects: First, a comprehensive risk identification of system, dividing the risk of virtual logistics enterprises into the market risks, the ability risk, manage risk, the risk of moral hazard, strategic risk, and analysis the risk factors’causes and the aftereffect. Second, select specific indexes of virtual logistics enterprises risk, given the risk evaluation index system, build the risk assessment model based on BP neural networks, so as to analyze the risk of virtual logistics enterprises. Thirdly, expatiate on various aspects of risk Management method, that use to feedback and correct the implementation of the risk management process.Through the study of these three aspects, the paper tries to establish the theoretical framework of virtual logistics enterprise risk management, for providing ways and examples for the virtual logistics enterprises risk identification, assessment, control.

W

Research on Risk Management for Contract Management of Tobacco Materials Purchase of H Yancao Industrial Co., LTD

On 20/01/2015, in Economics papers, by rain

Tobacco materials are guarantee foundation of normal production, Management andconstruction of tobacco enterprises, along with the increasing Investment of tobaccoengineering construction, demands of tobacco materials are also expanded further. As thecarrier, materials purchase, contracts can directly determine the quality, effectiveness andefficiency of tobacco material purchase, etc. To enhance the risk control of tobacco materialspurchase contract Management is not only the demand of market economy and tobaccosystem reform situation, but also the requirement of improving their risk Management level.Research on risk management for contract of tobacco materials Purchase can prevent tobaccomaterials purchase contract risks and promote the legality and profit ability of it.Based on contract management of tobacco materials Purchase and risk management, thisPaper chose risk management for contract of tobacco materials Purchase as research Point.Firstly it will recognize and analyze risks of tobacco materials Purchase contract meticulouslyfrom organization’s management level, specific business process level just as before signing,signing process, reveal the deficiency may exited of internal control of contract management.Then summarize risk points, establish risk evaluation index system of tobacco materialspurchase contract management, combine both qualitative and quantitative characteristic ofanalytic hierarchy process, through calculate to determine the weights of various risk factors,and sort identified risks, provides a scientific evaluation method and quantitative index forjudge of tobacco materials contract risks. Finally puts forward measures to prevent contractrisks of the tobacco material purchase Business process, control of the organization, andmanagement system, promote that we should fully exert the internal control function andpromote contract management and perfect the internal control.

W

The Study on the Impact of Useage of Dericatices on Listed Banks’performance

On 17/01/2015, in Economics papers, by rain

With the seriously fluctuating of the global commodity prices,interest rates andexchange rates,enterprices produce motives and needs of risk avoding.Because of thedual characters that are leverage effect and low transaction cost of derivatives,whichcan be used to avoid the risk,the using of derivatives in enterprises in the world hasbeen rapid increasing in the past20years. With the deepening of financialglobalization trends,financial derivatives as a widely used risk Management tools areincreasingly being used in China’s listed banks. In recent years,China’s listed banks thesize of the use of financial derivatives has accounted for the proportion of its totalassets to12.5percent,on the use of financial derivatives,risk Management is likely toaffect the performance of China’s listed banks.First this article summarized the results of the domestic and foreign research,andthen learn from the results of research, analysis the factors of impacting theperformance of China’s listed banks,and detailed analysis of the use of derivativesfor performance means of financing for listed bank by lowing finance cost,locking theinvstment returns of the futurs,reducing the expected revenue,imprrving the structureof the income,decision-making,thereby affecting listed bank performance. Again,analysis the current situation and problems of China’s listed banks use the derivatives.Finally,uses the data of reguler financial reports2006-2010medium-term of the listedbanking industy.By using Panel data model,which studies by Eviews6.0. The results of reseachshow that using of derivatives for listed bank can enhancing the ROA and FPS,but theEPS did not pass the test of significance.Finally,based on the theory analysisi and empirical tests,the paper put forwardsome suggestion about the actual situation in China.Mading a perfect China’s financialderivatives market to enhance the efficiency of China’s listed banks risk managment,improving China’s listed banks financial derivatives transactions accountingmeasurement and disclosure system,strengthening of China’s listed banks use financialderivatives for risk management, improving the ability of financial derivatives pricing,attention to cultivating human resources policy recommendations.

W

Since the new exchange rate system took into practice on July 21, 20…

On 13/01/2015, in Economics papers, by rain

Since the new exchange rate system took into practice on July 21, 2005, the foreign exchange market of China has also implemented a series of complementary measures, making China’s foreign exchange market adapt to exchange rate reform. All these made our country’s foreign exchange more market-oriented, and the corresponding fluctuations of the exchange rate is also increasing. Therefore, the exchange rate risk has become the important issue of risk Management which non-financial Enterprise carry out. The core of risk Management is risk measurement, and accurate measurement is the key to success or failure of the risk Management strategy.Internationally accepted measurement of financial market risk is VaR methods, research on the VaR can be numerous both at home and abroad in recent years, but the use of VaR model that measure the risk of the RMB exchange rate is very little. It is because that RMB has been pegged to U.S dollars. With the implementation of the reform of exchange rate, exchange rate market has been more market-orinented. In addition, making use of VaR model to measure the risk of China’s exchange rate has become possible.In this paper, we have carried out normality test, heterroscedasticity test and smooth test. At first, it proves that the VaR model can be used in RMB/U.S dollar exchange rate logarithmic rate of return. Then we use different method to do reserch on the RMB exchange rate. Finally, we proved that the VaR models upon the GARCH(1,1)-t is the best models by the accurate test.In the end,we give the conclusion of the study and the outlook of the VaR models.

W

Stress Test of Commercial Banks on Retail Mortgages

On 10/01/2015, in Economics papers, by rain

Since the subprime crisis, stress testing as a financial institutions risk Management tool was promoted to a new height, receiving unprecedented attention. Stress testing is indeed required by the Basel Committee as one of seven conditions to be satisfied to use internal models. It is also endorsed by the Derivatives Policy Group and by the Group of Thirty. Stress testing can be described as a process to identify and manage situations that could cause extraordinary losses.The article describes the origins, characteristics, and history of stress testing. It provides some background on the creation of stress testing and value-at-risk. The study also assesses the merits and shortcomings of them.The main purpose of value-at-risk measure is to quantify potential losses under “normal” market conditions, where normal is defined by the confidence level, typically 99 percent. In principle, increasing the confidence level could uncover progressively larger but less likely losses. In practice, value-at-risk measures based on recent historical data can fail to identify extreme unusual situations that could cause severe losses. This is why value-at-risk methods should be supplemented by a regular program of stress testing. Stress testing is a nonstatistical risk measure because it is not associated with a probability statement like value-at-risk.This study, using real life retail mortgages from a China commercial bank, tries to build an effective framework of stress testing based on the Basic theory of stress testing and existing domestic and international stress testing approaches.

W

Steel Processing and Distribution Center Project Risk Management

On 23/12/2014, in Economics papers, by rain

steel processing and distribution logistics services, as a new way. and its function is to have a stock of steel, and steel in the center of the cut, processing, inspection, distribution in the best time to each customer. Based on the above, the major domestic steel mills are in the steel processing and distribution centers to develop the construction project, in order to obtain the reduced supply chain costs, improve competitiveness, and stable sales channels to meet positive role. But at the same time, steel processing and distribution center project in the face many uncertainties, uncertainty factors can make preparations in advance, rather than risk factors are often uncertain, it is possible to bring the progress of project construction will extended, the cost overruns, waste of resources and even the serious consequences of abortion project. Therefore, the strengthening of project risk Management, develop appropriate measures to building the entire project of great significance.Based on China’s current steel processing and distribution center construction of the project development and risk Management situation, especially for steel Investment projects, from the perspective of the whole process of project risk management research. Shougang Construction of a typical project, for example, for such construction projects of their own characteristics, the use of risk management theory and method, analysis of risk factors, risk factor identification, risk assessment and risk control, to analyze. Through the risk management of such projects, the accumulation of experience in project risk management to achieve through risk identification, risk analysis and risk assessment, to understand the risks of the project, and as a basis for rational use of various risk response measures, management methods, techniques and tools for the project effectively control the risks, and properly handle the adverse consequences of risk events, the highest goal is to ensure the overall project cost of the least goals.In recent years, as an extension of the steel industry, steel industry chain processing and distribution center in China’s rapid development of construction projects, as the steel industry, the transformation of Economic growth and achieve added value and competitiveness of important ways. Meanwhile, with project management and risk management theory and practice in the use of project construction and operation of risk management also has made substantial progress, but European and American steel companies have been through the same steel processing and distribution centers, logistics, information flow, capital integration flow management, reduce costs, improve service and achieve a profit level compared to our steel processing and distribution center project in the construction and management, there are still a big gap, especially in project risk management, risk identification, risk to avoid and control measures need to strengthen research, raise the level.

W

Risk Analysis of Significant Weeds Intercepted on Wheat Imported into China from USA

On 12/12/2014, in Economics papers, by rain

Recently, with the swift development of foreign Economic trade of China and the great improvement of the liberalization degree, international trade is getting frequently in the plants and products.then ,risk of pests introduced to china will be rapidly.In order to adapt to new situation and prevent the introducing of pests, keep to the rule of Pest Risk Analysis(PRA) of Intenational Plant Protection Convention (IPPC) of Food and Agriculture organization of the United Nations(FAO),and according to the International Standards for Phytosanitary Measures (ISPM)No.11:pest risk analysis for quarantine pests,the risk of significant pests(weeds) intercepted by wheat imported into CHINA from USA was started. The results are as follows:1.Based on the dates of the Pests intercepted at China borders from the years of 1984 to 2007, confirmed 118 species of pests (weeds) intercepted on wheat imported into CHINA from USA. According to the distribution of pests in china,Economic significant ,and likelihood of introduced by wheat ,preliminary analysis,and selected 8 species of pests were proceeded detail risk assessment.They are respectively Ambrosia artemisiifolia L、Ambrosia trifida L、Avena ludoviciana Dur、Bromus rigidus Rot、Bromus secalinus L、Euphorbia dentata Michx、Solanum rostratum Dunal、Sorghum halepense (L.) Pers.2.The pests were datial qualitative assessment from five aspects-geographical and Managerial standard,likelihood of introduced and established and spreaded, Economic impacts.3. Using the PRA multi-index integrated evaluation system and the qualitative and quantitative methods,the integrated quantitative evaluation system of PRA was established for pests (weeds) intercepted on wheat imported into CHINA from USA. And the qualitatived analysis by the relational analysis model.As a result, the value of the synthetical risk that R are respectively(Ambrosia artemisiifolia L.2.3024、Ambrosia trifida L.2.2033、Avena ludoviciana Dur.2.5115、Bromus rigidus Rot.2.3159、Bromus secalinus L.2.2163、Euphorbia dentata Michx.2.2024、Solanum rostratum Dunal.2.2759、Sorghum halepense (L.) Pers. 2.3810)4.On the basis of possibility of adaptive distribution, geographical distrbution, damage characteristics and the value of risk, the relational optional proposal of risk Management was raised and evaluated of efficiency and impact in order to reduce the risk to acceptable level,and were proposed for offering the reference basis and making policies for the quarantine department.

W

With the continuous expansion of China’s bond market and growing of …

On 12/12/2014, in Economics papers, by rain

With the continuous expansion of China’s bond market and growing of bonds varieties,the risk control of bond Investment is becoming more and more important. In accordancewith international standards of risk control, the Thesis focus on using different VaRmethods to manage bond portfolio risk, which practically has great guiding value for bondinvestors,such as, commercial banks,bond funds and others. Firstly, The Thesissystematically introduces the Basic elements of bonds, reviews the development of China’sbond market and the key points that we should pay attendtion in bond Investment. Then,we introduce the development market risk measurement, define VaR and ES methods,compares the differences between VaR and traditional market risk measurement methodsand introduce the most popular VaR methods. On this basis, we build a portfolio whichconsist of10representative bonds, and use historical simulation method, multivariatenormal variance-covariance method, MC-GARCH-VaR method and the t-copula methodfor the calculation of bond portfolios’ VaR, analysis of the advantages and disadvantagesof the four VaR methods and test the effectiveness of the four different methods then sortthem. Finally, we use the mean-VaR approach to optimize bonds portfolio which consist of56kinds of bonds, and provide bond investment guidance to bonds investers, such ascommercial banks, bond funds.

Tagged with:  
W

The Application Research of Integrated Circuit Design Project Management

On 28/11/2014, in Economics papers, by rain

Integrate Circuit (IC) industry as one of foundations of the modern industry and information society, restricts other industries’ innovations and developments in a large degree. The science and technology level and the industries’ scales of IC has become one of the most important symbols of national synthesis strength. With the development of IC technologies in China, it’s scale is getting so large that the IC design should be completed by a team. To achieve better quality and goal, project Management has been introduced into design processes in IC design enterprises. Under this kind of circumstance, how to practice effective project Management turns to be an emergent topic for study and research. This thesis has a systematic study and analysis on new production plan, plans of projects Management, control management and risk management, in order to produce some references to similar IC project management in IC design enterprises.The thesis presents project management methods which are suitable to IC design project by the application and research of actual case from application consideration, combining with the characteristic of IC design industry’s development, using methods and ideas of project management. Firstly, the thesis introduces the history of IC industry development, analyzes the features of IC design industry’s trend. After concluding the main matter and the management procedure of the IC design projects, the thesis applies and studies the management procedure of IC design project during the practical project. The project applies the methods of new product plan and development the project schedule, analyzes the processes and methods of all IC design project controls such as schedule control, cost control, cooperation control and so on. In the closing of the project concludes the successes factors, such as the support of manager, adequate preparation, implement based on the schedule of the project, the mobilization of the design engineers, parallel design and technique repeatedly use, close communication and so on. Finally, the thesis assesses the risks of the processes of the IC design project; they are market risk, competitive risk, management risk, technique risk, human resource risk and resource risk. The thesis quantitatively analyzes the risks using AHP (the Analytical Hierarchy Process), the results shows that the most important risk was resource risk, the more important risks were technique risk, market risk, human resource risk and competitive risk, and the management risks is less important. Based on the results the thesis makes the risks response. For example the resource risk response is the project manager should contact with the boss and make sure the fund prepared when the project processes.

Tagged with: