This paper builds an externality-based model with physical and R＆D capital, proves the linearity of technology functions, and derives two measures of spillovers from the relative differences between social and privat...This paper builds an externality-based model with physical and R＆D capital, proves the linearity of technology functions, and derives two measures of spillovers from the relative differences between social and private rates of return. China＇s regional empiric studies exhibit a reverse direction of spiUovers between foreign invested firms and local economy and provide an estimation of the spillover measures of between 13% and 18%.展开更多
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calc...The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.展开更多
The aggregate capital needs are a new business economics category which provides a new aspect to evaluate investment projects.The literature does not deal with this category as the project‘s total financial resource ...The aggregate capital needs are a new business economics category which provides a new aspect to evaluate investment projects.The literature does not deal with this category as the project‘s total financial resource requirement.It is the total capital tied-up for the project in its lifetime.For calculation of it,the yearly capital tie-ups are being added together.Based on this,it can be examined the total capital amount,which results in a given net present value,or the total capital amount,which operates according to the given rate of profitability.The paper interprets the category,presents its relationship with the interest rate,and also presents the method of calculation based on model editing.In the case of the internal rate of return,the estimation may be greatly simplified.Instead of determining the yearly amounts and summation of these,the estimation can be carried out also with a simple division of two data.The paper demonstrates the possibility of simplification and shows an example to present the interrelations of data.展开更多
This paper assesses the effect of credit risk management （CRM） on the profitability of Nigerian banks with a view to discovering the extent to which default rate （DR）, cost per loan asset （CLA）, and capital adeq...This paper assesses the effect of credit risk management （CRM） on the profitability of Nigerian banks with a view to discovering the extent to which default rate （DR）, cost per loan asset （CLA）, and capital adequacy ratio （CAR） influence return on asset （ROA） as a measure of banks＇ profitability. Data were generated from secondary sources, specifically, the annual reports and accounts of quoted banks from 2002 to 2011. Descriptive statistics, correlation, as well as random-effect generalized least square （GLS） regression techniques were utilized as tools of analysis in the study. The findings establish that CRM as measured by three independent variables has a significant positive effect on the profitability of Nigerian banks as indicated by the coefficient of determinations ＂R2 value＂ which shows the within and between values of 40.89% and 58.35% （which are impressive） while the overall R2 iS 43.91%, indicating that the variables considered in the model account for about 44% change in the dependent variable, that is, profitability. The study recommends that banks＇ management should be more scientific （application of risk evaluation techniques） in their credit risk assessment and management of loan portfolios in order to minimize the high incidence of non-performing loans and their negative effect on profitability.展开更多
基金Acknowledgements This paper is supported by the National Natural Science Foundation of China （No. 71073076）, the National Social Science Foundation of China （No. 07＆ZD009）, and Young Teacher Foundation of School of Business of Nanjing University. The paper is also a part of the ＂Studies on Economic Growth and Structural Transformation＂ which is a subprogram of the Research Center of Economic Transformation and Development, Nanjing University, an Innovation Base of Philosophy and Social Science of the Ministry of Education of China. We also appreciate all the helpful comments from ＂International Conference on Economic Integration in the Greater China Region＂, Macao, 2009.
文摘This paper builds an externality-based model with physical and R＆D capital, proves the linearity of technology functions, and derives two measures of spillovers from the relative differences between social and private rates of return. China＇s regional empiric studies exhibit a reverse direction of spiUovers between foreign invested firms and local economy and provide an estimation of the spillover measures of between 13% and 18%.
基金This work was supported in part by National Nature Science Foundation of China key project under Grant No. 70531010.
文摘The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.
文摘The aggregate capital needs are a new business economics category which provides a new aspect to evaluate investment projects.The literature does not deal with this category as the project‘s total financial resource requirement.It is the total capital tied-up for the project in its lifetime.For calculation of it,the yearly capital tie-ups are being added together.Based on this,it can be examined the total capital amount,which results in a given net present value,or the total capital amount,which operates according to the given rate of profitability.The paper interprets the category,presents its relationship with the interest rate,and also presents the method of calculation based on model editing.In the case of the internal rate of return,the estimation may be greatly simplified.Instead of determining the yearly amounts and summation of these,the estimation can be carried out also with a simple division of two data.The paper demonstrates the possibility of simplification and shows an example to present the interrelations of data.
文摘This paper assesses the effect of credit risk management （CRM） on the profitability of Nigerian banks with a view to discovering the extent to which default rate （DR）, cost per loan asset （CLA）, and capital adequacy ratio （CAR） influence return on asset （ROA） as a measure of banks＇ profitability. Data were generated from secondary sources, specifically, the annual reports and accounts of quoted banks from 2002 to 2011. Descriptive statistics, correlation, as well as random-effect generalized least square （GLS） regression techniques were utilized as tools of analysis in the study. The findings establish that CRM as measured by three independent variables has a significant positive effect on the profitability of Nigerian banks as indicated by the coefficient of determinations ＂R2 value＂ which shows the within and between values of 40.89% and 58.35% （which are impressive） while the overall R2 iS 43.91%, indicating that the variables considered in the model account for about 44% change in the dependent variable, that is, profitability. The study recommends that banks＇ management should be more scientific （application of risk evaluation techniques） in their credit risk assessment and management of loan portfolios in order to minimize the high incidence of non-performing loans and their negative effect on profitability.
