再析债转股

债转股是国家为解决国有商业银行的贷款沉积 ,增强其信用度 ,同时使国有企业摆脱困境、走出低谷、重振雄风所采取的一种新措施。它的实施步骤是将原国有企业的银行借款通过国家拨给资产管理公司 ,作为其资本购买国有银行的债权 ,转为国有资产管理公司对国有企业的股权投资 ,使国有企业由借款转变为权益资本。对这种债权转为股权 ,债务转变为权益资本 ,究竟有哪些益处与风险 ?笔者将作以下浅析 :一、债转股的性质债转股 ,从投资者角度来说是权利间的交易 ,是在两个投资者之间进行的 ,但两个投资者都属国有 ,是真正意义上的债权转股权。但对债…     

广西“债转股”实施情况的调查

“债权转股权”也就是日常人们所说的“债转股”。它是通过国有商业银行组建金融资产管理公司,依法处置银行原有的在国有企业的不良信贷资产,同时客观上也有助于国有大中型企业实现三年改革与脱困目标的实现。为了及时了解和反映广西实施“债转股”政策企业的工作进展状况,广西区企业调查队根据有关文件要求,于今年7月对广西“债转股”企业进行了问卷调查,并走访或电话调查了有关单位。     

对"债转股"有关问题的思考

实施债转股工作对解决国有企业过度负债和国有银行不良债权具有积极作用。推行债转股可以让企业选择更多的融资方式 ,为企业创造更为公平的竞争环境 ,为推进国有银行的改革赢得宝贵时间等 ,但其在既定条件下的局限性也应引起足够重视。债转股的运作中要注意严把准入关 ,确保金融资产管理公司的市场化运作 ,正确发挥中介机构的作用 ,发展资本市场 ,大力推进国有企业改组和经营机制的转换     

“债转股“的理性思考

“债转股”是把国有企业的债权转为股权,也就是把商业银行原来对符合条件的国有企业的债权。转变为资产管理公司对企业的股权。它是1999年国家针对国有企业资产负债率过高,为实现国有企业减轻债务负担实现“三年脱困”、优化企业治理结构推出的重大     

评估债券转换股权效果的概率标准

一、引言党的十五届四中全会通过了《中共中央关于国有企业改革和发展若干重大问题的决定》 ,决定中明确指出 ,“结合国有银行集中处理不良资产的改革 ,通过金融资产管理公司的方式 ,对一部分产品有市场、发展有前景 ,由于资产负债过重而陷入困境的重点国有企业实施债转股。”同时 ,为推动债转股工作的顺利实施 ,国家在近期先后成立了信达、华融、长城和东方金融资产管理公司。因此 ,债转股是防范和化解我国金融风险、改善国有企业资产负债结构、深化国有企业改革和推进国有企业建立现代企业制度的一项战略措施。目前 ,在党中央国务院、国家…     

“债转股”中股权回购的障碍及出路

“债转股”政策实施之后，要求资产管理公司将所持的“股权”逐步退出。股权回购作为股权退出的主要方式，被规定在资产管理公司与企业签定的“债转股”协议中。那么，股权回购的可行性、时效性如何便成为人们关注的焦点。通过对黑龙江省“债转股”企业的调研发现，股权回购存在诸多制约因素和障碍。一、股权回购的障碍在企业和资产管理公司签定的“债转股”协议中，都有明确的股权回购时间表，规定股权回购最长期限（不超过十年）、企业每年回购股权资金来源及回购股权的数额。回购资金来源主要有新公司利润、折旧费用、股票上市募集股金等…     

论债权转股权的缘由及途径

本文通过分析企业高负债的成因及影响 ,论述债权转股权的意义及不足 ,探讨金融资产管理公司股权的出路     

当前企业债转股中存在的问题

债权转股权不失为减轻企业负 担、降低银行不良资产的一种有效手段。但此项工作牵涉面广，情况复杂，在正式运作过程中将会遇到各种问题和困难，根据我们对企业的调查，有如下情况应引起注意。 动作难协调。从目前开展情况看，企业热情很高，而银行反应平淡，形成一头热一头冷的局面。有的企业把债权转股权当作甩掉银行债务包袱的一次机会，跑省里跑北京积极与有关部门联系，而作为债权方的银行却在被动地观望、等待，主动参与不够，认为债转股是由国家经贸委提名推荐，资产管理公司评估认定，国务院批准实施由上而下的操作过程，基层行也难…     

中国不良金融股权管理的目标函数重构与目标选择

自上世纪末我国采用“好银行”与“坏银行”模式成立国家金融资产管理公司专门处置巨额不良金融资产以来,国家将债转股作为一项重要手段加以运     

债转股：能否转出一片新天地？

被媒体誉为“国企改革最大动作”的“债转股”,经过长时间酝酿,终于浮出水面.最近,国务院原则上通过了《关于实施债权转股权的若干意见方案》.目前国家经贸委、中国人民银行按照《方案》要求,正在紧锣密鼓地操作之中.那么,债转股能否转出一片新天地?成为社会各方面普遍关注的热点问题.不容置疑的积极效应债转股,在80年代解决拉美国家债务危机中曾大显身手.从我国的国情看,实施债转股,不失为一种现实的选择.     

A Note on the Derivation of Fisher's Transformation of the Correlation Coefficient

Fisher's transformation of the bivariate-normal correlation coefficient is usually derived as a variance-stabilizing transformation and its normalizing property is then demonstrated by the reduced skewness of the distribution resulting from the transformation. In this note the transformation is derived as a normalizing transformation that incorporates variance stabilization. Some additional remarks are made on the transformation and its uses.     

A semi-parametric method for transforming data to normality

A non-parametric transformation function is introduced to transform data to any continuous distribution. When transformation of data to normality is desired, the use of a suitable parametric pre-transformation function improves the performance of the proposed non-parametric transformation function. The resulting semi-parametric transformation function is shown empirically, via a Monte Carlo study, to perform at least as well as any parametric transformation currently available in the literature.     

Improved approximation for transformation diagnostics

The suitability of a normal linear regression model may require transformation of the original response, and transformation diagnostics are designed to detect the need for such transformation. A common approach to transformation diagnostics is to construct an artificial explanatory variable, which is then tested in the augmented linear regression model for the original response. This paper describes corresponding diagnostics based directly on score statistics with accurate approximations for their standard errors. Several transformation models are covered. Some numerical illustrations are given.     

资源枯竭地区经济转型评价体系研究

 基于实现资源枯竭地区经济转型的根本路径在于促进其经济发展方式从资源依赖型向创新驱动型转变的认识,本文构建了一套以反映发展目标、模式、资源、资本、技术、制度、以及市场机制创新为核心内容的资源枯竭地区经济转型评价指标体系,确定了相应的评价标准,并通过典型地区经济转型进程的实证分析,揭示了资源枯竭地区经济转型的突出制约因素和主要着力点。     

邓氏灰靶变换的注记

对灰靶理论的灰靶变换进行了理论基础分析。对于邓氏灰靶变换，证明了在序列取值于正数范围内时可以作为极大值极性和极小值极性指标列的灰靶变换；通过给出特殊例子说明了对于适中值极性指标序列，该变换不满足灰靶变换的定义。给出了一个适合于三种极性的灰靶变换，进一步完善了灰靶理论的计算问题。给出了新的灰靶变换在经济中的应用，调整了已有文献的一些结果。     

Choosing a transformation

The emphasis in the literature is on normalizing transformations, despite the greater importance of the homogeneity of variance in analysis. A strategy for a choice of variance-stabilizing transformation is suggested. The relevant component of variation must be identified and, when this is not within-subject variation, a major explanatory variable must also be selected to subdivide the data. A plot of group standard deviation against group mean, or log standard deviation against log mean, may identify a simple power transformation or shifted log transformation. In other cases, within the shifted Box-Cox family of transformations, a contour plot to show the region of minimum heterogeneity defined by an appropriate index is proposed to enable an informed choice of transformation. If used in conjunction with the maximum-likelihood contour plot for the normalizing transformation, then it is possible to assess whether or not there exists a transformation that satisfies both criteria.     

On the Relation between Edge and Vertex Modelling in Shape Analysis

Objects in the plane with no obvious landmarks can be described by either vertex transformation vectors or edge transformation vectors. In this paper we provide the relation between the two transformation vectors. Grenander & Miller (1994 ) use a multivariate normal distribution with a block circulant covariance matrix to model the edge transformation vector. This type of model is also feasible for the vertex transformation vector and in certain cases the free parameters of the two models match up in a simple way. A vertex model and an edge model are applied to a data set of sand particles to explore shape variability.     

Johnson's transformation two-sample trimmed t and its bootstrap method for heterogeneity and non-normality

The present study investigates the performance of Johnson's transformation trimmed t statistic, Welch's t test, Yuen's trimmed t , Johnson's transformation untrimmed t test, and the corresponding bootstrap methods for the two-sample case with small/unequal sample sizes when the distribution is non-normal and variances are heterogeneous. The Monte Carlo simulation is conducted in two-sided as well as one-sided tests. When the variance is proportional to the sample size, Yuen's trimmed t is as good as Johnson's transformation trimmed t . However, when the variance is disproportional to the sample size, the bootstrap Yuen's trimmed t and the bootstrap Johnson's transformation trimmed t are recommended in one-sided tests. For two-sided tests, Johnson's transformation trimmed t is not only valid but also powerful in comparison to the bootstrap methods.     

On a new family of shifted logarithmic transformations

Most parametric statistical methods are based on a set of assumptions: normality, linearity and homoscedasticity. Transformation of a metric response is a popular method to meet these assumptions. In particular, transformation of the response of a linear model is a popular method when attempting to satisfy the Gaussian assumptions on the error components in the model. A particular problem with common transformations such as the logarithm or the Box–Cox family is that negative and zero data values cannot be transformed. This paper proposes a new transformation which allows negative and zero data values. The method for estimating the transformation parameter consider an objective criteria based on kurtosis and skewness for achieving normality. Use of the new transformation and the method for estimating the transformation parameter are illustrated with three data sets.     

New Sigmoid-like function better than Fisher z transformation

ABSTRACT

In the mathematical statistics, in order to close approximately to the cumulative distribution function of standard normal distribution, the Fisher z transformation is the widely employed explicit elementary function, and is used to estimate the confidence interval of Pearson product moment correlation coefficient. A new Sigmoid-like function is suggested to replace the Fisher z transformation, and the new explicit elementary function is not more complicated than the Fisher z transformation. The new Sigmoid-like function can be 4.677 times more accurate than the Fisher z transformation.