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Article
Publication date: 28 October 2013

Zheng Hong and YiHai Zhou

Faced with the financing problem of small-medium enterprises (SMEs), China has attempted to establish as many as third party's collateral institutions. The paper aims to…

Abstract

Purpose

Faced with the financing problem of small-medium enterprises (SMEs), China has attempted to establish as many as third party's collateral institutions. The paper aims to study the design of collateral arrangements including collateral fee rates, risk sharing, collateral capital requirements, types of collateral institutions and recollateral institution, etc.

Design/methodology/approach

The paper extends the model of Holmstrom and Tirole to develop the analytic framework of the theory of financing collateral. From the perspective of contract design, the paper establishes a moral hazard model focusing on the minimum capital requirement of the borrower under the condition of risk neutral and limited liability, while considering the structure of lender-collateral institution-borrower.

Findings

According to the research, only under certain conditions can third party's collateral arrangements tackle the financing problems of SMEs. Diversification, anti-collateral and linked-transactions are three means to improve financing conditions, but the most important way is efficient monitoring by collateral institutions, especially when it has relative advantage over the lender. In order to improve financing conditions of SMEs, China should rely more on efficient monitoring by banks not on excess development of collateral institutions, meanwhile relax rigid collateral supervision policies. Collateral institutions should be industry-specific, association or transaction-related type.

Originality/value

First, from the perspective of contract design, the paper analyzes the comprehensive institutional arrangements of third party's collateral considering mutual relationships of component elements and develops the analytic framework of the theory of third party's collateral, especially points out necessary conditions of its efficient arrangements. Second, the paper studies various efficient financing mechanisms under the institutional arrangements of third party's collateral and focusing on the role of monitoring and monitors, and the paper also has important policy implications, i.e. the paper should develop specific collateral institutions and promote monitoring role of credit institutions.

Details

China Finance Review International, vol. 3 no. 4
Type: Research Article
ISSN: 2044-1398

Keywords

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Article
Publication date: 7 November 2016

Nan Xie, Yihai He, Ming Yao and Changwei Jiang

The purpose of this paper is to apply the lattice Boltzmann method (LBM) with multiple distribution functions model, to simulate transient natural convection of air in a…

Abstract

Purpose

The purpose of this paper is to apply the lattice Boltzmann method (LBM) with multiple distribution functions model, to simulate transient natural convection of air in a two-dimensional square cavity in the presence of a magnetic quadrupole field, under non-gravitational as well as gravitational conditions.

Design/methodology/approach

The density-temperature double distribution functions and D2Q9 model of LBM for the momentum and temperature equations are currently employed. Detailed transient structures of the flow and isotherms at unsteady state are obtained and compared for a range of magnetic force numbers from 1 to 100. Characteristics of the natural convection at initial moment, quasi-steady state and steady state are presented in present work.

Findings

At initial time, effects of the magnetic field and gravity are both relatively limited, but the effects become efficient as time evolves. Bi-cellular flow structures are obtained under non-gravitational condition, while the flow presents a single vortex structure at first under gravitational condition, and then emerges a bi-cellular structure with the increase of magnetic field force number. The average Nusselt number generally increases with the augment of magnetic field intensity.

Practical implications

This paper will be useful in the researches on crystal material and protein growth, oxygen concentration sensor, enhancement or suppression of the heat transfer in micro-electronics and micro-processing technology, etc.

Originality/value

The current study extended the application of LBM on the transient natural convective problem of paramagnetic fluids in the presence of an inhomogeneous magnetic field.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 26 no. 8
Type: Research Article
ISSN: 0961-5539

Keywords

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Article
Publication date: 28 October 2020

Fernanda Rodrigues, Flávio Antunes and Raquel Matos

The use of building information modelling (BIM) methodology has been increasing in the architecture, engineering, construction and operation sector, driven to a new…

Abstract

Purpose

The use of building information modelling (BIM) methodology has been increasing in the architecture, engineering, construction and operation sector, driven to a new paradigm of work with the use of three-dimensional (3D) parametric models. However, building information modelling (BIM) has been mostly used for as-built models of a building, not yet been widely used by designers during project and construction phases for occupational risks prevention and safety planning. This paper aims to show the capacity of developing tools that allow adding functionalities to Revit software to improve safety procedures and reduce the time spent on modelling them during the design phase.

Design/methodology/approach

To reach this objective, a structural 3D model of a building is used to validate the developed tools. A plugin prototype based on legal regulations was developed, allowing qualitative safety assessment through the application of job hazard analysis (JHA), SafeObject and checklists. These tools allow the automated detection of falls from height situations and the automated placement of the correspondent safety systems.

Findings

Revit application programming interface allowed the conception and addition of several functionalities that can be used in BIM methodology, and more specifically in the prevention of occupational risks in construction, contributing this paper to the application of a new approach to the prevention through design.

Originality/value

This paper is innovative and important because the developed plugins allowed: automated detection of potential falls from heights in the design stage; automated introduction of safety objects from a BIM Safety Objects Library; and the intercommunication between a BIM model and a safety database, bringing JHA integration directly on the project. The prototype of this work was validated for fall from height hazards but can be extended to other potentials hazards since the initial design stage.

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Article
Publication date: 14 November 2019

Jiawu Dai and Xun Li

The purpose of this paper is to estimate oligopsony power in the upstream factor market and oligopoly power in the downstream product market. On this basis, the paper…

Abstract

Purpose

The purpose of this paper is to estimate oligopsony power in the upstream factor market and oligopoly power in the downstream product market. On this basis, the paper intends to examine the effects of both oligopsony and oligopoly power as well as ownership on technical efficiency which were rarely discussed in previous studies.

Design/methodology/approach

First, based on the stochastic frontier production function, the paper constructs a new model that is capable to estimate oligopsony power for each observation. Second, the paper employs the popular dual stochastic frontier cost function to estimate marginal cost as well as oligopoly power. Then, the system GMM method with different sets of instrumental variables is applied to test the effects of the two-sided market power and ownership on technical efficiency.

Findings

Using unbalanced panel data at the firm level, the paper demonstrates that oligopsony power is significantly variant across different sectors. The most notable point is that oligopsony power in China’s soya and peanut oil industries is negative, while that in pork and beef industries is much stronger than those in other industries. In addition, state-owned enterprises (SOEs) are found to be less technically efficient in most of the selected industries, while SOEs with higher oligopsony power tend to be more technically efficient than non-state-owned enterprises(NSOEs), which is consistent with the quiet life hypothesis.

Originality/value

This paper sheds light mainly on three aspects. First, it proposes a new model to estimate oligopsony power for each single firm. Second, it tests the effect of oligopsony power on technical efficiency. Third, it distinguishes the differential effect of oligopsony power on technical efficiency between SOEs and NSOEs.

Details

China Agricultural Economic Review, vol. 12 no. 2
Type: Research Article
ISSN: 1756-137X

Keywords

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