학술논문
State-Owned Enterprises and Debt Sustainability Analysis
이용수 0
- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Benno Ferrarini Marthe Hinojales
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 6 No.1, 91~105쪽, 전체 15쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2019.01.31
무료
구매일시로부터 72시간 이내에 다운로드 가능합니다.
이 학술논문 정보는 (주)교보문고와 각 발행기관 사이에 저작물 이용 계약이 체결된 것으로, 교보문고를 통해 제공되고 있습니다.
![논문 표지](https://contents.kyobobook.co.kr/sra/upload/book_img/157/157462.jpg)
국문 초록
영문 초록
The paper aims to combine balance sheet analysis at the firm level with the International Monetary Fund’s public debt sustainability assessment framework to assess state-owned enterprises’ (SOE) leverage as a contingent liability to the public sector. Based on company data and the interest coverage ratio as a measure of debt at risk, aggregate baseline scenarios are projected to gauge the magnitude of SOE debt as a contingency. SOE’s financial and debt ratios are first bootstrapped to generate firm-level distributions and then averaged into a fan chart of the economy-wide SOE contingent liability. Applied to the People’s Republic of China as an example, the study finds that by the end of 2015 SOE leverage had grown to a substantial liability. However arbitrary the assumptions underlying these projections, it would appear that even if authorities had to mop up as much as 20% of SOE debt at risk gone bad, this would have been manageable at roughly 2.7% of the gross domestic product in 2016 or 5.5% by 2021. This projection framework is fully amenable to alternative assumptions and settings, which makes it a useful analytical tool to monitor contingent liabilities from non-financial corporate debt that have been building in emerging and advanced economies alike.
목차
1. Introduction
2. Debt Sustainability Analysis with SOE Contingent Liabilities
3. State-Owned Enterprise Debt at Risk: Data Sources and Definitions
4. State-Owned Enterprise Contingent Liabilities Projections and Fan Charts
5. Conclusion
References
Appendix 1: Assumptions Underlying Baseline and Scenario Projections
Appendix 2: Contingent Liability Baseline and Fan Charts By Sectors (% of GDP)
Appendix 3: Debt Dynamics in the IMF Debt Sustainability Framework for Market-Access Countries
키워드
해당간행물 수록 논문
- Methodology for Assessing the State of Human Capital in the Context of Innovative Development of the Economy
- E-SERVQUAL and Its Impact on the Performance of Islamic Banks in Malaysia from the Customer’s Perspective
- The Nature of Controlling Shareholders, Political Background and Corporate Anti-Corruption Practice Disclosure
- Social Network Services Addiction in the Workplace
- Customer Satisfaction towards ATM Services
- Outbound Service Quality at Wan Hai Lines
- Development and Application of a Sensemaking Approach to Community-based Disaster Risk Governance
- Development Inequalities in Autonomous Regions
- The Impact of Financial Integration on Economic Growth in Southeast Asia
- Factors Affecting Brand Values of Private Universities
- The Impact of Click and Collect’s Service Quality on Customer Emotion and Purchase Decision
- The Impact of Foreign Remittances and Financial Development on Poverty and Income Inequality in Pakistan
- Risk-Seeking Behavior of Financial Institutions due to Deposit Insurance
- Evaluating Perceived Smartness of Product from Consumer’s Point of View
- The Impact of Audit Characteristics on Firm Performance
- The Impact of Leadership Styles on the Engagement of Cadres, Lecturers and Staff at Public Universities - Evidence from Vietnam
- Organizational Usage of Social Media for Corporate Reputation Management
- Corporate Social Responsibility and Information Asymmetry in the Korean Market
- Why Learners Found Transfer Pricing Difficult? Implications for Directors
- Global Corporate Citizenship
- R&D Intensity and Regulation Fair Disclosure
- Factor Affecting Poverty and Policy Implication of Poverty Reduction
- IFRS Reconciliation Adjustment and Subsequent Meet or Beat Target Earnings
- Cafeteria Use by Students and Effect of Selection Attributes on Satisfaction
- How Productive Are Life Insurance Institutions in Malaysia? A Malmquist Approach
- Relationships between Real Estate Markets and Economic Growth in Vietnam
- Informational Justice and Post-recovery Satisfaction in E-Commerce
- State-Owned Enterprises and Debt Sustainability Analysis
- The Effective Factors of Cloud Computing Adoption Success in Organization
- Relationship between Ambidexterity Learning and Innovation Performance
참고문헌
교보eBook 첫 방문을 환영 합니다!
신규가입 혜택 지급이 완료 되었습니다.
바로 사용 가능한 교보e캐시 1,000원 (유효기간 7일)
지금 바로 교보eBook의 다양한 콘텐츠를 이용해 보세요!
![교보e캐시 1,000원](https://contents.kyobobook.co.kr/resources/dig-fo/dig/images/ink/etc/img_eCash@2x.png)