Higher Financial Costs Research Articles

ЭКОНОМИЧЕСКАЯ ЭФФЕКТИВНОСТЬ ИСПОЛЬЗОВАНИЯ РАЗЛИЧНЫХ ТИПОВ СТЕНТОВ ПРИ КОРРЕКЦИИ ХРОНИЧЕСКИХ ОККЛЮЗИЙ КОРОНАРНЫХ АРТЕРИЙ

Aim. To study cost-effectiveness of different types of stents in the correction of chronic total occlusion (CTO). Methods. The study included 119 patients after successful coronary artery CTO recanalization in 2009–2012. After 6.1±0.9 months and 12.7±1.6 months a control examination was performed (coronary angiography, intravascular ultrasound, optical coherence tomography). Negative events (in-stent restenosis and thrombosis) were analyzed. Taking into account the obtained data, direct costs were calculated including the cost of implants, and the cost of restenosis and thrombosis treatment. Results. The highest frequency of in-stent restenosis (p < 0.05) was registered after IntrepideTM (in 57.1% cases) and Prolim® (in 47.4% cases) stent implantation while the similar events in cases of Taxus® Express 2, Xience V®/Xience Prime® LL, Endeavor® Resolute, Nobori® stent implantation were registered in 0-11.1% of cases. There weren’t differences in the thrombosis incidence between studied types of implants (p > 0.05). Based on the data obtained, the stents were classified as devices with low rate of adverse events (Taxus® Express 2, Xience V®/Xience Prime® LL, Endeavor® Resolute, Nobori® – LRAE group), and those with a high rate of restenosis and thrombosis (IntrepideTM and Prolim® – HRAE group). The average cost of stents in the LRAE group was 2155.1 US dollars. Endovascular correction of in-stent restenosis were performed in 6.3% of cases, thrombosis – in 1.3%, the average direct treatment cost per patient over 12.7±1.6 months totaled 3906.4 US dollars. In the HRAE group the cheaper devices were implanted (median cost was $1650.8). Repeated PCIs due to restenosis were performed in 52.5% of cases, one patient (2.5%) with verified thrombosis underwent CABG. The average direct treatment cost per patient over 12.7±1.6 months period was 4993.5 US dollars, which was $1,087.1 more than in the LRAE group. Conclusion. The obtained data indicate higher financial cost during 12.7±1.6 months follow-up period after IntrepideTM and Prolim® stent implantation in the recanalized CTO areas. This emphasizes the impotance of using coronary stents with proven minimal risks of in-trastent restenosis and thrombosis in CTO cases.

Based on the Analysis of China Construction Bank's Financing Risk in Supply Chain Finance Business

With the current economic downturn, the difficulty and high cost of financing for small and medium-sized enterprises have become a difficult problem in economic development, and supply chain finance has emerged as the times require. Supply chain finance can improve the credit business of commercial banks and effectively improve the financing difficulties of small and medium-sized enterprises. However, while solving the shortcomings of traditional finance, the operation of supply chain finance will also bring some problems, and many risks are gradually exposed. Taking China Construction Bank as an example, this paper selects 26 companies that CCB cooperate with to use supply chain finance business for research, analyzes the financial statements of these 26 companies in 2021, builds a corresponding indicator system, and uses principal component analysis to conduct analysis. Research its corresponding risks and put forward countermeasures and suggestions.

Effects of income and financial strain on risky social behaviour in the COVID-19 era: a comparison of the US and Canada

ABSTRACT The COVID-19 pandemic has forced marketers to adjust to different consumer responses the world over. Country responses have ranged from complete lockdowns to informal guidelines on avoiding infection. Limiting physical interactions through social distancing is key to mitigating health risks. Yet, some mitigating behaviours such as home delivery versus going to the supermarket come with a higher financial cost. A survey of American and Canadian consumers examined relationships among income, financial strain, and risky social distancing behaviours. Regression analyses found that financial strain had a stronger effect on the incidence of risky behaviours than did income. These relationships were found in the USA but not in Canada. The paper discusses the results and presents the implications for international marketers.

Construction of new financial e-commerce model for small and medium-sized enterprises financing based on multiple linear logistic regression

This paper expounds on the development prospects of SMEs and E-commerce finance, and illustrates the significance of developing online finance. It also introduces the commonly-used research methods of the two kinds of financial models, such as multiple linear regression method and logistic regression method, and analyzes the reasons for the financing difficulties of SMEs. Currently, the high financing cost is the main reason for the financing difficulties of SMEs. Several reasons are account for the high financing cost. Among them, high financing cost,low-efficiency financial system,long financing cycle and the loan information asymmetry account for 35%, 21%, 19% and25% respectively. In addition, this paper clarifies the advantages and disadvantages of network finance and the necessity of developing online finance.

English

This study explored the different competitive strategies used by the Licensed Buying Companies (LBC), the determinants of their choices and how it affected their performance. It also determined whether these strategies used influenced a farmer’s decision to sell the cocoa beans to the LBCs as well as the constraints faced by farmers and the LBCS in doing business. Primary data was used for this study. Descriptive statistics and econometric models were used to analyze the objectives. From this study, prompt payment and use of accurate weighing scale were identified as the most effective competitive strategies with high cost of financing and lack of farm inputs and tools being the major challenges faced by the LBCs and farmers respectively. Good social relation of the purchase clerk, age of the farmer and the distance between the LBC and cocoa farmer had positive significant effects on cocoa farmers’ decision in choosing a particular LBC. It is recommended that the government supports the LBCs with early financing to aid them in providing cocoa farmers with the needed inputs, tools and equipment to improve upon their outputs. Key words: Licensed Buying Companies (LBC), Amansie West District, choice of LBC, cocoa purchases, competitive strategies, Ghana, return on investment.

771 IMPACT OF NATIONWIDE CENTRALIZATION OF ESOPHAGEAL, GASTRIC, AND PANCREATIC SURGERY ON TRAVEL DISTANCE AND EXPERIENCED BURDEN IN THE NETHERLANDS

Abstract This study aims to assess the impact of nationwide centralization of surgery on travel distance and travel burden among patients with esophageal-, gastric-, and pancreatic cancer according to age in the Netherlands. As centralization of care increases to improve postoperative outcomes, travel distance and experienced burden might increase. Methods All patients who underwent surgery between 2006–2017 for esophageal-, gastric- and pancreatic cancer in the Netherlands were included. Travel distance between patient’s home address and hospital of surgery in kilometers was calculated. Questionnaires were used to assess experienced travel burden in a subpopulation (n = 239). Multivariable ordinal logistic regression models were constructed to identify predictors for longer travel distance. Results Over 23,838 patients were included, in whom median travel distance for surgical care increased for esophageal cancer (n = 9,217) from 18 to 28 km, for gastric cancer (n = 6,743) from 9 to 26 km and for pancreatic cancer (n = 7,878) from 18 to 25 km (all p < 0.0001). Multivariable analyses showed an increase in travel distance for all cancer types over time. In general, patients experienced a physical and social burden, and higher financial costs, due to travelling extra kilometers. Patients aged >70 years travelled less often independently (56% versus 68%), as compared to patients aged ≤70 years. Conclusion With nationwide centralization, travel distance increased for patients undergoing esophageal-, gastric-, and pancreatic cancer surgery. Younger patients travelled longer distances and experienced a lower travel burden, as compared to elderly patients. Nevertheless, on a global scale travel distances in the Netherlands remain limited.

Implementation of Centralized Administration and Management of Funds in Enterprise Groups

Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models. In the process of administration and management of funds, there are often some problems, such as unreasonable internal funds allocation, high financing costs, and flawed funds control. Centralized fund management is a tool for the overall allocation of intra-group funds and the coordinated management of group investment and financing. It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks. By selecting centralized fund management, establishing control and early warning system, as well as building information system and other steps, enterprise groups can better implement centralized fund management and improve their capital control.

Impact of nationwide centralization of oesophageal, gastric, and pancreatic surgery on travel distance and experienced burden in the Netherlands

BackgroundThis study aims to assess the impact of nationwide centralization of surgery on travel distance and travel burden among patients with oesophageal, gastric, and pancreatic cancer according to age in the Netherlands. As centralization of care increases to improve postoperative outcomes, travel distance and experienced burden might increase. Materials and methodsAll patients who underwent surgery between 2006 and 2017 for oesophageal, gastric and pancreatic cancer in the Netherlands were included. Travel distance between patient's home address and hospital of surgery in kilometres was calculated. Questionnaires were used to assess experienced travel burden in a subpopulation (n = 239). Multivariable ordinal logistic regression models were constructed to identify predictors for longer travel distance. ResultsOver 23,838 patients were included, in whom median travel distance for surgical care increased for oesophageal cancer (n = 9217) from 18 to 28 km, for gastric cancer (n = 6743) from 9 to 26 km, and for pancreatic cancer (n = 7878) from 18 to 25 km (all p < 0.0001). Multivariable analyses showed an increase in travel distance for all cancer types over time. In general, patients experienced a physical and social burden, and higher financial costs, due to traveling extra kilometres. Patients aged >70 years travelled less often independently (56% versus 68%), as compared to patients aged ≤70 years. ConclusionWith nationwide centralization, travel distance increased for patients undergoing oesophageal, gastric, and pancreatic cancer surgery. Younger patients travelled longer distances and experienced a lower travel burden, as compared to elderly patients. Nevertheless, on a global scale, travel distances in the Netherlands remain limited.

Construction of a New Financial E-Commerce Model for Small and Medium-Sized Enterprise Financing Based on Multiple Linear Logistic Regression

This paper expounds on the development prospects of SMEs and E-commerce finance, and illustrates the significance of developing online finance. It also introduces the commonly-used research methods of the two kinds of financial models, such as multiple linear regression method and logistic regression method, and analyzes the reasons for the financing difficulties of SMEs. Currently, the high financing cost is the main reason for the financing difficulties of SMEs. Several reasons are account for the high financing cost. Among them, high financing cost,low-efficiency financial system,long financing cycle and the loan information asymmetry account for 35%, 21%, 19% and25% respectively. In addition, this paper clarifies the advantages and disadvantages of network finance and the necessity of developing online finance.

Corporate cash holdings and firm life cycle: evidence from China

Purpose The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Design/methodology/approach This study uses an extensive data set of 2,994 Chinese A-listed firms. The authors use generalized method of moments (GMM) and Fisher Panel unit root testing to investigate the targeting behavior of Chinese firms. Findings The uni-variate investigation reveals that firms in the growth stage exhibits the highest cash levels and firms in the decline stage report the lowest cash levels. As growth firms have high investment needs, they may require raising external capital to meet investment needs. To avoid the costly external financing, firms in growth stage tend to hold more cash. The GMM estimation reveals that along all the phases of firm life cycle there are evidences of trade-off behavior of corporate cash holdings. The authors report that adjustment rate increases as firms enters into the growth stage. Practical implications The findings provide both theoretical and practical insight to align cash policies with the available strategic choices along firm life cycle in an emerging market characterized by market imperfections. Originality/value The study is unique from the context that it is applying robust methodology to one of rarely investigated area in corporate cash policy. The peculiar Chinese study setting characterized by higher information asymmetry, high cost of external financing and heterogeneous access to financing sources provide theoretical and empirical underpinnings to investigate and gain insight about how corporate cash policy can be aligned with strategic choices available across different stages of life cycle.

Exploring changes in mobility experiences and perceptions after implementation of the bus rapid transit system in Dar es Salaam

The use of Informal Public Transport (IPT) in Dar es Salaam, Tanzania, has been associated with mobility difficulties, i.e. traffic congestion, unscheduled service and lack of safety and security. The introduction of the Bus Rapid Transit (BRT) system was therefore considered as a powerful intervention for these mobility difficulties. In May 2016, the BRT started operating with exclusive bus lanes and a clear schedule to offer a qualitative, accessible and affordable system. This paper explores changes in travel experiences and perceptions of individuals (local inhabitants) regarding IPT and BRT use in meeting mobility demands before and after implementation of the BRT. Focus group discussions and short questionnaires were conducted before and after BRT to explore changes in mobility experiences among different individuals. Results show that in both periods, the demand for IPT use remained dominant, driven by a low fare, connectivity within a neighbourhood and outside the major road, flexibility and the possibility to commute with goods. The use of BRT was mainly attributed by relief in traffic congestion (when only considering in-bus time) and a lack of options along the corridor. Surprisingly, BRT users also experienced several mobility difficulties after implementation: long waiting time, overcrowding (in-bus and stations), and difficulties to commute with goods, and a lack of safety and security. Peri-urban individuals continued to experience more travel difficulties with both transport systems than individuals in areas adjacent to the BRT because of limited connectivity, congestion and unpaved local roads. For low-income individuals, the BRT was considered as another burden for their livelihoods (higher financial cost) rather than it was expected as a solution towards a high quality, accessible and affordable system. There is a need to integrate public transport with supportive improved local roads to serve multiple destinations.

The Construction Practice of National Rural Financial System Based on Computer Intensive Technology

“Credit capital” is a key factor in eliminating adverse selection and moral hazard in the country’s rural financial market. “Internet finance mode” is an important way for small and micro enterprises to reduce financing costs. Based on computer intensive technology, this article integrates elements on the Internet platform to build a national rural financial “three-element” credit system under the background of big data, which can effectively solve the financing difficulties, high financing costs, and high financing risks of rural small and micro enterprises Paradox, to achieve a win-win situation of a “virtuous circle” of rural small and micro enterprises, Internet financial enterprises, insurance companies and government departments.

Innovation of Internet Finance and Small and Micro Enterprise Financing Mode

With the rapid development of the Internet, Internet financial services are also constantly popularizing, constantly occupying an important position in the financial market, the rapid development of Internet finance has improved the way of social financial services, enriched the types of financial products, effectively solved the problems of small and micro enterprises in financing difficulties, high financing costs, slow financing speed, and played an important role in the financing of small and micro enterprises. But under the development mode of Internet finance, the financing mode of small and micro enterprises still faces some shortcomings and problems. The purpose of this paper is to introduce the current situation of Internet finance and small and micro enterprise financing, take this as the starting point to study, further analyze the problems and reasons, and analyze the relevant countermeasures according to the problems.

Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area

In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an asset swap between securities and reserves reduces banks' net worth as the cost of holding reserves cannot be matched with a reduction in their cost of funding. Exploiting euro-area syndicated lending data and the German credit registry, we provide evidence that deposit-reliant banks with relatively higher funding costs and greater exposure to large-scale asset purchases reduce corporate lending relatively more, have lower stock returns, and rebalance their interbank lending from safe to risky countries.

Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area

In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks’ asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an asset swap between securities and reserves reduces banks’ net worth as the cost of holding reserves cannot be matched with a reduction in their cost of funding. Exploiting euro-area syndicated lending data and the German credit registry, we provide evidence that deposit-reliant banks with relatively higher funding costs and greater exposure to large-scale asset purchases reduce corporate lending relatively more, have lower stock returns, and rebalance their interbank lending from safe to risky countries.

Momentum for policy change: alternative explanations for the increased interest in results-based financing in Uganda

ABSTRACT Background Results-based financing initiatives have been implemented in many countries as stand-alone projects but with little integration into national health systems. Results-based financing became more prominent in Uganda’s health policy agenda in 2014–2015 in the context of the policy imperative to finance universal health coverage. Objective To explore plausible explanations for the increased policy interest in the scale-up of results-based financing in Uganda. Methods In this qualitative study, information was collected through key informant interviews, consultative meetings (2014 and 2015) and document reviews about agenda-setting processes. The conceptual framework for the analysis was derived from the work of Sabatier, Kingdon and Stone. Results Four alternative policy arguments can explain the scale-up of results-based financing in Uganda. They are: 1) external funding opportunities tied to results-based financing create incentives for adopting policies and plans; 2) increased expertise by Ministry of Health officials in the implementation of results-based financing schemes helps frame capacity accumulation arguments; 3) the national ownership argument is supported by increased desire for alignment and fit between results-based financing structures and legitimate institutions that manage the health system; and 4) the health systems argument is backed by evidence of the levers and constraints needed for sustainable performance. Shortages in medicines and workforce are key examples. Overall, the external funding argument was the most compelling. Conclusion The different explanations illustrate the strengths and the vulnerability of the results-based financing policy agenda in Uganda. In the short term, donor aid has been the main factor shifting the policy agenda in favour of results-based financing. The high cost of results-based financing is likely to slow implementation. If results-based financing is to find a good fit within the Ugandan health system, and other similar settings, then policy and action are needed to improve system readiness.

Blockchain Monitored Debt and Capital Structure under Moral Hazard

The unobservability of the borrower's action is a major reason that smaller enterprises face high financing costs and credit rationing. We show that bank loans fully monitored by blockchain allow poor firms with low working capital to eliminate this agency cost. Interestingly, this is achieved by financing all production using fully monitored debt and leaving all internal capital unused; because the use of private, unmonitored internal capital creates unobservability whereas all-debt financing provides full transparency of operations. In contrast, rich firms find it costly to eliminate moral hazard via transparency and they prefer a mix of internal capital and unmonitored debt to finance production. We identify the working capital level at which a firm is indifferent between using all-debt or mixed financing for production. A poor firm with working capital below this indifference level strictly prefers all-debt financing and a rich firm above the level strictly prefers a debt-equity mix. We extend our results to a supply chain and show that the entire supply chain benefits from the use of monitored debt by an individual firm. The inefficient bankruptcy cost can create value under blockchain by mitigating the deadweight loss due to decentralization.

Does R&D intensity matter in the executive risk incentives and firm risk relationship?

Executive risk incentives are widely used to encourage risk-taking in all kinds of firms, especially in research and development (R&D)-intensive firms. Executive risk incentives are commonly measured as the sensitivity of executive equity portfolios to stock return volatility (Vega). Previous studies have established a positive relationship between Vega and various firm risk measures, whereas the impact of R&D on this relationship remains unknown. Using an updated dataset of S&P listed firms from 1993 to 2017, we examine whether and how the relationship between Vega and firm risk varies with R&D investments. We find that a higher Vega encourages executives to take increased total risk in R&D-intensive firms. Specifically, a higher Vega encourages executives to increase total risk by undertaking R&D projects characterized by systematic rather than idiosyncratic risk, while higher systematic risk is associated with lower firm values and higher financing costs. In sum, this study sheds light on a previously unexplored dark side of executive risk incentives in R&D-intensive firms.

Motivation, Dilemma and Countermeasures of Foreign Bond Financing of Real Estate Enterprises?Based on Perspective of Financial Internationalization

Several real estate enterprises in China (hereinafter referred to as housing enterprises) rely on overseas financing to meet their financing needs, but it is fraught with challenges such as high financing costs. Premised on the internationalization of finance, combined with the background of "staying and not speculating" and establishing a long-term mechanism for real estate market, based on the investigation of the financing motives of real estate enterprises, combined with a large amount of data, the present study examines the current situation and predicament of overseas financing of housing enterprises. It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost, expanding various financing channels, strengthening the supervision of overseas bond financing, and reducing the loss devaluation of RMB internally and externally.

INFORMATION AND COMMUNICATION TECHNOLOGY IN MANAGING SMALL AND MEDIUM ENTERPRISES IN NIGERIA

Information Communication Technology has generally been acclaimed as an important tool exploited by medium and large-scale enterprises for boosting profitability and enhancing viability. Though Small and Medium Scale Enterprises (SMEs) constitutes a major percentage of businesses in most countries, their ICT adoption rate is still low. This study examined the role of ICT as a tool that SMEs can deploy for the economic development of Nigeria. A questionnaire was employed and administered to a total of 175 SMEs randomly chosen from five different sectors of the Nigeria economy (educational, micro finance, transport, commerce and hospitality). Chi-square test was used to evaluate the hypothesis and the findings of the research revealed that (1) low awareness level of the benefits of ICT incorporation in the management process of most SMEs has been a major cause of its low adoption; (2) poor media transmission framework, high cost of ICT hardware, deficient government support and legislation for internet business among other factors have hindered the adoption of ICT in the management process of SMEs; (3) high cost of funds in Nigeria have also made it unprofitable for SMEs to source fund for ICT expansion and implementation. The research recommends among other measures, the investment on infrastructure and adequate incentives to promote the utilization of ICT among SMEs. Investment banks and other specialized institutions should brace up with their responsibilities and promote local industries through affordable credit schemes.