基于FCFF模型的上市军工企业价值评估

构建FCFF模型对上市军工企业价值进行评估,结果显示,自由现金流量、增长速度、高增长期长度和融资成本是实现军工企业价值创造和价值增长的驱动因素。提高上市军工企业的自由现金流量、保持高增长速度、延长高增长期长度和优化融资结构,加强对驱动因素的有效管理,是提高军工企业价值管理水平的基本策略。     

中国上市军工企业X效率实证分析

文章以我国38家上市军工企业2003-2006年的面板数据为样本,采用随机前沿生产函数方法研究了改制后我国上市军工企业的效率。研究结果表明,1999年我国军工企业的改制产生了积极作用,改制后上市军工企业的平均效率高达0.9769,效率损失极其微小。文章同时以X效率为理论基础分析了影响上市军工企业效率的因素,发现适度的股权集中度、优越的地理位置、较高的经营能力和人力资本的质量都有助于效率的提高,而作为股东身份代表的"国有股"对企业效率也有积极影响。文章的研究为进一步提高我国上市军工企业的效率以及为其他军工企业的改制提供了重要的经验证据和战略依据。     

基于实物期权方法的军工上市企业价值评估的实证研究

军工上市企业价值评估的实证研究表明,军工上市企业的内在价值小于市场价值。对此,应通过优化企业股权资本与债权资本的融资结构,减少加权资本成本;合理增加资本支出,提升企业资本收益;树立实物期权方法应用意识,在军工企业范围内加强价值管理,提升企业内在价值。     

军工企业财务效率分析

文章从盈利能力、成长能力、营运能力及偿债能力方面选取了13项指标,对以《wind行业分类标准》为依据的航天航空与国防行业中16家上市公司的财务效率进行了比较分析,发现军工企业与一般企业存在一定的差异,且创业板上市的军工企业目前表现较好。文章同时指出,军工企业担负着国防建设的重担,要提高上市军工企业的财务效率,除了企业自身的改进外,国家需要从外部环境上提供保障。     

转变军品生产模式 利用资本市场加速军工企业发展

随着我国资本市场的进一步成熟和规范，合理有效的利用资本市场以增强企业融资能力，已经成为推动企业的发展的一个必然途径。作为军工企业，应充分认识到资本市场对现代企业发展的重要作用，通过资本市场来丰富企业融资手段，并推动军工企业的资源整合，建立适应现代经济发展和国防建设需要的大型综合军工集团，以应对未来发展的需要。日前，中央直属军工企业已有61家上市，军工板块已经为我国证券市场上一支不可忽视的力量，而且一些军工上市公司也确实利用资本市场发展壮大了自己。但是，不可否认的是，当前我国上市的军工企业无论是从数量与质量上来讲，均与实际发展需要有所差距。而且，目前上市的大部分军工企业仍然集中在民品部分，军品生产部分在利用资本市场方面仍然处于落后水平。     

中国军工投融资体制的历史性转变

计划经济时代,军工企业发展的资金来源于政府直接投资,社会资本进入军工企业创业投资的比例不高。我国军工单一的融资渠道、单一的国有产权形式,造成政企不分和行政垄断。改革开放促使军工企业建立现代企业制度,国防资金形成渠道和机制多元化,市场融资成为国防资金形成的重要方式。军工企业开始利用直接融资获取所需要的资金,融资制度由银行主导型向现代市场转变,多元化融资方式成为市场型融资的重要特征。     

美国军火企业如何动作

前段时间，国外媒体对中国鼓励军工企业引入民间资本，并有条件地允许外资参与军工企业股份制改造的做法进行了大肆报道。其实，军工企业上市融资以及企业间的并购在国外是非常普遍的，甚至成为其发展壮大的一个重要原因。作为目前军事工业老大的美国就是一个典型代表。     

军民融合框架下金融支持军工企业面临的主要问题及对策建议

当前,在军民融合框架下,国防建设不可能仅仅依赖政府财政的单一投入,增加民间金融对国防建设的支撑势在必行.本文论述了军工企业上市融资的重要性,指出金融服务军工企业存在的主要问题,并提出相应解决办法.     

美国军火企业如何运作

前段时间,国外媒体对中国鼓励军工企业引入民间资本,并有条件地允许外资参与军工企业股份制改造的做法进行了大肆报道。其实,军工企业上市融资以及企业间的并购在国外是非常普遍的,甚至成为其发展壮大的一个重要原因。作为目前军事工业老大的美国就是一个典型代表。     

军工企业军民资源配置尺度与共享体系研究

文章阐述了影响军工企业资源配置效率的因素，用模型对资源配置的经济空间尺度和技术空间尺度进行了数理分析。并探讨了系统成员和企业管理层在资源共享过程中的作用，提出了建立军工企业军民资源共享机制和实现资源共享的途径。     

陕西省军民两用科技成果转化的SWOT分析

军民两用科技成果的转化可以促进社会资源的再分配,实现军用资源与民用资源开放共享,提高整个社会的资源利用效率,促进国防科技工业进一步发展,是国防建设和经济建设协调统一的良好举措。陕西省作为军工科技资源大省,在军民两用科技成果转化中已经取得了卓越成就,但依然存在市场潜力未被完全激发、转化效率低下和资源利用效率不高等问题。本文通过SWOT分析方法从科研院所、军工企业、民营企业、市场环境和政策指引等多个主体和维度出发,分析了陕西省在科技成果转化过程中的优劣势、拥有的机遇以及面临的挑战,在此基础上提出了符合陕西军民两用科技成果转化的一系列策略建议。     

军民融合背景下军工企业多元化发展战略研究

冷战结束后,欧美多数军工企业在军转民的过程中采取多元化的经营战略,壮大企业规模并寻求进一步的发展。随着我国军民融合战略的深入实施,军工企业不再是封闭独立的单一军品生产基地,而是顺时应势逐步实现军品和民品同步多元化发展的战略转型。通过分析我国军工企业军转民的历史进程与国际经验,结合多元化战略的特点,考察军工企业在军转民过程中实施多元化战略的动因,构建军工企业多元化战略的选择函数。本文认为,军工企业选择多元化战略应考虑企业自身实际情况,积极响应国家政策,培育核心竞争力;同时,军转民过程作为军民融合深度发展的重要一环,会促使军工企业往多元化的方向发展,而多元化战略的实施也会加快军民融合深度发展的进程。     

基于模糊语言对军事物流效益评估的多属性决策

军事物流是影响军事行动成败的重要因素,军事物流的效益与部队战斗力的形成与再生密切相关．为了更好的对军事物流效益进行评估,对于评估指标属性值,利用三角模糊数进行定量表示,结合离差最大化原理对三角模糊属性值的主客观权重进行修正．接着,利用多属性决策中的TOPSIS方法对军事物流效益进行评估．最后,结合实例说明该方法综合考虑主客观因素,有助于进行军事物流方案的选择,有效降低指挥员决策的主观随意性．     

Factors influencing the modernization of military-investment economic appraisal systems

Budgetary restrictions resulting from the present international economic crisis have tightened the need to improve efficiency in defense spending, leading to the armed forces having to undertake their duties with fewer resources. Previous reports on the subject have looked into the determining factors and effects of military spending but very few studies have analyzed the determinants for the modernization of the methodology for assessing efficiency. Thus, using a multiple regression statistical model, we have analyzed the appraisal systems in place in 28 countries to identify factors that influence the development of economic assessment of military expenditure. Our findings have revealed three factors that may favor the improvement of appraisal systems with regard to military expenditure: the quality of governance, size of the armed forces, and unemployment levels.     

试析解放初期新疆解放军工业之经济基础

解放初期中央和地方政府均无力投资新疆工业,解放军在缺衣少食的情况下发展了大批现代工业,其经济基础是自给立足、军费节约、个人积蓄和无偿劳动.     

ECONOMIC GROWTH AND VIOLENT INTERNATIONAL CONFLICT: 1875–1999

This paper extends the joint product model of military alliances to apply to the new strategic doctrine adopted by NATO in the 1990s. In particular, a choice must be made between protecting one's own territory and pooling forces for an alliancewide rapid reaction force. This new model accounts for a host of externalities and their implications for burden sharing, full financing, and allocative efficiency. The Pigouvian taxes that adjust for force thinning and attack deflection are shown to finance optimal border‐protecting forces under a variety of circumstances. Second‐best considerations arise owing to the pure publicness of rapid reaction forces. The ideal toll arrangement does not currently characterize NATO financing, nor is it likely to do so.     

DETERMINING THE DEFENCE INDUSTRIAL BASE

This paper models the determination of the defence industrial base – the number of different military systems a country decides to maintain. High R&D costs means that few countries can afford to produce major weapons systems and the producers also import systems. Non‐producers rely on imports and we assume their demand is driven by regional arms races. Military capability is determined by the number of systems and the quantity and quality of each. We examine how the defence industrial base is influenced by military expenditures, R&D costs, export controls, the nature of regional arms races and a variety of other factors.     

Performances of the defense industrial base in France: the role of small and medium enterprises

This paper employs an economic and statistical approach to get an overview of the defense industrial base (DIB) in France. It allows us to identify its main characteristics and to measure the role of small and medium enterprises (SMEs). An original data-set was built, thanks to the information from the Ministry of Defense (MOD), the French Customs Central and National Administration, the Organization for Joint Armament Cooperation (OCCAR), the North Atlantic Treaty Organization (NATO), and all the most relevant organizations specialized in the development, production or maintenance, repair, and overhaul of military goods in France. Overall, the DIB turns out as being composed of about 1800 enterprises in France (subcontractors included), of which three-third are SMEs. Along with high market concentration ratios, these enterprises are characterized by a significant military/civil duality, high labor productivity rates, and intensity in Research and Development.     

The impact of arms production on the South African manufacturing industry

The 1977 UN arms embargo was one of the main factors which led South Africa to establish a largely self sufficient import‐substituting arms industry capable of meeting the apartheid state's demand for sophisticated weaponry. While macroeconomic studies suggest that high military spending had a damaging effect on economic growth, no studies have investigated the disaggregated impact of military expenditure on industrial development. This paper applies panel data methods to the Industrial Development Corporation's Sectoral Database in order to analyse the level effects of military spending.     

Military expenditure and employment in South Africa*

Previous research into the impact of military expenditure on employment finds considerable variation across countries. This paper adds to the debate by examining the long run relationship between military burden and manufacturing employment in South Africa. Such an analysis provides an opportunity to test for crowding‐out effects and the impact of the marked decline in military spending on the South African economy. The paper finds evidence supporting the view that military expenditure will have a detrimental impact on long term manufacturing employment, adversely affecting industrial structure and efficiency.