Abstract

Abstract:The scale of local government bonds issuance shows an increasing trend on the whole，and gradually turning to independent debt issuance by local government.Sichuan province is selected as the sample region with the financial revenue and household savings on 1995～2015，and based on KMV model and KMV model with consideration the debt after the transfer，through estimating the future financial revenues and incremental savings of residents，we can calculate the growth rate and volatility and other indicators，and then work out default distance and default rates with two models，The reasons of paradox were found Along with a brief analysis.Finally，in order to effectively monitor the risks of local government bonds，the government should establishes a perfect system and transparent information disclosure system.

Keywords:Local government bondsCredit riskKMV model

Research on the Pricing of Interest Rate Linked Structured Products——Taking a Range-cumulative Financial Products as an Example

Lv YanzhaoWu XiaojingYuan Yi
（School of Economics and Management，Harbin Engineering University）

Abstract:Interest rate linked products are important structured finance products on the market，price is undoubtedly an important aspect for both buyers and sellers.After building a general model，the fair prices of interest rate linked products can be calculated.The model includes four parts：calculating the term structure of interest rates，cash flow decomposition and determination，the pricing progress and sensitivity analysis.LMM market interest rate model and Monte Carlo simulation are used to estimate the discount rate and interest rate term structure，then the future cash flows of products is identified.The theoretical price of the product is obtained by the discounted cash flow.In the empirical analysis，a range-cumulative interest rate linked product was selected to be priced fairly.The result of pricing shows that the sample product sold at a discount.So it is worth investing.After sensitivity analysis，conclusions can be drawn that the theoretical price is negatively related with discount rate and its change rate.

The interest rate linked productPricingLMM market modelSensitivity analysis

Research on Convertible Bond Financing of Listed Companies——A Case of the Convertible Bonds Financing of Space Information

Li Miaojuan

（Shanxi Techanical College of Finance and Economics）

Abstract:Convertible bonds have two kinds of properties，which are stock and bond，and it is a relatively flexible financing tool.In this paper，the convertible bond financing case is selected as the research object，and the motivation of convertible bond financing is explored.The study found that the company chose the convertible bond financing，mainly based on the following considerations:one is the use of convertible bonds lower coupon save financing costs，followed by conversion of the way to avoid the repayment of the principal；two is in the bull market in enterprise valuation is high，through the convertible bond financing can avoid the non-public offering of stock investors participation is not high，the realization of"back door equity financing"；three is through the provision design of convertible bond financing can be flexible，to provide investment timing for the project，and maintain a stable capital structure；the four is the issue and subscription of bonds for the conversion of large shareholders to provide risk-free arbitrage opportunities.

Key words:Convertible bond financingFinancing motivationSpace information

Study of Influential Factors of Loyalty in O2O Food Delivery

Chen YunjuanLei Feifei

（School of Economics&Management，Nanchang University）

Abstract:Customer loyalty is a key factor for O2O food delivery platforms to improve market competitiveness.However，as a new e-commerce model，these platforms still have problems.Therefore，on the basis of O2O food delivery platforms’characteristics and previous literature，a theoretical model is constructed including customer trust，website characteristics，offline service quality，customer satisfaction，conversion cost and loyalty.Structural equation model is used to explore influential elements and how they act，with the data collected by a questionnaire.The results show that customer trust can not only be the direct influence factor on loyalty，but also can effect loyalty indirectly through customer satisfaction together with website characteristics and offline service quality.Customer satisfaction and conversion cost are the main factors which have a direct impact on loyalty.

Key words:O2O food deliveryCustomer loyaltyInfluential factorsStructural equation model

Low Carbon Economy Perspective of Operation of Supply Chain Optimization

Wei Ying

（Institute of Engineering Management，Hohai Unversity）

Abstract:In order to determine the subjects of decentralized decision making in supply chain under the optimal decision.Based on two-echelon supply chain system composed of manufacturers and retailers，to manufacturer-centric two game model.Model 1 shows analysis of supply chain to retailers order quantity after the introduction of a carbon trading，establishing model 2 analysis of the manufacturer's carbon emissions trading impact on production costs.Conclusion indicates that carbon trading rights will bring changes in production costs，but appropriate to promote low carbon products can improve the product thinking of mining product added value.

Keywords:Low carbon product promotionApportion ratioInvest inemissionreductionCarbon trading

Credit Risk of Local Government Bonds——Based on KMV Model

Yue XiuminLiu Ya

（Sichuan Vocational College of Finance and Economics；School of Business of Sichuan Normal University）