NILAI PERUSAHAAN : EFEK DARI DEBT TO ASSET, LIQUIDITY DAN INTELLECTUAL CAPITAL DI MEDIASI OLEH RETURN ON ASSET.

Penelitian ini bertujuan untuk menguji dan menjelaskan pengaruh Debt To Asset, Liquidity Dan Intellectual Capital Terhadap Return On Asset. Baik Pengaruh langsungDebt To Asset, Liquidity Dan Intellectual Capitaterhadap Nilai Perusahaan Serta pengaruh tidak langsung Debt To Asset,Liquidity Dan Intellectual Capital terhadap Nilai Perusahaan melalui Return On Asset.Teknik pengambilan sampel penelitian ini menggunakan metode purposive sampling.Data yang digunakan adalah data kuantitatif berupa laporan keuangan tahunan yang terdaftar di Bursa Efek Indonsia. Adapun Variabel Independen dalam penelitian ini yaitu Debt To Asset, Liquidity juga Intellectual Capital dan Nilai Perusahaan sebagai variabel dependen serta Return On Asset sebagai variabel mediasi dengan total sampel yang memenuhi kriteria penelitian sebanyak 18 perusahaan sektor Wholesaler and retailer periode 2014 s/d 2017 dan dilakukan analisis datanya menggunakan analisis jalur (path analysis).Hasil penelitian ini menunjukkan bahwa Debt To Asset, Liquidity Dan Intellectual Capital berpengaruh terhadap Return On Asset. Serta Secara langsung Debt To Asset, Liquidity Dan Intellectual Capital berpengaruh terhada Nilai Perusahaan. Juga secara tidak langsung Debt To Asset, Liquidity Dan Intellectual Capital berpengaruh terhadap Nilai Perusahaan melalui Return On Asset.

The Central Bank as Lender of Last Resort

In this chapter we review the function of the central bank as lender of last resort (LOLR), starting from the understanding of financial crises developed in the previous chapter. We recall long-established LOLR principles: proactive lending, inertia of the central bank risk control framework, and risk endogeneity. Because of its systemic role, a central bank should not tighten its collateral framework in a crisis, as restrictive policies are likely to not only increase the overall damage done by a crisis to society, but to even increase central bank losses. We explain in more detail the main reasons why a central bank should act as LOLR: prevent negative externalities from fire sales; its unique status as institution with unlimited liquidity; its status as a risk-free counterparty making others accept to deliver collateral to it even at high haircuts; and its mandate to preserve price stability. We distinguish three different forms of LOLR: elements built into the regular operational framework; readiness to relax parameters in a crisis; and provision of emergency liquidity assistance to individual firms. We then discuss what could be the optimal propensity of a central bank to engage in LOLR activities and outline possible trade-offs. Last but not least, we develop a bank-run model which highlights the role of asset liquidity and central bank eligible collateral. We calculate through a model variant with binary asset liquidity and uniform central bank collateral haircut, but then also introduce a model variant with continuous asset liquidity and haircuts.

Asset Liquidity and Fiscal Consolidation Programs

We argue that the relationship between wealth inequality and fiscal multipliers depends crucially on the type of fiscal experiment used, and on the measure of wealth distribution. We calibrate an overlapping generations model with incomplete markets for different European economies and use Household Finance and Consumption Survey (HFCS) data to compare fiscal multipliers when models are calibrated to match the distribution of gross vs. net wealth. We find a negative relationship between fiscal multipliers and wealth inequality when considering fiscal consolidation programs, in contrast to fiscal expansion experiments which are standard in the literature. The underlying mechanism relies on the relationship between the distribution of wealth and the share of credit‑ constrained agents. We examine the role of household balance sheet compositions regarding asset liquidity and find that when calibrating the model to match liquid wealth, the relationship between wealth inequality and fiscal multipliers is much stronger.

Blockchain securitization: an innovative technology to boost asset liquidity

The main aim of this paper is to show the potential benefits for the Securitisation process, both in terms of the setup of operations and in the entire product life cycle, derived from the adoption of the Blockchain Technology. For this purpose, we focused on the different aspects, starting from the securitisation market in which we analysed the causes of the decrease in the number of operations occurred in the last decade, although there still is a strong need to securitise some types of assets such as NPL’s and Trade Receivables. Specifically, for these two types of assets we represent the securitisation process with the As-Is limits and improvements made possible by the blockchain technology application. Along this “path” we have deepened some key aspects of the blockchain and how the application of this technology may help Financial Institutions to experience a strong reduction in operational risks and costs, liquidity risk and credit risk on managing the underlying assets. At the same time, the new framework might give to a wider category of individuals access to a product that otherwise would have been available only to a limited number of more sophisticated investors, tapping from more structured, controlled and certified information. All this being achieved at no additional costs but rather with stronger and more organized and transparent product structures.