Дэлгэрэнгүй мэдээлэл

аман илтгэл

Энэхүү судалгааны ажлаар хаалттай эдийн засаг дахь Ramsey-Cass-Koopmans (RCK) нарын загварыг ашиглахыг зорилоо. Бид RCK нарын үндсэн загварыг ашигласан ба нэмэлтээр матрицын хувийн утгуудыг ашиглан тогтвортой төлөвийн динамик загвар нь асимптот тогтвортой эсэхийг шалгах нөхцөлийг тусгасан. Тодорхойлсон динамик загварууд нь асимптот тогтвортой эсэхийг 1995-2021 оны статистикийн тоон мэдээлэл, үйлдвэрийн функц болон хүн амын өсөлтийн үнэлгээг ашиглан шалгасан. Шинжилгээний үр дүнд Монголын эдийн засгийн хувьд нийгмийн сайн сайхан байдалд хүргэх максимум хэрэглээг хангахын тулд капиталын хэмжээг 3 дахин, үйлдвэрлэлийн хэмжээг 1.6 дахин нэмэгдүүлэх шаардлагатай байна.

Good corporate governance has multiple impacts on stakeholders, the environment, and society. There are many ways to define good corporate governance. In this study, we try to define good corporate governance in Mongolian listed companies and find that companies with good governance led to good financial performance. An empirical analysis is made based on the 2016-2020 audited reports regarding some of the corporate governance and financial performance indicators of the first and second classification joint stock companies of the Mongolian Stock Exchange. The result of this study concludes that good corporate governance has a positive effect on financial performance.

Good corporate governance has multiple impacts on stakeholders, the environment, and society. There are many ways to define good corporate governance. In this study, we try to define good corporate governance in Mongolian listed companies and find that companies with good governance led to good financial performance. An empirical analysis is made based on the 2016-2020 audited reports regarding some of the corporate governance and financial performance indicators of the first and second classification joint stock companies of the Mongolian Stock Exchange. The result of this study concludes that good corporate governance has a positive effect on financial performance.

Санхүүгийн тайлагналын тоо мэдээллийг ашиглахаас өмнө мэдээллийн үнэн зөв байдал, залилангийн ямар нэг эрсдэл байгаа эсэхийг нягтлах шаардлага үүсдэг. Энэ зорилгоор олон улс дахь практик аргачлалуудыг судлан Уул уурхайн салбарын 388 бодит компанийн санхүүгийн тайлангийн мэдээллийг ашиглан санхүүгийн тайлагналын залилан байж болзошгүй байдлыг эконометрикийн Ложит загвараар шалгалаа. Бидний тодорхойлсон загвар нь 8 тайлбарлагч хувьсагчтай ба бодит байдалд нийцэх түвшин нь 80 хувийн биелэлттэй байна. Тус загварын үр дүн нь олон улсад түгээмэл хэрэглэдэг загваруудтай харьцуулахад харьцангуй сайн байна.

Энэхүү судалгааны ажлаар ажлын капиталын эзний өмчид үзүүлэх нөлөөллийг шалгана. Ингэхдээ орлого үр дүнгийн тайланг ашиглахгүйгээр зөвхөн баланс дээр тулгуурлан эргэлтийн хөрөнгө, үндсэн хөрөнгө, богино хугацаат өр төлбөр гэсэн үзүүлэлтээр Панел шугаман бус регрессийн тэгшитгэлийг байгуулна. Тодорхойлсон тэгшитгэлийн параметрүүдийн утгууд дээр үндэслэн гурван таамаглал дэвшүүлж, таамаглал бүрийг биелэгдэж байгаа эсэхийг шалган, дүгнэлт өгнө. Панел шугаман бус регрессийн үнэлгээнд Монголын хөрөнгийн биржид бүртгэлтэй 21 хувьцаат компанийн 2016-2022 онуудын тоон мэдээллийг авч ашигласан. Тус загварын үнэлгээний үр дүнд цэвэр ажлын капитал 10 хувиар өсөхөд эзний өмч ойролцоогоор 4 хувиар өсөхөөр байна.

The paper illustrates an application of sphere packing theory based on the capital structure of financial management. The entire process is modelled as a new optimization problem formulated as the sphere packing problem to define the capital structure. Numerical results are provided on an example of APU JSC of Mongolia.

Энэхүү судалгаа нь компанийн үнэлгээний загваруудад үндэслэгдэх ба 2005-2021 оны хооронд олон нийтэд хувьцаагаа зарласан Монголын Хөрөнгийн Биржид бүртгэлтэй 23 компанийн өгөгдлийг ашигласан. Судалгааны үр дүнд компаниудын дийлэнх нь хорогдуулсан мөнгөн урсгалын загварт суурилж үнэлгээг хийдэг бол харьцаанд суурилсан үнэлгээний загварыг үндсэн үнэлгээг дэмжих байдлаар ашигладаг. Харин хөрөнгөнд суурилсан загварыг компанийн хувьцааны үнэлгээнд ашиглаагүй ч үнэлгээг бодит таамаглагдсан эсэхийг батлахад хэрэглэж байна.

Энэхүү судалгааны ажлаар орон нутгийн бие даасан байдалд нөлөөлөх газарзүйн, хүн ам, улс төр, эдийн засгийн онцлогийг шинжилсэн. Бид 21 аймгийн 2012-2021 оны тоон мэдээллийг ашигласан ба Панел регрессээр үнэлгээ хийсэн. Үнэлгээний үр дүнд орон нутгийн бие даасан байдалд улс төр, эдийн засгийн онцлог хамгийн их нөлөөтэй байна. Дараа нь хүн амын онцлогоос илүүтэйгээр газарзүйн онцлог давамгай байна.

We formulate a new optimization problem which arises in the Bank Asset and Liability Management (ALM). The problem is a fractional programming which belongs to a class of global optimization. Most of optimization problems in the Bank Asset and Liability Management are return maximization or risk minimization problems. For solving the fractional programming problem, we propose curvilinear multi-start algorithm which finds the best local solutions to the problem. Numerical results are given based on the balance sheets of 5 commercial banks of Mongolia.

Энэхүү судалгааны ажлаар банкны дампуурлыг таамаглах ложит загварыг шинжилсэн. Тус загварт бодит хүү, бодит ДНБ-ий өсөлт, ханшийн хүлээлт, ДНБ-нд эзлэх төсвийн алдагдал болон худалдааны тэнцлийг авч үзсэн. Загварын туршилтыг 1999-2021 оны үйл ажиллагаагаа зогсоосон, зогсоогоогүй банкууд дээр хийв. Үр дүнд нь бидний санал болгож буй загвар бодит байдлын 82 хувьд нийцтэй байна.

Abstract We formulate a new optimization problem to define the capital structure. The problem is fractional programming (FP) which reduces to a linear programming problem (LP). Numerical results based on the balance sheet of APU JSC of Mongolia have been obtained on Matlab. 1. Introduction The capital structure of a company decides how to spend money that the company has earned. Capital structure refers to investing a companys financial resources in ways that will increase its efficiency, and maximize its profits. Therefore, a companys management seeks to allocate its capital in ways that will generate as much as possible for its equity. A company can finance its operation with either equity or debt. A mix of both equity and debt was first formulated by [1]. This study explains the relationship between capital structure and the value of the company. The first their model was based on some strong assumptions such as no brokerage costs, no taxes, and no bankruptcy costs. After that, they relaxed the assumption that there are no corporate taxes in 1963 [2] and no bankruptcy-related costs in 1977. According to [1], the selection between debt and equity does not have any material effect on the value of a company, but when tax and bankruptcy costs are considered, this leads to the existence of an optimal capital structure. However, at that time, some financial theorists have failed to determine its existence. The disadvantage of [1] theory has moved to the trade-off theory of leverage. This theory was proposed by [3]. They attempted to balance the benefits of the tax shield against the present value of the possible cost of financial distress. Financial articles [1]- [3] are not considered in information to the market. If managers have inside information, [4] showed that their choice of capital structure will signal information to the market in 1977. Under the asymmetric information between management and investors, signals from companies are crucial to obtain financial resources. A signaling theory contexts many concepts for the costly signaling equilibrium discussed by [5], the costless signaling equilibrium proposed by [6], and the signaling paradigm demonstrated by [7]. The theory next of capital structure is the pecking order theory. Originally developed by [8], it considers the role of information asymmetries between companies and capital markets. According to [8], companies use internal funds that are less costly than external funds. Therefore, companies prefer debt to equity because of lower information costs associated with debt issues, while equity is rarely issued. Later, these ideas were tested and confirmed by [9]. Extensive empirical work has been completed in the finance field on the theories of capital structure. In particular, the sensitivity of investments to changes in equity is greater during the financial stress period [10]. Credit constraints are more important for companies with weaker internal finance positions [11]. Companies adjust to long-run financial targets for equity, debt, and leasing, but that additional financing needs follow a pecking order that is stronger for companies with greater asymmetric information problems [12]. However, the application of these theories in terms of mathematical modeling to manage a financial statement of a company is limited. Numerous empirical studies above in the finance field mainly depend on econometrically and statistically test. The purpose of this paper is to construct a mathematical model for the capital structure problem. The paper is organized as follows. In Section 2, we prove auxiliary lemmas for constructing a mathematical model for capital structure. Profit maximization problem as fractional programming is formulated in Section 3. In Section 4, linear programming reduction of fractional programming has been given. Computational results are given in Section 5.

Энэхүү судалгааны ажлаар тогтвортой өсөлтийн суурь загварт үндэслэн борлуулалтын орлогыг экспоненциал болон квадрат экспоненциал загвараар таамаглаж болно гэдгийг харуулав. Боловсруулсан загварын туршилтыг МЦХ ХК-ийн 2012-2020 оны борлуулалтын орлого дээр туршсан ба үр дүнд нь квадрат экспоненциал загвар илүү нарийвчлалтай таамаглаж байна.

The paper illustrates an application of sphere packing theory based on the capital structure of financial management. The entire process is modeled as a new optimization problem formulated as the sphere packing problem to define the capital structure. Numerical results are provided on an example of APU JSC of Mongolia.

Энэхүү судалгааны ажлаар орон нутгийн санхүүгийн хараат байдалд нөлөөлөгч хүчин зүйлийг тодорхойлох онолын загварыг томъёоллоо. Тус загвар нь сонгодог эдийн засгийн өсөлтийн онолд суурилсан ба Панел регрессийн хэлбэрт бичигдсэн. Загварын хязгаарлалтын хүрээнд нийт 9 үзүүлэлтийг тодорхойлсон. Загварын туршилтыг хийхдээ Монгол улсын 21 аймгийн 2012-2020 оны Панел тоон өгөгдлийг ашиглаж, эконометрикийн үнэлгээ хийсэн. Үнэлгээний үр дүнд орон нутгийн санхүүгийн хараат байдлыг бууруулахад хувь хүний орлого болон автотээврийн хэрэгслийн албан татварын орлогыг нэмэгдүүлэхээс илүү орон нутгийн төсвийн зардлыг танах нь нэн чухал байна.

The rate of growth can be affected by policy choices through the taxation [2]. An increase in taxation reduces the returns to investment. Lower returns mean less accumulation and innovation, and hence a lower rate of growth. This is the negative aspect of taxation. Indeed, some public expenditure can enhance productivity, such as the provision of infrastructure, public education, and health care.

Вейбулл хэлбэрийн тархалтыг ашиглан жолоочийн даатгалын нөхөн төлбөр гарах магадлалыг регрессийн тэгшитгэлээр тооцоолсон. Энэхүү магадлал нь насны онцлогоос хамааран тодорхойлогдоно. Судалгаанд 2016-2018 оны жолоочийн даатгалд давхардсан тоогоор хамрагдсан 805844 даатгуулагч, нөхөн төлбөр авсан 45063 даатгуулагчийн тоог хамруулсан. Судалгааны үр дүнд жолоочийн даатгалын итгэлцүүр гурвыг сайжруулах боломжтой гэж дүгнэсэн.

Энэхүү судалгааны ажлаар Скаллигийн загварын [1], [2] гурван тохиолдлыг өөрийн орны нөхцөлд шалгасан. Эхний тохиолдолд өргөжилтийн үр өгөөж тогтмол гэсэн үйлдвэрлэлийн функцийг авч үзсэн. Хоёрдах тохиолдолд мэдрэмжийн параметрийн зааглалтгүй, өргөжилтийн үр өгөөж тогтмол бус үйлдвэрлэлийн функцээр эконометрикийн загвар ажлуулсан. Эцэст нь зааглагдсан регрессийн загвар нь гүдгэр олонлогийн хувьд минимумчлах бодлогын шийдээр шийдэгдсэн. Мөн бид Скаллигийн үйлдвэрлэлийн функцийг [1], [2] [3] гэсэн судалгаанууд дурдсанаар U хэлбэрийн функц гэдгийг баталсан.

The purpose of this paper is to examine bank brand equity from consumer perspectives. In particular, we analyze an internationally approach in the brand value. Data were collected from 504 customers of the five largest banks in Mongolia. The results from this study show: (1) Brand equity based customers has been studied from 69.3 percent. The equity value of the biggest banks was accounted for 66.75-81.25 percent. (2) Brand equity consists of four types of factors, and brand image was the highest scores. The lowest for scores was included brand loyalty. (3) The factors influencing brand equity were different and explained 0.43-0.88 percent of R-squared.

We apply Markowitz portfolio theory to Mongolian economy in order to define optimal budget structure. We assume that the government revenue is a portfolio consisting of seven major taxes and non-tax revenues. We minimize the variance of the portfolio under fixed return of the government revenue. This optimization problem has been solved by the conditional gradient method on MATLAB. Computational results based on Mongolian economic data are provided.

We examined three cases of Scully model [1] [2] for Mongolian economy. In the first case, we consider the production function with constant returns to scale. In the second case, we employ an econometric model for the production function with none constant return to scale without constraints on parameters of elasticities. Finally, the constrained regression model has been implemented by solving a convex minimization problem over a convex set. Also, we have proved that Scully production function namely, “ U shape function” in the literature [1] [2] [3] in fact is concave function under some assumptions.

We formulate a fractional programming problem which arise in the Bank Asset and Liability Management (ALM). Most of optimization problems in the Bank Asset and Liability Management [2-13] are return maximization or risk minimization problems. For solving the fractional programming problem, we propose Dinkelbach [1] algorithm which converges locally. Numerical results are given based on the balance sheets of 5 commercial banks of Mongolia.

We examined three cases of Scully model [1] [2] for Mongolian economy. In the first case, we consider the production function with constant returns to scale. In the second case, we employ an econometric model for the production function with none constant return to scale without constraints on parameters of elasticities. Finally, the constrained regression model has been implemented by solving a convex minimization problem over a convex set. Also, we have proved that Scully production function namely, “ U shape function” in the literature [1] [2] [3] in fact is concave function under some assumptions.

The main purpose of this research paper is to study about the brand valuation methodologies and to estimate Mongolian top commercial banks brand values by using the superior methodology. We used Interbrand and Hirose methodologies based on the last five year’s financial statements of Khan Bank, Trade and Development Bank (TDB), and Golomt Bank to estimate their brand value from 2016 to 2018. The results of our research paper are the following: (1) Brand strength of Khan Bank, TDB and Golomt Bank was 77, 55 and 54 respectively. (2) The discount rate of the commercial banks was between 7.58 and 8.92, as we estimated. (3) The brand value of TDB estimated as 243.2 billion MNT, and Khan Bank’s brand value was 131.8 billion MNT, while the brand value of Golomt bank was 44.3 billion MNT in 2018. The brand value of the three banks was unequal for the last three years, due to the difference in factors and the changing risk funds of the selected banks.

Purpose - The main purpose of this research work is to study about the brand valuation methodologies and to estimate Mongolian top commercial banks’ brand values by using the superior methodology. Design/Methodologies/approach - This research is exercised on the last three years’ annual financial reports of Khan Bank, Trade and Development Bank and Golomt Bank, which are top commercial banks of Mongolia. This research used Interbrand methodology with its “S” curve and Hirose methodologies to estimate their respective brand values from 2016 to 2018. Findings - The results of our research paper are the following: (1) Brand strength of Khan Bank, TDB and Golomt Bank registered at 77, 55 and 54, respectively; (2) The discount rate of the commercial banks under study was estimated at between 7.58 and 8.92; (3) The brand value of TDB was estimated at 243.2 billion MNT, and Khan Bank’s brand value was 131.8 billion MNT, while the brand value of Golomt Bank was 44.3 billion MNT in 2018. The brand value of the three banks was unequal for the last three years, due to differences in factors, such as changing risk funds of the selected banks. Research implications or Originality - Researchers predicted that Khan Bank’s brand value to get the highest score due to its total assets, number of departments, accumulated assets, and margin level. However, the result was different from our prediction and Trade and Development Bank has the highest brand value because of its high brand value. Furthermore, by estimating the brand value of local commercial banks for the first time, we are enabling commercial banks to compare their results with competitors and it will influence positively to the development of the banks and banking sector

The aim of this paper is to study theoretical aspects of export credit insurance in the framework of microeconomics and analyze the economic impacts of an export credit program on trade flows within a framework of a microeconomic analysis. A multi-country trade model has been developed based on optimization methods and algorithm. For our theoretical analysis, we consider a multi-country trade model when one of countries imports an export good from other countries.