绿色配额初始分配与定价:模式设计及应用

绿色配额只有在政府强制实现对环境产权有偿初始分配的前提下才能有效发挥引导行为的"限外奖正"作用.由于绿色配额客体的公共属性,初始分配实质上是把社会总体福利置于理性微观主体间的配置,应综合考虑福利的代际补偿成本和个体的代间交易成本,在实行标价限量配置方式下,以边际环境损害为基础,体现交易成本地区差异的定价机制.     

评深圳市碳排放权交易相关规定之进步与不足

碳排放管控制度、配额管理制度、抵消制度、交易制度和第三方核查制度是《深圳经济特区碳排放管理若干规定》的基本制度。深圳市与国内其它碳排放权交易试点的相关规定相比较,其进步主要体现在：“四种类型、三个板块”的独特交易体系的设计,企业碳排放核查制度的开启,初始分配方式的灵活化,政府对碳排放市场价格的调控。但在交易主体的界定以及无偿分配的配额量方面还是存在着一定的缺陷。     

欧盟碳市场中碳成本传导的影响因素研究

以欧盟碳市场的实践为背景,分析碳交易中对电价影响因素——碳成本的传导.研究配额的初始分配方法,初始分配法下对边际成本的补贴、对市场价格的影响,电力市场结构和外部竞争对碳成本传导的影响.     

评深圳市碳排放权交易相关规定之进步与不足

碳排放管控制度、配额管理制度、抵消制度、交易制度和第三方核查制度是《深圳经济特区碳排放管理若干规定》的基本制度。深圳市的进步主要体现在：＂四种类型、三个板块＂的独特交易体系的设计。但在交易主体的界定以及无偿分配的配额量方面还是存在着一定的缺陷。     

欧美排放权交易市场体系的比较分析

从欧美排放权交易市场体系的发展状况入手，分别对市场交易体系的市场结构、所涵盖的气体和行业、初始配额的分配、承诺期的长短、跨期借入和储存配额、监管惩戒措施等多个方面加以比较分析，为我国碳排放权交易市场体系的建立、完善提供参考。     

论绿色贸易壁垒对中国纺织服装行业的影响

随着全球纺织服装贸易配额的全面取消,纺织品配额已不再是贸易歧视、限制出口的主要障碍,取而代之的是产品质量的环境指标和安全认证等绿色贸易壁垒.     

欧盟碳排放权分配体系的探讨及借鉴意义

国务院于2011年颁布《“十二五”控制温室气体排放工作方案》,建立了我国碳排放配额分配体系。但由于施行时间较短,分配体制并未成熟。碳排放权分配机制是未来开展碳排放配额交易市场的核心支撑体系。欧盟碳排放权交易系统下的分配机制发展成熟且成效显著,具有较强借鉴意义。本文通过深入分析欧盟碳排放配额的分配机制与特点,结合我国现有分配制度,为完善我国碳排放分配模式提供建议。     

论我国碳排放配额分配机制的法律构建

面对全球碳排放交易机制的迅速发展和国内产业升级的资源整合需要,中国亟需建立国内碳排放权交易机制,特别是作为其基石的配额分配法律制度。作为碳交易机制的法律机理,应明确国内碳排放权配额分配以行政许可为其运作模式,采用"总量—分配"的配额分配制度,分阶段、渐进式从无偿分配过渡到有偿购买,并将其与清洁发展机制有效衔接,以确保我国碳排放权配额分配机制的成功构建。     

绿色金融支持下的生态福利绩效影响及其空间效应研究

选取2010—2020年我国省际面板数据,运用超效率SBM模型和熵值法分别测度生态福利绩效和绿色金融发展水平,然后基于Tobit回归模型和空间计量模型实证分析绿色金融对生态福利绩效的影响。研究结果表明,我国生态福利绩效和绿色金融发展水平总体上呈现上升趋势,但区域间存在差距;在传导路径上,绿色金融能够通过技术进步效应和产业结构转型效应两条路径提升生态福利绩效;考虑空间因素后,绿色金融发展能够显著提升本地区及邻近地区的生态福利绩效,但在西部地区的影响效果尚不显著。为提升我国生态福利绩效,从完善绿色金融评价机制、加快技术创新、推动产业结构转型升级以及发挥东部地区的示范扩散效应等角度提出建议。     

绿色证书交易机制的经济学研究

绿色证书是一种可交易的,能兑现为货币的凭证。绿色证书是指对可再生能源发电方式进行确认的一种指标,绿色证书代表一定数量的可再生能源的发电量。绿色证书交易系统是指专为绿色证书进行买卖而营造的市场,在这个市场中,绿色证书的持有者（多指可再生能源发电商）能够与承担指定配额义务的绿色证书需求者交易绿色证书。通俗的理解就是未完成可再生能源配额指标的发电商通过购买绿色证书来作为弥补完成配额指标。本文主要分析绿色证书交易的二元主体经济和费用效益。     

Export Quota Allocations, Export Earnings, and Market Diversification

Countries facing voluntary export restraints (VERS) often adopta two-tier allocation system for export licenses to the restrictedmarket; (1) a "basic" allocation related to export shares tothe restricted market; and (2) an "open" allocation based onexport shares to the nonrestricted market. Such a two-tier allocationsystem increases exports to the nonrestricted market beyondthe levels which would exist under a single-quota allocationsystem and has an efficiency cost as it results in some salesbeing made at less than marginal cost. The history of VER negotiationsprovides a rationale for such a policy and suggests that therecent increase in antidumping cases may be partly associatedwith the adoption of two-tier quota allocation systems.     

Joint Audits: Does the Allocation of Audit Work Affect Audit Quality and Audit Fees?

Audit quality and cost consequences of joint audits have been continually discussed, especially since the publication of the European Commission’s Green Paper in 2010. We provide new empirical evidence for the French audit market. We show that a more balanced audit work allocation between the engaged audit firms reduces the audit quality and enhances the audit fees as compared to an unbalanced work allocation. We measure the quality effects following the concept of abnormal accruals and the concept of cosmetic earnings management. As unbalanced joint audits have parallels to single audits, our results have interest to those debating the benefits and costs of joint audits as compared to single audits.     

Not So Seamless? Performance Related Pay and Financial Control in English Schools

The introduction of performance related pay (PRP) in English schools, following a 1998 Green Paper, was presented as a seamless policy. Incentives for teachers to contribute to performance targets would mean that performance management would be closely linked with the allocation of school budgets. This article traces the problems of implementing this policy stemming from its expenditure implications. The initial criterion-referenced stance adopted by the Government has been progressively abandoned in the light of concerns over the cost of the scheme. As a consequence, the Government has increasingly moved to a policy of imposing limits on access to PRP which threaten to reopen political conflicts over the extent to which PRP is an equitable form of pay determination in schools.     

Lobbying for size and slice of the quota

International Tax and Public Finance - The formation and allocation of an emission quota are analyzed in a common agency framework with two stages. First, the principals lobby for the size of the...     

Capital Allocation in Financial Firms

This paper develops a theory of capital allocation in financial intermediaries where the cost of "risk capital" is a critical consideration. The implication for capital budgeting is that financial firms should use a modified NPV rule in which projects are valued by calculating the NPV of cash flows using marketdetermined discount rates and then subtracting a deadweight cost of capital that reflects the project's marginal contribution to firm-wide risk.
By taking account of deadweight costs—mainly monitoring and moral hazard costs associated with having too little equity capital as well as "free cash flow" agency costs and higher taxes associated with having too much—the capital allocation model predicts that financial firms will diversify across businesses with similar deadweight costs. Such diversification reduces the cost of risk capital for the individual businesses, thereby creating more profitable investment opportunities at the margin and enabling the businesses to operate on a larger scale. The authors note that their model has similarities to but also important differences from the standard applications of RAROC models.     

绿色信贷政策得不偿失还是得偿所愿？——基于资源配置视角的PSM-DID成本效率分析

党的十九大报告聚焦生态文明体制改革,明确提出了发展绿色金融的战略要求。商业银行作为实施绿色信贷政策的主体,更加关注因此而产生的成本效率问题,即考量银行自身是得不偿失抑或得偿所愿？本文基于2005—2017年间73家中国商业银行的数据,首先,运用SFA模型测算商业银行的成本效率;其次,运用倾向得分匹配—双重差分法(PSM-DID)实证分析绿色信贷政策对银行成本效率影响的净效应;最后,采用边际动态检验方法考察绿色信贷政策净效应的影响趋势。文章发现绿色信贷政策的实施会通过成本效应机制降低银行成本效率,但同时因其改善了银行的信贷风险管理、提升了银行的声誉,从而对银行成本效率施加正向影响。此外,文章还发现绿色信贷政策的净效应呈现U型趋势,表现为2007—2013年绿色信贷政策净效应负向影响加深,2014年后出现转好信号,现已越过U型谷底。因此,从长期看,绿色信贷政策将有利于银行成本效率提升。     

A Study of the Brokerage Cost Allocation in a Rental Housing Market with Asymmetric Information

We analyze the brokerage service cost allocation in the rental housing market. We explain the alleged inconsistent phenomenon of landlords only occasionally requiring tenants to incur mediation cost. We show that when asymmetric information is introduced, under which tenants tenure horizon is unobservable to landlords, a separating equilibrium may be attained, in which the length of the tenant's tenure horizon is directly related to his share in the brokerage commission. Finally, we empirically examine and confirm a set of the model's assumptions and derivations within the rental housing-market framework.     

Inter-Departmental Cost Allocation and Investment Incentives

This paper endeavors to demonstrate that fixed cost allocation can align investment incentives in a multi-period and multi-division setting. In a decentralized firm, a divisional manager can make an investment that benefits both his own and the operations of a downstream division. The relative budgeted activity (RBA) cost allocation method assigns fixed cost charges according to the ratio of a divisions budgeted activity in proportion to that of the firm, and thereby resolves the hold-up problem created by the decentralized setting. Internal accounting rules can be designed to give managers strong incentives to internalize the firms objective regarding efficient investment levels, and alleviate the tension between ex ante investment efficiency and ex post production efficiency. This paper examines how much the fixed charges should be in order to achieve the optimal level of investment.     

The impact of cost allocation errors on price and product-mix decisions

We use simulations to examine the impact of cost allocation errors on pricing and product-mix decisions. We compare the imperfect cost allocation of cost systems based on heuristics to the ideal cost allocation of a benchmark model. First, we find that more complex cost systems are associated with substantially lower profit errors. Second, we decompose the profit error and find that production quantity errors are larger than product portfolio errors indicating that reducing product portfolio errors is less critical in designing cost systems. We also document that overproduction errors are larger than underproduction errors and errors from keeping unprofitable products are larger than errors from dropping profitable products suggesting that cost systems tend to underestimate full costs. Third, we find that profit errors increase for more complex cost systems as resource sharing levels rise, which is an interesting counter intuitive result.     

Optimal Disbursement of a Sunk Resource and Decentralised Cost Allocation

We consider whether the allocation of the sunk cost of a central resource to operating divisions can be consistent with economically optimal resource consumption decisions. When it is recognised that the central resource is scarce, one may, in principle, defend the allocation of sunk cost, if it measures the opportunity cost of usage. However, typically it has been proposed that such allocations are, at best, a proxy for opportunity cost. Applying classical control theory techniques in a wide range of operating environments, we are able to identify cost allocations that exactly equal opportunity cost. Hence, for our model environment, we provide a rationale for sunk cost allocation in terms of guiding optimal decisions, in contrast to the traditional defence in terms of providing a proxy for opportunity cost. We demonstrate clearly how cost allocations are related to opportunity costs, and identify the circumstances under which the allocation of full costs or alternatively a fixed proportion (related to acquisition conditions) of costs, results in the implementation of economically optimal resource consumption decisions.