地方政府投资、二氧化碳排放与二氧化碳减排——来自中国省级面板数据的证据北大核心CSSCI

改革开放对中国政府体系最突出的影响就反映在中央对地方的分权,这种分权极大地调动了地方政府发展本地经济的积极性已是一个研究共识。在当地消费水平保持稳定的情况下,对地方政府来说发展本地经济最直接、最有效的方法莫过于提高当地的投资水平,地方政府投资在中国经济-能源-环境系统的协调发展中发挥了至关重要的作用。文章依据中国1995~2010年省级面板数据分析了中国地方政府投资与CO2排放之间的关系。结果表明,中国地方政府投资偏差与CO2排放偏差显著正相关。同时,地方政府投资对于中国CO2排放具有倒U型影响,即地方政府投资初期促进了CO2排放,而随着地方政府投资的逐渐增大,CO2排放呈现先恶化后改善的态势。     

中国对外直接投资的母国碳排放效应研究——基于2003～2011年省级面板数据

选用2003~2011年我国30个省的面板数据,基于联立方程组模型,考察了中国对外直接投资(outward foreign direct investment,OFDI)对本国CO2排放量的影响。研究表明:我国对外直接投资的增加将会给本国带来正的规模效应、产业结构效应以及负的技术效应。综合三大效应的结果显示,我国加大对外直接投资,增加了国内的CO2排放量。数据表明,我国的对外直接投资每增加1%,国内CO2排放量将会增加0.5009%,其主要原因在于具有减排作用的技术效应远低于其余两大效应,据此提出了增加技术寻求型直接投资和调整产业结构的政策建议。     

FDI与区域CO2排放关系研究——基于知识产权保护的动态门槛效应

外国直接投资（FDI）促进中国经济发展的同时，也带来了环境污染。为了分析FDI对CO2 排放的非线性影响，本文基于2005—2016 年省际面板数据，将知识产权保护作为门槛变量，利用GMM方法构建了FDI对不同地区CO2排放影响的非线性动态门槛效应模型。本文的研究结论表明：东北地区FDI对CO2排放具有双门槛效应，知识产权保护最优区间为(8.8939，,10.4714)，华北地区不存在门槛效应。东部沿海、东南沿海、黄河中游、长江中游、西北和西南六个区域存在单门槛效应。其中黄河中游地区，知识产权保护水平高于门槛值为最优区间，而其他五个区域知识产权保护低于门槛值为降低碳排放的最优区间。各地区应合理确定知识产权保护水平和外国直接投资负面清单，并通过金融优惠、构建技术共享平台等方式降低碳排放水平。     

中国CO2排放对投资结构和消费结构的弹性分析

为了分析各行业需求变动对CO2排放的影响,文章考虑产业关联状况,基于里昂惕夫静态投入产出模型,建立CO2排放量对投资结构、消费结构的弹性分析模型,并测算了中国31个行业投资需求、消费需求份额变动对CO2排放的影响,并从中筛选出了投资结构、消费结构调整的关键部门.研究结果表明:其他行业、批发和零售业、住宿和餐饮业、食品和烟草业是消费结构调整的关键部门,增加这三个部分消费需求占比,同时减少煤炭采选产品的消费需求占比对碳减排具有最大的作用.其他行业、化学工业、交通运输业、仓储和邮电业是投资结构调整的关键部门,其中减少对其他行业的投资份额,与此同时不管增加哪一产业的投资份额均有利于碳减排目标的实现.     

CO2排放的影响因素及预测研究——以江苏为例

发展低碳经济,减少CO2排放是大势所趋.通过对江苏省1996～2010年GDP、产业结构、人口、城市化率、人均收入、能源效率等因素和CO2排放量的数据进行多元回归分析发现:影响江苏CO2排放的因素主要有GDP和第三产业结构比例,其中GDP呈正向驱动效应,第三产业结构比例呈负向驱动效应,且GDP对CO2排放的影响超过第三产业结构比例.同时,预测结果表明:江苏CO2的总体排放量仍呈增加趋势,年均增长7.34％.因此,必须进一步加大产业结构、能源结构的调整和节能技术的发展.     

超稠油三元复合吞吐技术

辽河油田曙一区超稠油蒸汽吞吐井随吞吐轮次增高,地层亏空严重,周期递减迅速,采油成本增加.辽河油田特种油开发公司研究的超稠油三元复合吞吐技术,通过CO2、表面活性剂的注入,产生调剖、溶解、降粘等综合作用,有效改善了超稠油在地层的流动性,提高蒸汽吞吐效果.自2002年9月开始对该技术的施工工艺和施工参数进行不断改进与完善,初步形成适合于超稠油油藏地质特点的三元复合吞吐工艺技术.至2005年底,累计实施340井次,措施有效率86.1%,平均单并周期增油494 t,投入产出比为1:5.3,取得了明显的增油效果,经济效益显著,为超稠油油井高效稳产、增产提供了一条有效途径.     

基于投入产出表的我国进出口贸易中CO2排放分析

文章的研究目的是分析我国进出口贸易发展对CO2,排放的影响,主要通过投入产出模型进行分部门分析,同时将我国进出口贸易与国内外产生的直接与非直接CO2排放相联系.结果显示我国部分行业是CO2净出口行业,但更多的是CO2净进口行业,最终使得我国成为一个CO2净进口国.具体来说,纺织服装制造业、电气机械及器材制造业、电子通信设备制造业、其他行业、仪器及办公用品制造业以及交通运输业等行业是主要的CO2出口行业,而CO2进口行业主要集中在能源及非能源采选业、造纸印刷业、石油加工及炼焦业、化学原料及制品制造业、金属冶炼及加工制造业等.     

中国温室气体排放、能源消费与经济增长的实证分析

本文利用时间序列计量经济方法检验了中国的CO2排放量与能源消费、GDP、对外贸易、资本形成、人口等变量之间的关系。研究发现变量之间存在长期的均衡关系。长期内变量之间存在着双向因果关系;而在短期内,存在着GDP、能源消费、对外贸易、资本形成到CO2排放量等四种单向因果关系,其中CO2排放、能源消费、GDP和资本形成在各自的因果关系中所起的作用尤为显著。实证结果也发现能源消费对CO2排放具有加速影响趋势,对外贸易对CO2排放的影响也十分关键,而且变量之间存在着一个稳定的CO2排放方程。相应的政策建议是,中国应该实施低碳经济战略,加快低碳转型,发展低碳经济。     

基于GPR模型的中国“十三五”时期碳排放趋势预测

系统分析了中国CO2排放的影响因素,在此基础上建立了基于高斯过程回归的CO2排放预测模型,运用历史数据进行模型精度检验,并与传统的GM(1,1)模型、人工神经网络和支持向量机的预测结果比较。结合情景设计,预测了中国"十三五"时期的CO2排放量和CO2排放强度。结果表明:高斯过程回归模型具有显著的精度优势,中国能达到2020年CO2排放强度较2005年下降40%~45%的减排目标。指出:对于CO2减排,应结合各地区的实际情况灵活处理,以调整产业结构、优化能源结构、推动技术创新为重点,不可片面牺牲经济发展。     

夯土建筑低碳技术及CO2排放分析——以安吉生态屋为例

以浙江安吉生态屋中的夯土住宅为例,从全寿命周期角度分析其在材料选择、施工方式、构造做法、拆除方式等方面的低碳技术,测算其全寿命周期CO2排放量。结果发现,夯土住宅单位建筑面积年CO2排放量为17.37kg/m2 a,远低于普通砖混结构住宅,在建材生产、建材准备、建筑施工阶段尤为明显。夯土住宅在建材选择、施工、拆除方面的低碳技术,值得新农村住宅建设时借鉴。     

THE EFFECTS OF ABANDONMENT OPTIONS ON INVESTMENT TIMING AND INTENSITY

This paper examines how the presence of an abandonment option affects the timing and intensity of a firm’s investment. We develop a continuous‐time model wherein a firm is endowed with a perpetual option to invest in a project at any time by incurring an investment cost at that instant. The amount of the investment cost is directly related to the intensity of investment that is endogenously chosen by the firm at the investment instant. The project generates a stream of stochastic revenue flows with a concomitant stream of constant cost flows, both of which increase with the investment intensity. We show that allowing the firm to make an irreversible decision to abandon the project does not affect the firm’s optimal investment intensity if the investment cost is totally reversible. Otherwise, the option to abandon the project induces the firm to choose a lower level of investment intensity. Furthermore, we show that the presence of the abandonment option pushes down the firm’s optimal investment trigger, thereby hastening the undertaking of the project.     

Optimal Investment and Financial Strategies under Tax‐Rate Uncertainty

Abstract. In this paper, we apply a real‐option model to study the effects of tax‐rate uncertainty on a firm's decision. In doing so, we depart from the relevant literature, which focuses on fully equity‐financed investment projects. By letting a representative firm borrow optimally, we show that debt finance not only encourages investment activities but can also substantially mitigate the effect of tax‐rate uncertainty on investment timing.     

A Tax Paradox for Investment Decisions under Uncertainty

In this paper we use a real option model for assessing uncertain investment projects and we show that—due to a flexibility premium—taxes asymmetrically affect the option value of projects that differ in their riskiness. Hence, this may generate distortions. We analytically identify a set of neutral tax rates (a tax regime) that preserve the post‐tax investment threshold if taxes change, and determine normal and paradoxical settings for investments. Unlike other tax paradoxes neither depreciation rules nor loss offset restrictions cause these paradoxical reactions. Taxes affect each project individually, depending on the project risks involved. This implies that, for a variety of uncertain projects, taxes cannot be neutral on aggregate.     

企业投资项目评价指标体系选择——以湖南邵阳罗城冶炼厂投资项目为例

主要分析了企业投资项目经济评价指标体系的构成以及各指标间的关系,并以湖南邵阳罗城冶炼厂投资项目为例,系统分析了该项目的主要经济评价指标,在此基础上,应用环境评价指标和竞争者评价指标对该项目的经济可行性进行了评价。     

Understanding New Resource Projects

The surge in new resource projects has been a prominent feature of the recent strong performance of the Australian economy, with mining and energy investment accounting for almost one‐half of all private investment. Although the current round of resource investment has now peaked, as swings in the resource sector tend to repeat themselves, there is an ongoing need to carefully understand the available information sources. We use a specially developed panel of matched projects from three widely followed, but under‐researched, sources to analyze cost inflation, the biases, the degree of independence, and timeliness of each source. This information is of use to policy makers who have to closely monitor these developments, analysts following the resources sector, and project proponents wanting to know something about the typical cost profile of a project.     

DOES THE PROVISION OF PUBLIC GOODS CORRESPOND TO LOCAL DEMAND?

Recently China's central government has promoted public goods investment in pursuit of rural development and poverty reduction. However, the top down nature of investment planning may lead to mismatches between public goods projects and the demands of local residents. Using village‐ and household‐level survey data, this study seeks to identify the determinants of project implementation, focusing on investments in roads, drinking water, and irrigation. Contrary to some popular perception, our results suggest symmetry between farmers' reported demand and the types of projects implemented in their villages. The relative contribution of local demand to project implementation is seen to vary, however, across different types of public goods. (JEL D71, H41, H77, P35)     

投资项目评审的粗集和灰色理论决策模型

一项项目投资能否成功,作为整个投资过程起点的投资决策起着至关重要的作用,因此需要在项目决策阶段对该项目进行严格的评审.为了解决投资项目评审中的不确定性、信息不对称等问题,提出一种基于粗集和灰理论的投资项目评审决策模型,将决策者先验知识给定的权重同粗集确定的属性重要度结合起来确定指标最终权重,再使用模糊评判和灰色系统理论,以灰色关联度为基础,对数据进行分析,为定量评价投资项目的风险提供了有效的方法.借助计算机编程,使用一个实例验证了该模型的实用性和可行性.     

A risk evaluation method for the high-tech project investment based on uncertain linguistic variables

There are many uncertain factors in the high-tech project investment. It is necessary to use a scientific evaluation method in the high-tech investment. This paper proposes a risk evaluation method for a high-tech project investment. Firstly, the current situation of the research of a high-tech project investment is discussed. Then an evaluation indicators system is constructed and the evaluation procedure based on an uncertain linguistic weighted C-EOWA (ULWC-EOWA) operator is illuminated. Finally, this evaluation method is used in a practical example.     

Informational externalities,strategic delay,and optimal investment subsidies

Abstract This paper examines optimal government policy when private investment generates information, but investors cannot internalize the informational value their actions have to others. Equilibrium exhibits inefficient delay, as investors adopt a wait‐and‐see approach. The government can alter incentives via an investment subsidy, but complications arise, since future subsidies may induce investors to disregard current policy initiatives. The paper shows that the government achieves its desired outcome only when the the investment subsidy is financed by a non‐distortionary, lump‐sum tax. When taxation is distortionary, the government faces a time inconsistency problem that may prevent effective policy.