我国涉外企业外汇交易风险研究

随着世界经济逐步向全球一体化的方向发展以及我国对WTO相关条款的逐步履行,我国与其他国家的经济往来也变得更加频繁。更为重要的是,我国外汇管理体制改革的进一步深化和外汇市场的发展和完善,使得人民币汇率开始走向市场,汇率变动的频率和范围将大大增强。因此,在这一背景下,本文以科学性和前瞻性为指导原则,通过阐述我国涉外企业面临的外汇交易风险现状和问题,揭示这类企业加强外汇交易风险管理的必要性,在此基础上,来探讨外汇交易风险对我国涉外企业净利润的影响,最终结合我国外汇管理体制改革的实践,提出有效防范和规避外汇交易风险的建议和对策。     

论股权配给作用于宏观经济波动的机理

当宏观经济进入衰退阶段时,由于融资企业的股权配给,融资企业投资的边际破产成本上升,这将导致融资企业的投资下降,在投资乘数原理和加速数原理的相互作用下,会使宏观经济衰退更加严重,宏观经济陷入经济衰退与股权配给相互作用的恶性循环中,宏观经济衰退的程度会进一步加大。当宏观经济进入繁荣阶段时,具有与上述相类似的过程,会导致宏观经济持续过度繁荣。因此,股权配给是宏观经济波动的加速器。我国的现实是,从微观上看,上市公司具有强烈的股权融资偏好;从宏观上看,政府进行股权配给。两者的共同作用,使股权配给具有平抑宏观经济波动的功能。     

西气东输工程用大口径X70级螺旋埋弧焊钢管的力学性能研究

以大量生产检验数据,对西气东输管线的力学性能进行了综合研究,并对其受包申格效应的影响情况进行了分析.     

Bank net interest margins,the yield curve,and the 2007–2009 financial crisis

Using quarterly call report data from 2000 to 2016, we reexamine the relationship between net interest margins (NIM) and the yield curve for more than 5,500 U.S. commercial banks. In the full sample, yield curve and RGDP growth have positive effects on NIM, while inflation and deposit‐to‐loan ratios (D/L) have negative effects. Splitting the sample around the 2007–2009 crisis, we show the impact of yield curve and RGDP growth on NIM increasing during the “recovery” (2009Q3 to 2016Q4), and inflation and D/L changing signs. Positive effects of yield curve on profits vary with bank size and change over time.     

The impact of population growth and climate change on food security in Africa: looking ahead to 2050

Providing nutritious and environmentally sustainable food to all people at all times is one of the greatest challenges currently facing society. This problem is particularly acute in Africa where an estimated one in four people still lack adequate food to sustain an active and healthy life. In this study, we consider the potential impact of future population growth and climate change on food security in Africa, looking ahead to 2050. A modelling framework termed FEEDME (Food Estimation and Export for Diet and Malnutrition Evaluation) was used which was characterized to model the impacts of future climate changes (utilizing the Intergovernmental Panel on Climate Change Special Report on Emissions Scenarios projections) and projected population growth on food availability and subsequent undernourishment prevalence in 44 African countries. Our results indicate that projected rapid population growth will be the leading cause of food insecurity and widespread undernourishment across Africa. Very little to no difference in undernourishment projections were found when we examined future scenarios with and without the effects of climate change, suggesting population growth is the dominant driver of change. Various adaptation options are discussed, such as closing the yield gap via sustainable intensification and increasing imports through trade and aid agreements. These strategies are likely to be critical in preventing catastrophic future food insecurity.     

Sources of business fluctuations: Financial or technology shocks?

Despite the widespread belief that technology shocks are the main source of business fluctuations, recent empirical studies indicate that in the absence of financial frictions, a shock to the marginal efficiency of investment is the main source and is closely related to financial conditions for investment. We incorporate a financial accelerator mechanism and two types of financial shocks to the external finance premium and net worth in a dynamic stochastic general equilibrium model with shocks to the marginal efficiency of investment, the investment-good price markup, and the rates of neutral and investment-specific technological changes. This model is estimated using eleven US time series that include data on loan, net worth, the loan rate, and the relative price of investment. Our estimation results show that the (non-stationary) neutral and investment-specific technology shocks primarily drive output and investment fluctuations, while the external finance premium shock plays an important role for investment fluctuations. This financial shock induced substantial falls and subsequent sharp hikes in the external finance premium and caused boom–bust cycles over the past two decades.     

Open Market Operation Effectiveness in China

This paper examines the effectiveness of target rate guidance in open market operation by the central bank in China (PBOC). We find that target rate change in open market operation is effective in adjusting the short-term Treasury rates. The target rate changing direction is more effective than the target rate changing level. There is no significant asymmetry in the effectiveness between the target rate increase and target rate decrease. We also document that the effectiveness of the target rate is conditional on liquidity operation of the same direction, especially when they both aim to loosen the monetary policy. Furthermore, consecutive operations with higher intensity appear to be more effective in adjusting the market interest rate.     

我国煤炭波动周期分析与近中期发展趋势推演

通过对我国改革开放以来GDP增速、煤炭消费增速历史数据的分析,发现不管是经济发展,还是煤炭发展过程中都存在周期性的波动变化规律。而通过对煤炭与经济波动曲线的拟合,发现煤炭与经济发展呈协同波动变化。基于以上煤炭与经济协同波动规律,对未来煤炭与经济发展走势进行了推演,发现煤炭消费增速最早要在2015年前后才能企稳提高,由此进入新一轮上升期。综合分析表明,煤炭抗波动能力较弱,未来要实现煤炭平稳发展,需根据经济发展节奏的不断变化,及时主动地调整煤炭发展步伐,从而避免因煤炭发展的冒进或硬着陆给煤炭及关联产业发展带来长时间、高强度的冲击和损害。     

The price of going green: the role of greenness in green bond markets

In this paper, we empirically investigate how greenness information is priced in the green bond market. Our comparison of liquidity-adjusted yield premiums of green bonds versus synthetic conventional bonds indicates that, on average, there is no robust and significant yield premium or discount on green bonds. However, green bonds certified by an external reviewer enjoy a discount of about 6 bps. Furthermore, green bonds that obtain a Climate Bonds Initiative certificate show a discount of around 15 bps. The findings suggest that a universally accepted greenness measure can benefit the development of the green bond market.     

凿井水下底卸式自动卸料吊桶

吊桶是立井井筒开凿时期提升矸石和运送材料及升降人员的主要容器,吊桶的卸矸目前多采用挂钩式或座钩式卸料方式;但是随着矿井的开凿深度不断延伸,在过透水层时,由于探放水不及时或涌出水比较大,超出了井筒的排水量,或者是由于冷冻井在解冻后,井筒的井筒质量不过关,各别井壁也会发生透水事故;这就会出现淹井事故,有时淹井深度达二三百米。对于处理这种淹井事故,往往只有一个办法,那就是用沙或混凝土对井筒回填;这就需要吊桶在下到几百米下的水底自动把料卸掉,但现在矿井常用的挂钩式吊桶和座钩式吊桶已经不能满足这个需要了。