鄂尔多斯市黄河南岸灌区农业水价改革实例分析

以内蒙古自治区鄂尔多斯市黄河南岸灌区农业水价改革为例,分析灌区农业水价改革的必要性和影响,并提出确定农业初始水权,构建农业水价形成机制,建立农业用水精准补贴和节水奖励机制以及健全完善灌区量水设施等改革措施。     

Reviewing IFRS Goodwill Accounting Research: Implementation Effects and Cross-Country Differences

We review 42 studies from 2008 to early 2017 about IFRS goodwill accounting choices for recognition, impairment, and disclosure of goodwill, focusing on cross-country evidence of implementation effects. We develop a model of application of goodwill accounting based on IFRS 3, IAS 36, and country- and firm-level influences to analyze the research and to summarize existing evidence about goodwill accounting choices. We report evidence in support of IFRS accounting for goodwill recognition, impairment, and disclosure from many countries. However, evidence regarding value relevance is mixed. Overall, there is a lack of cross-country evidence regarding factors affecting goodwill accounting. Many studies show goodwill recognition, impairment, and disclosure are associated with economic and firm factors, and there is some evidence about the impact of managerial incentives and a lack of timeliness in impairment recognition. There is scope for more cross-country studies showing how institutional factors affect the application of IFRS 3 and IAS 36.     

Optimal market making in the presence of latency

This paper studies optimal market making for large-tick assets in the presence of latency. We consider a random walk model for the asset price and formulate the market maker's optimization problem using Markov Decision Processes (MDP). We characterize the value of an order and show that it plays the role of one-period reward in the MDP model. Based on this characterization, we provide explicit criteria for assessing the profitability of market making when there is latency. Under our model, we show that a market maker can earn a positive expected profit if there are sufficient uninformed market orders hitting the market maker's limit orders compared with the rate of price jumps, and the trading horizon is sufficiently long. In addition, our theoretical and numerical results suggest that latency can be an additional source of risk and latency impacts negatively the performance of market makers.     

水权水市场建设试点示范性评价研究

在当前我国开展各级水权改革试点的背景下,以水权试点示范性作为研究对象,根据水权水市场建设工作的一般需要,遵循普适性、科学性、整体性、目的性、动态性的原则,建立了以确权工作、水市场建设、组织与监管、基础设施建设、改革与创新5项水权改革的工作内容为准则层的四级示范性评价体系,运用层次分析法对各指标权重进行赋值,采用德尔菲法原理对二级指标进行评分。运用该评价体系对山东省两个典型水权试点的示范性进行评价,并根据各自的试点任务对结果进行了修正,得到了两地水权改革工作的定量评价结果。该评价方法不局限于试点区的评估,也可用于今后水权工作的一般性绩效评估。     

应对欠发达地区“资金外流”的政策路径——以政策性银行“政策性”功能回归为中心

区域经济结构失衡已经成为制约我国整体经济水平进一步提升的重要掣肘,区域金融失衡是其中起决定性作用的关键因素。现实中,欠发达地区通过财政和金融两个渠道产生的"资金外流"诱发区域金融失衡:在市场调节层面,"资金外流"导致欠发达地区融资权"有权而无利";在政策调节层面,"区域差异"引致欠发达地区融资权"实质不公平"。矫正区域金融失衡急需兼具财政和金融双重功能的政策性银行的责任担当。在我国当前政策性银行"商业化"转型时机并不成熟的背景下,可以通过设置区域政策性银行,对欠发达地区的融资权进行"补强",发挥其区域协调的政策性功能,重构其社会价值。     

Institutional Economics and Chock-Full Employment: Reclaiming the “Right to Work” as a Cornerstone of Progressive Capitalism

In the United States, the “right to work” originally referred to a progressive call for the right to employment. For example, from the perspective of John R. Commons, the right to work included “the right of the unemployed to have work furnished by the government.” For Commons, that right was a logical outgrowth of Americans’ constitutional rights to life and liberty, “the next great human right.” This article reviews Commons’s right-to-work stance, the history of federal efforts to establish government as employer of last resort, and some key postwar institutionalist contributions to the literature on achieving jobs for all. Then it presents the case for reclaiming the right to work as a cornerstone of progressive capitalism.     

“三权分置”下的农村土地权利结构研究

研究目的:明确"三权分置"下的农村土地权利结构。研究方法:采用文献分析法和归纳演绎法。研究结果:(1)现行法下的中国农村土地权利结构,以"土地所有权+土地承包经营权"为基本结构,还包括土地所有权和"土地所有权+租赁权"两种类型。(2)"三权分置"的背景下,首先应当将农户的土地承包经营权分置土地承包权和土地经营权;在土地经营权物权性流转时农户保留土地承包权;债权性流转时则为"土地承包权+土地经营权"。(3)新型农业经营主体的农村土地权利结构,取决于土地经营权流转形式,在物权性流转时为土地经营权,在债权性流转时是土地经营权的租赁权,在两种性质流转并存时是"土地经营权+土地经营权租赁权"。研究结论:"三权分置"下农村土地权利结构的构建,应当以现行法下的农村土地权利结构为基础,既要保护农户的合法权益,又要有利于新型农业经营主体的培育和发展。     

The right to adequate housing: evictions of the homeless and the elderly caused by the 2020 Summer Olympics in Tokyo

Abstract

The reconstruction of the National Stadium for the 2020 Summer Olympics and Paralympics in Tokyo has induced displacement of two groups of vulnerable people, raising concerns of the violation of human rights, particularly the right to adequate housing. The expansion of the stadium led to the expulsion of dozens of homeless people who lived in and around the park surrounding the stadium, and a sudden decision to demolish a nearby public housing estate built for the 1964 Summer Games forced over 200 tenants, most of whom were elderly, to be relocated. While the homeless people engaged in several rounds of negotiation with the government authorities, the majority of the housing tenants reluctantly agreed to move except for a few who kept demanding respectful treatment from the metropolitan government. Presenting the preliminary results of a mixed-method three-year qualitative study, this research note demonstrates that while the authority might have offered alternative housing considered ‘adequate’ in terms of physical living conditions, the process of evictions did not afford autonomy for the affected to choose where to live. The respective status of the affected – homeless and elderly – may demand the reconsideration of the concept of ‘adequate housing’ in relation to human dignity.     

产业政策扶持对企业金融资产配置——基于“五年规划”变更的自然实验

以产业政策“五年规划”的变更构建双重差分与中介效应检验，分析了政策扶持对企业“主观投资意愿”和“客观投资机会”的双重影响，以及在两种影响的共振作用下，如何进一步影响企业金融资产配置决策的微观逻辑。研究发现：产业政策扶持对企业金融资产配置具有显著促进作用。一方面，产业政策扶持不仅会通过融资约束缓解效应提升企业投资意愿，还会通过庇护效应提高企业风险容忍度、强化风险承担，从而进一步提升“主观投资意愿”。另一方面，政策扶持引发投资潮涌会恶化市场竞争、政策前瞻性及其社会价值性，又对企业短期经济价值产生抑制，从而导致企业“客观投资机会”下滑。最终，企业在客观投资不确定性加剧而主观投资意愿上升的共振作用下选择转向具有替代性的金融资产投资。异质性方面，主业投资机会、主业经营收益率和主业经营风险越高的企业增加金融资产投资的意愿更弱，说明企业进行金融资产配置更像是锦上添花，而非根本上的“脱实向虚”。     

国际河流水权分配方法与适用——以中东两河为例

国际河流的水权分配问题已成为影响各流域国关系的重要因素之一。基于国际水法的基本原则,根据不同分配标准拟定不同国际河流水权分配方法,并应用于底格里斯幼发拉底河实例中,分析河流的具体各项数据,计算出各自的分配效果。结果显示,兼顾生态需水、人口水量及产水贡献三方面的流域国贡献比例分配法更加合理,更具有可操作性,更易被各流域国接受,能够减少和避免流域国之间的水冲突,稳定地区安全。