Debt,Equity and Hybrid Decoupling: Governance and Systemic Risk Implications

We extend here our prior work, which focused on equity decoupling ( Hu and Black, 2006, 2007, 2008 ), by providing a systematic treatment of debt decoupling and an initial exploration of hybrid decoupling. Equity decoupling involves unbundling of economic, voting, and sometimes other rights customarily associated with shares, often in ways that may permit avoidance of disclosure and other obligations. We discuss a new U.S. court decision which will likely curtail the use of equity decoupling strategies to avoid large shareholder disclosure rules. Debt decoupling involving the unbundling of the economic rights, contractual control rights, and legal and other rights normally associated with debt, through credit derivatives and securitisation. Corporations can have empty and hidden creditors, just as they can have empty and hidden shareholders. ‘Hybrid decoupling’ across standard equity and debt categories is also possible. All forms of decoupling appear to be increasingly common. Debt decoupling can pose risks at the firm level for what can be termed ‘debt governance’? the overall relationship between creditor and debtor, including creditors' exercise of contractual and legal rights with respect to firms and other borrowers. Widespread debt decoupling can also involve externalities and therefore create systemic financial risks; we explore those risks.     

多变量系统的精确模型匹配解耦控制与自适应解耦控制

本文针对多变量系统讨论了有关精确模型匹配解耦控制和自适应解耦控制问题,并提出了相应的设计方法。     

广西能源消费与经济增长脱钩轨迹分析

在脱钩理论基础上,构建脱钧指数,对脱钩进行分类,通过运用1979—2011年的数据对广西能源消费与经济增长的脱钩轨迹进行分析,认为广西能源消费与经济增长的关系经历了3个时期5个阶段,两者之间的关系有稳定的趋势,并提出了促进能源消费与经济增长稳定脱钩的措施。     

河北省经济增长与碳排放的脱钩研究

河北省正处于工业化、城镇化推进的关键时期,研究河北省经济增长与碳排放的关系问题,对于河北省经济的可持续发展具有重要意义。建立了基于协整检验的脱钩分析系统,利用Tapio脱钩模型研究了河北省1990年—2011年经济增长与碳排放的脱钩关系,并引入能源消费作为中间变量进行因果链的分解,分析了河北省经济增长与碳排放脱钩状态变化的原因。研究结果表明：河北省2000年经济增长与碳排放的脱钩状态为扩张负脱钩,2001年—2003年的脱钩状态为增长连结,其他的年份都呈现出了弱脱钩的状态。河北省经济增长与碳排放的弱脱钩状态主要是因为河北省产业结构的优化和能源效率的不断提高,而与减排并没有多大关系。     

低碳经济的目标与经济发展的碳中性

二氧化碳排放是公共物品,其影响所及并非一家、一国而是全世界。全球气温升幅越大损失越大,升温宜控制在+2℃以内。全球每年若以1%GDP的减排投入,可避免每年5%～20%GDP的损失。以GDP数量增长推动经济繁荣的时代必须成为过去,低碳经济的成长方式以去物质化为必要条件以去碳化为充分条件,经济发展最终与碳排放脱钩。低碳经济标示一个新文明的开始它不仅涉及生产模式、生活方式、价值观念的改变,还涉及南北两个世界、穷国与富国间发展权益冲突的新平衡。     

变流量供热控制系统的设计与实现

在分析了供热系统中变量间的耦合关系的基础上,根据变流量供热系统的控制要求,提出了在有效解耦的前提下,将供热系统分解为几个子系统分别控制的基本控制策略,设计了供热系统的控制方案。介绍了以工控机为上位机、PLC为下位机的硬件配置和软件设计方法,给出了程序流程图,详细说明了PID控制程序和定时中断程序的设计。     

服务业前后台分离:从传统运营到大批量定制

前后台分离作为一种传统的服务系统设计理念在近年来引起了新一轮的广泛重视和得到新的应用并取得了巨大的成功,而且为越来越多的行业所接受和推崇。本文针对这一现象开展了前后台分离机理的理论溯源,分两个阶段讨论了前后台分离基本机理的形成和理论发展过程,从中梳理出前后台分离的理论演进脉络即从实现单一效率目标到运营基本矛盾的缓解直至该矛盾的根本性解决,并根据当前该领域理论研究的不足提出了研究发展新框架,即系统性地从大批量定制的视角探究新时期前后台分离的机理及其方法。     

支撑力和压力脱钩视角下中国生态承载力评价

提高生态承载力是生态文明建设的重要抓手之一,准确评价生态承载力是前提。文章基于大气、水和土壤三个生态环境层面的自净能力和污染水平视角,采用生态支撑力和压力脱钩模型,测度和评价了中国生态承载力状况。首先基于生态支撑力和压力脱钩类型构建了生态承载力评价框架,将生态承载力类型分为上升和下降两大类,每一大类有包含三个小类型。其次,采用脱钩模型对各地区总体和大气、水、土壤三个分类的生态承载力进行了测度,结果表明,整体生态承载力和分类生态承载力都呈现水平偏低,区域间和区域内差异明显和波动大的特征;西部地区的云南和新疆生态环境质量最好,而北京、湖南和四川生态环境质量相对较差。最后,文章从优化顶层设计、制定差异性生态环境保护和污染治理政策方面提出了提高生态承载力的政策参考。     

Is Green Growth Possible?

ABSTRACT

The notion of green growth has emerged as a dominant policy response to climate change and ecological breakdown. Green growth theory asserts that continued economic expansion is compatible with our planet’s ecology, as technological change and substitution will allow us to absolutely decouple GDP growth from resource use and carbon emissions. This claim is now assumed in national and international policy, including in the Sustainable Development Goals. But empirical evidence on resource use and carbon emissions does not support green growth theory. Examining relevant studies on historical trends and model-based projections, we find that: (1) there is no empirical evidence that absolute decoupling from resource use can be achieved on a global scale against a background of continued economic growth, and (2) absolute decoupling from carbon emissions is highly unlikely to be achieved at a rate rapid enough to prevent global warming over 1.5°C or 2°C, even under optimistic policy conditions. We conclude that green growth is likely to be a misguided objective, and that policymakers need to look toward alternative strategies.