Assessment of decoupling between rural settlement area and rural population in China

In China, changes in rural settlement patterns are crucial because they may affect agricultural sustainability through encroachment on productive cropland and water resources and also reduce biodiversity. Rapid urbanization with accompanying socioeconomic transformation has resulted in decrease of the rural register population (RRP) in China since 2000. The effects of this change in RRP on rural settlement area (RSA) and the factors shaping the relationship between these measures of population and land use have attracted extensive research interest. We investigated the changes in RRP and RSA and used a decoupling model to analyze the relationship between them. We found that whereas RRP in China increased by 1.12% during 1996–2000, it decreased by 4.91% during 2000–2005. RSA increased by 0.62% and 0.09% during the periods 1996–2000 and 2000–2005, respectively. The RSA was slightly decoupled from RRP during 1996–2000 due to the shift in rural housing from one-floor houses to multi-floor houses. In the period 2000–2005, RSA was actually strongly negatively decoupled from RRP due to village-hollowing, which was driven mainly by a dual-track real property system (ownership by collectives, but use rights for individuals) as well as institutional–managerial and socioeconomic factors. In central and western China, the RSA was better able to be decoupled from RRP than in eastern China due to interprovincial rural migration.     

A general equilibrium analysis of strategic arbitrage

We analyze a general equilibrium framework with Cournot arbitrageurs and with price-taking investors who are subjected to restricted participation constraints. Restricted participation may leave some arbitrage opportunities unexploited by investors.We show existence of Cournot–Walras equilibria with an endogenous number of arbitrageurs. The number of arbitrageurs is endogenous since they have to sink entry costs in order to arbitrage across the relevant markets. We characterize equilibria and analyze the effects on equilibrium prices and quantities of increased competition among arbitrageurs due to lower entry costs.     

谁获得了国有股权？

本文以中国上市公司国有股权协议转让为样本,考察了国有股权转让中的几个核心问题,即国有股权转让的动机、定价机制及经济后果。结果表明,中国上市公司的国有股权约以42:50:1:7的比例分别转让给了国企、私企、个人和外企,转让动机表现为经济和政治动机并存;在定价方面,转让给国有和非国有经济体的股权溢价并无显著差异,但相比转让给国企,转让给外企股权的价格较高;尽管国有股权转让不会显著影响企业绩效,但通过股权转让实现民营化的公司,其绩效会有显著的提升。     

发展权受限角度下永久基本农田划定中补偿价格的测算 ——以重庆市为例

国家对永久基本农田建立了严格的保护制度,各地也尝试构建耕地保护的补偿机制,但补偿价格的测算目前还没有比较科学的方法,多是结合当地财政状况和经验值进行估算。本文从土地发展权损失的角度,通过量化发展权受限的损失对永久基本农田保护补偿价格进行测算,为建立基本农田保护激励机制提供依据和支撑。     

购房者认知价值对“小产权房”购买行为的影响——以武汉市为例

研究目的：揭示购房者认知价值对“小产权房”购买行为的影响，测度购房者认知价值各类因子对“小产权房”购买行为的影响方向和程度。研究方法：文献资料法、问卷调查法、因子分析法、结构方程模型法。研究结论：1．“小产权房”购房者认知价值因子可分为功能服务、购买成本、持有风险、心理诉求。2．功能服务、购买成本、心理诉求对“小产权房”购买行为动机层面有正向影响，其中功能服务的影响程度最大；购买成本、功能服务对“小产权房”购买行为决策层面有正向影响，持有风险对“小产权房”购买行为决策层面有负向影响，其中购买成本的影响程度最大。     

Motivations of Australian Listed Companies Effecting Share Buy-Backs

The bulk of prior research on share buy-backs has been undertaken in the U.S. As the legislative environment and capital market perception of buy-backs in Australia are different to the U.S., it is both desirable and necessary to examine the motivations of Australian share buy-backs. Contemporary Australian financial press reports, the U.S. financial management literature and anecdotal evidence provide numerous feasible motivations for a company to undertake a buy-back. In an Australian context, this article considers the following: (a) the development of the legislative framework relating to share buy-backs and why some forms of buy-back are preferred over others; (b) a set of potential motivations (reasons) for Australian companies undertaking a buy-back; and (c) the actual motivations as provided in ASX announcements by forty-four listed companies effecting sixty-seven share buy-backs over the period 1990 to 1995. Results reveal that motivations differ depending on the type of buy-back and are reasonably consistent across time. The two prime motivations for on-market buy-backs are: (a) signalling of future expectations (underpricing), and (b) an attempt to increase financial performance (EPS) and/or position (NAB/share). For selective buy-backs, the main purpose is to remove specific shareholders from the share register. Employee buy-backs are generally seen as an off-market means of providing a market for the company's shares. Finally, the overriding motivation for equal access buy-backs is as an alternative to dividends.     

A-H股的套利格局势在必行

随着国内大型企业从H股市场不断回归,证券市场之间的联动性日益增强,投资者数量迅速增加,而A股和H股的同股不同价现象揭示了巨大套利空间,对两地市场套利机制的需求越来越强烈。     

一种简单快捷的完全可扩展线阵设计

本文设计了一种具有准均匀线阵形式的完全可扩展线阵,在实现了可简单快捷设计的同时又获得了较大的阵列孔径,其孔径接近完全可扩展线阵中具有最大孔径的约束最小冗余线阵,但却无需设计约束最小冗余线阵中的繁冗搜索,在阵元数很大时本文的设计显得尤为实用。     

我国近代银行组织制度探讨

19世纪末,随着西方金融理论的传播、中国民族工业的发展,中国金融业开始了现代化进程,出现了资本主义性质的现代银行,创建了以股份公司制为框架的银行组织制度。因受国情的影响,中国银行的组织制度呈现出与西方不同的发展道路,具有独特的内容与特征。这种组织制度,对新中国银行体系产生了重大影响,并对我国现今银行体制改革,尤其是完善股份制资本组织形式,构建有效的内部控制制度及优化分支行模式有着重要的历史借鉴和现实意义。     

股权分置改革中的内幕交易研究

本文采用我国全面股权分置改革的第一批上市公司为样本,利用事件研究方法,对事件日之前的累积超常收益CAR进行分析,结果表明：股改预期带来的股价提前反应是累积超常收益显著异于零的原因;没有足够的证据支持股改中存在内幕交易。