生态文明背景下低碳经济运行机制研究

低碳经济是人类社会继农业经济、工业经济之后又一次重大进步。低碳经济是以绿色高科技与绿色管理为手段,使人类的社会经济发展表现为以低能耗、低物耗、低排放、低污染为特征的可持续发展经济。低碳经济运行机制是绿色科技、生态人文与绿色管理的有机融合,是生态法律、道德机制、生态管理机制有机结合的一项绿色系统工程。我们既要向国际上生态环保先进的国家学习,又要结合我国国情,制定出符合实际、系统有效的低碳经济运行机制。     

基于数值模拟下的中国外汇储备潜在损失分析

外汇储备余额持续积累加剧了外汇储备资产潜在损失的进一步扩大。文章通过对中国外汇储备积累方式的分析,认为造成外汇储备损失的主要路径有三个:冲销债券的利息支付、国际短期资本的投机和人民币对美元汇率升值。在此基础上,文章数值模拟了不同路径下的外汇储备潜在损失,得出以下结论:一是人民币过快升值会加重我国外汇储备损失,应根据我国金融市场的发展状况,逐步改革汇率体系,令人民币更富弹性;二是改变中国外汇储备管理模式,从以往的被动型、防御型模式变成主动型、投资型模式,一方面逐步放松资本账户管制,允许个人和机构海外投资,另一方面加大中国的主权财富基金——中国投资公司的投资力度和规模,通过市场化手段获得更高收益。     

广东省农资流通行业技术经济效率测算与分析——基于修正的Malmquist生产率指数模型

采用修正的Malmquist生产率指数模型,对广东省农资流通行业中的58家农资流通公司的技术经济效率进行了测算与分析。针对农资流通公司所处经营环境的差异,引入SFA方法修正了公司规模、地区经济状况以及市场条件等因素对公司技术经济效率测算结果的影响。结果显示:当前广东省农资流通公司的技术经济效率较高,不同地区的农资流通公司的纯技术效率和规模效率的特征并不一致。     

浅议新准则下资产盘盈、盘亏的账务处理

企业应建立健全内部控制制度,加强管理,定期对资产进行清查盘点,本文对新准则下资产的盘盈、盘亏的财务核算进行了分析。     

基于整体运营风险调整的企业绩效评估

文章针对传统企业绩效评估未考虑或未充分考虑整体运营风险对企业绩效影响的缺点,提出了一种基于整体运营风险调整的企业绩效评估方法,即将风险值引入到EVA绩效评估模型当中,对NAPOT表达式进行调整,扣除企业整体运营风险成本来描述企业绩效。实例表明,调整后的模型既有效地反映企业的整体绩效,也可以客观衡量企业整体运营风险控制的效果,从而可以更有效地指导企业的运营管理。     

2000～2010年我国洪涝灾害损失综合评估及其成因分析

利用我国的洪涝灾害损失数据,分析了我国2000～2010年洪涝灾害受灾人口、农业受灾面积和直接受灾经济损失之间的关系,洪涝灾害损失的空间分布特征以及受灾损失与年平均降水量之间的关系。根据近10年来我国洪涝灾害的新特点,提出了我国洪水管理及防灾减灾的若干措施。     

Temporal and spatial variability of agricultural land loss in relation to policy and accessibility in a low hilly region of southeast China

The temporal and spatial patterns in land use change in a low hilly region in southeast of China was analyzed from maps of converted agricultural land for 1999–2006. The factors driving farm land conversion was analyzed using logistic regression models. The amount of agricultural land loss varied temporally, and the spatial distribution of converted agricultural land patches decreased from low to high altitudes in the study area. Analysis using logistic regression models showed that good accessibility sped up the conversion of agricultural land to other uses, the elevation of a parcel lowered the risk of conversion, and agricultural land conversions are highly correlated with its adjacent or neighboring parcels’ land use, with the probability of being converted decreasing as the distance to nearest construction land increases. In addition, land use policy, especially the land use regulation policy issued by the central government decreased the agricultural land loss, and the more stringent regulation on cultivated land conversion lowered the possibility of conversion from cultivated land to other use.     

Corporate Risk Management under Information Asymmetry

This paper examines the financial and operational hedging activities of US pharmaceutical and biotech firms that are subject to a high level of information asymmetry stemming from R&D investments during 2001–2006. We find evidence in support of the information asymmetry hypothesis à la Froot, Scharfstein and Stein (1993) that hedging helps mitigate the under‐investment problem. Specifically, we find that the use of financial derivatives is associated with greater firm value and that the value enhancement is larger for firms subject to greater information asymmetry and better growth opportunities. There is a synergy between financial hedging and operational hedging where the latter is used to counter product development risk. The results are robust with respect to alternative performance measures, industry‐specific growth measures, and the endogeneity problem. Our work is differentiated from existing studies that examined commodity‐based industries without addressing information asymmetry.     

提高城镇体系规划编制的科学性和可操作性

随着我国城市化的加速发展,大城市的某些功能正在迅速地向周边郊县扩散,沿海一带城乡之间、城市建成区与非建成区之间的界线日趋模糊。另外,在市场化和经济全球化的大背景下,城市和国家间的竞争已经突出地表现为以中心城市为核心与其周边城镇共同构成的城市区域之间的竞争。基于这些观点,从分析我国城镇体系规划的问题着手,提出提高此类规划科学性和可操作性的若干对策。     

Career Risk

The author defines asset manager career risk as the risk that asset owners terminate an existing manager due to an extended period of underperformance relative to a benchmark or peer group even though the manager has skill (defined here as positive information ratio). The author shows that myopic loss aversion gives rise to career risk even for skilled asset managers and that the current industry practice of quarterly or annual performance evaluations puts even the most skilled asset managers at risk of undue termination. The author also investigates how a reduction of tracking error leads to a reduction of career risk even though this comes at the expense of lower long-term performance. Finally, the author computes the minimum evaluation period needed to reduce career risk for asset managers of different skill levels.