走进直销店——探访日本农产品流通新路

现在日本全国大约有1万家以上的农产品直销店,大多数都是在上世纪90年代泡沫经济破灭后开办的,属于农产品流通业态的新军。最近的统计显示,日本的农产品直销店的全年销售总额已超过6000亿日元,这相当于日本东北三县的农业生产总额。农产品直销店不仅使众多的农家获得了新生,更在一些地区带动了观光农业、食育事业、农家餐厅等城市和农村的交流项目,并引起了一股对传统菜肴和家乡菜再认识和评价的热潮。虽然中日两国的国情不同,但就中国国内的农产品流通的现状来看,笔者认为还是大有可借鉴之处的。从近年来困扰国内农产品流通的一大问题,即流通过程中的流通成本居高不下、流通环节仍然过多过杂的角度来看,农产品直销店的做法可以缓解这些相应的问题,而且文中已提到的其他相关作用也可以作为我们的积极参考。     

西班牙铁路政策及其投资模式

结合西班牙铁路政策的变迁，分析西班牙铁路的经营及其财务状况，在较低成本回收率的线路接受了大量的公益性运输的补贴，尤其是市郊运输和地区运输。从西班牙铁路基础设施的投资来看，西班牙政府相继推出了“2000-2007年基础设施规划”、“2005-2020年运输基础设施发展战略规划”等，出于政治需要，加大铁路基础设施投资的力度，2003年铁路法还对铁路融资做出有关规定，为国民经济的发展提供了强大的驱动力。     

对企业并购估价中威斯通模型的进一步研究

威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。首先对超常增长而后无增长的威斯通模型作了一点修正;接着建立了企业在超常增长期采取不同投资策略时的估价模型;最后分析了新建模型与原模型的差异,并通过数例对两模型进行了敏感性分析。     

The Impact of Personal Taxes on the Firm's Weighted Average Cost of Capital and Investment Behaviour: A Simplified Approach Using the Dempsey Discounted Dividends Model

The discounted dividends model advanced by Dempsey (1996) is extended to provide a weighted average cost of capital (WACC) assessment of investment opportunities with irregular cash flows. Thereafter, the framework is extended to an assessment of the implications of government tax policy for the firm's investment behaviour. The developed framework is consistent with the empirical evidence of Poterba and Summers (1985) which — over the period of UK tax history 1950–1983 encompassing four major tax on equity reforms — observes how the related dividend and investment politics of UK firms appear to be influenced by the level of dividend taxes.     

国土空间开发强度与资源环境承载时空耦合及规划启示——以江苏省为例

研究目的:基于开发与保护的平衡问题,分析2009年和2018年江苏省县域单元国土空间开发强度与资源环境承载的耦合特征,并提出优化国土空间规划的策略。研究方法:指标体系评价法、耦合度与协调度模型。研究结果:(1)江苏省国土空间开发强度呈现出随时间推进式的同步增加和空间集聚效应,高强度国土空间开发具有明显的"一圈一带"特征;(2)资源环境承载伴随经济发展而压力增加,且呈现出南高北低的空间分布格局;(3)开发强度与资源环境承载力之间的耦合度与耦合协调度均有所提高,但以拮抗耦合、轻度失调和濒临失调为主;苏南地区耦合协调水平高于苏北地区,但开发强度与资源环境承载之间的整体协调性不高。研究结论:新时期国土空间规划需要把握开发强度与资源环境承载力的刚性和弹性,统筹耦合协调的时效性和关联性,优化区域发展模式,实现国土空间的合理开发与综合利用。     

风险投资与高新技术融合的技术转让体系研究

国内外研究现状表明,对风险投资与高新技术融合的技术转让体系的特殊性、体系组成、体系功能等方面的认识有待深化;对推动体系建设的外部条件、经济政策、政策工具的研究尚不充分。有鉴于此,笔者设计了中国风险投资与高新技术融合的技术转让体系,指出了其发育路径,研究了经济政策刺激、政策工具推动体系发育的作用。     

Evaluation of investment subsidies: when is deadweight zero?

In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictions on and cuts in subsidies for investment projects in the EU countries maximisation of the impact of the public resources that remain can be achieved through their allocation for projects with minimum deadweight. This paper studies the profile of subsidised zero deadweight investment projects – projects that would be abandoned without public subsidies – in Finland. The empirical analysis is conducted using micro level data on investment projects by private sector firms. The data set comprises 3,423 projects that were granted public investment subsidies between 2001 and 2003. Our results show that the likelihood of zero deadweight is significantly dependent on the characteristics of the subsidised firm, the characteristics of the investment project and the location of the subsidised firm.     

Evaluating the Relative Impact of Fiscal Incentives and Trade Policies on the Returns to Manufacturing in Taiwan, 1955–1995*

In the present paper, an integrated cash flow model is developed to examine the relative impact of tax incentives, financial subsidies, and macroeconomic variables on the profitability of industrial investments. It allows for the variables in the model to interact with each other. An application of the model is carried out for Taiwan, which has implemented a variety of fiscal incentives over the past 40 years. The principal policy conclusion is that trade and macroeconomic policies are much more important than income tax incentives or subsidized finance policies in determining the success of Taiwan's industrialization process. The effects of all of the fiscal incentives are found to be much smaller than those of the trade policies or the fundamental trends in macroeconomic variables such as the movement of the real exchange rate and the real wage rate.     

近期债券市场基本面分析与展望

该文认为，外需放缓导致国内经济增速放缓，年内通货膨胀将呈前高后低走势，1季度将成为通胀高点，加息概率依然较大，短期内债券市场将维持当前的震荡格局，但仍不失资金配置良机，相对而言，长期国债，短期融资券的投资价值较大。     

关于完善山西农村养老保障制度的思考

由于计划生育政策的实施和山西经济的发展,山西农村人口发展呈现出了老龄化、流动人口增多等新特点,这对山西的社会保障制度提出了新的挑战和要求.因此,尽快建立健全农村计划生育养老保障制度,并将其纳入社会保障体系,就成为山西社会保障制度完善过程中必须考虑的重要课题.以山西农村人口发展特点对社会保障制度提出的新要求为起点,提出了现行农村计划生育养老保障制度存在的不足和完善建议.