环境政策工具对生态创新的影响: 研究回顾及实践意义

各种环境政策工具用来推进生态创新的开发、传播与应用，但不同政策工具对生态创新的作用效果还有待进一步挖掘。系统梳理了环境政策工具对生态创新影响的相关研究，探究不同政策工具的作用及其本质，以理解在推动生态创新开发、传播与应用情景下环境政策工具的作用及其实践意义。     

我们为什么选择了社会主义市场经济

我们选择市场经济，是因为迄今为止的历史证明市场经济是可以富其国裕其民的。然而，我们所要的富裕，不是少数人的富裕，而是人民群众的共同富裕。不仅要富裕，而且必须是共同富裕的市场经济。因此，我们必须对市场经济进行改造，创造出我们自己的市场经济，这就是有中国特色的社会主义市场经济。该文遵循实事求是和历史唯物主义的原则，从市场经济旨在提高效率、社会主义则是坚持党的领导和社会公正、路径依赖和历史沿革体现了市场经济的中国特色等四个方面论证了中国共产党领导全国人民选择社会主义市场经济是一个具有历史必然性的伟大选择。这样的选择使得中国经济发展和人民富裕。     

重塑自然资源管理新格局：目标定位、价值导向与战略选择

研究目的:立足新时代党和国家机构改革背景,分析自然资源管理改革目标定位和面临挑战,明确未来自然资源管理改革价值导向与战略选择。研究方法:文献研究法,综合分析法。研究结果:自然资源管理改革的目标定位是实现"五统一",即统一调查评价、统一确权登记、统一"多规合一"和用途管制、统一资产管理和统一督查监管。针对当前自然资源管理理论储备不足、开发利用伦理缺乏科学引导、开发和保护矛盾冲突长期存在、新管理体制效能有待实践检验等挑战,自然资源管理改革亟需注重"公平效率"、强调"永续利用"、融合"三资一体"、构建"有效市场",切实重塑自然资源管理新格局。研究结论:新时代自然资源管理改革应该以权籍为基础,完善自然资源市场体系;以规划为龙头,构建国土空间规划体系;以"三线"为底线,推进全域国土空间用途管制;以整治为抓手,推进"山水林田湖草"生命共同体综合治理;以法制为保障,构建自然资源管理法律体系,从而塑造"三体系一管制一治理"的自然资源管理新格局。     

Are USDA reports still news to changing crop markets?

This study investigates whether major USDA reports still provide important news to changing crop markets. The news component of each report, or market “surprise,” is measured as a difference between the USDA estimate and its private expectation in corn, soybeans, and wheat markets. Changes in the relevance of USDA information are assessed by examining changes in the magnitude of market surprises and shifts in the futures price reaction to these surprises, which isolates the impact of each report. The stable size of market surprises over time suggests that competition from alternative data sources has not reduced the news component of USDA crop reports. Increasing price reaction to most reports, including those facing competition from alternative information sources, suggests that value of public information may be enhanced in uncertain markets affected by structural changes.     

Market impact: a systematic study of the high frequency options market

This paper deals with a fundamental subject that has seldom been addressed in recent years, that of market impact in the options market. Our analysis is based on a proprietary database of metaorders—large orders that are split into smaller pieces before being sent to the market—on one of the main Asian markets. In line with our previous work on the equity market [Said, E., Bel Hadj Ayed, A., Husson, A. and Abergel, F., Market impact: A systematic study of limit orders. Mark. Microstruct. Liq., 2018, 3(3&4), 1850008.], we propose an algorithmic approach to identify metaorders, based on some implied volatility parameters, the at the money forward volatility and at the money forward skew. In both cases, we obtain results similar to the now well-understood equity market: Square-Root Law, Fair Pricing Condition and Market Impact Dynamics.     

Covariance breakdowns and connectedness of crude oil futures markets with non-synchronous data

ABSTRACT

This article identifies the breakdowns in the covariance of three benchmark crude oil futures markets (WTI, Brent and Dubai) and investigates the changes of market connectedness across the breakdown periods. As the crude oil futures are traded in different regions, this article eliminates the non-synchronous trading data by employing the Vector Moving Average structure and the Bayesian data augmentation approach, which keeps the integrity of original data without changing its properties. The results show that there are significant breaks in the covariance structure of crude oil futures markets. The breakdown periods are consistent with the periods when the market volatilities are at high level and the returns are volatile. The changes of market connectedness are independent of the covariance states, which supports the globalization hypothesis for the crude oil market. The results also suggest that there is more information flow out of the WTI than to the WTI during the sample period, particularly during the breakdown periods in 2008–2009.     

Hedging and temporal permit issuances in cap-and-trade programs: The Market Stability Reserve under risk aversion

Cap-and-trade programs such as the European Union's Emissions Trading System (EU ETS) expose firms to considerable risks, to which the firms can respond with hedging. We develop an intertemporal stochastic equilibrium model to analyze the implications of hedging by risk-averse firms. We show that the resulting time-varying risk premium depends on the size of the permit bank. Applying the model to the EU ETS, we find that hedging can lead to a U-shaped price path, because prices initially fall due to negative risk premiums and then rise as the hedging demand declines. The Market Stability Reserve (MSR) reduces the permit bank and thus, increases the hedging value of the permits. This offers an explanation for the recent price hike, but also implies that prices may decline in the future due to more negative risk premiums. In addition, we find higher permit cancellations through the MSR than previous analyses, which do not account for hedging.     

工业体系和民营企业兴起——基于252家中国最大民营制造业企业的经验研究

主流经济学家把改革开放后民营企业的大规模兴起，主要归因为市场经济条件下发挥企业家精神和遵循比较优势的必然结果。但是这无法解释为什么民营企业在兴起之初就广泛和快速地进入到各个工业，尤其是技术和资本密集型工业。基于中国工业史和252家中国最大民营制造业企业创业发展史的历史证据，文章找回"工业体系"这一被主流所忽略的重大历史现象和学术概念，从而首次提出一种理解中国民营企业发展独特性的结构性解释。文章发现：从计划经济时期继承而来的门类齐全和独立完整的工业体系，是解释民营企业创业和发展独特性的关键变量；已有的由国有企业和科研院所组成的工业体系，从市场机会、技术能力和组织资源等方面塑造了民营企业的创业选择和发展路径。所以，中国民营企业的快速发展不是仅凭自由市场就会自动出现的普遍现象，而是在市场条件下充分利用工业体系提供的技术和市场条件才得以出现的特殊现象。     

Smart work and hard work: explicating a learning orientation in strategic management accounting

This paper examines the skills and aptitudes necessary to undertake a strategic management accounting project. It argues that individuals involved in such projects are required to work both smart and hard. This argument is developed theoretically by reference to the work of educational psychologists who have identified two different types of goal orientation which people pursue in achievement situations: the learning orientation and the performance orientation. Evidence that strategic management accounting requires a learning orientation is provided by means of a case study which describes its use in a competitive tendering situation. This is followed by a discussion of the potentially symbiotic relationship of strategic management accounting and organizational learning. The discussion leads to the specification of a research agenda that may have significant implications for the practice and learning of management accounting.     

我国企业年金制度的再认识

文章阐述了我国企业年金制度的建立及意义，分析了我国企业年金制度发展的现状及发展缓慢的原因，探讨了我国企业年金的运营与管理以及发展我国企业年金对资本市场的重要作用和现阶段应采取的策略。