我国交通基础设施对地区间经济差距的影响

本文结合新古典经济增长理论和我国的实际情况,对交通基础设施影响地区间经济差距作了定性分析和实证研究。研究结果表明：交通基础设施通过为经济生产提供间接资本、提高全要素生产率和吸引生产要素流入三个作用机制,对地区的经济增长起到至关重要的作用;由于我国幅员辽阔、各地区所处地理位置不同以及政府对地区的政策差异等现实,因此交通基础设施对我国地区间经济差距的形成具有重要影响。     

The impact of long-term secured loans on exports at the firm-level: The case of a developing country

We analyze the role of the accumulation of long-term secured loans on the participation of firms in exporting activities. Internal sources of finance, such as cash balance and its equivalent as well as operating cash flow, may alleviate concerns on liquidity shocks and finance shorter-term variable costs but long-term secured loans are likely to be required to finance fixed costs related to investments in plant, machinery and other fixed assets that complement exporting activities. Exporting activities may involve hysteresis such that the likelihood of a firm to participate in exporting activities is influenced by the accumulation of long-term secured loans in the period prior to the export transactions. Even though the availability of internal sources of finance and the capital structure of a firm has greater economic significance, we observe that lagged long-term secured loans influences participation in exporting activities. Furthermore, we analyze the impact of one-year lagged long-term secured loans on the participation of firms in exporting activities based on the financial characteristics at the industry-level. This relationship holds for firms within industries with higher levels of long-term secured loans, higher levels of finance leverage, higher levels of asset tangibility and lower levels of total assets.     

黑龙江省新农村基础设施建设投融资长效机制研究

由于长期以来的投入不足.农村基础设施老化或设施缺位等同题比较突出.改变农村基础设施薄弱的现状,应加大财政对农村基础设施建设等公益事业的投入.发挥现有农村金融机构融资作用.强化农村政策性金融机构的功能,组建农村基础设施投资主体,改变单一的政府投资做法,形成以政府为主导、以市场为导向、以社会为主体,多渠道融资,注重实效的长效管理机翻.     

DERIVATIVE ASSET PRICING WITH TRANSACTION COSTS1

In the modern theory of finance, the valuation of derivative assets is commonly based on a replication argument. When there are transaction costs, this argument is no longer valid. In this paper, we try to address the general problem of finding the optimal portfolio among those which dominate a given derivative asset at maturity. We derive an interval for its price. the upper bound is the minimum amount one has to invest initially in order to obtain proceeds at least as valuable as the derivative asset. the lower bound is the maximum amount one can borrow initially against the proceeds of the derivative asset. We show that, in some instances, this interval may be strictly bounded above by the price of the replicating strategy. Prima facie, the cost of a dominating strategy should appear to be higher than that of the replicating one. But because trading is costly, it may pay to weigh the benefits of replication against those of potential savings on transaction costs.     

The economic value of volatility transmission between the stock and bond markets

This study has two main objectives. Firstly, volatility transmission between stocks and bonds in European markets is studied using the two most important financial assets in these fields: the DJ Euro Stoxx 50 index futures contract and the Euro Bund futures contract. Secondly, a trading rule for the major European futures contracts is designed. This rule can be applied to different markets and assets to analyze the economic significance of volatility spillovers observed between them. The results indicate that volatility spillovers take place in both directions and that the stock‐bond trading rule offers very profitable returns after transaction costs. These results have important implications for portfolio management and asset allocation. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1066–1094, 2008     

Transport costs and trade: Empirical evidence for Latin American imports from the European union

Abstract

This paper aims to investigate the relationship between trade flows and transport costs. In previous studies the cost of transport was considered as an exogenous variable. However, an expanding volume of trade also reduces the unit cost of transport and, therefore, the causal relationship between trade and transport costs may be operating in both directions. A transport-costs equation is estimated using data on transportation costs from the International Transport Data Base (BTI). The relationship between transport costs and trade is then analysed by applying a gravity model for sectoral imports for five Latin American Countries from the European Union. We investigate the endogeneity of the transport cost and trade variables by estimating simultaneously both equations. Our results show that, while higher distance and poor importer's infrastructure notably increase transport costs, a higher volume of trade has the opposite effect. Moreover, trade is significantly deterred by higher transport costs and fostered by cultural similarities.     

A NOTE ON THE EFFECTS OF TAXES ON OPTIMAL INVESTMENT

We integrate two approaches to portfolio management problems: that of Morton and Pliska (1995) for a portfolio with risky and riskless assets under transaction costs, and that of Cadenillas and Pliska (1999) for a portfolio with a risky asset under taxes and transaction costs. In particular, we show that the two surprising results of the latter paper, results shown for a taxable market consisting of only a single security, extend to a financial market with one risky asset and one bond: it can be optimal to realize not only losses but also gains, and sometimes the investor prefers a positive tax rate.     

基础设施引导资金的基金化运作研究：南京例证

以南京市为例,介绍了引导资金基金化运作的功能定位和运行组织;并基于交易成本经济学视角,分析了基金化运作中交易成本、不完全契约、资产专用性的负面影响,揭示了根本性转变后社会资本被套牢和敲竹杠的原因。研究发现：引导基金的基金化运作有利于吸引社会资本参与城市基础设施建设,但其意义首先在于筹集增量资金和置换政府存量债务,其次才是降低治理成本。为此,需要从五个方面加强基金化运作的综合治理：合理引导社会资本进入资产专用性相对低的公共产品和服务领域,增加基金化运作的透明度,提高基金依法监管能力,建立适当让渡社会资本的退出机制,做实各项政策性引导基金。     

基于全寿命周期的城市基础设施管理信息化研究

城市基础设施建设和管理的成效对提高城市综合竞争力具有重要作用,信息化建设为城市基础设施管理提供了有效的发展方向。分析城市基础设施管理信息化框架模型的功能,包括各系统全寿命周期过程的信息化,即项目规划——投资决策——招标——设计——施工——使用——维护等,以及基础设施信息查询与服务功能。该模型可以提高城市基础设施的管理水平,一方面可以降低基础设施建设、维护成本,另一方面可以提高基础设施的服务水平,从而提高城市综合竞争力。     

交通运输业经济特性分析及发展政策思考

交通运输基础设施的建设具有正外部性,与此同时运输服务却具有负外部性,且两者相比较而言,外部不经济更加明显。由于社会总福利最大化的前提条件是社会边际成本与社会边际收益相等,因此文章基于广义费用构建了交通运输社会成本模型,对不同交通方式的经济特性进行了分析和比较,并从社会福利最大化的视角,根据产业经济学原理和公共产品理论,阐述了交通运输外部成本内部化的必要性及相关理论,最后以此为基础,提出了交通发展的相应政策导向,使交通资源的配置基本达到帕累托最优状态。     

INVESTING WITH LIQUID AND ILLIQUID ASSETS

We find optimal trading policies for long‐term investors with constant relative risk aversion and constant investment opportunities, which include one safe asset, liquid risky assets, and an illiquid risky asset trading with proportional costs. Access to liquid assets creates a diversification motive, which reduces illiquid trading, and a hedging motive, which both reduces illiquid trading and increases liquid trading. A further tempering effect depresses the liquid asset's weight when the illiquid asset's weight is close to ideal, to keep it near that level by reducing its volatility. Multiple liquid assets lead to portfolio separation in four funds: the safe asset, the myopic portfolio, the illiquid asset, and its hedging portfolio.     

基础设施建设投融资的创新方案研究

基础设施投资是拉动内需的重要方式,对提高城市化质量,提高城市生活水平意义重大。分析我 · 国基础设施建设资金的巨大缺口,建议多渠道筹集资金。并探讨了证券化、 国有资产市场化、BOT、 。 TOT、ABS等投融资的创新方式,实现多元化、多层次融资,以促进城市经济发展。     

航道测量施工管理初探

航道是重要的水运基础设施,要发展水运,必须加强航道的维护和开发建设.随着我国改革开放和社会主义现代化建设不断推向前进,水运事业蒸蒸日上,作为水运基础设施的航道必将有新的发展.为满足水运工程规划、设计、施工、验收和船舶安全航行的需要,必须定期和不定期地对现行航道进行常规性的维护测量.     

资产减值中存在的问题及对策

目前,我国会计准则明确规定,企业可对固定资产、存货、在建工程、坏账准备等八项资产减值计提减值准备。在实际工作中,却存在确认与计量难度较大、滥用计提、外部监管难度大等问题。解决这些问题的对策是:赋予企业更多会计选择权;健全信息价格等时常机制;提高公司信息的透明度;健全法律法规;弱化企业通过计提资产减值准备对盈余进行操作的动机应。     

交通基础设施对“一带一路”沿线国家企业出口的影响——基于世界银行企业调查数据的实证研究

文章基于世界银行2004~2017年45个"一带一路"沿线国家的企业调查数据,利用双重差分模型分析了交通基础设施对企业出口的影响。结果发现:(1)基础设施对企业出口影响显著,基础设施越完善,企业从事出口经营可能性越大,出口比例也会越大。(2)交通基础设施合作可通过降低企业出口障碍、减少企业出口所需时间成本来改善当地出口,提高企业的出口可能性及出口比例。(3)相对于陆路运输,港口建设改善了沿线国家的交通类基础设施,并推动了当地企业的出口。此外,对于外资企业或外国投资占比较大的企业而言,交通基础设施改善对企业出口有更大的促进作用。     

加强电力企业固定资产的管理

国家电网公司刘振亚总经理提出建设一强三优的现代公司管理目标,资产优良是其中的重要组成部分,而固定资产是企业资产的主要组成,因此固定资产管理的好坏将直接影响着企业的运营与发展,对于供电企业来说,加强固定资产的管理十分必要.     

哈大齐工业走廊现代物流系统研究

建立哈大齐工业走廊现代物流系统是振兴东北老工业基地、建设哈大齐工业走廊、推进中俄经济技术发展和规范运输市场秩序的必然要求。目前，哈大齐工业走廊物流发展存在着基础设施陈旧、运输成本高、交通瓶颈、体制不顺、市场化程度低等问题。应在培育物流市场和物流主体，完善基础设施、运输体系、信息化建设等方面予以规划、扶持。     

会计电算化与供水企业固定资产管理

固定资产是供水企业资产的核心,是保障城市生活、生产用水和其他建设用水,保证企业生产正常进行的物质基础.如何加强固定资产管理,提高资产使用效率,成为供水企业资产管理的一项重要内容.而信息化科技下的会计电算化固定资产管理是一个对供水企业的生产和发展有着重要影响的系统工程,为供水企业的固定资产良好运用起到了举足轻重的作用.     

网络通达、金融发展与企业融资费用研究

鉴于“新基建”和“降成本”的现实背景，选取2000—2018年中国31个省级数据实证分析区域网络通达、金融发展与企业融资费用的影响关系。研究发现，区域交通网络通达与金融发展呈正相关，通信网络通达与金融发展呈负相关且通信网络硬件建设与金融发展存在倒U型关系，区域金融发展与企业融资费用呈负相关。在金融发展约束下，区域交通网络通达与企业融资费用呈负相关，通信网络通达对企业融资费用影响具有长短期不一致性，通信网络硬件建设短期内对企业融资具有挤出效应，通信网络软性使用长期对企业融资具有间接竞争加剧效应。网络通达下技术创新与企业融资费用呈负相关且存在倒U型关系。各地区推进新型基础建设投资和降成本中需注意“挤出效应”和“拐点效应”的长短期影响。