Asset Pricing in Created Markets

We investigate the applicability of the present-value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual transferable quota (ITQ) market. In addition to the influence of current fishing rents, we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. The results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected increases in future fish prices, and expected cost reductions from rationalization under the quota system.     

Assessing the Financial Performance of Forestry-Related Investment Vehicles: Capital Asset Pricing Model vs. Arbitrage Pricing Theory

Capital asset pricing model (CAPM) and arbitrage pricing theory (APT) are used to assess the financial performance of eight forestry-related investment vehicles. Although results from APT support previous findings from CAPM about timberland investments, three bodies of evidence show that APT findings are more robust. The major conclusions are (a) institutional timberland investments and timberland limited partnerships have a low risk level and excess returns; (b) forestry industry companies have not earned risk-adjusted returns, and the performance of medium forest industry firms is worse than that of large firms; (c) stumpage price does not resemble the return generation process of timberland investments; and (d) lumber futures have little excess return.     

森林资源资产组合随机控制模型及决策

在界定了森林生态资产与森林资源资产组合概念的基础上,构建和模拟了基于随机控制理论的森林资源资产组合模型,为森林经营管理者提出了相应的结论和建议:森林经营管理者可以根据最优采伐量与木材价格、补偿价格、成本系数、税率、贴现率、生长率等参数之间的关系,获得在市场经济变动条件下的最优森林资产组合,以保证森林资产净收益的稳定增长。     

石油资源资产价值评估指标体系的构建

通过分析石油资源资产的价值构成,指出目前我国石油资源资产价值评估指标体系应包括现实社会价值,潜在社会价值,环境(补偿)价值和风险价值.在遵循指标体系建立原则的基础上,导出了一套新的指标体系,该评价体系包括现实社会价值评估指标,潜在社会价值评估指标,环境价值评估和风险价值评估指标.     

Estimated Value of Increased Pricing Accuracy for Fed Cattle

To improve vertical market coordination beef packers have introduced fed cattle grid pricing systems that offer premiums or discounts for varying carcass quality and yield grades. This study calculates the value of cattle quality information for producers considering live, dressed, and grid pricing alternatives. The value of fed cattle quality and yield grade information is at least $15/head. When fed cattle are sold on a live weight basis, high-quality cattle subsidize low-quality cattle by an average of $30/head. Price signals that could improve beef market coordination are ignored when fed cattle are marketed using traditional live or dressed weight methods.     

谈《企业会计制度》对资产减值的规定

为了贯彻执行《中华人民共和国会计法》和《企业财务会计报告条例》,规范企业 的会计核算工作,提高会计信息质量,财政部制定并发布了《企业会计制度》,从２００１年ｌ月１日起实施。这是我国会计界的又一件大事,是为了造应社会主义市场经济发展、经济全球化趋势和加入ＷＴＯ面临的新形势的重大举措。《企业会计制度》在建立既符合中国国情。又能适应会计国际化方面,同原行业和股份有限公司会计制度相比,有许多重大突破,如要求计提资产减值准备,就是其中一项。本文谈谈对《企业会计制度》（以下简称新制度）中有关资产减值准备规定的学习体会。     

Strategic Behavior and Consolidation in the Agricultural Biotechnology Industry

We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key results derive from the benefits of coordinated actions, distinction between transferable and nontransferable payoffs, the substitutability, complementarity, and the importance of the managers' noncontractible investments, and access and expansion of markets. Results from the model are used to examine the cooperation and consolidation activities for four major players in the agricultural biotechnology industry, DuPont , Dow Chemical , Monsanto , and Novartis .     

Price Discrimination and Pricing to Market Behavior of Canadian Canola Exporters

The role of exchange rate fluctuation on the pricing behavior of Canadian canola exporters to Japan, Mexico, and the U.S. is examined using a model identifying noncompetitive and exchange rate related pricing behavior. Price discrimination was identified for Canadian canola exports to the three destinations over the period of 1993–99. Results also suggest that Pricing to Market strategies were employed for Japanese imports. Canadian canola exporters used local currency price stabilization to dampen the effects of relative price changes in the Japanese currency, perhaps linked to the large size of Japanese imports relative to Mexico and the U.S.     

Reducing Investment Risk in Tractors and Combines with Improved Terminal Asset Value Forecasts

Secondary asset market data for combines and tractors are used to estimate and separate out historical economic depreciation, embodied technological change and time value change. Combines and tractors generally exhibit constant geometric economic depreciation on a year-to-year basis. Depreciation rates vary by manufacturer. Farm investors can use these manufacturer-specific depreciation rates reported here to estimate terminal asset values. The study finds significant seasonal differences in machinery depreciation rates. A major source of error in forecasting terminal asset values comes from changes related to time. There is a predictable time component to the constant quality asset index that has not been investigated in previous studies. Unanticipated shocks to demand should be followed by price reversion to long-run average manufacturing costs as industry capacity adjusts to demand. This reversion component is predicable. Investment risk over longer planning horizons may be lower when both depreciation coefficients and time component estimates are employed.     

生态文明建设的国土空间开发战略选择

生态文明是对工业文明经济增长范式的革命性思考,党的十八大将优化国土空间格局作为生态文明建设的首要任务。生态文明建设指导下国土空间开发应遵循七大原则：以资源环境承载能力评价为基础,以集聚开发提升空间效益为重点,以点轴开发促进面上保护为主线,以重点开发促进区域均衡为目的,以促进陆海统筹和纵深开发为导向,以综合整治优化空间格局为平台,以节约集约缓解资源瓶颈约束为手段。贯彻落实生态文明建设、优化国土空间开发格局的要求,必须适度创新,加大对现行空间规划的集成力度,开展国土规划,将“开发、保护、整治”三项主要内容融为一体。     

二叉树期权定价模式评估林业碳汇项目的价值

基于黑龙江省林业局和中国林业统计年鉴的数据,运用修正的Faustmann模型和二叉树期权定价方法分析黑龙江省黑河造林林区的碳汇价值及该项目的经济可行性。研究结果表明:经营成本负向影响项目的最终价值;碳汇价格和木材价格正向影响项目的最终价值;初始价值正向影响项目的最终价值;黑龙江省黑河造林林区项目具有较高的经济效益和生态效益。因此,相关部门应建立完善的碳汇交易市场,实施激励措施和制定林地产权制度。     

采伐限额制度下实现经济效益最大化问题的研究

分析采伐限额制度的合理性,在这个前提下,探讨如何获得经济收益的最大化。林业资源的经济收益取决于市场状况的同时也受到它本身特性的约束,这里市场状况包括总体用材林限额决定的供给量和整体市场的需求量,林业资源特性包括林业用地的限制、木材培育费用和木材的生长期限。通过将市场状况和林业资源本身特点的结合,得出在不同的情况下如何使用和分配用材林采伐限额,在单位内转结的有效性或者在单位间转让的可能性,以实现在采伐限额制度下取得林业资源经济收益最大化。     

基于市场经济条件下的水价模型研究

根据市场经济条件下供企业应实现利润最大化的原则，提出以边际成本为基础的水价模型，探讨基于几种简化的成本函数形式和线性需求曲线形式的水价计算公式，并对湖北省漳河水库1981－2000年的实际水价及灌溉用水量资料进行分析，拟合了不同年代的需求曲线。     

准市场下我国排水权交易定价方法的研究

为解决强降水集中时期我国突出的排水权矛盾,开展排水权配置与交易的研究势在必行,而排水权交易价格问题又是排水权交易问题的关键要素。为此,在借鉴国内外有关水权交易市场和水权交易价格理论和实践的基础上,结合我国排水权交易的现状及特征,提出排水权交易价格形成的两个步骤:一是利用全成本定价法测算排水权交易的基础价格;二是在基础价格之上,研究排水权市场化定价方式。最后,构建出"成本+竞价"的排水权交易定价的综合模式,该模式综合协商定价、招投标定价和拍卖竞价于一体,充分发挥了3种交易方式的各自优势。研究结果有利于推动排水权交易市场的构建,为完善我国排水权交易管理制度提供参考。     

Information Exchange and Strategic Behavior in Supply Chains: Application to the Food Sector

Information technology (IT) facilitates information exchange between retailers and suppliers. Based on evidence from food industry, information strategies under uncertainty are analyzed, using game theory. Some key results are under certain conditions, retailers withhold valuable sales data from suppliers even if this means less supply coordination; a revealed equilibrium exists where suppliers learn retailers' market data despite retailers' withholding of such data; this leads either to full information convergence or, surprisingly, incomplete information convergence with some informational asymmetry left; retailers with greater market power and numerous suppliers are more inclined to share, rather than to withhold, information.     

新形势下山西水产技术推广发展对策分析

山西渔业正在面临着由传统数量型向质量效益型的转型发展,在新形势下,如何建立与之相适应的水产技术推广体系,使水产技术推广工作适应新的发展需要,更好地为转型发展提供社会化公益性服务,已成为水产技术推广工作的重点和难点。为此,本文通过分析山西省水产技术推广体系建设与发展及运行模式中存在的问题,提出新形势下山西省水产技术推广工作必须更新推广理念,转变推广方式,认真全面履行公益性职能,加大政府投入,加强体系和队伍建设,积极探索“一主多元”的新型水产推广服务体系。     

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。     

资源约束下的西部生态环境重建的战略构想

西部生态环境面临“先天脆弱与后天保护不力”的严重危机,要使西部生态环境得到有效的改善,既要重建设与保护,又要重补偿与支持;没有补偿与支持,建设与保护难以进行,因此,对西部生态环境重建要有新的创新思路。     

新形势下加工贸易转型升级的战略选择

改革开放以来,加工贸易发展迅速,对外贸经济的发展起到积极作用.但在现阶段,我国加工贸易依然处于全球价值链的低端,随着国内外经济环境的变化,新形势下加工贸易的发展前景堪忧.加工贸易为了生存和发展必须要进行转型升级.     

Pricing to Market Behavior by Canadian and U.S. Agri-food Exporters: Evidence from Wheat, Pulse and Apples

A fixed-effects model to control for time variation in marginal costs is employed to pinpoint evidence of price discriminatory behavior of Canadian and U.S. exporters of agri-food products. We test for evidence of pricing to market behavior and whether price discrimination or commodity/country characteristics may provide a plausible explanation. A distinguishing feature of our approach is to examine the time-series properties of the data by the conventional augmented Dickey-Fuller and recently developed panel unit root test. The panel data set employed in this paper consists of annual exchange rates and export prices for three agri-food products (wheat, pulse and apples) exported by Canada and the U.S. in foreign markets during 1980–98. Our fixed-effects model suggests that U.S. exporters are sensitive to exchange rate changes, while Canadian exporters in most cases raised price markups in response to a depreciated currency in overseas markets. The results highlight the differences in pricing policy that both countries employ to merchandise agri-food products in export markets.