主权财富基金的投资环境、趋势及我国的对策

本文通过对当前主权财富基金的投资环境、投资趋势的分析,提出在遵循“圣地亚哥原则”的前提下,我国主权财富基金对外投资应遵循规则,确定适当的投资战略,关注新兴市场,资源性行业投资等对策。     

关于可持续投资逻辑的基本思考

可持续投资逻辑是指投资者在进行投资时,除了思考传统投资决策时应关注的净现值、多重投资收益等财务问题,也要对被投资企业的社会责任承担情况做出考量。也就是说,在可持续发展的思路上进行投资,不仅考虑投资的短期经济收益,也要考虑投资产生的长期作用,这种长期作用是对未来生存环境的一种保护,介绍可持续投资逻辑应关注的ESG（社会责任）理念以及关注此理念的企业及投资者,以及他们做出的成绩。     

对可行性研究报告及经济评价的几点认识

投资项目的前期工作是投资决策前必不可少的工作步骤,长期以来,建设项目前期工作滞后,前期方案深度不够,建设项目"三超"现象严重等是多年来困扰投资管理的问题.随着经济体制改革的深入,作好投资项目前期工作和经济评价,实现投资决策科学化,提高投资效益,是投资项目各个层次的决策者以及咨询人员所面临的首要问题.     

试论施工阶段工程项目造价的有效控制

建设工程项目造价控制,就是在满足项目合理的质量标准的前提下,在投资决策阶段、设计阶段、建设项目发包阶段和建设项目实施阶段,把建设工程项目造价的发生控制在批准的限额以内,随时纠正发生的偏差,以保证项目管理目标的实现,力求在各个建设项目中合理使用人力、物力、财力,取得较好的投资效益和社会效益。施工阶段的工程造价控制,是实施建设工程全过程造价管理的重要组成部分。     

建设项目绩效审计研究

本文从阐述建设项目绩效审计的含义及要素入手,分析了建设项目绩效审计的特点,提出了建设项目绩效审计应着重抓住投资决策、投资管理、资金使用和投资效果四个环带.围绕绩效审计的三要素--经济性、效率性和效果性来开展.     

医药建设项目投资的特点及投资决策程序的研究

研究医药建设项目投资的特点及投资决策程序,使企业的投资决策具有科学性和可行性,提高企业投资利润率,具有重大的现实意义。本文分析医药建设项目投资的特点,并对医药建设项目投资决策的基本程序进行研究。     

电网建设项目投资计划的分析与思考

电力企业为了更好的满足社会正常的用电需求,实现效益最大化,应认真分析电网建设投资与收益的关系,准确合理安排投资计划,力求节约投资成本,满足社会需求的同时追求经济效益的最大化.本文首先分析了电网投资计划的可行性,然后归纳了电网建设投资计划存在的问题,最后详细阐述了电网建设项目投资计划的策略.     

债务期限与投资决策互动关系中的非线性机制

代理成本理论是解读债务期限与投资关系的关键视角,投资不足与投资过度都是代理成本问题的表现形式。西方投资理论认为,短期债务可以有效降低代理成本,长期债务能够更好地缓解融资约束问题。然而,在较为复杂的代理成本机制主导下,债务期限对投资的影响呈现出非线性作用机制,不同投资区间债务期限选择会直接影响代理成本高低,进而影响投资效率。基于我国上市公司的经验数据可以发现,不同投资规模区间债务期限与投资遵循非线性关系的特征事实。在融资约束和制度不完备的背景下,上市公司应注重健全并完善公司治理机制,降低代理成本,方能优化债务期限选择,实现投资决策与外部金融环境间的良好互动。     

宏观调控对房地产投资决策的影响

我国房地产市场最大的特点是政策的引导性,本文研究了房地产市场宏观调控政策对企业投资决策的影响,发现土地政策和信贷政策对房地产投资决策的影响较大。因而,在宏观调控政策下,企业应倾向投资政策调控影响小的商业房地产市场和逐步进行受政策鼓励的保障房投资。     

公益性建设项目的风险约束机制研究

公益性建设项目由于不以盈利为目的，其在决策和经营上缺乏有效的监督和管理机制，在所有者、责任者缺位的情况下所形成的投资决策，常常造成在软预算约束下的投资决策失误。从公益性建设项目的特点入手。分析了现实的投资风险，提出应尽快建立包括管理机制、决策机制和资金约束机制在内的投资控制与风险约束机制。     

湖南省人均需电量回归模型的建立及其预测应用

在电力项目前期调研与论证过程中,必须对电力需求进行预测,以提高决策质量。本文采用基于人均GDP需电量的预测方法对湖南省电力市场需求状况做出了分析和预测。结果显示我省电力消费增长速度和国民经济增长速度基本一致,但电力发展仍略低于经济发展速度。需加大建设投入,提高装机总量,并合理调整电力生产结构。     

企业环境保护投资规模优化的灰色关联分析

利用灰色系统理论,以环保投资外部效益内化为前提,对企业优化环保投资规模进行综合评价与决策,以提高企业的环保投资效率、激励企业的环保投资行为。认为,在相关环境标准和法律约束的框架下,应该使用经济杠杆赋予企业一定的污染治理选择权,促使其综合考虑、权衡利弊,开拓和寻找既切合实际又具有良好环境效益、社会效益与经济效益的污染治理方案,环保投资活动才有经济基础,才有可持续的动力。     

Boosting tourism's contribution to growth and development: Analysis of the evidence

The tourism sector's contribution to economic development depends upon complex and dynamic socioeconomic, environmental, and institutional factors. Policymakers require objective evidence to base decisions on which public policies or investments to pursue. In this paper we develop an economy‐wide approach to assessing public investments in tourism. The approach is powerful in that it considers all inter‐sectoral linkages that are critical for tourism‐sector analysis. This framework is linked to a microsimulation module that enables estimation of household‐level and destination‐specific impacts and the distribution of benefits. To illustrate the framework and the insights it can generate, we apply it to a public investment in Belize's Cayo District. Our findings show that the overall level of economic activity increases while an appreciation of the real regional exchange rate results in slower growth in traditional nontourism exports. Greater availability of capital and labor to meet increased demand would reduce this effect. The investment results in a reduction in the poverty headcount on the order of 0.7 percentage points, though there is a small increase in inequality that is a function of the skill requirements of the new positions created as a result of the investment.     

加强政府投资项目管理的对策研究

本文从分析政府投资项目管理中存在的问题入手,提出通过完善科学的决策规则和程序,做好建中项目跟踪,完善监督体系,完善政府投资项目管理队伍建设来加强政府投资项目管理的相关对策和建议。     

Simulation of the impact of economic policies on poverty and inequality: GEM in micro-simulation for the Algerian economy

This paper presents an illustration of the importance of computable general equilibrium modelling micro-simulation for simulating the impact of economic policies on living levels of households. The CGEM, as built, was used to simulate the effects of some economic policies on the economy and living levels of all households including the classes of modest, middle and wealthy households. In this context, pro-active economic policies are simulated in order to understand their effects on the macroeconomic plan and on the living level of some household categories defined according to statistical criteria. The first on the analysis of two arbitrarily selected tax policy cases, and the other on three investment policy simulations. Different illustrated simulations show improvements in economic growth and upward social mobility, particularly in the case of increasing the overall investment and improving productive capacity. In all simulations, that inequality would have remained rigid downward and would sometimes even accentuate. Overall, it appears that the increase in investment would boost economic growth through demand effect. However, this increase in demand would be met by more imports, which would damage our trade balance. The national productive system, however, could reverse this trend by making profitable investments by strengthening its productive capacity.     

环保投资与经济增长实证研究——基于我国东中西部区域比较视角

本文在比较分析我国东、中、西部地区环保投资现状的基础上,运用面板单位根检验、协整检验及误差修正模型,就三大地区环保投资对经济增长的影响状况进行了实证研究.结果表明,三大地区的环保投资与GDP之间均存在着长期的协整关系,但不管是城市环境基础设施建设投资还是工业污染源治理投资,投资效益都很低.为使三大区域环保投资对经济增长的拉动作用最大化,实现环保与经济增长的共赢发展,应不断完善环保投资制度,加大资金投入,提高环保投资效率并优化环保投资结构.     

税收竞争、经济集聚与地区投资行为

中国财政分权体制下的地区间招商引资竞争广泛存在。本文通过一个纳入经济集聚因素的新古典投资决策计量模型,考察了税收激励对投资地域选择的影响。研究发现目前在中东部地区经济集聚可为地方财政带来一定的集聚租金,这使地区间税收激励政策呈现为差异化竞争策略;投资的流动性、地区经济基础、投资的产权性质等均对地区的税收激励政策选择有重要影响。本文的研究意味着,实现区域均衡发展需要构建稳定的地区间财力分享制度、改善欠发达地区的产业发展基础。     

Investment and employment from large-scale photovoltaics up to 2050

Investments in renewable energy were at US$211 billion in 2010 and developing economies overtook developed ones for the first time in terms of new financial investments in renewable energy. Photovoltaics for generation of electricity from sunlight has the highest growth rate among the competing forms of renewable energy and has now begun to achieve grid parity in some regions. If these trends of investments continue, solar energy will play a major economic role. We analyze these developments and assess the ensuing amounts of investment and employment for a range of sizes of the sector of solar energy. We find that by 2050 electricity from photovoltaics could cover up to 90% of total global energy demand, with a then global capital investment in our main scenario in photovoltaic manufacturing capacity at 500 billion US$211 billion in 2010 and developing economies overtook developed ones for the first time in terms of new financial investments in renewable energy. Photovoltaics for generation of electricity from sunlight has the highest growth rate among the competing forms of renewable energy and has now begun to achieve grid parity in some regions. If these trends of investments continue, solar energy will play a major economic role. We analyze these developments and assess the ensuing amounts of investment and employment for a range of sizes of the sector of solar energy. We find that by 2050 electricity from photovoltaics could cover up to 90% of total global energy demand, with a then global capital investment in our main scenario in photovoltaic manufacturing capacity at 500 billion US₂₀₁₀ by around 2030 and 1,500 billion by 2050. Employment in photovoltaic manufacturing is predicted to rise to 6 million by 2050. Sensitivity analysis with respect to the core parameters of assumptions is supplied.     

事业单位基建会计应关注的问题

随着社会主义市场经济的不断发展,基本建设投资规模的不断扩大,使基建会计所处的客观经济环境发生了很大变化,对基建会计工作的要求也就越来越高。由于对相关制度的学习检查不够以及会计人员自身素质等原因,一些基本建设单位存在会计核算不规范以及监督不严等问题。     

Who invests more in advanced abatement technology? Theory and evidence

We study firm investment in abatement technology under a heterogeneous‐firm framework. We find that more‐productive firms make more (less) investment in abatement technology if investment and productivity are complements (substitutes). Under linear demand, firms’ abatement investments exhibit an inverted U‐shape with respect to productivity level. This finding is in contrast to results in existing studies. We also find that in response to tightened environmental regulations, more‐productive firms raise their respective investments in abatement technology, whereas less‐productive firms do the opposite. More‐productive firms have lower pollution emission intensity. The key theoretical predictions are confirmed by empirical tests using Chinese data.