加拿大“可抵税流转股票”政策借鉴与启示

"可抵税流转股票"(Flow-through shares)是加拿大通过财税手段鼓励矿产勘查等产业投融资的政策工具,其核心是将勘查公司享受的抵税政策"流转"(Flow-through)给投资者,由投资者享受该政策。该政策不仅适用于(固体)矿产勘查,还适用于油气资源、绿色能源,对我国政府在事关"可持续发展"领域运用"公共政策",引导鼓励民间资本投资具有一定政策借鉴意义。     

海外矿产资源勘查税收优惠制度研究

我国矿产资源总量丰富,但人均占有量少,贫矿多,矿产资源供给不足,资源浪费和环境污染普遍存在。而矿产资源在一定程度上决定了我国可持续发展能力。在此形势下,我国应该充分利用好两个市场、两种资源,大力鼓励矿业企业"走出去"进行矿产资源勘查,建立海外矿产资源储备基地和生产基地。海外矿产资源勘查税收优惠政策对鼓励矿产企业进行海外勘查开发具有必要性和可行性。我国应借鉴美国、日本、加拿大等国家在海外矿产资源矿产勘查税收优惠方面的政策和取得的成果,制定若干适用于中国国情和符合国际惯例的海外矿产资源矿产税收优惠政策,力求通过有效的税收优惠政策来激励我国企业去海外勘查开发矿产资源。     

近十年全球矿产勘查趋势分析

矿产勘查是一项高风险的投资活动,呈现出集中度提高的趋势.文章在分析全球多年的勘查投资的基础上,认为矿产勘查投资的变化周期大致是10年,投资以草根阶段为主,实施主体是初级矿业公司,且以金矿为投资重点.全球矿业开发集中度逐步提高.     

“十四五”时期我国矿产勘查经济发展新路径

当前,我国矿产勘查经济发展中仍然存在以下问题:整体投资水平持续降低,与矿业市场结合度不够;财政资金过度参与矿产勘查市场,形成压价竞争;矿产勘查重视技术评价手段,忽视经济效用。“十四五”时期,为适应我国社会主义现代化建设需求,矿产勘查经济发展需要开辟新路径:一是推动矿产勘查技术与经济评价有效结合,提升矿产勘查经济发展内生动力;二是财政资金有序退出矿产勘查领域,营造公平、公正市场环境,推进有效市场和有为政府更好结合;三是以矿产勘查推动矿业发展,以矿业发展促进环境治理;四是积极融入国际矿业市场,借鉴国际矿产勘查规则,开拓合作共赢新局面;五是消除矿产勘查制度壁垒,优化政府服务。     

提高市场效率是加快地质找矿的有效途径——培育商业矿产勘查主力队伍，提高商业矿产勘查投资积极性，完善商业矿产勘查投融资体制

①公益性地质工作与商业性地质工作分体运行,决定了最终地质找矿成果出在商业矿产勘查阶段.②地质找矿成果的取得关键在于商业矿产勘查投资与地质找矿技术的结合.③目前商业矿产勘查市场的基本特征是:社会资金主要通过中小投资者直接进入商业矿产勘查市场,投资主体多,缺乏技术支撑,投资分散,缺乏市场主力群体,尚处于初级市场阶段,总体市场效率低.④当前提高商业矿产勘查市场效率,加快地质找矿的关键是:培育和发展商业矿产勘查主力队伍,提高风险勘查投资积极性,完善商业矿产勘查的投融资体制.     

中国矿产勘查企业投资体制新设想

目前我国矿业投资模式的改革正处在一个关键时刻，如何利用国家财政资金、社会资金及外资服务于我国的矿业开发，建立、健全的矿产勘探活动的新经济运行机制已是一个亟待解决的问题。本文就此问题作了深入的探讨，提出了当前的矿产勘查风险投资体制新设想。这一设想对于我国地质科技的管理和地质调查的改制也具重要价值。     

矿产勘查信托实务研究

矿产资源风险勘查具有高投入、高风险、高回报与投资周期长的特点,矿产勘查金融正成为社会资本矿业投资的重要板块,并有待于投融资体制的创新。信托制度的灵活性、严格风险隔离作用,使得矿业勘查信托具备可行性,并能促进资本与勘探技术有效结合,催生地质找矿新机制。矿产勘查信托也将成为信托行业新的增长点。     

市场经济条件下风险矿产勘查资金的筹集运行和回报

作者介绍了对加拿大独立矿产勘查公司、地质咨询公司、勘查筹资公司、商业银行和多伦多、温哥华证券交易所等进行了为期三调的访问、调研了解的在市场经济条件下，风险矿产勘查资金的筹集、运行和回报的矿产勘查商务运行机制，得出了以下几点启示：小型独立矿产勘查公司在找矿中发挥越来越大的作用；独立的地质咨询公司在筹资中起关键作用；筹资公司承担了风险勘查的筹资金融业务；向股市发行股票是小型独立矿产勘查公司筹集风险勘查资金的主渠道；市场经济行为下勘探股票价格运动规律。     

关于完善矿产勘查政策要点建议

为实施《找矿突破战略行动纲要》,必须制定和完善矿产勘查政策,包括研究制定培育风险勘查资本市场的政策;健全和完善矿产勘查市场准入的法规政策;研究和完善矿产勘查成果权益归属的维护政策;调整和完善中央地质勘查基金的运作政策;研究制定国家财政对矿产勘查支持的政策;完善矿产勘查外部环境政策。     

试论矿产勘查“走出去”商业运作模式

“走出去”是全球经济一体化对矿业企业提出的必然要求。初级矿业公司是境外商业性矿产勘查的主力军,其商业性矿产勘查主要运作模式有期权协议、私募、上市融资、合资合作勘查和通过风险机构筹资等。结合华北地勘局“走出去”的经验和启示,应着力构建国家支持矿产资源“走出去”的政策体系框架,构建中央地勘基金境外投资政策体系,探索以地勘基金为主导的运作模式。     

Price transmission between products at different stages of manufacturing in forest industries

The theory of demand and supply implies a positive relationship, or “price transmission” between the prices of products at different stages of manufacturing. This relationship was investigated with quarterly prices of softwood stumpage in the US South, and national prices of forest products, from 1977 to 2002. All prices, net of inflation, were found to be nonstationary and there was no evidence of co-integration between prices. Vector autogressive models, augmented by Granger causality tests and multiplier analysis showed that there was a one-to-one permanent positive response of the southern sawtimber stumpage price to a permanent change in the national lumber price. There was also a one-third permanent positive response of the national paper price to a permanent change in the national pulp price. There was no relation between regional pulpwood prices and national pulp or paper prices. When price transmission was significant, the full adjustment took about 2 years.     

Application of an ecosystem function framework to perceptions of community woodlands

Owners, local residents, government, and conservation organisations can express divergent preferences in the development and management of local woodlands. The perceptions of these four groups were examined, in the context of three community woodlands in Eastern England, using an ecosystem function framework. In a pilot study, residents were able to allocate a relative importance to woodland ecosystem services which were then related to “regulation”, “habitat”, and “production” or “information” functions. However residents also placed importance on negative services or “dis-services” associated with the woodland ecosystem. Therefore a fifth category of “dis-services” was included in the main survey which included 84 local residents, three woodland owners, three government institutions, and six representatives from conservation groups. Each of the four groups placed greatest importance on services associated with habitat (16–39% of the total importance) and information (30–50%) functions suggesting, in this example, mutual interest in the use of woodlands as a habitat or recreational resource. By contrast a potential area of difference was the particularly high importance placed by one owner on dis-services such as fly tipping. In addition the woodland owners placed higher importance (10–20%), than local residents and conservation groups (7–9%), on the productive services of the wood. This suggests a need for communication when production-related operations affect recreation. The ecosystem function framework appears to be a useful approach for highlighting potential tensions and areas of mutual interest in the management of semi-natural ecosystems.     

In Vino ‘No’ Veritas: impacts of fraud on wine imports in China

China is one of the largest wine importing countries in the world and is poised for continued import growth in the future. Increased wine purchases throughout China have given rise to persistent fraud where fake wines are packaged and sold with counterfeit contents and labels. For exporting countries like France, counterfeit wines displace market share, damage foreign brand reputation, and cause distrust in consumers who are aware of counterfeiting problems throughout the country. We examine the impact of fraudulent wine events (as measured by negative media reports) on Chinese wine demand differentiated by supplying country. We employ the Rotterdam demand system and a switching regression procedure to estimate import demand and compare results across different media variable specifications. Results consistently show that negative reports disproportionately affect French wine regardless of how the media variable is specified. This is not surprising because most fraudulent events involve French wine counterfeits.     

An evaluation framework for earthquake-responsive land administration

In recent years earthquakes and their secondary hazards have claimed the largest number of lives of all large natural disasters. Some of the world’s most earthquake-prone zones are also areas of high population density. The impact is magnified by vulnerability factors including non-enforcement of building codes, knowledge gaps, urban poverty and poor governance capacity to manage and reduce earthquake risks. Poor security of land tenure and property rights increases the vulnerability of people and affects their ability to respond to natural disasters.Earthquake recovery and reconstruction provides very significant challenges for land agencies, with these challenges differing from one country to the next due to differences in the local context. Drawing on contrasting case studies in Haiti, Nepal and New Zealand this paper identifies the common post-earthquake land administration functions and challenges that may apply to many contexts. These lessons provide land agencies and other key stakeholders with a summary of the challenges an earthquake poses for land administration at different post-disaster stages. We also discuss the policy and regulatory, institutional, operational and preparedness lessons for land administration. From these lessons we propose a framework for evaluating the earthquake-responsiveness of a land administration system. This framework can be used by a land agency in an earthquake prone region, or where an earthquake has recently occurred, to assess what challenges to land administration might occur in the event of an earthquake, and the preparedness of their land administration system.     

Agrarian Poverty,Nutrition and Economic Class – A Study of Gujarat,India

This paper analyses poverty and calorific undernourishment in the Indian state of Gujarat, where high and market‐led industrial growth has resulted in rapid economic improvement. The study is carried out through a combination of secondary and survey‐based data. We conclude that the neoliberal agenda of uncontrolled, outward‐looking growth has not resulted in significant reduction of poverty or malnourishment in rural areas. Furthermore, while land ownership is officially used as a proxy for wealth distribution, class position appears a better predictor of poverty status in the rural areas than landownership per se. At the policy level, there is a need to revive the agrarian economy and create new non‐agricultural assets, and the primary focus in the state must shift to the distribution of created assets rather than a single‐minded focus on growth.     

Does sustainable agricultural growth require a system of innovation? Evidence from Ghana and Burkina Faso

This paper tests the ‘systems of innovation’ hypothesis for a selection of crops in Ghana and Burkina Faso that have shown significant growth in production over an approximately 20-year period. The question is whether such growth can only occur if supported by a system of innovation. Using two indicators (a common understanding on objectives and priorities, and a high level of interactivity), we find little evidence for the existence of anything that might be considered a high functioning system of innovation.     

Local impacts of industrial tree plantations: An empirical analysis in Indonesia across plantation types

The values ascribed to industrial tree plantations are often controversial. Hence knowledge of their perceived impacts is important for improving their integration in rural landscapes. In 2016 we conducted household surveys with 606 respondents living in villages adjacent to acacia, teak and pine plantations across three islands in Indonesia (Java, Borneo, Sumatra). Results show that perceptions toward pine and teak plantations tend to differ from those toward acacia pulpwood plantations in several ways. Pine and teak plantations are perceived to have a higher number and variety of benefits and services, a higher number of positive impacts, a better environmental record, and to present more opportunities to local people for use of plantation land and products for improving rural livelihoods. In addition, we find that villagers around acacia pulpwood plantations tend to seek economic development and infrastructure to open up remote areas, yet their expectations were often only partially met. Recommendations from our analysis include: the role of the State in plantations must be clarified and potentially reinforced; the role of institutions as intermediaries is fundamental; and contributions by communities to design of management plans should be accommodated.     

Upstream demand for water use by new tree plantations imposes externalities on downstream irrigated agriculture and wetlands*

Large‐scale tree plantations in high rainfall upstream areas can reduce fresh water inflows to river systems, thereby imposing external costs on downstream irrigation, stock and domestic water users and wetland interests. We take the novel approach of expressing all benefits and costs of establishing plantations in terms of $ per gigalitre (GL) of water removed annually from river flows, setting upstream demands on the same basis as downstream demands. For the Macquarie Valley, a New South Wales sub‐catchment of Australia’s Murray‐Darling Basin, we project changes in land and water use and changes in economic surpluses under two policy settings: without and with a policy requiring permanent water entitlements to be purchased from downstream parties, before plantation establishment. Without the policy, and given a high stumpage value for trees ($70/m³), upstream gains in economic surplus projected from expanding plantations are $639 million; balanced against $233 million in economic losses by downstream irrigators and stock and domestic water users for a net gain of $406 million, but 345 GL lower mean annual environmental flows. With the policy, smaller gains in upstream economic surplus from trees ($192 million), added to net downstream gains ($138 million) from sale of water, result in gains of $330 million with no reduction in environmental flows. Sustaining the 345 GL flow for a $76 million (406–330) reduction in gains to economic surplus may be seen to cost only $0.22 million/GL; but this is much lower than the market value of the first units of that water to agriculture and forestry.     

Underpayment of Small Producers of Coffee and Cocoa in Sierra Leone

Fieldwork shows that many Sierra Leonean producers do not receive the official producer price for their coffee and cocoa, due to the concentration of buying stations, credit relations, the small quantities offered for sale, and the lack of marketing knowledge of the numerous and unorganized farmers. To the traders underpayment may seem economically justifiable to a certain extent, but to the farmers it means poverty and debt. A new village marketing centre project aims at remedying this situation and has already led to higher prices. Although no longer allowed to take their "just" share from the producers, traders are still willing to deal with the new centres.     

Malaria incidence and agricultural efficiency in Uganda

The cost of accessing healthcare can be a major determinant of disease prevalence, which in turn has short‐ and long‐term welfare implications on poor households. In response, governments in developing countries often resort to subsidizing the cost of drugs, which, while perhaps easier to administer, may not always be the most effective way of addressing healthcare cost. In this regard, we analyze the impact of different types of household level health expenses on disease incidence and agricultural production efficiency. We use data from the 2006 Uganda National Household Survey, which covered approximately 7,400 households. The results suggest that a 10% increase in consultation, medicine, and hospitalization expenses would reduce malaria incidence respectively by 35.6%, 20.5%, and 21.3 %, which translates into a 1.1%, 0.6%, and 0.6 % decrease in agricultural inefficiency, respectively. The results indicate that helping poor households meet expenses for consultation through subsidies or eliminating consultation fees has a larger impact on malaria incidence and agricultural productivity among poor rural households than subsidizing the cost of medical drugs, the most common avenue chosen by developing country governments in the fight against the disease.