Public-Interest Arguments in Privatising Government Audit

The privatisation of the state audit office of Victoria in 1996-97 engendered a widespread debate that was joined by the two main accounting bodies in Australia. Although the accounting bodies adopted divergent positions, both rationalised their arguments in terms of public interest. An analysis of this paradox shows that the accountants pursued their commercial interests through intra-professional conflict and cooperation behind the cloak of public-interest arguments, showing little concern for the public accountability function of public-sector audits and reporting requirements.     

生物发电：故事讲给投资者——《国际融资》推荐企业精品项目路演会实录连载之二

项目介绍人：国能生物发电集团有限公司董事长蒋大龙介绍人从业背景：1983年起,先后在中国人民银行、工商银行担任不同职务、并到瑞典学习企业管理。1993年起积极推动瑞典高科技企业对华投资。1994年被聘为瑞典维斯特曼省督对华事务高级顾问．1994年被聘为沃尔沃集团（VoIVO）高级顾问,2003年被聘为山东省政府经济顾...     

Public-Interest Arguments in Privatising Government Audit

The privatisation of the state audit office of Victoria in 1996–97 engendered a widespread debate that was joined by the two main accounting bodies in Australia. Although the accounting bodies adopted divergent positions, both rationalised their arguments in terms of public interest. An analysis of this paradox shows that the accountants pursued their commercial interests through intra-professional conflict and cooperation behind the cloak of public-interest arguments, showing little concern for the public accountability function of public-sector audits and reporting requirements.     

国能生物：全球生物质发电的领航者

国能生物发电集团有限公司（简称国能生物）是目前全球最大、产业链最完整的生物质能综合开发利用的专业化公司。利用国际先进的生物质直燃发电技术和中国丰富的生物质资源,     

The Impact of Regulatory Governance and Privatization on Electricity Industry Generation Capacity in Developing Economies

This article assesses whether a regulatory law and higher qualityregulatory governance are associated with superior outcomesin the electricity industry. The analysis, for 28 developingeconomies over 1980–2001, draws on theoretical and empiricalwork on the impact of telecommunications regulators in developingeconomies. Controlling for privatization and competition andallowing for country-specific fixed effects, both regulatorylaw and higher quality regulatory governance are positivelyand significantly associated with higher per capita generationcapacity. This positive impact increases for more than 10 years,as experience develops and regulatory reputation grows. Theresults are robust to estimating alternative dynamic specifications(including error correction models), to inclusion of economygovernance political risk indicators, and to controlling forpossible endogeneity biases. The article concludes with a shortdiscussion of causality in panel data modeling of governancemodels and the policy implications for regulatory reform.     

从缺电谈电力企业的可持续发展

今年夏天严重的缺电现象已经给我国的经济发展带来了很大的危害,这种现象还将持续下去.由于供电与用电的特殊性,虽然有多种措施可以暂时缓解目前的困难,但从长远来看,都或多或少存在一定的局限性,需要通盘考虑后才能采取.目前所能采取的较为可行的措施是紧抓电力企业的可持续发展,也就要求现有的电力企业建立现代企业制度,大力推进企业创新.电力企业的创新要从观念、体制、战略、机制和科技五个方面进行.     

Alliances and Mergers in Electricity Supply

The takeovers that have occurred within the Regional Electricity Companies (RECs) since the privatization of the UK electricity industry are reviewed. The article describes the nature and scale of the changes that have occurred, and the policy considerations that have influenced the behaviour of the companies. A variety of emergent behaviour patterns among the companies are identified, which reflect apparent differences in the RECs' policy objectives; the mergers are then grouped on the basis of this behaviour. There is strong evidence of a learning process among the companies.     

Electricity Forward Prices: A High-Frequency Empirical Analysis

We conduct an empirical analysis of forward prices in the PJM electricity market using a high‐frequency data set of hourly spot and day‐ahead forward prices. We find that there are significant risk premia in electricity forward prices. These premia vary systematically throughout the day and are directly related to economic risk factors, such as the volatility of unexpected changes in demand, spot prices, and total revenues. These results support the hypothesis that electricity forward prices in the Pennsylvania, New Jersey, and Maryland market are determined rationally by risk‐averse economic agents.     

“十二五”再见电荒——转型时期的价格机制失调现象

十二五的第一场电荒电荒来势汹汹在上一轮经济上升周期时,中国也时常出现电荒。但那时电荒往往发生在用电高峰的夏季,而且主要是江浙沪等沿海经济发达地区。而2011年的电荒发生早、来势凶、范围广(见表1)。从用电需求看:不具可持续性2011年一季度的电能消费水平比往年有大幅提升,为电荒埋下了伏笔。用电量飙升的原因主要有两个:一是2010年的冬天特别冷。根据中国气象局相关资料,2010年冬天(截至2011年2月底),全国大部地区气温正常偏冷。全     

Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets

Spot power prices are volatile and since electricity cannot be economically stored, familiar arbitrage-based methods are not applicable for pricing power derivative contracts. This paper presents an equilibrium model implying that the forward power price is a downward biased predictor of the future spot price if expected power demand is low and demand risk is moderate. However, the equilibrium forward premium increases when either expected demand or demand variance is high, because of positive skewness in the spot power price distribution. Preliminary empirical evidence indicates that the premium in forward power prices is greatest during the summer months.     

跨境电商人民币进口结算案例分析

近年来跨境电商在我国对外贸易增长疲软的环境下异军突起,成为对外贸易发展的新增长点:2015年我国跨境电商交易额达5.3万亿元人民币,同比增速高达30%以上,占比进出口贸易总额的21%.支付结算作为跨境电商交易的重要环节,在促进跨境电商业务和人民币国际化发展中发挥着重要的作用,国务院办公厅在《关于促进跨境电子商务健康快速发展的指导意见》中也明确指出"推动跨境电子商务活动中使用人民币计价结算".本文正是在这一背景下以跨境电商第三方支付为案例,深入研究其交易模式和业务流程.     

中国电力市场化改革评述

自国务院2002年发布5号文件《关于印发电力体制改革方案的通知》以来,中国的电力市场化改革已有十多年的历程,在此过程中,国家电力的改革方向以市场化改革为主.本文主要对电力市场化改革的现状与成效进行讨论;然后,详细讨论了电力市场化改革中的电力产品的属性,放松规制的原因,现实存在的客观改革因素;最后,对电力市场化改革提出了参考意见.