海洋投资或成下一个投资新风口

中国海域、海岛开发现状 由于海洋环境的特殊性,海洋不是人类的居住环境,人们总觉得海洋开发离自己比较遥远,企业对海洋资源开发与利用也不知如何下手.但随着国际上对海洋资源的一些开发新案例相继出现,中国对海洋资源的开发利用也呈现多样化的趋势.比如一些国家正在研发水下房屋建设,迪拜已推出了水下别墅项目,各种海上游乐设施和海上运动项目已被人民广泛接受,海洋的开发类型越来越多,不但有传统的海洋产业在蓬勃发展,而且又在不断产生新的海洋产业.     

细品“民间投资36条”

5月中旬,国务院发布了《国务院关于鼓励和引导民间投资健康发展的若干意见》,即民间投资36条。《意见》重申2005年颁布的非公36条的基本精神,鼓励和引导民间资本进入法律法规未明确禁止准入的行业和领域。要求创造公平竞争、平等准入的市场环境,对各类投资主体同等对待,不得单对民间资本设置附加条件。     

Minimum return guarantees,investment caps,and investment flexibility

We study the merits of capped retirement products with guarantee for investors who have the flexibility to dynamically adjust their investment strategy. All contracts under consideration are fairly priced such that the net profit of the provider is zero. Without the rider, an expected utility maximizing CRRA investor does not want an investment cap. Here, she commits herself to a strategy a priori. With the flexibility rider, the optimization problem changes and the optimal strategy is a response to an exogenously set price. A fair pricing then anticipates the optimal response of the investor. We show that the maximum expected utility of the investor can, for anticipated fairly priced products, be obtained for a finite cap. Thus, a capped product design can give a Pareto improvement to the otherwise uncapped contract version.     

On irreversible investment

This paper presents a new and general approach to the theory of irreversible investment. We show that the optimal policy is a base capacity policy and derive general monotone comparative statics results. When the operating profit function is supermodular, the base capacity increases monotonically with the exogenous shock; and firm size is decreasing in the user cost of capital. Last but not least, the paper provides a general existence theorem for optimal policies.     

地铁投资加速

1863年,"伦敦大都会铁路"作为世界上第一条地铁开通之时,人们或许不会想到,这种后来被国际公认的"绿色出行"方式所带来的不仅仅是交通的便捷,它正改变着一座座城市的面貌。而对于已经经历了50多年发展历程的中国地铁来说,现在正是"最好的时代"。9月5、6日两天,国家发改委公布了新近批复的25个城市轨道交通建设项目:其中,常州、厦门、兰州、太原、石家庄等城市获准修建地铁,哈尔滨、上海等城市新增或调整城轨的建设方案也获得批准。事实上,发改委并非一夜之间突击批复城轨项目。早在今年5月,常州、厦门、兰州3地轨交规划获批的消息便已见诸报端;太原和石家     

双向市场的趋势投资

有关市场的一个新交易工具,期指准备了十年,希望未来利用双向交易获利的企业一定要记住：我们只是市场趋势的追随者。     

印度投资攻略

2009年,中印双边贸易额突破了430亿美元,年均增长率达到25%以上,预计2015年双边贸易额将达到2400亿美元,相当于中美贸易在2005~2006年的规模.此外,中国企业在印度建成的基础设施项目超过100亿美元,行业遍布电力、电信与轨道交通等.     

The investment manifesto

A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are not necessarily risk factors; characteristics-based factor models are linear approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not necessarily mean mispricing; measurement errors in covariances are likely to blame. Most important, risks do not “determine” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining” anomalies.     

Smooth nonparametric Bernstein vine copulas

We consider the problem of accurately modelling the distribution of the market risk of a multivariate financial portfolio. We employ a multivariate GARCH model in which the dependence structure between the assets is modelled via a vine copula. We address the problem of how the parametric pair-copulas in a vine copula should be chosen by proposing to use nonparametric Bernstein copulas as bivariate pair-copulas. An extensive simulation study illustrates that our smooth nonparametric vine copula model is able to match the results of a competing parametric vine model calibrated via Akaike’s Information Criterion while at the same time significantly reducing model risk. Our empirical analysis of financial market data demonstrates that our proposed model yields Value-at-Risk forecasts that are significantly more accurate than those of a benchmark parametric model.     

投资清洁技术,跟着政策走——风能产业的政策利好和投资机遇

《国际融资》杂志近期参加了多个有关清洁技术的论坛,这些论坛特别强调了清洁技术作为新的增长点的商机和前景,还特别指出了商机和政策支持的不可分性,即所有与环保有关的技术,最终都要靠政策来推动,没有政策的推动就难以发展（参看本栏目文章《清洁技术产业渐成PE／VC投资热点》）。具体到近年来发展较快的风能产业,有关的政策解读更明确,特别是2008年年底以来,在国际金融危机发生的过程当中,很多国家和政府宣布要大大增加可再生能源和低碳或者清洁技术的公共财政投入,以刺激经济增长并增加就业岗位,而中国的政策利好也是不断（参看本栏目文章《风能产业的政策利好和投资机遇》     

On investment in funds

Abstract

The purpose of this paper is to determine how large a capital risk a monetary institution is incurring by receiving capital payments under obligation to yield a fixed guaranteed interest until a prescribed date, even if the market rate of interest should fall below the rate guaranteed, and to investigate to what extent the risk is decreased if it is possible to invest the payment first received at a rate of interest exceeding the rate guaranteed.     

税收会影响外商投资吗?

记者:在全球利用FDI数量急剧下降的形势下,中国却成为世界上第二大吸引FDI的国家.您认为这其中税收因素对外商投资者的决策有多大的影响?     

张长春谈基础设施投资的未来之路

国家发改委投资研究所所长张长春在＂CMRC中国经济观察（CEO）＂第28次报告会上说：东部地区铁路投资比重仍较大,但其比例正逐渐降低,十多年来国家加大了西部、     

Risk-shifting and investment asymmetry

I show that when shareholders can change not only the variance of the future firm value, but also its asymmetry, they can shift costly risk to bondholders while lowering the firm risk, and more importantly, the equity risk and the probability of bankruptcy. The implication of this result is that risk-shifting behavior can be more beneficial to shareholders than currently perceived in the literature.     

Monetary randomness and investment

This paper develops a neoclassical model in which the behavior of the money supply affects investment by affecting the real distribution of asset returns. Investment depends on wealthholders' demand for capital. A stochastic money growth rule influences portfolio choice by affecting the distribution of the inflation rate. The variance of inflation matters to wealthholders because of the existence of assets with returns that are not indexed to changes in the price level: money and bonds which are contracted in nominal terms. In a rational expectations environment, asset demands will thus be sensitive to the distribution of the money growth rate. Our principle conclusion is that an increase in the variance of the money growth rate lowers investment, which complements Tobin's (1965) result that an increase in the mean stimulates capital accumulation. The paper also represents a step toward incorporating an asset market into a macroeconomic model in a manner which takes account of Lucas' (1976) criticism of econometric policy evaluation. All variables in the model, including asset return distributions, are functions of technology, preferences and the money supply rule. Further, expectations are rational.     

Optimal investment for insurers

We consider a stochastic model for the wealth of an insurance company which has the possibility to invest into a risky and a riskless asset under a constant mix strategy. The total insurance claim amount is modeled by a compound Poisson process and the price of the risky asset follows a geometric Brownian motion. We investigate the resulting integrated risk process and the corresponding discounted net loss process. This opens up a way to measure the risk of a negative outcome of the integrated risk process in a stationary way. We provide an approximation of the optimal investment strategy, which maximizes the expected wealth under a risk constraint on the Value-at-Risk.     

京能绿色投资之路

从北京开车到内蒙古,在京张高速北侧可以看到一大片白色风车,这些都是官厅风电场的风电机-用于进行风力发电的设备,官厅风电场是京能集团在2007年投资建设的一个风电项目,在风电的财务结构里,发电小时数未能超过2200小时就不经济了,而官厅这个项目,它是1800-1900小时,这肯定是亏损的.京能集团副总经理、CFO刘国忱在谈到这个项目立项时的情况时说,可是如果放弃,这个资源就丢掉了,那可是每年2亿度电,而且是绿色电.     

清洁技术让投资者有兴趣？

在合众资本主办的首届清洁技术投融资峰会上,我们感受到清洁技术研究与应用正在日益受到中国政府和企业的重视,而对清洁技术领域的投资正在不断升温