武夷山景区管理变革

2003年1月初，建设部发文叫停了风景名胜区向民营企业转让、租赁或出卖经营权的风潮。这道禁令再次把一个问题摆到桌面上风景名胜区到底应该如何经营?怎么管理?保护与旅游开发究竟如何统一?     

闽商：福建最大民营液体化工码头迎来“首客”

8月3日，福建最大的民营液体化工码头——泉港区泰山石化10万吨级码头以及配套的33．9万立方米化工油品库区正式投入试生产。同时，码头也迎来了首位“客人”——运载35840吨甲醇的巴拿马籍化工品船“马特拉”，稳稳地停靠在码头泊位上，开始将10500吨甲醇卸载至泰山石化库区。     

“新华都之父”陈发树

在新华都灼人眼目的故事中,唐骏的加盟不可谓不闪亮,但一砖一瓦建立起新华都的,毅然决然天价引进唐骏的,无疑是这位隐于幕后的——     

弘扬茶文化 打响茶品牌——第二届海峡两岸茶业博览会暨武夷山旅游节召开

千载儒释道,万古山水茶。中国是茶的原产地,茶叶伴着国人繁衍生息度过了数千春秋,茶文化已升华为中华民族的一个文化品质,并促进了世界文明的发展和文化的交流。茶是健康的饮品,友谊的纽带,文明的象征,福建茶叶秉承中华民族五千年文化传统,在中华茶文化史中占有重要的地位。山水实景,细浪欢歌。在第二届海峡两岸茶博会上,记者应邀参加了相关活动,在武夷山大王峰下、玉女峰前、崇阳溪畔;迎着悠扬的棹歌,穿过缭绕的云雾,深深地感受到了闽茶品质之优异、韵味之独特、保健功效之卓著、和谐文化之博大、产业前景之广阔,相信茶博会的成功举办将会为打响福建茶叶品牌,建设福建茶叶强省,促进海峡西岸经济区建设起到积极的促进作用。     

茶和两岸襄盛举 文化经贸竞纷呈——第六届海峡两岸茶业博览会隆重举行

以茶会友,缘聚武夷。11月16日!18日,第六届海峡两岸茶业博览会在武夷山隆重举办。本届茶博会突出"茶与茶文化"主题,兼顾茶与健康、茶与茶食品、茶与茶具、茶与茶设备等内容展览展示,进一步弘扬中华茶文化,发挥福建茶旅产业优势,加强海峡两岸茶业交流与合作。此次展会招展范围涵盖传统六大茶系、茶食品、茶业机     

致茶山里的守望者

收信人:陈冬林,福建武夷山茶农,享年51岁陈叔:未及与你见面,已阴阳两隔。时至今日,我仍常常翻看那段关于你的视频。在这段三年前拍摄的仅仅1分30秒长的视频里,你的样子仿佛还和昨天一样:大山里,你戴着蓑帽不善言辞,在前引路。正是武夷岩茶的制茶对节,你熬了十几个通宵未睡,但为配合我们的工作,仍坚持亲自上山。从9岁那年起,你便开始跟随父亲手工做茶。这条通往慧苑坑的路     

感恩十年 寻找同行者

<正>《安家》走过十年,犹如硕果落地一般:播种、生根、发芽、盛开、收获,伴随着中国房地产业一同前行。于己,在积极地成长;于人,在快乐地分享。《安家》走过十年,特有的企业文化及管理模式成就了今日的稳健与辉煌;安家人在成长,精干而敬业的安家团队已经成为地产界的一道风景、一支重要力量。《安家》走过十年,早已不只是一个媒体的概念。诞生于《安家》平台之上,强大的安家传媒集团正乘风破浪高速发展。从北京到海南,从河北到山东,从成都牧马山到福建武夷山,从内地到香港,从日本到欧洲,从行业杂志、广告代理、公关策划、整合传播到咨询顾问、品牌运营、项目投资,安家传媒集团正在走向全国、放眼世界……     

TAX BASIS AND NONLINEARITY IN CASH STREAM VALUATION

The value of a future cash stream is often taken to be its net present value with respect to some term structure. This means that a linear formula is used in which each future payment is discounted by a factor deemed appropriate for the date on which the payment will be made. In a money market with taxes and shorting costs, however, there is no theoretical support for the existence of a universal term structure for this purpose. What is worse, reliance on linear formulas can be seriously inaccurate relative to true worth and can lead to paradoxes of disequilibrium. A consistent no-arbitrage theory of valuation in such a market requires instead that taxed and untaxed investors be grouped in separate classes with different valuation operators. Such operators are linear to scale but nonlinear with respect to addition. Here it is established that although these valuation operators provide general bounds applicable across an entire class, individual investors within a tax class can have more special operators because of the influence of existing holdings. These customized valuation operators have the feature of not even being linear to scale. In consequence of this nonlinearity, investors from the same or different tax classes can undertake advantageous trades even when the market is in a no-arbitrage state, but such trade opportunities are limited. Some degree of activity in financial markets can thereby be understood without appeal to differences in utility functions or temporary disequilibrium due to random disturbances.     

BETTER THAN DYNAMIC MEAN‐VARIANCE: TIME INCONSISTENCY AND FREE CASH FLOW STREAM

As the dynamic mean‐variance portfolio selection formulation does not satisfy the principle of optimality of dynamic programming, phenomena of time inconsistency occur, i.e., investors may have incentives to deviate from the precommitted optimal mean‐variance portfolio policy during the investment process under certain circumstances. By introducing the concept of time inconsistency in efficiency and defining the induced trade‐off, we further demonstrate in this paper that investors behave irrationally under the precommitted optimal mean‐variance portfolio policy when their wealth is above certain threshold during the investment process. By relaxing the self‐financing restriction to allow withdrawal of money out of the market, we develop a revised mean‐variance policy which dominates the precommitted optimal mean‐variance portfolio policy in the sense that, while the two achieve the same mean‐variance pair of the terminal wealth, the revised policy enables the investor to receive a free cash flow stream (FCFS) during the investment process. The analytical expressions of the probability of receiving FCFS and the expected value of FCFS are derived.     

睦邻友好依然--中亚各国经济转轨及对华关系

中亚五国独立前,作为苏联的加盟共和国,虽然名义上是独立共和国,但实际上并没有自已独立的政治、经济体制和政策,实际实行的是全苏统一的高度集中的政治体制和计划经济体制.政治上,极度闭塞,没有自已的对外交流权利和外交、外贸权利;经济上,结构单一,或以农牧业,或以原材料生产为主,经济也呈封闭型.