耕地资源非市场价值评估初探

非市场价值是耕地资源价值中无法忽略的重要组成部分。科学评估耕地资源的非市场价值，将其纳入耕地资源的成本核算体系中，不仅能够弥补市场机制作用的不足给农地城市流转决策带来的影响，而且通过提高土地资源农业利用的比较效益，能够真正起到缓解我国耕地资源低效率流失的作用。文章以武汉市为例，对耕地资源的非市场价值进行了探索性研究，结果表明：随着耕地保护意识的增强，武汉居民已经意识到耕地资源非市场价值的存在；从受访居民参与耕地保护的支付意愿（willingness to pay，WTP）出发，武汉市受访居民家庭对耕地资源非市场价值的户均最高支付意愿125．63元／年，全市耕地资源总面积389157．75公顷，非市场价值现值达128．37亿元，折合单位公顷耕地非市场价值32987元。     

井冈山市天然林游憩价值核算

本文应用消费者剩余理论,建立游览率与旅行费用等因子的相关关系方程,求出旅游需求曲线;以旅行费用法计算井冈山市的游憩价值。     

Short Run Constraints and the Increasing Marginal Value of Time in Recreation

Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks and suggest that traditional methods for valuing time using labor markets miss important considerations. This paper presents a new model for time valuation that uses non-employment time commitments to infer the shadow value of time spent in recreation. A unique survey that elicited revealed and stated preference data on household time allocation is used to implement the model. The results support the conclusion that there is an increasing marginal value of time for recreation as the trip length increases.     

基于游憩者视角的游憩环境教育实证研究——以福州国家森林公园为例

以游憩者为主体的游憩环境教育是实现游憩可持续发展的重要保障。文章以福州国家森林公园作为案例进行实证研究分析,通过对到访森林公园的游憩者发放问卷和现场访谈的方式,在运用EXCEL和SPSS软件对获取的调查数据进行辅助分析的基础上,揭示游憩者的游憩环境感知现状以及游憩区的游憩环境教育现状,探讨实现游憩区游憩环境可持续发展的优化措施与策略。     

The Value Relevance of Earnings and Nonearnings Information in Regulated and Deregulated Markets: The Case of the Airline Industry

This paper examines the valuation effects of earnings and two nonearnings-based measurements (book values and operating cash flow) on security prices of airline companies under two different market structures: regulated and deregulated. The literature lacks empirical evidence in examining the relative importance of earnings and nonearnings accounting-based measurements in regulated and deregulated markets, especially in the airlines industry. We compare coefficient estimates of regressing stock prices on earnings, book value, and cash flow from operations of airline companies during regulated and deregulated times. A control sample of manufacturing companies is also used for supporting inferences from the airline sample’s findings. In a typical regulated market, using cost recovery plus an adequate rate of return on assets, security prices are highly aligned with nonearnings measurements such as the book value. In the airline industry, regulation took the form of guaranteed routes and subsidies to service rural areas, giving rise to a differential effect of both earnings and nonearnings measurements. Under deregulation, airline firms operate in highly competitive markets with large airline firms enjoying the benefits of economy of scale and service diversification. Thus, the asset capitalization (book value), cash flow, and operational efficiencies (earnings) would be major indicators in the market assessment of the firm’s future profitability and security price. This paper finds that nonearnings measures have higher explanatory power of security prices in regulated times for the airline firms. In deregulated times, although earnings have a stronger relationship with prices, nonearnings measures continued to influence stock price levels, reflecting airline specific economics.

Logistic违约率模型的最优样本配比与分界点研究

Logistic模型是研究违约率的主流方法之一,但目前的研究未能对最优样本配比与分界点这两个基本问题给予足够的重视.文章就此展开研究,设计了15种典型的样本配比临界点的情景,通过实证比较的方法得出1:3的样本配比与0.647的临界点比较适合我国的情况.而常用的1:1的样本配比可能并不适用.     

Value Relevance of Earnings in an Emerging Capital Market: the Case of A-shares in China

This study investigates the value relevance of earnings in the emerging capital market of China by examining the information content of accounting earnings measured under the People's Republic of China Accounting Standards (PRC-GAAP). Based on the A-shares of listed Chinese firms during 1994–97, a significant association is observed between annual market-adjusted stock return and the change of earnings. Also documented is a significant price reaction to the annual earnings announcement in a three-day window centered around the announcement date. Overall, the empirical results suggest that earnings reported in China are value-relevant to A-share investors.     

Equilibrium of Affiliated Value Second Price Auctions with Financially Constrained Bidders: The Two-Bidder Case

We study affiliated value second price auctions with two financially constrained bidders. We prove the existence of a symmetric equilibrium under quite general conditions. Comparative static results are provided. Journal of Economic Literature Classification Number: D44.     

Monetary and real shocks in a monetary Union: The Swiss case

We analyze to what extent real and monetary shocks affect price levels and real exchange rates in seven Swiss regions. A structural time series model is set up and estimated using the Kalman filter under two assumptions on the persistence of monetary shocks. We find that the variability of changes in price levels is mainly due to real shocks. The variance of monetary shocks is small but the monetary component of inflation differences across regions differs from zero with some persistence. As the Swiss case shows this does not seem to be a major obstacle to forming a monetary union.We thank Ernst Baltensperger, Tobias Rötheli, and participants at the Econometric Society European Meeting 1994 for stimulating discussions. The paper has also benefitted from constructive comments of two anonymous referees. Both authors gratefully acknowledge financial support provided by the Swiss National Foundation through Grants no: 8210-040206 (T.J.) and 12-40498.94 (C.L.).     

Cyclicality, Mortality, and the Value of Time: The Case of Coffee Price Fluctuations and Child Survival in Colombia

Recent studies demonstrate procyclical mortality in wealthy countries, but there are reasons to expect a countercyclical relationship in developing nations. We investigate how child survival in Colombia responds to fluctuations in world Arabica coffee prices - and document starkly procyclical child deaths. In studying this result's behavioral underpinnings, we highlight that: (1) The leading determinants of child health are inexpensive but require considerable time, and (2) As the value of time declines with falling coffee prices, so does the relative price of health. We find a variety of direct evidence consistent with the primacy of time in child health production.     

并购价格与评估价值差异分析——以雪津啤酒公司为例

市场经济发展到今天,并购和重组已经成为企业提高自身实力、扩宽经营领域、有效利用企业内外部资源的重要方式之一.在企业并购的过程中,对并购目标资产的定价是整个并购的核心环节.在这一点上,不同的定价主体从各自的角度出发,选择不同的价值类型和目标市场,最终得出的结论会出现较大的差异.在雪津啤酒的并购案例中,这两个因素的影响和作用方式得到充分体现.通过对这一案例的深入分析和系统总结,可以较为具体和有效地说明价值类型和细分市场这两个因素对企业价值评估的影响,在此基础上为我们企业并购过程中的利益相关者提供参考价值.     

竹木材料在户外家具中的组合应用

竹材文化底蕴深厚,外观清新自然,并且成材快、产量丰富。竹木材料组合使用能够有效结合竹材和木材的优点,同时有效缓解当前木材紧缺的问题。以户外家具为载体,研究竹木材料在户外家具的组合应用,从材料物理性能、市场供给关系、加工造型和文化意蕴等方面,分析了竹木材料组合使用的优势和合理性。     

The Value of Advanced Interdisciplinary Classes for Students of Economics: Case Study of a 300-Level Class on Gender in the Economy

Interdisciplinary classes are valuable to students of economics for many reasons. This paper discusses three reasons why such classes, at an advanced level, are useful and important for students of economics. First, interdisciplinary classes have the potential to encourage theory building and critical thinking, especially through the use of primary sources. Second, interdisciplinary classes also provide students with a richer empirical understanding of the world, beyond the narrowly quantitative data used in most economics research. Fostering a ‘constructivist’ view of data, this facilitates future economists building the tools to tell marginalized stories. Lastly, interdisciplinary classes can create a diverse learning environment that facilitates peer learning about difficult subjects such as race, class, and gender. A case study of a 300-level class titled Gender in the Economy, in which a diverse group of students from backgrounds in women’s studies, economics, business, and American studies came together to study the economic history of gender, is used to explore such benefits.     

价值理论的新发展 --自然主义价值观

文章认为以往的价值理论主要围绕三个方面展开:主观价值理论和客观价值论的交锋;价值的自然秩序和经济秩序的背离;供给决定论和需求决定论的汇合.现代价值理论存在的问题主要有:(1)价值的概念不清;(2)混同价值与价格的概念;(3)效用价值论的不足;(4)劳动价值论的不足.为此,文章提出了价值理论发展新方向,认为基于自然主义经济思想的自然主义价值模型具有更加广泛而深刻的意义.自然主义价值观对新时期的经济可持续发展理论将起到一定的指导和启发作用.     

The Number of Bank Relationships of SMEs: A Disaggregated Analysis of Changes in the Swiss Loan Market

This paper investigates changes in the number of bank relationships of small and medium-sized enterprises in Switzerland from 1996 to 2002. It differentiates between overall bank relationships and lending relationships and disaggregates the loan market with respect to firm sizes, industries and banking groups. On average, bank lending declined, and the concentration of lending relationships increased. The changes seem to have been driven by demand and supply for medium-sized firms, but only by supply for micro and small firms. Supply-side reductions resulted from a merger and changes in credit risk management by major banks. We find evidence of increasing specialization of larger banks on transaction lending and of smaller and regional banks on relationship lending.     

接力创新的一般规律及应用价值——以生物制药产业为例

通过观察和追溯生物制药、纳米等产业,发现这些产业采取"接力创新"这一特殊的创新模式。以生物制药创新为例,研究了接力创新的内涵,并从主要优势、与其他创新模式的关系、易发领域等方面分析了接力创新的一般规律。最后总结了运用接力创新的主要思路,即帮助创新主体明确定位与科学决策、指导建设产业集群和创新网络以及为制定产业政策提供依据等。     

徽州典当资本的增值：以程虚宇家庭为例

笔者先用试算法,弄清《崇祯二年休宁程虚宇立分书》中计算典当资本增值的方法,然后对有关数据进行计算和分析,发现:当时是以年利率方式计算资本的增值,经营者须先确保该增值的实现;资本年利率的大小,与资本金的多少无关,而是有规则地随计利年数的增加而增加,但当计利年数超过20年后,年利率值是否继续增加,尚有待考察;资本金注入的当年不计利,此后每满一年,则计利一年。上述成果对认识我国封建时代金融业的经营特征有积极意义。