投资指南

山东华懋阻燃新材料产品生产项目一、项目名称:阻燃系列产品生产项目二、项目单位概况:山东华懋阻燃新材料科技有限公司成立于2004年2月。公司占地35亩,建筑面积7400平方米。现有职工35人,高中级专业技术人员15人。公司与国家防火建筑材料质量检验中心、北京理工大学、燕山石化公司等国内知名检测机构,科研机构、特大企业建立了紧密合作,形成了从产品开发、生产、检测一条龙服务相结合的科技开发和生产体系。该公司是国内首家获得国家防火建材质检中心颁发的<<燃烧性     

MERCHANT TRANSMISSION INVESTMENT*

We examine the performance attributes of a merchant transmission investment framework that relies on ‘market driven’ investment to increase transmission network capacity needed to support competitive wholesale markets for electricity. Under a stringent set of assumptions, the merchant investment model has a remarkable set of attributes that appears to solve the natural monopoly problem and the associated need for regulating electric transmission companies. We expand the merchant model to incorporate several attributes of wholesale power markets and transmission networks that the merchant model ignores. These include market power in wholesale electricity markets, lumpiness in transmission investment opportunities, stochastic attributes of transmission networks and associated property rights definition issues, strategic behavior by potential merchant transmission investors and issues related to the coordination of transmission system operators and merchant transmission owners. Incorporating these more realistic attributes of transmission networks and the behavior of transmission owners and system operators leads to the conclusion that several potentially significant inefficiencies may result from reliance on the merchant transmission investment framework. Accordingly, it is inappropriate for policymakers to assume that they can avoid dealing with the many challenges associated with stimulating efficient levels of investment in electric transmission networks by adopting the merchant model.     

DOES ORGANIZATIONAL FORM AFFECT INVESTMENT DECISIONS?*

I investigate whether organizational changes affect investment decisions using evidence from the hospital industry in the United States. During the 1990s, hospitals and physicians have reorganized the way they trade with each other, vertically consolidating the provision of healthcare services. I provide empirical evidence that hospitals adopting the new organizational forms add more healthcare services over time than hospitals that are independent of their physicians. I also find that when the average percentage of county population covered by each HMO increases, the differences in investment behavior between vertically consolidated and independent hospitals become larger.     

BREAKING DOWN A LONG-RUN MARGINAL COST OF AN LP INVESTMENT MODEL INTO A MARGINAL OPERATING COST AND A MARGINAL EQUIVALENT INVESTMENT COST

In linear programming, a simple observation on duality allows us to break down a long-run marginal cost into a marginal operating cost and a marginal equivalent investment cost. This marginal equivalent investment cost is an acceptable means of allocating the equivalent investment cost to the different finished products (and similarly for the marginal operating cost). It is useful for determining the products on which a sales campaign should focus and for analyzing short-run marginal costs once an investment decision has been taken. As an example, we will examine a simplified investment model in the oil refining industry.     

INVESTMENT SPIKES AND UNCERTAINTY IN THE PETROLEUM REFINING INDUSTRY*

This paper investigates the effect of uncertainty on the investment decisions of petroleum refineries in the U.S. We construct uncertainty measures from the commodity futures market and use data on actual capacity changes to measure investment episodes. Since capacity changes in U.S. refineries occur infrequently, we empirically model the investment process using hazard models. An increase in uncertainty decreases the probability that a refinery might adjust its capacity. The results are robust to various investment thresholds. Our findings lend support to theories that emphasize the role of irreversibility in investment decisions.