Self-Selection and Optimal Nonlinear Effluent Charges

This paper proposes an optimal nonlinear effluent-charge system forenvironmental pollution control. This system achieves the first-bestoptimum through a self-selecting mechanism under asymmetric information.The proposed system can also control the level of revenues so as to reducethe excess burden of environmental taxation, and discriminate among thepolluters. The paper also compares this system with the conventional lineareffluent-charge system and discusses some economic implications ofimplementing the system.     

网络外部性、专用性投资与机会主义行为——双边锁定与关系持续

机会主义行为是营销研究核心问题之一。文章通过模型分析表明,渠道购买商网络外部性引起的正反馈循环会使销售商被"锁定",这种被"锁定"的专用性投资进而会导致购买商攫取"准租"的机会主义行为,不考虑关系持续和双边锁定,实证研究验证了模型结论。但渠道双方都发生专用性投资时,机会主义行为会受到限制;另外,渠道关系期限也有效地缓解专用性投资"锁定"导致的机会主义行为。     

基于实物期权的企业技术创新投融资互动机制研究

建立创新型国家离不开多元化、多渠道、多层次的科技投融资体系。在投融资机制研究中,运用实物期权研究投融资的互动机制与企业技术创新的关系问题近年来才引起学者们的注意,实物期权方法以其对不确定性因素、动态随机性、多阶段的决策灵活性的刻画等倍受学者们的关注。本文在回顾了实物期权投融资互动机制的研究现状基础上,提出了企业技术创新的投融资途径和方法。     

基于实物期权的投资解决方案及计算技术比较

不确定条件下的实业投资项目具有明显的期权特征,可以运用实物期权方法对不确定性投资进行思考决策。结合实物期权理论的发展,构造了基于实物期权的投资决策解决方案,比较分析了投资决策中实物期权的计算技术。     

Optimal Investment and Financial Strategies under Tax‐Rate Uncertainty

Abstract. In this paper, we apply a real‐option model to study the effects of tax‐rate uncertainty on a firm's decision. In doing so, we depart from the relevant literature, which focuses on fully equity‐financed investment projects. By letting a representative firm borrow optimally, we show that debt finance not only encourages investment activities but can also substantially mitigate the effect of tax‐rate uncertainty on investment timing.     

机构投资者持股、政治联系与审计定价--基于民营上市公司的经验证据

以沪深两市2009—2012年661家A股主板民营上市公司为样本,对机构投资者持股、政治联系与审计定价的关系进行实证研究。研究结果表明：机构投资者持股比例越高,审计定价越高;进一步的分组研究发现有政治联系且有机构投资者持股的民营上市公司,随着机构持股比例的增加,其审计定价也越高;而没有政治联系且有机构持股的民营上市公司,随着机构持股比例的增加,审计定价越低,说明机构投资者和政治联系是审计定价过程中两个重要的影响因素。     

资产专用性、网络扩展和私人秩序

“公地悲剧”自哈丁提出以来 ,该名词成了揭示并批判公有产权的理论依据。可是 ,回眸现实 ,我们常听到网络、网络外部性 ,也常看到经济中的许多现象是公有产权 ,并且这些公有产权还在不断地扩展并呈繁荣之势。对此 ,理论上的解释是一个模糊的概念———网络外部性。本人对此提出自己的解释。通过自我实施的合约分析 ,我认为由于资产专用性的存在 ,个人进入网络投下不可收回的沉淀成本 ,由此构成可置信性承诺 ,通过私人秩序扩展了网络 ,实现了“公地繁荣”①。本文分为四部分 :第一部分提出观点 ;第二部分是私人秩序的博弈分析与论证 ,第三部分理论应用 ;最后归纳全文。     

Carbon Subsidies,Taxes and Optimal Forest Management

We consider the effect of carbon credit payment schemes on forest owners’ land use and harvest decisions. We study two possible credit allocation regimes: one where credits are allocated according to the actual amount of carbon sequestered by the trees on a piece of land and another where credits are allocated according to the long-run potential to sequester carbon on the land. Using a real options model with uncertain future timber prices, we examine the effect on the timing of harvests and the replanting-abandonment decision. We show that both schemes discourage deforestation. Compensating growers for actual carbon sequestration leads to longer rotation periods between harvests, while basing compensation only on the long-run potential level of sequestration induces shorter rotation periods. The former scheme leads to greater benefits of carbon sequestration at lower cost than the latter scheme. Although inducing moderate levels of sequestration is expensive under both schemes, the cost falls dramatically when the level of payments climbs above some threshold. Indeed, providing the payments are sufficiently generous, carbon credit payment schemes offer an effective means of increasing carbon sequestration. The views expressed in this paper are strictly those of the authors and do not represent the views of the New Zealand Commerce Commission. We thank Lewis Evans and two anonymous referees for many very helpful comments. Kevin Counsell, Steen Videbeck, and participants at an ISCR seminar also provided useful suggestions. Fletcher Forests Ltd and the New Zealand Ministry of Agriculture and Forestry generously provided data.     

信贷扩张、资产价格泡沫及在中国的经验分析

资产价格泡沫源自信贷扩张,信贷扩张对资产价格的作用机制是借款人的风险转移行为.从经验证据上分析了我国信贷扩张对房地产价格存在的因果关系及商业银行中长期存在流动风险和结构不合理等问题.     

Optimal Environmental Charges/Taxes: Easy to Estimate and Surplus-yielding

The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper shows that, for most cases where some abatement is desirable, both the estimation and the financing problems may be easily solved. It is desirable to charge disruption (at least) at the marginal cost of abatement (which is easier to estimate than the marginal damage of disruption) and such a charge will normally yield total revenue in excess of the amount of abatement spending.     

Interest Groups, Trade Liberalization, and Environmental Standards

In considering a country that imposes a minimum standard on an imported polluting good, which generates negative consumption externalities, we construct a common-agency model, in which a domestic environmental group and a foreign industrial lobby can influence the formation of the minimum standard by providing political contributions to the government. This paper investigates the effects of trade liberalization on the political equilibrium environmental standard, the pattern of trade, environmental disutility, and social welfare. We find that trade liberalization tightens the minimum standard, decreases imports of the polluting good, and reduces environmental disutilities. The importing country’s social welfare, however, does not necessarily increase with trade liberalization. The weaker the environmental group’s lobbying efficiency, or the stronger the foreign firm’s lobbying efficiency, the more likely it is that trade liberalization will enhance the importing country’s welfare.     

Epstein–Zin Utility,Asset Prices,and the Business Cycle Revisited

This paper discusses the advantages of Epstein and Zin (1989) (EZ) preferences when building dynamic stochastic general equilibrium (DSGE) models that are consistent with well‐known stylized facts of both the business cycle and asset markets. To this end, we combine EZ preferences with several building blocks from the DSGE literature that has tried to solve the equity premium puzzle and to replicate characteristic statistics of the labor market. Our goal is to guide researchers in this area to useful modeling devices and to discuss EZ preferences vis‐a‐vis the standard time‐additive expected utility function. EZ preferences separate the attitude toward risk from the attitude toward intertemporal substitution. We demonstrate that this additional degree of freedom allows us to closely match the empirical facts already in a frictionless production economy with endogenous labor supply. Our study follows Heer and Maußner (2013). We examine models that consider adjustment costs of capital accumulation, consumption habits, and frictions in the allocation of labor. Our empirical targets are estimated from German data.     

资产专用性、淘汰落后产能政策与上市公司资本投资

基于投资支出——投资机会模型,分别考察资产专用性、淘汰落后产能政策及其交互作用,对工业企业上市公司资本投资的影响。研究结果表明：拥有越高资产专用性的企业,其资本投资越大;淘汰落后产能政策加速了政策所属行业企业的投资;但对于拥有较高资产专用性的淘汰落后产能政策所属行业企业,淘汰落后产能政策抑制了其资本投资,这种情况在公司所在地地方政府环境政策支持度较高的地区尤其明显,而在地方政府环境政策支持度较低的地区则不显著。     

利用外资、环境约束与中国工业全要素生产率的增长——基于Malmquist指数与Malmquist-Luenberger指数的比较研究

利用2001—2009年我国36个行业的面板数据,运用Matlab软件,分别测算了不考虑环境约束的传统全要素生产率和考虑环境约束的环境全要素生产率。结果表明:高外资比重行业的环境全要素生产率相对更高;外资对行业传统生产率提高的促进作用较弱,而对环境全要素生产率和环境技术效率的提升具有高度显著的促进作用;外资企业资本有机构成对行业传统生产率的提升具有显著的促进作用,但对环境全要素生产率的提升具有显著的负面影响;环境管制显著抑制了工业传统生产率的提升,但对环境全要素生产率的提升具有明显的积极作用。     

生态环境、环境税与可持续经济增长

如何实现经济和生态环境的和谐发展,已经成为全球关注的焦点。文章把生态环境纳入生产函数和效用函数,构建一个考虑环境税的内生增长模型,运用最优控制方法求解模型的最优均衡解。并在此基础上,进一步探讨了生态环境与可持续经济增长的关系以及环境税对最优增长路径的影响。发现环境税的开征降低了最优增长路径上的经济增长率,却提高了人们的最优消费水平。而人们环境意识的提高可以帮助减小因环境税给经济增长率带来的冲击。     

京畿道投资环境分析与扶持政策

韩国与广东经贸往来密切,而京畿道是韩国最重要的经济产业中心。本文分析了京畿道与中国（广东）经贸合作现状,重点讨论了京畿道的投资环境、产业园区发展和各种扶持与激励政策,从多方面和多角度,对中国（广东）企业投资韩国提供建议。     

政治关系、制度环境与上市公司资本投资

在尚处转型过程中的中国,政府在资源分配中具有很大的话语权,企业与政府的政治关系会对企业投资活动产生重要影响.文章研究发现.政治关系使企业拥有更多的外部融资便利,可以降低对内部资金的依赖而降低融资约束,并减少与政府的协调成本,从而提高投资效率,降低投资-现金流敏感度;制度环境作为外部治理机制会影响企业的投资效率;政治关系对企业投资的作用不受制度环境差异的影响;企业与地方政府关系对企业投资的作用要强于与非地方政府的关系.进一步研究发现,企业的政治关系和制度环境主要影响的是由于融资约束而导致的投资效率问题.     

西部经济开发与环境的关系及和谐模式

在经济高速增长的同时,环境保护与经济发展二者之间相互促进、相互制约,相互矛盾而又相互统一。在资源有限的前提下,如何达到经济发展与环境保护和谐的模式,本文通过分析西部开发对自然环境及经济环境的影响以及环境的改变对经济环境所产生的影响,得出经济发展与环境呈正相关的因果关系,通过对目前经济开发与环保之间现有模式的分析,构建了经济与环境并重和谐发展的模型。     

Capital flows,real exchange rate,and growth constraints in Mexico

Besides its well‐known problem of slow economic growth, Mexico’s recent evolution features both a sharp rise in the import‐intensity of economic activity – which may have tightened an external constraint on growth – and a persistent real appreciation of the peso – which may have created a profitability constraint. Adopting the approach of gap models and growth diagnostics, the paper contrasts the relevance of the external and the profitability constraints in Mexico after trade liberalization in the mid‐1980s. Although the trade deficit was pro‐cyclical, the three recent episodes of GDP growth acceleration were not accompanied by pressures in the foreign exchange market. Moreover, error correction models show that investment was highly responsive to the real exchange rate but largely unresponsive to foreign capital flows. The evidence supports the conclusion that investment was deterred by the low profitability of an uncompetitive real exchange rate, rather than by the external constraint.     

Speculative bubbles,financial crises and convergence in global real estate investment trusts

We test for price bubbles in 14 national real estate investment trust (REIT) markets, and measure the degree of their convergence towards a common trend. Our methodology consists of the recently developed test of Phillips, Shi and Yu (2014) for mildly explosive processes, and the Phillips and Sul (2007) method for modelling convergence among random variables. We find evidence of explosive behaviour in index levels of seven of the 14 markets. In contrast, explosive dynamics are found in only one price/dividend ratio. More than half of the episodes of explosive behaviour are date-stamped to periods prior to the 2007–2009 financial crisis. We also discover a number of periods over which the markets converge towards a common trend. Interestingly, all of the convergence intervals coincide either with periods of crisis, or with periods of market exuberance. For instance, evidence of convergence is found during the 2000 dot-com crash, the 2007–2009 subprime crisis and the 2010–2013 European sovereign debt crisis, as well as over the bubble period of 2004–2005.