对现代林业的再认识

从理解森林的概念出发,讨论了现代林业的特征和发展目标,在此基础上重点探讨了现代林业实现的途径。认为现代林业建设中必须实行分类经营改革,指出加快现代林业发展必须制定全国现代林业实施战略,全面推进森林经营方案编制、制定和完善现代林业发展的扶持政策,提出了相关政策建议。     

在市场经济条件下发挥粮食企业主渠作用十分必要

国家粮源的储备基地是国家政策与市场双项调节有机结合,在市场经济条件下发挥粮食企业主渠作用十分必要。     

区域贸易协议下汽车服务贸易的比较研究

区域汽车贸易协议是在区域内主要国家汽车产业成长成熟的基础上，由一个或多个跨国汽车集团主导形成的。各主要区域汽车服务贸易具有各自的特色，形成不同的比较优势。中国汽车服务贸易启示：培育一个核心、寻找一个新的增长点、挖掘一个驱动力。     

Lease Financing and Corporate Governance

Lease financing is a well‐recognized mechanism for reducing the agency costs of debt. This study examines whether firms that attempt to control the agency costs of equity through strong governance structures, including Chief Executive Officer compensation alignment and board structure, are more likely to use an agency cost reducing debt structure, such as leasing. For a sample of large firms, we find that firms who use more incentive compensation and have more outside directors also tend to use more lease financing, suggesting these agency cost reducing measures are complements.     

DZ-1A重整预加氢催化剂的长周期工业应用

DZ-1A催化剂开车一次成功,8个月以后进行了标定,结果表明,该催化剂的加氢油各项指标达到了重整原料油要求.现在已经连续运转5α.该催化剂是一种性能优良、寿命较长的催化剂.     

大连口岸进口柴油装船前检验结果分析与评价

本文对大连口岸进口的部分柴油装船前的检验结果进行了分析与讨论,分析表明,进口柴油装船前所检项目有异有同、多于合同规定的检验项目、并满足合同指标要求;最大密度、最大倾点、最大90%馏出温度、最大硫含量、最小闪点等检验结果等于或接近于合同指标的上限或下限;十六烷指数高于合同指标;粘度、酸值、氧化安定性的检验数值变化不大;10%残炭、灰分、水杂、水分、沉积物检验值变化很小;外观、铜片腐蚀、强酸没有变化.     

On the Fundamentals of a Successful Reform for National Prosperity--An Economic Analysis Based on the Practice of China＇s Reform

This paper discusses the fundamentals required for successful reform, i.e., the necessary institutional changes required to make a nation grow sustainably wealthier. It argues that enriching the people is a prerequisite for a prosperous nation and further reveals the inherent logic behind the statement ＂in order to enrich the people, they must be given private rights, and in order to protect the people＇s private rights, public power must be limited.＂ Based on this argument, we examine and analyze the experience of China＇s reform over the past 30 years and come to the conclusion that it is necessary to transform government functions and further deepen market-oriented reform. We hold that China＇s economic performance bears no special or exceptional economic law, and there does not exist the so-called ＂China Model＂ characterized by government taking the leading role as a relatively mature, stable, and widely applicable development model, but that there does exist a Chinese development path or experience featuring the inherent logic of ＂prospering the nation through enriching its people＂ that can be employed by countries all over the world.     

Valuation Effects for Asset Sales

This study provides evidence that the outcome for shareholders resulting from asset sales is determined at the time of transaction by the value for the asset sold. Assets sold above market value are followed by positive and significant abnormal returns over the following three months; these returns are magnified in firms where the balance of power in corporate governance favors shareholders. Abnormal returns following undervalued asset sales are insignificant from zero, indicating value-preservation. Value-preservation when the assets are sold below market value becomes less likely as firms approach financial constraints. The reverse is true when assets are sold above market value. This evidence is documented for apartment REITs, which have a large number of comparable transactions available for estimating expected market values.     

国际ETF市场异象解读——追随标的指数市场收益还是本土金融市场收益

交易所交易基金(以下简称ETF)是近些年来一项重要的金融创新。ETF市场也存在封闭式基金折价之谜的类似"异象"。追踪国外指数的国际ETF涉及到两个区域的市场,本土金融市场和标的指数市场,其市场异象有独特的内涵。本文通过实证手段印证了这些异象的存在——对追踪标的资产价值变动的反应不足和本土市场收益变动的反应过度,然后从投资者心理认知偏差、情绪等非理性方面对这些异象进行解释,并通过模拟实验对这些结论进行验证。