从实事求是看马克思主义的中国化

中国共产党始终以马克思主义为指导,并且进一步创造性地同中国实际相结合,形成了以实事求是为核心的党的思想路线。本文以党的实事求是思想路线为线索,提出马克思主义在指导今天的社会主义建设中,应不断地走向中国化和现代化。     

Risk Premia and Variance Bounds

If a pricing kernel assigns a premium to a risk variable that differs from the one assigned by the minimum-variance admissible kernel, then the pricing kernel must exhibit more variability than the minimum-variance kernel. Based on this intuition, we derive a variance bound that is more stringent than that of Hansen and Jagannathan (1991) . When we apply our bound to the kernel of a representative consumer with power utility, we find that the consumption risk premium increases the severity of the “equity-premium puzzle” of Mehra and Prescott (1985) .     

DO THE PHASES OF THE BUSINESS CYCLE DIE OF OLD AGE?

The paper re-examines the issue of duration dependence in the Australian classical and growth business cycles in light of the somewhat surprising results obtained recently by Cashin and Ouliaris (2004). In so doing the authors use the multinomial logit regime switching modelling approach of Layton and Smith (2003). The paper also represents an extension of the earlier work on the issue undertaken by Bodman (1998); the key extensions being that the issue is framed within an explicit established business cycle chronology, a leading index is also included within the analysis, and the growth cycle, in addition to the classical cycle, is considered. Strong evidence of duration dependence is found for periods of recession within the classical cycle and for both phases of the growth cycle. Moderate evidence of duration dependency is also found for periods of classical cycle expansion. However, the evidence in this regard is significantly reduced once movements in the leading index are included in the analysis with its movements exhibiting strong power in predicting the termination of classical business cycle expansions. For growth cycles, duration dependence symmetry is found across both phases of the cycle.     

浙赣线电气化改造工程站场改建方案

浙赣线电气化提速改造工程,由于技术标准的提高与工程投资相对较少的矛盾比较突出,为此在工程设计中,经研究提出了全线站场改建工程的总体设计思路,通过采用一些技术措施,在最大限度地减少施工工程量方面取得了良好效果。     

预交金模式下医院门诊收入账务处理的探讨

医院门诊预交金模式下,门诊收入的确认和传统根据发票确认收入的方法截然不同,医院在门诊预交金模式下对门诊收入常见的三种账务处理方法值得探讨,通过比较分析推荐最适合的门诊收入账务处理方法.     

Who Are the Value and Growth Investors?

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that, over the life cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away from value. While several behavioral biases seem evident in the data, the patterns we uncover are overall remarkably consistent with the portfolio implications of risk‐based theories of the value premium.     

中国碳排放交易体系的设计方案建议

文章对碳排放交易体系的设计细节进行阐释,以期通过市场干预的方式减少温室气体排放;运用2009年诺贝尔经济学奖得主埃莉诺·奥斯特罗姆的“多中心理论”,通过美国在国家层面多中心理论的实践,提出结合居民家庭建立碳排放交易机制的设计方案,为中国建立碳排放交易市场提供参考.     

中国风电产业政策与产业发展——一项基于风电与传统电力替代性的研究

本文从考察风电与传统能源电力的需求替代弹性入手,通过构建社会对电力需求函数,分析了传统能源电力与风电的需求替代关系。政府若能通过政策手段内化传统电力对社会环境的负外部性,提高传统电力的价格,则社会对风电的需求量将会显著增加。在需求拉动下,风电产业会实现快速的增长。笔者的研究结果表明,以2009年为例,传统电力价格每上涨0.01元,社会对风电的需求将最高增加1.03亿千瓦左右。因此,我国政府在制定一系列风电产业支持政策的同时,可以尝试利用碳税或发放污染配额等政策手段,适当提高传统能源电力价格,拉动社会对风电的需求总量,促进风电产业的发展,实现社会福利的优化。     

Corporate Debt,Hybrid Securities,and the Effective Tax Rate

Effective tax rates (ETRs) are useful tools to make comparisons between different tax systems. However, the existing ETR measures are based on rather simplifying assumptions. In particular, they disregard the existence of different kinds of debt and hybrid securities. In this paper, we use contingent‐claim analysis to calculate the ETR. We will therefore deal with both pure debt and two of the most well‐known hybrid securities, that is, convertible and reverse convertible bonds. We will show that effective taxation crucially depends on the characteristics of debt and that the existing measures of ETR can be dramatically biased, since they account neither for default risk nor for the ability to convert debt into equity.     

辽宁省生态经济系统能值分析

近年来,辽宁省经济社会发展面临的资源环境约束不断加大,其生态经济系统的结构与功能发生了较大变化。基于能值分析方法,对1999～2009年辽宁省的能流、物流、货币流、废物流等进行定量分析,评价各子系统在生态系统发展中的作用和地位,并通过综合分析上述各种生态流,得出一系列以能值为基础的综合指标,定量分析辽宁省生态经济系统的结构功能特征、生态经济效益及其可持续发展水平,并提出相应的对策建议,以期能够为辽宁实现可持续发展提供决策参考。