农业院校促进乡镇经济发展的个案研究

在知识就是第一生产力的今天，乡镇经济的发展已不仅是地方政府、乡镇企业的责任，农业院校在履行其育人、科研功能的同时，更应该发挥其服务社会的功能，为乡镇、县域经济的发展起到巨大的带动、推进作用。文章以位于吉林市昌邑区左家镇的吉林农业科技学院为例，分析农业院校在自身发展壮大的同时对所在地方经济的促进作用，将有高等教育辐射的左家镇与没有高等教育辐射的土门岭镇在人均收入、农林牧渔各项产值等方面进行比较，用翔实、准确的数字表明：农业院校是促进乡镇经济快速发展的主力军。     

Cardinality-based equality of opportunities

We study possible rankings of opportunity profiles. An opportunity profile is a list of opportunity sets, one for each agent in the society. We compare profiles on the basis of the notion of “equality of opportunities”. Our main results show the necessary and sufficient conditions for this comparison to be made using exclusively the information provided by two cardinal measures: the number of common alternatives in all sets of a given profile and the difference between the number of alternatives in the individual sets. We also show that, under additional axioms, we can combine these criteria only in a weighted procedure or in some lexicographic refinements of a weighted procedure.      

精馏过程的节能和优化设计的探讨

精馏过程的节能,对于减少能源消耗,降低生产成本和保护环境具有十分重要的意义.在精馏过程中可以采用最适宜回流比操作和最佳进料状态,使用中间冷凝器和中间再沸器,高效精馏、热泵精馏.合理安排多组分物料分离流程,直接利用过程热量及开发应用高效换热器等措施.本文从最佳回流比R的选择、进料温度及进料状态的确定等方面,详细的分析了在精馏塔的设计过程中,如何实现设计的优化问题,以实现节能降耗.     

试论新制度经济学与中国体制改革的契合

中国正在经历一个制度变迁的时代。新制度经济学对中国体制改革实践有很强的解释力和指导性，它与马克思主义经济学在机理上的相通及其与中国的传统政治文化的契合促进了它在中国的进一步发展。中国正处于一个制度变迁的时代，新旧体制转轨使中国有了对新的经济制度变革理论的强烈需要。新制度经济学适应了这种需求，对中国体制改革实践有很强的解释力和指导性。新制度经济学与马克思主义政治经济学有相通之处，这有利于发展新制度经济学，也有利于中国经济理论的衔接和发展。中国的传统政治文化与新制度经济学理论的契合，既有利于新制度经济学的传播，也有利于中国体制改革的进一步发展。     

What Prompts the People＇s Bank of China to Change Its Monetary Policy Stance？ Evidence from a Discrete Choice Model

In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.     

调配产权收益完善资产负债结构

国资监督机构在深化国资国企过程中应集中调配产权权益,完善资产负债结构,优化资源配置,通过资本运营和良好的市场环境,充分发挥中央和地方政府的职能,在互为尊重的前提下,杜绝侵权行为的发生。     

Crossing spatial analyses and livestock economics to understand deforestation processes in the Brazilian Amazon: the case of São Félix do Xingú in South Pará

The Amazon is the largest tropical forest area on Earth, and has been undergoing rapid deforestation for the last four decades. In the Brazilian Amazon, large‐scale pasture for cattle ranching and soybean production are the main land uses, leading to a yearly deforestation rate of 0.5%. These conversions are mostly located in frontier areas distributed along the so‐called “arc of deforestation”. Within this large zone, various land use change processes are interacting through several modes of land valuation and organisation. From several case studies in the State of Pará (Brazil), the current project aims at analysing how landscape dynamics are related to infrastructure development, ecological conditions, zoning policies and to the evolution and the organisation of the production, consumption and marketing chains of livestock products. This paper presents the results for one test site, the region of São Félix do Xingú, South of Pará This region is the focus of land speculation, cattle expansion, and deforestation. Road construction, investments in electrical energy, financial credit for cattle, and the land reform policies have all fuelled this process. All these factors make this region one of the most dynamic agricultural frontiers in the Brazilian Amazon. The main objective of the paper is to improve our understanding of deforestation processes by crossing spatial analyses and 1ivestock economics.studies, and to characterise the role and impact of various natural and anthropic factors in the location and development of the main types of farmers, and their policy implications.     

How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees.     

On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

世界经济一体化与商业银行发展

随着各个国家经济联系范围不断扩大及各国对外经济准入政策的放宽 ,加之信息技术、网络技术的发展 ,使各国经济融入世界范围的经济一体化格局。国际资本流动速度加快、范围扩大和国际贸易的飞速发展 ,既是世界经济一体化的必然结果 ,也是促进世界经济一体化的重要因素。而这些相互关联的各个方面又同时对各国的银行业产生巨大的影响。本文通过分析当前世界经济一体化的格局、国际贸易的发展状况及国际资本流动趋势 ,研究在此基础上我国商业银行发展面临的机遇和挑战以及应对措施