论自然资源的价值

本文在比较了已有的几种自然资源价值观后，认为自然资源的价值问题应该从社会生态经济再生产的角度，应用马克思主义的再生产劳动价值理论来研究。自然资源的价值是由再生产其使用价值所必需的社会必要劳动时间决定的。     

按生产要素分配的几个基本理论问题探讨

社会主义市场经济条件下的按生产要素分配是指投入到生产过程中的各种要素,可以依据其产权参与价值分配,依据其贡献率的大小获得相应收益。按生产要素分配的理论基础是劳动价值论而不是要素价值论。在社会主义市场经济条件下,承认按生产要素分配的合理性有利于调动各种生产要素的积极性和开发各种社会资源,对于正确认识“剥削”问题也有重要意义。     

中国股票市场估值研究——局部投资价值凸现与市场整体性结构调整并存

在当前价格下,样本股票未来带给国内投资者的回报率可能不低于成熟市场,如果国内投资者对样本股票所要求的股权风险溢价能与境外投资者对成熟市场所要求的水平相当,那么样本股票无疑已凸现投资价值;如果国内投资者对样本股票所要求的股权风险溢价与境外投资者对中国香港等新兴市场所要求的水平看齐,那么样本股票就可能存在高估的问题;但是如果考虑到A股含权的因素,即使是与中国香港市场比较,样本股票可能已具备较高的投资价值。     

并购重组是否创造价值?——中国证券市场的理论与实证研究

本文采用事件研究法和会计研究法 ,对 1 993— 2 0 0 2年中国上市公司的1 2 1 6个并购重组事件是否创造价值进行了全面分析。实证研究表明 ,并购重组为目标公司创造了价值 ,目标公司股票溢价达到 2 9 0 5% ,超过 2 0 %的国际平均水平 ;对收购公司股东却产生了负面影响 ,收购公司股票溢价为 -1 6 76% ;对目标公司和收购公司的综合影响 ,也即社会净效应不明朗。理论分析表明 ,我国经济的转轨加新兴市场的特征为并购重组提供了通过协同效应创造价值的潜力 ,狂妄假说和代理问题等传统的并购动因理论有助于解释收购公司的价值受损 ,而本文提出的新的理论假说“体制因素下的价值转移与再分配”和“并购重组交易的决策机制” ,更直接地解释了并购重组对目标公司、收购公司和社会总体的不同效应。     

An integrated scenario analysis for the metal coating sector in Europe

Although new paint products and technologies have been developed, the sector of paint application still contributes substantially to total volatile organic compound (VOC) emissions. Recent environmental legislation, especially the EU Solvent Emission Directive 1999/13/EC and its transposition into national law, coming into force in 2007, will have an important influence on the sector structure and the associated supply chain, especially for small- and medium-sized enterprises (SMEs). This paper summarises a comprehensive scenario analysis to explore possible future trajectories for the sector. The main focus is on paint application activities, considering in particular the consequences of new environmentally friendly products and technologies which can be used by SMEs. Four different scenarios representing possible future states of the sector are evaluated, taking into account environmental, technical and socio-economic aspects along the associated supply chain and life cycle. The scenarios allow the formulation of recommendations and guidelines for policy makers and industries. This example confirms that interdisciplinary scenario analysis is a suitable approach to investigate possible future development of an industrial sector.     

Repetitive risk aversion

We propose a reasonable condition, which we call repetitive risk aversion (RRA), to be imposed on any utility function to account for the observed data on the relationship between the degree of absolute risk aversion and wealth. We deduce this condition from the concept of the fear of ruin (Aumann and Kurz 1977) and show it to be equivalent to the behaviorally meaningful condition that the risk premium is increasing at a non-increasing rate with the size of the bet. We drive mixed risk aversion, which is known to be stronger than standard and thus proper risk aversion, from RRA. We present several economic applications of RRA to demonstrate that it delivers better comparative static results.I am thankful to Jacques Drèze and Louis Eeckhoudt for their comments. I greatly appreciate the comments of an anonymous reviewer of this journal which have resulted in substantial improvement to both the content and presentation of the paper. An earlier version of this paper was presented at seminars at Brown, CORE, Hopkins, HKUST, Yale, and IMS     

Real exchange rate determination: Empirical observations from East-Asian countries

In this paper the models for the real exchange rate determination are re-examined between Japan and five East-Asian countries. Two important findings are reported. First, the real interest rate-bias model is valid for Korea-, Malaysia-, Indonesia-, and Philippines-Japan, and the productivity-bias model is valid for Indonesia-, and Philippines-Japan: that is, the coefficients of relative variables are stable and statistically significant. Second, there is no evidence that the political risk premium model is valid. First version received: September 2000/Final version received: April 2001 RID="*" ID="*"  This paper was presented at the Tohoku University Economics Conference April 1999. I acknowledge Yoshihiko Tsukuda, Hiroya Akiba, Tadashi Kuriyama, Jiro Akita and Hiroyuki Ozaki for their helpful comments. Also, I am very grateful to two referees of this journal for many valuable comments. The research was supported by the Nomura foundation for Social Science in 2000.     

股票价格对内在价值的偏离度分析

本文考察了奥尔森 (Ohlson)剩余收益定价理论 ,指出了传统线性信息模型的不足 ,提出了公司存续期有限和公司存续期无限但剩余收益存续期有限情况下的内净率 (内在价值 净资产比率 )决定模型。对资本成本、净资产收益率、分红规则和剩余收益存续期对内净率的影响进行了模拟。根据上市公司近年来的业绩记录 ,通过内净率与市净率的比较发现 ,目前中国上市公司的股价大大高于其内在价值 ,其中ST类公司的股价与其内在价值偏离的更多。本文认为 ,当前股市正在经历具有体制性、结构性特点的调整 ,决定了这一调整过程的长期性。     

国有金融产权交易实现条件与和谐发展路径选择

国有商业银行股改上市是一次“脱胎换骨”的重大转型，以产权交易为导向，是对我国原有的以市场结构调整为取向，对银行业进行增量的、局部均衡的改革的重大突破。但是股改上市并不是改革的最终目的，国有银行要实现产权交易长期和谐发展以厦成功转型仍然存在不少现实障碍。以股改上市为契机，真正实现产权结构变革，完善内部治理结构才是国有银行的最终出路。     

劳动与资本在价值创造中的正和关系研究

在传统剩余价值论的架构中,劳动与资本在价值创造中只存在零和关系。本文试图在劳动价值论的前提下,论证劳动与资本在价值创造中可能存在的正和关系。经历了有关资本主义劳动过程的长期争论,多数西方马克思主义者认为,发达资本主义经济中存在着工人技能升级的长期趋势。这一点为我们运用"成正比"理论奠定了经验的前提。劳动生产率与单位时间创造的价值量成正比的理论,在国内已有半个世纪的历史。本文进一步发展了这一理论,将其运用于分析以技术变革和劳动复杂程度提高为基础的价值形成过程,并据以论述了劳动与资本之间的正和关系得以实现的经济条件。这种在不同层面存在的正和关系构成了相对剩余价值规律的抵销因素。