“放管服”背景下用地审批权下放影响研究

2020年初,国务院下发文件提出有关于下放用地审批权的改革,是我国土地制度上的重大变革,不仅赋予各省级人民政府更大的自主权,也对用地者自身造成了一定影响。本文通过对不同主体进行分析,阐述这一政策实施之后可能产生的影响。例如:加快用地审批效率、提高项目落地效率、优化各级政府职能分工、促进地区经济增长、有助于加快新农村建设等。     

人工繁殖真鲷苗种标志放流理论基础研究

真鲷为我国重要的近海经济鱼类,近年来大规模人工放流增殖真鲷活动成为近海恢复渔业资源、提高渔业经济产值的重要手段之一。目前,亟需有效研究放流后真鲷的移动、生长、回捕率、资源量及死亡率等问题,以及大规模人工放流苗种对于天然群体和环境的影响。本文通过对人工放流增殖效果评估研究方法和相关结论进行综述,综合比较了各种标志方法,建立了真鲷标志放流效果评价的理论基础和技术体系,为进一步开展真鲷放流增殖效果评价提供科学指导。     

分子标记在渔业资源增殖放流中的应用

随着增殖放流种类及数量的增加,为评估增殖放流的效果,各种标志技术日渐发展成熟,DNA分子标记作为一种新型的标记手段,在国外的增殖放流中已经开始逐渐使用。本文将以分子标记在日本褐牙鲆增殖放流中的应用为例,阐述如何将分子标记成功地应用于增殖放流,以期为将分子标记技术成功引入中国的渔业资源增殖放流效果评估中提供基础理论依据。     

The association between financially expert independent directors and the accounting for employee stock options

This study investigates how the financial expertise of independent directors is associated with voluntary accounting policy decisions. As representatives of a company’s shareholders, financially-expert independent directors are more likely to cause management to pursue higher quality accounting policy decisions. The policy decision investigated involves the expense/non-expense policy choice for employee stock options as previously permitted under SFAS No. 123. Using a sample of 174 option-expensing firms and a matched control sample of 174 non-expensing firms, the results indicate a significant, positive association between the decision to expense employee stock options and the financial expertise of a company’s independent directors. Further, a significant, negative association was found between the option-expensing decision and whether the chief executive officer was the largest internal blockholder.     

中国股票市场政策演进:公共选择视角

我国中央政府在股票市场中存在双重利益目标:国有企业筹资和资金使用效益最大化,且前者优先。基于此,中央政府对股票市场做出了初始政策安排。但在政策运行中,地方政府、上市公司、市场中介、投资者等经济主体出于各自利益目标,采取了不同行动策略,从而降低了资金使用效益,减少了国有企业筹资额,使得股票市场初始政策安排的收益不断“缩水”。     

基于能值分析的黑土农业可持续发展探讨--以哈尔滨市呼兰区康金镇为例

本文运用能值分析理论对以康金镇为代表的黑龙江省耕作黑土生态系统进行研究。结果表明：2005年~2009年康金镇耕作黑土生态系统的总能值投入呈上升的趋势,工业辅助能值占总能值投入的61.8%,其中,自然资源能值占总投入的37.8%,可更新有机能的投入仅占总能值的1.6%。耕作生态系统对于购买能值的依赖使得系统的环境压力增大,环境负载率持续增长。黑龙江黑土耕作系统的净能值产出率低于全国平均水平,并呈逐年下降的趋势。生态系统能值可持续发展指数（ESI）为1.41,可持续发展潜力较大,也呈逐年下降的趋势。这些能值指标表明,农业生态系统处于传统农业向现代农业的过渡阶段,有待于进一步发展。     

When China strikes: Quantifying Australian companies' stock price responses to China's trade restrictions

In early 2020, China, Australia's top export market, unilaterally imposed trade restrictions on Australian barley, beef, coal, cotton, timber, copper and wine. However, convincing evidence regarding the effects of such trade restrictions on firms is scarce. Leveraging data on daily stock returns from 20 listed Australian and 32 listed Chinese firms that produce the restricted commodities, we provide the first systematic analysis of the firm-level economic impacts of China's trade restrictions on Australian and Chinese firms. We find significant adverse effects on Australian firms' stock returns, leading to almost 20% loss within 10 trading days; however, most firms' stock returns immediately rebounded. In contrast, Chinese firms usually saw significant positive stock returns, leading to almost 30% gains, and the positive abnormal returns continuously increased within 10 trading days. Media coverage and trade dependence substantially impact Australian and Chinese firms' stock returns—industries with stronger trade dependence on China saw greater losses in Australian firms' stock returns. Our results suggest that trade reallocation and deflection are two effective mitigation mechanisms for Australian exporters facing China's trade restrictions.     

论证券发行预披露制度

我国证券法创设证券发行预披露制度并非偶然，而是具有历史必然性。美国、欧盟、日本及我国台湾地区的证券法都没有规定证券发行预披露制度，我国是将美国行之有效的举报制度上升到法律层次，是一种立法技术上的创新。证券发行预披露制度是公开原则的内在要求。本文认为，我国证券发行预披露制度在诸多方面尚待完善。     

土地股份合作社发展三题

土地股份合作社作为稳定和完善农村基本经营制度的探索形式之一,节约了分工、专业化的交易费用,实现了土地的规模效应和集约经营。但是它在经营制度上有关合作社的性质、社员经济参与及治理结构等问题亟需解决,而对这3个方面的问题作出理论分析,引申出对经营制度设计的政策含义及启示,关系到土地股份合作社的健康发展。     

Trading Volume and Market Volatility: Developed versus Emerging Stock Markets

We investigate the relation between volatility and volume in 22 developed markets and 27 emerging markets. Compared to developed markets, emerging markets show a greater response to large information shocks and exhibit greater sensitivity to unexpected volume. We find a negative relation between expected volume and volatility in several emerging markets, which can be attributed to the relative inefficiency in those markets. Previous research reports that the persistence in volatility is not eliminated when lagged or contemporaneous trading volume is considered. Our findings show that, when volume is decomposed into expected and unexpected components, volatility persistence decreases.