中国经济改革与增长中的金融支持

中国的金融制度变迁也服从了渐进改革的“过渡性”逻辑 ,渐进战略较好地支持了中国 2 0年的经济增长。但是 ,由于“双轨”体制的固有矛盾 ,使中国的金融改革在今天聚集到了深层次的金融改革上 ,而这一问题的核心是多元化的金融产权关系。中国加入WTO成为中国金融深化改革的契机。摆在面前的来自外部世界的竞争 ,成为推进中国金融业“对内开放”的巨大的外部冲击     

浅议建立农地使用权流转机制

农村经济发展要求建立起土地使用权流转机制 ,促进土地合理流转和集中。当前已经有一些地方的农村自发进行了土地使用权流转的尝试。本文将在分析总结现有经验的基础上 ,提出建立和完善土地流转机制的思路 ,并探讨了与土地流转机制相关的一些问题。     

对智能建筑规范化操作的思考

作通过对数项目程中的弱电工程的监理经验总结，提出了对智能建筑实行规范化操作的具体建议。     

Term Structures in the Office Rental Market in Stockholm

This paper contains an empirical study of the rental term structure in a property market that included a dramatic boom and bust cycle. The study is applied to office leases in commercial properties located in Stockholm CBD, Sweden. The time period under study is 1977–1991. The number of observations (lease contracts) that we were able to make full use of in the regression analyses is n=861. For seven out of fifteen years studied, a significant term structure was observed. The estimated hedonic rent equation was also used to construct an office rental index.     

A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation

This paper is motivated by automated valuation systems, which would benefit from an ability to estimate spatial variation in location value. It develops theory for the local regression model (LRM), a semiparametric approach to estimating a location value surface. There are two parts to the LRM: (1) an ordinary least square (OLS) model to hold constant for interior square footage, land area, bathrooms, and other structural characteristics; and (2) a non-parametric smoother (local polynomial regression, LPR) which calculates location value as a function of latitude and longitude. Several methods are used to consistently estimate both parts of the model. The LRM was fit to geocoded hedonic sales data for six towns in the suburbs of Boston, MA. The estimates yield substantial, significant and plausible spatial patterns in location values. Using the LRM as an exploratory tool, local peaks and valleys in location value identified by the model are close to points identified by the tax assessor, and they are shown to add to the explanatory power of an OLS model. Out-of-sample MSE shows that the LRM with a first-degree polynomial (local linear smoothing) is somewhat better than polynomials of degree zero or degree two. Future applications might use degree zero (the well-known NW estimator) because this is available in popular commercial software. The optimized LRM reduces MSE from the OLS model by between 5 percent and 11 percent while adding information on statistically significant variations in location value.     

Buyer-Type Effects in Conservation and Preservation Property Values

Properties can be bought by government agencies, land trusts, or private entities for conservation and preservation purposes, such as farmland preservation, wildlife refuges, other conservation, and cultural and historical preservation. There is variation in the dollars paid per acre across properties and across buyer type. An option value model based on future potential land uses is used to explain much of this variation. The data used in our analysis is sales transactions data for conservation and preservation purposes from throughout the United States. We find that much of the value of conservation properties is derived from future potential land uses, including housing, timber, recreation, and conservation. We confirm that public versus private buyers value options differently, which makes sense from a public good point of view, if markets are thin.     

The Announcement Effect of an Airport Expansion on Housing Prices

The purpose of this study is to examine the influence of the announcement of a new airport hub on housing prices near the airport. While numerous studies of airport noise have found that high noise levels reduce property values, few have been able to measure the announcement effect on values. The results indicate that after controlling to extraneous influences, housing property prices in a 2.5 mile band from the Greensboro/High Point/Winston Salem metropolitan airport declined approximately 9.2% in the post-announcement period. In the next 1.5-mile band, house prices declined approximately 5.7% in the post-announcement period.     

自然资本代际配置研究--可持续发展的产权制度设计

自然资本配置不仅涉及当代人利益,也涉及后代人利益,即涉及代际利益问题。现代产权理论,对于说明市场机制配置资源产生帕累托最优效率,提供了反传统的论证,但是缺乏代际利益均衡理念,无法令人信服地说明可持续发展框架下的自然资本的最优配置问题。本文以罗尔斯的代际正义论为伦理基础,提出自然资本代际产权理论,以期对现代产权理论加以修正并对可持续发展进行产权制度设计。     

公司治理中的中小股东权益保护机制研究

股东利益保护是公司治理的核心问题，对中小股东利益的有效保护更是公司制度公平与效率的前提。本文探讨了公司治理结构中市场主导型权力配置机制在保护中小股东利益方面的缺陷，比较分析了异议股东股份价值评估权制度与股东派生诉讼两种主要的中小股东司法救济手段之功效，指出异议股东股份价值评估权制度是一种更为有效的中小股东利益保护手段。最后，就我国公司立法引入该制度进行中小股东利益保护的问题提出了建议。     

Technology and Rights

What do we know about technology and rights? This article provides a fairly comprehensive overview of current issues regarding this topic. We explore and analyse a wide spectrum of rights that are challenged in this current era of technological convergence. We use the United States Bill of Rights as an example of the vulnerability of legal protections for rights against particular political and technological changes in this post 9-11 climate. New streams of rights acting as a safeguard against further incursions of technology into civil liberties are explored. We also address intellectual property rights and international trends in copyright, patent and trademark laws. We question whether these issues of technology and rights have a place in current technological literacy scenarios.