扩大内需电网工程后评价应侧重国民经济评价

已有和将有较大一批属于扩大内需的电网工程陆续投运,这些工程的项目后评价有什么特点,该如何评价,本文就这些问题进行探讨。通过对国内外同类工程与扩大内需电网工程进行对比,同时了解国家出台拉动内需政策的背景,分析扩大内需电网工程自身的特点,本文认为扩大内需电网工程后评价应侧重进行国民经济评价。     

浅析工程量清单计价模式下标后预算的编制

标后预算是企业确定项目责任成本目标和项目经理部编制成本控制计划的依据,对企业降低施工过程中的各种生产消耗,提高经济效益起着十分重要的作用。文章阐述了标后预算的概念和费用构成,分析了标后预算的作用和编制原则,提出了标后预算编制中应注意的问题。     

Is corporate governance important for regulated firms’ shareholders?: Evidence from Japanese mergers and acquisitions

This paper compares the reaction of bidders’ stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at merger and acquisition (M&A) announcements, although banks’ and unregulated firms’ M&A announcements are regarded favorably by the stock market. Furthermore, the effect of stock option usage and strict boards on the stock price response is weak for regulated non-financial bidders. The results provide additional evidence that regulation results in managerial decisions’ having less influence on shareholder wealth and thereby changes the firm's optimal governance structure. In contrast, the results provide no clear evidence that, for bank bidders, there is a significantly stronger or weaker relationship between governance and the stock price response to an M&A announcement than that of unregulated firms or regulated non-financial firms. The result does not support the view that regulatory monitoring weakens the effect of ordinary governance mechanisms.     

浅谈黄金企业如何做好"80后"青年的思想政治工作

分析把握80后青年的思想动态和个性特点,通过企业实际情况,开展丰富多彩的活动,帮助80后青年充分发挥自身的积极因素,张扬个性,战胜弱点,变不足为动力,最大限度地发掘他们的智慧和潜能为企业的发展做贡献.     

社会人口老龄化背景下80后自身养老问题探讨

伴随着社会老龄化趋势的到来,对如今正值青壮年的80后的养老问题也应该给予关注。文章针对80后表现出的养老意识淡薄、理财方法欠缺、社会流动性大等特点,探讨了可能的解决方法。     

SUSTAINABLE CONSTANT CONSUMPTION IN A SEMI‐OPEN ECONOMY WITH EXHAUSTIBLE RESOURCES*

To sustain constant consumption, Hartwick's rule prescribes reinvesting all resource rents in reproducible capital. However, Hartwick's rule is not necessarily the result of optimization. In this paper, we address this insufficiency by deriving a constant consumption path endogenously in a semi‐open economy with an exhaustible resource, which has full access to world goods and capital markets, while the resource flows are not internationally tradable. Our findings show that, due to the essentiality of both capital and resource to the production process, the economy transforms its domestic assets into foreign ones, consuming a constant interest flow from the latter.     

On government-created credit markets for education and endogenous growth

Interest in public loans to fund (higher) education has been increasing in the last decades. This paper explores the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital. It shows that the mere existence of public credit markets is second-best in nature, and cannot decentralize the optimum. Achieving the first-best “Golden Rule” balanced growth path requires a government loan system that lends the amounts required for optimal investments in education and an optimally chosen pure pay-as-you-go social security system. Student loans and pensions thus appear as two inseparable elements of the policy that maximizes social welfare.     

Why factors facilitating collusion may not predict cartel occurrence — experimental evidence

Factors facilitating collusion may not successfully predict cartel occurrence: When a factor predicts that collusion (explicit and tacit) becomes easier, firms might be less inclined to set up a cartel simply because tacit coordination already tends to go in hand with supra-competitive profits. We illustrate this issue with laboratory data. We run n-firm Cournot experiments with written cheap-talk communication between players and we compare them to treatments without the possibility to talk. We conduct this comparison for two, four, and six firms. We find that two firms indeed find it easier to collude tacitly but that the number of firms does not significantly affect outcomes with communication. As a result, the payoff gain from communication increases with the number of firms, at a decreasing rate.     

Pricing flexibility under rate-of-return regulation: Effects on network infrastructure investment

When a commodity market relies upon a regulated network service industry—e.g., telecommunications, electricity, or natural gas transmission—economic efficiency in that commodity market is a crucial consideration for regulatory design. This is because insufficient infrastructure investment relative to network demand results in congestion. The extraction of associated rents has distortionary effects on commodity spot market prices. Greater regulatory flexibility in network pricing can alleviate such issues by cultivating the incentives needed for stakeholders to invest in transmission capacity. To illustrate this effect I derive and numerically solve stylized optimality conditions for access and usage prices for a gas pipeline operator under alternative regulatory models. My results have general implications for regulation in network infrastructure industries, as energy and telecommunications markets are expected to expand considerably over the coming decades.     

Intertemporal sustainability of current account imbalances: New evidence from the OECD countries

This study estimates the intertemporal model for the relationship between exports and imports and examines the sustainability of current account deficits (CADs) and the validity of intertemporal budget constraint for 24 Organisation for Economic Co‐operation and Development countries. The standard ordinary least squares (OLS)‐based two‐step Engle and Granger test, the cointegration regression Durbin–Watson (CRDW) test, and the Stock–Watson test performed on the one‐regime model with time‐invariant parameters and no structural break provide mixed support for the presence of cointegration between exports and imports. The recursive least squares‐based cumulative sum of recursive residuals (CUSUM) and the cumulative sum of squares of recursive residuals (CUSUMSQ) tests and the OLS‐based Andrews‐Quandt (AQ) and Andrews – Ploberger (AP) tests suggest the presence of structural breaks in the long‐run relationship between exports and imports for a number of countries. The end‐of‐sample new cointegration breakdown tests performed on the OLS, fully modified OLS, and full‐information maximum‐likelihood estimates of the model suggest the presence of cointegration between exports and imports for most countries. The dominant support for cointegration between trade flows points toward the sustainability of CADs and the validity of intertemporal budget constraint. The macroeconomic stabilization policies seem to have been effective in correcting the market failures and maintaining the steady‐state equilibrium relationship between trade flows in the sample countries. The findings of this study have important implications for empirical research. The structural breaks in the cointegrating vector could occur even over the short time periods and at any point in time. It is essentially important to assess the sustainability of the external position in the presence of long‐period as well as short‐period breaks in the cointegrating vector.