安徽省林业产权改革实践及理论思考

通过对安徽省林业产权实践改革的分析,运用经济学的理论分析得出,虽然林业产权转换是改革的大方向．但林业资源的特殊性又使得这种制度变迁显得底气不足,而且在目前林业集体所有制的前提下,仅盘活经营权的林业产权结构转换,很难保证长效激励。     

关于内幕交易的民事责任

内幕交易民事责任的承担一直是理论和实务中的难点问题。完善内幕交易民事责任制度,需要对内幕交易民事责任的承担涉及到的法律依据、主体、内幕交易与损害之间的因果关系、损害赔偿的计算方法以及内幕交易与虚假陈述竞合等主要问题进行探讨。     

财政收支分类改革后财政科技投入构成分析及政策启示

财政收支分类改革后科技投入的科目、构成发生了很大变化,本文在对新旧科目转换对比的基础上,分析了新科目下科技投入构成及重点科目,给出建设"创新型"国家的科技投入政策启示。     

Adverse Selection,Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany

This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt‐like securities. Based on the chosen financial securities’ upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.     

“Moving” land across borders: spatial shifts in land demand and immiserizing effects

The rush for land acquisition has attracted considerable attention from the scientific community, although actual research on the topic remains thin. This paper attempts to break new ground by studying the potential effects of land deals in the context of a small open economy subject to exogenous shocks. In particular, it makes three main arguments: first, an increase in world prices of the agro-business sector causes skewed effects in the subsistence sector; second, an attractive premium offered by hosts to lure investors may have immiserizing effects; and third, technological efforts will have favorable effects if host countries adopt policies to revitalize agriculture.     

The Differential Value Relevance of S&P's Core Earnings Versus GAAP Earnings: The Role of Stock Option Expense

In 2002, Standard & Poor's (S&P) introduced Core Earnings as a proprietary, uniform earnings metric, with the goal of improving financial reporting. The distinguishing feature of Core Earnings is its consistent treatment of seven adjustments to GAAP earnings for which there is no consensus adjustment by managers and analysts. We use stock price and return data to assess whether investors perceive Core Earnings to be more value relevant than GAAP earnings. The implementation of FASB 123R changed the calculation of GAAP and Core Earnings. This change allows us to assess the role of stock option expense in the valuation of earnings numbers by partitioning the sample into pre‐ and post‐FASB 123R periods and creating consistent measures of GAAP and Core Earnings. Our price results indicate that Core Earnings is more value relevant than GAAP earnings in the pre‐period after controlling for stock option expense, and in the post‐FASB 123R periods. The price results provide empirical evidence consistent with S&P's expectation that a uniformly calculated earnings measure is a more consistent and useful indicator of current performance and future earnings.     

基于公共选择理论的行政成本控制研究

本文借鉴公共选择理论的宪政思想、有限政府主张、成本效益和竞争机制等观点,试图从政治体制改革、中央和地方政府事权与财权的联动改革、政务公开和监督制度建设方面等制度层面提出解决我国行政成本过高的根本措施。     

A new economics approach to modelling policies to achieve global 2020 targets for climate stabilisation

This paper explores a Post Keynesian, ‘new economics’ approach to climate policy, assessing the opportunities for investment in accelerated decarbonisation of the global economy to 2020 following the Great Recession of 2008–2009. The risks associated with business-as-usual growth in greenhouse gas (GHG) concentrations in the atmosphere suggest that avoiding dangerous climate change will require that the world’s energy-economy system is transformed through switching to low-carbon technologies and lifestyles. Governments have agreed a target to hold the increase in temperatures above pre-industrial levels to at most 2°C and have offered reductions by 2020 in GHG emissions or the carbon-intensity of GDP. The effects of policies proposed to achieve pathways to 2020 towards this target are assessed using E3MG, an Energy-Environment-Economy (E3) Model at the Global level. E3MG is an annual simulation econometric model, estimated for 20 world regions over 1972–2006 adopting a new economics approach. Additional low-GHG investment of some 0.7% of GDP, with carbon pricing and other policies, is sufficient to achieve a pathway consistent with a medium chance of achieving the long-term target. GDP is above reference levels because decarbonisation reduces world oil prices and increases investment. Employment is some 0.9% above reference levels by 2020 and public finances are almost unaffected.     

项目管理中的费用控制

通过对项目投资及费用估算的讨论，提出了费用控制在工程项目实施过程中起到的重要作用，论述了费用控制目标的设置和一些控制手段的采用。     

基于Carol模型中国公司品牌资产影响因素实证研究

基于Carol模型，本文提出了一个测量品牌资产的定量方法，立足于公司财务层面，分解品牌资产的影响因素。以中国上证A股公司为实证研究的对象，检验本文构建的模型并得出结论，同时为中国企业的品牌建设提出了一些建议。