适应公共财政体制要求的水利投资对策

公共财政是与市场经济相适应的一种财政模式。国家公共财政框架体系的初步建立,为加大水利基础设施的投入和水利投资体制改革提供了历史性的机遇,广泛吸引各方投资,就可能形成公益性极强的产业组织,建立市场大规模投入水利基础设施的良性运行机制,并形成中央财政转移支付的重要通道。     

湖北省县域农业投资环境评价

分别应用主成分分析法和模糊数学方法对湖北省县域农业投资环境进行了评价与聚类分区，分析了政府农业投资决策需要考虑的重点因素，并对各分区的投资方向与投资重点作了简评，旨在揭示湖北省各县域农业发展的状况和问题，为政府农业投资取向、实现农业可持续发展提供参考依据。     

Forest Conservation in Costa Rica when Nonuse Benefits are Uncertain but Rising

Stochastic dynamic programming is used to investigate optimal holding of primary tropical forest in humid Costa Rica when future nonuse benefits of forest conservation are uncertain and increasing. The quasi-option value of maintaining primary forests is included as a component of investment in natural capital. Although the impact of uncertainty on conservation incentives is substantial, our results indicate that a rising trend in future benefits and compensation by the international community for beneficial spillovers are more important factors in determining optimal holdings of forest stocks. Without compensatory payments, however, further deforestation may be warranted.     

武汉市投资环境分析与优化对策研究

分析了武汉市投资环境的基本态势及其国内外宏观环境背景；评估了武汉市投资环境在全国主要城市中的对比地位，结合国际投资环境发展趋势设置了武汉市投资环境的功能定位，并对其投资环境优化调控对策作了探讨。     

Fundamentals,Misvaluation, and Business Investment

Does stock market misvaluation affect business fixed investment? To answer this question, we provide evidence based on U.S. firm‐level panel data. We examine the orthogonality conditions for the investment Q and Euler equations, and our qualitative tests reject the null hypothesis that investment is unaffected by misvaluation (this result is not driven exclusively by the late 1990s). To measure the quantitative effects on investment, we introduce a measure of misvaluation into standard investment equations. Our estimates imply that a one‐standard‐deviation increase in misvaluation increases investment between 20% and 60% relative to the mean level of investment in the sample.     

Corporate investment and financing under asymmetric information

We develop a dynamic model of corporate investment and financing decisions in which corporate insiders have superior information about the firm's growth prospects. We show that firms with positive private information can credibly signal their type to outside investors using the timing of corporate actions and their debt-equity mix. Using this result, we show that asymmetric information induces firms with good prospects to speed up investment, leading to a significant erosion of the option value of waiting to invest. Additionally, we demonstrate that informational asymmetries may not translate into a financing hierarchy or pecking order over securities. Finally, we generate a rich set of testable implications relating firms’ investment and financing strategies, abnormal announcement returns, and external financing costs to a number of managerial, firm, and industry characteristics.     

Why is Convertible Debt Subordinated? An Investment‐Based Agency Theory

This paper offers an agency‐based explanation for the junior priority status of convertible bonds. Using a simple economic model, I show that when convertible and straight debt have equal priority, shareholders can prefer value‐decreasing projects, which results in wealth transfers from bondholders to shareholders; and I prove that this problem is solved when convertible debt is subordinated. Empirical evidence supports the theory. I find that firms with greater potential for investment‐based agency conflicts are more likely to issue subordinated convertible debt, and firms with senior convertible debt are more likely to deviate from the optimal investment policy.     

我国政府投资效应的CGE模型分析——基于“刘易斯”宏观闭合框架下的模拟

以往国内利用可计算一般均衡(CGE)模型进行实证研究的文献,大多是假设中国处在资本充足、充分就业的新古典主义宏观闭合框架下,忽视了我国目前处于二元经济的客观事实。本文基于中国现阶段的基本国情,建立了一个刘易斯宏观闭合下的CGE模型,并利用该方法模拟了2008年末我国启动的政府投资(1.18万亿)对经济各个方面产生的影响。模拟结果显示:政府投资将会在未来几年之内拉动实际GDP增长1.83%、提升总消费2.1%、社会总投资9.89%、进口额2.09%、出口额2.14%,同时将带来约1805万的新增就业机会。     

危机前后美国寿险公司不动产投资研究

基于ISIS全球保险公司数据库收录的美国寿险公司数据资料,本文研究了美国寿险公司的不动产投资情况.研究发现,从美国寿险公司的资产组合构成来看,不动产投资所占的比重还很低,且在次贷危机前后不动产投资在整个资产组合中所占的比重没有很大的变动.在美国房地产市场顶峰期的2005年,寿险公司所持有的不动产投资反而是最低的.但是,...     

产能利用不足和通胀压力并存的悖论——从产能角度思考中国经济的深层次问题及对策

从中国经济运行的实证轨迹来看,产能过剩存在于以钢铁等为代表的中上游工业制造业和以部分机械制造行业为代表的中下游工业制造业,近年来在以高速公路、高速铁路和轨道交通为代表的基础设施行业也有所体现.在产能过剩的同时,中国的通胀压力尤其是生产资料价格上涨压力却难以消减.产能利用不足与通胀压力并存的根源值得深入分析.生产要素价格...