The primacy of human capital and social capital in influencing landholders’ participation in programmes designed to improve environmental outcomes*

Increasing landholder participation in environmental programmes is often essential for achieving desired levels of restoration and protection, as well as the economic goals of efficiency and equity. Previous literature has identified sociodemographic property and attitudinal variables that influence participation. Using qualitative research, we identify variables relating to human capital (business orientation and information seeking behaviour) and social capital (trust in those delivering programmes and connectedness with other landholders) that have been seldom or never identified as influencing participation. New scales are developed and existing scales refined for measuring these constructs, and their influence on past and future participation is examined together with a range of other constructs. The effect of these variables is examined using a survey of Australian landholders, and the results demonstrate the primacy of variables relating to human and social capital in influencing past and future participation.     

浅析票据抗辩事由的有效性

票据抗辩制度是从保护票据安全出发进行考虑的,从静态安全出发规定成立抗辨事由就得以抗辨;从动态安全出发对票据抗辨进行限制,以保护票据权利人的票据权利。票据抗辨事由的有效性是抗辩成功的关键,只有具备有效的抗辨事由,才具有抗辨的效力。有效的抗辩事由包括：对抗不特定债权人的法定事由、对抗特定债权人的法定事由、对抗特定债权人的约定事由、票据抗辨限制中对人抗辨事由因持票人的恶意而重新变为有效性抗辩事由。     

Designing, testing and implementing a trial dryland salinity credit trade scheme

This article describes implementation and outcomes of a credit trading trial focussed on dryland salinity in Victoria, Australia. In lieu of extant specified property rights, participants were invited to agree to obligations to provide groundwater recharge credits in exchange for pecuniary compensation. Participants were able to meet their obligations to supply groundwater recharge credits through land management actions resulting in monitored outcomes consistent with contractual obligations to reduce recharge. Alternatively, those in deficit were provided the option to obtain sufficient credits through market exchange. Surplus transferable recharge credits were produced by those participants who exceeded their own contractual obligations through improved land management. The paper describes the process of contract design and implementation. The trial involved a design and testing phase and an on-ground implementation phase. We describe composite methodologies deployed in the design and testing of alternative policy instruments and institutional arrangements, conducted prior to implementation. These involved community consultation, an attitudinal and behavioural survey, experimental economics and the development of a transparent and credible monitoring protocol. The conclusions drawn as a result of this analysis provided an empirical basis to implement the on-ground trial phase. Results of on-ground implementation are described. Finally, the methods and results of a Benefit Cost Analysis (BCA) of the on-ground trial implementation are outlined. The BCA accounted for salinity damage reduction, forgone river flow, carbon sequestration, production benefits and costs. The result of BCA was an estimated net benefit.     

Derivatives use and financial instrument disclosure in the extractives industry

This article documents the use and disclosure of derivatives in the Australian extractives industry. We find that derivatives are used by 23 per cent of our sample, with mitigation of commodity risk and foreign exchange risk being the most common purposes for which derivatives are used. The most common types of derivatives used in the sector for hedging purposes are forward rate agreements and options. Results indicate that derivative use is positively associated with financial risk and firm size. We also examine the relation between firm characteristics and the extent of financial instrument disclosure, using a disclosure index based on the additional requirements in IFRS 7 Financial Instruments: Disclosures. Empirical results reveal that large firms with higher leverage, which use derivatives, and are audited by a Big 4 auditor provide more extensive disclosure of financial instruments.     

基于政策工具视角的多主体绿色施肥行为决策研究

[目的]为加快推进化肥减量增效,探索政府应用信息传递型、激励型及控制型3类政策工具对农户及农业社会化服务组织绿色施肥行为的动态影响机制,为构建高效施肥调控政策体系提供理论支撑。[方法]文章基于演化博弈理论,以黑龙江省为例,应用matlab2016b软件进行数值仿真分析,以得出不同水平政策工具组合下农户与农业社会化服务组织绿色施肥策略变动过程。[结果]（1）政府、农户及农业社会化服务组织在推进化肥减量增效方面存在动态博弈关系,科学合理地制定施肥调控政策是协调三方利益冲突的关键。（2） 3类政策工具中,高水平的信息传递型工具对各主体绿色施肥行为的刺激效果最佳,而组合应用信息传递型与激励型工具对主体行为的推动作用更稳定,同时应用3类工具则更能全面构建起化肥减量增效的良性循环。[结论]政府应重视农户及农业社会化服务组织在推进化肥减量增效方面的主体作用,及时开展施肥调控工作;根据各主体的个体特征与政策需求差异化地制定政策内容,着重应用信息传递型政策工具,必要时与激励型、控制型工具组合应用以获取叠加效应,推行绿色施肥。     

Kernel-weighted GMM estimators for linear time series models

This paper analyzes the higher-order asymptotic properties of generalized method of moments (GMM) estimators for linear time series models using many lags as instruments. A data-dependent moment selection method based on minimizing the approximate mean squared error is developed. In addition, a new version of the GMM estimator based on kernel-weighted moment conditions is proposed. It is shown that kernel-weighted GMM estimators can reduce the asymptotic bias compared to standard GMM estimators. Kernel weighting also helps to simplify the problem of selecting the optimal number of instruments. A feasible procedure similar to optimal bandwidth selection is proposed for the kernel-weighted GMM estimator.     

大型仪器设备全生命周期管理系统研究与探讨

针对当前高校大型仪器使用的情况,分析大型仪器管理中存在的问题,提出大型仪器全生命周期管理思路,设计了大型仪器网络管理系统建设方案,阐述了系统数据运行的方式,为规范高校大型仪器管理,辅助管理部门决策提供了建设参考思路。     

全球主要货币外汇交易比重变化与趋势——BIS三年一度中央银行调查报告解析

2013年9月,国际清算银行发布了《三年一度中央银行调查报告——2013年4月全球外汇交易统计初步结果》。通过与历年报告比较分析发现,近年来,全球外汇交易量显著增加：主要贷币交易量变化各异;外汇交易向主要金融中心汇浆趋势明显;人民币离岸外汇交易量激增,虽已成为全球第九大外汇交易贷币,但与其他主要贷币相比,交易量仍然较小。上述变化与特点,对中国积极推进人民币跨境使用和建设上海国际金融中心具有重要参考价值。     

股指期货套期保值效率比较研究——基于沪深300股指期货与新华富时A5指数期货

文章基于我国股票型基金十大重仓股构建投资组合,并利用沪深300股指期货与新华富时A50指数期货的日数据对这两种股指期货的套期保值效率进行比较研究,以探究两者在套期保值效率上的差异和造成差异产生的原因。在利用OLS、VECM和ECM-BGRACH等静态和动态套期保值模型和基于风险最小化的套期保值绩效指标对沪深300股指期货与新华富时A50指数期货的套期保值效率进行研究后发现,在静态最优套保比、时变最优套保比和套期保值绩效指标的比较中,新华富时A50指数期货都要优于沪深300股指期货。这种套期保值效率上的差异主要来自于两个金融工具间的合约与交易规则的差别。建议通过设立适当时间的晚间电子盘交易,并允许金融机构在规定的份额内进行期指套利交易,以提升沪深300股指期货在套期保值市场功能上的效率。     

运用内部控制制度加强高校实验室设备管理

针对高校实验室仪器设备管理的薄弱环节,应建立并运用内部控制制度,以防范错弊,杜绝浪费,提高资金投入效益和设备使用效率。