Using stated preference techniques to value four key ecosystem services on New Zealand arable land

Many researchers have noted that not only natural ecosystems but also landscapes actively modified by humans (engineered or designed ecosystems) can significantly impact the level of ecosystem goods and availability of services, thereby impacting human and social welfare. In New Zealand, agricultural lands are the largest area of engineered ecosystems on the national landscape. Study of the welfare effects of ecosystem services delivered by agricultural land can provide important insights into the management of engineered or designed ecosystems. This paper uses the contingent valuation method (CVM) and choice modelling to estimate values of four key ecosystem services: climate regulation, water regulation, soil retention and scenic views, for New Zealand land used for arable farming.     

风险企业的道德风险与控制权配置的模型分析

风险企业的控制权配制是在满足风险企业家激励相容和风险投资家参与约束条件下的一种相机性配置机制,它有别于 传统理论要求的"剩余索取权必须与控制权相匹配"的配置原则,能使双方在签约后根据企业绩效(或企业风险)的变动,进行相 应的权利调整,因而尽可能地解决了风险企业中的风险分担和激励问题。     

条件价值评价法在旅游资源价值评价中的应用

随着我国旅游业的不断发展及各类旅游资源经营管理模式的多样化发展,人们对于旅游资源价值的认识也不断提升.旅游资源的价值包含使用价值和非使用价值.对于使用价值可以有几种方法较精确的确定其价值,而非使用价值公认的标准方法就是条件价值评价法(CVM)[1].本文介绍了条件价值评价法及其发展,重点归纳了影响其结果有效性和可靠性的可能因素.在此基础上,结合自身研究,对运用条件价值评价法评价旅游资源经济价值实践应用中如何提高其有效性作了论述.     

管理层权力与或有事项信息披露——基于环境不确定性的调节效应研究

基于2003—2016年我国A股上市公司的经验数据,以企业表内列报的预计负债金额与表外附注中披露的或有事项频数为考察对象,实证检验了管理层权力对或有事项信息披露的影响。研究发现,管理层权力与表内列报的或有事项信息显著负相关,而与表外披露的或有事项信息显著正相关;进一步发现,随着环境不确定性的增加,管理层权力对企业表内预计负债列报的负向影响显著增强,而对表外或有事项披露的正向影响明显减弱。在当前外部环境瞬息万变、内部治理机制弱化的背景下,管理层可能会利用其控制权操控或有事项信息的披露方式,自我服务偏好明显。     

岷江上游森林生态系统服务条件价值评估

针对岷江上游森林生态系统服务现状,采用条件价值评估法(CVM),以支付卡形式设计了374份调查问卷,调查了岷江流域居民对上游森林生态系统服务的支付意愿(WTP)。结果表明:岷江流域60.80%的居民家庭对岷江上游森林生态系统服务存在支付意愿,平均支付意愿为每户每年44.00元。按照岷江流域现有家庭数量计算,岷江上游森林生态系统服务价值每年是5 507.48×104元。利用二元Logistic模型,对支付意愿与个人社会经济变量进行了较为详尽的分析,并对影响居民支付意愿的主要因素作了环境经济学解释。     

State‐contingent analysis of farmers’ response to weather variability: irrigated dairy farming in the Murray Valley,Australia

The agricultural sector is commonly regarded as one of the most vulnerable to climate change. Current understanding of the impact of climate change on this sector relies on the underlying assumptions about farmers’ possible responses to weather variability, including changes in crop choice, input combinations and land management practices. Many previous analyses rely on the implicit (and restrictive) assumption that farmers operate under a fixed technology set across different states of nature. This assumption, represented through stochastic production or profit functions, is commonly made but seldom tested and may understate farmers’ responses to climate change if state‐contingent production technologies are, in reality, more flexible. The potential for farmers to adapt production technologies in response to unforeseen events is at the core of the state‐contingent approach. Advanced in Chambers and Quiggin (2000), the theory contends that producers can manage uncertainty through the allocation of productive inputs to different states of nature. In this article, we test the assumption that farmers’ observed behaviour is consistent with the state‐contingent production theory using farm‐level data from Australia. More precisely, we estimate the milk production technology for a sample of irrigated dairy farms from the southern Murray–Darling Basin over the period from 2006–2007 to 2009–2010.     

Subordinated Debt,Market Discipline,and Bank Risk

This paper demonstrates that subordinated debt (subdebt thereafter) regulation can be an effective mechanism for disciplining banks. By reducing the chance that managers of distressed banks can take value‐destroying actions to benefit themselves, subdebt regulation may encourage banks to lower asset risk. Moreover, subdebt regulation and bank capital requirements can be complements for alleviating the banks’ moral hazard problems. To make subdebt regulation effective, regulators may need impose ceilings on the interest rates of subdebt, prohibit collusion between banks and subdebt investors, and require subdebt to convert into the issuing bank's equity when the government provides assistance to the bank.     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

编制水利水电土建工程合同注意事项探析

从水利水电工程合同管理角度出发,论述《水利水电工程标准施工招标文件》合同条款存在的不足,总结施工经验,提出水利水电土建工程合同应注意的问题。