陕西运动服装市场调研与现状分析

通过对陕西省运动服市场的调研,对所获得的调研数据进行全面的分析,并对运动服市场未来发展前景进行展望。     

电力市场监管理论与实践的探讨

就市场成员市场力、串谋等问题分析了电力市场运营监管思路及其相关措施;在电力市场环境下。从电力系统安全运行导则、继电保护及安全控制原则、发电机组检修计划等方面分析了电力系统可靠性的监管思路及其相关措施;讨论了电力市场投机行为及其监管措施。     

An International Analysis of Earnings, Stock Prices and Bond Yields

Abstract:  This paper assesses the contemporaneous relationship between stock prices, earnings and long-term government bond yields for a large number of countries. The time period of our data spans several decades. In a time series framework our analysis first tests the presence of a long-term contemporaneous relationship between these three variables (the so-called Fed model). Next, we assess if government bond yields play a significant role in the long-run relationship. Our empirical results question the validity of the Fed model in the sense that we show that long-term market movements are mainly driven by the earnings yield and not the differential between bond and earnings yields. As such, our analysis validates the results of Asness (2003) for a much larger collection of countries while using a dynamic time series (cointegration) framework. Finally, we also show that changes in long-term government bond yields have a short-term impact on stock prices.     

The informativeness of domestic and foreign investors’ stock trades: Evidence from the perfectly segmented Chinese market

This paper uses the perfect market segmentation setting in China's stock market to compare the information content of the stock trades of domestic and foreign investors. We study 76 firms that issue both A-shares (for domestic investors) and B-shares (for foreign investors) and compare the price discovery role of the two segmented markets in China. Before Feb 19, 2001, the A-share market led the B-share market in price discovery, as the signed volume and quote revision of the A-share market had strong predictive ability for B-share quote returns, but not vice versa. After Feb 19, 2001, because some domestic investors were allowed to invest in the B-share market, we find evidence for a reverse causality from the B-share to the A-share market. Nevertheless, the [Hasbrouck (1995). One security, many markets: determining the contributions to price discovery, Journal of Finance 50, 1175–1199.] information share analysis reveals that A-shares continue to dominate the price discovery process.     

市场透明度改变影响交易者行为吗？

基于中国证券市场2003年12月8日提高市场透明度这一事件，本文对市场透明度提高对交易者行为的影响进行了研究。结果发现：市场透明度提高明显改变了交易者的交易策略，主要表现为交易者整体交易指令的激进程度降低，其中交易者减少提交市价指令，增加了撤单的频率。研究还发现，市场透明度提高导致交易者提交价格增进的限价指令的比例下降，而提交小额交易指令的比例增加，同时交易者对交易环境的改变具有学习与逐步适应的能力。     

电力市场环境下发电环节的节能减排

介绍了国内外在发电环节采用的两种节能减排技术,即洁净煤技术和可再生能源发电技术。从政策支持、价格鼓励、税费减免、科研和产业化的促进等多个方面论述了电力市场化改革环境下,发电环节节能减排的政策、法规及发展思路。建议对化石燃料发电征收较高的能源税、CO2税、SO2税以及征收CO2排放费用,增大可再生能源发电配额比例,鼓励私人投资,建立绿色电力发展基金,加快技术和设备的国产化进程等。     

Price-Matching Guarantees and Equilibrium Selection in a Homogenous Product Market: An Experimental Study

Price-matching guarantees have been alleged to sustain collusive prices in a homogenous product market. Theories in this literature also suggest that there exist multiple equilibria (i.e., a set of price equilibria between the competitive and the monopoly price) when all sellers adopt these guarantees in such a market. Theoretical prediction in this case fails to pin down the actual behavior of players a priori. This paper illustrates the essential role of controlled experiment in testing the collusive theory of price-matching guarantees and thereby shedding light on the embedded equilibrium selection problem. In particular, this paper studies two highly stylized market models, obtains testable predictions, and lays out the design of the controlled experiment. Results indicate that these guarantees facilitate collusion among sellers and thus solve the equilibrium selection problem considerably. I am grateful to Jim Cox, Martin Dufwenberg, Haimanti Bhattacharya, and the editor of this journal and the two referees for their suggestions. I thank seminar participants at the University of Arizona and North American Economic Science Association meeting at Tucson, 2003 for their helpful comments. A research grant from ESL, University of Arizona, for this project is gratefully acknowledged. I am solely responsible for any remaining errors and omissions.     

液化天然气在我国能源结构调整中的作用

针对国际油价持续走高，液化天然气（LNG）需求趋旺，LNG市场价格大幅上涨，分析了我国液化天然气产业的战略价值和天然气产业国际国内市场，提出了我国发展液化天然气产业应当采取的战略措施。     

国内成品油市场竞争的新格局

随着我国成品油市场的开放，国内成品油市场已经改变了原有格局。分析了当前成品油市场上各竞争主体，阐释了我国的成品油市场开始呈现的以中国石化、中国石油两大集团为主导，其他国有石油公司、民营企业、国际石油公司共同参与竞争的新格局。     

论基于博弈论的投标报价建模方法

随着我国经济建设的发展，建筑市场的规范、有序化管理已经逐步形成，其中招投标制度在工程承发包交易行为公开、公平、提高工程质量、发挥投资效益、防止腐败和不正当竞争等方面均起到了很好的促进作用。根据现行的主要招投标评标方法，分析基于博弈论建立与之相适应的投标博弈模型的方法，为施工企业投标的科学决策提供借鉴。