资源约束下北京都市产业的发展

北京市是一个水资源短缺、土地资源有限,电力、煤炭、天然气等能源主要靠外部供给,环境保护要求非常高的城市.通过对北京都市产业的发展现状及存在的问题进行分析,基于北京都市产业在北京工业中的重要性,提出了在资源约束下北京都市产业发展的相应对策.     

Are stocks desirable in tax-deferred accounts?

Existing literature suggests that, in order to maximize the tax benefit of retirement accounts, investors should follow a “pecking order” location rule of placing highly taxed assets (e.g., bonds) in a tax-deferred account and lightly taxed assets (e.g., stocks) in a taxable account. Empirical evidence, however, documents that a large number of investors violate this rule. In this paper, we show that such violations can be optimal for risk-averse investors who face portfolio constraints. In particular, while the strategy of placing bonds in the tax-deferred account maximizes the expected level of tax benefit, it may lead to volatile benefits under different realizations of stock returns. By holding a similar portfolio in both accounts, investors can achieve a more balanced growth in the two accounts, minimize the likelihood of violating the constraints in the future and hence “smooth” the volatility of the tax benefit. For some risk-averse investors, this smoothing motive can lead to the observed violation of the pecking order location rule. Our model predicts that such violations are more likely when future tax benefits are more volatile, which can occur, for example, when: (i) the tax rate differential across assets increases over time due either to tax law changes or to tax bracket changes for investors; (ii) asset returns are more volatile; and (iii) investors anticipate large future liquidity needs.     

强化环保前置审批 加强源头污染控制

控制新建项目的污染一直是各级环保部门的重要工作之一。但为何经常出现新项目投产之日就成为污染投诉之时，除了建设单位未按环评批复建设治污设施外，有关职能部门忽视或淡化环保前置审批，导致建设单位未办理环保审批，是新污染屡控不止的主要原因。在分析环保前置审批落实不到位的原因及环保前置法律依据的基础上，提出了解决的措施和建议。     

国有企业脱困:困境、根源与对策

当前国有企业面临的困境主要表现在财务状况上 ,其根源为官僚机制使然 ,即企业不是通过市场来选择经理人员而是由政府部门一纸任命。因此 ,经理人员的主要精力必然主要用到逢迎而不去关注企业经营 ,这种官僚机制对市场机制的不恰当替代 ,使我国推行的现代企业制度仍存在无法回避的致命缺陷。为此 ,国企改革应选择投资基金制度 ,将市场“铁腕”引入企业来。     

How does the choice of Value-at-Risk estimator influence asset allocation decisions?

Considering the growing need for managing financial risk, Value-at-Risk (VaR) prediction and portfolio optimisation with a focus on VaR have taken up an important role in banking and finance. Motivated by recent results showing that the choice of VaR estimator does not crucially influence decision-making in certain practical applications (e.g. in investment rankings), this study analyses the important question of how asset allocation decisions are affected when alternative VaR estimation methodologies are used. Focusing on the most popular, successful and conceptually different conditional VaR estimation techniques (i.e. historical simulation, peak over threshold method and quantile regression) and the flexible portfolio model of Campbell et al. [J. Banking Finance. 2001, 25(9), 1789–1804], we show in an empirical example and in a simulation study that these methods tend to deliver similar asset weights. In other words, optimal portfolio allocations appear to be not very sensitive to the choice of VaR estimator. This finding, which is robust in a variety of distributional environments and pre-whitening settings, supports the notion that, depending on the specific application, simple standard methods (i.e. historical simulation) used by many commercial banks do not necessarily have to be replaced by more complex approaches (based on, e.g. extreme value theory).     

Incentive compatibility constraints and dynamic programming in continuous time

This paper is devoted to the study of infinite horizon continuous time optimal control problems with incentive compatibility constraints that arise in many economic problems, for instance in defining the second best Pareto optimum for the joint exploitation of a common resource, as in Benhabib and Radner [Benhabib, J., Radner, R., 1992. The joint exploitation of a productive asset: a game theoretic approach. Economic Theory, 2: 155–190]. An incentive compatibility constraint is a constraint on the continuation of the payoff function at every time. We prove that the dynamic programming principle holds, the value function is a viscosity solution of the associated Hamilton–Jacobi–Bellman (HJB) equation, and that it is the minimal supersolution satisfying certain boundary conditions. When the incentive compatibility constraint only depends on the present value of the state variable, we prove existence of optimal strategies, and we show that the problem is equivalent to a state constraints problem in an endogenous state region which depends on the data of the problem. Some economic examples are analyzed.     

Debt financing,soft budget constraints,and government ownershipEvidence from China1

Debt financing is expected to improve the quality of corporate governance, but we find, using a large sample of public listed companies (PLCs) from China, that an increase in bank loans increases the size of managerial perks and free cash flows and decreases corporate efficiency. We find that bank lending facilitates managerial exploitation of corporate wealth in government‐controlled firms, but constrains managerial agency costs in firms controlled by private owners. We argue that the failure of corporate governance may derive from the shared government ownership of lenders and borrowers, which nurtures soft budget constraints.     

Wives’ Value of Time and Food Consumed Away from Home in Taiwan*

In the present paper, we examine the relationship between wives’ value of time and expenditures on food away from home (FAFH) in Taiwan between 1983 and 2000. An endogenous switching regression model is used to model the household's consumption decision on FAFH. The empirical results show that wives’ value of time, household income, presence of young children and grandparents, and wives’ educational attainment are important factors for both participation in consuming and amount spent on FAFH. The income elasticities of FAFH have increased from 0.09 to 0.17 over the sample period. Moreover, other things being equal, the level of spending on FAFH has also increased over time. The results suggest that there has been a structural change in the consumption pattern of FAFH by families in Taiwan.     

西部地区新农村建设的制约因素及对策分析

建设社会主义新农村是今后＂三农＂工作的方向和目标,在我国西部地区实现这一任务尤为艰巨。文章从西部地区新农村建设存在的农村产业发展、生产技术要素、人力资源素质、产业组织现状、基础设施配置和村镇建设规划六个方面的制约因素入手进行分析,提出了产业择优发展、技术配套保障、人力资源建设、专业组织壮大、基础设施配套和村庄布局规划等相应的发展对策。     

Budget-constrained sequential auctions with incomplete information

I study a budget-constrained, private-valuation, sealed-bid sequential auction with two incompletely-informed, risk-neutral bidders in which the valuations and income may be non-monotonic functions of a bidder's type. Multiple equilibrium symmetric bidding functions may exist that differ in allocation, efficiency and revenue. The sequence of sale affects the competition for a good and therefore also affects revenue and the prices of each good in a systematic way that depends on the relationship among the valuations and incomes of bidders. The sequence of sale may affect prices and revenue even when the number of bidders is large relative to the number of goods. If a particular good, say α, is allocated to a strong bidder independent of the sequence of sale, then auction revenue and the price of good α are higher when good α is sold first.