我国低效资本市场的负面影响及应对策略

长期以来 ,以证券市场为代表的我国资本市场一直处于低效弱效状态 ,这一市场态势已成为当前提升我国金融体系国际竞争力、深化经济体制、社会保障改革与金融市场应对加入WTO的最大障碍。我们的社会各界特别是政府部门应在借鉴外国高效的资本市场监管基础上 ,从立法与政策上采取得力措施进一步完善市场参与主体约束机制 ,改进入市股权所有制成份结构 ,准许国有法人股入市流通 ,健全市场信息披露制度 ,充分发挥市场价值规律 ,形成内在的价格均衡机制 ,降低平均交易成本 ,增强投融资效率 ,从而提高我国的资本市场效率 ,为提高我国金融体系国际竞争力、深化经济体制、社会保障改革 ,为应对加入WTO后的金融环境扫清障碍。     

Equity Risk Premium Puzzle: Evidence from Indonesia and Sri Lanka

This paper investigates the equity risk premium puzzle in the Indonesian and Sri Lankan stock markets in order to identify the relationship between the volatility of excess returns and the equity risk premium. The asymmetric impact of negative shocks on the equity risk premium is also examined using threshold and exponential GARCH-M models. We analyse data on the excess returns of the Indonesian and Sri Lankan stock markets from 2004 to 2013, and we find that the impact of the conditional volatility of excess returns on the equity risk premium is not significant in either country. Instead, we find an impact from negative return shocks on the equity risk premium only in Sri Lanka. Therefore, we conclude that investors are not compensated for the conditional volatility of the excess returns in these two markets, while Sri Lankan investors are compensated for the risk of negative shocks.     

农业面源污染控制的一体化环境经济政策体系研究

农业面源污染由于排放主体的分散性和隐蔽性、污染发生的随机性、污染负荷的时空差异性,使得农业面源污染具有很强的外部性、不确定性和非对称信息,这是农业面源污染控制的理论依据。文章在对农业面源污染控制面临的污染控制成本不确定性、污染者排污水平不确定性进行理论分析后,构建了农业面源污染控制的一体化环境经济政策体系,指出农业面源污染控制须针对各责任主体设计独特化、具体化、精确化、针对性的环境经济政策。     

因行业而异的温室气体减排政策——基于古诺模型的福利分析

笔者在古诺模型中引入温室气体排放的负外部性问题,分析了厂商的利润最大化行为,并基于社会福利函数得到了温室气体最优排放水平。该最优结果与经典的庇古分析结果相比偏多,这表明庇古政策并不是最优的,最大化社会福利的排放额并无需完全弥补排放的负外部性。进一步分析表明,最优排放水平与市场结构有关,垄断程度越高减排水平反而应该越低。     

外部性的本质与分类

外部性概念至今仍模糊不清,其原因就在于研究的外部性对象并不一致。从系统论出发,以行为方为核心,通过其影响范围的延伸,将外部性划分为科斯外部性、马歇尔外部性和庇古外部性三种类型,进一步明晰了外部性的轮廓,区分了简单外部性和复杂外部性。在此基础上,揭示了外部性的本质,即受影响方的决策非参与性和缺乏有效的反馈机制。明确了外部性的定义,同时引入外部性系数,将外部性研究从定性研究引向定量研究。     

瓶装水的正负效应及对策研究

从瓶装水的正负效应两方面来分析其瓶装水的市场发展。同时建议我国政府应参照国外先进技术和环保措施．对我国的瓶装水市场的发展予以合理引导和调控,加快资源节约型、环境友好型社会的建设。     

收入不平等对经济增长的负面影响机制——近二十年文献综述

近年来,国内外学者运用各种方法探讨了收入不平等与经济增长的关系。大部分研究结论显示,收入差距对经济增长存在间接的负面影响,两者之间存在一个多因素的传导过程,包括人力资本积累机制、政治经济决策机制、社会冲突机制、需求传导机制以及其他传导机制。总的来看,这些研究加深了对于两者关系性质和相互影响的认识,但研究结论的分歧和研究方法的局限性仍然存在,有必要对两者关系进行更深入的研究。     

网络亚文化对高职学生心理及行为干预机制的探析

网络已成为高职学生学习和生活的有机组成部分,对高职学生的成长具有双重作用。本文通过分析网络对高职学生的负面影响及其原因,提出了规避网络对高职学生的负面影响的对策,使网络在高职学生的成长中发挥积极的作用,使高职学生得到健康成长。     

桩基负摩阻力特性研究探讨

在桩基工程中,因负摩阻力问题造成工程事故屡有发生,负摩阻力问题相关研究现在越来越受到重视。本文介绍了桩基负摩阻力产生机理及影响因素,简要论述了其研究现状,并探讨了现今桩基负摩阻力特性研究中存在的主要问题。     

Negative externalities on property values resulting from water impairment: The case of the Pigeon River Watershed

The objective of this research was to determine whether willingness to bear the negative externality from water quality impairment differs between those who do and those who do not receive economic benefit from the impairment source. Differences were tested using a hedonic analysis of ambient water quality in two discrete housing markets in the Pigeon River Watershed, which have been polluted by the operation of a paper mill. The results suggest that North Carolina residents residing in subwatersheds with impaired portions of the Pigeon River, who experience economic benefit from the paper mill in addition to its harmful effects on water quality, do perceive the pollution as a negative externality. In contrast, the effects of both the degraded river and its contributing streams on property values are perceived as negative externalities by watershed residents in Tennessee who experience only harmful effects from the pollution. Differences in willingness to bear the water-impairment externality were not indicated by variables representing view of and proximity to impaired water bodies. The results suggest that the perception of water quality to which property owners implicitly apply value should be considered when establishing water-quality regulations.