Nonoptimality of the Friedman Rule with Capital Income Taxation

This paper studies the efficient taxation of money and factor income in intertemporal optimizing growth models with infinite horizons, transaction costs technologies, and flexible prices. Second‐best optimality calls for a positive inflation tax and a nonzero capital income tax when there are restrictions on taxation of production factors or profits/rents. Our cases of nonoptimality of the Friedman rule—which differ from those of Mulligan and Sala‐i‐Martin (1997) and extend substantially those of Schmitt‐Grohè and Uribe (2004a) —follow from the violation of the Diamond and Mirrlees (1971) principle on production efficiency.     

民营高科技企业如何进入二板市场融资

融资问题是制约我国民营高科技企业发展的主要因素 ,随着香港特区二板市场的推出以及内地二板市场的积极筹建 ,越来越多的国内民营高科技企业拟在二板市场上市 ,本文对民营高科技企业如何进入二板市场融资的问题作一探讨。     

我国创业板市场发展对策探析

创业板市场由于主要吸纳处于创业阶段的小企业，其风险高于主板市场已经被国外实践所证明。我国即将开设的创业板市场虽然在初创阶段因吸收大量的已经超越了创业阶段，具有较高赢利水平而且发展潜力巨大的民营企业，其风险性比国外创业板小，也比国内A股市场小。但由于创业板市场门槛低，不要求企业有赢利记录，未来难免一些没有发展前景的中小企业进入创业板市场积聚风险。故为保证我国创业板市场运作成功，吸取A股市场教训，特别需要解决如下问题：1.避免政府部门的干预；2.严格监管；3.借鉴他国经验，为创业板市场合理定位。     

THE TWO FUNDAMENTAL THEOREMS OF ASSET PRICING FOR A CLASS OF CONTINUOUS‐TIME FINANCIAL MARKETS

The paper is concerned with the first and the second fundamental theorems of asset pricing in the case of nonexploding financial markets, in which the excess‐returns from risky securities represent continuous semimartingales with absolutely continuous predictable characteristics. For such markets, the notions of “arbitrage” and “completeness” are characterized as properties of the distribution law of the excess‐returns. It is shown that any form of arbitrage is tantamount to guaranteed arbitrage, which leads to a somewhat stronger version of the first fundamental theorem. New proofs of the first and the second fundamental theorems, which rely exclusively on methods from stochastic analysis, are established.     

农村的二胎超生反弹及其原因探析——以湖北省三个乡镇为例

基于湖北省三个乡镇实地调查的数据分析,近十年来二胎超生普遍反弹,且成为超生队伍的主体。其根本原因在于农户普遍具有二孩偏好。由于二孩偏好富于弹性,在2002年之前农村政策环境收紧时,农户被迫将这一生育偏好"蛰伏"起来,而当2002年后农村政策环境逐步松动、基层治责和治权弱化和农户收入提高后,独子户的二孩偏好逐渐释放,最终导致生育反弹。农民的生育观念与国家政策要求还有一定距离,为了达到政策要求,国家要赋予基层与政策要求相匹配的治责和治权。     

An operational method to supporting siting decisions for sustainable rural second home planning in ecotourism sites

Due to inadequate environmental assessments, many sustainable tourism destinations have not contributed to both conservation and development as expected. This paper describes an operational spatial planning method to evaluate the suitability of an ecotourism site. As using the multi-attribute decision-making (MADM) based on the understanding of all possible aspects and implications of the existing regional planning, this work presents a process to siting second home countryside in the study area, La Vera County, Spain. Accordingly, this study explores the criteria using the analytical hierarchy process (AHP) with the primary screening and supporting opportunities of environmental conservation and economic growth as well. To reach a consensus criteria weight, a field survey to local residents and group discussion with a panel of experts were conducted for an analytical procedure, making them more objective. Then, it evaluated the suitability of the study area in order to optimally site a rural second home based on the previous constraints and criteria with the aid of the ordered weighted averaging (OWA) operator weighing functions with constant value of orness and maximum entropy. The assessment results provide a new empirical approach and valuable management tool to evaluate the existing infrastructure and environment and to predict their future improvements that can be reapplied to other destinations. These strongly emphasize benefits to the local community and effective ecotourism with its integration. Particularly, this model analysis proposes a method to demonstrate the participatory attitude of local residents in the sustainable planning assessment.     

西方市场经济国家的国有企业:一个演化视角的分析

本文通过分析资本主义国家发展国有经济的原因以及西方市场经济国家国有企业演进的历史,得出了简短的结论.     

The landscape of olive groves as a driver of the rural economy

This study evaluates how landscape changes made in order to improve the visual quality of olive groves may trigger first and second-order effects (FOEs and SOEs) on the rural economy. The choice experiment method is combined with the probability of visiting to estimate the marginal increase in recreational demand derived from the combination of three landscape elements: green cover, stone walls and woodland islets. The results suggest that the improvement of the aesthetic value of landscape (mainly through green covers and stone walls) creates a real, positive asset (due to its FOEs and SOEs) for the local economies in rural areas. The promotion of the recreational value of these areas to attract more visitors and so bring in more income could be a profitable policy, which could be implemented by hybridizing the current Agri-environmental scheme with a Payment for Ecosystem Services approach.     

克拉申语言习得理论的再认识

文章旨从克拉申的情感过滤假设出发,分析克拉申二语习得理论的优点和不足之处,给出自己的观点,以更有效地提高外语教学质量。     

变频器干扰PLC问题的分析及解决

本文主要分析PLC在实际应用过程中所出现的干扰问题并提供了一种解决干扰问题的方法。