The optimal initial allocation of pollution permits: a relative performance approach

The initial allocation of pollution permits is an important aspect of emissions trading schemes. We generalize the analysis of Böhringer and Lange (2005, Eur Econ Rev 49(8): 2041–2055) to initial allocation mechanisms that are based on inter-firm relative performance comparisons (including grandfathering and auctions, as well as novel mechanisms). We show that using firms’ historical output for allocating permits is never optimal in a dynamic permit market setting, while using firms’ historical emissions is optimal only in closed trading systems and only for a narrow class of allocation mechanisms. Instead, it is possible to achieve social optimality by allocating permits based only on an external factor, which is independent of output and emissions. We then outline sufficient conditions for a socially optimal relative performance mechanism.     

从木材销售利益分配谈林业可持续发展

本文通过分析森林与环境、木材销售利益分配与林业建设,提出实现林业可持续发展必须确立林农的主体地位和发展林业。必须加强山区综合开发等建议。     

多无人机协同侦察任务规划方法研究综述

由于军事侦察任务的复杂性不断提高,且侦察方式逐渐向多无人机协同的方向发展,而任务规划是无人机执行侦察任务的关键技术,因此研究多无人机协同侦察任务规划方法具有重要意义。根据侦察对象的不同将其分为“点对点”协同侦察和“点对面”协同侦察两种任务模式。对于“点对点”协同侦察,对其目标分配算法与航迹规划算法的原理、优势与不足及改进方法进行了分析,介绍了航迹平滑的常用方法。对于“点对面”协同侦察,从环境信息是否可知的角度对当前的侦察方法进行了分析并总结。最后指出了未来多无人机协同侦察的发展趋势为多无人机携带多种载荷对环境未知的区域进行多角度覆盖侦察。     

网络组织的非对称性对利益分配的影响

影响利益分配的因素是很多的。其中研究最多的还是传统经济学中所提到的以资源要素投入比例来分配合作利益。然而，在网络组织环境中，相互之间的依赖性使得网络关系成为一种不可以被忽视的因素。这在非对称的网络组织中体现较为明显。因此，本文从网络组织的非对称性角度来研究利益分配问题。首先对需要分配的利益进行了度量；然后利用合作对策模型对利益进行分配；最后探讨了非对称性是如何影响利益分配的。     

市场创新的资源配置战略分析

在市场经济条件下,市场是企业的根本,市场创新是企业赖以生存和发展的生命之源。由于企业资源的有限性和支配资源能力的有限性,企业在市场创新过程中必须合理配置资源。结合企业在同行业中的地位,在成功的关键上集中配置资源,积累能力,获得不可替代的优势,实现市场创新的目的。     

配股融资股票定价模型的实证研究——基于2000年到2005年上市公司经验数据

上市公司为了达到配股的政策要求,往往在配股前进行一系列的盈余管理,从而使公司的净资产收益率满足证监会所要求的配股条件。公司配股的盈余管理往往采用政策诱增式自愿性会计政策变更,因而研究政策性诱增式会计变更所引起的信息噪音对公司配股定价的影响就具有重要的理论和现实意义。实证结果表明:公司的配股定价受到自愿性政策对当期净利润增减变化调整的影响,从而也验证了配股行为的盈余管理多为政策诱增式会计政策变更。     

创新要素协同、市场化改革与制造业高质量发展

基于2004-2018年30个省级地区的面板数据,运用动态面板数据模型与门槛效应模型,考量创新要素协同对制造业高质量发展的影响机制.结果显示:科技创新、现代金融、人力资源等创新要素协同对制造业高质量发展具有显著的正向效应,且存在明显的时间差异性和空间异质性;资源配置、产业融合、技术进步及需求升级在创新要素协同促进制造业高质量发展的过程中起到中介作用,市场化改革进程具有调节作用.     

利率市场化与资本市场发展

长期以来,政府主导下源自价格和市场的资金缺口造成了资本市场的发展滞后。利率市场化带来的资金自由定价和流通机制,有利于金融资源的优化配置与金融市场的公平竞争,并对资本市场的发展产生重大影响。当前,利率市场化改革进入攻坚阶段,在坚持既定的渐进和次序原则下,加快市场化的内在机制建设与配套改革,有助于推进资本市场的发展与开放。     

Index tracking with utility enhanced weighting

Passive index investing involves investing in a fund that replicates a market index. Enhanced indexation uses the returns of an index as a reference point and aims at outperforming this index. The motivation behind enhanced indexing is that the indices and portfolios available to academics and practitioners for asset pricing and benchmarking are generally inefficient and, thus, susceptible to enhancement. In this paper we propose a novel technique based on the concept of cumulative utility area ratios and the Analytic Hierarchy Process (AHP) to construct enhanced indices from the DJIA and S&P500. Four main conclusions are forthcoming. First, the technique, called the utility enhanced tracking technique (UETT), is computationally parsimonious and applicable for all return distributions. Second, if desired, cardinality constraints are simple and computationally parsimonious. Third, the technique requires only infrequent rebalancing, monthly at the most. Finally, the UETT portfolios generate consistently higher out-of-sample utility profiles and after-cost returns for the fully enhanced portfolios as well as for the enhanced portfolios adjusted for cardinality constraints. These results are robust to varying market conditions and a range of utility functions.