浅谈天然气设备的开发与研究

本文系统分析天然气设备的开发与优势,深入研究天然气产业低碳发展的思路、原则和新措施,具有重要现实意义和深远历史意义。     

The state-augmenting effects of globalisation

Recent debates have drawn attention to the legitimacy challenges faced by new forms of global governance. Privatised governance in particular has come under considerable scrutiny. This paper attempts to contribute to this debate through an analysis of the widespread critiques of climate governance that focus on its ‘marketized’ or ‘privatized’ character. Such critiques fundamentally attempt to delegitimise dominant governance mechanisms which can be collectively known as the ‘global carbon market’. The paper argues that to understand the political dynamics of legitimacy surrounding these forms of governance we need to take into account the recurrent tension within capitalism between accumulation and legitimation. This focus enables us to understand the legitimacy problems surrounding climate governance. First, it draws attention to the character of the discourses which are critical of marketized climate governance, which attack it precisely because of the forms of accumulation it enables. Second, many of these governance projects have themselves been developed in part precisely in order to overcome legitimacy crises inherent in capital accumulation, and specifically in the current context in relation to the dominance of finance within contemporary capitalism. Finally, it suggests that one of the strategies of firms involved in such governance is to attempt to overcome this legitimacy-accumulation tension in the way that automobility did in the Fordist era. Climate governance practices should be understood as a pursuit of this sort of coherence which might give rise to an ‘ecological regime of accumulation’ that aims to forestall more radical critiques that argue that capitalism and sustainability are inimical.     

High frequency trading and the new market makers

This paper characterizes the trading strategy of a large high frequency trader (HFT). The HFT incurs a loss on its inventory but earns a profit on the bid–ask spread. Sharpe ratio calculations show that performance is very sensitive to cost of capital assumptions. The HFT employs a cross-market strategy as half of its trades materialize on the incumbent market and the other half on a small, high-growth entrant market. Its trade participation rate in these markets is 8.1% and 64.4%, respectively. In both markets, four out of five of its trades are passive i.e., its price quote was consumed by others.     

Investor Trading Behavior and Sentiment in Futures Markets

This study investigates the effects of investor trading behavior and investor sentiment on futures market return. We find that the spot investor trading behavior, futures investor trading behavior, spot market sentiment, and futures market sentiment all have positive effects on daily futures returns in Chinese financial market. More importantly, we show that the effect of (spot) futures investor trading behavior has better explanatory power than (spot) futures market sentiment on futures returns. Further supporting our results, high investor trading behavior and high investor sentiment strengthen the positive relation between sentiment-returns and behavior-returns.     

Will Order Imbalances Predict Stock Returns in Extreme Market Situations? Evidence from China

This article examines the relation between order imbalances and stock returns in China during the extreme market situations in 2007 and 2008. We find that order imbalances are positively and significantly related to contemporaneous stock returns but have limited predictability for subsequent returns in extreme market situations. Moreover, order imbalances significantly predict returns in normal market environment, especially for small stocks. This may be attributed to the investor structure in the Chinese market. A trading strategy utilizing the relation between order imbalances and stock returns generates positive returns. Overall, the information contents of order imbalances vary with the market environment.     

交通服务业低碳发展模式探讨

随着交通工具数量的逐年增加,碳排放量呈现较大的增长态势,而交通运输业作为能源的消耗大户,其产生的二氧化碳是全球气候变暖的主要影响因素之一。面对国内外严峻的环境压力和经济的可持续发展问题,交通服务业低碳化发展势在必行。借鉴低碳交通服务业已有的研究成果,通过对在我国的基本国情之下发展低碳交通服务业的给力因素和存在的客观制约因素进行分析,对我国未来低碳交通服务业的发展提出一些建议,为我国交通运输业实现绿色、环保的发展奠定基础。     

基于灰色关联分析的河南省出口商品环境影响力研究

运用灰色关联分析法对河南省2006─2009年间33类商品出口部门的碳排放影响力的研究结果发现:从行业要素密集度角度整体来看,多数劳动密集型产业出口对河南省碳排放的影响较大,多数资源密集型产业出口对河南省碳排放的影响较小,而资本和技术密集型产业出口对河南省碳排放的影响次序较为分散。因此,河南省低碳经济建设应当充分考虑不同行业的特点和环境影响力,有重点的、有计划地实施碳减排。     

The Credit Crunch and Insider Trading

This paper examines the behaviour and information content of insiders’ trades before and after the credit crunch and, in particular, examines the extent to which some insiders anticipated the market crash and took action to protect their positions. In part, the market crash was brought about by the excessive borrowing of financial institutions. Our results point to the view that a number of insiders, primarily directors, were aware that the excessive use of leverage by financial institutions would ultimately have a detrimental impact on the economy. These insiders acted by selling their shares prior to the market collapse and subsequently buying them back at a lower price. Supportive evidence for the above view is provided through both graphical evidence and regression analysis. In particular, we demonstrate a link between insider behaviour and the rapid decline in share values. Further evidence is also provided of a link between insider behaviour and future risk as measured by the CDS premium. In short, we argue that this selling was not motivated by liquidity or other contrarian strategies but was a result of understanding how higher levels of leverage and excessive trading in new risky derivatives could lead to higher levels of risk, an insight possessed only by a subset of insiders.     

What is the potential impact of a taxation system reform on carbon abatement and industrial growth in China?

Economists have long argued that market-based environmental policy such as an environmental tax is beneficial to abate pollution emissions. This study aims at investigating the impact of carbon tax levy on carbon dioxide (CO₂) abatement and industrial growth in China. To this end, the marginal abatement cost (MAC) of industrial CO₂ emissions is estimated as the benchmark of setting the carbon tax rate by using the directional distance function (DDF). This paper employs the polynomial dynamic panel model to forecast the impact of carbon tax levy on target variables such as sectoral value-added and CO₂ intensity. The results reveal that the levy of a CO₂ tax has a negative impact on industrial output only in the short term. In the long term, the impact of CO₂ tax levy on output will become positive. The levy of a CO₂ tax is always beneficial to reduce CO₂ intensity. Corresponding policy suggestions for an environmental taxation system reform are given in the concluding section.     

某高校学生公寓建筑外观设计构想

低碳型绿色建筑代表了当今社会建筑设计领域的发展趋势。该高校学生公寓在基于低碳型绿色建筑的基础之上进行设计构想,结合当代先进的材料技术,力求在节能的基础之上,展现出现代化的美感,达到公寓的实用性与欣赏性的完美统一以及以自然、和谐、生态、低碳、宜居的最终目标。