我国银行贷款违约损失率影响因素的实证分析

本文利用某国有商业银行的贷款数据资料，运用主成因子分析对贷款样本的LGD进行统计分析并确定影响因素的重要性及排序。本文结论为：影响我国商业银行贷款LGD的因素依次为企业的信用等级、贷款担保方式、企业的行业属性；企业规模、企业经济类型、贷款担保方式等因素对LGD的影响都很弱。此外，本文验证了PD和LGD之间存在一定的关系，并非相互独立。     

Farmland Investment Under Conditions of Certainty and Uncertainty

This study investigates the potential for farmland to improve mixed-asset portfolio efficiency. Three major conclusions are drawn from the research. First, in a world with certainty, farmland can be shown to statistically improve mixed-asset portfolio efficiency. Second, with the introduction of uncertainty into the portfolio allocation model, investors can justify small or no allocations of farmland in a mixed-asset portfolio, although it appears that even with uncertainty prudent investors should evaluate the asset class. Third, with respect to farmland investment and geographic diversification, the results question the ability of an optimized mean–variance portfolio to provide substantial improvement in comparison to a naïve portfolio. The marginal improvement in portfolio efficiency of an optimized farmland portfolio versus a naïve farmland portfolio is not statistically significant.     

浅议建立农地使用权流转机制

农村经济发展要求建立起土地使用权流转机制 ,促进土地合理流转和集中。当前已经有一些地方的农村自发进行了土地使用权流转的尝试。本文将在分析总结现有经验的基础上 ,提出建立和完善土地流转机制的思路 ,并探讨了与土地流转机制相关的一些问题。     

环境分析中沾污与损失的来源及相应对策

将环境污染分析的全过程中沾污的来源归纳为实验室空气、实验用容器、实验设备、实验试剂、实验用溶剂以及工作人员等 6个方面 ;将损失的来源归纳为容器吸附和挥发损失两方面 ,同时给出了减轻沾污与损失的对策     

Incorporating Collateral Value Uncertainty in Loss Given Default Estimates and Loan-to-value Ratios

We present a model of risky debt in which collateral value is correlated with the possibility of default. The model is then used to study the expected loss given default, primarily as a function of collateral. The results obtained could prove useful for estimating losses given default in many popular models of credit risk which assume them constant. We also examine the problem of determining sufficient collateral to secure a loan to a desired extent. In addition to bank practitioners, regulators might find our analysis useful in reviewing banks’ lending standards relative to current collateral values. In particular, the current proposals for The New (Basel) Capital Accord involve options for the use of banks’ own loss given default estimates which might benefit from the analysis in this paper.     

加强无功电压管理 降低电网线路损耗

从石河子电网(文中简称石网)无功电压的运行现状及线损率的变化规律出发,分析了无功电压对电网经济运行的影响,并从技术、经济、管理三方面提出如何加强无功电压管理、降低电网线路损耗的建议.     

The Impact of SFAS No. 114 on the Linear Information Dynamic for Commercial Banks

Increase (decrease) in loan loss provisions would decrease (increases) bank earnings, but increase (decreases) regulatory capital. Previous studies have separately documented earnings and capital management behavior via loan loss provisions by commercial banks. However, it is difficult to isolate a bank's demand for increasing earnings from its demand for regulatory capital because earnings is a source of capital. Based on the objective bank function, this study investigates the impact of SFAS No. 114 on the information content of loan loss provisions in relation to both earnings quality and capital adequacy in a linear information dynamic framework. Test results show that the association between market value with loan loss provisions became significantly stronger for commercial banks in the post- than in the pre-adoption period. As a result, SFAS No. 114 is also found to positively affect the association of market value with both bank earnings and regulatory capital through the clean surplus relation because of the higher value relevance of loan loss provisions. The findings thus provide empirical evidence that SFAS No. 114 has significantly complemented banking regulations in enhancing (reducing) the (dispersion from the) accounting measurement construct of loan loss provisions.     

Anthropogenic and topographic correlates of natural vegetation cover within agricultural landscape mosaics in Turkey

Natural vegetation enhances the value of agricultural landscapes for people and wildlife. However, the role of anthropogenic versus topographic factors in driving the extent of natural vegetation cover within agricultural lands at large spatial scales remains unexplored. I assessed the influence of anthropogenic and topographic variables on the extent of agricultural mosaics with high natural vegetation cover in the country of Turkey where a large extent of natural and semi-natural vegetation is maintained by traditional agriculture. GIS layers depicting human land use, elevation, slope, roads and population data were obtained and summarized at two spatial scales, within provinces and for 100 km² grid cells covering the country’s entire agricultural land area. Average farm size was also obtained at province level. Hierarchical Partitioning was conducted to determine the independent effect of anthropogenic and topographic variables on the variation in agriculture with high natural vegetation. Slope had the largest independent effect on the variation in the proportion of agricultural mosaic with high natural vegetation cover. The extent of agricultural and settlement area also explained much of the variation in natural vegetation across both grid cells and provinces. The proportion of natural vegetation increased as human population and road density decreased across grid cells and as average farm size decreased across provinces. These results suggest that while topography is the primary driver of natural vegetation cover within agricultural mosaics in Turkey, the pressures associated with urban development and agricultural industrialization may also influence the cultural and wildlife value of agricultural landscapes.     

Co-ordination of land exploitation,exploitable farmland reserves and national planning in China

Land exploitation, as an important strategy to mitigate farmland loss and stabilize grain production, has been adopted to compensate farmland loss due to rapid urbanization in China. Bounded by the limited capacity and obvious spatial variations of national farmland reserves, it is essential to arrange land exploitation activities timely and reasonably. In this study, we propose an indicator for the status of regional land exploitation, the Exploitation Degree, to facilitate an overview of land exploitation programs in China at both provincial and prefectural levels based on project data from 2006 to 2012. To further our understanding of the regional features of land exploitation activities, we employ the Lasso model to identify and quantitatively assess influencing factors on land exploitation. Our study shows that: (1) contemporary land exploitation practices in China are significantly inconsistent across exploitable farmland reserves. Some areas are greatly over-exploited and such irrational land exploitation has been persistent; (2) related national land plans designed to guide land exploitation efforts centered on resource-rich regions and critical areas do not function as intended. Therefore, we suggest that China⿿s land exploitation policy shall be improved by reconsidering the orientation of land exploitation policy, coordinating land exploitation activities with productivity improvements and eco-system protection, and enhancing the power and scope of the plans in controlling and guiding land resource management.     

The influence of risk preferences,knowledge, land consolidation,and landscape diversification on pesticide use

Researchers have spent substantial effort to identify factors influencing pesticide use intensity. However, few studies have compared the relative importance of these factors. This study examines four categories of factors that potentially influence farmers’ pesticide use decisions by evaluating incentivized experiment data, farm survey data, and remote sensing data in China. Our results suggest that land diversification has the largest effect on farmers’ pesticide use. Compared with the most rice-intensive landscape type, less rice-intensive systems cause farmers to spray less on middle rice. Heavy pesticide use intensity is associated with land fragmentation as small-scale farms still dominate crop production. Farmers’ integrated pest management knowledge has significant effects on pesticide use. We also find that loss and ambiguity preferences, rather than risk preferences, are more likely to affect pesticide use intensity.