碳债券的估值及敏感性分析

论文以2014年5月13日中广核电附加碳收益中期票据的成功发行为背景,在假设核证碳减排量(CER)服从几何分形过程的情况下,结合分形过程的蒙特卡洛模拟,研究了中期碳债券的设计和估值问题,并分析了不同的期权条款设计带来的风险差异。研究认为相对较复杂的强路径依赖型亚式浮息碳债券,在碳现货价格波动性较大的情况下,简单的欧式浮息碳债券是更好的设计选择。     

实物期权在高科技企业初创期投资决策中的应用研究

从传统NPV方法在评估高科技企业初创期投资项目评价中的弱势出发,引入实物期权评价法,并针对波动率在估计过程中的误差问题进行敏感性分析,得出战略NPV值随波动率变化的趋势,为高科技企业初创期投资决策提供了一种可行的思路和方法。     

融资约束抑或过度投资——中国上市企业投资一现金流敏感度的经验证据

本文以中国上市企业为分析样本，通过检验现金持有量对投资一现金流敏感度的影响，考察企业中的融资约束和代理）中突。结果显示，融资约束与过度投资导致企业投资支出与内部现金流密切相关。民营企业、大规模地方国有企业中存在过度投资，所持有的现金具有明显的壕沟效应、进一步提高投资一现金流敏感度。而中、小规模国有企业面临的融资约束比较突出，为了抵御外部融资约束，持有现金充当对）中工具、降低投资一现金流敏感度。     

青龙满族自治县生态敏感性评价及区划

[目的]通过生态敏感性评价,可以确定优先发展区域以及重点保护区域,其结果是制定土地利用规划和生态功能区划的基础。[方法]文章以青龙满族自治县为研究对象,结合实际选取了土壤侵蚀敏感性、沙漠化敏感性和生境敏感性3个评价因子,在单因子敏感性评价的基础上,根据"木桶原理"运用GIS工具进行生态敏感性综合评价,并按评价结果进行敏感性等级分区。[结果]青龙满族自治县极敏感性区域主要分布在都山林场、八道河乡、祖山镇、马圈子镇西北部、凉水河乡东部、肖营子镇东北部、七道河乡东部以及草碾乡与官场乡紧邻桃林口水库的区域,占该县总面积的21.37%;高度敏感区域主要分布在祖山镇、木头凳镇、安子岭乡、八道河乡和官厂乡,占该县总面积的48.16%;中度敏感区的分布与高度敏感区基本一致,占该县总面积的17.27%;轻度敏感区域占该县总面积的13.20%,包括除去上述地区的该县其他地区,主要为村镇建设用地。县域极敏感性区和高度敏感区面积占比达69.53%,整体生态敏感性较高。[结论]针对不同的区域,该文分别提出了针对性的保护和开发建议,极度和高度敏感性区域的工作重点是保护而非资源开发,生态中度敏感区最应处理好"开发与保护"的关系,而对于轻度敏感区域,仍要坚持"生态优先"的原则,保证"生活三废"和"工业三废"的合理排放。     

滨海区域生态区划研究——以北戴河新区为例

滨海区域生态系统不稳定,沿海城市的生态环境问题已经成为全球关注的重点。滨海地区生态区划是根据滨海区域区位、自然资源、环境条件及开发利用要求,选取相应的生态环境指标对区域状态进行评价,并划分为不同类型的生态单元的过程。文章以北戴河新区为例,从生态敏感性、建设用地适宜性和景观格局安全性等3个生态要素中共选取14个指标建立生态区划指标体系,运用GIS技术进行生态要素的空间分析,最终将北戴河新区分为生态涵养、生态旅游、生态服务和生态农业等4个生态主区以及15个生态亚区,并针对4个区分别给出了未来发展方向和保护对策。     

基于WGA算子—熵权法的农业洪涝灾害风险评估——以潍坊市为例

目的 为了提高农村地区洪涝灾害科学应对水平,减轻农业损失,构建了农业洪涝灾害风险评估模型,分析评估指标的灵敏度,制定科学有效的风险应对策略。方法 文章结合2018年山东潍坊市的气象、地理和社会经济资料,构建农业洪涝灾害风险评估指标体系,利用熵权法确定各指标的权重,通过WGA算子分析指标的灵敏度,并得到潍坊市风险评估值,借助GIS绘制潍坊市农业洪涝灾害风险等级图,以此为基础制定风险防范措施。结果 （1）地形高程差和河网密度的指标灵敏度最大,最大日降水量次之,暴雨频率、汛期降水量、地均农业GDP、卫生机构数量的指标灵敏程度低。（2）潍坊市致灾因子的危险性从西往东逐渐减弱;孕灾环境敏感度最强的是潍坊西部和南部的山区,地势起伏大、河流众多,极易造成洪涝灾害;潍坊市的承灾体易损性呈现出从西北到东南逐级递减的现象;防灾减灾能力较弱的地区位于潍坊市的中部。（3）潍坊市综合风险总体态势是从西南到东北逐级递减。（4）应对致灾危险,提高气象预警的及时性和准确性,适当调整农作物的播种时间;应对孕灾敏感,兴修水利工程,发展林业;应对承灾易损,注重抗涝作物的栽培,加强对农业的自救;增强防灾能力,推行相应的保险协议,科普相关的防灾减灾知识,从而减少洪涝灾害给农业带来的损失。结论 通过农业洪涝灾害风险评估模型,可掌握潍坊市各地区的风险等级,因地制宜地制定风险应对策略,为农业防灾减灾提供理论支持和政策建议。     

金融科技创新与缓解企业融资约束问题研究——基于金融科技指数测算与实证分析

金融科技进入快速发展轨道,为解决我国企业融资难提供了新的思路。本文选取2012-2018年我国除金融业、房地产业的沪深两市A股企业微观年度数据为研究样本,构建现金—现金流敏感性检验模型,分析了金融科技对融资约束的影响。研究结果表明:我国企业存在着不同程度的融资约束问题,金融科技可以有效缓解企业面临的融资约束。最后,从运用金融科技打造企业融资新生态、建立多层次的金融科技风险防范体系和重视金融科技产业的技术创新以及国际监管合作三个方面提出了相应的政策建议。     

Option pricing with orthogonal polynomial expansions

We derive analytic series representations for European option prices in polynomial stochastic volatility models. This includes the Jacobi, Heston, Stein–Stein, and Hull–White models, for which we provide numerical case studies. We find that our polynomial option price series expansion performs as efficiently and accurately as the Fourier‐transform‐based method in the nested affine cases. We also derive and numerically validate series representations for option Greeks. We depict an extension of our approach to exotic options whose payoffs depend on a finite number of prices.     

Do not blame the “bad” weather: Stimulating its poetic aesthetics in nature-based tourism destinations

The negative effects of on-site bad weather are generally recognized. However, the experiences of tourists engaging with bad weather are extremely complex and far from being a generalization of negative outcomes, especially as the positive aesthetic value of bad weather begins to gain attention. From an aesthetic perspective, taking complex ensembles of interacting natural elements including weather as aesthetic objects, this study constructs a robust theoretical framework to analyze these complex bad weather experiences. Through a mixed methods research design, this study identifies one of the possible negative impact mechanisms whereby bad weather can negatively affect perceived aesthetic quality, further negatively impact aesthetic emotion, and ultimately reduce tourist loyalty. Literary association and aesthetic sensitivity are revealed as boundary conditions that inhibit the negative effects of bad weather on aesthetic quality. Building on these findings, this study further advances our knowledge of the interplay of weather experiences and natural aesthetics.     

The effect of financial reporting quality on CEO compensation structure: Evidence from accounting comparability

This study examines the effect of accounting comparability on the design of CEO compensation structure. After controlling for firm-specific attributes, we find that accounting comparability is positively associated with CEO equity-based compensation intensity and pay-performance sensitivity. This suggests that the improved comparability increases the usefulness of equity-based compensation and a firm is willing to offer more equity-based compensation contracts to CEOs and increase their pay-performance sensitivity. Further, we find that the impact of comparability on the CEO’s compensation contract increases with information asymmetry, which is consistent with the notion that accounting comparability is a quality of financial reporting that facilitates the use of equity-based compensation in a poor information environment. Our analysis also reveals that the effect of accounting comparability on CEO compensation structure is greater when a firm’s corporate governance is strong, consistent with the complementary relation between comparability and the exiting corporate governance in determining CEO compensation schemes. Overall, our evidence suggests that firms utilize more equity-based compensation as a proportion of total compensation under greater accounting comparability and enhance the alignment between equity-based compensation and firm performance.