福建省林业投资环境评价

林业投资环境评价研究成果能够为林业投资者决策提供参考资料,为政府改善林业投资环境提供决策依据。采用因子分析法得到影响林业投资环境的5个主要因子,并选取了广东、浙江、江西、湖南、湖北5个省份作为福建省林业投资环境的横向比较对象,通过评价得出：福建省林业投资环境5个因子的得分在6个比较省份中的排名分别为第一、第五、第二、第一和第四,综合评价在6个省份中居首位。在此基础上,找出影响福建省林业投资环境的薄弱因子,并且针对这些薄弱因子提出了改善福建省林业投资环境的建议。     

非正式集体决策视角下的农村公共产品供给

我国农村公共投资项目和投资规模明显增加,投资主体也日益多样化,但是,农村公共投资项目、投资规模和投资主体在村与村之间的分布都存在显著的差异。本文试从非正式的集体决策角度来解释这种差异,认为非正式的集体决策能够在提供农村公共产品服务方面发挥政府无法替代的积极作用,它可以解决农村共同体的集体行动困境问题,实现对农民的整合,从而解决农村公共产品的匮乏问题。不同的地区具有不同的集体决策形式,因此,村与村之间存在显著的差异。     

Application of Cluster Analysis in Stock Investment

The primary methods of stock investment analysis are fundamental analysis ,technic analsis and portfolio investment analysis.Based on analyzing the applicability and limitation of these methods, the paper is applying the cluster analysis in the stock investment, and pointing out it is a feasible and effective way to give advices to stock investment. Cluster analysis firstly looks into the industry factor, company factor, profitability and pullulation of each stock, so people can discover the investment value through stock'immanent value which is decided by their fundamental characters.To gather the similar stocks,a synthetic evaluation index system is erected to measure the similarity of stock all-roundly and objectively. Cluster analysis can help investors hold the whole character of stocks, make certain of investing scale and suppose the possible variation of stock price.So it will be easier for investors to choose investing occasion.     

海洋渔业上市企业内在价值评估探讨——基于DDM和市盈率模型

近期国务院发布关于促进海洋渔业持续健康发展的若干意见中提出,支持符合条件的海洋渔业企业上市融资。这意味着日后我国海洋渔业企业将更进一步的活跃在资本市场上。对上市海洋渔业企业内在价值进行投评估分析,有利于投资者更多的关注上市公司本身的经营行为和业绩表现。论文基于DDM和市盈率模,使用个股进行实证分析研究即通过使用两种不同的模型对獐子岛的内在价值进行估计,比较目前市场上獐子岛股票的交易均价提出投资建议。     

Appraisal Model of Investment Decision and Its Application

Through building the appraisal model of investment chance and relative appraisal index, the best investment chance could be chosen by systematic analysis scientifically and objectively, so as to avoid blind investment and ensure the development of national economy and the interests of investors.     

New Financial Tool of Real Estate - Real Estate Investment Trust

The real estate investment trust (REIT) as a new tool of real estate investment is introduced in this paper by the way of analyzing the status quo of real estate circulation funds. The importance of developing REIT in China is analyzed. Referring to the foreign experience, the basic principles, classification of REIT and the different characteristics for the investors and the real estate companies are introduced. The difficulties in developing REIT in the capital market and in the investment market in China are discussed. The countermeasures to deal with the situation are presented. REIT is valuable in forming the real estate investment market and healthy development of real estate.     

Model of Capital Asset Pricing with Asymmetric Information Structure

A capital asset pricing model and the corresponding investment strategy are investigated for the financial market with asymmetric information structure. Suppose that investors can be defined with three kinds: informed trader, under-reaction trader and over-reaction trader; all traders use Bayesian principle to modify their prior distributions. The anthors obtain the equilibrium price of the risky asset in the short run and the rational investment strategy.     

Analysis on an Assessing Index System of Chongqing''s Green Investment Environment

Based on an integrative research on the investing environment of the 40 districts in Chonqing, this paper applies Factor and Cluster Analysis Method to analyze Chongqing's investment environment in a quantitative way. Besides an illustration of the characteristics of Chongqing's Green Investment Environment, the main purpose of this paper is to provide evidence to improve Chongqing's investment environment and reference to theoretical study of investment environment.     

Testing and Locating Variance Change Points with Application to the Volatility of Chinese Stock Market

Stock prices are different on a daily basis with small ups, small downs, or abrupt changes. While small fluctuations are typical according to economic theory and understandable to most investors, abrupt changes are unexpected and can be either harmful (if dramatic downward change occurs) to a society's economy (and investors) or beneficial (if vast upward change occurs) to a society's economy (and investors). We introduce the variance change point model (volatility change point model), and use it to analyze two stocks: Shanghai Stock Composite Indices and Shenzhen Stock Composite Indices from 1992 to 2002. The authors use a binary procedure combined with Schwarz Information Criterion (SIC) as in Chen and Gupta (1997) to search all the possible variance (volatility) change points exist in the sequence. Changes in both indices are successfully identified and their economic explanations are given.     

Short-term Return of New Share in China

Initial return and short-term return are two totally different conceptions. When the anticipated year return is evaluated, we should stand on the conception of short-term return not the initial return. Based on the primary conception of the investment return, and considering the cost of purchasing, this paper gives the method of calculating the rate of short-term return. After the experienced analyses, we think there is excess return in the primary market. However, influenced by the low hit rate, only those investors, whose capital over some limit, can get it. The result explains the phenomena that why little investors leave the primary market for the secondary market. From the other way, the result proves that the investors are rational.     

肉仔鸡最佳投资规模模型的建立与分析

对商品肉鸡的养殖过程进行了深入的研究,建立了数学模型,并以此为基础,对影响投资规模的因素进行分析,从而利用经济学原理给出商品肉仔鸡的最佳投资规模的数学模型,为各类养殖业的应用提供了理论基础。     

福建省商品林投资风险评价

本文构建了福建省商品林投资风险评价指标体系。然后,采用因子分析法,对福建、浙江、广东、江西、湖南、湖北、云南等7个省份的商品林投资风险进行横向评价和比较,通过评价,发现2007年在7个比较省份中,福建省综合评价得分排名第二,风险较小。在此基础上,找出影响福建省商品林投资风险的薄弱因子,并提出相应的对策。     

Analysis the Square Nonlinear Blance

In order to reduce the dangers for the investors arousing from indefinite factors in market, the balance of profit and loss is analysed. But the analysis of nonlinear balance is more close to the real state of the investment programme income and cost in the market economy. It is analysed that the various combination of income and cost curves in the square nonlinear balance, the proof for a common conclusion is obtained. This conclusion can make it convenient to gain balance point in the analysis of the square nonlinear balance.     

State‐level capital and investment: Refinements and update

This paper presents updated estimates for state‐level private capital and investment for 1950–2015. We improve upon the procedure of Garofalo and Yamarik (2002) and Yamarik (2013) using quantity measures to apportion the mining capital stock and a geometric pattern of depreciation to derive investment data. We provide a brief overview of our new estimates, discuss their reliability, and present the website where the data are posted and updated annually.     

新疆土地整理项目投资时空分异研究

科学分析评价新疆土地整理项目投资在时间及空间分布的变化趋势,开展土地整理投资的空间聚集性研究,为提出科学合理的投资方案提供探索依据。利用新疆维吾尔自治区2001—2013年土地整理项目数据,对新疆自治区土地整理项目投资在时空及自相关方面的差异进行了实证研究。研究结果表明：2001—2013年期间,新疆自治区土地整理活动在全疆各地区均有开展,建设规模、投资规模及项目个数呈波浪式上升特点;土地整理项目格局呈现出较强的空间自相关特征,且正扩散效益逐步显现。基于分析结果,提出以下建议：（1）在未来5~10年,新疆自治区应继续坚持现有耕地和基本农田为重点,进行综合整治;（2）新疆投资应该着重考虑区域平衡性的问题,从而更好地促进全疆的平衡发展。     

Use of Gray Relating Method in the Evaluation of High-technological Listed Company

The price of our High-technological Listed Company has been fluctuated since 2000,many investors were exposed to tremendous loss. So, the researchers and the investors pay more and more attention to this question. We apply Gray Relating Method to the evaluation of High-technological Listed Company, firstly choose some key factors affecting the value of company, then build up the evaluating models. We check the model according to the actual data. The conclusion can offer investors consulting advise.     

A Theoretical Analysis of Underpricing in IPOs Based on the Irrational Behavior of Investors

Employing the standpoint of irrational investors in the behavior finance, the authors study the relation on the irrational behavior of medium and small Investors and underpricing of IPO in our country. The paper premises that a revenue-maximizing issuer will be regarded as the target function, and the rational institutional investors can be delegated the task of holding the stocks in the after-market for resale to the irrational medium and small investors--thereby extracting surplus from them, finally the issuer can maximize their expected revenue. We model the process mentioned above and find that the high underpricing of IPO in our country has the direct relation with numerous the irrational medium and small investors existing in our country who cause the underpricing.     

Respond of Stock Trading Volume to Earning Report

Earning report is a main accounting report that transmits earning information to users. It is the core of financial reports system. Earning information is significant to users' decision making. This paper studies the respond of stock trading volume to earning report and draws the curve of trading volume before and after earning report. This paper further does a regression analysis of accidental earning and abnormal return rate, and draws the relation curve of them on the earning report date to prove stock trading volume does have remarkable respond to earning report. This research is significant to either lessen small investors blindness investment and help them make reasonable forecast to markets and regulate the disclosure of listed companies.     

新疆农村公共产品投资绩效分析

随着农村公共产品投资力度不断加大,只有清楚掌握公共产品投资绩效情况,才能为政府投资决策提供可靠依据。农村公共投资的绩效分为经济绩效和社会绩效。本文运用计量经济模型,以新疆省为例来分析农村公共产品投资绩效。结果表明：新疆农村公共投资与农村经济存在显著正相关,农村公共投入每增加1元,将带动农业总产值增加0.322元;同时相关统计数据表明新疆农村公共产品投资在社会绩效方面也呈正效应,且贡献率不断提高,新疆各类公共产品投资不仅有效促进农村经济的发展,而且极大推动了农民的生产生活水平。最后给出推动公共产品供给的均等化、构建多元化投资体系等建议。     

The rise of Chinese foreign direct investment in the United States: Disentangling investment strategies of state-owned and private enterprises

Over the last two decades, China's outward foreign direct investment (OFDI) has expanded rapidly. The country is now the world's second-largest source of OFDI. China is often viewed as a monolithic investor, however, without sufficient attention to the differences between investments by state-owned enterprises (SOEs) and private enterprises (PEs). To shed light on the internal complexity and heterogeneity of Chinese OFDI, we construct a panel dataset of investments in the U.S. across the 50 states and Washington, D.C. from 2005 to 2017, which we analyze using a spatial autoregressive model. We find clear evidence that the ownership structure of Chinese firms affects investment strategy and entry mode. Statistical analysis indicates that SOEs are more likely to pursue greenfield investment motivated by market-seeking and resource-seeking objectives, while PEs pursue mergers and acquisitions in order to obtain strategic assets. We also detect a positive and significant relationship between the presence of Chinese overseas communities and OFDI, with the strength of the correlation depending on ownership structure. Finally, we find that Chinese OFDI is spatially dependent, meaning that investments flow to states where they are already concentrated nearby.