Comparatively Research of Methods of Electricity Pricing at Transitional Period in China

With the reform toward power market processing, how to decide electricity price becomes a key problem which one power plant have to face. So in this paper, the authors show two ways to the problem, a pricing model by account and a pricing model by economics, then they analyze the cost structure and counting principle of three-electricity price, which is determined by the methods of repayment of capital with interest (RCI pricing), of the operation period (OP pricing) and of marginal cost (MC pricing). Then similarities and differences among these three pricing methods existing in the transitional period are examined by a case in china. The indicate that it is important and inevitable to reform RCI pricing, to popularize OP pricing and to transfer to MC pricing.     

Quality Contingent Pricing in Used Automobile Market

The problem concerning information asymmetry and quality uncertainty in the used automobile market of China has not been settled in a better way for years. Therefore, how to convey the signal of quality to the customers is of great value for used automobile dealers. On the basis of defining the probability of quality evaluation and for the purpose of achieving per expected revenue maximization, this paper builds a model of quality - contingent pricing and thus makes the optimal pricing and discount policy. In addition, this paper displays directly, through data analysis, the impact of the used automobiles pricing policy on the enterprise profits under the context of information asymmetry.     

Integrating Mechanism of Standard Costing Activity-Based Costing and Inner Transfer Pricing

According to the mutual relations of standard costing,activity-based costing and inner transfer pricing, this paper explores systematically the approaches of the integrations of the above three in the large or medium enterprises that carry out decentralized management. Further, we raise three models as external report model, internal decision model and social contribution model, based on the financial accounting, managerial accounting and incremental accounting respectively. Finally, we investigate the principle of stratified application of the integration of standard costing, activity-based costing and inner transfer pricing, in the perspective of practice. The formula is presented that decomposes the inner transfer pricing, budgets the comprehensive cost and converses the variable cost & materiel cost into the manufacturing cost.     

Construction and Realization of Gradually Approaching Algorithm on Pricing American Put Options

The American put valuation problem is very important and complicated in the Option Pricing Theory (OPT), and so far the appropriate continuous-time pricing model and compact valuation formula for the American put option have not been found. On the basis of the research works of many scholars such as Black, scholes, Parkinson, Brennan, Schwartz, Rendleman, Bartter, Cox, Ross and Rubinstein etc., making use of the notion of limitation and the binomial approach, this paper constructs and realizes gradually approaching algorithm of pricing American put options. Its reasonability, convergence and validity are tested by computer programming. The results show that this algorithm can effectively resolve the American put valuation problem.     

美国奶业新特点、新趋势及对中国的启示

美国奶业发展历史悠久,其生产端、消费端乃至流通贸易方面长期积累的丰富经验,对中国奶业振兴具有一定的参考价值。笔者对2000年以来美国奶业生产、价格、消费、贸易等方面所呈现的新特点进行分析,对奶业相关的支持政策及其变化趋势进行梳理。研究发现,近年来,美国奶牛场数量向北部和西部集中,500头以上规模化牧场成为主流,奶牛存栏增加;技术进步推动奶牛单产突破10 t,生鲜乳产量接近1亿t。基于分级定价的乳成分定价机制不断完善,近5年生鲜乳价格低位运行,2019年快速复苏。乳制品加工业向龙头企业集中,奶酪是主要加工产品。乳制品消费逐年增长,年人均消费量达292.90 kg,奶酪是主要增长点且增速加快。乳制品贸易波动增加,出口目的地集中在北美、东亚和东南亚地区,品类以奶粉、奶酪和乳清为主。奶业产业支持政策广泛涵盖生产、消费、贸易等各环节,各政策间功能互补、协调配套,形成了强大的政策合力与综合效能。美国奶业在产业组织、运行机制、政策配套等方面的经验与做法,对推动完善中国奶业利益联结机制、优化生鲜乳价格形成机制、完善奶业支持政策体系和培育乳制品消费习惯等方面具有重要启示。     

Electricity Pricing Regulation in Demand Side Management

Time of use(Tou) price is one of the most efficient measure for modern demand side management(DSM).But a scientifically pricing is based on understanding the function of pricing mechanism and comprehensive analysis to social benefit.The authors develop a pricing model by game theory based on analysis of consumer's response to the time of-use price and analyze the pricing regulation of government for maximum social benefit.A conclusion is drawn,which suggests that government should let the electricity corporation to pricing, but just give a regulation on the average price level.     

Indirect Regulation Pricing Methods of Public Utility

The author analyses the advantages and disadvantages of common indirect regulation pricing methods of public utility goods. It is pointed out that it results in high trade-cost and A-J effect binging in an excess of investment when capital yield method be used. It is not reasonable enough in setting PRI-X of PRI-X pricing method. An integrated indirect regulation pricing method is put forward which is to form a two-tier incentive mechanics both in expanding producing ability and improving efficiency. In initial stages of new public project, capital yield method should be used in order to activate investment motive. Upper-limit pricing method should be used in anaphase in order to improve the producing efficiency.     

Selecting Enterprises for Swap of Debt to Equity and Mechanism Design

The swap of debt to equity in state owned enterprises is dynamic game processes of conflicting and struggling among the concerned parties for the maximization of its payoffs and the seeking of domination for financial resources, and can be accomplished successfully when its being brought into effect is going to be propitious to the concerned parties. This paper analyzes the problem of selecting enterprises for swap of debt to equity under the frame of information economics theory, and argues that the selection of enterprises for swap of debt to equity is a problem of mechanism design. As the expected utility function of enterprises is analyzed and Asset Management Corporations adopts a series of measures to deal with it according to analysis, a policy frame will have been constructed.     

The Real Option Method of Real Estate Exploitation Evaluation

Real estate exploitations have high risk and its exploitation environment is quite uncertain. The traditional investment value methods, such as the net present value and discount cash flow methods, usually undervalue the real estate value. In this paper the real option pricing theories and methods are applied to discuss real estate investment value under uncertainty. This method provides a new approach for real estate items.     

Computing Method of America Option Under the Basis of Black-scholes Formula

On the basis of the theory of option pricing,We study the connection between America call option and European call option;Under the assumption condition of Black-Scholes formula ,use the theory of martingales and stopping time,get the conclusion that: the price of America call option equals the price of European call option; Discuss some numeric computing methods of the put America option pricing, with the invarional inequaility for optimal stopping, prove the boundary property of America put option price and introduce some numeric computing methods of the put America option price.     

Model and Computation of Reload Stock Options with Barriers

Reload stock option is proposed as a executive stock option plan having some drawbacks, and prove that it is necessary to treat the reload option as a barrier option with two barriers. The improved reload option pricing model is established which the long incentive and reload feture of executive stock option are included. The pricing formula of the new option and the simulation analysis of it are discussed.     

Supply Chain Coordination for Perishable Product with Dynamic Pricing Policy

Perishable products need to be sold up before a fix time which is usually called product's lifetime.As the salvage of perished products is almost zero,and the demand is uncertainty,retailers usually set the product's price dynamically to influence the demand.When retailer's dynamic pricing policy is considered,we wonder which contracts can realize the supply chain coordination.Three typical contracts-return contract,price discount contract and revenue sharing contract are analyzed.Only revenue sharing contract among the three can realize supply chain coordination under dynamic pricing policy.The extension of price discount policy quantity-price discount policy,can also realize supply chain coordination under dynamic pricing policy.     

Pricing Methodology of the New Issue of Public Offerings in Shanghai Stock Market

Based on the efficiency market theory, considering the relationship between A share prices in Shanghai stock market and factors such as earnings per share, net asset value per share, industry price/earning ratios, this paper builds the multiple regression model between the opening A share prices at the time point of March 1st,2001 and their corresponding financial indexes. Then, according to the fact that the net asset value per share after the new issue will change in the same rate with the issuing prices, this paper calculates the relationship between them and gives out the new issue pricing model which considers 5 factors, including such factors as the A share composite indexes in shanghai stock market. This model is very meaningful and compensates the deficiency of the traditional pricing methodology which considers only the P/E ratios.     

黑龙港区旱地不同水文年种植方式的灰色决策初探

应用灰色系统理论和多目标灰色决策的方法,依据多年调查和研究结果,综合分析了黑龙港区旱地不同水文年了种种植方式的产量、产值、降水经济效益和降水利用效率四个目标的实际效果,提出了在不同投入水平条件下适合不同水文年的种植方式,为港区旱地科学种植提供了依据。     

林板纸一体化的动力、模式与障碍

在对福建省林纸林板企业办原料林基地调查的基础上,运用资产专用性理论及契约理论,从微观行为层次揭示了南方集体林区林纸林板企业40多年来林板纸一体化的动力、模式与障碍等行为机理;得出林纸林板企业林板纸一体化动力的收益最大化机制,分析了企业林板纸一体化历年来主要实施的六种模式的机理及特点,指出阻碍企业实施林板纸一体化的3个深层次原因。     

多虫复合为害对棉花产量产值影响途径研究

根据３年田间试验结果，对所设计的６种害虫３种不同组合的棉花多虫复合为害系统，进行了害虫对棉花桃数、铃重、烂桃、僵瓣、皮棉绒长及品级、总产量和产值影响的逐步回归分析，分别建立了各复合为害系统害虫与棉花产量结构要素、品质要素、产量及产值的最优线性回归模型。定量地描述了多虫复合为害系统中害虫对棉花产量和产值的为害损失，初步探讨了多虫复合为害规律，明确了复合为害系统中各类害虫对棉花产量、品质和产值的影响途径。     

关于科学构建中国原料奶定价机制的探讨

针对中国原料奶价格不断波动的情况,本研究集中探讨了美国、日本、欧盟以及国内的上海和黑龙江在原料奶定价机制方面的做法和经验,认为中国的原料奶定价机制的构建应该以政府主导制定生产计划;建立按质定价体系;做好成本调查、监测预警和监督检查等工作。     

Openings in the body of ‘capitalism’: Capital flows and diverse economic possibilities in Kiribati

Much of the post‐development agenda is concerned with decoupling Eurocentric imaginings of development from development practices in ‘remote’ regions and exploring new forms of economy that can enhance local well‐being. In the South Pacific (and elsewhere), small peripheral economies have confronted globalisation in varying ways. Some places, such as the Micronesian island state of Kiribati, have engaged directly with the global economy by investing capital generated locally in international financial markets rather than in domestic industries. Kiribati's trust fund, the Revenue Equalisation Reserve Fund, maintains a balanced portfolio of international equity and fixed income assets that produces a financial return, helping to augment Kiribati's other national income sources. In this paper we explore the results of capital flowing from Kiribati to global financial markets, noting that this alternative development practice can enhance local well‐being.     

The Problem of Real Option and Its Frontier Commentary

The method of real option has already become an important tool in the fields of enterprises value evaluation, company finance, strategy investment management, investment decision, finance analysis, corporation merger and acquisition and so on. But there is a lot of problems in both theory and practical application for the method of real option. This article will analyze the research frontier problem of real option and indicate the further research direction.     

失地农民几种主要补偿安置方式的比较分析

总结了目前中国存在的一次性货币补偿安置、重新择业补偿安置、农业生产补偿安置、入股分红安置、异地移民安置和“征地保障”安置方式等六种补偿安置方式,分析了不同补偿安置方式的利弊和适用的条件,最后指出以后的补偿安置不是采用单一的方式,而是根据不同地区社会经济发展水平以及处于不同年龄段的失地农民的不同需要,选择不同的组合方式。