资金限制情况下投资项目的最优组合决策模型

资金限额条件下投资项目的最优组合是某些企业经常遇到的问题。对这些项日进行组合与投资安排，不仅要考虑各项目的投资额大小，还要考虑项目投资先后顺序、先期投资项目的盈利对后期投资项目所得资金的补充等情况。为此，建立了两类常见的资金限制情况下的最优组合决策问题的优化模型，并举例进行了计算。     

森林资源资产评估理论、方法在实践中的探索

森林资源是国家最重要的自然资源,是国家富强、人民昌盛的重要物质财富。本文从森林资源资产评估的必要性和紧迫性入手,对森林资源资产评估理论、方法进行了探索,对森林资源资产评估过程中应注意的问题进行了分析,确立了符合实际的理论和方法,并应用于实践。     

The Japanese pulp and paper industry: an analysis of financial performance from 1991 to 2001

This article discusses the determinants of profitability expressed as return on capital among Japanese pulp and paper companies. Return on capital is measured as income before tax related to stockholders’ equity. Return on capital has been divided into profit margin and asset utilization rate. The hypothesis is that return on capital can be explained by mill size, productivity, product line, financial situation, and use of wood resources. The dataset consists of 13 larger Japanese pulp and paper companies listed in Pulp &; Paper Statistics. Data on financial performance, production, and use of wood fibers were collected for the period 1991–2001. The average return on equity for the studied companies is 4.2%. Labor productivity has increased quite significantly, from about 600 to 1,000 kg/employee and year. An econometric analysis indicates that the best model fit is found when the asset utilization rate is used as the dependent variable. Significant variables are, among others, asset utilization rate lagged one time period (?), labor productivity (+), capital productivity (?), paper production as a share of total paper and board production (?), total value of assets on the books (?) and solidity (+). This may indicate that the total value of assets on the books is large in relation to the total production of paper, paperboard and pulp.     

Determinants of equity-based entry mode choice in the forest sector: the case of China

The focus of foreign direct investment (FDI) in the global forest sector has shifted from developed to developing economies (currently accounting 73% of total) during the past two decades. China has been the main global driver with its annual FDI soaring from USD 130 million in 2002 to USD 550 million in 2010. In light of international economic and business theories, choice of foreign entry mode is considered the most critical issue in corporate expansion strategy, which, however, has not been empirically studied in the forest sector. To fill this gap, our paper focuses on modeling two equity-based entry mode choices (i.e. wholly owned subsidiary or joint ventures) of foreign investment projects in China based on data from 109 activities of the Top 100 forest, paper, and packaging industry companies. By using logistic modeling, the main determinants of corporate entry mode choice are found to be cultural and geographical distance between the corporate home country and China, duration of corporate presence in China, and spatial concentration of local-level forest industry. Instead, investment project size and local resource availability are found to have no significant impact on corporate entry mode choice in China.     

藏北草原牧民可持续生计分析—以班戈县为例

运用实地调查的方法,对藏北草原牧业户和兼业户进行比较分析和回归分析,以期提高人们对藏北草原牧民生计状况的认识,并对藏北草原牧民生活水平提升和收入增长提供一定的参考依据。结果表明:班戈县牧业户呈现"低质化"特征;兼业户的资本禀赋要好于牧业户;拥有较多自然资本和经济资本的牧户习惯于以单纯依靠牧业收入作为其生计策略;拥有较多人力资本、物质资本和社会资本的牧户更愿意选择多种经营方式来获取更多收入;物质资本对牧户生计策略的影响最为显著,社会资本显著程度不高,而人力资本存量偏低。总体来说,牧民生计在提升藏北草原牧民生活水平和促进牧民收入提高过程中显得更加急迫和重要。     

集中社会资本助推城镇化建设研究——以浔龙河生态小镇发展为例

长沙县果园镇双河村从昔日典型的后进村发展成为现在的浔龙河生态小镇,主要得益于开创了一个“政府引导推动、企业市场运作、基层组织保障、群众参与决策”的发展新模式.该模式在农民集中居住、资本集中下乡、土地集中流转、产业集中发展、公共服务集中配套、环境集中保护“六个集中”推进城镇化建设方面,做出了积极的探索和实践,积累了很好的经验.该研究在总结其主要做法和取得的成效的基础上,对其发展值得借鉴的方面进行了探讨,为区域内和资源条件类似的其他地区城镇化建设提供借鉴和指导.     

董事会特征与公司负债水平关系的实证研究——以房地产上市公司为例

董事会是公司内部治理的决策机构,董事会特征影响公司内部治理的资本结构。债务作为资本结构的组成部分,对上市公司的管理者有潜在的制约。因此,采用因子分析以及多元回归的方法,对57家中国房地产上市公司的董事会特征与资本结构选择的关系进行实证研究。研究结果表明,董事会规模与负债水平正相关;独立董事占全体董事成员的比例与负债水平正相关;董事激励与负债水平正相关;董事长和总经理两职兼任与负债水平负相关;董事会会议频率与负债水平负相关。     

基于银行系统风险视角的银行资本充足监管——来自中国上市银行的经验数据

国际金融危机以及欧债危机等再一次引发了人们对金融监管尤其是银行资本充足监管的全面反思。采集中国银行业主体的16家商业银行的数据,应用联立方程模型,对资本强制约束下的资本与系统风险贡献度进行研究,结论表明：资本充足监管对银行系统风险贡献度有一定的正向作用;而杠杆率监管对其无显著影响。此外,四大国有银行的分析结果提醒银行业监管者应密切关注居于主导地位银行的资本和风险监管。     

权益资本成本的行业特征研究

以2004~2011年沪深A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现：行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。     

关于国外农业网站信息的研究

对国外农业网站进行了整体调研,以随机抽取的40个国外农业网站为样本,对网站进行了分类总结,分析了典型网站中的内容、现状和问题,对农业网站发展前景进行了展望。