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.     

Density Functional Theory Compute on Electronegativities to Superconductivity of Oxides

In this article we have worked out the correlation between electronegativity and high temperature superconductivity for oxide. It is suggested the equalized electronegativity, X cq , can be used as a empirical criterion for superconductivities of oxides. For determining the X cq , a new formula for the calculation of X cq values has been obtained The X cq values of 230 oxide superconductors have been calculated. The result shows that the X cq values of all the oxide superconductors concentrate in a narrow range from 5.00 to 5.63 and that the oxides with values out side this region would be non-superconductive. This criterion can be applied to almost all the oxide superconductors. It is clearly that this result is able to benefit further inquiries about the mechanism of superconductivity.     

闽东山区不同密度突脉青冈人工林土壤肥力的分形研究

针对闽东山区造林树种针叶化且连栽引起生产力下降和地力退化问题,开展乡土阔叶树种突脉青冈密度选择试验。运用分形理论对造林密度分别为2400、3000、3600 和4050 株/hm2的突脉青冈人工林的土壤结构和理化性质进行研究,以荒山为对照。结果显示：突脉青冈土壤分形维数与土壤水稳性团聚体、团聚体含量、结构体破坏率及土壤理化性质呈显著回归关系,分形维数与＞0.25 mm土壤颗粒含量线性负相关,与结构体破坏率呈线性正相关;不同密度的突脉青冈土壤团粒结构的分形维数大小顺序表现为荒山＞4050 株/hm2＞3600 株/hm2＞2400 株/hm2＞3000 株/hm2。上述表明：分形维数可用于表征土壤肥力大小,突脉青冈造林密度为3000 株/hm2时的土壤结构、稳定性及肥力最好,是最佳造林密度;运用分形理论研究林地肥力状况为林地质量评价提供了一种新思路。     

各向异性砂土剪切带角度的理论分析

针对平面应变条件下各向异性砂土剪切带角度的试验规律,采用传统的3种理论和分叉理论进行对比分析。将平面应变条件下剪切带角度的试验结果按照传统3种理论整理发现,尽管传统3种理论可以估算同种砂剪切带角度的极小、中间和极大值,但无法解释其各向异性规律。砂土在平面应变条件下破坏时会产生明显的剪切带,当剪切带方向和砂土沉积面方向接近时,会较早诱发剪切带的产生,使材料强度降低,造成了平面应变条件下各向异性强度规律明显不同于常规三轴条件下的试验规律,采用分叉理论结合各向异性模型则可以有效解释这个规律。随砂土沉积面角度的变化,模型可以从细观角度解释常规三轴条件下剪切带角度的单调变化的试验规律,结合分叉理论可以描述平面应变条件下其先减小然后增大的规律。通过几种理论对比分析表明,模型结合分叉理论不但能够描述多种应力状态下的平面应变和常规三轴应力条件下剪切带角度表现的不同规律,而且能够从细观角度解释其各向异性成因。     

完全信息静态博弈下农业保险分析——以甘肃省为例

为促进甘肃省农业保险政策的完善及提高农户对农业保险的有效需求,进而促进甘肃省农业保险的可持续发展,本研究针对农业保险市场上政府、保险公司和农户三大利益主体之间的相互影响关系,采用完全信息静态博弈理论对各个利益主体的收益进行博弈分析,同时结合甘肃省实地调研数据,选取逻辑回归分析方法提取影响农户参与农业保险的主要因素。分析得出：在保险公司和农户的博弈中,保险公司在农户有投保意愿时应当做出的积极回应为不经营策略,如果选择经营,则会损失更多(-M-P+C<0),其中,C为农户的投保金额,M为出险后农户获得的保险金,P为保险公司的经营成本;农户在保险公司做出经营策略的时候,应当积极投保,这样才能获得收益,如果保险公司选择不经营,农户无论做出什么选择,都会损失预防灾情的资金N,并且如果农户选择投保还会损失更多;在政府与保险公司的博弈中,可以看出,政府的最佳收益为0,说明政府不支持保险公司进行农业保险业务是最佳策略;而对保险公司来说,只有在政府支持的情况下,才能获得最佳收益（-M-P C Q),其中,Q表示政府对保险公司的支持成本,这说明,只有在政府支持的情况下,保险公司经营农业保险的积极性才能提高。逻辑回归分析表明文化程度、务农人数、耕地面积、农业收入占家庭收入比重、了解农业保险程度对农户农业保险购买行为具有显著的影响。     

对中国村级民主性质的理论认知及其实践价值——以西方民主理论为分析维度

对中国村级民主性质的认知是村级民主政治实践的反映,是村级民主政治实践的产物。任何这方面的认知都应包含一定的实践价值,以引导村级民主政治实践的发展。如果这种认知不能客观地反映村级民主政治实践的内容,也就无法为村级民主政治实践的发展提供正确的方向。因此对中国村级民主性质的理论认知是一项至关重要的理论工作,而西方民主理论可以为这一工作提供有益的分析维度。     

The regulation of mycorrhiza formation— carbohydrate and hormone theories reviewed

Two “classical” theories, both originating in Elias Melin's laboratory in Uppsala, have tried to explain the regulation of ectomycorrhiza formation. The carbohydrate theory, formulated by E. Björkman in 1942, identifies root carbohydrate concentrations as regulatory, while these are in turn considered to be strongly influenced by plant mineral nutrition and light conditions. The hormone theory, expounded by V. Slankis in the 1960s, claims auxin of fungal origin to be the key regulator, influencing root carbohydrate status, while the fungus itself may, to some extent, be affected by mineral nutrition. Both theories have been subject to much discussion and have led to further work, without ever having been conclusively proven experimentally. Recent results in Uppsala and elsewhere have shed new light on several of the key issues. The development of research in this field since 1942 is critically reviewed in light of later data, and a unifying theory is sketched on the basis of E. Hacskaylo's proposal from 1969 to reconcile contradictory results.     

Application of real options theory to forestry investment analysis

This paper demonstrates the utility of the real options approach to forestry investment analysis. The main objectives are to discuss the real option theory and show how it can be adopted to model uncertainty and managerial flexibility in forest management and investment. Secondly, we show how to calculate the option values of selected options that may be available to managers of forest industry firms. The paper provides an empirical application, which compares a forestry investment using the static Faustmann model and the real options approach. Four management options are used for the real options approach: an option to delay reforestation, an option to expand the size of the wood processing plant, an option to abandon the processing plant if timber prices fall below a certain level or due to corporate take-over, and multiple options that evaluated all three options together. All options were evaluated using the binomial option-pricing model, where timber values are assumed to follow a multiplicative binomial process. The results show that the Faustmann analysis rejected the investments as unprofitable, while the option analysis showed that all three options were highly valuable if exercised. When real options are considered, the traditional Faustmann model for assessing the profitability of a forestry investment may fail to provide an adequate decision-making framework because it does not properly value management's ability to adjust to shocks in the economy, as well as risks and uncertainty.     

Effect of variable retention cutting on the relationship between growth of coarse roots and stem of Picea mariana

Silviculture heading for structural heterogeneity creates many single trees standing at stand margins, inner edges or in remnant tree groups. As they played just a minor role in the age class forest, the growth behaviour of strongly released trees is rather unexplored. Here we show how retention cutting, presently spreading in the boreal of Québec province, affects stem and coarse root growth of remained single black spruce [Picea mariana (Mill.) Britton]. Increment cores from roots and stems of 125 trees show that retention cutting triggers coarse root growth of the remaining trees. Compared with reference trees retention trees accelerate root in relation to stem growth. Mean and variability of the root–stem allometry significantly rise after retention cutting. The found acceleration of root in relation to stem growth means mechanical stabilisation of the retention trees and corroborates the retention cutting method. Evaluation of silvicultural treatments can be incomplete and misleading as long as they are just based on aboveground reactions and neglect root growth.     

Bioeconomy – an emerging meta-discourse affecting forest discourses?

The term bioeconomy and closely related notions like bio-based economy or knowledge-based bioeconomy (KBBE) are increasingly used by scientists and politicians in the last years. It does therefore have the potential of becoming an influential global discourse. Its role is however so far unclear. The general assumption that guides this paper is that discourses, resulting ideas and arguments are generally said to have performative power. They shape actors' views, influence their behaviour, impact on their beliefs and interests and can cause institutional change in a given society. Thus, the aim of this paper is twofold: first, it aims to analyse whether the ideas used in a bioeconomy discourse differs from those in other global meta-discourses of the last decades affecting forest discourses, such as the ecological modernization discourse or the sustainable development discourse. Second, this paper aims to analyse whether and how the bioeconomy discourse has started (or not) to reshape or overshadow the “classical” forest discourses, such as sustainable forest management, forest biodiversity or forest and climate change.