Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projec...Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.展开更多
Foreign direct investments (or FDIs) have been employed since the early 1980s and they have become more and more immportant in Chinese economic development. However, the roles of FDIs are very different between region...Foreign direct investments (or FDIs) have been employed since the early 1980s and they have become more and more immportant in Chinese economic development. However, the roles of FDIs are very different between regions, partly due to the different locational preference of various source countries. Some facts show that FDIs from Hongkong - Macao indicate a strong locational preference. Therefore, this paper attempts to make an empirical research on the locational preference of Hongkong - Macao’s FDIs and their spatial diffusion under the support of statistical data with regrereion analysis. In this paper, three statistical models, including the special location model, the general location model and the spatial diffusion model, are created. The results show that this kind of analysis is successful. The major conclusions are as follows. (1) The optimum location for FDIs from Hongkong - Macao lies in the coastal area, especially Guangdong, Hainan, Jiangsu, Shandong, Fujian provinces. Besides, Hubei Province is also an important radon. (2) The FDIs from HongkongMacao in China have diffused gradually from the coastal provinces to the inland regions, the northem and the metropolis and from the locations that had attracted a large number of investments to their vicinities since the 1990s. (3) The special location factors, such as the herder effect, the unique social and kinship ties are the key factors determining the special locational distribution. (4) The general location and spatial diffusion of Hongkong - Macao’s FDIs are the results of interplay of several economic factors. They are the economic scale and advantage, the growth rate, the laier force and economic extrovert etc.展开更多
The future development of new-type urbanization has drawn great attention from both the government and public alike. In this context, the present study had three related research aims. Firstly, it sought to predict th...The future development of new-type urbanization has drawn great attention from both the government and public alike. In this context, the present study had three related research aims. Firstly, it sought to predict the urbanization and population dynamics in China at both national and provincial levels for the period of 2015 to 2030. Secondly, on this basis, it sought to examine the spatial variation of urbanization given the predicted national urbaniza- tion rate of 70.12%. Thirdly, it sought to estimate and evaluate the national and provincial demands of investment in the development of new-type urbanization. The main conclusions from this study were as follows： （1） The population size and urbanization rate will reach 1.445 billion and 70.12%, respectively, from 2015 to 2030. （2） The demographic dividend will vanish when the population pressure reaches its maximum. During this period, there will be 70.16 million urban population born. The suburban population that becomes urbanized will be 316.7 million, and thus the net increase in urban population will reach 386 million. （3） Although the urbanization rate of every Chinese province will increase during 2015-2030, it will do so un- equally, while differences in urbanization quality among provinces will also be substantial. In some provinces, moreover, the urbanization quality is not compatible with their eco-social development. （4）A total of 4,105,380 billion yuan is required to fund new-type urbanization and the investment demand for each province varies greatly; for example, Guangdong prov- ince requires the most funding, amounting to approximately 148 times that required by Tibet, the province in least need of funding. In the final part of this study, policy suggestions con- cerning the investment of the new-type urbanization are put forward and discussed.展开更多
Recent years witness an increased awareness of the value of both metrics data collection and measurement method standardization to software organizations. This trend is coupled with the commitment of both researchers ...Recent years witness an increased awareness of the value of both metrics data collection and measurement method standardization to software organizations. This trend is coupled with the commitment of both researchers and practitioners to adapt existing measurement methods to new technology projects. For example, the creation of large empirical databases of software projects, such as the ISBSG （International Software Benchmarking Standards Group）, of new functional size measurement standards such as COSMIC Full Function Points （FFP）,展开更多
基金supported from the National Science and Technology Major Project under Grant No.2011ZX05030
文摘Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.
文摘Foreign direct investments (or FDIs) have been employed since the early 1980s and they have become more and more immportant in Chinese economic development. However, the roles of FDIs are very different between regions, partly due to the different locational preference of various source countries. Some facts show that FDIs from Hongkong - Macao indicate a strong locational preference. Therefore, this paper attempts to make an empirical research on the locational preference of Hongkong - Macao’s FDIs and their spatial diffusion under the support of statistical data with regrereion analysis. In this paper, three statistical models, including the special location model, the general location model and the spatial diffusion model, are created. The results show that this kind of analysis is successful. The major conclusions are as follows. (1) The optimum location for FDIs from Hongkong - Macao lies in the coastal area, especially Guangdong, Hainan, Jiangsu, Shandong, Fujian provinces. Besides, Hubei Province is also an important radon. (2) The FDIs from HongkongMacao in China have diffused gradually from the coastal provinces to the inland regions, the northem and the metropolis and from the locations that had attracted a large number of investments to their vicinities since the 1990s. (3) The special location factors, such as the herder effect, the unique social and kinship ties are the key factors determining the special locational distribution. (4) The general location and spatial diffusion of Hongkong - Macao’s FDIs are the results of interplay of several economic factors. They are the economic scale and advantage, the growth rate, the laier force and economic extrovert etc.
基金National Natural Science Foundation of China, No.41501137, No.41530634, No.41271186
文摘The future development of new-type urbanization has drawn great attention from both the government and public alike. In this context, the present study had three related research aims. Firstly, it sought to predict the urbanization and population dynamics in China at both national and provincial levels for the period of 2015 to 2030. Secondly, on this basis, it sought to examine the spatial variation of urbanization given the predicted national urbaniza- tion rate of 70.12%. Thirdly, it sought to estimate and evaluate the national and provincial demands of investment in the development of new-type urbanization. The main conclusions from this study were as follows： （1） The population size and urbanization rate will reach 1.445 billion and 70.12%, respectively, from 2015 to 2030. （2） The demographic dividend will vanish when the population pressure reaches its maximum. During this period, there will be 70.16 million urban population born. The suburban population that becomes urbanized will be 316.7 million, and thus the net increase in urban population will reach 386 million. （3） Although the urbanization rate of every Chinese province will increase during 2015-2030, it will do so un- equally, while differences in urbanization quality among provinces will also be substantial. In some provinces, moreover, the urbanization quality is not compatible with their eco-social development. （4）A total of 4,105,380 billion yuan is required to fund new-type urbanization and the investment demand for each province varies greatly; for example, Guangdong prov- ince requires the most funding, amounting to approximately 148 times that required by Tibet, the province in least need of funding. In the final part of this study, policy suggestions con- cerning the investment of the new-type urbanization are put forward and discussed.
文摘Recent years witness an increased awareness of the value of both metrics data collection and measurement method standardization to software organizations. This trend is coupled with the commitment of both researchers and practitioners to adapt existing measurement methods to new technology projects. For example, the creation of large empirical databases of software projects, such as the ISBSG （International Software Benchmarking Standards Group）, of new functional size measurement standards such as COSMIC Full Function Points （FFP）,
