Technological Research about “IPO” Suited for Market Environment in China

Recently, IPO (Initial Public Offering)has seen great change in China. This shift resulted in significant reformation in the way of operation for domestic investment bank. In the future competition for IPO market among investment banks, the refined pricing ability will stand for the winner as prerequisite. As a kind of discussion on IPO pricing, this paper begins with how the reasonable IPO price is being worked out from three layers: the evaluation of stocks, the equilibrium of price and the formation of the final price. On this basis, we summarize and analyze the process of the reform of domestic IPO. Finally, we give some suggestions on this problem for further reform. Key words IPO pricing - reform - market environment

Improve Market Environment for Promoting Rapid, Sustainable and Healthy Developmentof China Auto IndustryHu Xinmin, President of China Association of Automotive Manufacturers (CAAM)

During the 8th Five-Year Plan period, an average annual growth rate of 24% was achieved by China auto industry, which is in line with that of the gross industrial output val-ue all over China, and is higher than that of the GNP. It can be said that the auto industry ex-perienced a high speed increase in this period, but from the last two years of this period to now, an obvious slowdown in terms of

Improving Market Circulation and Investment Environment

With the approach of the 21st century,the Asia-Pacific Region where Chinais situated is becoming a new growthpoint of the world economy.The developmentof China’s economy will surely bring vitalityto the further prosperity of Asia-Pacific Regionand the overall development of the worldeconomy.With the daily deepening of therestructuring of China’s circulation systemand the increasing attractive investmentenvironment for foreign businessmen,China,with its 1.2 billion people,has become a largeworld market,that is highly competitive.

Improving Market Circulation and Investment Environment

With the approach of the 21st century, the Asia-Pacific Region where China is situated is becoming a new growth point of the world economy. The development of China’s economy will surely bring vitality to the further prosperity of Asia-Pacific Region and the overall development of the world economy. With the daily deepening

A study on the system of sustainable developmentof tourist marketing environment

The charactedstics and contents of tourist marketing environment are analyzed logically.The microenvironment and macro-environment of tourist marketing is also expounded. It is held thatsustainable development of tourist marketing envirment decides the effect of tourist marketing.The trending balances and coordinated development of macro-environment and microenvironment intourist marketing is the foundation of the tourist-marketing environment

Strategy research of enterprises to cope with marketing environment changes

Enterprise is economic cell of society. Enterprise marketing activities are conducted under certain social conditions, which have countless ties with all aspects of society. In order to achieve the established marketing objectives, firms must carefully analyze and research marketing environment and strive to make company＇ s marketing plan and decisions adapt to the changing market environment, avoiding and overcoming the risks of environment changes, in the end to ensure an invincible position in the fierce market competition and constantly changing environment.

Market-based solutions:An appropriate approach to resolve environmental problems

It was the first time that the Intergovernmental Panel on Climate Change(IPCC),which was founded in 1988,regarded climate change as a significant international political problem(O'Brien and Williams 2007).Over the next decades,environmentalist and policy makers have been applying many efficient ways to solve various environmental problems and have gained achievements.With the support of successful cases,this paper will focus on the market-based solutions and discuss its advantages compared with the conventional approach.

Evaluation of Health and Environmental Risks of Pesticide Products Used in Market-Gardening in the City of Ngaoundere (Cameroon)

The aim of this survey?was to identify the active ingredients of phytosanitary products generally used in the market-gardening, to evaluate the behavior of market gardeners, environmental and sanitary risks link to the use of phytosanitary products. Results revealed that 8 actives ingredients are regularly used: paraquat, atrazine, glyphosate, chlorpyrifos-éthyl, cypermethrin, maneb, mancozeb and diuron. The contamination of running water and rivers is caused by the fact that 81.25% of them are washing their pulverization equipments in these last ones. Moreover, 72.90% release empty packages of pesticides in the farm which will be carried away by running water. 59.09% adopt the overdose strategy in case of insufficient treatment. The inadequate equipment of protection and the consumption of surrounding water by 51.10% represent a danger for the health of market gardeners. Thus, headache and stomachache are the most recorded intoxications.

Discussion on the Marketization of Rural Environmental Protection

[Objective]The study aimed to discuss the marketization of rural environmental protection in China.[Method] We firstly analyzed the inevitability of rural environmental protection take the marketization road in China,then put forward some effective ways to make rural environmental protection take the marketization road.[Result]In order to protect the rural environment of China better,it is inevitable to take the marketization road.In addition,strengthening legal construction,formulating and implementing policies about encouraging the diversified investment on rural environmental protection,establishing effective property right system,bringing township enterprises’ main force into full play in environmental protection,encouraging the public to supervise and join into environmental protection,developing and encouraging the persons with environmental-economic and environmental-legal knowledge to work in the countryside,etc.,are all effective measures.[Conclusion]The research could provide theoretical references for rural environmental protection in China.

市场激励型环境规制与区域绿色创新效率——基于产业结构优化的中介作用和财政分权的调节作用

市场激励型环境规制是解决环境治理负外部性、推进区域绿色创新效率的重要途径。以2005~2020年省级面板数据为研究对象,采用系统广义矩模型(GMM)法检验市场激励型环境规制对区域绿色创新效率的影响效应及作用机理。结果表明:市场激励型环境规制能够显著促进区域绿色创新效率的提升;从影响机制来看,市场激励型环境规制可以通过促进产业结构合理化和产业结构高级化显著促进区域绿色创新效率的提升。此外,有效的财政分权环境能够正向调节市场激励型环境规制与区域绿色创新效率的关系。

Impacts of Market Gardening Practices on Environmental Resources: The Case of Irrigable Lands in Bonkoukou (Imanan Rural Municipality, SW Niger Republic)

Due to increasingly extreme climatic conditions in the Sahel, irrigated crops are emerging as imperative innovations for agricultural transformation and resilience. This study is designed to assess the impact of market gardening on soil, water and plant cover in the western Niger Republic. Semi-structured survey data were collected from 78 site operators in the Imanan rural municipality (Filingué, Tillabéry). In addition to the survey, a photographic collection illustrated certain observable facts in the field. The survey shows that the wooden enclosures (70.65% of respondents) around the fields are renewed every year. The impacts are then substantial: deforestation of plateaus, clearing of valleys for new extensions, loss of wildlife habitat, changes in the water flow regime resulting from a geomorphological change in the commune. Itou, the preparation of the planks consumes a lot of water. Thus, the new sinking of water points and the load pressure increase the drawdowns of wells and boreholes in the sites (75.46% of respondents). The frequent spills of waste oil on the sites, as well as the numerous potato storage pits, are among the factors and vectors most likely to contaminate the soils and aquifers of the study area. Market gardening destabilizes the soils and induces regressive erosion as well as area runoff of rainwater on all sites and on the slopes. On the other hand, slash-and-burn practices, drying of branches intended for fences, as well as rain-fed cowpea crops, promote improved physical properties and soil fertilization. To reduce the risks of disintegration and especially of silting up of sites, the study suggests a policy of live hedges and wire fences so that common spaces can be imposed on operators.

Research on market-based policy instruments for eco-environmental protection

The selection of policy instruments involves policy efficiency and policy effect.Effective settlement of eco-environment problems in the process of industrialization and implementation of active eco-environment protection depend on the innovation of policy instruments.In this paper,based on a descriptive analysis of the policy instruments for ecoenvironmental protection of our country,combined with the theoretical analysis and the empirical research on current marketization of eco-environmental protection,the authors indicate that eco-environmental problems originate fi'om the damage of eco-environment and the extemalities of eco-service,and that the market-based policy instruments which are helpful to balance the relationship between fight,responsibility and interest in the eco-service are effective measures to eliminate externalities and protect eco-environment.

市场型环境规制、碳减排与企业环境绩效:来自中国碳市场的证据

中国碳市场政策的持续推进,标志着环境规制体系逐步从命令控制型向市场激励型转变,准确测度碳市场作为环境规制工具的政策效应对于碳达峰碳中和的实现具有重要意义。基于A股上市企业ESG环境得分和财务数据,运用主成分分析法改进的BP神经网络模型估算的上市公司碳排放强度,并使用多时点DID模型实证检验发电行业全国碳排放权交易市场对于参与企业碳排放量及环境表现的影响。研究结果显示:发电行业全国碳市场的推行显著降低了参与企业的碳排放量,并提升了企业ESG环境得分;发电行业全国碳市场可以通过提高控排企业的创新水平来改善企业环境绩效。因此,中国应逐步扩大碳市场覆盖的行业和范围,引导企业不断加大创新投入,通过技术创新提高污染治理能力。

异质性环境规制对企业差异化绿色创新行为的影响——知识搜寻的中介作用

环境规制与绿色创新的关系一直备受争议,这可能与多数文献忽视环境规制(命令型与市场型)与绿色创新(策略性与实质性)的双重异质性有关。基于制度理论与知识管理理论,构建“环境规制—知识搜寻—企业绿色创新”理论框架,综合运用多元线性回归与模糊集定性比较分析(fsQCA)方法,采用285份企业调查问卷验证研究假设。结果显示:命令型环境规制仅能促进策略性绿色创新,市场型环境规制仅能促进实质性绿色创新;知识搜寻深度在命令型环境规制与策略性绿色创新间发挥中介作用,知识搜寻广度在市场型环境规制与实质性绿色创新间发挥中介作用。进一步地,通过fsQCA分析得到5种前因构型,其中,高策略性绿色创新与高实质性绿色创新的组态路径分别有2条和3条。结论可拓展环境规制对企业绿色创新影响的研究维度,并为政府调整环境规制政策、企业应对外部制度压力提供参考。

全国统一大市场建设的环境效应——基于空间溢出视角

加快建设全国统一大市场是实现高质量发展的必由之路,改善环境质量应是其题中之义。基于2008—2021年我国省级面板数据和空间杜宾模型,研究全国统一大市场建设的环境效应。结果显示,我国环境污染物排放具有显著的空间正相关性,且在能源禀赋丰裕的省份更明显,但整体呈现减弱趋势。全国统一大市场建设对环境污染物排放具有显著的抑制效应和空间溢出效应,经过一系列稳健性检验后,该结论仍然成立。全国统一大市场建设对环境污染物排放存在空间异质性影响:从胡焕庸线区域分割特征来看,与西北片区和东南片区相比,只有对中间地带本地-邻地环境污染物排放的抑制效应显著;从“大气十条”政策实施时期来看,该政策实施后,对环境污染物排放的抑制效应和空间溢出效应均得到显著提升。扩展性研究表明,全国统一大市场建设对实现减污降碳具有协同效应和空间溢出效应。鉴于此,资源型地区应积极加快能源结构转型,大力发展节能环保、新能源等新兴产业,以打破“资源诅咒”、缓解污染集聚。同时,立破并举,加快建设全国统一大市场,灵活设计制度体制,减少制度性交易成本和地方保护主义行为,将财政资金更多地向交通枢纽、网络通信等基础设施倾斜,奠定构建统一大市场和环境治理一体化的基础。此外,坚持全国“一盘棋”,凝练推广如京津冀、长三角、珠三角等现有区域一体化战略的模式经验,遵循共同但有区别原则,形成以中间地带省份为全国统一大市场建设中心、向外围省份延展的建设格局。协同环境政策的导向作用,培育形成统一的生态文明市场,实现绿色高质量发展。

市场激励型环境规制能否促进企业ESG实践?——基于碳排放权交易试点政策的准自然实验

利用2008—2019年上市公司的经验数据,以2013年年末在7个省市开展的碳排放权交易试点作为准自然实验,采用三重差分进行实证,结果表明:碳排放权交易试点政策能够促进企业进行ESG实践,且该结论通过了稳健性检验。企业绿色创新在碳排放权交易试点政策与ESG实践中起中介作用。进一步研究发现,碳排放权交易不仅促进了企业进行环境(E)方面的实践,也促进了企业履行社会责任(S)和提升自身治理水平(G)。异质性分析表明,相对于国企,非国企中碳交易政策对ESG实践的影响更强。对于当年当地没有政府环境目标约束的企业,存在政府环境目标约束的企业碳排放权交易政策对ESG实践的影响更强。

逐绿前行:政府绿色采购增进企业绿色治理研究

如何充分发挥市场型环境政策作用激发企业绿色治理动力,是当前完善国家环境治理体系、筑牢高质量发展绿色基底需解决的重要命题。本文根据节能产品与环境标志产品政府采购清单,手工采集清单内提及企业,基于观念治理、过程治理以及末端治理的三方视角,从理论和实证两个层面探讨政府绿色采购对企业绿色治理的影响。研究结果表明,进入政府绿色采购清单能够改善企业绿色治理表现,该结论在考虑潜在的内生性问题并经过一系列稳健性检验后依然成立。机制分析结果显示,政府绿色采购有助于强化企业环境治理意识、发挥绿色创新补偿以及激励环保设备投资,进而提升其绿色治理水平。横截面分析发现,政府绿色采购的微观绿色治理效应对重污染、严规制、强竞争和高科技行业更明显,且通过强制采购方式执行的政策激励效力高于优先采购。本文为全面理解政府绿色采购带来的环境经济效益提供了经验证据,对进一步完善政府绿色采购制度框架、提高环境治理综合质效具有启示意义。

“双碳”目标下资源禀赋、环境规制与绿色经济效率——来自中国地级市的经验证据

党的二十大把绿色发展与“双碳”同时纳入生态文明建设的目标体系,并强调运用市场力量推动生产方式绿色转型。本文基于2005—2020年全国地级市面板数据,从双重环境规制的视角,实证分析资源禀赋和环境规制对绿色经济效率的影响,并区分两类环境规制的调节机制,研究发现:绿色经济发展存在“资源诅咒”效应,命令型环境规制抑制了绿色经济效率的提升,市场型环境规制促进了绿色经济效率的提升。异质性分析发现,中、西部地区绿色经济发展存在“资源诅咒”效应,而东部地区不存在;市场型环境规制促进了东、中部地区绿色经济效率的提升,命令型环境规制抑制了中、西部地区绿色经济效率的提升。调节机制表明,市场型环境规制可以缓解绿色经济发展的“资源诅咒”效应,而命令型环境规制会强化这种效应。

新时期长江流域生态补偿机制与关键科学问题研究

流域生态补偿是协调长江经济带经济社会发展与生态环境保护矛盾的重要手段。当前,长江流域生态补偿实践中仍面临着整体性和系统性不足、补偿标准依据缺乏、市场体系不健全、责权利不清晰等问题。根据新时代长江保护与发展的战略需求,新时期长江流域生态补偿需要具备更为丰富的内涵,亟需针对长江流域经济社会发展与生态资产保护的多维互馈关系及良性协同机制、流域生态资产的定量核算方法与生态服务空间流转特征、多元化流域生态补偿格局与长效运行机制、区域试点示范引领与全流域统筹协调推进之间的关系等关键科学问题开展系统研究,并从创新体制机制、完善技术体系、强化立法保障、培育市场主体等方面为探索制定长江流域生态补偿总体框架提供科技支撑和政策建议。